# EDGAR Filing Document

**Accession Number:** 0000927972
**File Stem:** 0001104659-23-008687
**Filing Date:** 2023-1
**Character Count:** 2656508
**Document Hash:** 0fb4f0a831127f614dd1970229d8e6dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-008687.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001104659-23-008687

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 95

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSMUTUAL PREMIER FUNDS
- **CENTRAL INDEX KEY:** 0000927972
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08690
- **FILM NUMBER:** 23573404

**BUSINESS ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111
- **BUSINESS PHONE:** 413-744-1000

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DLB FUND GROUP
- **DATE OF NAME CHANGE:** 19940804
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSMUTUAL PREMIER FUNDS
- **CENTRAL INDEX KEY:** 0000927972
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-82366
- **FILM NUMBER:** 23573403

**BUSINESS ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111
- **BUSINESS PHONE:** 413-744-1000

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DLB FUND GROUP
- **DATE OF NAME CHANGE:** 19940804

## Series and Classes Contracts Data

### MassMutual Balanced Fund (Series ID: S000003776)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010469 | Class A              | MMBDX           |
| C000010470 | Administrative Class | MMBLX           |
| C000010472 | Class R5             | MBLDX           |
| C000010473 | Service Class        | MBAYX           |
| C000137064 | Class R4             | MBBRX           |
| C000137065 | Class I              | MBBIX           |
| C000137066 | Class R3             | MMBRX           |
| C000241046 | Class Y              |  |

### MassMutual Global Fund (Series ID: S000003778)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010479 | Class A              | MGFAX           |
| C000010480 | Administrative Class | MGFLX           |
| C000010481 | Class R3             | MGFNX           |
| C000010482 | Class R5             | MGFSX           |
| C000010483 | Service Class        | MGFYX           |
| C000137068 | Class R4             | MGFRX           |
| C000137069 | Class I              | MGFZX           |
| C000241047 | Class Y              |  |

### MassMutual High Yield Fund (Series ID: S000003779)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010484 | Class A              | MPHAX           |
| C000010485 | Administrative Class | MPHLX           |
| C000010486 | Class R3             | MPHNX           |
| C000010487 | Class R5             | MPHSX           |
| C000010488 | Service Class        | DLHYX           |
| C000098420 | Class I              | MPHZX           |
| C000137070 | Class R4             | MPHRX           |
| C000229373 | Class Y              | BXHYX           |
| C000229374 | Class C              | BXHCX           |

### MassMutual Inflation-Protected and Income Fund (Series ID: S000003780)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010489 | Class A              | MPSAX           |
| C000010490 | Administrative Class | MIPLX           |
| C000010491 | Class R3             | MIPNX           |
| C000010492 | Class R5             | MIPSX           |
| C000010493 | Service Class        | MIPYX           |
| C000098421 | Class I              | MIPZX           |
| C000137071 | Class R4             | MIPRX           |
| C000241048 | Class Y              |  |

### MassMutual International Equity Fund (Series ID: S000003781)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010494 | Class A              | MMIAX           |
| C000010495 | Administrative Class | MIELX           |
| C000010497 | Class R5             | MIEDX           |
| C000010498 | Service Class        | MYIEX           |
| C000137072 | Class I              | MIZIX           |
| C000137073 | Class R3             | MEERX           |
| C000137074 | Class R4             | MEIRX           |
| C000241049 | Class Y              |  |

### MassMutual Main Street Fund (Series ID: S000003782)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010499 | Class A              | MSSAX           |
| C000010500 | Administrative Class | MMSLX           |
| C000010501 | Class R3             | MMSNX           |
| C000010502 | Class R5             | MMSSX           |
| C000010503 | Service Class        | MMSYX           |
| C000137075 | Class R4             | MSSRX           |
| C000137076 | Class I              | MSZIX           |
| C000241050 | Class Y              |  |

### MassMutual U.S. Government Money Market Fund (Series ID: S000003784)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010511 | Class R5     | MKSXX           |

### MassMutual Short-Duration Bond Fund (Series ID: S000003785)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010513 | Class A              | MSHAX           |
| C000010514 | Administrative Class | MSTLX           |
| C000010515 | Class R3             | MSDNX           |
| C000010516 | Class R5             | MSTDX           |
| C000010517 | Service Class        | MSBYX           |
| C000095043 | Class I              | MSTZX           |
| C000137077 | Class R4             | MPSDX           |
| C000229375 | Class Y              | BXDYX           |
| C000229376 | Class C              | BXDCX           |
| C000229377 | Class L              | BXDLX           |

### MassMutual Small Cap Opportunities Fund (Series ID: S000003788)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010528 | Class A              | DLBMX           |
| C000010529 | Administrative Class | MSCLX           |
| C000010531 | Class R5             | MSCDX           |
| C000010532 | Service Class        | MSVYX           |
| C000137078 | Class R4             | MOORX           |
| C000137079 | Class I              | MSOOX           |
| C000137080 | Class R3             | MCCRX           |
| C000241051 | Class Y              |  |

### MassMutual Core Bond Fund (Series ID: S000003791)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010543 | Class A              | MMCBX           |
| C000010544 | Administrative Class | MCBLX           |
| C000010545 | Class R3             | MCBNX           |
| C000010546 | Class R5             | MCBDX           |
| C000010547 | Service Class        | MCBYX           |
| C000095044 | Class I              | MCZZX           |
| C000137083 | Class R4             | MCZRX           |
| C000241052 | Class Y              |  |

### MassMutual Diversified Bond Fund (Series ID: S000003793)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010553 | Class A              | MDVAX           |
| C000010554 | Administrative Class | MDBLX           |
| C000010556 | Class R5             | MDBSX           |
| C000010557 | Service Class        | MDBYX           |
| C000095045 | Class I              | MDBZX           |
| C000137084 | Class R4             | MDBFX           |
| C000137085 | Class R3             | MDBRX           |
| C000241053 | Class Y              |  |

### MassMutual Disciplined Growth Fund (Series ID: S000003795)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010563 | Class A              | MPGAX           |
| C000010564 | Administrative Class | MPGLX           |
| C000010566 | Class R5             | MPGSX           |
| C000010567 | Service Class        | DEIGX           |
| C000137086 | Class R4             | MPDGX           |
| C000137087 | Class I              | MPDIX           |
| C000137088 | Class R3             | MPDRX           |
| C000241054 | Class Y              |  |

### MassMutual Disciplined Value Fund (Series ID: S000003796)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010568 | Class A              | MEPAX           |
| C000010569 | Administrative Class | MPILX           |
| C000010570 | Class R3             | MPINX           |
| C000010571 | Class R5             | MEPSX           |
| C000010572 | Service Class        | DENVX           |
| C000137089 | Class R4             | MPIRX           |
| C000137090 | Class I              | MPIVX           |
| C000241055 | Class Y              |  |

### MassMutual Strategic Emerging Markets Fund (Series ID: S000023798)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000069970 | Class A              | MPASX           |
| C000069971 | Administrative Class | MPLSX           |
| C000069973 | Class R5             | MPSMX           |
| C000069974 | Service Class        | MPEYX           |
| C000098422 | Class I              | MPZSX           |
| C000137091 | Class R4             | MPRSX           |
| C000137092 | Class R3             | MPZRX           |
| C000241056 | Class Y              |  |

?xml version='1.0' encoding='ASCII'?

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT (NO. 33-82366)**

**UNDER THE SECURITIES ACT OF 1933**

**Pre-Effective Amendment No.**

**Post-Effective Amendment No. 85**

**and**

**REGISTRATION STATEMENT**

**UNDER THE INVESTMENT COMPANY ACT OF 1940**

**Investment Company Act File No. 811-08690**

**Amendment No. 87**

**MASSMUTUAL PREMIER FUNDS**

**(Exact Name of Registrant as Specified in Declaration of Trust)**

**1295 State Street**

**Springfield, MA 01111-0001**

**(413) 744-1000**

**Name and Address of Agent for Service**

**Andrew M. Goldberg, Esq.**

**Vice President, Secretary, and Chief Legal Officer**

**MassMutual Premier Funds**

**1295 State Street**

**Springfield, MA 01111-0001**

*Copy to:*

**Timothy W. Diggins, Esq.**

**Ropes & Gray LLP**

**The Prudential Tower**

**800 Boylston Street**

**Boston, MA 02199-3600**

It is proposed that this filing become effective on February 1, 2023 pursuant to paragraph (b) of rule 485.

**TO THE SECURITIES AND EXCHANGE COMMISSION:**

Registrant submits this Post-Effective Amendment No. 85 to its Registration Statement No. 33-82366 under the Securities Act of 1933, as amended, and this Amendment No. 87 to its Registration Statement No. 811-08690 under the Investment Company Act of 1940, as amended. This Post-Effective Amendment relates to each series of the Registrant.

[**TABLE OF CONTENTS**](#TOC)

### MASSMUTUAL FUNDS
This Prospectus describes the following Funds:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name**  | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  MassMutual U.S. Government Money Market Fund  |  | MKSXX  |  |  |  |  |  |  |
|  MassMutual Inflation-Protected and Income Fund  | MIPZX  | MIPSX  | MIPYX  | MIPLX  | MIPRX  | MPSAX  | MIPNX  | MMODX  |
| MassMutual Core Bond Fund | MCZZX  | MCBDX  | MCBYX  | MCBLX  | MCZRX  | MMCBX  | MCBNX  | MMNWX  |
| MassMutual Diversified Bond Fund | MDBZX  | MDBSX  | MDBYX  | MDBLX  | MDBFX  | MDVAX  | MDBRX  | MMOBX  |
| MassMutual Balanced Fund | MBBIX  | MBLDX  | MBAYX  | MMBLX  | MBBRX  | MMBDX  | MMBRX  | MMNVX  |
| MassMutual Disciplined Value Fund | MPIVX  | MEPSX  | DENVX  | MPILX  | MPIRX  | MEPAX  | MPINX  | MMOAX  |
| MassMutual Main Street Fund | MSZIX  | MMSSX  | MMSYX  | MMSLX  | MSSRX  | MSSAX  | MMSNX  | MMOFX  |
| MassMutual Disciplined Growth Fund | MPDIX  | MPGSX  | DEIGX  | MPGLX  | MPDGX  | MPGAX  | MPDRX  | MMNYX  |
|  MassMutual Small Cap Opportunities Fund  | MSOOX  | MSCDX  | MSVYX  | MSCLX  | MOORX  | DLBMX  | MCCRX  | MMOGX  |
| MassMutual Global Fund | MGFZX  | MGFSX  | MGFYX  | MGFLX  | MGFRX  | MGFAX  | MGFNX  | MMOCX  |
| MassMutual International Equity Fund | MIZIX  | MIEDX  | MYIEX  | MIELX  | MEIRX  | MMIAX  | MEERX  | MMOEX  |
|  MassMutual Strategic Emerging Markets Fund  | MPZSX  | MPSMX  | MPEYX  | MPLSX  | MPRSX  | MPASX  | MPZRX  | MMOHX |

---

**The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any statement to the contrary is a crime.** 

#### PROSPECTUS
February 1, 2023

------

[**TABLE OF CONTENTS**](#TOC)

### Table Of Contents

---

| | |
|:---|:---|
| | **Page** |
| **About the Funds** | **About the Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual U.S. Government Money Market Fund](#idMMUSGMMF33517)  | [3](#idMMUSGMMF33517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Inflation-Protected and Income Fund](#idMMIPIF71166)  | [7](#idMMIPIF71166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Core Bond Fund](#idMMCBF75175)  | [15](#idMMCBF75175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Diversified Bond Fund](#idMMDBF79782)  | [23](#idMMDBF79782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Balanced Fund](#idMMBF89776)  | [32](#idMMBF89776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Disciplined Value Fund](#idMMDVF53683)  | [42](#idMMDVF53683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Main Street Fund](#idMMMSFCY57125)  | [47](#idMMMSFCY57125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Disciplined Growth Fund](#idMMDGF54626)  | [52](#idMMDGF54626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Small Cap Opportunities Fund](#idMMSCOF57979)  | [57](#idMMSCOF57979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Global Fund](#idMMGFCY58984)  | [63](#idMMGFCY58984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual International Equity Fund](#idMMIEF66999)  | [69](#idMMIEF66999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Strategic Emerging Markets Fund](#idMMSEMFCY71822)  | [76](#idMMSEMFCY71822) |
| **[Additional Information Regarding Investment Objectives and Principal Investment Strategies](#idAIRIOPIS15340)**  | **[83](#idAIRIOPIS15340)**  |
| **[Disclosure of Portfolio Holdings](#idDPH303)**  | **[86](#idDPH303)**  |
| **[Additional Information Regarding Principal Risks](#idAIRPR112717)**  | **[86](#idAIRPR112717)**  |
| **Management of the Funds** | **Management of the Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Adviser](#idIA3443)  | [106](#idIA3443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Subadvisers and Portfolio Managers](#idSPM39191)  | [106](#idSPM39191) |
| **[About the Classes of Shares – I, R5, Service, Administrative, R4, A, R3, and Y Shares](#idACSIR5SAR4A9837)**  | **[112](#idACSIR5SAR4A9837)**  |
| **[Sales Charges by Class](#idSCC14741)**  | **[114](#idSCC14741)**  |
| **[Sales Charge Waivers by Class](#idSCWC6462)**  | **[115](#idSCWC6462)**  |
| **[Distribution Plan, Shareholder Servicing, and Payments to Intermediaries](#idDPSSPI10003)**  | **[116](#idDPSSPI10003)**  |
| **[Buying, Redeeming, and Exchanging Shares](#idBRES20694)**  | **[119](#idBRES20694)**  |
| **[Cost Basis Reporting](#idCBR936)**  | **[122](#idCBR936)**  |
| **[Frequent Trading Policies](#idFRTP4958)**  | **[123](#idFRTP4958)**  |
| **[Determining Net Asset Value](#idDNAV7343)**  | **[124](#idDNAV7343)**  |
| **[Taxation and Distributions](#idTD12167)**  | **[125](#idTD12167)**  |
| **[Financial Highlights](#idFH993)**  | **[128](#idFH993)**  |
| **[Index Descriptions](#idID10290)**  | **[140](#idID10290)**  |

---

------

[**TABLE OF CONTENTS**](#TOC)

MassMutual U.S. Government Money Market Fund

#### INVESTMENT OBJECTIVE
This Fund seeks current income consistent with preservation of capital and liquidity.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below.

#### Shareholder Fees (fees paid directly from your investment)

---

| | |
|:---|:---|
| | **Class R5**  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) |  |
| Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds) |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | |
|:---|:---|
| | **Class R5**  |
| Management Fees | 0.35%  |
| Distribution and Service (Rule 12b-1) Fees |  |
| Other Expenses | 0.19% |
| **Total Annual Fund Operating Expenses** | **0.54%**  |

---

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in Class R5 shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class R5 | $55 | $173 | $302 | $677 |

---

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund normally invests at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements fully collateralized by cash or U.S. Government securities.

In managing the Fund, the Fund's subadviser, *Barings LLC* ("Barings"), intends to comply with Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"), which sets forth the requirements for money market funds regarding credit quality, diversification, liquidity,

and maturity. The Fund seeks to maintain, but does not guarantee, a stable $1.00 share price.

Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. Government securities and repurchase agreements that are fully collateralized by U.S. Government securities. U.S. Government securities are high-quality securities issued or guaranteed by the U.S. Treasury or by an agency or instrumentality of the U.S. Government. U.S. Government securities may be backed by the full faith and credit of the U.S. Treasury, the right to borrow from the U.S. Treasury, or the agency or instrumentality issuing or guaranteeing the security. Certain issuers of U.S. Government securities, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are sponsored or chartered by Congress but their securities are neither issued nor guaranteed by the U.S. Treasury.

#### Principal Risks
**You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

------

[**TABLE OF CONTENTS**](#TOC)

Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Money Market Instruments Risk*** The value of a money market instrument typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, regulatory, public health, and other conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as changes in the financial condition of the issuer or borrower, specific market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for money market instruments.

***U.S. Government Securities Risk*** Obligations of certain U.S. Government agencies and instrumentalities are not backed by the full faith and credit of the U.S. Government, and there can be no assurance that the U.S. Government would provide financial support to such agencies and instrumentalities.

***Repurchase Agreement Risk*** These transactions must be fully collateralized, but involve credit risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral.

***Credit Risk*** Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the

willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

***Inflation Risk*** The value of assets or income from the Fund's investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors.

***LIBOR Risk*** Certain instruments in which the Fund may invest rely in some fashion upon the London-Interbank Offered Rate ("LIBOR"). On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Market participants are focused on the transition mechanisms by which the reference rate in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments, or otherwise. Markets are developing in response to these new rates, and questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern for the Fund. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process

------

[**TABLE OF CONTENTS**](#TOC)

may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. In addition, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Prepayment Risk*** Prepayment risk is the risk that principal of a debt obligation will be repaid at a faster rate than anticipated. In such a case, a Fund may lose the benefit of a favorable interest rate for the remainder of the term of the security in question, and may only be able to reinvest the amount of the prepayment at a less favorable rate.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. The Fund's name, investment objective, and investment strategy changed on May 1, 2016 when the Fund changed from a money market fund to a government money market fund. Performance results shown were achieved when the Fund could invest in types of securities that it is no longer able to hold. Future performance of the Fund may be lower as a result. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: ab4v1sps0t771mpnqp2pv5pli4t9.jpg]](ab4v1sps0t771mpnqp2pv5pli4t9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Highest Quarter: | 4Q '22,  | 0.77% | Lowest Quarter: | 1Q '13 thru<br>3Q '14; 1Q '15 thru<br>4Q '16; 2Q '20 thru<br>1Q '22, 0.00% |

---

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5 | Return Before <br> Taxes | 1.21% | 0.90% | 0.49% |
| FTSE 3 Month US T Bill Index <br> (reflects no deduction for fees, <br> expenses, or taxes) | FTSE 3 Month US T Bill Index <br> (reflects no deduction for fees, <br> expenses, or taxes) | 1.50% | 1.25% | 0.74% |

---

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#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Barings LLC ("Barings")

#### Portfolio Manager(s):
**Adam Cash** is an Associate Director and portfolio manager for Barings' Global Public Fixed Income Trading and Trading Solutions Group. He has managed the Fund since May 2022.

**Scott Simler** is a Director and portfolio manager for Barings' Global Public Fixed Income Trading and Trading Solutions Group. He has managed the Fund since July 2009.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual Inflation-Protected and Income Fund

#### INVESTMENT OBJECTIVE
This Fund seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 4.25%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Admini- <br>strative Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.38%  | 0.38%  | 0.38%  | 0.38%  | 0.38%  | 0.38%  | 0.38%  | 0.38%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.09%  | 0.19%  | 0.29%  | 0.39%  | 0.29%  | 0.39%  | 0.29%  | 0.19%<sup>(1)</sup>  |
|  **Total Annual Fund Operating Expenses**  | **0.47%**  | **0.57%**  | **0.67%**  | **0.77%**  | **0.92%**  | **1.02%**  | **1.17%**  | **0.57%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $48 | $151 | $263 | $591 |
| Class R5 | $58 | $183 | $318 | $714 |
| Service Class | $68 | $214 | $373 | $835 |
|  Administrative Class  | $79 | $246 | $428 | $954 |
| Class R4 | $94 | $293 | $509 | $1131 |
| Class A | $525 | $736 | $964 | $1620 |
| Class R3 | $119 | $372 | $644 | $1420 |
| Class Y | $58 | $183 | $318 | $714 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 77% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in inflation-indexed bonds and other income-producing securities. Inflation-indexed bonds are instruments indexed or otherwise linked to general measures of inflation because their principal is typically adjusted to reflect general movements of inflation in the country of issue. The Fund may invest in securities of any maturity. The Fund may invest in inflation-indexed bonds issued by the U.S. and non-U.S. governments or their agencies or instrumentalities, by government-sponsored enterprises, or by corporations. The Fund expects to enter into total return swaps based on one or more inflation indexes or on inflation-indexed bonds or other inflation derivatives, as a substitute for purchasing certain inflation-indexed bonds or otherwise to adjust the inflation-sensitivity of the portfolio. Use of total return swaps will create leverage in the Fund.

The Fund may also invest in other income-producing securities of any kind (including, but not limited to, corporate bonds and notes, Rule 144A securities, U.S. and non-U.S.

government and agency or instrumentality bonds, money market instruments, and mortgage-related and asset-backed securities, including collateralized bond and loan obligations). The Fund may enter into repurchase agreement transactions. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may invest up to 15% of its total assets in securities that are not denominated in U.S. dollars. The Fund may purchase and sell securities on a when-issued, delayed delivery, to-be-announced, or forward commitment basis.

The Fund may invest in (i) securities denominated in currencies of emerging market countries, (ii) fixed income securities or debt instruments issued by emerging market entities or sovereign nations and/or (iii) debt instruments denominated in or based on the currencies, interest rates, or issues of emerging market countries. Emerging market countries are defined to include any country that did not become a member of the Organization for Economic Cooperation and Development (O.E.C.D.) prior to 1975 and Turkey.

The Fund may invest in other investment companies, including investment companies that are advised by the Fund's investment adviser, subadviser, sub-subadviser, or its affiliates, or by unaffiliated parties.

The Fund generally intends to maintain a dollar-weighted average credit quality of A or better (determined on the basis of the highest credit rating of the Fund's investments at the time of their purchase or, if unrated, determined to be of comparable quality by the Fund's subadviser, *Barings LLC* ("Barings"), or sub-subadviser, *Baring International Investment Limited* ("BIIL")). The Fund will invest primarily in assets rated investment grade at the time of purchase (rated Baa3 or higher by Moody's, BBB- or higher by Standard & Poor's or the equivalent by any nationally recognized statistical rating organization ("NRSRO"), or, if unrated, determined to be of comparable quality by Barings or BIIL) but not in assets rated below Ba3 by Moody's, below BB- by Standard & Poor's and the equivalent by any NRSRO. In the event that a security is downgraded after its purchase by the Fund, the Fund may continue to hold the security if Barings or BIIL considers that doing so would be consistent with the Fund's investment objective. The Fund invests in a portfolio of securities that Barings or BIIL expects to provide an attractive rate of real return.

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Barings or BIIL defines "real return" as the portfolio's total return (before expenses) less the estimated rate of inflation, measured using the Consumer Price Index for All Urban Consumers (the "CPI-U").

In addition to the total return swaps and other derivatives referred to above, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivative transactions, including, but not limited to, total return swaps (for hedging purposes or to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund's portfolio, or as a substitute for direct investments), interest rate swaps (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund's portfolio, or as a substitute for direct investments), credit default swaps (for hedging purposes or as a substitute for direct investments), and futures contracts, foreign currency futures and forward contracts, including derivatives thereof (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund's portfolio, or as a substitute for direct investments or to gain market exposure). The Fund may also enter into forward commitment transactions. The Fund may invest in common stocks, exchange-traded funds ("ETFs"), or other equity securities and derivatives thereof for hedging purposes or to enhance total return. The use of such techniques may have the effect of creating investment leverage in the Fund.

In selecting investments for the Fund, Barings or BIIL seeks to construct a portfolio of inflation-indexed and other income-producing securities and other financial instruments, including derivatives, designed to meet the real return objective of the Fund. Barings or BIIL may choose to sell securities with deteriorating credit or limited upside potential compared to other securities.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. References in this section to the Fund's subadviser may include any sub-subadvisers as applicable. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market

conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Fixed Income Securities Risk*** The values of fixed income securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, regulatory, public health, and other conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will fall when interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a less favorable rate), duration risk (the risk that longer-term securities may be more sensitive to interest rate changes), inflation risk (the risk that as inflation increases, the present value of the Fund's fixed income investment typically will decline), and credit risk.

***Inflation-Linked Securities Risk*** Such securities may change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund's portfolio manager or investors generally. Inflation-linked securities are subject to fixed income securities risks. When inflation is low, declining, or negative, the Fund's performance could lag the performance of more conventional bond funds. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors.

***Credit Risk*** Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income

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security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages,

controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for

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certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Mortgage- and Asset-Backed Securities Risk*** Investments in mortgage- and asset-backed securities subject the Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. The types of mortgages (for example, residential or commercial mortgages) underlying securities held by the Fund may differ and be affected differently by market factors. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. Litigation with respect to the representations and warranties given in connection with the issuance of mortgage-backed securities can be an important consideration in investing in such securities, and the outcome of any such litigation could significantly impact the value of the Fund's mortgage-backed investments.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Hedging Risk*** The Fund's attempts at hedging and taking long and short positions in currencies may not be successful and could cause the Fund to lose money or fail to get the benefit of a gain on a

hedged position. If expected changes to securities prices, interest rates, currency values, and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the Fund could be in a worse position than if it had not entered into such transactions.

***Leveraging Risk*** Instruments and transactions, including derivatives transactions, that create leverage may cause the value of an investment in the Fund to be more volatile, could result in larger losses than if they were not used, and tend to compound the effects of other risks.

***LIBOR Risk*** Certain instruments in which the Fund may invest rely in some fashion upon the London-Interbank Offered Rate ("LIBOR"). On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Market participants are focused on the transition mechanisms by which the reference rate in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments, or otherwise. Markets are developing in response to these new rates, and questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern for the Fund. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. In addition, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be

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difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Reinvestment Risk*** Income from the Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded, or called debt obligations at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect the Fund's overall return.

***Repurchase Agreement Risk*** These transactions must be fully collateralized, but involve credit risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral.

***Risk of Investment in Other Funds or Pools*** The Fund is indirectly exposed to all of the risks of the underlying funds, including ETFs, in which it invests, including the risk that the underlying funds will not perform as expected. ETFs are subject to additional risks, including secondary market trading risks and the risk that an ETF's shares may trade above or below net asset value. The Fund indirectly pays a portion of the expenses incurred by the underlying funds.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***Sovereign Debt Obligations Risk*** Investments in debt securities issued by governments or by government agencies and instrumentalities involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. Many sovereign debt obligations may be rated below investment grade ("junk" or "high yield" bonds). Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.

***U.S. Government Securities Risk*** Obligations of certain U.S. Government agencies and instrumentalities are not backed by the full faith and credit of the U.S. Government, and there can be no assurance that the U.S. Government would provide financial support to such agencies and instrumentalities.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

***When-Issued, Delayed Delivery, TBA, and Forward Commitment Transaction Risk*** These transactions may create leverage and involve a risk of loss if the value of the securities declines prior to settlement.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class R4 shares of the Fund for periods prior to its inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for Class

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R4 shares to reflect Class R4 expenses. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: tf6ff2rpmg2leac3p30109eo5f58.jpg]](tf6ff2rpmg2leac3p30109eo5f58.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 6.20% | Lowest <br>Quarter: | 2Q '13,  | –7.15% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5  | Return Before <br> Taxes  | -13.42% | 1.80% | 1.00% |
| Class R5  | Return After Taxes on Distributions | -14.71% | 0.09% | -0.41% |
| Class R5  | Return After Taxes on Distributions and sales of Fund Shares | -7.93% | 0.72% | 0.20% |
| Class I | Return Before <br> Taxes | -13.34% | 1.90% | 1.10% |
| Service Class | Return Before <br> Taxes | -13.49% | 1.69% | 0.90% |
| Administrative <br> Class | Return Before <br> Taxes | -13.59% | 1.59% | 0.80% |
| Class R4 | Return Before <br> Taxes | -13.62% | 1.46% | 0.67% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class A | Return Before <br> Taxes | -17.40% | 0.47% | 0.13% |
| Class R3 | Return Before <br> Taxes | -13.89% | 1.20% | 0.39% |
| Class Y | Return Before <br> Taxes | -13.42% | 1.80% | 1.00% |
| Bloomberg U.S. Treasury Inflation <br> Protected Securities (TIPS) Index <br> (Series – L) (reflects no deduction <br> for fees, expenses, or taxes) | Bloomberg U.S. Treasury Inflation <br> Protected Securities (TIPS) Index <br> (Series – L) (reflects no deduction <br> for fees, expenses, or taxes) | -11.85% | 2.11% | 1.12% |

---

#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Barings LLC ("Barings")

**Sub-subadviser(s):** Baring International Investment Limited ("BIIL")

#### Portfolio Manager(s):
**Yulia Alekseeva, CFA** is a Managing Director, the Head of Securitized Credit Research, and a portfolio manager for Barings' Investment Grade Fixed Income Group. She has managed the Fund since February 2020.

**Douglas Trevallion, II, CFA** is a Managing Director, the Head of Global Securitized Credit, and a portfolio manager for Barings' Investment Grade Fixed Income Group. He has managed the Fund since October 2008.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

---

| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

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#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary.

These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual Core Bond Fund

#### INVESTMENT OBJECTIVE
This Fund seeks to achieve a high total rate of return consistent with prudent investment risk and the preservation of capital by investing primarily in a diversified portfolio of investment grade fixed income securities.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 4.25%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.38%  | 0.38%  | 0.38%  | 0.38%  | 0.38%  | 0.38%  | 0.38%  | 0.38%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.04%  | 0.14%  | 0.24%  | 0.34%  | 0.24%  | 0.34%  | 0.24%  | 0.14%<sup>(1)</sup>  |
|  **Total Annual Fund Operating Expenses**  | **0.42%**  | **0.52%**  | **0.62%**  | **0.72%**  | **0.87%**  | **0.97%**  | **1.12%**  | **0.52%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $43 | $135 | $235 | $530 |
| Class R5 | $53 | $167 | $291 | $653 |
| Service Class | $63 | $199 | $346 | $774 |
|  Administrative Class  | $74 | $230 | $401 | $894 |
| Class R4 | $89 | $278 | $482 | $1073 |
| Class A | $520 | $721 | $938 | $1564 |
| Class R3 | $114 | $356 | $617 | $1363 |
| Class Y | $53 | $167 | $291 | $653 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 239% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody's, BBB- or higher by Standard & Poor's or the equivalent by any nationally recognized statistical rating organization, or, if unrated, determined to be of comparable quality by the Fund's subadviser, *Barings LLC* ("Barings"), or sub-subadviser, *Baring International Investment Limited* ("BIIL")). These typically include U.S. dollar-denominated corporate obligations, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, U.S. and foreign issuer dollar-denominated bonds including, but not limited to, corporate obligations, government and agency issues, private placement bonds, securities subject to resale pursuant to Rule 144A, and mortgage-backed and other asset-backed securities, including collateralized bond and loan obligations. In the event that a security is downgraded after its purchase by the Fund, the Fund may continue to hold the security if Barings or BIIL considers that doing so would be consistent with the Fund's investment objective.

In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including, but not limited to, futures contracts and forward contracts, including derivatives thereof (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund's portfolio, or as a substitute for direct investments); interest rate swaps (for hedging purposes or as a substitute for direct investments); total return swaps (for hedging purposes or to gain exposure to securities or markets in which it might not be able to invest directly); and credit default swaps (for hedging purposes or as a substitute for direct investments). The Fund may invest in common stocks, exchange-traded funds ("ETFs"), or other equity securities and derivatives thereof for hedging purposes or to enhance total return. Use of derivatives by the Fund may create investment leverage.

The Fund may invest in money market securities, including commercial paper. The Fund may enter into repurchase agreement transactions. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may purchase and sell securities on a when-issued, delayed delivery, to-be-announced, or forward commitment basis, and may enter into dollar roll or reverse repurchase agreement transactions.

The Fund may invest in other investment companies, including investment companies that are advised by the Fund's investment adviser, subadviser, sub-subadviser, or its affiliates, or by unaffiliated parties.

Barings or BIIL intends for the Fund's portfolio dollar-weighted average duration generally to match (within 10%) the average duration of the Bloomberg U.S. Aggregate Bond Index (as of December 31, 2022, the average duration of the Index was 6.17 years). Duration measures the price sensitivity of a bond to changes in interest rates. Duration is the dollar weighted average time to maturity of a bond utilizing the present value of all future cash flows.

Barings or BIIL selects the Fund's investments based on its analysis of opportunities and risks of various fixed income securities and market sectors. Currently, Barings or BIIL may consider the following factors (which may change over time and in particular cases): the perceived potential for

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high income offered by different types of corporate and government obligations (including mortgage-backed and other asset-backed securities); diversification among industries and issuers, credit ratings, and sectors; and the relative values offered by different securities. Barings or BIIL may choose to sell securities with deteriorating credit or limited upside potential compared to other securities.

The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. References in this section to the Fund's subadviser may include any sub-subadvisers as applicable. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Fixed Income Securities Risk*** The values of fixed income securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, regulatory, public health, and other conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will fall when interest rates rise), extension risk (the risk that the average life of a security will be extended

through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a less favorable rate), duration risk (the risk that longer-term securities may be more sensitive to interest rate changes), inflation risk (the risk that as inflation increases, the present value of the Fund's fixed income investment typically will decline), and credit risk.

***Mortgage- and Asset-Backed Securities Risk*** Investments in mortgage- and asset-backed securities subject the Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. The types of mortgages (for example, residential or commercial mortgages) underlying securities held by the Fund may differ and be affected differently by market factors. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. Litigation with respect to the representations and warranties given in connection with the issuance of mortgage-backed securities can be an important consideration in investing in such securities, and the outcome of any such litigation could significantly impact the value of the Fund's mortgage-backed investments.

***Bank Loans Risk*** Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Senior secured bank loans are typically supported by collateral; however the value of the collateral may be insufficient to cover the amount owed to the Fund, or the Fund may be prevented or delayed from realizing on the collateral. Some loans may be unsecured; unsecured loans generally present a greater risk of loss to the Fund if the issuer defaults. If the Fund relies on a third party to administer a loan, the Fund is subject to the risk that the third party will fail to perform its obligations. In addition, if the Fund holds only a participation interest in a loan made by a third party, the Fund's receipt of payments on the loan

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will depend on the third party's willingness and ability to make those payments to the Fund. The settlement time for certain loans is longer than the settlement time for many other types of investments, and the Fund may not receive the payment for a loan sold by it until well after the sale; that cash would be unavailable for payment of redemption proceeds or for reinvestment. Interests in some bank loans may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Fund believes to be a fair price. Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

***Credit Risk*** Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create

investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards,

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regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Defaulted and Distressed Securities Risk*** Because the issuer of such securities is in default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring, or in bankruptcy or

insolvency proceedings) is uncertain. To the extent the Fund is invested in distressed securities, its ability to achieve current income for its shareholders may be diminished.

***Dollar Roll and Reverse Repurchase Agreement Transaction Risk*** These transactions generally create leverage and subject the Fund to the credit risk of the counterparty.

***Frequent Trading/Portfolio Turnover Risk*** Portfolio turnover generally involves some expense to the Fund and may result in the realization of taxable capital gains (including short-term gains). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance.

***Hedging Risk*** The Fund's attempts at hedging and taking long and short positions in currencies may not be successful and could cause the Fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values, and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the Fund could be in a worse position than if it had not entered into such transactions.

***Inflation Risk*** The value of assets or income from the Fund's investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors.

***Leveraging Risk*** Instruments and transactions, including derivatives, dollar roll, and reverse repurchase agreement transactions, that create leverage may cause the value of an investment in the Fund to be more volatile, could result in larger losses than if they were not used, and tend to compound the effects of other risks.

***LIBOR Risk*** Certain instruments in which the Fund may invest rely in some fashion upon the London-Interbank Offered Rate ("LIBOR"). On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased

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publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Market participants are focused on the transition mechanisms by which the reference rate in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments, or otherwise. Markets are developing in response to these new rates, and questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern for the Fund. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. In addition, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and

unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Reinvestment Risk*** Income from the Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded, or called debt obligations at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect the Fund's overall return.

***Repurchase Agreement Risk*** These transactions must be fully collateralized, but involve credit risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral.

***Restricted Securities Risk*** The Fund may hold securities that are restricted as to resale under the U.S. federal securities laws, such as securities in certain privately held companies. Such securities may be highly illiquid and their values may experience significant volatility. Restricted securities may be difficult to value.

***Risk of Investment in Other Funds or Pools*** The Fund is indirectly exposed to all of the risks of the underlying funds, including ETFs, in which it invests, including the risk that the underlying funds will not perform as expected. ETFs are subject to additional risks, including secondary market trading risks and the risk that an ETF's shares may trade above or below net asset value. The Fund indirectly pays a portion of the expenses incurred by the underlying funds.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***U.S. Government Securities Risk*** Obligations of certain U.S. Government agencies and instrumentalities are not backed by the full faith and credit of the U.S. Government, and there can

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be no assurance that the U.S. Government would provide financial support to such agencies and instrumentalities.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

***When-Issued, Delayed Delivery, TBA, and Forward Commitment Transaction Risk*** These transactions may create leverage and involve a risk of loss if the value of the securities declines prior to settlement.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class R4 shares of the Fund for periods prior to its inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for Class R4 shares to reflect Class R4 expenses. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: ifgd658rh3q75a7g1msh4e5lh78l.jpg]](ifgd658rh3q75a7g1msh4e5lh78l.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 6.65% | Lowest <br>Quarter: | 2Q '22,  | –6.34% |

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After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from

those shown. After- tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After- tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5  | Return Before <br> Taxes  | -15.31% | 0.16% | 1.18% |
| Class R5  | Return After Taxes on Distributions | -16.56% | -1.37% | -0.29% |
| Class R5  | Return After Taxes on Distributions and sales of Fund Shares | -9.05% | -0.42% | 0.32% |
| Class I | Return Before <br> Taxes | -15.19% | 0.26% | 1.29% |
| Service Class | Return Before <br> Taxes | -15.39% | 0.05% | 1.08% |
| Administrative <br> Class | Return Before <br> Taxes | -15.52% | -0.05% | 0.99% |
| Class R4 | Return Before <br> Taxes | -15.68% | -0.21% | 0.83% |
| Class A | Return Before <br> Taxes | -19.24% | -1.15% | 0.30% |
| Class R3 | Return Before <br> Taxes | -15.80% | -0.42% | 0.57% |
| Class Y | Return Before <br> Taxes | -15.31% | 0.16% | 1.18% |
| Bloomberg U.S. Aggregate Bond <br> Index (reflects no deduction for <br> fees, expenses, or taxes) | Bloomberg U.S. Aggregate Bond <br> Index (reflects no deduction for <br> fees, expenses, or taxes) | -13.01% | 0.02% | 1.06% |

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#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Barings LLC ("Barings")

**Sub-subadviser(s):** Baring International Investment Limited ("BIIL")

#### Portfolio Manager(s):
**Yulia Alekseeva, CFA** is a Managing Director, the Head of Securitized Credit Research, and a portfolio manager for Barings' Investment Grade Fixed Income Group. She has managed the Fund since December 2020.

**Stephen Ehrenberg, CFA** is a Managing Director and portfolio manager for Barings' Investment Grade Fixed Income Group. He has managed the Fund since February 2019.

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**Charles Sanford** is a Managing Director and the Head of, and a portfolio manager for, Barings' Investment Grade Credit Group. He has managed the Fund since December 2020. He previously managed the Fund from June 2006 to November 2017.

**Douglas Trevallion, II, CFA** is a Managing Director, the Head of Global Securitized Credit, and a portfolio manager for Barings' Investment Grade Fixed Income Group. He has managed the Fund since October 2008.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

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| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

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\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual Diversified Bond Fund

#### INVESTMENT OBJECTIVE
This Fund seeks a superior total rate of return by investing in fixed income instruments.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 4.25%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Admini- <br>strative Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.16% | 0.26% | 0.36% | 0.46% | 0.36% | 0.46% | 0.36% | 0.26%<sup>(1)</sup> |
|  **Total Annual Fund Operating Expenses**  | **0.54%**  | **0.64%**  | **0.74%**  | **0.84%**  | **0.99%**  | **1.09%**  | **1.24%**  | **0.64%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $55 | $173 | $302 | $677 |
| Class R5 | $65 | $205 | $357 | $798 |
| Service Class | $76 | $237 | $411 | $918 |
|  Administrative Class  | $86 | $268 | $466 | $1037 |
| Class R4 | $101 | $315 | $547 | $1213 |
| Class A | $531 | $757 | $1000 | $1697 |
| Class R3 | $126 | $393 | $681 | $1500 |
| Class Y | $65 | $205 | $357 | $798 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 198% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. These typically include: U.S. dollar-denominated corporate obligations and bank loans, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, U.S. and foreign issuer dollar-denominated bonds including, but not limited to, corporate obligations, government and agency issues, private placement bonds, securities subject to resale pursuant to Rule 144A, convertible bonds, and mortgage-backed and other asset-backed securities, including collateralized bond and loan obligations.

The Fund may invest up to 25% of its total assets in securities that are not denominated in U.S. dollars including, but not limited to, corporate obligations, government and agency issues, private placement bonds, convertible bonds, and mortgage-backed and other asset-backed securities, including collateralized bond and loan obligations. The Fund may also invest in non-dollar denominated high yield bonds, including bank loans, and may invest in securities subject to legal

restrictions on resale, some of which may be subject to resale pursuant to Rule 144A.

The Fund may, but will not necessarily, engage in foreign currency futures and forward contracts, including derivatives thereof, for hedging purposes or to gain market exposure. In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including, but not limited to, futures contracts (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund's portfolio, or as a substitute for direct investments); interest rate swaps (for hedging purposes or as a substitute for direct investments); total return swaps (for hedging purposes or to gain exposure to securities or markets in which it might not be able to invest directly); and credit default swaps (for hedging purposes or as a substitute for direct investments). The Fund may invest in common stocks, exchange-traded funds ("ETFs"), or other equity securities and derivatives thereof for hedging purposes or to enhance total return. Use of derivatives by the Fund may create investment leverage.

The Fund may invest in money market securities, including commercial paper. The Fund may enter into repurchase agreement transactions. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may purchase and sell securities on a when-issued, delayed delivery, to-be-announced, or forward commitment basis, and may enter into dollar roll or reverse repurchase agreement transactions.

The Fund may invest in (i) securities denominated in currencies of emerging market countries, (ii) fixed income securities or debt instruments issued by emerging market entities or sovereign nations and/or (iii) debt instruments denominated in or based on the currencies, interest rates, or issues of emerging market countries. Emerging market countries are defined to include any country that did not become a member of the Organization for Economic Cooperation and Development (O.E.C.D.) prior to 1975 and Turkey.

The Fund may invest in other investment companies, including investment companies that are advised by the Fund's investment adviser, subadviser, sub-subadviser, or its affiliates, or by unaffiliated parties.

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The dollar-weighted average credit quality of the Fund is generally not expected to be less than BBB-/Baa3. The Fund may, however, invest up to 25% of its net assets in below investment grade debt securities ("junk" or "high yield" bonds), including securities in default, and including bank loans, or their unrated equivalent, as determined by the Fund's subadviser, *Barings LLC* ("Barings"), or sub-subadviser, *Baring International Investment Limited* ("BIIL"). Investments in such securities will vary based upon Barings' or BIIL's assessment of market conditions and the amount of additional yield offered in relation to the risk of the instruments. In the event that a security is downgraded after its purchase by the Fund, the Fund may continue to hold the security if Barings or BIIL considers that doing so would be consistent with the Fund's investment objective. Barings or BIIL expects for the Fund's portfolio dollar-weighted average duration generally to match (plus or minus 2.5 years) the average duration of the Bloomberg U.S. Aggregate Bond Index (as of December 31, 2022, the average duration of the Index was 6.17 years). Duration measures the price sensitivity of a bond to changes in interest rates. Duration is the dollar weighted average time to maturity of a bond utilizing the present value of all future cash flows.

Barings or BIIL selects the Fund's investments based on its analysis of opportunities and risks of various fixed income securities and market sectors. Currently, Barings or BIIL may consider the following factors (which may change over time and in particular cases): the perceived potential for high income offered by different types of corporate and government obligations (including mortgage-backed and other asset-backed securities); diversification among industries and issuers, credit ratings, and sectors; and the relative values offered by different securities. Barings or BIIL may choose to sell securities with deteriorating credit or limited upside potential compared to other securities.

The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. References in this section to the Fund's subadviser may include any sub-subadvisers as applicable. Certain risks relating

to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Fixed Income Securities Risk*** The values of fixed income securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, regulatory, public health, and other conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will fall when interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a less favorable rate), duration risk (the risk that longer-term securities may be more sensitive to interest rate changes), inflation risk (the risk that as inflation increases, the present value of the Fund's fixed income investment typically will decline), and credit risk.

***Mortgage- and Asset-Backed Securities Risk*** Investments in mortgage- and asset-backed securities subject the Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. The types of

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mortgages (for example, residential or commercial mortgages) underlying securities held by the Fund may differ and be affected differently by market factors. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. Litigation with respect to the representations and warranties given in connection with the issuance of mortgage-backed securities can be an important consideration in investing in such securities, and the outcome of any such litigation could significantly impact the value of the Fund's mortgage-backed investments.

***Bank Loans Risk*** Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Senior secured bank loans are typically supported by collateral; however the value of the collateral may be insufficient to cover the amount owed to the Fund, or the Fund may be prevented or delayed from realizing on the collateral. Some loans may be unsecured; unsecured loans generally present a greater risk of loss to the Fund if the issuer defaults. If the Fund relies on a third party to administer a loan, the Fund is subject to the risk that the third party will fail to perform its obligations. In addition, if the Fund holds only a participation interest in a loan made by a third party, the Fund's receipt of payments on the loan will depend on the third party's willingness and ability to make those payments to the Fund. The settlement time for certain loans is longer than the settlement time for many other types of investments, and the Fund may not receive the payment for a loan sold by it until well after the sale; that cash would be unavailable for payment of redemption proceeds or for reinvestment. Interests in some bank loans may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Fund believes to be a fair price. Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

***Below Investment Grade Debt Securities Risk*** Below investment grade debt securities, commonly known

as "junk" or "high yield" bonds, have speculative characteristics and involve greater volatility of price and yield, greater risk of loss of principal and interest, and generally reflect a greater possibility of an adverse change in financial condition that could affect an issuer's ability to honor its obligations.

***Credit Risk*** Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

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***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody

and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Convertible Securities Risk*** Convertible securities are subject to the risks of both debt instruments and equity securities. The price of a convertible security may change in response to changes in price of the underlying equity security, the credit quality of the issuer, and interest rates. In general, the values of convertible securities tend to decline as interest rates rise and to rise when interest rates fall. A convertible security generally has less potential for gain or loss than the underlying equity security.

***Defaulted and Distressed Securities Risk*** Because the issuer of such securities is in default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring, or in bankruptcy or insolvency proceedings) is uncertain. To the extent

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the Fund is invested in distressed securities, its ability to achieve current income for its shareholders may be diminished.

***Dollar Roll and Reverse Repurchase Agreement Transaction Risk*** These transactions generally create leverage and subject the Fund to the credit risk of the counterparty.

***Frequent Trading/Portfolio Turnover Risk*** Portfolio turnover generally involves some expense to the Fund and may result in the realization of taxable capital gains (including short-term gains). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance.

***Hedging Risk*** The Fund's attempts at hedging and taking long and short positions in currencies may not be successful and could cause the Fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values, and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the Fund could be in a worse position than if it had not entered into such transactions.

***Inflation Risk*** The value of assets or income from the Fund's investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors.

***Leveraging Risk*** Instruments and transactions, including derivatives, dollar roll, and reverse repurchase agreement transactions, that create leverage may cause the value of an investment in the Fund to be more volatile, could result in larger losses than if they were not used, and tend to compound the effects of other risks.

***LIBOR Risk*** Certain instruments in which the Fund may invest rely in some fashion upon the London-Interbank Offered Rate ("LIBOR"). On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased publication of most LIBOR settings on a

representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Market participants are focused on the transition mechanisms by which the reference rate in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments, or otherwise. Markets are developing in response to these new rates, and questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern for the Fund. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. In addition, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and

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unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Reinvestment Risk*** Income from the Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded, or called debt obligations at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect the Fund's overall return.

***Repurchase Agreement Risk*** These transactions must be fully collateralized, but involve credit risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral.

***Restricted Securities Risk*** The Fund may hold securities that are restricted as to resale under the U.S. federal securities laws, such as securities in certain privately held companies. Such securities may be highly illiquid and their values may experience significant volatility. Restricted securities may be difficult to value.

***Risk of Investment in Other Funds or Pools*** The Fund is indirectly exposed to all of the risks of the underlying funds, including ETFs, in which it invests, including the risk that the underlying funds will not perform as expected. ETFs are subject to additional risks, including secondary market trading risks and the risk that an ETF's shares may trade above or below net asset value. The Fund indirectly pays a portion of the expenses incurred by the underlying funds.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***Sovereign Debt Obligations Risk*** Investments in debt securities issued by governments or by government agencies and instrumentalities involve the risk that the governmental entities responsible

for repayment may be unable or unwilling to pay interest and repay principal when due. Many sovereign debt obligations may be rated below investment grade ("junk" or "high yield" bonds). Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.

***U.S. Government Securities Risk*** Obligations of certain U.S. Government agencies and instrumentalities are not backed by the full faith and credit of the U.S. Government, and there can be no assurance that the U.S. Government would provide financial support to such agencies and instrumentalities.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

***When-Issued, Delayed Delivery, TBA, and Forward Commitment Transaction Risk*** These transactions may create leverage and involve a risk of loss if the value of the securities declines prior to settlement.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class R4 and Class R3 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for Class R4 and Class R3 shares to reflect Class R4 and Class R3 expenses, respectively. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

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#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: hnh1u2j0u9goi9ic6v6ncj3gi2se.jpg]](hnh1u2j0u9goi9ic6v6ncj3gi2se.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 7.22% | Lowest <br>Quarter: | 2Q '22,  | –7.98% |

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After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5  | Return Before <br> Taxes  | -16.70% | 0.18% | 1.40% |
| Class R5  | Return After Taxes on Distributions | -18.11% | -1.56% | -0.09% |
| Class R5  | Return After Taxes on Distributions and sales of Fund Shares | -9.86% | -0.44% | 0.50% |
| Class I | Return Before <br> Taxes | -16.60% | 0.27% | 1.59% |
| Service Class | Return Before <br> Taxes | -16.71% | 0.08% | 1.32% |
| Administrative <br> Class | Return Before <br> Taxes | -16.81% | -0.02% | 1.21% |
| Class R4 | Return Before <br> Taxes | -16.95% | -0.15% | 1.06% |
| Class A | Return Before <br> Taxes | -20.57% | -1.13% | 0.52% |
| Class R3 | Return Before <br> Taxes | -17.14% | -0.38% | 0.82% |
| Class Y | Return Before <br> Taxes | -16.70% | 0.18% | 1.40% |
| Bloomberg U.S. Aggregate Bond <br> Index (reflects no deduction for <br> fees, expenses, or taxes) | Bloomberg U.S. Aggregate Bond <br> Index (reflects no deduction for <br> fees, expenses, or taxes) | -13.01% | 0.02% | 1.06% |

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#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Barings LLC ("Barings")

**Sub-subadviser(s):** Baring International Investment Limited ("BIIL")

#### Portfolio Manager(s):
**Yulia Alekseeva, CFA** is a Managing Director, the Head of Securitized Credit Research, and a portfolio manager for Barings' Investment Grade Fixed Income Group. She has managed the Fund since December 2020.

**Stephen Ehrenberg, CFA** is a Managing Director and portfolio manager for Barings' Investment Grade Fixed Income Group. He has managed the Fund since November 2017.

**Charles Sanford** is a Managing Director and the Head of, and a portfolio manager for, Barings' Investment Grade Credit Group. He has managed the Fund since December 2020. He previously managed the Fund from June 2006 to November 2017.

**Douglas Trevallion, II, CFA** is a Managing Director, the Head of Global Securitized Credit, and a portfolio manager for Barings' Investment Grade Fixed Income Group. He has managed the Fund since June 2018.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

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| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

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#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary.

These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual Balanced Fund

#### INVESTMENT OBJECTIVE
The Fund seeks a high total return.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Admini- <br>strative Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.48%  | 0.48%  | 0.48%  | 0.48%  | 0.48%  | 0.48%  | 0.48%  | 0.48%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.22% | 0.32% | 0.42% | 0.52% | 0.42% | 0.52% | 0.42% | 0.32%<sup>(1)</sup> |
|  **Total Annual Fund Operating Expenses**  | **0.70%**  | **0.80%**  | **0.90%**  | **1.00%**  | **1.15%**  | **1.25%**  | **1.40%**  | **0.80%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $72 | $224 | $390 | $871 |
| Class R5 | $82 | $255 | $444 | $990 |
| Service Class | $92 | $287 | $498 | $1108 |
|  Administrative Class  | $102 | $318 | $552 | $1225 |
| Class R4 | $117 | $365 | $633 | $1398 |
| Class A | $670 | $925 | $1199 | $1978 |
| Class R3 | $143 | $443 | $766 | $1680 |
| Class Y | $82 | $255 | $444 | $990 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 215% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund seeks its investment objective by investing across different asset classes (U.S. equity securities and fixed income securities) each represented by a different segment of the Fund's portfolio. Under normal market conditions, the Fund's subadviser, *Invesco Advisers, Inc.*, and sub-subadviser, *Invesco Capital Management LLC* (together with Invesco Advisers, Inc., "Invesco"), expect that 55%-75% of the Fund's net assets will be invested in U.S. equity securities (the "U.S. Equity Segment") and 25%-45% of the Fund's net assets will be invested in fixed income securities (the "Bond Segment") that meet certain environmental, social, and governance ("ESG") criteria as described below. The Fund will target a long term strategic allocation of 65% to the U.S. Equity Segment and 35% to the Bond Segment. Invesco will periodically rebalance the portfolio back to these strategic weights. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may purchase and sell securities on a when-issued, delayed delivery, to-be-announced, or forward commitment basis. The Fund may hold a portion of its assets in cash or cash equivalents.

Using an indexing strategy, Invesco generally will invest at least 80% of the Fund's assets allocated to the U.S. Equity Segment in the equity securities of companies included within the Invesco US Large Cap Total Balanced Multi-Factor ESG Index<sup>\*</sup> (the "Invesco Index"). Invesco Indexing LLC, an affiliate of Invesco, serves as the index provider for the Invesco Index.

The Invesco Index employs a factor-based model and is designed to select equity securities of U.S. large-capitalization companies that meet high ESG standards. The Invesco Index includes constituents of the Invesco Indexing Investable Universe (the "Investable Universe") that are designated as U.S. large-capitalization securities in accordance with the Investable Universe methodology. Each eligible security is categorized by sector and assigned a score using a system established by Sustainalytics US Inc. ("Sustainalytics"), a third-party research

\*

The "Invesco US Large Cap Total Balanced Multi-Factor ESG Index" and "Invesco Indexing" are the property of Invesco Indexing LLC and have been licensed for use by Invesco Capital Management LLC ("ICM").

The shares ("Shares") of the Fund (the "Product") are not sponsored, endorsed, sold or promoted by Invesco Indexing LLC ("Licensor"). Licensor makes no representation or warranty, express or implied, to the owners of the Shares or any member of the public regarding the advisability of investing in securities generally or in the Shares particularly or the ability of the Invesco US Large Cap Total Balanced Multi-Factor ESG Index to track general stock market performance. Licensor is an affiliate of ICM and Invesco Advisers, Inc. ("Invesco Advisers") and its relationship to ICM and Invesco Advisers includes the licensing of certain trademarks and trade names of Licensor and of the Invesco US Large Cap Total Balanced Multi-Factor ESG Index which is determined, composed and calculated by Licensor without regard to ICM, Invesco Advisers, the Product or the Shares. Licensor has no obligation to take the needs of the Licensee or the owners of the Shares into consideration in determining, composing or calculating the Invesco US Large Cap Total Balanced Multi-Factor ESG Index. Licensor is not responsible for and has not participated in any determination or calculation made with respect to issuance or redemption of the Shares. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Shares.

Licensor does not guarantee the accuracy and/or the completeness of the Invesco US Large Cap Total Balanced Multi-Factor ESG Index and/or any data included therein. Licensor makes no warranty, express or implied, as to results to be obtained by ICM, Invesco Advisers, the Product or any owner of the Shares, or any other person or entity from the use of the Invesco US Large Cap Total Balanced Multi-Factor ESG Index or any data included therein in connection with the rights licensed hereunder or for any other use.

Licensor makes no express or implied warranties, and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Invesco US Large Cap Total Balanced Multi-Factor ESG Index or any data included therein. Without limiting any of the foregoing, in no event shall Licensor have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

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provider that measures the strength of each pillar of ESG practices (the "ESG Score"). The top 75% of companies based on their ESG Scores within each sector are selected, while those in the tobacco, aerospace, coal, and pipeline industries, those in the bottom 10% by overall ESG Score, or those with a detrimental score for controversies, are excluded from the Invesco Index. The remaining securities are assigned a factor-based model score (the "Model Score"), which is computed by equal weighting the following individual factor scores:

Quality. A company's quality factor score is based on an equally-weighted composite of three metrics: management quality (measured by the average quarterly percentage change in shares outstanding over the previous three years), earnings quality (measured by dividing the most recent year's operating cash flow by the most recent year's earnings), and operating quality (measured by dividing the most recent year's aggregate gross income by the most recent year's average total assets).

Value. A company's value factor score is generally based on an equally-weighted composite of free cash flow yield, earnings yield, and book value of equity yield generally. For banks the value score is based on earnings yield and book value of equity yield and for real estate companies it is based on earnings yield, book value of equity yield, and funds from operations yield. Free cash flow, funds from operations, and earnings are measured over the previous year while book value is based on the most recent financial statement.

Price Momentum. A company's price momentum factor score is based on the average monthly total return over the past nine months, excluding the most recent month, divided by the standard error of those total returns.

Low Volatility. A company's low volatility factor score is based on the standard deviation of monthly total returns to a company's stock price for the most recent 36-month period.

The Invesco Index constituents generally are weighted based on their market capitalizations and Model Scores. These weights are adjusted to ensure that each constituent and the Invesco Index as a whole satisfy certain constraints with respect to sector exposure, maximum security weights, and minimum security weights, as compared to a float-adjusted, market-capitalization weighted benchmark comprised of all of the U.S. large-capitalization securities of the Investable Universe.

The Invesco Index is rebalanced effective the third Friday in June and December. In addition, Invesco Index maintenance is performed effective the third Friday in March and September, during which constituents may be removed if they are no longer constituents of the Investable Universe, are within the tobacco, aerospace, coal, and pipeline industries, are in the bottom 10% by ESG Score, or have a detrimental score for controversies. The U.S. Equity Segment is rebalanced and maintained in accordance with the Invesco Index, meaning that it will buy and sell securities in response to changes in the Invesco Index.

Although the U.S. Equity Segment generally will invest in substantially all of the securities comprising the Invesco Index in proportion to their weightings in the Invesco Index, under various circumstances it may not be possible or practicable to purchase all of those securities in those same weightings. In those circumstances, the U.S. Equity Segment may hold cash or purchase a sample of the securities in the Invesco Index. When it relies on a "sampling" methodology, Invesco uses quantitative analysis to select securities from the Invesco Index universe to obtain a representative sample of securities that has, overall, investment characteristics similar to the Invesco Index in terms of key risk factors, performance attributes, and other characteristics such as industry weightings, market capitalization, return variability, earnings valuation, yield, and other financial characteristics of securities. When employing a sampling methodology, Invesco bases the number of the holdings in the U.S. Equity Segment on a number of factors, including asset size of the U.S. Equity Segment, and generally expects the U.S. Equity Segment to hold fewer than the total number of securities in the Invesco Index. However, Invesco reserves the right to invest in as many securities as it believes necessary to achieve the Fund's investment objective. The U.S. Equity Segment may invest in common stocks, preferred stocks, exchange-traded funds ("ETFs"), or other equity securities. The U.S. Equity Segment may use futures contracts, a type of derivative, to seek performance that corresponds to the Invesco Index and/or to manage cash flows. Use of futures contracts by the U.S. Equity Segment may create investment leverage.

Fixed income securities in which the Bond Segment invests primarily include U.S. dollar-denominated debt securities that are rated investment grade at the time of purchase, meaning that they will be rated Baa3 or higher by Moody's,

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BBB- or higher by Standard & Poor's or the equivalent by any nationally recognized statistical rating organization ("NRSRO"). Debt securities in which the Bond Segment invests may include domestic and foreign corporate debt obligations, domestic and foreign government debt obligations, including U.S. Government securities, mortgage-related securities, asset-backed securities, and other debt obligations. The Bond Segment may also invest in unrated securities in which case Invesco may internally assign ratings to certain of those securities, after assessing their credit quality, in investment grade categories similar to those of NRSROs. There can be no assurance, nor is it intended, that Invesco's credit analysis is consistent or comparable with the credit analysis process used by an NRSRO. In the event that a security receives different ratings from different NRSROs, the Bond Segment will treat the security as being rated in the highest rating category received from an NRSRO. The Bond Segment may invest in illiquid or thinly traded securities. The Bond Segment may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A. The Bond Segment may invest up to 5% its assets in securities below investment grade ("junk" or "high yield" bonds), including securities in default. In the event that a security is downgraded after its purchase by the Bond Segment, the Bond Segment may continue to hold the security if Invesco considers that doing so would be consistent with the Fund's investment objective. The Bond Segment may also enter into dollar roll transactions.

The Bond Segment may invest a portion of its assets in foreign debt securities, including securities issued by foreign governments or companies in both developed and emerging markets. The Bond Segment may not invest more than 20% of its net assets in foreign debt securities.

The Bond Segment has no limitations on the range of maturities of the debt securities in which it can invest and may hold securities with short-, medium-, or long-term maturities. The maturity of a security differs from its effective duration, which attempts to measure the expected volatility of a security's price to interest rate changes. The Bond Segment may engage in treasury futures contracts in order to seek to enhance the Fund's investment return or to try to manage investment risks. Use of treasury futures contracts by the Bond Segment may create investment leverage.

Invesco selects investments for the Bond Segment based on its analysis of opportunities and risks of various fixed income securities and market

sectors by focusing on business cycle analysis and relative values between corporate and government sectors. The Bond Segment mainly seeks income earnings on its investments plus capital appreciation that may arise from decreases in interest rates, from improving credit fundamentals for a particular sector or security, or from other investment techniques. Invesco may sell securities that it believes no longer meet the above criteria.

Additionally, as part of the credit selection and portfolio construction process, Invesco employs a proprietary framework for evaluating each issuer based on ESG criteria that, with respect to the Bond Segment, it has determined to be important in the investment selection process. Invesco has developed an ESG risk evaluation that is integrated into its core fundamental credit research process. As part of this process, corporate and government issuers are evaluated and assigned an overall ESG score based on separate "E," "S," and "G" factor scores, which are derived using a proprietary scoring system that involves a quantitative and qualitative assessment of "E," S," and "G" factors. As part of this research process, Invesco may use third-party ESG ratings, company reporting, and engagement with management. If an issuer is determined by Invesco to have an overall ESG score that meets the applicable threshold that Invesco has established for that type of issuer, securities issued by it will be considered as a potential investment for the Bond Segment.

The ESG evaluation process for the Bond Segment also includes some exclusionary screening criteria which are intended to avoid investing in companies that are non-compliant with the UN Global Compact as well as companies that derive a significant portion of their revenue from: tobacco product manufacturing or distribution; extraction of fossil fuels from oil sands; mining or distribution of thermal coal; alcohol manufacturing or distribution; military contracting; manufacture of small arms including civilian firearms; provision of gambling products or services; or the provision of adult entertainment products or services. Additionally, companies involved in the following at any threshold are excluded: manufacture of nonconventional weapons including landmines and cluster munitions; or manufacture of nuclear, biological, or chemical weapons.

Invesco will monitor the "E," "S," and "G" factors of the Bond Segment's holdings. If Invesco determines that a security's overall ESG score has ceased to meet its threshold for inclusion in the Bond Segment, Invesco may sell that security,

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provided it can do so in an orderly manner given then-prevailing market conditions.

The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. References in this section to the Fund's subadviser may include any sub-subadvisers as applicable. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

***Fixed Income Securities Risk*** The values of fixed income securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, regulatory, public health, and other conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Fixed income securities are subject to interest rate risk (the risk

that the value of a fixed income security will fall when interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a less favorable rate), duration risk (the risk that longer-term securities may be more sensitive to interest rate changes), inflation risk (the risk that as inflation increases, the present value of the Fund's fixed income investment typically will decline), and credit risk.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's

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investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and

illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Below Investment Grade Debt Securities Risk*** Below investment grade debt securities, commonly known as "junk" or "high yield" bonds, have speculative characteristics and involve greater volatility of price and yield, greater risk of loss of principal and interest, and generally reflect a greater possibility of an adverse change in financial condition that could affect an issuer's ability to honor its obligations.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Credit Risk*** Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

***Defaulted and Distressed Securities Risk*** Because the issuer of such securities is in default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers

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or issuers in payment or covenant default, in workout or restructuring, or in bankruptcy or insolvency proceedings) is uncertain. To the extent the Fund is invested in distressed securities, its ability to achieve current income for its shareholders may be diminished.

***Dollar Roll Transaction Risk*** Dollar roll transactions generally create leverage and subject the Fund to the credit risk of the counterparty.

***ESG Risk*** Because the Invesco Index and the Bond Segment use ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forgo some market opportunities available to funds that do not use these factors. The securities of companies with favorable ESG scores may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, the Fund may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used to evaluate such ESG factors may not be readily available, complete, or accurate, which could negatively impact the Fund's performance. In addition, a company's ESG score may differ from that assigned by other funds or an investor. As a result, the companies deemed eligible for inclusion in the Fund's portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

***Frequent Trading/Portfolio Turnover Risk*** Portfolio turnover generally involves some expense to the Fund and may result in the realization of taxable capital gains (including short-term gains). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance.

***Indexing Risk*** The U.S. Equity Segment's performance may not track the performance of the Invesco Index due to a number of factors, including fees and expenses of the Fund, the Fund's cash positions, and differences between securities held by the U.S. Equity Seqment and the securities comprising the Invesco Index which may result from legal restrictions, costs, or liquidity constraints, especially during times when a sampling methodology is used.

***Large Company Risk*** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund's investments in large-capitalization stocks to underperform investments

that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Leveraging Risk*** Instruments and transactions, including derivatives and dollar roll transactions, that create leverage may cause the value of an investment in the Fund to be more volatile, could result in larger losses than if they were not used, and tend to compound the effects of other risks.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Mortgage- and Asset-Backed Securities Risk*** Investments in mortgage- and asset-backed securities subject the Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on

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the cash flows generated by the underlying assets and the terms of the security. The types of mortgages (for example, residential or commercial mortgages) underlying securities held by the Fund may differ and be affected differently by market factors. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. Litigation with respect to the representations and warranties given in connection with the issuance of mortgage-backed securities can be an important consideration in investing in such securities, and the outcome of any such litigation could significantly impact the value of the Fund's mortgage-backed investments.

***Passive Management Risk*** With an indexing strategy, there is no attempt to seek returns in excess of a benchmark index, to use defensive strategies, or to reduce the effects of any long-term poor investment performance. Therefore, with respect to the U.S. Equity Segment, the Fund would not necessarily buy or sell a security unless that security is added to, or removed from, the Invesco Index, even if that security generally is underperforming.

***Preferred Stock Risk*** Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. In addition, changes in interest rates may adversely affect the value of a preferred stock that pays a fixed dividend. Preferred stocks are also subject to additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

***Restricted Securities Risk*** The Fund may hold securities that are restricted as to resale under the U.S. federal securities laws, such as securities in certain privately held companies. Such securities may be highly illiquid and their values may experience significant volatility. Restricted securities may be difficult to value.

***Risk of Investment in Other Funds or Pools*** The Fund is indirectly exposed to all of the risks of the underlying funds, including ETFs, in which it invests, including the risk that the underlying funds will not perform as expected. ETFs are subject to additional risks, including secondary market trading risks and the risk that an ETF's shares may trade above or below net asset value. The Fund indirectly pays a portion of the expenses incurred by the underlying funds.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***U.S. Government Securities Risk*** Obligations of certain U.S. Government agencies and instrumentalities are not backed by the full faith and credit of the U.S. Government, and there can be no assurance that the U.S. Government would provide financial support to such agencies and instrumentalities.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

***When-Issued, Delayed Delivery, TBA, and Forward Commitment Transaction Risk*** These transactions may create leverage and involve a risk of loss if the value of the securities declines prior to settlement.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance and three additional indexes, including an index that provides a comparison relevant to the Fund's allocation to fixed income investments (Bloomberg U.S. Aggregate Bond Index), an index of funds with similar investment objectives (Lipper Balanced Fund Index), and a hypothetical custom index which comprises the S&P 500<sup>®</sup> (65%) and Bloomberg U.S. Aggregate Bond (35%) Indexes (Custom Balanced Index). The Fund's investment objective and investment strategy changed on November 18, 2020. The performance results shown below would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented. Performance for Class I, Class R4, and Class R3 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the

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performance of Class R5 shares, adjusted for Class R4 and Class R3 shares to reflect Class R4 and Class R3 expenses, respectively. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: mkqrm9oh9btplaorujjhnhqgt97f.jpg]](mkqrm9oh9btplaorujjhnhqgt97f.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 14.65% | Lowest <br>Quarter: | 1Q '20,  | –14.74% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5  | Return Before <br> Taxes  | -14.26% | 5.27% | 7.42% |
| Class R5  | Return After Taxes on Distributions | -14.63% | 2.67% | 4.95% |
| Class R5  | Return After Taxes on Distributions and sales of Fund Shares | -8.23% | 3.62% | 5.28% |
| Class I | Return Before <br> Taxes | -14.10% | 5.40% | 7.52% |
| Service Class | Return Before <br> Taxes | -14.33% | 5.17% | 7.30% |
| Administrative <br> Class | Return Before <br> Taxes | -14.37% | 5.08% | 7.20% |
| Class R4 | Return Before <br> Taxes | -14.50% | 4.92% | 7.03% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class A | Return Before <br> Taxes | -19.34% | 3.64% | 6.32% |
| Class R3 | Return Before <br> Taxes | -14.76% | 4.65% | 6.78% |
| Class Y | Return Before <br> Taxes | -14.26% | 5.27% | 7.42% |
| S&P 500 Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | S&P 500 Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | -18.11% | 9.42% | 12.56% |
| Bloomberg U.S. Aggregate Bond <br> Index (reflects no deduction for <br> fees, expenses, or taxes) | Bloomberg U.S. Aggregate Bond <br> Index (reflects no deduction for <br> fees, expenses, or taxes) | -13.01% | 0.02% | 1.06% |
| Lipper Balanced Fund Index <br> (reflects no deduction for taxes) | Lipper Balanced Fund Index <br> (reflects no deduction for taxes) | -14.36% | 4.62% | 6.66% |
| Custom Balanced Index (reflects <br> no deduction for fees, expenses, or <br> taxes) | Custom Balanced Index (reflects <br> no deduction for fees, expenses, or <br> taxes) | -16.06% | 6.41% | 8.65% |

---

#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Invesco Advisers, Inc. ("Invesco Advisers")

**Sub-subadviser(s):** Invesco Capital Management LLC ("ICM")

#### Portfolio Manager(s):
**Jacob Borbidge, CFA, CAIA** is a Senior Portfolio Manager and Head of Investment Research at Invesco Advisers. He has managed the Fund since November 2020.

**Matt Brill, CFA** is Head of North America Investment Grade for Invesco Fixed Income at Invesco Advisers. He has managed the Fund since November 2020.

**Pratik Doshi, CFA** is a Portfolio Manager at ICM. He has managed the Fund since November 2020.

**Peter Hubbard** is Head of Equities and Director of Portfolio Management at ICM. He has managed the Fund since November 2020.

**Michael D. Hyman** is Chief Investment Officer, Global Investment Grade & Emerging Markets for Invesco Fixed Income at Invesco Advisers. He has managed the Fund since November 2020.

**Michael Jeanette** is a Senior Portfolio Manager at ICM. He has managed the Fund since November 2020.

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**Duy Nguyen, CFA, CAIA** is Chief Investment Officer and a Senior Portfolio Manager, Invesco Investment Solutions at Invesco Advisers. He has managed the Fund since November 2020.

**Todd Schomberg, CFA** is a Senior Portfolio Manager at Invesco Advisers. He has managed the Fund since November 2020.

**Tony Seisser** is a Portfolio Manager at ICM. He has managed the Fund since November 2020.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

---

| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual Disciplined Value Fund

#### INVESTMENT OBJECTIVE
The Fund seeks long-term total return.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Admini- <br>strative Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.31% | 0.41% | 0.51% | 0.61% | 0.51% | 0.61% | 0.51% | 0.41%<sup>(1)</sup> |
|  **Total Annual Fund Operating Expenses**  | **0.76%**  | **0.86%**  | **0.96%**  | **1.06%**  | **1.21%**  | **1.31%**  | **1.46%**  | **0.86%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $78 | $243 | $422 | $942 |
| Class R5 | $88 | $274 | $477 | $1061 |
| Service Class | $98 | $306 | $531 | $1178 |
|  Administrative Class  | $108 | $337 | $585 | $1294 |
| Class R4 | $123 | $384 | $665 | $1466 |
| Class A | $676 | $942 | $1229 | $2042 |
| Class R3 | $149 | $462 | $797 | $1746 |
| Class Y | $88 | $274 | $477 | $1061 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund invests primarily in equity securities of U.S. large- and mid-cap companies. The Fund currently invests substantially all of its assets in companies represented in the Russell 1000<sup>®</sup> Value Index at the time of purchase, although the Fund is actively managed and is not an index fund or a passively managed investment. Constituents of the Russell 1000 Value Index are companies that exhibit certain value characteristics, as defined by the index providers, such as lower price-to-book ratios, lower prices relative to forecasted earnings, and higher dividend yields. As of December 31, 2022, the market capitalization range of companies included in the Russell 1000 Value Index was $306.43 million to $1,145 billion.

Equity securities in which the Fund invests may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund may hold a portion of its assets in unlisted securities. The Fund may invest in exchange-traded funds and may use equity index futures contracts as a substitute for direct investments in order to help manage cash flows. Use of derivatives by the Fund may create investment leverage. The Fund may at times have

significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents.

The Fund's subadviser, *Wellington Management Company LLP* ("Wellington Management"), manages the Fund's assets using a proprietary, dynamic multi-factor approach that is based on quantitative and qualitative research and analysis. In selecting securities, Wellington Management seeks to allocate the Fund's assets to equity securities that it believes share complementary factor exposures. Factors are characteristics that are important in explaining the returns and risks of a group of securities. Wellington Management selects securities for the Fund based on their factor characteristics and diversification benefits; typically this will mean that securities demonstrate one of the following: (1) mean-reversion (e.g., stocks that are inexpensive relative to their historical fundamentals); (2) trend following (e.g., strong momentum and higher growth potential); or (3) risk aversion (e.g., financially healthy, stable, and lower volatility companies). Securities are typically sold as a byproduct of the factor selection, allocation, and rebalancing processes. In exceptional circumstances, Wellington Management may exclude or remove an issuer or security from the Fund where it believes the data available does not accurately reflect current events.

The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions,

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or investor confidence, or announcements of economic, political, or financial information.

***Value Company Risk*** The value investment approach entails the risk that the market will not recognize a security's intrinsic value for a long time, or that a stock the investment adviser or subadviser judges to be undervalued may actually be appropriately priced.

***Large Company Risk*** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund's investments in large-capitalization stocks to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Small and Mid-Cap Company Risk*** Market risk and liquidity risk are particularly pronounced for securities of small and medium-sized companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Their shares can be less liquid than those of larger companies, especially during market declines. Small and medium-sized companies may have limited product lines, markets, or financial resources and may be dependent on a limited management group; they may have been recently organized and have little or no track record of success.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Frequent Trading/Portfolio Turnover Risk*** Portfolio turnover generally involves some expense to the Fund and may result in the realization of taxable capital gains (including short-term gains). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Quantitative Models Risk*** The portfolio managers use quantitative models as part of the idea generation process. Quantitative models are based upon many factors that measure individual securities relative to each other. Such models may not produce the intended results and can be adversely affected by errors or imperfections in the factors or the data on which measurements are based, changing sources of market return or market risk, or any technical issues with the design, construction, implementation, or maintenance of the models.

***Risk of Investment in Other Funds or Pools*** The Fund is indirectly exposed to all of the risks of the

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underlying funds, including ETFs, in which it invests, including the risk that the underlying funds will not perform as expected. ETFs are subject to additional risks, including secondary market trading risks and the risk that an ETF's shares may trade above or below net asset value. The Fund indirectly pays a portion of the expenses incurred by the underlying funds.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Service Class shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. The Fund's investment objective and investment strategy changed on November 18, 2020. The performance results shown below would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented. Performance for Class I and Class R4 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for Class R4 shares to reflect Class R4 expenses. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Service Class Shares
![[MISSING IMAGE: hjcnra0h4nnr9itv0eh0nus12rfr.jpg]](hjcnra0h4nnr9itv0eh0nus12rfr.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 4Q '20,  | 14.39% | Lowest <br>Quarter: | 1Q '20,  | –27.53% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Service Class  | Return Before <br> Taxes  | -7.45% | 5.46% | 9.48% |
| Service Class  | Return After Taxes on Distributions | -10.06% | 2.16% | 7.04% |
| Service Class  | Return After Taxes on Distributions and sales of Fund Shares | -3.39% | 3.33% | 7.06% |
| Class I | Return Before <br> Taxes | -7.26% | 5.70% | 9.69% |
| Class R5 | Return Before <br> Taxes | -7.33% | 5.60% | 9.61% |
| Administrative <br> Class | Return Before <br> Taxes | -7.49% | 5.37% | 9.37% |
| Class R4 | Return Before <br> Taxes | -7.71% | 5.21% | 9.21% |
| Class A | Return Before <br> Taxes | -12.78% | 3.94% | 8.48% |
| Class R3 | Return Before <br> Taxes | -7.91% | 4.95% | 8.92% |
| Class Y | Return Before <br> Taxes | -7.33% | 5.60% | 9.61% |

---

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---

| | | | |
|:---|:---|:---|:---|
|  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Russell 1000 Value Index (reflects <br> no deduction for fees, expenses, or <br> taxes) | -19.13% | 9.13% | 12.37% |

---

#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Wellington Management Company LLP ("Wellington Management")

#### Portfolio Manager(s):
**Matt J. Kyller, CFA** is a Managing Director and Research Manager at Wellington Management. He has managed the Fund since February 2021.

**Tom S. Simon, CFA, FRM** is a Senior Managing Director and Portfolio Manager at Wellington Management. He has managed the Fund since November 2020.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

---

| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual Main Street Fund (Class Y shares not currently available)

#### INVESTMENT OBJECTIVE
The Fund seeks a high total return.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.55%  | 0.55%  | 0.55%  | 0.55%  | 0.55%  | 0.55%  | 0.55%  | 0.55%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.23% | 0.33% | 0.43% | 0.53% | 0.43% | 0.53% | 0.43% | 0.33%<sup>(1)</sup> |
|  **Total Annual Fund Operating Expenses**  | **0.78%**  | **0.88%**  | **0.98%**  | **1.08%**  | **1.23%**  | **1.33%**  | **1.48%**  | **0.88%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $80 | $249 | $433 | $966 |
| Class R5 | $90 | $281 | $488 | $1084 |
| Service Class | $100 | $312 | $542 | $1201 |
|  Administrative Class  | $110 | $343 | $595 | $1317 |
| Class R4 | $125 | $390 | $676 | $1489 |
| Class A | $678 | $948 | $1239 | $2063 |
| Class R3 | $151 | $468 | $808 | $1768 |
| Class Y | $90 | $281 | $488 | $1084 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund invests primarily in common stocks of U.S. companies of different capitalization ranges. The Fund's subadviser, *Invesco Advisers, Inc.* ("Invesco Advisers"), currently focuses on "large capitalization" issuers, which are considered to be companies with market capitalizations at the time of purchase within the market capitalization range of companies included within the Russell 1000<sup>®</sup> Index (as of December 31, 2022, $306.43 million to $2,066.94 billion), although it may purchase stocks of companies with any market capitalization. The Fund typically invests most of its assets in equity securities of U.S. companies, but may invest in foreign securities. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund generally will not invest more than 10% of its total assets in foreign securities. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents.

Invesco Advisers uses fundamental research to select securities for the Fund's portfolio, which is comprised of both growth and value stocks. While the process may change over time or vary in

particular cases, in general the selection process currently uses a fundamental approach in analyzing issuers on factors such as a company's financial performance, company strength and prospects, industry position, and business model and management strength. Industry outlook, market trends, and general economic conditions may also be considered. The portfolio is constructed and regularly monitored based upon several analytical tools, including quantitative investment models.

The Fund aims to maintain a broadly diversified portfolio across major economic sectors by applying investment parameters for both sector and position size. Invesco Advisers uses the following sell criteria: the stock price is approaching its target, deterioration in the company's competitive position, poor execution by the company's management, or identification of more attractive alternative investment ideas.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages,

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controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for

certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Growth Company Risk*** The prices of growth securities are often highly sensitive to market fluctuations because of their heavy dependence on future earnings or cash flow expectations, and can be more volatile than the market in general.

***Large Company Risk*** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund's investments in large-capitalization stocks to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Small and Mid-Cap Company Risk*** Market risk and liquidity risk are particularly pronounced for securities of small and medium-sized companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Their shares can be less liquid than those of larger companies, especially during market declines. Small and medium-sized companies may have limited product lines, markets, or financial resources and may be dependent on a limited management group; they may have been recently organized and have little or no track record of success.

***Value Company Risk*** The value investment approach entails the risk that the market will not recognize a security's intrinsic value for a long time, or that a stock the investment adviser or subadviser judges to be undervalued may actually be appropriately priced.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents,

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its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Convertible Securities Risk*** Convertible securities are subject to the risks of both debt instruments and equity securities. The price of a convertible security may change in response to changes in price of the underlying equity security, the credit quality of the issuer, and interest rates. In general, the values of convertible securities tend to decline as interest rates rise and to rise when interest rates fall. A convertible security generally has less potential for gain or loss than the underlying equity security.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Preferred Stock Risk*** Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. In addition, changes in interest rates may adversely affect the value of a preferred stock that pays a

fixed dividend. Preferred stocks are also subject to additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

***Quantitative Models Risk*** The portfolio managers use quantitative models as part of the idea generation process. Quantitative models are based upon many factors that measure individual securities relative to each other. Such models may not produce the intended results and can be adversely affected by errors or imperfections in the factors or the data on which measurements are based, changing sources of market return or market risk, or any technical issues with the design, construction, implementation, or maintenance of the models.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class I and Class R4 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for Class R4 shares to reflect Class R4 expenses. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

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#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: g7qfgtveqnemue0riu2nkp1bocpn.jpg]](g7qfgtveqnemue0riu2nkp1bocpn.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 18.53% | Lowest <br>Quarter: | 1Q '20,  | –19.98% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5  | Return Before <br> Taxes  | -20.40% | 7.18% | 10.72% |
| Class R5  | Return After Taxes on Distributions | -22.68% | 4.20% | 7.83% |
| Class R5  | Return After Taxes on Distributions and sales of Fund Shares | -10.35% | 5.54% | 8.34% |
| Class I | Return Before <br> Taxes | -20.46% | 7.27% | 10.80% |
| Service Class | Return Before <br> Taxes | -20.53% | 7.06% | 10.61% |
| Administrative <br> Class | Return Before <br> Taxes | -20.58% | 6.97% | 10.50% |
| Class R4 | Return Before <br> Taxes | -20.75% | 6.79% | 10.34% |
| Class A | Return Before <br> Taxes | -25.16% | 5.49% | 9.60% |
| Class R3 | Return Before <br> Taxes | -20.92% | 6.55% | 10.04% |
| Class Y | Return Before <br> Taxes | -20.40% | 7.18% | 10.72% |
| S&P 500<sup>®</sup> Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | S&P 500<sup>®</sup> Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | -18.11% | 9.42% | 12.56% |

---

#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Invesco Advisers, Inc. ("Invesco Advisers")

#### Portfolio Manager(s):
**Manind Govil, CFA** is a Portfolio Manager at Invesco Advisers. He has managed the Fund since May 2009.

**Benjamin Ram** is a Portfolio Manager at Invesco Advisers. He has managed the Fund since May 2009.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

---

| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual Disciplined Growth Fund

#### INVESTMENT OBJECTIVE
The Fund seeks long-term total return.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  | 0.45%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.13% | 0.23% | 0.33% | 0.43% | 0.33% | 0.43% | 0.33% | 0.23%<sup>(1)</sup> |
|  **Total Annual Fund Operating Expenses**  | **0.58%**  | **0.68%**  | **0.78%**  | **0.88%**  | **1.03%**  | **1.13%**  | **1.28%**  | **0.68%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $59 | $186 | $324 | $726 |
| Class R5 | $69 | $218 | $379 | $847 |
| Service Class | $80 | $249 | $433 | $966 |
|  Administrative Class  | $90 | $281 | $488 | $1084 |
| Class R4 | $105 | $328 | $569 | $1259 |
| Class A | $659 | $889 | $1138 | $1849 |
| Class R3 | $130 | $406 | $702 | $1545 |
| Class Y | $69 | $218 | $379 | $847 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 60% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund invests primarily in equity securities of U.S. large- and mid-cap companies. The Fund currently invests substantially all of its assets in companies represented in the Russell 1000<sup>®</sup> Growth Index at the time of purchase, although the Fund is actively managed and is not an index fund or a passively managed investment. Constituents of the Russell 1000 Growth Index are companies that exhibit certain growth characteristics, as defined by the index providers, such as historical and predicted future earnings per share growth rates and trends, historical sales per share growth trends, and internal growth rate. As of December 31, 2022, the market capitalization range of companies included in the Russell 1000 Growth Index was $306.43 million to $2,066.94 billion.

Equity securities in which the Fund invests may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund may hold a portion of its assets in unlisted securities. The Fund may invest in exchange-traded funds and may use equity index futures contracts as a substitute for direct investments in order to help manage cash flows. Use of derivatives by the Fund may create

investment leverage. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund is non-diversified, which means that it may hold larger positions in a smaller number of issuers than a diversified fund.

The Fund's subadviser, *Wellington Management Company LLP* ("Wellington Management"), manages the Fund's assets using a proprietary, dynamic multi-factor approach that is based on quantitative and qualitative research and analysis. In selecting securities, Wellington Management seeks to allocate the Fund's assets to equity securities that it believes share complementary factor exposures. Factors are characteristics that are important in explaining the returns and risks of a group of securities. Wellington Management selects securities for the Fund based on their factor characteristics and diversification benefits; typically this will mean that securities demonstrate one of the following: (1) mean-reversion (e.g., stocks that are inexpensive relative to their historical fundamentals); (2) trend following (e.g., strong momentum and higher growth potential); or (3) risk aversion (e.g., financially healthy, stable, and lower volatility companies). Securities are typically sold as a byproduct of the factor selection, allocation, and rebalancing processes. In exceptional circumstances, Wellington Management may exclude or remove an issuer or security from the Fund where it believes the data available does not accurately reflect current events.

The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate

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more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

***Growth Company Risk*** The prices of growth securities are often highly sensitive to market fluctuations because of their heavy dependence on future earnings or cash flow expectations, and can be more volatile than the market in general.

***Large Company Risk*** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund's investments in large-capitalization stocks to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Small and Mid-Cap Company Risk*** Market risk and liquidity risk are particularly pronounced for securities of small and medium-sized companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Their shares can be less liquid than those of larger companies, especially during market declines. Small and medium-sized companies may have limited product lines, markets, or financial resources and may be dependent on a limited management group; they may have been recently organized and have little or no track record of success.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for

gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Frequent Trading/Portfolio Turnover Risk*** Portfolio turnover generally involves some expense to the Fund and may result in the realization of taxable capital gains (including short-term gains). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Non-Diversification Risk*** Because the Fund may invest a relatively large percentage of its assets in a single issuer or small number of issuers than a diversified fund, the Fund's performance could be closely tied to the value of one issuer or a small number of issuers and could be more volatile than the performance of a diversified fund.

***Quantitative Models Risk*** The portfolio managers use quantitative models as part of the idea

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generation process. Quantitative models are based upon many factors that measure individual securities relative to each other. Such models may not produce the intended results and can be adversely affected by errors or imperfections in the factors or the data on which measurements are based, changing sources of market return or market risk, or any technical issues with the design, construction, implementation, or maintenance of the models.

***Risk of Investment in Other Funds or Pools*** The Fund is indirectly exposed to all of the risks of the underlying funds, including ETFs, in which it invests, including the risk that the underlying funds will not perform as expected. ETFs are subject to additional risks, including secondary market trading risks and the risk that an ETF's shares may trade above or below net asset value. The Fund indirectly pays a portion of the expenses incurred by the underlying funds.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Service Class shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. The Fund's investment objective and investment strategy changed on November 18, 2020. The performance results shown below would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented. Performance for Class I, Class R4, and Class R3 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for Class

R4 and Class R3 shares to reflect Class R4 and Class R3 expenses, respectively. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Service Class Shares
![[MISSING IMAGE: oo0r7c7ersbjvgo1lrs7fjmvmdbp.jpg]](oo0r7c7ersbjvgo1lrs7fjmvmdbp.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 26.42% | Lowest <br>Quarter: | 2Q '22,  | –19.98% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Service Class  | Return Before <br> Taxes  | -31.91% | 7.84% | 12.18% |
| Service Class  | Return After Taxes on Distributions | -32.66% | 3.06% | 7.66% |
| Service Class  | Return After Taxes on Distributions and sales of Fund Shares | -18.29% | 5.83% | 8.88% |
| Class I | Return Before <br> Taxes | -31.76% | 8.07% | 12.41% |
| Class R5 | Return Before <br> Taxes | -31.89% | 7.95% | 12.30% |
| Administrative <br> Class | Return Before <br> Taxes | -31.98% | 7.74% | 12.07% |
| Class R4 | Return Before <br> Taxes | -32.02% | 7.59% | 11.92% |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class A | Return Before <br> Taxes | -35.87% | 6.27% | 11.16% |
| Class R3 | Return Before <br> Taxes | -32.26% | 7.29% | 11.63% |
| Class Y | Return Before <br> Taxes | -31.89% | 7.95% | 12.30% |
| Russell 1000 Growth Index <br> (reflects no deduction for fees, <br> expenses, or taxes) | Russell 1000 Growth Index <br> (reflects no deduction for fees, <br> expenses, or taxes) | -29.14% | 10.96% | 14.10% |

---

#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Wellington Management Company LLP ("Wellington Management")

#### Portfolio Manager(s):
**Matt J. Kyller, CFA** is a Managing Director and Research Manager at Wellington Management. He has managed the Fund since February 2021.

**Tom S. Simon, CFA, FRM** is a Senior Managing Director and Portfolio Manager at Wellington Management. He has managed the Fund since November 2020.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement

accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

---

| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

------

[**TABLE OF CONTENTS**](#TOC)

MassMutual Small Cap Opportunities Fund

#### INVESTMENT OBJECTIVE
This Fund seeks capital appreciation.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.57%  | 0.57%  | 0.57%  | 0.57%  | 0.57%  | 0.57%  | 0.57%  | 0.57%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.08%  | 0.18%  | 0.28%  | 0.38%  | 0.28%  | 0.38%  | 0.28%  | 0.18%<sup>(1)</sup>  |
|  **Total Annual Fund Operating Expenses**  | **0.65%**  | **0.75%**  | **0.85%**  | **0.95%**  | **1.10%**  | **1.20%**  | **1.35%**  | **0.75%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

------

[**TABLE OF CONTENTS**](#TOC)

actual costs may be higher or lower, based on these assumptions your costs would be at the end of each period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $66 | $208 | $362 | $810 |
| Class R5 | $77 | $240 | $417 | $930 |
| Service Class | $87 | $271 | $471 | $1049 |
|  Administrative Class  | $97 | $303 | $525 | $1166 |
| Class R4 | $112 | $350 | $606 | $1340 |
| Class A | $666 | $910 | $1173 | $1925 |
| Class R3 | $137 | $428 | $739 | $1624 |
| Class Y | $77 | $240 | $417 | $930 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund invests primarily in common stocks of small-capitalization U.S. companies that the Fund's subadviser, *Invesco Advisers, Inc.* ("Invesco Advisers"), believes have favorable business trends or prospects based on fundamental analysis. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small-cap companies. Invesco Advisers currently considers "small-cap" companies to be those whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000<sup>®</sup> Index (as of December 31, 2022, between $6.07 million and $12.21 billion). The Fund typically invests most of its assets in equity securities of U.S. companies, but may invest in foreign securities, including emerging market securities; however, it does not currently intend to invest substantially in foreign securities. The Fund generally will not invest more than 15% of its total assets in foreign securities. The Fund may invest in other types of securities such as real estate investment trusts ("REITs") or other securities that are consistent with its investment objective. The Fund may at

times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents.

Invesco Advisers use fundamental research to select securities for the Fund's portfolio. While the process may change over time or vary in particular cases, in general the selection process currently uses a fundamental approach in analyzing issuers on factors such as a company's financial performance, competitive strength and prospects, industry position, and business model and management strength. Industry outlook, market trends, and general economic conditions may also be considered.

Invesco Advisers aims to maintain a broad diversification across all major economic sectors. The portfolio is constructed and regularly monitored based upon several analytical tools, including quantitative investment models.

In constructing the portfolio, Invesco Advisers seeks to limit exposure to so-called "top-down" or "macro" risks, such as overall stock market movements, economic cycles, and interest rate or currency fluctuations. Instead, Invesco Advisers seeks to add value by selecting individual securities with superior company-specific fundamental attributes or relative valuations that they expect to outperform their industry and sector peers. This is commonly referred to as a "bottom-up" approach to portfolio construction. Invesco Advisers considers stock rankings, benchmark weightings, and capitalization outlooks in determining security weightings for individual issuers.

Invesco Advisers may consider selling a security if, for example, in its judgment, a stock's price is approaching its target, a company's competitive position deteriorates, a company's management is executing strategy poorly, or more attractive alternative investment ideas have been identified.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

------

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***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

***Small and Mid-Cap Company Risk*** Market risk and liquidity risk are particularly pronounced for securities of small and medium-sized companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Their shares can be less liquid than those of larger companies, especially during market declines. Small and medium-sized companies may have limited product lines, markets, or financial resources and may be dependent on a limited management group; they may have been recently organized and have little or no track record of success.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value

of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Growth Company Risk*** The prices of growth securities are often highly sensitive to market

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fluctuations because of their heavy dependence on future earnings or cash flow expectations, and can be more volatile than the market in general.

***Value Company Risk*** The value investment approach entails the risk that the market will not recognize a security's intrinsic value for a long time, or that a stock the investment adviser or subadviser judges to be undervalued may actually be appropriately priced.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Quantitative Models Risk*** The portfolio managers use quantitative models as part of the idea generation process. Quantitative models are based upon many factors that measure individual

securities relative to each other. Such models may not produce the intended results and can be adversely affected by errors or imperfections in the factors or the data on which measurements are based, changing sources of market return or market risk, or any technical issues with the design, construction, implementation, or maintenance of the models.

***REIT Risk*** Investments in REITs may be subject to risks similar to those associated with direct investment in real estate, as well as additional risks associated with equity investments. As a shareholder in a REIT, the Fund, and indirectly the Fund's shareholders, would bear its ratable share of the REIT's expenses and would at the same time continue to pay its own fees and expenses.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The returns in the bar chart do not reflect the deduction of any applicable Class A sales charge. If these charges were reflected, returns would be lower than those shown. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. In April of 2013 the Fund returned to focusing on small cap companies. The performance results shown below would not necessarily have been achieved had the Fund's current investment strategy been in effect for the entire period for which performance results are presented. Performance for Class I, Class R4, and Class R3 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for

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Class R4 and Class R3 shares to reflect Class R4 and Class R3 expenses, respectively. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Class A Shares
![[MISSING IMAGE: v0s0gdfqrbd0mjm6v6tire8c7q2r.jpg]](v0s0gdfqrbd0mjm6v6tire8c7q2r.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 28.30% | Lowest <br>Quarter: | 1Q '20,  | –30.90% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class A  | Return Before <br> Taxes  | -20.80% | 5.24% | 9.79% |
| Class A  | Return After Taxes on Distributions | -20.96% | 3.70% | 7.86% |
| Class A  | Return After Taxes on Distributions and sales of Fund Shares | -12.19% | 3.90% | 7.57% |
| Class I | Return Before <br> Taxes | -15.77% | 7.01% | 11.01% |
| Class R5 | Return Before <br> Taxes | -15.80% | 6.92% | 10.91% |
| Service Class | Return Before <br> Taxes | -15.94% | 6.80% | 10.79% |
| Administrative <br> Class | Return Before <br> Taxes | -15.99% | 6.70% | 10.69% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R4 | Return Before <br> Taxes | -16.14% | 6.54% | 10.53% |
| Class R3 | Return Before <br> Taxes | -16.33% | 6.28% | 10.25% |
| Class Y | Return Before <br> Taxes | -15.80% | 6.92% | 10.91% |
| Russell 2000 Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | Russell 2000 Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | -20.44% | 4.13% | 9.01% |

---

#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Invesco Advisers, Inc. ("Invesco Advisers")

#### Portfolio Manager(s):
**Joy Budzinski** is a Portfolio Manager at Invesco Advisers. She has managed the Fund since April 2013.

**Magnus Krantz** is a Portfolio Manager at Invesco Advisers. He has managed the Fund since April 2013.

**Raman Vardharaj, CFA** is a Portfolio Manager at Invesco Advisers. He has managed the Fund since May 2009.

**Adam Weiner** is a Co-Lead Portfolio Manager at Invesco Advisers. He has managed the Fund since April 2013.

**Matthew P. Ziehl, CFA** is a Co-Lead Portfolio Manager at Invesco Advisers. He has managed the Fund since May 2009.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

---

| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

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#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments

from the Fund, MML Advisers or its affiliates, or others for related to the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual Global Fund (Class Y shares not currently available)

#### INVESTMENT OBJECTIVE
The Fund seeks long-term capital appreciation.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.75%  | 0.75%  | 0.75%  | 0.75%  | 0.75%  | 0.75%  | 0.75%  | 0.75%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.11% | 0.21% | 0.31% | 0.41% | 0.31% | 0.41% | 0.31% | 0.21%<sup>(1)</sup> |
|  **Total Annual Fund Operating Expenses**  | **0.86%**  | **0.96%**  | **1.06%**  | **1.16%**  | **1.31%**  | **1.41%**  | **1.56%**  | **0.96%**  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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[**TABLE OF CONTENTS**](#TOC)

actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $88 | $274 | $477 | $1061 |
| Class R5 | $98 | $306 | $531 | $1178 |
| Service Class | $108 | $337 | $585 | $1294 |
|  Administrative Class  | $118 | $368 | $638 | $1409 |
| Class R4 | $133 | $415 | $718 | $1579 |
| Class A | $686 | $972 | $1279 | $2148 |
| Class R3 | $159 | $493 | $850 | $1856 |
| Class Y | $98 | $306 | $531 | $1178 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund invests primarily in common stocks of companies in the U.S. and foreign countries. The Fund can invest without limit in foreign securities, including American Depositary Receipts ("ADRs"), and can invest in any country, including developing or emerging market countries. However, the Fund currently emphasizes investments in developed markets such as the United States, Western European countries, and Japan. The Fund is not required to allocate its investments in any set percentages to any particular countries. As a fundamental policy, the Fund normally will invest in at least three countries (one of which may be the United States). Typically, the Fund invests in a number of different countries. The Fund does not limit its investments to companies in a particular market capitalization range, but currently focuses on common stocks of mid- and large-cap companies. In addition to common stocks, the Fund can invest in preferred stocks. The Fund may purchase exchange-traded options for hedging purposes or to take long or short positions on equity securities or indexes of equity securities. Use of derivatives by the Fund may create investment leverage. The Fund may at times have significant exposure to one or more industries

or sectors. The Fund may hold a portion of its assets in cash or cash equivalents.

The Fund's subadviser, *Invesco Advisers, Inc.* ("Invesco Advisers"), primarily looks for quality companies, regardless of domicile, that have sustainable growth. Invesco Advisers' investment approach combines a thematic approach to idea generation with bottom-up, fundamental company analysis. Invesco Advisers seeks to identify secular changes in the world and looks for pockets of durable change that it believes will drive global growth for the next decade. These large scale structural themes are referred to collectively as MANTRA<sup>®</sup>: Mass Affluence, New Technology, Restructuring, and Aging. Invesco Advisers does not target a fixed allocation with regard to any particular theme, and may choose to focus on various sub-themes within each theme. Within each sub-theme, Invesco Advisers employs fundamental company analysis to select investments for the Fund's portfolio. The economic characteristics Invesco Advisers seeks include a combination of high return on invested capital, good cash flow characteristics, high barriers to entry, dominant market share, a strong competitive position, talented management, and balance sheet strength that Invesco Advisers believes will enable the company to fund its own growth. These criteria may vary. Invesco Advisers also considers how industry dynamics, market trends, and general economic conditions may affect a company's earnings outlook.

Invesco Advisers has a long-term investment horizon of typically three to five years. Invesco Advisers also has a contrarian buy discipline; Invesco Advisers buys high quality companies that fit its investment criteria when their valuations underestimate their long-term earnings potential. For example, a company's stock price may dislocate from its fundamental outlook due to a short-term earnings glitch or negative, short-term market sentiment, which can give rise to an investment opportunity. Invesco Advisers monitors individual issuers for changes in earnings potential or other effects of changing market conditions that may trigger a decision to sell a security, but do not require a decision to do so.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management

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of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the

event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the

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risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Growth Company Risk*** The prices of growth securities are often highly sensitive to market fluctuations because of their heavy dependence on future earnings or cash flow expectations, and can be more volatile than the market in general.

***Large Company Risk*** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund's investments in large-capitalization stocks to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Small and Mid-Cap Company Risk*** Market risk and liquidity risk are particularly pronounced for securities of small and medium-sized companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Their shares can be less liquid than those of larger companies, especially during market declines. Small and medium-sized companies may have limited product lines, markets, or financial resources and may be dependent on a limited management group; they may have been recently organized and have little or no track record of success.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Focused Portfolio Risk*** Because the Fund tends to invest its assets in a relatively small number of stocks, rather than hundreds, a decline in the market value of a particular security may affect the Fund's value more than if the Fund invested in a larger number of securities.

***Geographic Focus Risk*** When the Fund focuses investments on a particular country, group of

countries, or geographic region, its performance will be closely tied to the market, currency, economic, political, or regulatory conditions and developments in those countries or that region, and could be more volatile than the performance of more geographically diversified funds.

***Hedging Risk*** The Fund's attempts at hedging and taking long and short positions in currencies may not be successful and could cause the Fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values, and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the Fund could be in a worse position than if it had not entered into such transactions.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Preferred Stock Risk*** Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes

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in the business or financial condition of the issuer. In addition, changes in interest rates may adversely affect the value of a preferred stock that pays a fixed dividend. Preferred stocks are also subject to additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class I and Class R4 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for Class R4 shares to reflect Class R4 expenses. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: gkbj8fvf5ak9jb14ipa5pdr70nbo.jpg]](gkbj8fvf5ak9jb14ipa5pdr70nbo.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 25.58% | Lowest <br>Quarter: | 1Q '20,  | –21.69% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5  | Return Before <br> Taxes  | -32.03% | 2.61% | 7.62% |
| Class R5  | Return After Taxes on Distributions | -35.32% | -0.22% | 5.36% |
| Class R5  | Return After Taxes on Distributions and sales of Fund Shares | -16.35% | 2.15% | 6.12% |
| Class I | Return Before <br> Taxes | -32.02% | 2.69% | 7.70% |
| Service Class | Return Before <br> Taxes | -32.12% | 2.51% | 7.51% |
| Administrative <br> Class | Return Before <br> Taxes | -32.16% | 2.41% | 7.40% |
| Class R4 | Return Before <br> Taxes | -32.35% | 2.24% | 7.23% |
| Class A | Return Before <br> Taxes | -36.12% | 0.98% | 6.51% |
| Class R3 | Return Before <br> Taxes | -32.43% | 1.99% | 6.98% |
| Class Y | Return Before <br> Taxes | -32.03% | 2.61% | 7.62% |
| MSCI ACWI (reflects no deduction <br> for fees or expenses) | MSCI ACWI (reflects no deduction <br> for fees or expenses) | -18.36% | 5.23% | 7.98% |

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#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Invesco Advisers, Inc. ("Invesco Advisers")

#### Portfolio Manager(s):
**John Delano, CFA** is a Senior Portfolio Manager at Invesco Advisers. He has managed the Fund since March 2017.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

---

| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual International Equity Fund

#### INVESTMENT OBJECTIVE
This Fund seeks to achieve long-term capital appreciation by investing primarily in common stock of foreign companies.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 0.83%  | 0.83%  | 0.83%  | 0.83%  | 0.83%  | 0.83%  | 0.83%  | 0.83%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.26% | 0.36% | 0.46% | 0.56% | 0.46% | 0.56% | 0.46% | 0.36%<sup>(1)</sup> |
|  **Total Annual Fund Operating Expenses**  | **1.09%**  | **1.19%**  | **1.29%**  | **1.39%**  | **1.54%**  | **1.64%**  | **1.79%**  | **1.19%**  |
| Fee Waiver | (0.05%)  | (0.05%)  | (0.05%)  | (0.05%)  | (0.05%)  | (0.05%)  | (0.05%)  | (0.05%)  |
|  Total Annual Fund Operating Expenses after Fee Waiver<sup>(2)</sup>  | 1.04% | 1.14% | 1.24% | 1.34% | 1.49% | 1.59% | 1.74% | 1.14% |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

(2) The expenses in the above table reflect a written agreement by MML Advisers to waive 0.05% of its management fees through January 31, 2024. This agreement can only be terminated by mutual consent of the Board of Trustees on behalf of the Fund and MML Advisers.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $106 | $342 | $596 | $1324 |
| Class R5 | $116 | $373 | $650 | $1439 |
| Service Class | $126 | $404 | $703 | $1552 |
|  Administrative <br>Class  | $136 | $435 | $756 | $1664 |
| Class R4 | $152 | $482 | $835 | $1830 |
| Class A | $703 | $1034 | $1388 | $2383 |
| Class R3 | $177 | $558 | $965 | $2101 |
| Class Y | $116 | $373 | $650 | $1439 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund invests primarily in the common stock of companies that are domiciled or that have their primary operations outside of the United States. The Fund is managed by two subadvisers, *Wellington Management Company LLP* ("Wellington Management") and *Thompson, Siegel & Walmsley LLC* ("TSW"), each being responsible for a portion of the portfolio, although they may manage different amounts of the Fund's assets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of foreign companies. The Fund may invest up to 100% of its total assets in such securities. The Fund may invest in emerging markets as well as in developed markets throughout the world. From time to time, the Fund may place greater emphasis on investing in one or more particular regions (such as Asia, Europe, or Latin America). Under normal market conditions, the Fund will:

• invest at least 65% of its total assets in common and preferred stocks of issuers in at least three different countries outside of the United States, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• emphasize investments in common stock of issuers that a subadviser believes to have good prospects for growth and/or to be undervalued.

The Fund does not limit its investments to companies in a particular market capitalization range, but currently focuses on common stocks of mid- and large-cap companies. Equity securities in which the Fund invests may include common stocks, depositary receipts, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund may but will not necessarily engage in foreign currency forward contracts to take long or short positions in foreign currencies in order to seek to enhance the Fund's investment return or to seek to hedge or to attempt to protect against adverse changes in currency exchange rates. The Fund may use equity index futures contracts for hedging or investment purposes as a substitute for investing directly in securities. Use of derivatives by the Fund may create investment leverage. The Fund may invest in real estate investment trusts ("REITs") and exchange-traded funds. The Fund may at times have significant exposure to one or more industries or sectors or to one or more countries or geographic regions. The Fund may hold a portion of its assets in cash or cash equivalents.

Wellington Management seeks long-term total returns in excess of the broad market with lower volatility by investing principally in a select number of high quality, large-cap companies that have the potential to sustainably compound returns over time and a willingness to consistently return value to shareholders in the form of a growing dividend. The investment process stresses security selection based on bottom-up fundamental research to identify high-quality companies that are reasonably valued relative to their long-term return potentials. Wellington Management's investment philosophy is based on the premise that sustainable growth in dividends is an effective and often overlooked indicator of high-quality, shareholder-oriented companies that are able to produce and compound consistent, above-average returns over the long term. Wellington Management typically sells a security when the underlying business no longer exhibits superior upside return potential versus downside risk, when the sustainability of long term returns is put in question, or to redeploy assets into more promising opportunities.

TSW currently anticipates investing in at least 12 countries other than the United States. TSW emphasizes established companies in individual foreign markets and attempts to stress companies

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and markets that it believes are undervalued. TSW expects capital growth to be the predominant component of the Fund's total return.

In selecting investments for the Fund, TSW employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four factor valuation screen designed to outperform the MSCI EAFE Index. TSW's analysts also perform rigorous fundamental analysis. A portfolio composed of approximately 80-110 stocks is selected as a result of this process. TSW generally limits its investment universe to companies with a minimum of three years of operating history. TSW employs a consistent sell discipline which includes a significant negative earnings revision, a stock being sold when the catalyst is no longer valid or another stock presents a more attractive opportunity.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions

or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and

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outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Growth Company Risk*** The prices of growth securities are often highly sensitive to market fluctuations because of their heavy dependence on future earnings or cash flow expectations, and can be more volatile than the market in general.

***Large Company Risk*** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund's investments in large-capitalization stocks to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Small and Mid-Cap Company Risk*** Market risk and liquidity risk are particularly pronounced for

securities of small and medium-sized companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Their shares can be less liquid than those of larger companies, especially during market declines. Small and medium-sized companies may have limited product lines, markets, or financial resources and may be dependent on a limited management group; they may have been recently organized and have little or no track record of success.

***Value Company Risk*** The value investment approach entails the risk that the market will not recognize a security's intrinsic value for a long time, or that a stock the investment adviser or subadviser judges to be undervalued may actually be appropriately priced.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Convertible Securities Risk*** Convertible securities are subject to the risks of both debt instruments and equity securities. The price of a convertible security may change in response to changes in price of the underlying equity security, the credit quality of the issuer, and interest rates. In general, the values of convertible securities tend to decline as interest rates rise and to rise when interest rates fall. A convertible security generally has less potential for gain or loss than the underlying equity security.

***Geographic Focus Risk*** When the Fund focuses investments on a particular country, group of countries, or geographic region, its performance will be closely tied to the market, currency, economic, political, or regulatory conditions and developments in those countries or that region, and could be more volatile than the performance of more geographically diversified funds.

***Hedging Risk*** The Fund's attempts at hedging and taking long and short positions in currencies may not be successful and could cause the Fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values, and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the Fund could be in a worse position than if it had not entered into such transactions.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be

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difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Preferred Stock Risk*** Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. In addition, changes in interest rates may adversely affect the value of a preferred stock that pays a fixed dividend. Preferred stocks are also subject to additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

***Quantitative Models Risk*** The portfolio managers use quantitative models as part of the idea generation process. Quantitative models are based upon many factors that measure individual securities relative to each other. Such models may not produce the intended results and can be adversely affected by errors or imperfections in the factors or the data on which measurements are based, changing sources of market return or

market risk, or any technical issues with the design, construction, implementation, or maintenance of the models.

***REIT Risk*** Investments in REITs may be subject to risks similar to those associated with direct investment in real estate, as well as additional risks associated with equity investments. As a shareholder in a REIT, the Fund, and indirectly the Fund's shareholders, would bear its ratable share of the REIT's expenses and would at the same time continue to pay its own fees and expenses.

***Risk of Investment in Other Funds or Pools*** The Fund is indirectly exposed to all of the risks of the underlying funds, including ETFs, in which it invests, including the risk that the underlying funds will not perform as expected. ETFs are subject to additional risks, including secondary market trading risks and the risk that an ETF's shares may trade above or below net asset value. The Fund indirectly pays a portion of the expenses incurred by the underlying funds.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class I, Class R4, and Class R3 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for Class R4 and Class R3 shares to reflect Class R4 and Class R3 expenses, respectively. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not

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necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: ek8pit5td50ckrl6ghfkpmmecs9p.jpg]](ek8pit5td50ckrl6ghfkpmmecs9p.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 20.17% | Lowest <br>Quarter: | 1Q '20,  | –19.74% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5  | Return Before <br> Taxes  | -10.14% | 2.61% | 5.41% |
| Class R5  | Return After Taxes on Distributions | -11.17% | -0.69% | 2.86% |
| Class R5  | Return After Taxes on Distributions and sales of Fund Shares | -5.04% | 1.72% | 4.00% |
| Class I | Return Before <br> Taxes | -10.06% | 2.72% | 5.52% |
| Service Class | Return Before <br> Taxes | -10.25% | 2.50% | 5.32% |
| Administrative <br> Class | Return Before <br> Taxes | -10.31% | 2.39% | 5.20% |
| Class R4 | Return Before <br> Taxes | -10.45% | 2.24% | 5.03% |
| Class A | Return Before <br> Taxes | -15.49% | 0.98% | 4.34% |
| Class R3 | Return Before <br> Taxes | -10.68% | 1.99% | 4.78% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class Y | Return Before <br> Taxes | -10.14% | 2.61% | 5.41% |
| MSCI ACWI ex USA (reflects no <br> deduction for fees or expenses) | MSCI ACWI ex USA (reflects no <br> deduction for fees or expenses) | -16.00% | 0.88% | 3.80% |

---

#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Wellington Management Company LLP ("Wellington Management")

Thompson, Siegel & Walmsley LLC ("TSW")

#### Portfolio Manager(s):
**Peter C. Fisher** is a Senior Managing Director and Equity Portfolio Manager at Wellington Management. He has managed the Fund since August 2020.

**Brandon H. Harrell, CFA** is a Portfolio Manager at TSW. He has managed the Fund since August 2020.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

---

| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary.

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These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary

to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual Strategic Emerging Markets Fund (Class Y shares not currently available)

#### INVESTMENT OBJECTIVE
The Fund seeks long-term capital growth.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 114 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Management Fees | 1.00%  | 1.00%  | 1.00%  | 1.00%  | 1.00%  | 1.00%  | 1.00%  | 1.00%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  |
| Other Expenses | 0.35% | 0.45% | 0.55% | 0.65% | 0.55% | 0.65% | 0.55% | 0.45%<sup>(1)</sup> |
|  **Total Annual Fund Operating Expenses**  | **1.35%**  | **1.45%**  | **1.55%**  | **1.65%**  | **1.80%**  | **1.90%**  | **2.05%**  | **1.45%**  |
| Expense Reimbursement | (0.20%) | (0.20%) | (0.20%) | (0.20%) | (0.20%) | (0.20%) | (0.20%) | (0.20%) |
|  Total Annual Fund Operating Expenses after Expense Reimbursement<sup>(2)</sup>  | 1.15%  | 1.25%  | 1.35%  | 1.45%  | 1.60%  | 1.70%  | 1.85%  | 1.25%  |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year of the Fund.

(2) The expenses in the above table reflect a written agreement by MML Advisers to cap the fees and expenses of the 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, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 1.15%, 1.25%, 1.35%, 1.45%, 1.60%, 1.70%, 1.85%, and 1.25% for Classes I, R5, Service, Administrative, R4, A, R3, and Y respectively. The Total Annual Fund Operating Expenses after Expense Reimbursement shown in the above table may exceed these amounts, because, as noted in the previous sentence, certain fees and expenses are excluded from the cap. The agreement can only be terminated by mutual consent of the Board of Trustees on behalf of the Fund and MML Advisers.

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $117 | $408 | $720 | $1606 |
| Class R5 | $127 | $439 | $773 | $1718 |
| Service Class | $137 | $470 | $826 | $1829 |
|  Administrative <br>Class  | $148 | $501 | $878 | $1938 |
| Class R4 | $163 | $547 | $956 | $2100 |
| Class A | $713 | $1096 | $1502 | $2635 |
| Class R3 | $188 | $623 | $1085 | $2363 |
| Class Y | $127 | $439 | $773 | $1718 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 55% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund mainly invests in common stocks of issuers in developing and emerging markets throughout the world and at times it may invest up to 100% of its total assets in foreign securities. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of issuers whose principal activities are in a developing (or emerging) market, i.e. are in a developing market or are economically tied to a developing market country. The Fund will invest in at least three developing markets. The Fund focuses on companies with above-average earnings growth. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents.

In general, countries may be considered developing or emerging markets if they are included in any one of the MSCI emerging markets indexes, classified as a developing or emerging market, or classified under a similar or corresponding classification, by organizations such as the World Bank and the International Monetary Fund, or have economies, industries, and stock markets with

similar characteristics. For purposes of the Fund's investments, a determination that an issuer is economically tied to a developing market country is based on factors including, but not limited to, geographic location of its primary trading markets, location of its assets, its domicile or its principal offices, or whether it receives revenues from a developing market. Such a determination can also be based, in whole or in part, on inclusion of an issuer or its securities in an index representative of developing or emerging markets, or on its "country of risk" being a developing market country as determined by a third-party service provider such as Bloomberg.

The Fund can invest in common and preferred stocks and debt securities of U.S. companies. It can also hold U.S. corporate and government debt securities for defensive and liquidity purposes. In addition to common stocks, the Fund can invest in other equity or "equity equivalents" securities such as preferred stocks, convertible securities, rights, or warrants. The Fund may purchase American Depositary Shares ("ADS") as part of American Depositary Receipt ("ADR") issuances. Under normal market conditions, the Fund currently does not expect to invest a significant amount of its assets in securities of U.S. issuers or debt of any issuer. The Fund may use derivatives, including futures contracts, forward contracts, and options, to seek to enhance the Fund's investment return or for hedging purposes. The Fund is not required to use derivatives in seeking its investment objective or for hedging and might not do so. Use of derivatives by the Fund may create investment leverage.

The Fund may invest in illiquid or thinly traded securities. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended.

The Fund may invest directly in certain eligible China A Shares through Stock Connect (a securities trading and clearing program designed to achieve mutual stock market access between the People's Republic of China ("PRC") and Hong Kong).

In selecting investments for the Fund, the Fund's subadviser, *Invesco Advisers, Inc.* ("Invesco Advisers"), evaluates investment opportunities on a company-by-company basis. This approach includes fundamental analysis of a company's financial statements, management record, and capital structure, operations, product development,

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and competitive position in its industry. Invesco Advisers also looks for newer or established businesses that are entering into a growth cycle, have the potential for accelerating earnings growth or cash flow, and possess reasonable valuations. Invesco Advisers considers the effect of worldwide trends on the growth of particular business sectors and looks for companies that may benefit from those trends and seeks a diverse mix of industries and countries to help reduce the risks of foreign investing, such as currency fluctuations and stock market volatility. Invesco Advisers may invest in growth companies of different capitalization ranges in any developing market country. Invesco Advisers monitors individual issuers for changes in the factors above, which may trigger a decision to sell a security.

As part of Invesco Advisers' investment process to implement the Fund's investment strategy in pursuit of its investment objective, Invesco Advisers also considers both qualitative and quantitative environmental, social, and governance ("ESG") factors it believes to be material to understanding an issuer's fundamentals, and assesses whether any ESG factors pose a material financial risk or opportunity to the issuer and determines whether such risks are appropriately reflected in the issuer's valuation. This analysis may involve the use of third-party research as well as proprietary research. Consideration of ESG factors is just one component of Invesco Advisers' assessment of issuers eligible for investment and Invesco Advisers may still invest in securities of issuers that may be viewed as having a high ESG risk profile. The ESG factors considered by Invesco Advisers may change over time and one or more factors may not be relevant with respect to all issuers eligible for investment.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Equity Securities Risk*** Although stocks may have the potential to outperform other asset classes

over the long term, their prices tend to fluctuate more dramatically over the shorter term. These movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging

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markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***China Investment Risk*** Investments in China (including Chinese companies listed on U.S. and Hong Kong exchanges), Hong Kong, and Taiwan, involve certain risks and considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockages, the risk that the Chinese government may decide not to continue to support economic reform programs, and the risk of nationalization or expropriation of assets. Additionally, the securities markets of China, Hong Kong, and Taiwan are emerging markets subject to the special risks applicable to emerging market countries.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially

greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Growth Company Risk*** The prices of growth securities are often highly sensitive to market fluctuations because of their heavy dependence on future earnings or cash flow expectations, and can be more volatile than the market in general.

***Large Company Risk*** Large-capitalization stocks as a group could fall out of favor with the market, causing the Fund's investments in large-capitalization stocks to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

***Small and Mid-Cap Company Risk*** Market risk and liquidity risk are particularly pronounced for securities of small and medium-sized companies, which may trade less frequently and in smaller volumes than more widely-held securities, and may fluctuate in price more than other securities. Their shares can be less liquid than those of larger companies, especially during market declines. Small and medium-sized companies may have limited product lines, markets, or financial resources and may be dependent on a limited management group; they may have been recently organized and have little or no track record of success.

***Stock Connect Risk*** The Fund may invest in China A Shares through Stock Connect, which is subject to sudden changes in quota limitations, application of trading suspensions, price fluctuations during times when Stock Connect is not trading, operational risk, clearing and settlement risk, and regulatory and taxation risk.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents,

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its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Convertible Securities Risk*** Convertible securities are subject to the risks of both debt instruments and equity securities. The price of a convertible security may change in response to changes in price of the underlying equity security, the credit quality of the issuer, and interest rates. In general, the values of convertible securities tend to decline as interest rates rise and to rise when interest rates fall. A convertible security generally has less potential for gain or loss than the underlying equity security.

***Credit Risk*** Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

***Fixed Income Securities Risk*** The values of fixed income securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, regulatory, public health, and other conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have

a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will fall when interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a less favorable rate), duration risk (the risk that longer-term securities may be more sensitive to interest rate changes), inflation risk (the risk that as inflation increases, the present value of the Fund's fixed income investment typically will decline), and credit risk.

***Geographic Focus Risk*** When the Fund focuses investments on a particular country, group of countries, or geographic region, its performance will be closely tied to the market, currency, economic, political, or regulatory conditions and developments in those countries or that region, and could be more volatile than the performance of more geographically diversified funds.

***Hedging Risk*** The Fund's attempts at hedging and taking long and short positions in currencies may not be successful and could cause the Fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values, and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the Fund could be in a worse position than if it had not entered into such transactions.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

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***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Preferred Stock Risk*** Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. In addition, changes in interest rates may adversely affect the value of a preferred stock that pays a fixed dividend. Preferred stocks are also subject to additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

***Restricted Securities Risk*** The Fund may hold securities that are restricted as to resale under the U.S. federal securities laws, such as securities in certain privately held companies. Such securities may be highly illiquid and their values may experience significant volatility. Restricted securities may be difficult to value.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***U.S. Government Securities Risk*** Obligations of certain U.S. Government agencies and instrumentalities are not backed by the full faith and credit of the U.S. Government, and there can be no assurance that the U.S. Government would provide financial support to such agencies and instrumentalities.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class I, Class R4, and Class R3 shares of the Fund for periods prior to their inception date (04/01/14) and performance for Class Y shares of the Fund for periods prior to its inception date (02/01/23) is based on the performance of Class R5 shares, adjusted for Class R4 and Class R3 shares to reflect Class R4 and Class R3 expenses, respectively. Performance for Class A shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: aua666rhl65899pua704si2gd7ks.jpg]](aua666rhl65899pua704si2gd7ks.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 4Q '20,  | 19.14% | Lowest <br>Quarter: | 1Q '20,  | –22.67% |

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After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

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#### Average Annual Total Returns
(for the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5  | Return Before <br> Taxes  | -25.44% | -2.45% | -0.27% |
| Class R5  | Return After Taxes on Distributions | -25.26% | -3.39% | -0.83% |
| Class R5  | Return After <br> Taxes on <br> Distributions and <br> sales of <br> Fund Shares | -14.88% | -1.44% | 0.03% |
| Class I | Return Before <br> Taxes | -25.43% | -2.36% | -0.15% |
| Service Class | Return Before <br> Taxes | -25.56% | -2.54% | -0.36% |
| Administrative <br> Class | Return Before <br> Taxes | -25.65% | -2.64% | -0.47% |
| Class R4 | Return Before <br> Taxes | -25.74% | -2.80% | -0.61% |
| Class A | Return Before <br> Taxes | -29.89% | -3.98% | -1.27% |
| Class R3 | Return Before <br> Taxes | -25.94% | -3.04% | -0.87% |
| Class Y | Return Before <br> Taxes | -25.44% | -2.45% | -0.27% |
| MSCI Emerging Markets Index <br> (reflects no deduction for fees or <br> expenses) | MSCI Emerging Markets Index <br> (reflects no deduction for fees or <br> expenses) | -20.09% | -1.40% | 1.44% |

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#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Invesco Advisers, Inc. ("Invesco Advisers")

#### Portfolio Manager(s):
**Justin Leverenz, CFA** is a Portfolio Manager at Invesco Advisers. He has managed the Fund since October 2013.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

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| | |
|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  |
| **Initial Investment** | **$100000**  |
| **Subsequent Investment** | **$250**  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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Additional Information Regarding Investment Objectives and Principal Investment Strategies

#### Changes to Investment Objectives and Strategies.
Each Fund's investment objective and strategies are non-fundamental and may be changed by the Board of Trustees (the "Trustees") of the MassMutual Premier Funds (the "Trust") without shareholder approval.

#### Note Regarding Percentage Limitations.
All percentage limitations on investments in this Prospectus will apply at the time of investment, and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of the investment. (As a result, the actual investments making up a Fund's portfolio may not at a particular time comport with any such limitation due to increases or decreases in the values of securities held by the Fund.) However, if, through a change in values, net assets, or other circumstances, a Fund were in a position where more than 15% of its net assets was invested in illiquid securities, the Fund would take appropriate orderly steps, as deemed necessary, to protect liquidity. With respect to a Fund whose name suggests that the Fund focuses its investments in a particular type of investment or investments, or in investments in a particular industry or group of industries, and that has adopted a policy under Rule 35d-1 under the 1940 Act, such Fund's policy to invest at least 80% of its net assets in certain investments may be changed by the Trustees upon at least 60 days' prior written notice to shareholders.

#### Credit Ratings.
Security ratings are determined at the time of investment based on ratings published by nationally recognized statistical rating organizations; if a security is not rated, it will be deemed to have the same rating as a security determined by the investment adviser or subadviser to be of comparable quality. Unless otherwise stated, if a security is rated by more than one nationally recognized statistical rating organization, the highest rating is used. The Fund may retain any security whose rating has been downgraded after purchase.

#### Duration.
Duration is a measure of the expected life of a debt security that is used to determine the sensitivity of the security's value to changes in interest rates. The longer a security's duration, the

more sensitive it will be to changes in interest rates. For example, if interest rates rise by 1%, the value of a debt security with a duration of two years would be expected to decline 2% and the value of a debt security with a duration of four years would be expected to decline 4%. Unlike the maturity of a debt security, which measures only the time until final payment is due, duration takes into account the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates. Determining duration may involve estimates of future economic parameters, which may vary from actual future values.

#### Leverage.
Leverage generally has the effect of increasing the amount of loss or gain a Fund might realize, and may increase volatility in the value of a Fund's investments. Adverse changes in the value or level of the underlying asset, rate, or index may result in a loss substantially greater than the amount invested in the derivative itself.

#### Temporary Defensive Positions.
At times, a Fund's investment adviser or subadviser may determine that market conditions make pursuing a Fund's basic investment strategy inconsistent with the best interests of its shareholders. At such times, the investment adviser or subadviser may (but will not necessarily), without notice, temporarily use alternative strategies primarily designed to reduce fluctuations in the values of a Fund's assets. In implementing these defensive strategies, a Fund may hold assets without limit in cash and cash equivalents and in other investments that the investment adviser or subadviser believes to be consistent with the Fund's best interests. If such a temporary defensive strategy is implemented, a Fund may not achieve its investment objective.

#### Portfolio Turnover.
Changes are made in a Fund's portfolio whenever the investment adviser or subadviser believes such changes are desirable. Portfolio turnover rates are generally not a factor in making buy and sell decisions. A high portfolio turnover rate will result in higher costs from brokerage commissions, dealer-mark-ups, bid-ask spreads, and other transaction costs and may also result in a higher

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percentage of short-term capital gains and a lower percentage of long-term capital gains as compared to a fund that trades less frequently (short-term capital gains generally receive less favorable tax treatment in the hands of shareholders than do long-term capital gains). Such costs are not reflected in the Funds' Total Annual Fund Operating Expenses set forth in the fee tables but do have the effect of reducing a Fund's investment return.

#### Non-Principal Investments; Use of Derivatives; Securities Loans; Repurchase Agreements.
A Fund may hold investments that are not included in its principal investment strategies. These non-principal investments are described in the Statement of Additional Information ("SAI") or below under "Additional Information Regarding Principal Risks." A Fund also may choose not to invest in certain securities described in this Prospectus and in the SAI, even though it has the ability to do so. Certain Funds may engage in transactions involving derivatives as part of their principal investment strategies; the disclosures of the principal investment strategies of those Funds include specific references to those derivatives transactions. Any of the other Funds may engage in derivatives transactions not as part of their principal investment strategies, and Funds that may use certain derivatives as part of their principal investment strategies may use other derivatives (not as part of their principal investment strategies), as well. A Fund may use derivatives for hedging purposes, as a substitute for direct investment, to earn additional income, to adjust portfolio characteristics, including duration (interest rate volatility), to gain exposure to securities or markets in which it might not be able to invest directly, to provide asset/liability management, or to take long or short positions on one or more indexes, securities, or foreign currencies. If a Fund takes a short position with respect to a particular index, security, or currency, it will lose money if the index, security, or currency appreciates in value, or an expected credit or other event that might affect the value of the index, security, or currency fails to occur. Losses could be significant. Derivatives transactions may include, but are not limited to, foreign currency exchange transactions, options, futures contracts, interest rate swaps, interest rate futures contracts, forward contracts, total return swaps, credit default swaps, and hybrid instruments. A Fund may use derivatives to create investment leverage. See "Additional Information Regarding Principal Risks," below, and the SAI for more information regarding those transactions.

A Fund, with the exception of the U.S. Government Money Market Fund, may make loans of portfolio securities to broker-dealers and other financial intermediaries of up to 33% of its total assets, and may enter into repurchase agreements. These transactions must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Any losses from the investment of cash collateral received by the Fund will be for the Fund's account and may exceed any income the Fund receives from its securities lending activities. A repurchase agreement is a transaction in which a Fund purchases a security from a seller, subject to the obligation of the seller to repurchase that security from the Fund at a higher price. A Fund may enter into securities loans and repurchase agreements as a non-principal investment strategy.

#### Foreign Securities.
The globalization and integration of the world economic system and related financial markets have made it increasingly difficult to define issuers geographically. Accordingly, the Funds intend to construe geographic terms such as "foreign," "non-U.S.," "European," "Latin American," "Asian," and "emerging markets" in the manner that affords to the Funds the greatest flexibility in seeking to achieve the investment objective(s) of the relevant Fund. Specifically, unless otherwise stated, in circumstances where the investment objective and/or strategy is to invest (a) exclusively in "foreign securities," "non-U.S. securities," "European securities," "Latin American securities," "Asian securities," or "emerging markets" (or similar directions) or (b) at least some percentage of the Fund's assets in foreign securities, etc., the Fund will take the view that a security meets this description so long as the issuer of a security is tied economically to the particular country or geographic region indicated by words of the relevant investment objective and/or strategy (the "Relevant Language"). For these purposes the issuer of a security is deemed to have that tie if:

(i) the issuer is organized under the laws of the country or a country within the geographic region suggested by the Relevant Language or maintains its principal place of business in that country or region; or

(ii) the securities are traded principally in the country or region suggested by the Relevant Language; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iii) the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region suggested by the Relevant Language or has at least 50% of its assets in that country or region.

In addition, the Funds intend to treat derivative securities (e.g., call options) for this purpose by reference to the underlying security. Conversely, if the investment objective and/or strategy of a Fund limits the percentage of assets that may be invested in "foreign securities," etc. or prohibits such investments altogether, a Fund intends to categorize securities as "foreign," etc. only if the

security possesses all of the attributes described above in clauses (i), (ii), and (iii).

#### U.S. Government Money Market Fund.
The Fund's 7-day yield on December 31, 2022 was 3.82%. To obtain the Fund's current 7-day yield information, please call 1-888-309-3539. MML Advisers has agreed to voluntarily waive some or all of its fees in an attempt to allow the Fund to avoid a negative yield. There is no guarantee that the Fund will be able to avoid a negative yield. Payments made to intermediaries will be unaffected. MML Advisers may amend or discontinue this waiver at any time without advance notice.

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### Disclosure of Portfolio Holdings
A description of the Funds' policies and procedures with respect to the disclosure of each Fund's portfolio securities is available in the Funds' SAI.

### Additional Information Regarding Principal Risks
A Fund, by itself, generally is not intended to provide a complete investment program. Investment in the Funds is intended to serve as part of a diversified portfolio of investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund changes with the values of the investments in the Fund's portfolio. Many things can affect those values. Factors that may have an important or significant effect on a particular Fund's portfolio as a whole are called "Principal Risks." The Principal Risks of each Fund are identified in the foregoing Fund Summaries and are described in this section. Certain Funds may be more susceptible to some risks than others. Although the Funds strive to reach their stated goals, they cannot offer guaranteed results. The value of your investment in a Fund could go down as well as up. You can lose money by investing in the Funds. References in this section to a Fund's subadviser may include any sub-subadvisers as applicable.

The SAI contains further information about the Funds, their investments and their related risks.

• #### Bank Loans Risk
Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities, although bank loans are typically (though not always) senior and secured, while below investment grade debt securities or investments are often subordinated and unsecured. Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer's capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such

instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after a Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund. In addition, collateral securing a loan may be found invalid, may be used to pay other outstanding obligations of the borrower under applicable law, or may be difficult to sell. In the event that a borrower defaults, a Fund's access to the collateral may be limited by bankruptcy and other insolvency laws. There is also the risk that the collateral may be difficult to liquidate, or that a majority of the collateral may be illiquid. In addition, some loans may be unsecured. Unsecured loans generally present a greater risk of loss to the Fund if the issuer defaults. In some cases, the Fund may rely on a third party to administer its interest in a loan, and so is subject to the risk that the third party will be unwilling or unable to perform its obligations. The Fund may invest in a loan by purchasing an indirect interest in the loan held by a third party. In that case, the Fund will be subject to both the credit risk of the borrower and of the third party, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party. The settlement time for certain loans is longer than the settlement time for many other types of investments, and the Fund may not receive the payment for a loan sold by it until well after the sale; that cash would be unavailable for payment of redemption proceeds or for reinvestment. Interests in some bank loans may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Fund believes to be a fair price. Some bank loans may be illiquid, and bank loans generally tend to be less liquid than many other debt securities. The lack of a liquid secondary market may make it more difficult for the Fund to assign a value to such instruments for purposes of valuing the Fund's portfolio and calculating its net asset value ("NAV"). Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• #### Below Investment Grade Debt Securities Risk
Below investment grade debt securities, which are also known as "junk" or "high yield" bonds, and comparable unrated securities in which a Fund may invest, have speculative characteristics, and changes in economic conditions, the financial condition of the issuer, and/or an unanticipated rise in interest rates or other circumstances are more likely to lead to a weakened capacity to make principal and interest payment than in the case of higher grade securities. Below investment grade debt securities involve greater volatility of price and yield and greater risk of loss of principal and interest than do higher quality securities. In the past, economic downturns or increases in interest rates have, under certain circumstances, resulted in a higher incidence of default by the issuers of these instruments and are likely to do so in the future, especially in the case of highly leveraged issuers. The prices for these instruments may be affected by legislative and regulatory developments. Some below investment grade debt securities are issued in connection with management buy-outs and other highly leveraged transactions, and may entail substantial risk of delays in payments of principal or interest or of defaults. The inability (or perceived inability) of issuers to make timely payment of interest and principal would likely make the values of securities held by the Fund more volatile and could limit the Fund's ability to sell its securities at prices approximating the values the Fund has placed on such securities. In the absence of a liquid trading market for securities held by it, a Fund at times may be unable to establish the fair value of such securities. To the extent a Fund invests in securities in the lower rating categories, the achievement of the Fund's goals is more dependent on the Fund investment adviser's or subadviser's investment analysis than would be the case if the Fund were investing in securities in the higher rating categories. Securities that are rated CCC or below by Standard & Poor's or Caa or below by Moody's Investors Service, Inc. are generally regarded by the rating agencies as having extremely poor prospects of ever attaining any real investment standing.

• #### Cash Position Risk
A Fund may hold a significant portion of its assets in cash or cash equivalents at the sole

discretion of the Fund's investment adviser or subadviser, based on such factors as it may consider appropriate under the circumstances. The portion of a Fund's assets invested in cash and cash equivalents may at times exceed 25% of the Fund's net assets. To the extent a Fund holds a significant portion of its assets in cash or cash equivalents, its investments returns may be adversely affected and the Fund may not achieve its investment objective.

• #### China Investment Risk
Investments in China (including Chinese companies listed on U.S. and Hong Kong exchanges), Hong Kong, and Taiwan, involve certain risks and considerations not typically associated with investments in U.S. companies, including, among others, greater government control over the economy, political and legal uncertainty, currency fluctuations or blockages, the risk that the Chinese government may decide not to continue to support economic reform programs, the risk of nationalization or expropriation of assets, more frequent trading suspensions and government interventions, limits on the use of brokers and on foreign ownership, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks associated with programs used to access Chinese securities. Additionally, the securities markets of China, Hong Kong, and Taiwan are emerging markets subject to the special risks applicable to emerging market countries. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. U.S. sanctions or other investment restrictions could preclude a Fund from investing in certain Chinese issuers or cause a Fund to sell investments at a disadvantageous time.

The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. Political, regulatory, and diplomatic events, such as the U.S.-China "trade war" that intensified in 2018, could have an adverse effect on the Chinese, Taiwanese, or Hong Kong economies and on

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investments made through China Connect programs. In addition, if China were to exert its authority so as to alter the economic, political, or legal structures or the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance and have an adverse effect on a Fund's investments. Similarly, although the relationship between China and Taiwan has been improving, there is the potential for future political or economic disturbances between China and Taiwan that may have an adverse impact on the values of investments in either China or Taiwan, or make investments in China and/or Taiwan impractical or impossible.

• #### Convertible Securities Risk
Convertible securities are bonds, debentures, notes or other debt securities that may be converted at either a stated price or stated rate into shares of common or preferred stock (or cash or other securities of equivalent value), and so are subject to the risks of investments in both debt securities and equity securities. The price of a convertible security may change in response to changes in price of the underlying equity security, the credit quality of the issuer, and interest rates. Due to the conversion feature, convertible debt securities generally yield less than non-convertible securities of similar credit quality and maturity. The values of convertible securities may be interest-rate sensitive and tend to decline as interest rates rise and to rise when interest rates fall. A Fund may invest at times in securities that have a mandatory conversion feature, pursuant to which the securities convert automatically into stock at a specified date and conversion ratio, or that are convertible at the option of the issuer. When conversion is not at the option of the holder, a Fund may be required to convert the security into the underlying stock even at times when the value of the underlying common stock has declined substantially or it would otherwise be disadvantageous to do so.

• #### Credit Risk
Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by a Fund may be unable or unwilling, or may be perceived (whether by market

participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed income security held by the Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when the Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured. The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment grade are considered to have speculative characteristics. In addition, below investment grade debt securities (i.e., "junk" or "high yield" bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturn than investment grade securities. If a security held by the Fund loses its rating or its rating is downgraded, the Fund may nonetheless continue to hold the security in the discretion of the investment adviser or subadviser. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages may affect the values of those securities.

The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract

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in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. In the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations, and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the European Union, the United Kingdom, and various other jurisdictions. Among other things, such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty.

• #### Currency Risk
Because foreign securities normally are denominated and traded in foreign currencies, the value of a Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, currency exchange control regulations, intervention (or failure to intervene) by the U.S. or foreign governments in currency markets, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. A Fund may, but will not necessarily, engage in foreign currency transactions in order to protect against fluctuations in the values of holdings denominated in or exposed to other currencies, or, for certain Funds, to generate additional returns. Derivatives transactions providing exposure to foreign currencies may create investment leverage. A Fund's investment in foreign currencies may increase the amount of ordinary income recognized by the Fund.

Officials in foreign countries may from time to time take actions in respect of their currencies which could significantly affect the value of a Fund's assets denominated in those currencies or the liquidity of such investments. For example, a foreign government may unilaterally devalue its currency against other currencies, which would typically have the effect of reducing the U.S. dollar value of investments denominated in that currency. A foreign government may also limit the convertibility or repatriation of its currency or assets denominated in its currency, which would adversely affect the U.S. dollar value and liquidity of investments denominated in that currency. In addition, although at times most of a Fund's income may be received or

realized in foreign currencies, the Fund will be required to compute and distribute its income in U.S. dollars. As a result, if the exchange rate for any such currency declines after the Fund's income has been earned and translated into U.S. dollars but before payment to shareholders, the Fund could be required to sell portfolio investments to make such distributions. Similarly, if a Fund incurs an expense in a foreign currency and the exchange rate changes adversely to the Fund before the expense is paid, the Fund would have to convert a greater amount of U.S. dollars to pay for the expense at that time than it would have had to convert at the time the Fund incurred the expense. Investments in foreign currencies themselves (directly or through derivatives transactions) may be highly volatile and may create investment leverage.

• #### Cyber Security and Technology Risk
The Funds and their service providers (including the Funds' investment adviser, subadvisers, custodian, and transfer agent) are subject to operational and information security risks, including those resulting from cyber-attacks and other technological issues. Technological issues or failures, or interference or attacks by "hackers" or others, may have the effect of disabling or hindering the Funds' operations or the operations of a service provider to the Funds. There are inherent limitations in business continuity plans and technology systems designed to prevent cyber-attacks and avoid operational incidents, including the possibility that certain risks have not been identified. The Funds' investment adviser does not control the cyber security plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Funds' investment adviser or the Funds, each of whom could be negatively impacted as a result. Similar risks also are present for issuers of securities in which the Funds invest, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such securities to lose value.

• #### Defaulted and Distressed Securities Risk
Defaulted securities risk refers to the uncertainty of repayment of defaulted securities and obligations of distressed issuers. Because the issuer of such securities is in

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default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring, or in bankruptcy or insolvency proceedings) is subject to significant uncertainties. The market will likely be less liquid for distressed or defaulted securities than for other types of securities. Reduced liquidity can affect the valuations of distressed or defaulted securities, make their valuation and sale more difficult, and result in greater volatility. Insolvency laws and practices in foreign countries are different than those in the U.S. and the effect of these laws and practices cannot be predicted with certainty. Investments in defaulted securities and obligations of distressed issuers are considered speculative. To the extent a Fund is invested in distressed securities, its ability to achieve current income for its shareholders may be diminished.

• #### Derivatives Risk
Derivatives are financial contracts whose values depend upon, or are derived from, the value of an underlying asset, reference rate, or index. Derivatives may relate to stocks, bonds, interest rates, currencies, credit exposures, currency exchange rates, commodities, related indexes, or other assets. The use of derivative instruments may involve risks different from, or greater than, the risks associated with investing directly in securities and other more traditional investments. Derivatives can be highly volatile and are subject to a number of potential risks described in this Prospectus, including market risk, credit risk, management risk, liquidity risk, and leveraging risk. Derivative products are highly specialized instruments that may require investment techniques and risk analyses different from those associated with stocks and bonds. The use of a derivative requires an understanding not only of the underlying instrument or index but also of the derivative itself, often without the benefit of observing the performance of the derivative under all possible market conditions. (For example, successful use of a credit default swap may require, among other things, an understanding of both the credit of the company to which it relates and of the way the swap is likely to respond to changes in various market conditions and to factors specifically affecting

the company.) The use of derivatives involves the risk that a loss may be sustained as a result of the failure of another party to the contract (typically referred to as a "counterparty") to make required payments or otherwise to comply with the contract's terms. Derivative transactions can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. Since the values of derivatives are calculated and derived from the values of other assets, reference rates, or indexes, there is greater risk that derivatives will be improperly valued. Derivatives also involve the risk that changes in the value of a derivative may not correlate perfectly with changes in the value of its underlying asset, rate, or index, and the risk that a derivative transaction may not have the effect or benefit the Fund's investment adviser or subadviser anticipated. Also, suitable derivative transactions may not be available in all circumstances, and there can be no assurance that a Fund will engage in these transactions when that would be beneficial. A liquid secondary market may not always exist for a Fund's derivative positions at any time. If a derivative transaction is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous price or at all. Although the use of derivatives is intended to enhance a Fund's performance, it may instead reduce returns and increase volatility.

Recent U.S. and non-U.S. legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, have resulted in, and may in the future result in, new regulation of derivative instruments and the Funds' use of such instruments. Such regulations can, among other things, restrict a Fund's ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to a Fund), establish additional margin requirements and/or increase the costs of derivatives transactions, and a Fund may as a result be unable to execute its investment strategies in a manner its investment adviser or subadviser might otherwise choose. Counterparty risk with respect to derivatives has been and may continue to be affected

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by rules and regulations concerning the derivatives market. Some derivatives transactions are centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds the position. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and clearing members, and it is not clear how an insolvency proceeding of a clearing house or clearing member would be conducted, what effect the insolvency proceeding would have on any recovery by a Fund, and what impact an insolvency of a clearing house or clearing member would have on the financial system more generally.

*•* *Futures Contract Risk.* A Fund may enter into futures contracts, in which the Fund agrees to buy or sell certain financial instruments or index units or other assets on a specified future date at a specified price or rate. A Fund may also enter into contracts to deliver in the future an amount of one currency in return for an amount of another currency. If a Fund's investment adviser or subadviser misjudges the direction of interest rates, markets, or foreign exchange rates, a Fund's overall performance could suffer. The risk of loss could be far greater than the investment made because a futures contract requires only a small deposit to take a large position. A small change in a futures contract could have a substantial impact on a Fund, favorable or unfavorable. An investor could also suffer losses if it is unable to close out a futures contract because of an illiquid market. Futures are subject to the creditworthiness of the futures commission merchants or brokers and clearing organizations involved in the transactions. In the event of the insolvency of its futures commission merchant or broker, a Fund may be delayed or prevented from recovering some or all of the margin it has deposited with the merchant or broker, or any increase in the value of its futures positions held through that merchant or broker.

• #### Dollar Roll and Reverse Repurchase Agreement Transaction Risk
In a dollar roll transaction, a Fund sells mortgage-backed securities for delivery to the buyer in the current month and simultaneously contracts to purchase similar securities on a specified future date from the same party. In a

reverse repurchase agreement transaction, a Fund sells securities to a bank or securities dealer and agrees to repurchase them at an agreed time and price; a reverse repurchase agreement is similar to a secured borrowing by a Fund. Both types of transactions generally create leverage (see "Leveraging Risk" below). It may be difficult or impossible for a Fund to exercise its rights under a dollar roll transaction or reverse repurchase agreement in the event of the insolvency or bankruptcy of the counterparty, and the Fund may not be able to purchase the securities or other assets subject to the transaction and may be required to return any collateral it holds.

• #### Emerging Markets Risk
Investing in emerging market securities poses risks different from, and/or greater than, risks of investing in domestic securities or in the securities of foreign, developed countries. These risks may include, for example, smaller market-capitalizations of securities markets; significant price volatility; illiquidity; limits on foreign investment; and possible limits on repatriation of investment income and capital. Future economic or political events or crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or the creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in those currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. Although many of the emerging market securities in which a Fund may invest are traded on securities exchanges, they may trade in limited volume, and the exchanges may not provide all of the conveniences or protections provided by securities exchanges in more developed markets.

Additional risks of emerging market securities may include greater social, economic, and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; greater custody and operational risks; unavailability of currency hedging techniques; less stringent investor protection and disclosure standards; less reliable

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settlement practices; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability or unreliability of material information about issuers or instruments; less developed legal, regulatory, and accounting systems; and greater environmental risk. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement of securities transactions in emerging markets may be subject to risk of loss and may be delayed more often than transactions settled in the United States, in part because a Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable compared to more developed countries. Settlement problems may cause a Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending settlement, or be delayed in disposing of a portfolio security. It may be more difficult to obtain and/or enforce a judgment in a court outside the U.S., and a judgment against a foreign government may be unenforceable.

Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity.

• #### Equity Securities Risk
Although stocks may have the potential to outperform other asset classes over the long term, their prices tend to fluctuate more dramatically over the shorter term. These

movements may result from factors affecting individual companies, or from broader influences like changes in interest rates, market conditions, or investor confidence, or announcements of economic, political, or financial information.

• #### ESG Considerations Risk
With respect to certain Funds, the ESG considerations assessed as part of the investment process to implement the Fund's investment strategy in pursuit of its investment objective may vary across types of eligible investments and issuers, and not every ESG factor may be identified or evaluated for every investment. The Fund's portfolio will not be solely based on ESG considerations, and therefore the issuers in which the Fund invests may not be considered ESG-focused companies. The incorporation of ESG factors may affect the Fund's exposure to certain issuers or industries and may not work as intended. The incorporation of ESG factors into a Fund's investment process does not mean that every investment or potential investment undergoes an ESG review, and a Fund's investment adviser or subadviser may not consider ESG factors for every investment the Fund makes, particularly, for example, in cases where ESG-related data for a potential investment is unavailable. The Fund may underperform other funds that do not assess an issuer's ESG factors or that use a different methodology to identify and/or incorporate ESG factors. Information used by the Fund to evaluate such factors may not be readily available, complete or accurate, and may vary across providers and issuers as ESG is not a uniformly defined characteristic. There is no guarantee that the evaluation of ESG considerations will be additive to the Fund's performance.

• #### ESG Risk
With respect to the Balanced Fund, because the Invesco Index and the Bond Segment use ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forgo some market opportunities available to funds that do not use these factors. The securities of companies with favorable ESG scores may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, the Fund may underperform funds

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that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used to evaluate such ESG factors may not be readily available, complete, or accurate, which could negatively impact the Fund's performance. In addition, a company's ESG score may differ from that assigned by other funds or an investor. As a result, the companies deemed eligible for inclusion in the Fund's portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them. The incorporation of ESG factors into a Fund's investment process does not mean that every investment or potential investment undergoes an ESG review, and a Fund's investment adviser or subadviser may not consider ESG factors for every investment the Fund makes, particularly, for example, in cases where ESG-related data for a potential investment is unavailable.

• #### Fixed Income Securities Risk
The values of debt securities change in response to interest rate changes. In general, as interest rates rise, the value of a debt security is likely to fall. This risk is generally greater for obligations with longer maturities or for debt securities that do not pay current interest (such as zero-coupon securities). Debt securities with variable and floating interest rates can be less sensitive to interest rate changes, although, to the extent a Fund's income is based on short-term interest rates that fluctuate over short periods of time, income received by the Fund may decrease as a result of a decline in interest rates. The value of a debt security also depends on the issuer's actual or perceived credit quality or ability to pay principal and interest when due. The value of a debt security is likely to fall if an issuer or the guarantor of a security is unable or unwilling (or is perceived to be unable or unwilling) to make timely principal and/or interest payments or otherwise to honor its obligations or if the debt security's rating is downgraded by a credit rating agency. The value of a debt security can also decline in response to changes in market, economic, industry, political, regulatory, public health, and other conditions that affect a particular type of debt security or issuer or debt securities generally. Certain events, such as market or

economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities.

*•* *Extension Risk.* During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security.

*•* *Prepayment Risk.* Prepayment risk is the risk that principal of a debt obligation will be repaid at a faster rate than anticipated. In such a case, a Fund may lose the benefit of a favorable interest rate for the remainder of the term of the security in question, and may only be able to reinvest the amount of the prepayment at a less favorable rate.

*•* *Interest Rate Risk.* The values of bonds and other debt instruments usually rise and fall in response to changes in interest rates. The values of debt instruments generally increase in response to declines in interest rates and decrease in response to rises in interest rates. Interest rates can also change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Interest rate risk is generally greater for fixed-rate instruments than floating-rate instruments and for investments with longer durations or maturities. Some investments give the issuer the option to call or redeem an investment before its maturity date. If an issuer calls or redeems an investment during a time of declining interest rates, a Fund might have to reinvest the proceeds in an investment offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose fixed income and related markets to heightened volatility.

• #### Focused Portfolio Risk
The Global Fund's portfolio tends to be invested in a relatively small number of stocks,

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rather than hundreds. As a result, for the Global Fund, an increase or decrease in the value of the securities of a single issuer may have a greater impact on the Fund's NAV and the Fund's performance could be more volatile than the performance of funds invested in larger numbers of securities.

• #### Foreign Investment Risk
Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. Economic or other sanctions imposed on a foreign country or issuer by the U.S., or on the U.S. by a foreign country, could impair a Fund's ability to buy, sell, hold, receive, deliver, or otherwise transact in certain securities. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, a Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of a Fund (or clients of a Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of a Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies.

Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a

non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the United States. The securities of some non-U.S. companies are less liquid and at times more volatile than securities of comparable U.S. companies. Non-U.S. transaction costs, such as brokerage commissions and custody costs may be higher than in the United States. In addition, foreign markets can perform differently from U.S. markets and can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

The willingness and ability of foreign governmental entities to pay principal and interest on government securities depends on various economic factors, including for example the issuer's balance of payments, overall debt level, and cash-flow considerations related to the availability of tax or other revenues to satisfy the issuer's obligations. If a foreign governmental entity defaults on its obligations on the securities, a Fund may have limited recourse available to it. The laws of some foreign countries may limit a Fund's ability to invest in securities of certain issuers located in those countries. Special tax considerations apply to a Fund's investments in foreign securities. A Fund's investments in foreign securities or foreign currencies may increase or accelerate the Fund's recognition of ordinary income and may affect the amount, timing, or character of the Fund's distributions.

A Fund may invest in foreign securities known as depositary receipts, in the form of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), or other similar securities. An ADR is a U.S. dollar-denominated security issued by a U.S. bank or trust company that represents, and may be converted into, a foreign security. An EDR or a GDR is generally similar but is issued by a non-U.S. bank. Depositary receipts are subject to the same risks as direct investment in foreign securities. Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted, and changes in currency exchange rates may affect the value

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of an ADR investment in ways different from direct investments in foreign securities. Funds may invest in both sponsored and unsponsored depositary receipts. Unsponsored depositary receipts are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuers may not be as current for unsponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored by the issuer. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities. A Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer. An investment in an ADR is subject to the credit risk of the issuer of the ADR.

• #### Frequent Trading/Portfolio Turnover Risk
The length of time a Fund has held a particular security is not generally a consideration in investment decisions. The investment policies of a Fund may lead to frequent changes in the Fund's investments, particularly in periods of volatile market movements, in order to take advantage of what the Fund's investment adviser or subadviser believes to be temporary investment opportunities. A change in the securities held by a Fund is known as "portfolio turnover." Portfolio turnover generally involves some expense to a Fund, including brokerage commissions, bid-asked spreads, dealer mark-ups, and other transaction costs on the sale of securities and reinvestments in other securities, and may result in the realization of taxable capital gains (including short-term gains, which are generally treated as ordinary income when distributed to shareholders). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund's performance. Consult your tax adviser regarding the effect of a Fund's portfolio turnover rate on your investments.

• #### Geographic Focus Risk
When a Fund invests a relatively large percentage of its assets in issuers located in a single country, a small number of countries, or a particular geographic region, the Fund's

performance could be closely tied to the market, currency, economic, political, or regulatory conditions and developments in those countries or that region, and could be more volatile than the performance of more geographically diversified funds.

• #### Growth Company Risk
Growth company securities tend to be more volatile in terms of price swings and trading volume than many other types of equity securities. Growth companies, especially technology related companies, have seen dramatic rises and falls in stock valuations. Funds that invest in growth companies are subject to the risk that the market may deem these companies' stock prices over-valued, which could cause steep and/or volatile price swings. Also, since investors buy these stocks because of their expected superior earnings growth, earnings disappointments often result in sharp price declines.

• #### Hedging Risk
There can be no assurance that a Fund's hedging transactions will be effective. If a Fund takes a short position in a particular currency, security, or bond market, it will lose money if the currency, security, or bond market appreciates in value, or an expected credit event fails to occur. Any efforts at buying or selling currencies could result in significant losses for the Fund. Further, foreign currency transactions that are intended to hedge the currency risk associated with investing in foreign securities and minimize the risk of loss that would result from a decline in the value of the hedged currency may also limit any potential gain that might result should the value of such currency increase.

• #### Indexing Risk
There are several reasons why the performance of the U.S. Equity Segment of the Balanced Fund may not track the performance of the Invesco Index. For example, the Fund incurs a number of operating expenses not applicable to the Invesco Index, and incurs costs in buying and selling securities. The U.S. Equity Segment may not be fully invested at times, either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions. The return on the sample of securities purchased by the investment adviser or subadviser, or futures or other derivative

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positions taken by the investment adviser or subadviser, to replicate the performance of the Invesco Index may not correlate precisely with the return on the Invesco Index. Differences between securities held by the U.S. Equity Segment and the securities comprising the Invesco Index may result from legal restrictions, costs, or liquidity constraints, especially during times when a sampling methodology is used.

• #### Inflation Risk
The value of assets or income from a Fund's investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of a Fund's assets can decline as can the value of the Fund's distributions. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and a Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors. The market prices of debt securities generally fall as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically accompanied long-term inflationary trends.

• #### Inflation-Linked Securities Risk
Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and a Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case

of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

• #### Large Company Risk
Large-capitalization stocks as a group could fall out of favor with the market, causing a Fund's investments in large-capitalization stocks to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges, including changes to technology or consumer tastes, and may grow more slowly than smaller companies, especially during market cycles corresponding to periods of economic expansion. Market capitalizations of companies change over time.

• #### Leveraging Risk
The use of leverage has the potential to increase returns to shareholders, but also

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involves additional risks. A Fund may create leverage by borrowing money (through traditional borrowings or by means of so-called reverse repurchase agreements); certain transactions, including, for example, when-issued, delayed-delivery, to-be-announced, and forward commitment purchases, loans of portfolio securities, dollar roll transactions, and the use of some derivatives, can also result in leverage. Leverage will increase the volatility of the Fund's investment portfolio and could result in larger losses than if it were not used. The use of leverage is considered to be a speculative investment practice and may result in losses to a Fund. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. A Fund will typically pay interest or incur other borrowing costs in connection with leverage transactions.

• #### LIBOR Risk
Certain instruments in which a Fund may invest rely in some fashion upon LIBOR. LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for transition away from LIBOR, but there are obstacles to converting certain instruments to new reference rates. Markets are developing but questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. It is difficult to predict the full impact of the transition away from LIBOR on a Fund. The transition process may involve, among other things, increased volatility or illiquidity in

markets for instruments that rely on LIBOR, particularly insofar as the documentation governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. In addition, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by a Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

• #### Liquidity Risk
Liquidity risk is the risk that particular investments may be difficult to sell or terminate at approximately the price at which the Fund is carrying the investments. The ability of a Fund to dispose of illiquid positions at advantageous prices may be greatly limited, and a Fund may have to continue to hold such positions during periods when the investment adviser or subadviser otherwise would have sold them. Some securities held by a Fund may be restricted as to resale, may trade in the over-the-counter ("OTC") market, or may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical, public health, or other conditions. In addition, a Fund, by itself or together with other accounts managed by the investment adviser or subadviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.

Market values for illiquid securities may not be readily available, and there can be no assurance that any fair value assigned to an illiquid security at any time will accurately reflect the price a Fund might receive upon the sale of that security. It is possible that, during periods of extreme market volatility or unusually high and unanticipated levels of redemptions or in the case of a liquidation of a Fund, a Fund may be forced to sell large amounts of securities or terminate outstanding transactions at a price or time that is not advantageous in order to meet redemptions or other cash needs or to pay liquidation proceeds. In such a case, the sale proceeds received by a Fund may be substantially less than if the Fund had been able to sell the

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securities or terminate the transactions in more orderly transactions, and the sale price may be substantially lower than the price previously used by the Fund to value the securities for purposes of determining the Fund's NAV. To the extent a Fund holds illiquid securities, it may be more likely to pay redemption proceeds in kind.

• #### Management Risk
Each Fund is subject to management risk because it relies on the investment adviser's and/or subadviser's investment analysis and its selection of investments to achieve its investment objective. A Fund's investment adviser or subadviser manages the Fund based on its assessment of economic, financial, and market factors and its investment judgment. The investment adviser or subadviser may fail to ascertain properly the appropriate mix of securities for any particular economic cycle. A Fund's investment adviser or subadviser applies its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that they will produce the intended result. Management risk includes the risk that poor security selection will cause a Fund to underperform relative to other funds with similar investment objectives, or that the timing of movements from one type of security to another could have a negative effect on the overall investment performance of the Fund. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time.

• #### Market Risk
The values of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable broad market developments, which may affect securities markets generally or particular industries, sectors, or issuers. The values of a Fund's investments may decline as a result of a number of such factors, including actual or perceived changes in general economic and market conditions, industry, political, regulatory, geopolitical, public health, and other developments, including the imposition of tariffs or other protectionist actions, changes in interest rates, currency rates, or other rates of exchange, and changes in economic and competitive industry conditions. Likewise, terrorism, war, natural and environmental disasters, and epidemics or

pandemics may be highly disruptive to economies and markets. For example, the global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects. Such factors, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may have a significant adverse effect on a Fund's performance and have the potential to impair the ability of a Fund's investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund. Different parts of the market and different types of securities can react differently to these conditions. The possibility that security prices in general will decline over short or even extended periods subjects a Fund to unpredictable declines in the value of its shares, as well as potentially extended periods of poor performance. In addition, the increasing popularity of passive index-based investing may have the potential to increase security price correlations and volatility. As passive strategies generally buy or sell securities based simply on inclusion and representation in an index, securities' prices will have an increasing tendency to rise or fall based on whether money is flowing into or out of passive strategies rather than based on an analysis of the prospects and valuation of individual securities. This may result in increased market volatility as more money is invested through passive strategies.

Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the securities in which a Fund invests or the issuers of such securities in ways that are unforeseeable. The uncertainty surrounding the sovereign debt of a significant number of European Union countries, as well as the status of the Euro, the European Monetary Union, and the European Union itself, has disrupted and may continue to disrupt markets in the U.S. and around the world. The risks associated with investments in Europe may be heightened due to the United Kingdom's exit from the European Union

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on January 31, 2020. An agreement between the United Kingdom and the European Union governing their future trade relationship became effective on January 1, 2021. Significant uncertainty remains in the market regarding the ramifications of that development and the arrangements that will apply to the United Kingdom's relationship with the European Union and other countries following its withdrawal; the range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict. There is the potential for decreased trade, capital outflows from the United Kingdom, devaluation of the pound sterling, decreased business and consumer spending and decreased foreign investment in the United Kingdom, and negative effects on the value of a Fund's investments and/or on a Fund's ability to enter into certain transactions or value certain investments. If one or more additional countries leave the European Union, or the European Union partially or completely dissolves, the world's economies and securities markets may be significantly disrupted and adversely affected. Legislation or regulation also may change the way in which a Fund, the investment adviser, or subadviser is regulated. Such legislation, regulation, or other government action could limit or preclude a Fund's ability to achieve its investment objective and affect the Fund's performance.

In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets, and therefore could affect the value of a Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial.

• #### Mortgage- and Asset-Backed Securities Risk
Investments in mortgage-related and other asset-backed securities are subject to the risk of severe credit downgrades, illiquidity and defaults to a greater extent than many other types of fixed income investments. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans. Asset-backed securities are generally

structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sale or installment loan contracts, leases of various types of real and personal property, receivables from credit card agreements, and student loan payments. Asset-backed securities also may be backed by pools of corporate or sovereign bonds, loans made to corporations, or a combination of these bonds and loans, commonly referred to as "collateralized debt obligations," including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"). The assets backing collateralized debt obligations may consist in part or entirely of high risk, below investment grade debt obligations (or comparable unrated obligations). In the case of CBOs and certain other collateralized debt obligations, those may include, by way of example, high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities, and emerging market debt. In the case of CLOs, they may include, among other things, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, any or all of which may be rated below investment grade or may be comparable unrated obligations.

Traditional debt investments typically pay a fixed rate of interest until maturity, when the entire principal amount is due. By contrast, payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. The Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Because the prepayment rate generally declines as interest rates rise, an increase in interest rates will likely increase the duration, and thus the volatility, of mortgage-backed and asset-backed securities. (Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of the

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security's price to changes in interest rates. Unlike the maturity of a fixed income security, which measures only the time until final payment is due, duration takes into account the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates.) Prepayment rates are difficult to predict and the potential impact of prepayments on the value of a mortgage-related or other asset-backed security depends on the terms of the instrument and can result in significant volatility. In addition to interest rate risk (as described under "Interest Rate Risk"), investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities may be subject to a higher degree of credit risk, valuation risk, and liquidity risk (as described under "Credit Risk," "Valuation Risk," and "Liquidity Risk"). During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables, and other obligations underlying mortgage-related and other asset-backed securities. Litigation with respect to the representations and warranties given in connection with the issuance of mortgage-backed securities can be an important consideration in investing in such securities, and the outcome of any such litigation could significantly impact the value of the Fund's mortgage-backed investments.

The types of mortgages underlying securities held by the Fund may differ and may be affected differently by market factors. For example, the Fund's investments in residential mortgage-backed securities will likely be affected significantly by factors affecting residential real estate markets and mortgages generally; similarly, investments in commercial mortgage-backed securities will likely be affected significantly by factors affecting commercial real estate markets and mortgages generally.

Some mortgage-backed and asset-backed investments receive only the interest portion ("IOs") or the principal portion ("POs") of payments on the underlying assets. The yields

and values of these investments are extremely sensitive to changes in interest rates and in the rate of principal payments on the underlying assets. IOs tend to decrease in value if interest rates decline and rates of repayment (including prepayment) on the underlying mortgages or assets increase; it is possible that the Fund may lose the entire amount of its investment in an IO due to a decrease in interest rates. Conversely, POs tend to decrease in value if interest rates rise and rates of repayment decrease. Moreover, the market for IOs and POs may be volatile and limited, which may make them difficult for the Fund to buy or sell. The values of mortgage-related and other asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence or malfeasance by their servicers and to the credit risk of their servicers. In certain situations, the mishandling of related documentation may also affect the rights of securities holders in and to the benefits of the underlying collateral. There may be legal and practical limitations on the enforceability of any security interest granted with respect to underlying assets, or the value of the underlying assets, if any, may be insufficient if the issuer defaults.

The Fund may gain investment exposure to mortgage-backed and asset-backed investments by entering into agreements with financial institutions to buy the investments at a fixed price at a future date. The Fund may or may not take delivery of the investments at the termination date of such an agreement, but will nonetheless be exposed to changes in value of the underlying investments during the term of the agreement. These transactions may create investment leverage.

• #### Non-Diversification Risk
A "non-diversified" mutual fund may purchase larger positions in a smaller number of issuers than may a diversified mutual fund. Therefore, an increase or decrease in the value of the securities of a single issuer or a small number of issuers may have a greater impact on the Fund's NAV and the Fund's performance could be more volatile than the performance of diversified funds.

• #### Passive Management Risk
Unlike many investment companies that are "actively managed," the U.S. Equity Segment

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of the Balanced Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of the Invesco Index. Therefore, the U.S. Equity Segment would not necessarily buy or sell a security unless that security is added to, or removed from, the Invesco Index, even if that security generally is underperforming. If a specific security is removed from the Invesco Index, the Fund may be forced to sell such security at an inopportune time. The Invesco Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, the U.S. Equity Segment rebalances its portfolio in accordance with the Invesco Index, and, therefore, any changes to the Invesco Index's rebalance schedule will result in corresponding changes to the U.S. Equity Segment's rebalance schedule. Further, unlike with an actively managed fund, Invesco does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, the U.S. Equity Segment's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

• #### Preferred Stock Risk
Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. In addition, if interest rates rise, the dividends on preferred stocks may be less attractive, causing the prices of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions or call/redemption provisions that can negatively affect its value. In addition, in the event of liquidation of a corporation's assets, the rights of preferred stock generally are subordinate to the rights associated with a corporation's debt securities. Preferred stocks are also subject to additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

• #### Quantitative Models Risk
Certain portfolio managers use quantitative models as part of the idea generation process. Quantitative models are based upon many factors that measure individual securities

relative to each other. Such models may not produce the intended results and can be adversely affected by errors or imperfections in the factors or the data on which measurements are based, changing sources of market return or market risk, or any technical issues with or errors in the design, construction, implementation, or maintenance of the models.

• #### Redemptions by Affiliated Funds and by Other Significant Investors
A Fund may be an investment option for other MassMutual Funds that are managed as "funds of funds" and for other investors who may make substantial investments in the Fund. As a result, from time to time, a Fund may experience a relatively large redemption and could be required to liquidate assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, or if the Fund is unable to invest the cash in portfolio securities that it considers as desirable as the Fund's portfolio securities.

• #### Reinvestment Risk
Income from a Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded, or called debt obligations at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect a Fund's overall return.

• #### REIT Risk
An investment in a REIT may be subject to risks similar to those associated with direct ownership of real estate, including losses from casualty, condemnation or natural disasters, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, environmental regulations and other governmental action, regulatory limitations on rents, property taxes, and operating expenses. In addition, an investment in a REIT may be subject to additional risks, such as poor performance by the manager of the REIT, adverse changes to the tax laws or failure by the REIT to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the "Code"), and

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to the risk of general declines in stock prices. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. A "mortgage" REIT that invests most or all of its assets in mortgages will be subject to many of the risks described above in respect of mortgage-backed securities. Also, the organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and time-consuming. As a shareholder in a REIT a Fund, and indirectly the Fund's shareholders, would bear its ratable share of the REIT's expenses and would at the same time continue to pay its own fees and expenses. Real estate-related investments may entail leverage and may be highly volatile. The securities of small real-estate issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.

• #### Repurchase Agreement Risk
A Fund may enter into repurchase agreements. These transactions must be fully collateralized, but involve credit risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

• #### Restricted Securities Risk
A Fund may hold securities that are restricted as to resale under the U.S. federal securities laws, such as securities in certain privately held companies. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may prevent the Fund from disposing of them promptly at reasonable prices or at all. Restricted securities may be highly illiquid. A Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Restricted securities may be difficult to value because market quotations may not be readily available, and there may be little publicly available information about the securities or their issuers. The values of restricted securities may be highly volatile.

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• #### Risk of Investment in other Funds or Pools
A Fund may invest in other investment companies or pooled vehicles, including closed-end funds, trusts, and exchange-traded funds ("ETFs"), that are advised by the Fund's investment adviser or subadviser, as applicable, their affiliates, or by unaffiliated parties, to the extent permitted by applicable law. As a shareholder in an investment company or other pool, the Fund, and indirectly that Fund's shareholders, bear a ratable share of the investment company's or pool's expenses, including, but not limited to, advisory and administrative fees, and the Fund at the same time continues to pay its own fees and expenses. Investment companies or pools in which the Funds may invest may change their investment objectives or policies without the approval of a Fund, in which case a Fund may be forced to withdraw its investment from the investment company or pool at a disadvantageous time. Private investment pools in which the Funds may invest are not registered under the 1940 Act, and so will not offer all of the protections provided by the 1940 Act (including, among other things, independent oversight, protections against certain conflicts of interest, and custodial risks). A Fund is exposed indirectly to all of the risks applicable to any other investment company or pool in which it invests, including that the investment company or pool will not perform as expected. Investments in other investment companies or private pools may be illiquid, may be leveraged, and may be highly volatile.

Investing in other investment companies or private investment vehicles sponsored or managed by the investment adviser or subadviser, as applicable, or affiliates of the investment adviser or subadviser, as applicable, involves potential conflicts of interest. For example, the investment adviser or subadviser, as applicable, or their affiliates may receive fees based on the amount of assets invested in such other investment vehicles, which fees may be higher than the fees the investment adviser or subadviser, as applicable, receives for managing the investing Fund. Investment by a Fund in those other vehicles may be beneficial in the management of those other vehicles, by helping to achieve economies of scale or enhancing cash flows. Due to this and other factors, the investment adviser or

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subadviser, as applicable, will have an incentive to invest a portion of a Fund's assets in investment vehicles sponsored or managed by the investment adviser or subadviser, as applicable, or their affiliates in lieu of investments by the Fund directly in portfolio securities, and will have an incentive to invest in such investment vehicles over non-affiliated investment companies. The investment adviser or subadviser, as applicable, will have no obligation to select the least expensive or best performing funds available to serve as an underlying investment vehicle. Similarly, the investment adviser or subadviser, as applicable, will have an incentive to delay or decide against the sale of interests held by the Fund in investment vehicles sponsored or managed by the investment adviser or subadviser, as applicable, or their affiliates.

ETFs are subject to many of the same risks applicable to investments in mutual funds generally, including that an ETF will not perform as anticipated, that a Fund will bear its proportionate share of the ETF's fees and expenses, and that the ETF will lose money. ETFs are also subject to additional risks, including, among others, the risk that the market price of an ETF's shares may trade above or below its NAV, the risk that an active trading market for an ETF's shares may not develop or be maintained, the risk that trading of an ETF's shares may be halted, and the risk that the ETF's shares may be delisted from the listing exchange. Some ETFs engage in derivatives strategies and use leverage, and as a result their values can be highly volatile. It is possible that an ETF's performance will diverge from the performance of any index or indexes it seeks to replicate. Because shares of ETFs may be actively traded, their values may be affected in unanticipated ways by the effects of supply and demand in the market for shares of ETFs, activities of short sellers, or unusual speculative activity in their shares. Some ETFs may experience periods of reduced liquidity due to restrictions on trading activity or due to a general lack of investor interest in the asset class represented by the ETF. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of an ETF may be purchased or redeemed directly from the ETF solely by Authorized Participants ("APs") and only in aggregations of a specified number of shares

("Creation Units"). ETFs may have a limited number of financial institutions that act as APs. To the extent that those APs exit the business, or are unable to or choose not to process creation and/or redemption orders for Creation Units, and no other AP steps forward to create and redeem ETF shares, the ETF's shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

• #### Sector Risk
If a Fund allocates a substantial amount of its assets to one or more particular industries or to particular economic, market, or industry sectors, then economic, business, regulatory, or other developments affecting issuers in those industries or sectors may affect the Fund adversely to a greater extent than if the Fund had invested more broadly. Examples might include investments in the technology, health care, or financial sectors or in one or more industries within those sectors. A substantial investment in one or more such industries or sectors has the potential to increase the volatility of a Fund's portfolio, and may cause the Fund to underperform other mutual funds.

• #### Small and Mid-Cap Company Risk
Small and medium-sized companies may have limited product lines, markets, or financial resources or they may depend on a few key employees. Such companies may have been recently organized and have little or no track record of success. Also, a Fund's investment adviser or subadviser may not have had an opportunity to evaluate such newer companies' performance in adverse or fluctuating market conditions. Market risk and liquidity risk are particularly pronounced for stocks of small and medium-sized companies. The securities of small and medium-sized companies may trade less frequently and in smaller volume than more widely held securities. The prices of these securities may fluctuate more sharply than those of other securities, and a Fund may experience some difficulty in establishing or closing out positions in these securities at prevailing market prices. There may be less publicly available information about the issuers of these securities or less market interest in such securities than in the case of larger companies, both of which can cause significant price volatility. Some securities of small and medium-sized issuers may be illiquid or may be restricted as to resale.

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• #### Sovereign Debt Obligations Risk
Investments in debt securities issued by governments or by government agencies and instrumentalities involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. A governmental entity's willingness or ability to pay interest and repay principal in a timely manner may be affected by a variety of factors, including its cash flow, the size of its reserves, its access to foreign exchange, the relative size of its debt service burden to its economy as a whole, and political constraints. A governmental entity may default on its obligations or may require renegotiation or rescheduling of debt payments. Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt. The sovereign debt of many non-U.S. governments, including their sub-divisions and instrumentalities, is rated below investment grade ("junk" or "high yield" bonds). Sovereign debt risk may be greater for debt securities issued or guaranteed by emerging and/or frontier market countries. At times, certain emerging and frontier market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging and frontier market countries have experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness to the detriment of debtholders.

• #### Stock Connect Risk
A Fund may invest in China A Shares, which are equity securities of companies domiciled in China that are denominated and traded in Renminbi on the Shanghai or Shenzhen Stock Exchanges. A Fund may invest in A Shares listed and traded on the Shanghai Stock Exchange or Shenzhen Stock Exchange through the Stock Connect program. A Fund's investments in Stock Connect A Shares are generally subject to Chinese securities regulations and listing rules, among other restrictions that may affect the Fund's investments and returns, including transfer restrictions, trading suspensions, and daily

limits on net purchases, which are subject to change. Such investments are also subject to heightened operational, tax, and settlement risk and the risk of price fluctuations of A Shares during times when Stock Connect is not trading. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns.

• #### U.S. Government Securities Risk
U.S. Government securities include a variety of securities that differ in their interest rates, maturities, and dates of issue. While securities issued or guaranteed by some agencies or instrumentalities of the U.S. Government (such as the Government National Mortgage Association) are supported by the full faith and credit of the United States, securities issued or guaranteed by certain other agencies or instrumentalities of the U.S. Government (such as Federal Home Loan Banks) are supported only by the right of the issuer to borrow from the U.S. Government. Securities issued or guaranteed by certain other agencies and instrumentalities of the U.S. Government (such as Fannie Mae and Freddie Mac) are not supported by the full faith and credit of the U.S. Government and are supported only by the credit of the issuer itself. There is no assurance that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so. For securities not backed by the full faith and credit of the United States, a Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States. From time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt ceiling could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock

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and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action (or lack thereof), is unable to meet its obligations, or its creditworthiness declines, the performance of each Fund that holds securities of the entity will be adversely impacted. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities. Investments in these securities are also subject to, among other things, interest rate risk, prepayment risk, extension risk, and the risk that the value of the securities will fluctuate in response to political, market, or economic developments.

• #### Valuation Risk
A portion of a Fund's assets may be valued at fair value pursuant to guidelines that have been approved by the Trustees. A Fund's assets may be valued using prices provided by a pricing service or, alternatively, a broker-dealer or other market intermediary (sometimes just one broker-dealer or other market intermediary) when other reliable pricing sources may not be available. The Fund, or persons acting on its behalf, may determine a fair value of a security based on such other information as may be available to them. There can be no assurance that any fair valuation of an investment held by a Fund will in fact approximate the price at which the Fund might sell the investment at the time. Technological issues or other service disruption issues involving third-party service providers may limit the ability of the Fund to value its investment accurately or timely. To the extent a Fund sells a security at a price lower than the price it has been using to value the security, its NAV will be adversely affected. If a Fund

has overvalued securities it holds, you may pay too much for the Fund's shares when you buy into the Fund. If a Fund underestimates the price of its portfolio securities, you may not receive the full market value for your Fund shares when you sell.

• #### Value Company Risk
A Fund may purchase some equity securities at prices below what the investment adviser or subadviser considers to reflect their actual or potential fundamental values. The Fund bears the risk that the prices of these securities may not increase to reflect what the investment adviser or subadviser believes to be their fundamental value or that the investment adviser or subadviser may have overestimated the securities' fundamental value or that it may take a substantial period of time to realize that value.

• #### When-Issued, Delayed Delivery, TBA, and Forward Commitment Transaction Risk
A Fund may purchase securities on a when-issued, delayed delivery, to-be-announced, or forward commitment basis. These transactions involve a commitment by a Fund to purchase securities for a predetermined price or yield, with payments and delivery taking place more than seven days in the future, or after a period longer than the customary settlement period for that type of security. These transactions involve a risk of loss if the value of the securities declines prior to the settlement date. These transactions may create investment leverage. Recently finalized rules of the Financial Industry Regulatory Authority impose mandatory margin requirements for certain types of when-issued, TBA, or forward commitment transactions, with limited exceptions. Such transactions historically have not been required to be collateralized, and mandatory collateralization could increase the cost of such transactions and impose added operational complexity and may increase the credit risk of such transactions to a Fund.

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### Management of the Funds

#### Investment Adviser
**MML Investment Advisers, LLC** ("MML Advisers"), a Delaware limited liability company, located at 1295 State Street, Springfield, Massachusetts 01111-0001, is the Funds' investment adviser and is responsible for providing all necessary investment management and administrative services. MML Advisers, formed in 2013, is a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"). Founded in 1851, MassMutual is a mutual life insurance company that provides a broad range of insurance, money management, retirement, and asset accumulation products and services for individuals and businesses. As of September 30, 2022, MML Advisers had assets under management of approximately $41.9 billion.

In 2022, each Fund paid MML Advisers an investment management fee based on a percentage of each Fund's average daily net assets as follows: 0.35% for the U.S. Government Money Market Fund, 0.38% for the Inflation-Protected and Income Fund, 0.38% for the Core Bond Fund, 0.38% for the Diversified Bond Fund, 0.48% for the Balanced Fund, 0.45% for the Disciplined Value Fund, 0.55% for the Main Street Fund, 0.45% for the Disciplined Growth Fund, 0.57% for the Small Cap Opportunities Fund, 0.75% for the Global Fund, 0.83% for the International Equity Fund, and 1.00% for the Strategic Emerging Markets Fund.

A discussion regarding the basis for the Trustees approving any investment advisory contract of the Funds is available in the Funds' annual report to shareholders dated September 30, 2022.

Each Fund also pays MML Advisers an administrative and shareholder services fee to compensate it for providing general administrative services to the Funds and for providing or causing to be provided ongoing shareholder servicing to direct and indirect investors in the Funds. MML Advisers pays substantially all of the fee to third parties who provide shareholder servicing and investor recordkeeping services. The fee is calculated and paid based on the average daily net assets attributable to each share class of the Fund separately, and is paid at the following annual rates: 0.10% for Class R5 shares; 0.20% for Service Class shares; 0.30% for Administrative Class shares; 0.20% for Class R4 shares; 0.30% for Class A shares; 0.20% for Class R3 shares; and 0.10% for Class Y shares. Class I shares do not pay any administrative and shareholder services fee.

#### Subadvisers and Portfolio Managers
MML Advisers contracts with the following subadvisers to help manage the Funds. Subject to the oversight of the Trustees, MML Advisers has the ultimate responsibility to oversee subadvisers and recommend their hiring, termination, and replacement. This responsibility includes, but is not limited to, analysis and review of subadviser performance, as well as assistance in the identification and vetting of new or replacement subadvisers. In addition, MML Advisers maintains responsibility for a number of other important obligations, including, among other things, board reporting, assistance in the annual advisory contract renewal process, and, in general, the performance of all obligations not delegated to a subadviser. MML Advisers also provides advice and recommendations to the Trustees, and performs such review and oversight functions as the Trustees may reasonably request, as to the continuing appropriateness of the investment objective, strategies, and policies of each Fund, valuations of portfolio securities, and other matters relating generally to the investment program of each Fund.

MML Advisers is responsible for determining the allocation of portfolio assets and/or cash flows among subadvisers for those Funds with multiple subadvisers.

**Barings LLC** ("Barings"), an indirect, wholly-owned subsidiary of MassMutual, with principal offices located at 300 South Tryon Street, Charlotte, North Carolina 28202, manages the investments of the ***U.S. Government Money Market Fund****,* ***Inflation-Protected and Income Fund****,* ***Core Bond Fund****,* and ***Diversified Bond Fund****.* In addition, Baring International Investment Limited ("BIIL") serves as sub-subadviser for the ***Inflation-Protected and Income Fund****,* ***Core Bond Fund****,* and ***Diversified Bond Fund*** and, subject to the supervision of Barings, is authorized to conduct securities transactions on behalf of the Funds. BIIL is a wholly-owned subsidiary of Barings and its address is 20 Old Bailey, London, EC4M 7BF, United Kingdom. Barings has provided investment advice to individual and institutional investors for more than 75 years and, with its subsidiaries, had assets under management as of September 30, 2022 of approximately $338.4 billion.

**Yulia Alekseeva, CFA**

is a Managing Director, the Head of Securitized Credit Research, and a portfolio manager for Barings' Investment Grade Fixed Income Group. Ms. Alekseeva shares primary responsibility for the day-to-day

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management of the ***Inflation-Protected and Income Fund***, the ***Core Bond Fund***, and the ***Diversified Bond Fund***. Ms. Alekseeva has worked in the industry since 2005. Prior to re-joining Barings in 2019, Ms. Alekseeva was employed at Canada Pension Plan Investment Board as a Principal in the Structured Credit department, following positions at Bank of America Merrill Lynch and PricewaterhouseCoopers.

**Adam Cash**

is an Associate Director and portfolio manager for Barings' Global Public Fixed Income Trading and Trading Solutions Group. Mr. Cash shares primary responsibility for the day-to-day management of the ***U.S. Government Money Market Fund****.* Mr. Cash has worked in the industry since 2008. Prior to joining Barings in 2019, he worked as an associate at Deutsche Bank and Nomura, and as a trader at Fannie Mae.

**Stephen Ehrenberg, CFA** 

is a Managing Director and portfolio manager for Barings' Investment Grade Fixed Income Group. Mr. Ehrenberg shares primary responsibility for the day-to-day management of the ***Core Bond Fund*** and the ***Diversified Bond Fund***. Mr. Ehrenberg has worked in the industry since 2002 and his experience has encompassed portfolio management and credit analysis for both investment grade and high yield corporate credit. Prior to joining Barings in 2004, Mr. Ehrenberg worked in capital markets at MassMutual as part of the firm's executive development program.

**Charles Sanford**

is a Managing Director and the Head of, and a portfolio manager for, Barings' Investment Grade Credit Group. Mr. Sanford shares primary responsibility for the day-to-day management of the ***Core Bond Fund*** and the ***Diversified Bond Fund***. Mr. Sanford is also responsible for the portfolio management of Barings' multi-asset insurance client mandates, as well as the investment grade corporate bond strategies. Mr. Sanford has worked in the industry since 1994. Prior to joining Barings in 2004, Mr. Sanford was employed at Booz, Allen and Hamilton as a management consultant and Bell South, where he worked on mergers and acquisitions and internal consulting projects.

**Scott Simler**

is a Director and portfolio manager for Barings' Global Public Fixed Income Trading and Trading Solutions Group. Mr. Simler shares primary responsibility for the day-to-day management of the ***U.S. Government Money Market Fund***. He is also a member of Barings' Global Public Fixed Income Trading and Trading Solutions Group. Mr. Simler has worked in the industry since 1988. Prior to joining Barings in 2005, Mr. Simler was employed at Citigroup Investments, CIGNA Investments, and Phoenix Equity Planning Corp.

**Douglas Trevallion, II, CFA**

is a Managing Director, the Head of Global Securitized Credit, and a portfolio manager for Barings' Investment Grade Fixed Income Group. Mr. Trevallion shares primary responsibility for the day-to-day management of the ***Inflation-Protected and Income Fund****,* the ***Core Bond Fund****,* and the ***Diversified Bond Fund***. Mr. Trevallion is also responsible for the portfolio management of Barings' securitized and multi-asset portfolio strategies. Mr. Trevallion has worked in the industry since 1987. Prior to joining Barings in 2000, Mr. Trevallion was employed at MassMutual, where he established fixed income analytical and risk capabilities.

**Invesco Advisers, Inc.** ("Invesco Advisers"), located at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309, manages the investments of the ***Balanced Fund, Main Street Fund, Small Cap Opportunities Fund, Global Fund,*** and ***Strategic Emerging Markets Fund****.* Invesco Advisers, as successor in interest to multiple investment advisers, is an indirect wholly-owned subsidiary of Invesco Ltd., a publicly traded company that, through its subsidiaries, engages in the business of investment management on an international basis. In addition, Invesco Capital Management LLC ("ICM") serves as sub-subadviser for the ***Balanced Fund*** and, subject to the supervision of Invesco Advisers, is authorized to trade securities and make discretionary investment decisions on behalf of the Fund. ICM is a wholly-owned subsidiary of Invesco Ltd. and its address is 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515. As of September 30, 2022, Invesco Advisers had approximately $653.7 billion in assets under management.

Jacob Borbidge, CFA, CAIA

is a co-portfolio manager of the ***Balanced Fund***. Mr. Borbidge is a portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2004. Prior to 2004, he was a mechanical engineer at ExxonMobil.

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Matt Brill, CFA

is a co-portfolio manager of the ***Balanced Fund***. Mr. Brill is Head of North America Invesment Grade for Invesco Fixed Income at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2013. Prior to 2013, he was a portfolio manager and vice president at ING Investment Management, where he specialized in investment grade credit and commercial mortgage-backed securities. Prior to that he was a portfolio analyst at Wells Real Estate Funds. He entered the industry in 2002.

**Joy Budzinski**

is a co-portfolio manager of the ***Small Cap Opportunities Fund****.* Ms. Budzinski is a portfolio manager at Invesco Advisers. She has been associated with Invesco Advisers and/or its affiliates since 2019. Prior to 2019, she was a Vice President of OppenheimerFunds, Inc. ("OFI") since May 2009 and a portfolio manager of OFI Global Institutional, Inc. since November 2012. She has served as sector manager for healthcare for OFI's Main Street Investment Team since May 2009. Prior to joining OFI, Ms. Budzinski was a healthcare sector manager at RS Investments and Guardian Life Insurance Company. Ms. Budzinski joined Guardian Life Insurance Company in August 2006 and transitioned to RS Investments in October 2006 in connection with Guardian Life Insurance Company's acquisition of an interest in RS Investments.

**John Delano, CFA**

is the portfolio manager of the ***Global Fund****.* Mr. Delano is a portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2019. Prior to 2019, he was a senior portfolio manager of OppenheimerFunds, Inc. ("OFI") since March 2017. Previously, he was a senior research analyst of OFI from May 2007 to March 2017. Prior to joining the firm, Mr. Delano worked at Putnam Investments as an analyst covering large-cap growth focusing on hardware, software, and telecommunications.

Pratik Doshi, CFA

is a co-portfolio manager of the ***Balanced Fund***. Mr. Doshi is a portfolio manager for ETFs and indexed strategies at ICM. He has been associated with ICM and/or its affiliates since 2018 where he implemented active and passive-based strategies across Invesco's commodity, alternatives, and equity ETF lineup. Prior to 2018, he held roles at Saltspring Capital and Gofen and Glossberg. Prior to that, he was a vice president at Bank of America Merrill Lynch. Mr. Doshi entered the financial services industry in 2005 as an analyst at UBS Investment Bank.

**Manind Govil, CFA**

is a co-portfolio manager of the ***Main Street Fund****.* Mr. Govil is a portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2019. Prior to 2019, he was the Main Street Team Leader and a portfolio manager of OFI Global Institutional, Inc. ("OFI Global") since May 2009. Prior to joining OFI Global, Mr. Govil was a portfolio manager with RS Investment Management Co. LLC from October 2006 until March 2009. He served as the head of equity investments at The Guardian Life Insurance Company of America from August 2005 to October 2006 when Guardian Life Insurance acquired an interest in RS Investment Management Co. LLC.

Peter Hubbard

is a co-portfolio manager of the ***Balanced Fund***. Mr. Hubbard is a portfolio manager for ETFs and indexed strategies at ICM. He has been associated with ICM and/or its affiliates since 2005. Prior to 2005, he was a research analyst at Ritchie Capital, a hedge fund operator.

Michael D. Hyman

is a co-portfolio manager of the ***Balanced Fund***. Mr. Hyman is Chief Investment Officer, Global Investment Grade & Emerging Markets for Invesco Fixed Income at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2013. Prior to 2013, he was with ING Investment Management and ING Institutional Markets for 12 years as the head of investment grade corporate credit. Prior to joining ING, Mr. Hyman was a director of capital markets for GE Capital and held trading and risk-management positions at various global banks. He entered the industry in 1991.

Michael Jeanette

is a co-portfolio manager of the ***Balanced Fund***. Mr. Jeanette is a portfolio manager for ETFs and indexed strategies at ICM. He has been associated with ICM and/or its affiliates since 2008. Prior to 2008, he

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held a management position with a trust advisory firm in the private sector. Prior to this, he managed the retail investment business for several US Bancorp (formerly First Bank System) locations in Minneapolis. He began his career as a financial adviser with Shearson Lehman Brothers and Morgan Stanley Smith Barney (formerly Smith Barney).

**Magnus Krantz**

is a co-portfolio manager of the ***Small Cap Opportunities Fund****.* Mr. Krantz is a portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2019. Prior to 2019, he was a Vice President of OppenheimerFunds, Inc. ("OFI") since May 2009 and a portfolio manager of OFI Global Institutional, Inc. since November 2012. He has served as sector manager for technology for OFI's Main Street Investment Team since May 2009. Prior to joining OFI, Mr. Krantz was a sector manager at RS Investments and Guardian Life Insurance Company. Mr. Krantz joined Guardian Life Insurance Company in December 2005 and transitioned to RS Investments in October 2006 in connection with Guardian Life Insurance Company's acquisition of an interest in RS Investments.

**Justin Leverenz, CFA**

is the lead portfolio manager of the ***Strategic Emerging Markets Fund****.* Mr. Leverenz is a portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2019. Prior to 2019, he was Director of Emerging Markets Equities of OppenheimerFunds, Inc. ("OFI") since January 2013. He has been a portfolio manager of OFI Global Institutional, Inc. and OFI since May 2007, a Senior Vice President of OFI since November 2009, and was a Vice President of OFI from July 2004 to October 2009. Mr. Leverenz was the Head of Research for Goldman Sachs in Taiwan and Director of Pan-Asian Technology Research from 2002 to 2004. He was an Analyst and Head of Equity Research for Barclays de Zoete Wedd from 1993 to 1995 and from 1997 to 2000, respectively. He was a Fund Manager at Martin Currie Investment Management from 1995 to 1997.

Duy Nguyen, CFA, CAIA

is a co-portfolio manager of the ***Balanced Fund***. Mr. Nguyen is Chief Investment Officer and a portfolio manager of the Invesco Investment Solutions team at Invesco Advisers, which provides customized multi-asset investment strategies for institutional and retail clients. He has been associated with Invesco Advisers and/or its affiliates since 2000. Prior to 2000, Mr. Nguyen served as assistant vice president and quantitative equity analyst for Van Kampen American Capital, as well as vice president and director of quantitative services of FactSet Research Systems, Inc.

**Benjamin Ram**

is a co-portfolio manager of the ***Main Street Fund****.* Mr. Ram is a portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2019. Prior to 2019, he was a portfolio manager of OFI Global Institutional, Inc. ("OFI Global") since May 2009. Prior to joining OFI Global, Mr. Ram was sector manager for financial investments and a co-portfolio manager for mid-cap portfolios with the RS Core Equity Team of RS Investment Management Co. LLC from October 2006 to May 2009. He served as Portfolio Manager Mid Cap Strategies, Sector Manager Financials at The Guardian Life Insurance Company of America from January 2006 to October 2006 when Guardian Life Insurance acquired an interest in RS Investment Management Co. LLC.

Todd Schomberg, CFA

is a co-portfolio manager of the ***Balanced Fund***. Mr. Schomberg is a portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2016. Prior to 2016, Mr. Schomberg was a portfolio manager and vice president for Voya Investment Management. Before joining Voya Investment Management, he was a senior fixed income analyst with Wells Capital Management.

Tony Seisser

is a co-portfolio manager of the ***Balanced Fund***. Mr. Seisser is an equity portfolio manager for ETFs and indexed strategies at ICM. He has been associated with ICM and/or its affiliates since 2013. Prior to 2013, he was employed by Guggenheim Funds Distributors, Inc. as a global ETF trader. Before that, he was a compliance investigator at the Chicago Board Options Exchange and CBOE Futures Exchange. Prior to that, Mr. Seisser had a career as a single-stock and ETF market maker on the floor of the Chicago Stock Exchange. He entered the industry in 1990.

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**Raman Vardharaj, CFA**

is a co-portfolio manager of the ***Small Cap Opportunities Fund****.* Mr. Vardharaj is a portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2019. Prior to 2019, he was a Vice President of OppenheimerFunds, Inc. ("OFI") and a portfolio manager of OFI Global Institutional, Inc. since May 2009. Prior to joining OFI, Mr. Vardharaj was sector manager and a senior quantitative analyst creating stock selection models, monitoring portfolio risks, and analyzing portfolio performance across the RS Core Equity Team of RS Investment Management Co. LLC from October 2006 to May 2009. He served as quantitative analyst at The Guardian Life Insurance Company of America from 1998 to October 2006 when Guardian Life Insurance acquired an interest in RS Investment Management Co. LLC.

**Adam Weiner**

is a co-portfolio manager of the ***Small Cap Opportunities Fund****.* Mr. Weiner is a co-lead portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2019. Prior to 2019, he was a Vice President of OppenheimerFunds, Inc. ("OFI") since May 2009 and a portfolio manager of OFI Global Institutional, Inc. since November 2012. He has served as sector manager for industrials and materials for OFI's Main Street Investment Team since May 2009. Prior to joining OFI, Mr. Weiner was a sector manager at RS Investments for industrials and materials. Prior to joining RS Investments in January 2007, Mr. Weiner was a Director and senior equity analyst at Credit Suisse Asset Management (CSAM).

**Matthew P. Ziehl, CFA**

is a co-portfolio manager of the ***Small Cap Opportunities Fund****.* Mr. Ziehl is a co-lead portfolio manager at Invesco Advisers. He has been associated with Invesco Advisers and/or its affiliates since 2019. Prior to 2019, he was a Vice President and senior portfolio manager of OppenheimerFunds, Inc. ("OFI") since May 2009. Prior to joining OFI, Mr. Ziehl was a portfolio manager with RS Investment Management Co. LLC from October 2006 to May 2009 and served as a managing director at The Guardian Life Insurance Company of America from December 2001 to October 2006 when Guardian Life Insurance acquired an interest in RS Investment Management Co. LLC.

**Thompson, Siegel & Walmsley LLC** ("TSW"), a Delaware limited liability company located at 6641 West Broad Street, Suite 600, Richmond, Virginia 23230, manages a portion of the portfolio of the ***International Equity Fund***. TSW is an indirect wholly-owned subsidiary of Perpetual Limited and a direct subsidiary of Pendal (USA) Inc. Since 1970, TSW has provided investment management services to corporations, pensions and profit-sharing plans, 401(k) and thrift plans, trusts, estates, and other institutions and individuals. As of September 30, 2022, TSW managed approximately $17.5 billion in assets.

**Brandon H. Harrell, CFA**

is a portfolio manager of a portion of the ***International Equity Fund***. Mr. Harrell has been a portfolio manager with TSW since he joined the firm in 1996.

**Wellington Management Company LLP** ("Wellington Management"), a Delaware limited liability partnership with principal offices located at 280 Congress Street, Boston, Massachusetts 02210, manages the investments of the ***Disciplined Value Fund*** and ***Disciplined Growth Fund***, and a portion of the portfolio of the ***International Equity Fund***. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership. As of September 30, 2022, Wellington Management and its investment advisory affiliates had investment management authority with respect to approximately $1,096.5 billion in assets.

**Peter C. Fisher**

has served as a portfolio manager of a portion of the ***International Equity Fund*** since 2020. Mr. Fisher is a Senior Managing Director and Equity Portfolio Manager of Wellington Management and joined the firm as an investment professional in 2005.

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**Matt J. Kyller, CFA**

has served as a portfolio manager of the ***Disciplined Value Fund*** and ***Disciplined Growth Fund*** since 2021. Mr. Kyller is a Managing Director and Research Manager of Wellington Management and joined the firm as an investment professional in 2015.

**Tom S. Simon, CFA, FRM**

has served as a portfolio manager of the ***Disciplined Value Fund*** and ***Disciplined Growth Fund*** since 2020. Mr. Simon is a Senior Managing Director and Portfolio Manager of Wellington Management and joined the firm as an investment professional in 2009.

The Funds' SAI provides additional information about each portfolio manager's compensation, other accounts managed by the portfolio managers, and each portfolio manager's ownership of securities in the relevant Fund.

MML Advisers has received exemptive relief from the Securities and Exchange Commission ("SEC") to permit it to change subadvisers or hire new subadvisers for a number of the series of the Trust from time to time without obtaining shareholder approval. (In the absence of that exemptive relief, shareholder approval might otherwise be required.) Several other mutual fund companies have received similar relief. MML Advisers believes having this authority is important, because it allows MML Advisers to remove and replace a subadviser in a quick, efficient, and cost-effective fashion when, for example, the subadviser's performance is inadequate or the subadviser no longer is able to meet a Trust series' investment objective and strategies. Pursuant to the exemptive relief, MML Advisers will provide to a Fund's shareholders, within 90 days of the hiring of a new subadviser, an information statement describing the new subadviser. MML Advisers will not rely on this authority for any Fund unless the Fund's shareholders have approved this arrangement. As of the date of this Prospectus, this exemptive relief is available to each Fund.

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About the Classes of Shares – I, R5, Service, Administrative, R4, A, R3, and Y Shares

#### Choosing a Share Class.
Each Fund (other than the U.S. Government Money Market Fund) offers eight classes of shares; however, for certain Funds, Class Y shares are not currently available for purchase. The U.S. Government Money Market Fund only offers Class R5 shares.

The only differences among the various classes are that (a) each class is subject to different expenses specific to that class, including any expenses under a Rule 12b-1 Plan and administrative and shareholder service expenses; (b) each class has a different class designation; (c) each class has exclusive voting rights with respect to matters solely affecting such class; and (d) each class has different exchange privileges. Not all of the classes of a Fund are available in every state.

Determining which share class is best for you depends on the dollar amount you are investing and the number of years for which you are willing to invest. Based on your personal situation, your financial intermediary can help you decide which class of shares makes the most sense for you. A financial intermediary is entitled to receive compensation for purchases made through the financial intermediary. The Funds, the transfer agent, and MML Distributors, LLC (the "Distributor") do not provide investment advice.

Investors may receive different levels of service in connection with investments in different classes of shares, and intermediaries may receive different levels of compensation in connection with selling different classes of shares. For additional information, call us toll free at 1-888-309-3539 or contact a sales representative or financial intermediary who offers the classes.

#### Fees and Expenses.
Different classes of shares are subject to different fees and expenses. A class's fees and expenses will affect the performance of that class.

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• **Administrative and Shareholder Services Fee:** Shares of all classes, *except Class I shares*, are subject to an administrative and shareholder services fee. This fee is described above under "Management of the Funds – Investment Adviser."

• **Servicing or Distribution Fees:** Class R4, Class A, and Class R3 shares are subject to servicing or distribution fees paid under a Rule 12b-1

Plan. These fees are described below in "Distribution Plan, Shareholder Servicing, and Payments to Intermediaries."

For actual past expenses of Class I, Class R5, Service Class, Administrative Class, Class R4, Class A, and Class R3 shares, see the "Financial Highlights" tables later in this Prospectus.

#### Purchasing Shares.
Different classes of shares are available to different investors and from different sources.

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• **Institutional Distribution Channels:** Class I, Class R5, Service Class, and Administrative Class shares are offered primarily to institutional investors through institutional distribution channels. These channels include employer-sponsored retirement plans or through broker-dealers, financial institutions, and insurance companies. Additionally, advisory or fee-based programs sponsored by a broker-dealer or financial institution, such as a bank or trust company, may, by agreement with the Distributor or MML Advisers, make available to its program participants one or more of the above share classes.

Class R4, Class A, Class R3, and Class Y shares are offered primarily through other distribution channels, such as broker-dealers or financial institutions.

Class I, Class A, and Class Y shares (and Class R5 shares of the U.S. Government Money Market Fund only) may be purchased by individual investors through a financial intermediary or through a product sponsored by a financial intermediary.

• **Investment Accounts and Plans:** Class I, Class R5, Service Class, Administrative Class, Class R4, Class A, and Class R3 shares are available for purchase by insurance company separate investment accounts, qualified plans under Section 401(a) of the Code, Code Section 403(b) plans, Code Section 457 plans, non-qualified deferred compensation plans, and other institutional investors.

• **Funds:** Class I, Class R5, and Service Class shares are available for purchase by mutual funds and collective trust funds.

• **Section 501(c)(9) Associations:** Class R5, Class R4, Class A, and Class R3 shares may be purchased by voluntary employees' beneficiary associations described in Code Section 501(c)(9).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **Individual Retirement Accounts:** Class A shares of any Fund, and Class R5 shares of the U.S. Government Money Market Fund, may be purchased by individual retirement accounts described in Code Section 408.

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• **Certain Shareholders Prior to October 31, 2004:** Shareholders of the *Core Bond Fund* who held shares of that Fund prior to October 31, 2004 may buy Class R5 shares of that Fund. Shareholders of the *Disciplined Growth Fund* or *Disciplined Value Fund* who held shares of those Funds prior to October 31, 2004 may purchase Service Class shares of such Funds. Shareholders of the *Small Cap Opportunities Fund* who held shares of that Fund prior to October 31, 2004 may purchase Class A shares of that Fund.

A plan or institutional investor will be permitted to purchase Class I, Class R5, Service Class, Administrative Class, Class R4, Class A, or Class R3 shares based upon the expected size (over time), servicing needs, or distribution or servicing costs for the plan or institutional investor as determined by the Distributor or a financial intermediary, as applicable.

A financial intermediary may, by agreement with the Distributor or MML Advisers, make available to its plan or institutional clients or its advisory or fee-based program participants shares of one class or a limited number of classes of the Funds. An investor should consult its financial intermediary for information (including expense

information) regarding the share class(es) the intermediary will make available for purchase by the investor.

#### Additional Information Regarding Class A and Class Y Shares.
Present and former officers, directors, trustees, and employees (and their eligible family members) of each Fund, MassMutual and its affiliates, and retirement plans established for the benefit of such individuals, are permitted to purchase Class A shares of each Fund.

Purchases of Class Y shares require an initial minimum investment of $100,000. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments for Class Y shares.

Class Y shares are sold at the NAV per share without a sales charge through financial intermediaries that have special agreements with MML Advisers or its affiliates or the Distributor for that purpose. A financial intermediary that buys Class Y shares for its customers' accounts may impose charges on those accounts. The procedures for buying, selling, exchanging, and transferring a Fund's other classes of shares (other than the time those orders must be received by the transfer agent) and some of the special account features available to investors buying other classes of shares do not apply to Class Y shares. Instructions for buying, selling, exchanging, or transferring Class Y shares must be submitted by a financial intermediary, not by its customers for whose benefit the shares are held.

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Sales Charges by Class

#### Initial Sales Charges
Class A shares are sold at their offering price, which is normally NAV plus an initial sales charge. However, in some cases, as described below, purchases are not subject to an initial sales charge, and the offering price will be the NAV. In other cases, reduced sales charges may be available, as described below. Out of the amount you invest, the Fund receives the NAV to invest for your account.

The sales charge varies depending on the amount of your purchase. A portion of the sales charge may be retained by the Distributor or allocated to your dealer as a concession. The Distributor reserves the right to reallow the entire sales charge as a concession to dealers. The current sales charge rates and concessions paid to dealers and brokers are as follows:

**Front-End Sales Charge (As a Percentage of Offering Price)/ Front-End Sales Charge (As a Percentage of Net Amount Invested)/ Concession (As a Percentage of Offering Price) for Different Purchase Amounts:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Price <br>Breakpoints** | **General <br>Equity**  | **General <br>Equity**  | **General <br>Taxable <br>Bond**  | **General <br>Taxable <br>Bond**  | **Shorter-<br>Term <br>Bond**  | **Shorter-<br>Term <br>Bond**  |
| Less than $25,000 | 5.50 | %/ | 4.25 | %/ | 2.50 | %/ |
|  | 5.82 | %/ | 4.44 | %/ | 2.56 | %/ |
|  | 4.50 | % | 3.50 | % | 2.00 | % |
| $25000 – $49999 | 5.25 | %/ | 4.25 | %/ | 2.25 | %/ |
|  | 5.54 | %/ | 4.44 | %/ | 2.30 | %/ |
|  | 4.25 | % | 3.50 | % | 1.75 | % |
| $50000 – $99999 | 4.50 | %/ | 4.00 | %/ | 2.00 | %/ |
|  | 4.71 | %/ | 4.17 | %/ | 2.04 | %/ |
|  | 3.50 | % | 3.25 | % | 1.50 | % |
| $100000 – $249999 | 3.50 | %/ | 3.00 | %/ | 1.75 | %/ |
|  | 3.63 | %/ | 3.09 | %/ | 1.78 | %/ |
|  | 2.50 | % | 2.25 | % | 1.25 | % |
| $250000 – $499999 | 2.25 | %/ | 1.75 | %/ | 1.25 | %/ |
|  | 2.30 | %/ | 1.78 | %/ | 1.27 | %/ |
|  | 1.75 | % | 1.50 | % | 0.75 | % |
| $500000 – $999999 | 1.75 | %/ | 1.00 | %/ | 0.75 | %/ |
|  | 1.78 | %/ | 1.01 | %/ | 0.76 | %/ |
|  | 1.10 | % | 0.75 | % | 0.50 | % |
| $1,000,000 or more |  | / |  | / |  | / |
|  |  | / |  | / |  | / |
|  | 0.75 | % | 0.50 | % | 0.50 | % |

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A reduced sales charge may be obtained for Class A shares under the Funds' "Rights of Accumulation" because of the economies of sales efforts and

reduction in expenses realized by the Distributor, dealers, and brokers making such sales.

To qualify for the lower sales charge rates that apply to larger purchases of Class A shares, you can add together:

• Current purchases of Class A shares of more than one Fund subject to an initial sales charge to reduce the sales charge rate that applies to current purchases of Class A shares; and

• Class A shares of Funds you previously purchased subject to an initial or contingent deferred sales charge to reduce the sales charge rate for current purchases of Class A shares, provided that you still hold your investment in the previously purchased Funds.

The Distributor will add the value, at current offering price, of the Class A shares you previously purchased and currently own to the value of current purchases to determine the sales charge rate that applies. The reduced sales charge will apply only to current purchases. You must request the reduced sales charge when you buy Class A shares and inform your broker-dealer or other financial intermediary of Class A shares of any other Funds that you own. Information regarding reduced sales charges can be found on the MassMutual website at https://www.massmutual.com/funds.

#### Contingent Deferred Sales Charges
There is no initial sales charge on purchases of Class A shares of any one or more of the Funds aggregating $1 million or more. The Distributor pays dealers of record concessions in an amount equal to 0.75%, or 0.50% of purchases of $1 million or more, as shown in the above table. The concession will not be paid on purchases of shares by exchange or that were previously subject to a front-end sales charge and dealer concession.

If you redeem any of those shares within a holding period of 18 months from the date of their purchase, a contingent deferred sales charge of 1.00% will be deducted from the redemption proceeds (unless you are eligible for a waiver of that sales charge based on the categories listed below and you advise the transfer agent or another intermediary of your eligibility for the waiver when you place your redemption request).

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All contingent deferred sales charges will be based on the lesser of the NAV of the redeemed shares at the time of redemption or the original NAV. A contingent deferred sales charge is not imposed on:

• the amount of your account value represented by an increase in NAV over the initial purchase price,

• shares purchased by the reinvestment of dividends or capital gains distributions, or

• shares redeemed in the special circumstances described below.

To determine whether a contingent deferred sales charge applies to a redemption, the Fund redeems shares in the following order:

1. shares acquired by reinvestment of dividends and capital gains distributions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. shares held the longest.

Contingent deferred sales charges are not charged when you exchange shares of the Fund for shares of any other Fund. However, if you exchange them within the applicable contingent deferred sales charge holding period, the holding period will carry over to the Fund whose shares you acquire. Similarly, if you acquire shares of a Fund by exchanging shares of another Fund that are still subject to a contingent deferred sales charge holding period, that holding period will carry over to the acquired Fund.

Sales Charge Waivers by Class

#### Waivers of Class A Initial Sales Charges
The Class A sales charges will be waived for shares purchased in the following types of transactions:

• Purchases into insurance company separate investment accounts.

• Purchases into retirement plans or other employee benefit plans.

• Purchases of Class A shares aggregating $1 million or more of any one or more of the Funds.

• Purchases into accounts for which the broker-dealer of record has entered into a special agreement with the Distributor allowing this waiver.

• Purchases into accounts for which no sales concession is paid to any broker-dealer or other financial intermediary at the time of sale.

• Shares sold to MassMutual or its affiliates.

• Shares sold to registered management investment companies or separate accounts of insurance companies having an agreement with MassMutual, MML Advisers, or the Distributor for that purpose.

• Shares issued in plans of reorganization to which the Fund is a party.

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• Shares sold to present or former officers, directors, trustees, or employees (and their

"immediate families<sup>(1)</sup>") of the Fund, MassMutual, and its affiliates.

• Shares sold to a portfolio manager of the Fund.

• Class A shares of the Small Cap Opportunities Fund sold to shareholders of the Small Cap Opportunities Fund who held shares of that Fund prior to October 31, 2004.

#### Waivers of Class A Contingent Deferred Sales Charges
The Class A contingent deferred sales charges will not be applied to shares purchased in certain types of transactions or redeemed in certain circumstances described below.

A. Waivers for Redemptions in Certain Cases.

The Class A contingent deferred sales charges will be waived for redemptions of shares in the following cases:

• Redemptions from insurance company separate investment accounts.

• Redemptions from retirement plans or other employee benefit plans.

(1) *The term "immediate family" refers to one's spouse, children, grandchildren, grandparents, parents, parents-in-law, brothers and sisters, sons- and daughters-in-law, a sibling's spouse, a spouse's siblings, aunts, uncles, nieces, and nephews; relatives by virtue of a remarriage (step-children, step-parents, etc.) are included.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Redemptions from accounts other than retirement plans following the death or disability of the last surviving shareholder, including a trustee of a grantor trust or revocable living trust for which the trustee is also the sole beneficiary. The death or disability must have occurred after the account was established, and for disability you must provide evidence of a determination of disability by the Social Security Administration.

• Redemptions from accounts for which the broker-dealer of record has entered into a special agreement with the Distributor allowing this waiver.

• Redemptions from accounts for which no sales concession was paid to any broker-dealer or other financial intermediary at the time of sale.

• Redemptions of Class A shares under an automatic withdrawal plan from an account other than a retirement plan if the aggregate value of the redeemed shares does not exceed 10% of the account's value annually.

• In the case of an IRA, to make distributions required under a divorce or separation agreement described in Section 71(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Redemptions of Class A shares of the Small Cap Opportunities Fund by shareholders of the Small Cap Opportunities Fund who held shares of that Fund prior to October 31, 2004.

B. Waivers for Shares Sold or Issued in Certain Transactions.

The contingent deferred sales charge is also waived on Class A shares sold or issued in the following cases:

• Shares sold to MassMutual or its affiliates.

• Shares sold to registered management investment companies or separate accounts of insurance companies having an agreement with MassMutual, MML Advisers, or the Distributor for that purpose.

• Shares issued in plans of reorganization to which the Fund is a party.

• Shares sold to present or former officers, directors, trustees, or employees (and their "immediate families<sup>(1)</sup>") of the Fund, MassMutual, and its affiliates.

• Shares sold to a present or former portfolio manager of the Fund.

Distribution Plan, Shareholder Servicing, and Payments to Intermediaries

Shares of all classes of the Funds, other than Class A shares, are sold without a front-end sales charge, and none of the Funds' shares are subject to a deferred sales charge. Class A shares are sold at NAV per share plus an initial sales charge.

#### Rule 12b-1 fees.
The Funds have adopted a Rule 12b-1 Plan (the "Plan"). Under the Plan, a Fund may make payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Class R4 shares and Class A shares, and up to 0.50% of the average daily net assets attributable to its Class R3 shares. The Plan is a compensation plan, under which the Funds make payments to the Distributor for the services it provides and for the expenses it bears in connection with the distribution of Class R4, Class A, and Class R3 shares, and for the servicing of Class R4, Class A, and Class R3 shareholders. Because Rule 12b-1 fees are paid out of the Funds' Class R4, Class A, and Class R3 assets on an ongoing basis, they will increase the cost of your investment and may cost you more than paying other types of sales

loads. All Class R4, Class A, and Class R3 shareholders share in the expense of Rule 12b-1 fees paid by those classes. A Fund may pay distribution fees and other amounts described in this Prospectus at a time when shares of that Fund are unavailable for purchase.

#### Shareholder servicing payments.
MML Advisers pays all or a portion of the administrative and shareholder services fee it receives from each Fund, as described above under "Management of the Funds – Investment Adviser," to intermediaries as compensation for, or reimbursement of expenses relating to, services provided to shareholders of the Funds.

#### Payments to intermediaries.
The Distributor and MML Advisers may make payments to financial intermediaries for distribution and/or shareholder services provided by them. Financial intermediaries are firms that, for compensation, sell shares of mutual funds, including the Funds, and/or provide certain administrative and account maintenance services

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to mutual fund shareholders. Financial intermediaries may include, among others, brokers, financial planners or advisers, banks, and insurance companies. In some cases, a financial intermediary may hold its clients' Fund shares in nominee or street name. Shareholder services provided by a financial intermediary may (though they will not necessarily) include, among other things: processing and mailing trade confirmations, periodic statements, prospectuses, annual reports, semiannual reports, shareholder notices, and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations.

The Distributor and MML Advisers may retain a portion of the Rule 12b-1 payments and/or shareholder servicing payments received by them, or they may pay the full amount to intermediaries. Rule 12b-1 fees may be paid to financial intermediaries in advance for the first year after Class R4, Class A, and Class R3 shares are sold. After the first year, those fees will be paid on a quarterly basis.

The compensation paid to a financial intermediary is typically paid continually over time, during the period when the intermediary's clients hold investments in the Funds. The amount of continuing compensation paid to different financial intermediaries for distribution and/or shareholder services varies. The compensation is typically a percentage of the value of the financial intermediary's clients' investments in the Funds or a per account fee. The variation in compensation may, but will not necessarily, reflect enhanced or additional services provided by the intermediary.

#### Additional information.
The Distributor may directly, or through an affiliate, pay a sales concession of up to 1.00% of the purchase price of Service Class, Administrative Class, Class R4, Class A, Class R3, and Class Y shares to broker-dealers or other financial intermediaries at the time of sale. However, the total amount paid to broker-dealers or other

financial intermediaries at the time of sale, including any advance of Rule 12b-1 service fees or shareholder services fees, may not be more than 1.00% of the purchase price.

In addition to the various payments described above, MML Advisers in its discretion may directly, or through an affiliate, pay up to 0.35% of the amount invested to intermediaries who provide services on behalf of shareholders of the Funds. This compensation is paid by MML Advisers from its own assets. The payments will be based on criteria established by MML Advisers and will be paid quarterly, in arrears.

MassMutual, the parent company of MML Advisers, pays to an affiliate of Empower Retirement, LLC ("Empower") an amount equal to the profit realized by MML Advisers with respect to shares beneficially owned by retirement plans through recordkeeping platforms maintained by Empower or an affiliate.

The Distributor, MML Advisers, or MassMutual may also directly, or through an affiliate, make payments, out of its own assets, to intermediaries, including broker-dealers, insurance agents, and other service providers, that relate to the sale of shares of the Funds or certain of MassMutual's variable annuity contracts for which the Funds are underlying investment options. This compensation may take the form of:

• Payments to administrative service providers that provide enrollment, recordkeeping, and other services to pension plans;

• Cash and non-cash benefits, such as bonuses and allowances or prizes and awards, for certain broker-dealers, administrative service providers, and MassMutual insurance agents;

• Payments to intermediaries for, among other things, training of sales personnel, conference support, marketing, or other services provided to promote awareness of MassMutual's products;

• Payments to broker-dealers and other intermediaries that enter into agreements providing the Distributor with access to representatives of those firms or with other marketing or administrative services; and

• Payments under agreements with MassMutual not directly related to the sale of specific

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variable annuity contracts or the Funds, such as educational seminars and training or pricing services.

In some instances, compensation may be made available only to certain financial intermediaries whose representatives have sold or are expected to sell significant amounts of shares. Dealers may not use sales of the Funds' shares to qualify for this compensation to the extent prohibited by the laws or rules of any state or any self-regulatory agency, such as the Financial Industry Regulatory Authority.

These compensation arrangements are not offered to all intermediaries and the terms of the arrangements may differ among intermediaries.

These arrangements may provide an intermediary with an incentive to recommend one mutual fund over another, one share class over another, or one insurance or annuity contract over another. You may want to take these compensation arrangements into account when evaluating any recommendations regarding the Funds or any contract using the Funds as investment options. You may contact your intermediary to find out more information about the compensation they may receive in connection with your investment.

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Buying, Redeeming, and Exchanging Shares

The Funds sell their shares at a price equal to their NAV plus any initial sales charge that applies (see "Determining Net Asset Value" below). The Funds have authorized one or more broker-dealers or other intermediaries to receive purchase orders on their behalf. Such broker-dealers or other intermediaries may themselves designate other intermediaries to receive purchase orders on the Funds' behalf. Your purchase order will be priced at the next NAV calculated after your order is received in good order by the transfer agent, MML Advisers, such a broker-dealer, or another intermediary authorized for this purpose. If you purchase shares through a broker-dealer or other intermediary, then, in order for your purchase to be based on a Fund's next determined NAV, the broker-dealer or other intermediary must receive your request before the close of regular trading on the New York Stock Exchange ("NYSE") (normally, 4:00 p.m. Eastern time), and the broker-dealer or other intermediary must subsequently communicate the request properly to the Funds. Shares purchased through a broker-dealer or other intermediary may be subject to transaction and/or other fees. The Funds will suspend selling their shares during any period when the determination of NAV is suspended. The Funds can reject any purchase order and can suspend purchases if they believe it is in their best interest.

The Funds have authorized one or more broker-dealers or other intermediaries to receive redemption requests on their behalf. Such broker-dealers or other intermediaries may themselves designate other intermediaries to receive redemption requests on the Funds' behalf. The Funds redeem their shares at their next NAV computed after your redemption request is received by the transfer agent, MML Advisers, such a broker-dealer, or another intermediary. If you redeem shares through a broker-dealer or other intermediary, then, in order for your redemption price to be based on a Fund's next determined NAV, the broker-dealer or other intermediary must receive your request before the close of regular trading on the NYSE, and the broker-dealer or other intermediary must subsequently communicate the request properly to the Funds. Shares redeemed through a broker-dealer or other intermediary may be subject to transaction and/or other fees. You will usually receive payment for

your shares within seven days after your redemption request is received in good order. If, however, you request redemption of shares recently purchased by check, you may not receive payment until the check has been collected, which may take up to 15 days from time of purchase. Under unusual circumstances, the Funds can also suspend or postpone payment, when permitted by applicable law and regulations. The Funds' transfer agent may temporarily delay for more than seven days the disbursement of redemption proceeds from the Fund account of a "Specified Adult" (as defined in Financial Industry Regulatory Authority Rule 2165) based on a reasonable belief that financial exploitation of the Specified Adult has occurred, is occurring, has been attempted, or will be attempted, subject to certain conditions. Under normal circumstances, each Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or selling portfolio assets to generate cash. Under stressed market conditions, a Fund may pay redemption proceeds using cash obtained through borrowing arrangements that may be available from time to time. To the extent consistent with applicable laws and regulations, the Funds reserve the right to satisfy all or a portion of a redemption request by distributing securities or other property in lieu of cash ("in-kind" redemptions), under both normal and stressed market conditions. Some Funds may be limited in their ability to use assets other than cash to meet redemption requests due to restrictions on ownership of their portfolio assets. The securities distributed in an in-kind redemption will be valued in the same manner as they are valued for purposes of computing the Fund's NAV. These securities are subject to market risk until they are sold and may increase or decrease in value prior to converting them into cash. You may incur brokerage and other transaction costs, and could incur a taxable gain or loss for income tax purposes when converting the securities to cash.

The USA PATRIOT Act may require a Fund, a financial intermediary, or its authorized designee to obtain certain personal information from you which will be used to verify your identity. If you do not provide the information, it may not be possible to open an account. If a Fund, a financial intermediary, or authorized designee is unable to

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verify your customer information, the Fund reserves the right to close your account or to take such other steps as it deems reasonable.

#### Risk of Substantial Redemptions.
If substantial numbers of shares in a Fund were to be redeemed at the same time or at approximately the same time, the Fund might be required to liquidate a significant portion of its investment portfolio quickly to meet the redemptions. A Fund might be forced to sell portfolio securities at prices or at times when it would otherwise not have sold them, resulting in a reduction in the Fund's NAV; in addition, a substantial reduction in the size of a Fund may make it difficult for the investment adviser or subadviser to execute its investment program successfully for the Fund for a period following the redemptions. Similarly, the prices of the portfolio securities of a Fund might be adversely affected if one or more other investment accounts managed by the investment adviser or subadviser in an investment style similar to that of the Fund were to experience substantial redemptions and those accounts were required to sell portfolio securities quickly or at an inopportune time.

#### Exchanges
Generally, you can exchange shares of one Fund for the same class of shares of another MassMutual Fund, *except in the case of the U.S. Government Money Market Fund, MassMutual Total Return Bond Fund, and MM S&P 500*<sup>®</sup> *Index Fund and, with respect to certain series of the Trust, in those cases when exchanges are not permitted*, as described in the applicable Prospectus under **"Placing Transaction Orders—For Shareholders holding shares of the Trust prior to November 1, 2004."** Any share class of another series may be exchanged for Class R5 shares of the U.S. Government Money Market Fund. If Class R5 shares of the U.S. Government Money Market Fund are exchanged for Class A shares of another series, any sales charge applicable to those Class A shares will typically apply. For individual retirement accounts described in Code Section 408, Class R5 shares of the U.S. Government Money Market Fund may only be exchanged for Class A shares of another series (in which case any sales charge applicable to those Class A shares will typically apply), Class R4 shares of the MassMutual Total Return Bond Fund and MM S&P 500 Index Fund may only be exchanged for

Class A shares of another series (in which case any sales charge applicable to those Class A shares will typically apply), and Class A shares of any other series may only be exchanged for Class R4 shares of the MassMutual Total Return Bond Fund and MM S&P 500 Index Fund. An exchange is treated as a sale of shares in one series and a purchase of shares in another series at the NAV next determined after the exchange request is received and accepted by the transfer agent, MML Advisers, a broker-dealer, or another intermediary authorized for this purpose. You can only exchange into shares of another series if you meet any qualification requirements of the series into which you seek to exchange (for example, shares of some series are not available to purchasers through certain investment channels, and some may be available only to certain types of shareholders). In addition, in limited circumstances, such as those described above, for certain series the share class available for exchange may not be the same share class as the series from which you are exchanging. Exchange requests involving a purchase into any series (except the U.S. Government Money Market Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, MassMutual Short-Duration Bond Fund, MassMutual High Yield Fund, MassMutual Strategic Bond Fund, MassMutual Global Floating Rate Fund, MassMutual Global Credit Income Opportunities Fund, and MassMutual Emerging Markets Debt Blended Total Return Fund), however, will not be accepted if you have already made a purchase followed by a redemption involving the same series within the last 60 days. This restriction does not apply to rebalancing trades executed by any of the MassMutual RetireSMART<sup>SM</sup> by JPMorgan Funds, MassMutual Select T. Rowe Price Retirement Funds, and MassMutual Target Allocation Funds. This restriction also does not apply to exchanges made pursuant to certain asset allocation programs, systematic exchange programs, and dividend exchange programs. If you place an order to exchange shares of one series for another through a broker-dealer or other intermediary then, in order for your exchange to be effected based on the series' next determined NAVs, the broker-dealer or other intermediary must receive your request before the close of regular trading on the NYSE, and the broker-dealer or other intermediary must subsequently communicate the request properly to the MassMutual Funds.

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Your right to exchange shares is subject to applicable regulatory requirements or contractual obligations. The Funds may limit, restrict, or refuse exchange purchases, if, in the opinion of MML Advisers:

• you have engaged in excessive trading;

• a Fund receives or expects simultaneous orders affecting significant portions of the Fund's assets;

• a pattern of exchanges occurs which coincides with a market timing strategy; or

• the Fund would be unable to invest the funds effectively based on its investment objectives and policies or if the Fund would be adversely affected.

The Funds reserve the right to modify or terminate the exchange privilege as described above on 60 days written notice.

The Funds do not accept purchase, redemption, or exchange orders or compute their NAVs on days when the NYSE is closed. This includes: weekends, Good Friday, and all federal holidays other than Columbus Day and Veterans Day. Certain foreign markets may be open on days when the Funds do not accept orders or price their shares. As a result, the NAV of a Fund's shares may change on days when you will not be able to buy or sell shares.

#### For Shareholders holding shares of the Trust prior to November 1, 2004
With respect to shares received on November 1, 2004 by former DLB Fund Group investors, transaction orders are limited to purchases and redemptions. These shares may not be exchanged for shares of another Fund of the Trust.

#### Transaction Orders by Telephone and in Writing
In general, you may purchase, exchange, or sell (redeem) shares on any business day through your financial intermediary or by contacting the transfer agent in writing or by telephone, as described below.

#### Transaction Orders by Telephone
Transaction orders placed by telephone will only be accepted if an *Application for Telephone Trading Privileges* has been completed and returned to

State Street Bank and Trust Company ("State Street"), the Funds' transfer agent. You may obtain an *Application for Telephone Trading Privileges* by contacting Shareholder Servicing at 1-877-766-0014. Persons electing to place transaction orders by telephone are able to do so through the following dedicated telephone number: MassMutual Premier Funds Transaction Line, 1-800-860-2232.

#### Transaction Orders in Writing
If you do not want to utilize telephone privileges, you may place your shareholder trades by sending written instructions to State Street. Transaction orders placed in writing should be addressed to *State Street Bank and Trust Company, Attn: Transfer Agency Operations, Box 5493, Boston, MA 02206* and should include the following information:

• A letter of instruction signed by an authorized signer of the account detailing the fund name, account number, and trade details; including the trade type (purchase or redemption), and the dollar or share amount. The trade will be processed upon receiving the request in good order.

• The signature on the letter of instructions must be guaranteed by an acceptable financial institution (such as a bank, broker, or savings and loan association) as defined under Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended. If your financial institution belongs to one of the medallion guarantee programs, it must use the actual "Medallion Guaranteed" stamp.

• If applicable, a corporate resolution which states that the extract of the by-laws is true and complete and is in full force and effect.

• The resolution must be signed by the secretary. It must have a corporate seal or state that no seal exists. If there is no seal, the corporate resolution must be signed by an authorized signer with a medallion guaranteed stamp and must be dated within sixty (60) days of presentment to State Street.

#### How to Invest
Outlined below are various methods for buying shares of the Funds:

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| | |
|:---|:---|
| **Method**  | **Instructions**  |
| Through your financial intermediary | Your financial intermediary can help you establish your account and buy shares on your behalf. To receive the current trading day's price, your financial intermediary must receive your request in good order prior to the close of regular trading on the New York Stock Exchange, usually 4:00 p.m., Eastern time. Your financial intermediary may charge you fees for executing the purchase for you. |
| By exchange | You or your financial intermediary may acquire shares of a Fund for your account by exchanging shares you own in certain other funds advised by MML Advisers for shares of the same class of a Fund, subject to the conditions described in "Exchanges" above. In addition, you or your financial intermediary may exchange shares of a class of a Fund you own for shares of a different class of the same Fund, subject to the conditions described in "Exchanges." To exchange, send written instructions to the applicable Fund, at the address noted below<sup>(1)</sup> or call 1-800-860-2232. |
| By wire | You may purchase shares of a Fund by wiring money from your bank account to your Fund account. Prior to sending wire transfers, please contact Shareholder Services at 1-800-860-2232 for specific wiring instructions and to facilitate prompt and accurate credit upon receipt of your wire. <br> To receive the current trading day's price, your wire, along with a valid account number, must be received in your Fund account prior to the close of regular trading on the New York Stock Exchange, usually 4:00 p.m., Eastern time.<br> If your initial purchase of shares is by wire, you must first complete a new account application and promptly mail it to MassMutual Premier Funds – (Fund Name), at the address noted below.<sup>(1)</sup> After completing a new account application, please call 1-800-860-2232 to obtain your account number. Please include your account number on the wire. |
| By check | To purchase shares of a Fund by check, make your check payable to 'MassMutual Premier Funds'. Your checks should include the fund name which you would like to purchase along with your account number (if previously established). Your request should be mailed to the address listed below.<sup>(1)</sup> The Funds will accept purchases only in U.S. dollars drawn from U.S. financial institutions. Cashier's checks, third party checks, money orders, credit card convenience checks, cash or equivalents, or payments in foreign currencies are not acceptable forms of payment. |

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(1) Regular Mail: State Street Bank and Trust Company, Attn: MassMutual Transfer Agency, Mail Code JAB0321, Box 5493, Boston, MA 02206

Overnight Mail: State Street Bank and Trust Company, Attn: MassMutual Transfer Agency, Mail Code JAB0321, 1776 Heritage Drive, No. Quincy, MA 02171

Cost Basis Reporting

In the case of individuals holding shares in a Fund (other than the U.S. Government Money Market Fund) directly, upon the redemption or exchange of shares in a Fund, the Fund or, if a shareholder purchased shares through a financial intermediary, the financial intermediary generally will be required to provide the shareholder and the Internal Revenue Service ("IRS") with cost basis and certain other related tax information about the

Fund shares redeemed or exchanged. Please contact the Funds by calling 1-888-309-3539 or consult your financial intermediary, as appropriate, for more information regarding available methods for cost basis reporting and how to select or change a particular method.

Please consult your tax adviser to determine which available cost basis method is best for you.

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Frequent Trading Policies

Purchases and exchanges of shares of the Funds should be made for investment purposes only. The Funds discourage, and do not accommodate, excessive trading and/or market timing activity. Excessive trading and/or market timing activity involving the Funds can disrupt the management of the Funds. These disruptions, in turn, can result in increased expenses and can have an adverse effect on Fund performance.

The Trustees, on behalf of the Funds, have approved the policies and procedures adopted by MML Advisers to help identify those individuals or entities MML Advisers determines may be engaging in excessive trading and/or market timing activities. MML Advisers monitors trading activity to uniformly enforce its procedures. However, those who engage in such activities may employ a variety of techniques to avoid detection. Therefore, despite MML Advisers' efforts to prevent excessive trading and/or market timing trading activities, there can be no assurance that MML Advisers will be able to identify all those who trade excessively or employ a market timing strategy and curtail their trading in every instance.

The monitoring process involves scrutinizing transactions in fund shares that exceed certain monetary thresholds or numerical limits within a specified period of time. Trading activity identified by either, or a combination, of these factors, or as a result of any other information actually available at the time, will be evaluated to determine whether such activity might constitute excessive trading and/or market timing activity. When trading activity is determined by a Fund or MML Advisers, in their sole discretion, to be excessive in nature, certain account-related privileges, such as the ability to place purchase, redemption, and exchange orders over the internet, may be suspended for such account.

*Omnibus Account Limitations*. Omnibus accounts, in which shares are held in the name of an intermediary on behalf of multiple investors, are a common form of holding shares among retirement plans and other financial intermediaries such as broker-dealers, advisers, and third-party administrators. Not all omnibus accounts apply

the policies and procedures adopted by the Funds and MML Advisers. Some omnibus accounts may have different or less restrictive policies and procedures regarding frequent trading, or no trading restrictions at all. If you hold your Fund shares through an omnibus account, that financial intermediary may impose its own restrictions or limitations to discourage excessive trading and/or market timing activity. You should consult your financial intermediary to find out what trading restrictions, including limitations on exchanges, may apply. The Funds' ability to identify and deter excessive trading and/or market timing activities through omnibus accounts is limited, and the Funds' success in accomplishing the objectives of the policies concerning frequent trading of Fund shares in this context depends significantly upon the cooperation of the financial intermediaries. Because the Funds receive these orders on an aggregated basis and because the omnibus accounts may trade with numerous fund families with differing frequent trading policies, the Funds are limited in their ability to identify or deter those individuals or entities that may be engaging in excessive trading and/or market timing activities. While the Funds and MML Advisers encourage those financial intermediaries to apply the Funds' policies to their customers who invest indirectly in the Funds, the Funds and MML Advisers may need to rely on those intermediaries to monitor trading in good faith in accordance with its or the Funds' policies, since individual trades in omnibus accounts are often not disclosed to the Funds. While the Funds will generally monitor trading activity at the omnibus account level to attempt to identify excessive trading and/or market timing activity, reliance on intermediaries increases the risk that excessive trading and/or market timing activity may go undetected. If evidence of possible excessive trading and/or market timing activity is observed by the Funds, the financial intermediary that is the registered owner will be asked to review the account activity, and to confirm to the Funds that appropriate action has been taken to limit any excessive trading and/or market timing activity.

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Determining Net Asset Value

The NAV of each Fund's shares is determined once daily as of the close of regular trading on the NYSE, on each Business Day. A "Business Day" is every day the NYSE is open. The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the Business Day will be considered to end as of the time of the NYSE's scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Advisers will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. The NYSE currently is not open for trading on New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Each Fund calculates the NAV of each of its classes of shares by dividing the total value of the assets attributable to that class, less the liabilities attributable to that class, by the number of shares of that class that are outstanding. On holidays and other days when the NYSE is closed, each Fund's NAV generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open. It is the intention of the U.S. Government Money Market Fund to maintain a stable NAV per share of $1.00, although this cannot be assured.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of OTC securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national

securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the U.S. Government Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The U.S. Government Money Market Fund's debt securities are typically valued at amortized cost, but may be valued using a vendor quote if MML Advisers determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. Shares of other open-end mutual funds are valued at their closing NAVs as reported on each Business Day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield

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based on the unique attributes of the tranche including, but not limited to, prepayment speed assumptions and attributes of the collateral.

The Trustees have designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the

Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next Business Day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their NAVs. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each Business Day.

The Funds' valuation methods are also described in the SAI.

Taxation and Distributions

Each Fund intends to qualify each year for treatment as a regulated investment company under Subchapter M of the Code. As a regulated investment company, a Fund will not be subject to U.S. federal income taxes on its ordinary income and net realized capital gains that are distributed in a timely manner to its shareholders. A Fund's failure to qualify as a regulated investment company would result in corporate level taxation, and consequently, a reduction in income available for distribution to shareholders. In addition, a Fund that fails to distribute at least 98% of its ordinary income for a calendar year and 98.2% of its capital gain net income recognized during the one-year period ending October 31 plus any retained amount from the prior year generally will be subject to a non-deductible 4% excise tax on the undistributed amount.

Certain investors, including most tax-advantaged plan investors, may be eligible for preferential U.S. federal income tax treatment on distributions received from a Fund and dispositions of Fund shares. This Prospectus does not attempt to

describe such preferential tax treatment. Any prospective investor that is a trust or other entity eligible for special tax treatment under the Code that is considering purchasing shares of a Fund, including either directly or in connection with a life insurance company separate investment account, should consult its tax advisers about the U.S. federal, state, local, and foreign tax consequences particular to it, as should persons considering whether to have amounts held for their benefit by such trusts or other entities in shares of a Fund.

Investors are generally subject to U.S. federal income taxes on distributions received in respect of their shares. Distributions are taxed to investors in the manner described herein whether distributed in cash or additional shares of the Fund. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than by how long the shareholder held the shares. Distributions of a Fund's ordinary income and short-term capital gains (i.e., gains from capital assets held for one year or less) are taxable to a

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shareholder as ordinary income. Certain dividends may be eligible for the dividends-received deduction for corporate shareholders to the extent they are reported as such. Dividends properly reported as capital gain dividends (relating to gains from the sale of capital assets held by a Fund for more than one year) are taxable in the hands of an investor as long-term capital gain includible in net capital gain and taxed to individuals at reduced rates. Distributions of investment income reported by a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to long-term capital gain, provided that holding period and other requirements are met at both the shareholder and Fund level. Distributions from REITs generally do not qualify as qualified dividend income. Funds investing primarily in fixed income instruments generally do not expect a significant portion of their distributions to be derived from qualified dividend income.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts, and estates to the extent their income exceeds certain threshold amounts. For this purpose "net investment income" generally includes: (i) dividends paid by a Fund, including any capital gain dividends, and (ii) net capital gains recognized on the sale, redemption, exchange, or other taxable disposition of shares of a Fund. Shareholders are advised to consult their tax advisers regarding the possible implications of this additional tax on their investment in a Fund.

The nature of each Fund's distributions will be affected by its investment strategies. A Fund whose investment return consists largely of interest, dividends, and capital gains from short-term holdings will distribute largely ordinary income. A Fund whose return comes largely from the sale of long-term holdings will distribute largely capital gain dividends. Distributions are taxable to a shareholder even though they are paid from income or gains earned by a Fund prior to the shareholder's investment and thus were included in the price paid by the shareholder for his or her shares.

Each Fund intends to pay out as dividends substantially all of its net investment income (which comes from dividends and any interest it receives from its investments). Each Fund also intends to distribute substantially all of its net realized long- and short-term capital gains, if any, after

giving effect to any available capital loss carryforwards. For each Fund, distributions, if any, are declared and paid at least annually. Distributions may be taken either in cash or in additional shares of the respective Fund at the Fund's NAV on the first Business Day after the record date for the distribution, at the option of the shareholder. A shareholder that itself qualifies as a regulated investment company is permitted to report a portion of its distributions as "qualified dividend income," provided certain requirements are met.

The net income of the U.S. Government Money Market Fund, as defined below, is determined as of the normal close of trading on the NYSE on each day the Exchange is open. All the net income is declared as a dividend to shareholders of record as of that time. Dividends are distributed promptly after the end of each calendar month in additional shares of the U.S. Government Money Market Fund at the then current NAV, or in cash, at the option of the shareholder. For this purpose the net income of the U.S. Government Money Market Fund consists of all interest income accrued on its portfolio, plus realized gains and minus realized losses, and less all expenses and liabilities chargeable against income. Interest income includes discount earned (including both original issue and market discount) on paper purchased at a discount, less amortization of premium, accrued to the date of maturity. Expenses, including the compensation payable to MML Advisers, are accrued each day.

If the U.S. Government Money Market Fund incurs or anticipates any unusual expense, loss or depreciation that would adversely affect its NAV per share or income for a particular period, the Fund would consider whether to adhere to the dividend policy described above or to revise it in light of the then prevailing circumstances. For example, if the U.S. Government Money Market Fund's NAV per share were reduced, or were anticipated to be reduced, below $1.00, the Fund might suspend further dividend payments until the NAV returned to $1.00. Thus, such expenses, losses, or depreciation might result in an investor receiving no dividends for the period during which the shares were held and in receiving upon redemption a price per share lower than the purchase price.

Any gain resulting from an exchange or redemption of an investor's shares in a Fund will generally be subject to tax as long-term or short-term capital

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gain. A loss incurred with respect to the disposition of shares of a Fund held for six months or less will be treated as a long-term capital loss to the extent of long-term capital gains dividends received with respect to such shares.

A Fund's investments in foreign securities may be subject to foreign withholding or other taxes. In that case, the Fund's yield on those securities would be decreased. Shareholders of a Fund, other than a Fund that makes the election referred to below, generally will not be entitled to claim a credit or deduction with respect to such foreign taxes. If more than 50% of a Fund's assets at taxable year end consists of the securities of foreign corporations, the Fund may be able to elect to "pass through" to its shareholders foreign income taxes that it pays directly or, under certain circumstances, indirectly through its investments in ETFs or other investment companies that are regulated investment companies for U.S. federal income tax purposes. If any Fund makes this election, a shareholder of the Fund must include its share of those taxes in gross income as a distribution from the Fund and the shareholder will be allowed to claim a credit (or a deduction, if the shareholder itemizes deductions) for such amounts on its U.S. federal tax return subject to certain limitations. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by a Fund. A shareholder that itself qualifies for treatment as a regulated investment company and that qualifies as a "qualified fund of funds" may elect to pass through to its shareholders a tax credit or deduction passed through by a Fund.

In addition, a Fund's investments in foreign securities, fixed income securities, derivatives, or foreign currencies may increase or accelerate the

Fund's recognition of ordinary income and may affect the timing, amount, or character of the Fund's distributions.

Certain of a Fund's investments, including certain debt instruments, could cause the Fund to recognize taxable income in excess of the cash generated by such investments; a Fund could be required to sell other investments, including when not otherwise advantageous to do so, in order to make required distributions.

Distributions by a Fund to shareholders that are not "United States persons" within the meaning of the Code ("foreign persons") properly reported by the Fund as (i) capital gain dividends, (ii) "interest-related dividends" (i.e., U.S.-source interest income that, in general, would not be subject to U.S. federal income tax if earned directly by an individual foreign shareholder), and (iii) "short-term capital gain dividends" (i.e., net short-term capital gains in excess of net long-term capital losses), in each case to the extent such distributions were properly reported as such by the Fund generally are not subject to withholding of U.S. federal income tax. Distributions by a Fund to foreign persons other than capital gain dividends, interest-related dividends, and short-term capital gain dividends generally are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). Foreign persons should refer to the SAI for further information, and should consult their tax advisors as to the tax consequences to them of owning Fund shares.

The discussion above is very general. Shareholders should consult their tax advisers for more information about the effect that an investment in a Fund could have on their own tax situations, including possible U.S. federal, state, local, and foreign taxes. Also, as noted above, this discussion does not apply to Fund shares held through tax-advantaged retirement plans.

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***Financial Highlights***

The financial highlights tables are intended to help you understand the Funds' financial performance for the past 5 years (or shorter periods for newer Funds). Since Class Y shares commenced operations on February 1, 2023, financial highlights are not yet presented for this class. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, whose reports, along with each Fund's financial statements, are included in the Trust's Annual Report, and are incorporated by reference into the SAI, and are available upon request.

**MASSMUTUAL U.S. GOVERNMENT MONEY MARKET FUND**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c,j</sup>** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total<br> return<sup>l</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> before <br> expense <br> waivers**  | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets**  |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$1.00** | $0.00<sup>d</sup> | $0.00<sup>d</sup> | $(0.00)<sup>d</sup> | $— | $(0.00)<sup>d</sup> | **$1.00** | 0.44% | $205328 | 0.54% | 0.27% | 0.39% |
|  9/30/21 | **1.00** | (0.00)<sup>d</sup><br> 0.00<sup>d</sup> | 0.00<sup>d</sup> |  |  |  | **1.00** | 0.00%<sup>e</sup> | 235578 | 0.51% | 0.07% | 0.00%<sup>e</sup> |
|  9/30/20 | **1.00** | 0.01<br> 0.00<sup>d</sup> | 0.01 | (0.01) |  | (0.01) | **1.00** | 0.56% | 277991 | 0.51% | 0.40% | 0.59% |
|  9/30/19 | **1.00** | 0.02<br> 0.00<sup>d</sup> | 0.02 | (0.02) | (0.00)<sup>d</sup> | (0.02) | **1.00** | 1.85% | 333574 | 0.52% | N/A | 1.83% |
|  9/30/18 | **1.00** | 0.01<br> 0.00<sup>d</sup> | 0.01 | (0.01) | (0.00)<sup>d</sup> | (0.01) | **1.00** | 1.08% | 339551 | 0.50% | N/A | 1.04% |

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*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

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| | |
|:---|:---|
| *e* | *Amount is less than 0.005%.*  |

---

*j* *Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

– 128 –

**MASSMUTUAL INFLATION-PROTECTED AND INCOME FUND**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c,j</sup>** | **Net <br> realized <br> and <br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> before <br> expense <br> waivers <br> (including <br> interest <br> expense)<sup>p</sup>**  | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers <br> (including <br> interest <br> expense)<sup>j,p</sup>**  | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers <br> (excluding <br> interest <br> expense)<sup>j</sup>**  | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets <br> (including <br> interest <br> expense)<sup>p</sup>**  |
|  **Class I** | **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.46** | $0.27 | $(1.57) | $(1.30) | $(0.20) | $(0.61) | $(0.81) | **$9.35** | (12.28%) | $169362 | 0.47% | N/A | N/A | 2.60% |
|  9/30/21 | **11.40** | 0.19 | 0.48 | 0.67 | (0.12) | (0.49) | (0.61) | **11.46** | 6.12% | 187579 | 0.47% | 0.47%<sup>n</sup> | 0.47%<sup>n</sup> | 1.73% |
|  9/30/20 | **10.59** | 0.20 | 0.83 | 1.03 | (0.22) |  | (0.22) | **11.40** | 9.93% | 176809 | 0.47% | 0.47%<sup>n</sup> | 0.47%<sup>n</sup> | 1.86% |
|  9/30/19 | **10.24** | 0.25 | 0.42 | 0.67 | (0.32) |  | (0.32) | **10.59** | 6.80% | 154260 | 0.50% | 0.49% | 0.46% | 2.40% |
|  9/30/18 | **10.46** | 0.34 | (0.26) | 0.08 | (0.30) |  | (0.30) | **10.24** | 0.74% | 133153 | 1.74% | 1.71% | 0.45% | 3.33% |
|  **Class R5** | **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.47** | $0.25 | $(1.57) | $(1.32) | $(0.19) | $(0.61) | $(0.80) | **$9.35** | (12.44%) | $66136 | 0.57% | N/A | N/A | 2.40% |
|  9/30/21 | **11.41** | 0.18 | 0.48 | 0.66 | (0.11) | (0.49) | (0.60) | **11.47** | 6.01% | 93318 | 0.57% | 0.57%<sup>n</sup> | 0.57%<sup>n</sup> | 1.63% |
|  9/30/20 | **10.59** | 0.19 | 0.84 | 1.03 | (0.21) |  | (0.21) | **11.41** | 9.92% | 86369 | 0.57% | 0.57%<sup>n</sup> | 0.57%<sup>n</sup> | 1.75% |
|  9/30/19 | **10.24** | 0.24 | 0.42 | 0.66 | (0.31) |  | (0.31) | **10.59** | 6.68% | 73365 | 0.60% | 0.59% | 0.56% | 2.30% |
|  9/30/18 | **10.46** | 0.34 | (0.27) | 0.07 | (0.29) |  | (0.29) | **10.24** | 0.63% | 60121 | 1.84% | 1.81% | 0.55% | 3.29% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.42** | $0.23 | $(1.55) | $(1.32) | $(0.18) | $(0.61) | $(0.79) | **$9.31** | (12.51%) | $31069 | 0.67% | N/A | N/A | 2.19% |
|  9/30/21 | **11.37** | 0.17 | 0.47 | 0.64 | (0.10) | (0.49) | (0.59) | **11.42** | 5.84% | 55836 | 0.67% | 0.67%<sup>n</sup> | 0.67%<sup>n</sup> | 1.53% |
|  9/30/20 | **10.55** | 0.18 | 0.84 | 1.02 | (0.20) |  | (0.20) | **11.37** | 9.82% | 54729 | 0.67% | 0.67%<sup>n</sup> | 0.67%<sup>n</sup> | 1.66% |
|  9/30/19 | **10.20** | 0.22 | 0.43 | 0.65 | (0.30) |  | (0.30) | **10.55** | 6.60% | 50873 | 0.71% | 0.70% | 0.67% | 2.17% |
|  9/30/18 | **10.42** | 0.32 | (0.27) | 0.05 | (0.27) |  | (0.27) | **10.20** | 0.51% | 50449 | 1.94% | 1.91% | 0.65% | 3.16% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.55** | $0.23 | $(1.58) | $(1.35) | $(0.16) | $(0.61) | $(0.77) | **$9.43** | (12.59%) | $7759 | 0.77% | N/A | N/A | 2.15% |
|  9/30/21 | **11.49** | 0.16 | 0.48 | 0.64 | (0.09) | (0.49) | (0.58) | **11.55** | 5.74% | 14073 | 0.77% | 0.77%<sup>n</sup> | 0.77%<sup>n</sup> | 1.42% |
|  9/30/20 | **10.66** | 0.17 | 0.85 | 1.02 | (0.19) |  | (0.19) | **11.49** | 9.70% | 15288 | 0.77% | 0.77%<sup>n</sup> | 0.77%<sup>n</sup> | 1.56% |
|  9/30/19 | **10.30** | 0.21 | 0.44 | 0.65 | (0.29) |  | (0.29) | **10.66** | 6.53% | 16168 | 0.80% | 0.79% | 0.76% | 2.03% |
|  9/30/18 | **10.53** | 0.31 | (0.28) | 0.03 | (0.26) |  | (0.26) | **10.30** | 0.31% | 14744 | 2.04% | 2.01% | 0.75% | 3.02% |
|  **Class R4** | **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.16** | $0.22 | $(1.54) | $(1.32) | $(0.15) | $(0.61) | $(0.76) | **$9.08** | (12.75%) | $4316 | 0.92% | N/A | N/A | 2.10% |
|  9/30/21 | **11.12** | 0.14 | 0.47 | 0.61 | (0.08) | (0.49) | (0.57) | **11.16** | 5.65% | 5234 | 0.92% | 0.92%<sup>n</sup> | 0.92%<sup>n</sup> | 1.31% |
|  9/30/20 | **10.33** | 0.15 | 0.82 | 0.97 | (0.18) |  | (0.18) | **11.12** | 9.51% | 4358 | 0.92% | 0.92%<sup>n</sup> | 0.92%<sup>n</sup> | 1.40% |
|  9/30/19 | **10.00** | 0.19 | 0.42 | 0.61 | (0.28) |  | (0.28) | **10.33** | 6.27% | 6949 | 0.96% | 0.95% | 0.92% | 1.95% |
|  9/30/18 | **10.22** | 0.29 | (0.26) | 0.03 | (0.25) |  | (0.25) | **10.00** | 0.31% | 6840 | 2.19% | 2.16% | 0.90% | 2.87% |
|  **Class A** | **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.23** | $0.20 | $(1.54) | $(1.34) | $(0.11) | $(0.61) | $(0.72) | **$9.17** | (12.81%) | $8860 | 1.02% | N/A | N/A | 1.94% |
|  9/30/21 | **11.19** | 0.12 | 0.48 | 0.60 | (0.07) | (0.49) | (0.56) | **11.23** | 5.54% | 13244 | 1.02% | 1.02%<sup>n</sup> | 1.02%<sup>n</sup> | 1.12% |
|  9/30/20 | **10.39** | 0.14 | 0.82 | 0.96 | (0.16) |  | (0.16) | **11.19** | 9.42% | 22018 | 1.02% | 1.02%<sup>n</sup> | 1.02%<sup>n</sup> | 1.30% |
|  9/30/19 | **10.05** | 0.18 | 0.42 | 0.60 | (0.26) |  | (0.26) | **10.39** | 6.16% | 16136 | 1.06% | 1.05% | 1.02% | 1.78% |
|  9/30/18 | **10.27** | 0.28 | (0.26) | 0.02 | (0.24) |  | (0.24) | **10.05** | 0.16% | 20582 | 2.29% | 2.26% | 1.00% | 2.80% |
|  **Class R3** | **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.17** | $0.19 | $(1.54) | $(1.35) | $(0.12) | $(0.61) | $(0.73) | **$9.09** | (12.98%) | $2414 | 1.17% | N/A | N/A | 1.89% |
|  9/30/21 | **11.12** | 0.11 | 0.47 | 0.58 | (0.04) | (0.49) | (0.53) | **11.17** | 5.40% | 2940 | 1.17% | 1.17%<sup>n</sup> | 1.17%<sup>n</sup> | 1.02% |
|  9/30/20 | **10.33** | 0.12 | 0.82 | 0.94 | (0.15) |  | (0.15) | **11.12** | 9.20% | 3256 | 1.17% | 1.17%<sup>n</sup> | 1.17%<sup>n</sup> | 1.16% |
|  9/30/19 | **9.99** | 0.17 | 0.41 | 0.58 | (0.24) |  | (0.24) | **10.33** | 6.03% | 4297 | 1.21% | 1.20% | 1.17% | 1.68% |
|  9/30/18 | **10.22** | 0.27 | (0.27) | 0.00<sup>d</sup> | (0.23) |  | (0.23) | **9.99** | 0.03% | 4569 | 2.44% | 2.41% | 1.15% | 2.69% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 77% | 100% | 110% | 42% | 62% |

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*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

*j* *Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

*n* *Expenses incurred during the period fell under the expense cap.* 

---

| | |
|:---|:---|
| *p* | *Interest expense incurred as a result of entering into reverse repurchase agreements and Treasury roll transactions is included in the Fund's net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements and Treasury roll transactions is included in interest income in the Statements of Operations.*  |

---

– 129 –

**MASSMUTUAL CORE BOND FUND**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c</sup>** | **Net <br> realized <br> and <br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets**  | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.33** | $0.27 | $(2.07) | $(1.80) | $(0.26) | $(0.17) | (0.43) | **$9.10** | (16.47%) | $485216 | 0.42% | 2.62% |
|  9/30/21 | **11.64** | 0.27 | 0.11 | 0.38 | (0.43) | (0.26) | (0.69) | **11.33** | 3.31% | 679036 | 0.42% | 2.39% |
|  9/30/20 | **11.33** | 0.37 | 0.32 | 0.69 | (0.38) |  | (0.38) | **11.64** | 6.28% | 786360 | 0.42% | 3.27% |
|  9/30/19 | **10.66** | 0.37 | 0.66 | 1.03 | (0.36) |  | (0.36) | **11.33** | 9.98% | 847736 | 0.43% | 3.42% |
|  9/30/18 | **11.04** | 0.34 | (0.39) | (0.05) | (0.33) |  | (0.33) | **10.66** | (0.46%) | 695501 | 0.42% | 3.19% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.37** | $0.25 | $(2.07) | $(1.82) | $(0.25) | $(0.17) | $(0.42) | **$9.13** | (16.60%) | $135050 | 0.52% | 2.43% |
|  9/30/21 | **11.68** | 0.26 | 0.11 | 0.37 | (0.42) | (0.26) | (0.68) | **11.37** | 3.19% | 306648 | 0.52% | 2.29% |
|  9/30/20 | **11.37** | 0.36 | 0.32 | 0.68 | (0.37) |  | (0.37) | **11.68** | 6.16% | 316359 | 0.52% | 3.17% |
|  9/30/19 | **10.69** | 0.36 | 0.67 | 1.03 | (0.35) |  | (0.35) | **11.37** | 9.92% | 317805 | 0.53% | 3.32% |
|  9/30/18 | **11.07** | 0.33 | (0.39) | (0.06) | (0.32) |  | (0.32) | **10.69** | (0.57%) | 294370 | 0.52% | 3.07% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.30** | $0.25 | $(2.07) | $(1.82) | $(0.24) | $(0.17) | $(0.41) | **$9.07** | (16.72%) | $36797 | 0.62% | 2.40% |
|  9/30/21 | **11.60** | 0.25 | 0.10 | 0.35 | (0.39) | (0.26) | (0.65) | **11.30** | 3.11% | 58047 | 0.62% | 2.19% |
|  9/30/20 | **11.29** | 0.35 | 0.31 | 0.66 | (0.35) |  | (0.35) | **11.60** | 6.06% | 83876 | 0.62% | 3.08% |
|  9/30/19 | **10.63** | 0.35 | 0.64 | 0.99 | (0.33) |  | (0.33) | **11.29** | 9.67% | 86988 | 0.63% | 3.22% |
|  9/30/18 | **11.01** | 0.32 | (0.39) | (0.07) | (0.31) |  | (0.31) | **10.63** | (0.66%) | 101502 | 0.62% | 2.98% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.19** | $0.24 | $(2.05) | $(1.81) | $(0.22) | $(0.17) | $(0.39) | **$8.99** | (16.75%) | $35207 | 0.72% | 2.30% |
|  9/30/21 | **11.51** | 0.24 | 0.10 | 0.34 | (0.40) | (0.26) | (0.66) | **11.19** | 2.97% | 55178 | 0.72% | 2.11% |
|  9/30/20 | **11.21** | 0.33 | 0.32 | 0.65 | (0.35) |  | (0.35) | **11.51** | 5.94% | 76597 | 0.72% | 2.97% |
|  9/30/19 | **10.55** | 0.33 | 0.66 | 0.99 | (0.33) |  | (0.33) | **11.21** | 9.65% | 67239 | 0.73% | 3.13% |
|  9/30/18 | **10.92** | 0.31 | (0.38) | (0.07) | (0.30) |  | (0.30) | **10.55** | (0.70%) | 69478 | 0.72% | 2.88% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.01** | $0.20 | $(2.00) | $(1.80) | $(0.20) | $(0.17) | $(0.37) | **$8.84** | (16.92%) | $2295 | 0.87% | 1.99% |
|  9/30/21 | **11.33** | 0.21 | 0.10 | 0.31 | (0.37) | (0.26) | (0.63) | **11.01** | 2.82% | 8557 | 0.87% | 1.95% |
|  9/30/20 | **11.04** | 0.31 | 0.31 | 0.62 | (0.33) |  | (0.33) | **11.33** | 5.80% | 10444 | 0.87% | 2.80% |
|  9/30/19 | **10.39** | 0.31 | 0.64 | 0.95 | (0.30) |  | (0.30) | **11.04** | 9.47% | 14011 | 0.88% | 2.98% |
|  9/30/18 | **10.78** | 0.29 | (0.39) | (0.10) | (0.29) |  | (0.29) | **10.39** | (0.97%) | 10624 | 0.87% | 2.72% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.09** | $0.20 | $(2.01) | $(1.81) | $(0.20) | $(0.17) | $(0.37) | **$8.91** | (16.91%) | $23746 | 0.97% | 1.97% |
|  9/30/21 | **11.40** | 0.21 | 0.09 | 0.30 | (0.35) | (0.26) | (0.61) | **11.09** | 2.70% | 57351 | 0.97% | 1.83% |
|  9/30/20 | **11.10** | 0.30 | 0.32 | 0.62 | (0.32) |  | (0.32) | **11.40** | 5.70% | 58572 | 0.97% | 2.72% |
|  9/30/19 | **10.45** | 0.30 | 0.65 | 0.95 | (0.30) |  | (0.30) | **11.10** | 9.32% | 97070 | 0.98% | 2.87% |
|  9/30/18 | **10.82** | 0.28 | (0.38) | (0.10) | (0.27) |  | (0.27) | **10.45** | (1.00%) | 106562 | 0.97% | 2.63% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.34** | $0.20 | $(2.09) | $(1.89) | $(0.10) | $(0.17) | $(0.27) | **$9.18** | (17.05%) | $177 | 1.12% | 1.88% |
|  9/30/21 | **11.63** | 0.19 | 0.10 | 0.29 | (0.32) | (0.26) | (0.58) | **11.34** | 2.54% | 352 | 1.12% | 1.70% |
|  9/30/20 | **11.34** | 0.29 | 0.32 | 0.61 | (0.32) |  | (0.32) | **11.63** | 5.54% | 867 | 1.12% | 2.57% |
|  9/30/19 | **10.67** | 0.29 | 0.67 | 0.96 | (0.29) |  | (0.29) | **11.34** | 9.24% | 1225 | 1.13% | 2.72% |
|  9/30/18 | **11.02** | 0.27 | (0.39) | (0.12) | (0.23) |  | (0.23) | **10.67** | (1.13%) | 803 | 1.12% | 2.49% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 239% | 256% | 231% | 261% | 140% |

---

*c* *Per share amount calculated on the average shares method.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

– 130 –

**MASSMUTUAL DIVERSIFIED BOND FUND**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c,j</sup>** | **Net <br> realized <br> and<br> unrealized<br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end <br> of the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> before <br> expense <br> waivers**  | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$11.33** | $0.31 | $(2.27) | $(1.96) | $(0.30) | $(0.14) | $(0.44) | **$8.93** | (18.00%) | $75455 | 0.54% | N/A | 3.07% |
|  9/30/21 | **11.51** | 0.32 | 0.33 | 0.65 | (0.46) | (0.37) | (0.83) | **11.33** | 5.89% | 111411 | 0.52% | N/A | 2.85% |
|  9/30/20 | **11.28** | 0.39 | 0.20 | 0.59 | (0.36) | (0.00)<sup>d</sup> | (0.36) | **11.51** | 5.43% | 97183 | 0.51% | N/A | 3.54% |
|  9/30/19 | **10.59** | 0.38 | 0.64 | 1.02 | (0.33) |  | (0.33) | **11.28** | 9.98% | 60965 | 0.55% | 0.55%<sup>n</sup> | 3.54% |
|  9/30/18 | **10.97** | 0.35 | (0.41) | (0.06) | (0.32) |  | (0.32) | **10.59** | (0.55%) | 21746 | 0.50% | 0.50%<sup>n</sup> | 3.33% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.35** | $0.28 | $(2.07) | $(1.79) | $(0.29) | $(0.14) | $(0.43) | **$8.13** | (18.05%) | $57774 | 0.64% | N/A | 2.99% |
|  9/30/21 | **10.58** | 0.28 | 0.31 | 0.59 | (0.45) | (0.37) | (0.82) | **10.35** | 5.79% | 80079 | 0.62% | N/A | 2.75% |
|  9/30/20 | **10.40** | 0.35 | 0.18 | 0.53 | (0.35) | (0.00)<sup>d</sup> | (0.35) | **10.58** | 5.30% | 78289 | 0.61% | N/A | 3.46% |
|  9/30/19 | **9.78** | 0.34 | 0.60 | 0.94 | (0.32) |  | (0.32) | **10.40** | 9.99% | 109659 | 0.65% | 0.65%<sup>n</sup> | 3.46% |
|  9/30/18 | **10.16** | 0.32 | (0.39) | (0.07) | (0.31) |  | (0.31) | **9.78** | (0.69%) | 98402 | 0.60% | 0.60%<sup>n</sup> | 3.24% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.51** | $0.27 | $(2.10) | $(1.83) | $(0.27) | $(0.14) | $(0.41) | **$8.27** | (18.11%) | $4963 | 0.74% | N/A | 2.81% |
|  9/30/21 | **10.73** | 0.28 | 0.31 | 0.59 | (0.44) | (0.37) | (0.81) | **10.51** | 5.71% | 11853 | 0.72% | N/A | 2.66% |
|  9/30/20 | **10.54** | 0.35 | 0.18 | 0.53 | (0.34) | (0.00)<sup>d</sup> | (0.34) | **10.73** | 5.20% | 12067 | 0.71% | N/A | 3.36% |
|  9/30/19 | **9.91** | 0.33 | 0.61 | 0.94 | (0.31) |  | (0.31) | **10.54** | 9.80% | 12976 | 0.75% | 0.75%<sup>n</sup> | 3.35% |
|  9/30/18 | **10.28** | 0.31 | (0.38) | (0.07) | (0.30) |  | (0.30) | **9.91** | (0.69%) | 18946 | 0.70% | 0.70%<sup>n</sup> | 3.14% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.49** | $0.26 | $(2.10) | $(1.84) | $(0.26) | $(0.14) | $(0.40) | **$8.25** | (18.21%) | $8149 | 0.84% | N/A | 2.76% |
|  9/30/21 | **10.71** | 0.27 | 0.30 | 0.57 | (0.42) | (0.37) | (0.79) | **10.49** | 5.52% | 12621 | 0.82% | N/A | 2.57% |
|  9/30/20 | **10.52** | 0.34 | 0.18 | 0.52 | (0.33) | (0.00)<sup>d</sup> | (0.33) | **10.71** | 5.10% | 17108 | 0.81% | N/A | 3.25% |
|  9/30/19 | **9.88** | 0.32 | 0.62 | 0.94 | (0.30) |  | (0.30) | **10.52** | 9.79% | 21870 | 0.85% | 0.85%<sup>n</sup> | 3.25% |
|  9/30/18 | **10.25** | 0.30 | (0.38) | (0.08) | (0.29) |  | (0.29) | **9.88** | (0.83%) | 27039 | 0.80% | 0.80%<sup>n</sup> | 3.03% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.33** | $0.25 | $(2.08) | $(1.83) | $(0.24) | $(0.14) | $(0.38) | **$8.12** | (18.37%) | $3754 | 0.99% | N/A | 2.63% |
|  9/30/21 | **10.57** | 0.25 | 0.29 | 0.54 | (0.41) | (0.37) | (0.78) | **10.33** | 5.35% | 5253 | 0.97% | N/A | 2.42% |
|  9/30/20 | **10.38** | 0.32 | 0.19 | 0.51 | (0.32) | (0.00)<sup>d</sup> | (0.32) | **10.57** | 5.05% | 6233 | 0.96% | N/A | 3.10% |
|  9/30/19 | **9.78** | 0.31 | 0.59 | 0.90 | (0.30) |  | (0.30) | **10.38** | 9.49% | 6925 | 1.00% | 1.00%<sup>n</sup> | 3.12% |
|  9/30/18 | **10.16** | 0.28 | (0.38) | (0.10) | (0.28) |  | (0.28) | **9.78** | (1.01%) | 4730 | 0.95% | 0.95%<sup>n</sup> | 2.87% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.49** | $0.24 | $(2.10) | $(1.86) | $(0.23) | $(0.14) | $(0.37) | **$8.26** | (18.40%) | $5106 | 1.09% | N/A | 2.46% |
|  9/30/21 | **10.69** | 0.24 | 0.30 | 0.54 | (0.37) | (0.37) | (0.74) | **10.49** | 5.23% | 9381 | 1.07% | N/A | 2.33% |
|  9/30/20 | **10.48** | 0.31 | 0.20 | 0.51 | (0.30) | (0.00)<sup>d</sup> | (0.30) | **10.69** | 4.96% | 14756 | 1.06% | N/A | 2.99% |
|  9/30/19 | **9.85** | 0.30 | 0.60 | 0.90 | (0.27) |  | (0.27) | **10.48** | 9.45% | 28973 | 1.10% | 1.10%<sup>n</sup> | 3.01% |
|  9/30/18 | **10.23** | 0.28 | (0.40) | (0.12) | (0.26) |  | (0.26) | **9.85** | (1.17%) | 32456 | 1.05% | 1.05%<sup>n</sup> | 2.78% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.30** | $0.22 | $(2.08) | $(1.86) | $(0.10) | $(0.14) | $(0.24) | **$8.20** | (18.45%) | $1347 | 1.24% | N/A | 2.35% |
|  9/30/21 | **10.53** | 0.22 | 0.30 | 0.52 | (0.38) | (0.37) | (0.75) | **10.30** | 5.14% | 3255 | 1.22% | N/A | 2.16% |
|  9/30/20 | **10.34** | 0.29 | 0.17 | 0.46 | (0.27) | (0.00)<sup>d</sup> | (0.27) | **10.53** | 4.61% | 3881 | 1.21% | N/A | 2.85% |
|  9/30/19 | **9.72** | 0.28 | 0.60 | 0.88 | (0.26) |  | (0.26) | **10.34** | 9.35% | 3553 | 1.25% | 1.25%<sup>n</sup> | 2.85% |
|  9/30/18 | **10.10** | 0.26 | (0.38) | (0.12) | (0.26) |  | (0.26) | **9.72** | (1.24%) | 4530 | 1.20% | 1.20%<sup>n</sup> | 2.64% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 198% | 192% | 186% | 236% | 142% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

*j* *Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

*n* *Expenses incurred during the period fell under the expense cap.* 

– 131 –

**MASSMUTUAL BALANCED FUND**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c,j</sup>** | **Net <br> realized <br> and<br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end <br> of the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> before <br> expense <br> waivers**  | **Ratio of <br> expenses <br> to average <br> daily net <br> assets<br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.34** | $0.16 | $(1.45) | $(1.29) | $(0.22) | $(3.26) | $(3.48) | **$9.57** | (13.65%) | $44532 | 0.70% | N/A | 1.37% |
|  9/30/21 | **12.40** | 0.16 | 2.21 | 2.37 | (0.21) | (0.22) | (0.43) | **14.34** | 19.60% | 54692 | 0.69% | N/A | 1.21% |
|  9/30/20 | **12.07** | 0.21 | 0.90 | 1.11 | (0.27) | (0.51) | (0.78) | **12.40** | 9.49% | 42455 | 0.71% | N/A | 1.75% |
|  9/30/19 | **12.86** | 0.24 | (0.09)<sup>aa</sup> | 0.15 | (0.22) | (0.72) | (0.94) | **12.07** | 1.91% | 31567 | 0.76% | 0.74% | 2.06% |
|  9/30/18 | **12.53** | 0.22 | 1.02 | 1.24 | (0.24) | (0.67) | (0.91) | **12.86** | 10.21% | 11637 | 0.70% | 0.60% | 1.79% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.34** | $0.15 | $(1.46) | $(1.31) | $(0.20) | $(3.26) | $(3.46) | **$9.57** | (13.74%) | $28960 | 0.80% | N/A | 1.26% |
|  9/30/21 | **12.39** | 0.15 | 2.22 | 2.37 | (0.20) | (0.22) | (0.42) | **14.34** | 19.58% | 39742 | 0.79% | N/A | 1.10% |
|  9/30/20 | **12.07** | 0.20 | 0.89 | 1.09 | (0.26) | (0.51) | (0.77) | **12.39** | 9.29% | 42199 | 0.81% | N/A | 1.66% |
|  9/30/19 | **12.85** | 0.23 | (0.09)<sup>aa</sup> | 0.14 | (0.20) | (0.72) | (0.92) | **12.07** | 1.88% | 45321 | 0.86% | 0.83% | 1.94% |
|  9/30/18 | **12.53** | 0.21 | 1.01 | 1.22 | (0.23) | (0.67) | (0.90) | **12.85** | 10.01% | 45211 | 0.80% | 0.70% | 1.67% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.20** | $0.14 | $(1.58) | $(1.44) | $(0.19) | $(3.26) | $(3.45) | **$10.31** | (13.87%) | $7659 | 0.90% | N/A | 1.16% |
|  9/30/21 | **13.12** | 0.14 | 2.35 | 2.49 | (0.19) | (0.22) | (0.41) | **15.20** | 19.40% | 10330 | 0.89% | N/A | 1.00% |
|  9/30/20 | **12.73** | 0.19 | 0.95 | 1.14 | (0.24) | (0.51) | (0.75) | **13.12** | 9.22% | 8637 | 0.91% | N/A | 1.56% |
|  9/30/19 | **13.50** | 0.23 | (0.09)<sup>aa</sup> | 0.14 | (0.19) | (0.72) | (0.91) | **12.73** | 1.73% | 6045 | 0.96% | 0.92% | 1.84% |
|  9/30/18 | **13.11** | 0.21 | 1.06 | 1.27 | (0.21) | (0.67) | (0.88) | **13.50** | 9.94% | 7243 | 0.90% | 0.80% | 1.58% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.39** | $0.12 | $(1.46) | $(1.34) | $(0.18) | $(3.26) | $(3.44) | **$9.61** | (13.95%) | $6318 | 1.00% | N/A | 1.07% |
|  9/30/21 | **12.44** | 0.12 | 2.23 | 2.35 | (0.18) | (0.22) | (0.40) | **14.39** | 19.30% | 7411 | 0.99% | N/A | 0.90% |
|  9/30/20 | **12.11** | 0.17 | 0.90 | 1.07 | (0.23) | (0.51) | (0.74) | **12.44** | 9.13% | 5849 | 1.01% | N/A | 1.44% |
|  9/30/19 | **12.89** | 0.20 | (0.09)<sup>aa</sup> | 0.11 | (0.17) | (0.72) | (0.89) | **12.11** | 1.62% | 6981 | 1.06% | 1.02% | 1.73% |
|  9/30/18 | **12.55** | 0.18 | 1.02 | 1.20 | (0.19) | (0.67) | (0.86) | **12.89** | 9.88% | 8129 | 1.00% | 0.90% | 1.47% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$13.77** | $0.10 | $(1.37) | $(1.27) | $(0.15) | $(3.26) | $(3.41) | **$9.09** | (14.06%) | $4554 | 1.15% | N/A | 0.92% |
|  9/30/21 | **11.92** | 0.10 | 2.13 | 2.23 | (0.16) | (0.22) | (0.38) | **13.77** | 19.12% | 5984 | 1.14% | N/A | 0.76% |
|  9/30/20 | **11.64** | 0.15 | 0.86 | 1.01 | (0.22) | (0.51) | (0.73) | **11.92** | 8.94% | 2994 | 1.16% | N/A | 1.31% |
|  9/30/19 | **12.42** | 0.18 | (0.08)<sup>aa</sup> | 0.10 | (0.16) | (0.72) | (0.88) | **11.64** | 1.52% | 2853 | 1.21% | 1.17% | 1.59% |
|  9/30/18 | **12.15** | 0.16 | 0.97 | 1.13 | (0.19) | (0.67) | (0.86) | **12.42** | 9.58% | 3499 | 1.15% | 1.05% | 1.34% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$13.91** | $0.09 | $(1.41) | $(1.32) | $(0.12) | $(3.26) | $(3.38) | **$9.21** | (14.22%) | $13123 | 1.25% | N/A | 0.80% |
|  9/30/21 | **12.03** | 0.09 | 2.16 | 2.25 | (0.15) | (0.22) | (0.37) | **13.91** | 19.07% | 20919 | 1.24% | N/A | 0.67% |
|  9/30/20 | **11.74** | 0.14 | 0.86 | 1.00 | (0.20) | (0.51) | (0.71) | **12.03** | 8.80% | 26626 | 1.26% | N/A | 1.21% |
|  9/30/19 | **12.51** | 0.17 | (0.08)<sup>aa</sup> | 0.09 | (0.14) | (0.72) | (0.86) | **11.74** | 1.44% | 26981 | 1.31% | 1.27% | 1.49% |
|  9/30/18 | **12.22** | 0.15 | 0.98 | 1.13 | (0.17) | (0.67) | (0.84) | **12.51** | 9.48% | 30517 | 1.25% | 1.15% | 1.22% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$13.69** | $0.07 | $(1.36) | $(1.29) | $(0.13) | $(3.26) | $(3.39) | **$9.01** | (14.27%) | $9643 | 1.40% | N/A | 0.66% |
|  9/30/21 | **11.85** | 0.07 | 2.11 | 2.18 | (0.12) | (0.22) | (0.34) | **13.69** | 18.81% | 12390 | 1.39% | N/A | 0.50% |
|  9/30/20 | **11.57** | 0.12 | 0.85 | 0.97 | (0.18) | (0.51) | (0.69) | **11.85** | 8.66% | 7503 | 1.41% | N/A | 1.06% |
|  9/30/19 | **12.36** | 0.15 | (0.08)<sup>aa</sup> | 0.07 | (0.14) | (0.72) | (0.86) | **11.57** | 1.27% | 7236 | 1.46% | 1.42% | 1.35% |
|  9/30/18 | **12.09** | 0.13 | 0.97 | 1.10 | (0.16) | (0.67) | (0.83) | **12.36** | 9.32% | 8002 | 1.40% | 1.30% | 1.08% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate** | 215% | 343% | 113% | 161% | 77% |

---

*c* *Per share amount calculated on the average shares method.* 

*j* *Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

---

| | |
|:---|:---|
| *aa* | *The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.*  |

---

– 132 –

**MASSMUTUAL DISCIPLINED VALUE FUND**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c</sup>** | **Net <br> realized <br> and <br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets**  | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$16.30** | $0.20 | $(1.43) | $(1.23) | $(0.22) | $(2.56) | $(2.78) | **$12.29** | (10.19%) | $24938 | 0.76% | 1.40% |
|  9/30/21 | **12.08** | 0.22 | 4.28 | 4.50 | (0.28) |  | (0.28) | **16.30** | 37.75% | 31848 | 0.74% | 1.46% |
|  9/30/20 | **13.98** | 0.28 | (1.16) | (0.88) | (0.31) | (0.71) | (1.02) | **12.08** | (7.26%) | 20650 | 0.72% | 2.20% |
|  9/30/19 | **17.06** | 0.28 | (0.76) | (0.48) | (0.40) | (2.20) | (2.60) | **13.98** | (1.20%) | 16781 | 0.64% | 2.03% |
|  9/30/18 | **17.67** | 0.29 | 1.28 | 1.57 | (0.36) | (1.82) | (2.18) | **17.06** | 9.34% | 19546 | 0.57% | 1.74% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$16.34** | $0.19 | $(1.44) | $(1.25) | $(0.20) | $(2.56) | $(2.76) | **$12.33** | (10.28%) | $19907 | 0.85% | 1.27% |
|  9/30/21 | **12.11** | 0.21 | 4.28 | 4.49 | (0.26) |  | (0.26) | **16.34** | 37.57% | 35564 | 0.84% | 1.39% |
|  9/30/20 | **14.01** | 0.27 | (1.17) | (0.90) | (0.29) | (0.71) | (1.00) | **12.11** | (7.34%) | 32418 | 0.82% | 2.10% |
|  9/30/19 | **17.09** | 0.27 | (0.76) | (0.49) | (0.39) | (2.20) | (2.59) | **14.01** | (1.32%) | 53709 | 0.74% | 1.92% |
|  9/30/18 | **17.69** | 0.28 | 1.28 | 1.56 | (0.34) | (1.82) | (2.16) | **17.09** | 9.27% | 59987 | 0.67% | 1.65% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$16.19** | $0.17 | $(1.43) | $(1.26) | $(0.18) | $(2.56) | $(2.74) | **$12.19** | (10.38%) | $11925 | 0.96% | 1.20% |
|  9/30/21 | **12.00** | 0.19 | 4.25 | 4.44 | (0.25) |  | (0.25) | **16.19** | 37.48% | 16120 | 0.94% | 1.27% |
|  9/30/20 | **13.88** | 0.25 | (1.16) | (0.91) | (0.26) | (0.71) | (0.97) | **12.00** | (7.46%) | 11618 | 0.92% | 1.98% |
|  9/30/19 | **16.95** | 0.25 | (0.76) | (0.51) | (0.36) | (2.20) | (2.56) | **13.88** | (1.43%) | 20401 | 0.84% | 1.82% |
|  9/30/18 | **17.57** | 0.26 | 1.26 | 1.52 | (0.32) | (1.82) | (2.14) | **16.95** | 9.10% | 50102 | 0.77% | 1.55% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$16.57** | $0.16 | $(1.47) | $(1.31) | $(0.15) | $(2.56) | $(2.71) | **$12.55** | (10.45%) | $1154 | 1.06% | 1.10% |
|  9/30/21 | **12.28** | 0.18 | 4.35 | 4.53 | (0.24) |  | (0.24) | **16.57** | 37.32% | 1652 | 1.04% | 1.23% |
|  9/30/20 | **14.20** | 0.24 | (1.20) | (0.96) | (0.25) | (0.71) | (0.96) | **12.28** | (7.62%) | 4214 | 1.02% | 1.88% |
|  9/30/19 | **17.27** | 0.25 | (0.76) | (0.51) | (0.36) | (2.20) | (2.56) | **14.20** | (1.46%) | 5731 | 0.94% | 1.72% |
|  9/30/18 | **17.86** | 0.25 | 1.29 | 1.54 | (0.31) | (1.82) | (2.13) | **17.27** | 9.02% | 9147 | 0.87% | 1.46% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.85** | $0.13 | $(1.39) | $(1.26) | $(0.14) | $(2.56) | $(2.70) | **$11.89** | (10.62%) | $1293 | 1.20% | 0.87% |
|  9/30/21 | **11.76** | 0.15 | 4.16 | 4.31 | (0.22) |  | (0.22) | **15.85** | 37.08% | 2731 | 1.19% | 1.06% |
|  9/30/20 | **13.63** | 0.21 | (1.13) | (0.92) | (0.24) | (0.71) | (0.95) | **11.76** | (7.70%) | 2707 | 1.17% | 1.73% |
|  9/30/19 | **16.67** | 0.22 | (0.75) | (0.53) | (0.31) | (2.20) | (2.51) | **13.63** | (1.65%) | 4039 | 1.09% | 1.58% |
|  9/30/18 | **17.32** | 0.22 | 1.24 | 1.46 | (0.29) | (1.82) | (2.11) | **16.67** | 8.84% | 6428 | 1.02% | 1.30% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.98** | $0.12 | $(1.41) | $(1.29) | $(0.12) | $(2.56) | $(2.68) | **$12.01** | (10.68%) | $4245 | 1.30% | 0.83% |
|  9/30/21 | **11.85** | 0.14 | 4.20 | 4.34 | (0.21) |  | (0.21) | **15.98** | 37.00% | 6784 | 1.29% | 0.93% |
|  9/30/20 | **13.73** | 0.21 | (1.15) | (0.94) | (0.23) | (0.71) | (0.94) | **11.85** | (7.77%) | 5569 | 1.27% | 1.66% |
|  9/30/19 | **16.78** | 0.20 | (0.74) | (0.54) | (0.31) | (2.20) | (2.51) | **13.73** | (1.75%) | 6012 | 1.19% | 1.48% |
|  9/30/18 | **17.39** | 0.20 | 1.25 | 1.45 | (0.24) | (1.82) | (2.06) | **16.78** | 8.74% | 8886 | 1.12% | 1.20% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$16.12** | $0.10 | $(1.43) | $(1.33) | $(0.10) | $(2.56) | $(2.66) | **$12.13** | (10.86%) | $3732 | 1.46% | 0.72% |
|  9/30/21 | **11.95** | 0.12 | 4.24 | 4.36 | (0.19) |  | (0.19) | **16.12** | 36.87% | 4873 | 1.44% | 0.79% |
|  9/30/20 | **13.85** | 0.19 | (1.17) | (0.98) | (0.21) | (0.71) | (0.92) | **11.95** | (7.98%) | 3988 | 1.42% | 1.50% |
|  9/30/19 | **16.90** | 0.18 | (0.74) | (0.56) | (0.29) | (2.20) | (2.49) | **13.85** | (1.85%) | 4346 | 1.34% | 1.33% |
|  9/30/18 | **17.56** | 0.18 | 1.25 | 1.43 | (0.27) | (1.82) | (2.09) | **16.90** | 8.53% | 4196 | 1.27% | 1.05% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 40% | 189% | 57% | 53% | 80% |

---

*c* *Per share amount calculated on the average shares method.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

– 133 –

**MASSMUTUAL MAIN STREET FUND**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c</sup>** | **Net <br> realized <br> and <br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the<br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets**  | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.00** | $0.09 | $(1.98) | $(1.89) | $(0.11) | $(2.88) | $(2.99) | **$9.12** | (18.90%) | $3154 | 0.78% | 0.75% |
|  9/30/21 | **11.28** | 0.11 | 3.00 | 3.11 | (0.12) | (0.27) | (0.39) | **14.00** | 28.21% | 27948 | 0.75% | 0.84% |
|  9/30/20 | **11.07** | 0.11 | 1.19 | 1.30 | (0.13) | (0.96) | (1.09) | **11.28** | 12.22% | 30273 | 0.74% | 1.03% |
|  9/30/19 | **12.04** | 0.14 | 0.30 | 0.44 | (0.13) | (1.28) | (1.41) | **11.07** | 5.60% | 24639 | 0.73% | 1.29% |
|  9/30/18 | **11.94** | 0.14 | 0.89 | 1.03 | (0.14) | (0.79) | (0.93) | **12.04** | 9.11% | 24123 | 0.71% | 1.17% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$13.99** | $0.08 | $(1.97) | $(1.89) | $(0.10) | $(2.88) | $(2.98) | **$9.12** | (18.90%) | $31307 | 0.88% | 0.66% |
|  9/30/21 | **11.27** | 0.10 | 2.99 | 3.09 | (0.10) | (0.27) | (0.37) | **13.99** | 28.11% | 47342 | 0.85% | 0.74% |
|  9/30/20 | **11.06** | 0.10 | 1.18 | 1.28 | (0.11) | (0.96) | (1.07) | **11.27** | 12.10% | 45358 | 0.84% | 0.93% |
|  9/30/19 | **12.03** | 0.13 | 0.29 | 0.42 | (0.11) | (1.28) | (1.39) | **11.06** | 5.47% | 48226 | 0.83% | 1.19% |
|  9/30/18 | **11.93** | 0.12 | 0.90 | 1.02 | (0.13) | (0.79) | (0.92) | **12.03** | 9.00% | 67695 | 0.81% | 1.04% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.62** | $0.07 | $(2.09) | $(2.02) | $(0.09) | $(2.88) | $(2.97) | **$9.63** | (19.00%) | $107 | 0.98% | 0.57% |
|  9/30/21 | **11.75** | 0.08 | 3.14 | 3.22 | (0.08) | (0.27) | (0.35) | **14.62** | 28.00% | 160 | 0.95% | 0.62% |
|  9/30/20 | **11.50** | 0.09 | 1.22 | 1.31 | (0.10) | (0.96) | (1.06) | **11.75** | 11.88% | 182 | 0.94% | 0.82% |
|  9/30/19 | **12.44** | 0.12 | 0.32 | 0.44 | (0.10) | (1.28) | (1.38) | **11.50** | 5.38% | 652 | 0.93% | 1.08% |
|  9/30/18 | **12.30** | 0.11 | 0.93 | 1.04 | (0.11) | (0.79) | (0.90) | **12.44** | 8.94% | 738 | 0.91% | 0.95% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$13.97** | $0.05 | $(1.97) | $(1.92) | $(0.07) | $(2.88) | $(2.95) | **$9.10** | (19.11%) | $17867 | 1.08% | 0.45% |
|  9/30/21 | **11.25** | 0.07 | 3.00 | 3.07 | (0.08) | (0.27) | (0.35) | **13.97** | 27.91% | 24389 | 1.05% | 0.53% |
|  9/30/20 | **11.05** | 0.08 | 1.17 | 1.25 | (0.09) | (0.96) | (1.05) | **11.25** | 11.79% | 21264 | 1.04% | 0.73% |
|  9/30/19 | **12.01** | 0.10 | 0.31 | 0.41 | (0.09) | (1.28) | (1.37) | **11.05** | 5.30% | 24458 | 1.03% | 0.98% |
|  9/30/18 | **11.91** | 0.10 | 0.89 | 0.99 | (0.10) | (0.79) | (0.89) | **12.01** | 8.79% | 28295 | 1.01% | 0.84% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$13.56** | $0.03 | $(1.88) | $(1.85) | $(0.05) | $(2.88) | $(2.93) | **$8.78** | (19.16%) | $5889 | 1.23% | 0.31% |
|  9/30/21 | **10.94** | 0.05 | 2.91 | 2.96 | (0.07) | (0.27) | (0.34) | **13.56** | 27.64% | 8266 | 1.20% | 0.38% |
|  9/30/20 | **10.77** | 0.06 | 1.15 | 1.21 | (0.08) | (0.96) | (1.04) | **10.94** | 11.68% | 6418 | 1.19% | 0.58% |
|  9/30/19 | **11.75** | 0.09 | 0.29 | 0.38 | (0.08) | (1.28) | (1.36) | **10.77** | 5.08% | 6379 | 1.18% | 0.83% |
|  9/30/18 | **11.67** | 0.08 | 0.87 | 0.95 | (0.08) | (0.79) | (0.87) | **11.75** | 8.63% | 6394 | 1.16% | 0.70% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$13.70** | $0.02 | $(1.91) | $(1.89) | $(0.03) | $(2.88) | $(2.91) | **$8.90** | (19.22%) | $7887 | 1.33% | 0.21% |
|  9/30/21 | **11.04** | 0.04 | 2.94 | 2.98 | (0.05) | (0.27) | (0.32) | **13.70** | 27.56% | 10628 | 1.30% | 0.31% |
|  9/30/20 | **10.86** | 0.05 | 1.15 | 1.20 | (0.06) | (0.96) | (1.02) | **11.04** | 11.53% | 12086 | 1.29% | 0.48% |
|  9/30/19 | **11.83** | 0.08 | 0.29 | 0.37 | (0.06) | (1.28) | (1.34) | **10.86** | 5.01% | 12843 | 1.28% | 0.74% |
|  9/30/18 | **11.75** | 0.07 | 0.88 | 0.95 | (0.08) | (0.79) | (0.87) | **11.83** | 8.49% | 14495 | 1.26% | 0.60% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$13.73** | $0.01 | $(1.93) | $(1.92) | $— | $(2.88) | $(2.88) | **$8.93** | (19.37%) | $752 | 1.48% | 0.06% |
|  9/30/21 | **11.07** | 0.02 | 2.95 | 2.97 | (0.04) | (0.27) | (0.31) | **13.73** | 27.36% | 1277 | 1.45% | 0.14% |
|  9/30/20 | **10.88** | 0.03 | 1.16 | 1.19 | (0.04) | (0.96) | (1.00) | **11.07** | 11.41% | 1219 | 1.44% | 0.33% |
|  9/30/19 | **11.85** | 0.06 | 0.30 | 0.36 | (0.05) | (1.28) | (1.33) | **10.88** | 4.87% | 1239 | 1.43% | 0.61% |
|  9/30/18 | **11.76** | 0.05 | 0.88 | 0.93 | (0.05) | (0.79) | (0.84) | **11.85** | 8.34% | 1813 | 1.41% | 0.45% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 48% | 46% | 38% | 55% | 64% |

---

*c* *Per share amount calculated on the average shares method.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

– 134 –

**MASSMUTUAL DISCIPLINED GROWTH FUND**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c</sup>** | **Net <br> realized <br> and <br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the<br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets**  | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.56** | $0.02<sup>bb</sup> | $(1.93) | $(1.91) | $— | $(6.16) | $(6.16) | **$7.49** | (24.92%) | $18483 | 0.58% | 0.18% |
|  9/30/21 | **12.85** | 0.04 | 3.27 | 3.31 | (0.06) | (0.54) | (0.60) | **15.56** | 26.75% | 31388 | 0.57% | 0.26% |
|  9/30/20 | **11.00** | 0.09 | 3.18 | 3.27 | (0.11) | (1.31) | (1.42) | **12.85** | 32.63% | 35702 | 0.56% | 0.77% |
|  9/30/19 | **14.37** | 0.10 | (0.47) | (0.37) | (0.15) | (2.85) | (3.00) | **11.00** | 0.99% | 28367 | 0.55% | 0.89% |
|  9/30/18 | **13.13** | 0.10 | 2.81 | 2.91 | (0.12) | (1.55) | (1.67) | **14.37** | 23.95% | 30279 | 0.52% | 0.78% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.57** | $0.01<sup>bb</sup> | $(1.93) | $(1.92) | $— | $(6.16) | $(6.16) | **$7.49** | (24.92%) | $73291 | 0.68% | 0.09% |
|  9/30/21 | **12.85** | 0.02 | 3.29 | 3.31 | (0.05) | (0.54) | (0.59) | **15.57** | 26.72% | 108948 | 0.67% | 0.15% |
|  9/30/20 | **11.00** | 0.07 | 3.19 | 3.26 | (0.10) | (1.31) | (1.41) | **12.85** | 32.48% | 101466 | 0.66% | 0.67% |
|  9/30/19 | **14.37** | 0.09 | (0.48) | (0.39) | (0.13) | (2.85) | (2.98) | **11.00** | 0.85% | 100651 | 0.65% | 0.79% |
|  9/30/18 | **13.14** | 0.09 | 2.80 | 2.89 | (0.11) | (1.55) | (1.66) | **14.37** | 23.72% | 112178 | 0.62% | 0.69% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.65** | $(0.00)<sup>d</sup> | $(1.95) | $(1.95) | $— | $(6.16) | $(6.16) | **$7.54** | (25.04%) | $14309 | 0.78% | (0.02%) |
|  9/30/21 | **12.92** | 0.01 | 3.30 | 3.31 | (0.04) | (0.54) | (0.58) | **15.65** | 26.53% | 25505 | 0.77% | 0.05% |
|  9/30/20 | **11.04** | 0.06 | 3.20 | 3.26 | (0.07) | (1.31) | (1.38) | **12.92** | 32.33% | 25668 | 0.76% | 0.57% |
|  9/30/19 | **14.40** | 0.08 | (0.47) | (0.39) | (0.12) | (2.85) | (2.97) | **11.04** | 0.79% | 31895 | 0.75% | 0.71% |
|  9/30/18 | **13.17** | 0.08 | 2.80 | 2.88 | (0.10) | (1.55) | (1.65) | **14.40** | 23.54% | 74294 | 0.72% | 0.59% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.89** | $(0.01) | $(2.01) | $(2.02) | $— | $(6.16) | $(6.16) | **$7.71** | (25.13%) | $24021 | 0.88% | (0.11%) |
|  9/30/21 | **13.10** | (0.01) | 3.36 | 3.35 | (0.02) | (0.54) | (0.56) | **15.89** | 26.46% | 36207 | 0.87% | (0.05%) |
|  9/30/20 | **11.19** | 0.05 | 3.25 | 3.30 | (0.08) | (1.31) | (1.39) | **13.10** | 32.19% | 36957 | 0.86% | 0.47% |
|  9/30/19 | **14.55** | 0.07 | (0.47) | (0.40) | (0.11) | (2.85) | (2.96) | **11.19** | 0.66% | 37316 | 0.85% | 0.60% |
|  9/30/18 | **13.28** | 0.07 | 2.83 | 2.90 | (0.08) | (1.55) | (1.63) | **14.55** | 23.51% | 42622 | 0.82% | 0.49% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.06** | $(0.03) | $(1.79) | $(1.82) | $— | $(6.16) | $(6.16) | **$7.08** | (25.23%) | $6348 | 1.03% | (0.28%) |
|  9/30/21 | **12.45** | (0.03) | 3.18 | 3.15 |  | (0.54) | (0.54) | **15.06** | 26.20% | 12613 | 1.02% | (0.22%) |
|  9/30/20 | **10.70** | 0.03 | 3.09 | 3.12 | (0.06) | (1.31) | (1.37) | **12.45** | 31.97% | 28832 | 1.01% | 0.31% |
|  9/30/19 | **14.05** | 0.05 | (0.46) | (0.41) | (0.09) | (2.85) | (2.94) | **10.70** | 0.59% | 24049 | 1.00% | 0.45% |
|  9/30/18 | **12.89** | 0.04 | 2.74 | 2.78 | (0.07) | (1.55) | (1.62) | **14.05** | 23.26% | 31265 | 0.97% | 0.34% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.23** | $(0.04) | $(1.83) | $(1.87) | $— | $(6.16) | $(6.16) | **$7.20** | (25.29%) | $14354 | 1.13% | (0.38%) |
|  9/30/21 | **12.59** | (0.04) | 3.22 | 3.18 |  | (0.54) | (0.54) | **15.23** | 26.12% | 26591 | 1.12% | (0.30%) |
|  9/30/20 | **10.80** | 0.02 | 3.13 | 3.15 | (0.05) | (1.31) | (1.36) | **12.59** | 31.87% | 27988 | 1.11% | 0.22% |
|  9/30/19 | **14.15** | 0.04 | (0.47) | (0.43) | (0.07) | (2.85) | (2.92) | **10.80** | 0.42% | 29210 | 1.10% | 0.35% |
|  9/30/18 | **12.95** | 0.03 | 2.77 | 2.80 | (0.05) | (1.55) | (1.60) | **14.15** | 23.22% | 39399 | 1.07% | 0.24% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.00** | $(0.05) | $(1.78) | $(1.83) | $— | $(6.16) | $(6.16) | **$7.01** | (25.46%) | $3959 | 1.28% | (0.51%) |
|  9/30/21 | **12.43** | (0.06) | 3.17 | 3.11 |  | (0.54) | (0.54) | **15.00** | 25.88% | 5002 | 1.27% | (0.46%) |
|  9/30/20 | **10.66** | 0.01 | 3.09 | 3.10 | (0.02) | (1.31) | (1.33) | **12.43** | 31.78% | 5875 | 1.26% | 0.05% |
|  9/30/19 | **14.02** | 0.02 | (0.47) | (0.45) | (0.06) | (2.85) | (2.91) | **10.66** | 0.23% | 6015 | 1.25% | 0.20% |
|  9/30/18 | **12.86** | 0.01 | 2.74 | 2.75 | (0.04) | (1.55) | (1.59) | **14.02** | 23.01% | 7119 | 1.22% | 0.10% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 60% | 110% | 50% | 49% | 73% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

---

| | |
|:---|:---|
| *bb*  | *The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.*  |

---

– 135 –

**MASSMUTUAL SMALL CAP OPPORTUNITIES FUND**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c</sup>** | **Net <br> realized <br> and <br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the<br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets**  | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$19.21** | $0.08 | $(3.28) | $(3.20) | $— | $(1.81) | $(1.81) | **$14.20** | (18.57%) | $95436 | 0.66% | 0.48% |
|  9/30/21 | **13.96** | 0.06 | 6.51 | 6.57 | (0.11) | (1.21) | (1.32) | **19.21** | 48.95% | 85183 | 0.66% | 0.35% |
|  9/30/20 | **13.72** | 0.10 | 0.27 | 0.37 | (0.06) | (0.07) | (0.13) | **13.96** | 2.62% | 39988 | 0.69% | 0.77% |
|  9/30/19 | **16.47** | 0.11 | (1.43) | (1.32) | (0.07) | (1.36) | (1.43) | **13.72** | (7.01%) | 35326 | 0.70% | 0.82% |
|  9/30/18 | **16.41** | 0.11 | 1.96 | 2.07 | (0.07) | (1.94) | (2.01) | **16.47** | 13.93% | 40439 | 0.69% | 0.73% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$19.16** | $0.06 | $(3.27) | $(3.21) | $— | $(1.81) | $(1.81) | **$14.14** | (18.68%) | $100585 | 0.75% | 0.35% |
|  9/30/21 | **13.93** | 0.05 | 6.48 | 6.53 | (0.09) | (1.21) | (1.30) | **19.16** | 48.78% | 137127 | 0.76% | 0.26% |
|  9/30/20 | **13.69** | 0.09 | 0.27 | 0.36 | (0.05) | (0.07) | (0.12) | **13.93** | 2.56% | 92440 | 0.79% | 0.68% |
|  9/30/19 | **16.44** | 0.10 | (1.43) | (1.33) | (0.06) | (1.36) | (1.42) | **13.69** | (7.14%) | 61826 | 0.80% | 0.71% |
|  9/30/18 | **16.38** | 0.10 | 1.96 | 2.06 | (0.06) | (1.94) | (2.00) | **16.44** | 13.82% | 77025 | 0.79% | 0.62% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$19.11** | $0.04 | $(3.26) | $(3.22) | $— | $(1.81) | $(1.81) | **$14.08** | (18.78%) | $15851 | 0.85% | 0.24% |
|  9/30/21 | **13.89** | 0.03 | 6.48 | 6.51 | (0.08) | (1.21) | (1.29) | **19.11** | 48.72% | 24560 | 0.86% | 0.17% |
|  9/30/20 | **13.66** | 0.08 | 0.25 | 0.33 | (0.03) | (0.07) | (0.10) | **13.89** | 2.37% | 17146 | 0.89% | 0.58% |
|  9/30/19 | **16.39** | 0.08 | (1.41) | (1.33) | (0.04) | (1.36) | (1.40) | **13.66** | (7.16%) | 17073 | 0.90% | 0.61% |
|  9/30/18 | **16.34** | 0.08 | 1.95 | 2.03 | (0.04) | (1.94) | (1.98) | **16.39** | 13.68% | 18192 | 0.89% | 0.52% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.97** | $0.02 | $(3.23) | $(3.21) | $— | $(1.81) | $(1.81) | **$13.95** | (18.88%) | $20100 | 0.95% | 0.15% |
|  9/30/21 | **13.80** | 0.01 | 6.44 | 6.45 | (0.07) | (1.21) | (1.28) | **18.97** | 48.54% | 26314 | 0.96% | 0.07% |
|  9/30/20 | **13.57** | 0.06 | 0.26 | 0.32 | (0.02) | (0.07) | (0.09) | **13.80** | 2.27% | 18422 | 0.99% | 0.48% |
|  9/30/19 | **16.29** | 0.07 | (1.41) | (1.34) | (0.02) | (1.36) | (1.38) | **13.57** | (7.28%) | 20377 | 1.00% | 0.51% |
|  9/30/18 | **16.25** | 0.07 | 1.94 | 2.01 | (0.03) | (1.94) | (1.97) | **16.29** | 13.59% | 26503 | 0.99% | 0.42% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.28** | $(0.00)<sup>bb,d</sup> | $(3.10) | $(3.10) | $— | $(1.81) | $(1.81) | **$13.37** | (18.99%) | $11835 | 1.10% | (0.00%)<sup>e</sup> |
|  9/30/21 | **13.34** | (0.02) | 6.22 | 6.20 | (0.05) | (1.21) | (1.26) | **18.28** | 48.31% | 15682 | 1.11% | (0.09%) |
|  9/30/20 | **13.12** | 0.04 | 0.25 | 0.29 |  | (0.07) | (0.07) | **13.34** | 2.16% | 9413 | 1.14% | 0.32% |
|  9/30/19 | **15.81** | 0.05 | (1.38) | (1.33) | (0.00)<sup>d</sup> | (1.36) | (1.36) | **13.12** | (7.43%) | 10591 | 1.15% | 0.36% |
|  9/30/18 | **15.83** | 0.04 | 1.89 | 1.93 | (0.01) | (1.94) | (1.95) | **15.81** | 13.42% | 11773 | 1.14% | 0.26% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.40** | $(0.02)<sup>bb</sup> | $(3.11) | $(3.13) | $— | $(1.81) | $(1.81) | **$13.46** | (19.04%) | $38730 | 1.20% | (0.11%) |
|  9/30/21 | **13.42** | (0.03) | 6.25 | 6.22 | (0.03) | (1.21) | (1.24) | **18.40** | 48.15% | 55207 | 1.21% | (0.18%) |
|  9/30/20 | **13.21** | 0.03 | 0.25 | 0.28 |  | (0.07) | (0.07) | **13.42** | 2.07% | 42491 | 1.24% | 0.22% |
|  9/30/19 | **15.92** | 0.03 | (1.38) | (1.35) |  | (1.36) | (1.36) | **13.21** | (7.54%) | 50524 | 1.25% | 0.26% |
|  9/30/18 | **15.93** | 0.03 | 1.90 | 1.93 |  | (1.94) | (1.94) | **15.92** | 13.34% | 69157 | 1.24% | 0.17% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.06** | $(0.04)<sup>bb</sup> | $(3.05) | $(3.09) | $— | $(1.81) | $(1.81) | **$13.16** | (19.19%) | $7153 | 1.35% | (0.26%) |
|  9/30/21 | **13.18** | (0.06) | 6.15 | 6.09 |  | (1.21) | (1.21) | **18.06** | 48.00% | 9695 | 1.36% | (0.34%) |
|  9/30/20 | **13.00** | 0.01 | 0.24 | 0.25 |  | (0.07) | (0.07) | **13.18** | 1.87% | 6048 | 1.39% | 0.07% |
|  9/30/19 | **15.71** | 0.01 | (1.36) | (1.35) |  | (1.36) | (1.36) | **13.00** | (7.66%) | 8551 | 1.40% | 0.11% |
|  9/30/18 | **15.77** | 0.00<sup>d</sup> | 1.88 | 1.88 |  | (1.94) | (1.94) | **15.71** | 13.14% | 10564 | 1.39% | 0.02% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 39% | 40% | 47% | 34% | 57% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

---

| | |
|:---|:---|
| *e*  | *Amount is less than 0.005%.*  |

---

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

---

| | |
|:---|:---|
| *bb*  | *The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.*  |

---

– 136 –

**MASSMUTUAL GLOBAL FUND**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c</sup>** | **Net <br> realized <br> and <br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the<br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets**  | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.79** | $(0.01) | $(6.02) | $(6.03) | $— | $(2.04) | $(2.04) | **$10.72** | (36.28%) | $56931 | 0.86% | (0.06%) |
|  9/30/21 | **15.04** | (0.05) | 4.64 | 4.59 |  | (0.84) | (0.84) | **18.79** | 31.36% | 99959 | 0.84% | (0.29%) |
|  9/30/20 | **12.35** | 0.00<sup>d</sup> | 2.81 | 2.81 | (0.09) | (0.03) | (0.12) | **15.04** | 22.90% | 75893 | 0.85% | 0.00%<sup>e</sup> |
|  9/30/19 | **16.08** | 0.10 | (0.83) | (0.73) | (0.11) | (2.89) | (3.00) | **12.35** | (1.93%) | 70159 | 0.84% | 0.79% |
|  9/30/18 | **16.46** | 0.13 | 1.52 | 1.65 | (0.16) | (1.87) | (2.03) | **16.08** | 10.39% | 50503 | 0.86% | 0.79% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.78** | $(0.03) | $(6.01) | $(6.04) | $— | $(2.04) | $(2.04) | **$10.70** | (36.36%) | $58808 | 0.96% | (0.17%) |
|  9/30/21 | **15.05** | (0.07) | 4.64 | 4.57 |  | (0.84) | (0.84) | **18.78** | 31.20% | 126049 | 0.94% | (0.39%) |
|  9/30/20 | **12.36** | (0.01) | 2.81 | 2.80 | (0.08) | (0.03) | (0.11) | **15.05** | 22.77% | 111038 | 0.95% | (0.09%) |
|  9/30/19 | **16.09** | 0.08 | (0.83) | (0.75) | (0.09) | (2.89) | (2.98) | **12.36** | (2.07%) | 98379 | 0.94% | 0.66% |
|  9/30/18 | **16.47** | 0.11 | 1.53 | 1.64 | (0.15) | (1.87) | (2.02) | **16.09** | 10.28% | 101536 | 0.96% | 0.65% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.58** | $(0.04) | $(5.94) | $(5.98) | $— | $(2.04) | $(2.04) | **$10.56** | (36.43%) | $5579 | 1.06% | (0.24%) |
|  9/30/21 | **14.91** | (0.08) | 4.59 | 4.51 |  | (0.84) | (0.84) | **18.58** | 31.09% | 7892 | 1.04% | (0.49%) |
|  9/30/20 | **12.23** | (0.03) | 2.80 | 2.77 | (0.06) | (0.03) | (0.09) | **14.91** | 22.75% | 6166 | 1.05% | (0.19%) |
|  9/30/19 | **15.94** | 0.06 | (0.82) | (0.76) | (0.06) | (2.89) | (2.95) | **12.23** | (2.23%) | 6361 | 1.04% | 0.43% |
|  9/30/18 | **16.33** | 0.10 | 1.51 | 1.61 | (0.13) | (1.87) | (2.00) | **15.94** | 10.17% | 16104 | 1.06% | 0.60% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.73** | $(0.06) | $(5.99) | $(6.05) | $— | $(2.04) | $(2.04) | **$10.64** | (36.52%) | $45831 | 1.16% | (0.38%) |
|  9/30/21 | **15.03** | (0.10) | 4.64 | 4.54 |  | (0.84) | (0.84) | **18.73** | 31.03% | 88387 | 1.14% | (0.59%) |
|  9/30/20 | **12.34** | (0.04) | 2.81 | 2.77 | (0.05) | (0.03) | (0.08) | **15.03** | 22.56% | 80607 | 1.15% | (0.29%) |
|  9/30/19 | **16.06** | 0.06 | (0.83) | (0.77) | (0.06) | (2.89) | (2.95) | **12.34** | (2.30%) | 77097 | 1.14% | 0.45% |
|  9/30/18 | **16.44** | 0.07 | 1.53 | 1.60 | (0.11) | (1.87) | (1.98) | **16.06** | 10.07% | 90239 | 1.16% | 0.46% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.12** | $(0.07) | $(5.77) | $(5.84) | $— | $(2.04) | $(2.04) | **$10.24** | (36.60%) | $8676 | 1.31% | (0.52%) |
|  9/30/21 | **14.59** | (0.12) | 4.49 | 4.37 |  | (0.84) | (0.84) | **18.12** | 30.79% | 15975 | 1.29% | (0.72%) |
|  9/30/20 | **11.98** | (0.06) | 2.73 | 2.67 | (0.03) | (0.03) | (0.06) | **14.59** | 22.36% | 8878 | 1.30% | (0.45%) |
|  9/30/19 | **15.71** | 0.04 | (0.82) | (0.78) | (0.06) | (2.89) | (2.95) | **11.98** | (2.45%) | 7531 | 1.29% | 0.32% |
|  9/30/18 | **16.13** | 0.04 | 1.51 | 1.55 | (0.10) | (1.87) | (1.97) | **15.71** | 9.90% | 7790 | 1.31% | 0.27% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.40** | $(0.09) | $(5.86) | $(5.95) | $— | $(2.04) | $(2.04) | **$10.41** | (36.64%) | $9014 | 1.41% | (0.63%) |
|  9/30/21 | **14.82** | (0.14) | 4.56 | 4.42 |  | (0.84) | (0.84) | **18.40** | 30.65% | 19415 | 1.39% | (0.84%) |
|  9/30/20 | **12.17** | (0.07) | 2.77 | 2.70 | (0.02) | (0.03) | (0.05) | **14.82** | 22.22% | 22903 | 1.40% | (0.55%) |
|  9/30/19 | **15.87** | 0.03 | (0.82) | (0.79) | (0.02) | (2.89) | (2.91) | **12.17** | (2.48%) | 24676 | 1.39% | 0.20% |
|  9/30/18 | **16.27** | 0.03 | 1.51 | 1.54 | (0.07) | (1.87) | (1.94) | **15.87** | 9.74% | 31725 | 1.41% | 0.21% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$18.25** | $(0.11) | $(5.80) | $(5.91) | $— | $(2.04) | $(2.04) | **$10.30** | (36.73%) | $7920 | 1.56% | (0.77%) |
|  9/30/21 | **14.72** | (0.17) | 4.54 | 4.37 |  | (0.84) | (0.84) | **18.25** | 30.51% | 13541 | 1.54% | (0.98%) |
|  9/30/20 | **12.10** | (0.09) | 2.75 | 2.66 | (0.01) | (0.03) | (0.04) | **14.72** | 21.99% | 9792 | 1.55% | (0.69%) |
|  9/30/19 | **15.80** | 0.01 | (0.82) | (0.81) |  | (2.89) | (2.89) | **12.10** | (2.69%) | 10226 | 1.54% | 0.06% |
|  9/30/18 | **16.21** | 0.01 | 1.51 | 1.52 | (0.06) | (1.87) | (1.93) | **15.80** | 9.64% | 11029 | 1.56% | 0.06% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 10% | 10% | 12% | 32% | 42% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

---

| | |
|:---|:---|
| *e* | *Amount is less than 0.005%.*  |

---

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

– 137 –

**MASSMUTUAL INTERNATIONAL EQUITY FUND**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c,j</sup>** | **Net <br> realized <br> and <br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> before <br> expense <br> waiver** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets** |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.08** | $0.12 | $(1.83) | $(1.71) | $(0.21) | $(1.02) | $(1.23) | **$7.14** | (19.37%) | $66355 | 1.09% | 1.04% | 1.41% |
|  9/30/21 | **13.08** | 0.14 | 1.84 | 1.98 | (0.04) | (4.94) | (4.98) | **10.08** | 17.97% | 89913 | 1.02% | 1.00% | 1.31% |
|  9/30/20 | **12.01** | 0.03 | 1.54 | 1.57 | (0.13) | (0.37) | (0.50) | **13.08** | 13.17% | 96308 | 1.02% | 1.00% | 0.26% |
|  9/30/19 | **12.99** | 0.09 | (0.49) | (0.40) | (0.12) | (0.46) | (0.58) | **12.01** | (2.49%) | 149979 | 0.93% | 0.92% | 0.81% |
|  9/30/18 | **13.44** | 0.14 | (0.42) | (0.28) | (0.17) |  | (0.17) | **12.99** | (2.14%) | 293575 | 0.96% | 0.94% | 1.01% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.08** | $0.12 | $(1.85) | $(1.73) | $(0.19) | $(1.02) | $(1.21) | **$7.14** | (19.47%) | $30827 | 1.19% | 1.14% | 1.38% |
|  9/30/21 | **13.08** | 0.14 | 1.83 | 1.97 | (0.03) | (4.94) | (4.97) | **10.08** | 17.79% | 50688 | 1.12% | 1.10% | 1.27% |
|  9/30/20 | **12.00** | 0.02 | 1.55 | 1.57 | (0.12) | (0.37) | (0.49) | **13.08** | 13.14% | 61444 | 1.12% | 1.10% | 0.20% |
|  9/30/19 | **12.98** | 0.10 | (0.51) | (0.41) | (0.11) | (0.46) | (0.57) | **12.00** | (2.63%) | 94827 | 1.03% | 1.02% | 0.89% |
|  9/30/18 | **13.44** | 0.12 | (0.42) | (0.30) | (0.16) |  | (0.16) | **12.98** | (2.32%) | 147654 | 1.06% | 1.04% | 0.85% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.05** | $0.12 | $(1.85) | $(1.73) | $(0.18) | $(1.02) | $(1.20) | **$7.12** | (19.52%) | $2624 | 1.29% | 1.24% | 1.35% |
|  9/30/21 | **13.04** | 0.12 | 1.84 | 1.96 | (0.01) | (4.94) | (4.95) | **10.05** | 17.72% | 3469 | 1.22% | 1.20% | 1.16% |
|  9/30/20 | **11.97** | 0.00<sup>d</sup> | 1.54 | 1.54 | (0.10) | (0.37) | (0.47) | **13.04** | 12.94% | 4524 | 1.22% | 1.20% | 0.00%<sup>e</sup> |
|  9/30/19 | **12.94** | 0.07 | (0.49) | (0.42) | (0.09) | (0.46) | (0.55) | **11.97** | (2.74%) | 9393 | 1.13% | 1.12% | 0.60% |
|  9/30/18 | **13.39** | 0.11 | (0.41) | (0.30) | (0.15) |  | (0.15) | **12.94** | (2.33%) | 23069 | 1.16% | 1.14% | 0.79% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.96** | $0.11 | $(1.83) | $(1.72) | $(0.17) | $(1.02) | $(1.19) | **$7.05** | (19.60%) | $2273 | 1.39% | 1.34% | 1.26% |
|  9/30/21 | **12.97** | 0.11 | 1.82 | 1.93 |  | (4.94) | (4.94) | **9.96** | 17.59% | 2436 | 1.32% | 1.30% | 1.03% |
|  9/30/20 | **11.91** | (0.00)<sup>d</sup> | 1.52 | 1.52 | (0.09) | (0.37) | (0.46) | **12.97** | 12.81% | 3565 | 1.32% | 1.30% | (0.02%) |
|  9/30/19 | **12.87** | 0.08 | (0.51) | (0.43) | (0.07) | (0.46) | (0.53) | **11.91** | (2.77%) | 5465 | 1.23% | 1.22% | 0.65% |
|  9/30/18 | **13.32** | 0.08 | (0.40) | (0.32) | (0.13) |  | (0.13) | **12.87** | (2.49%) | 11908 | 1.26% | 1.24% | 0.58% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.33** | $0.08 | $(1.69) | $(1.61) | $(0.15) | $(1.02) | $(1.17) | **$6.55** | (19.69%) | $711 | 1.53% | 1.48% | 0.93% |
|  9/30/21 | **12.45** | 0.09 | 1.73 | 1.82 |  | (4.94) | (4.94) | **9.33** | 17.41% | 1639 | 1.47% | 1.45% | 0.88% |
|  9/30/20 | **11.43** | (0.04) | 1.48 | 1.44 | (0.05) | (0.37) | (0.42) | **12.45** | 12.70% | 1951 | 1.47% | 1.45% | (0.31%) |
|  9/30/19 | **12.38** | 0.05 | (0.48) | (0.43) | (0.06) | (0.46) | (0.52) | **11.43** | (2.95%) | 4895 | 1.38% | 1.37% | 0.48% |
|  9/30/18 | **12.84** | 0.07 | (0.40) | (0.33) | (0.13) |  | (0.13) | **12.38** | (2.63%) | 10673 | 1.41% | 1.39% | 0.54% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.45** | $0.08 | $(1.72) | $(1.64) | $(0.14) | $(1.02) | $(1.16) | **$6.65** | (19.79%) | $9014 | 1.64% | 1.59% | 0.95% |
|  9/30/21 | **12.56** | 0.08 | 1.75 | 1.83 |  | (4.94) | (4.94) | **9.45** | 17.30% | 13793 | 1.57% | 1.55% | 0.82% |
|  9/30/20 | **11.54** | (0.03) | 1.48 | 1.45 | (0.06) | (0.37) | (0.43) | **12.56** | 12.61% | 18670 | 1.57% | 1.55% | (0.22%) |
|  9/30/19 | **12.49** | 0.05 | (0.50) | (0.45) | (0.04) | (0.46) | (0.50) | **11.54** | (3.09%) | 22004 | 1.48% | 1.47% | 0.46% |
|  9/30/18 | **12.93** | 0.05 | (0.39) | (0.34) | (0.10) |  | (0.10) | **12.49** | (2.70%) | 30719 | 1.51% | 1.49% | 0.41% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.22** | $0.07 | $(1.67) | $(1.60) | $(0.14) | $(1.02) | $(1.16) | **$6.46** | (19.87%) | $2060 | 1.79% | 1.74% | 0.89% |
|  9/30/21 | **12.38** | 0.07 | 1.71 | 1.78 |  | (4.94) | (4.94) | **9.22** | 17.07% | 2294 | 1.72% | 1.70% | 0.74% |
|  9/30/20 | **11.38** | (0.06) | 1.47 | 1.41 | (0.04) | (0.37) | (0.41) | **12.38** | 12.42% | 2427 | 1.72% | 1.70% | (0.49%) |
|  9/30/19 | **12.34** | 0.02 | (0.48) | (0.46) | (0.04) | (0.46) | (0.50) | **11.38** | (3.24%) | 5415 | 1.63% | 1.62% | 0.21% |
|  9/30/18 | **12.79** | 0.03 | (0.39) | (0.36) | (0.09) |  | (0.09) | **12.34** | (2.88%) | 9024 | 1.66% | 1.64% | 0.25% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 22% | 30% | 106% | 52% | 70% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

---

| | |
|:---|:---|
| *e* | *Amount is less than 0.005%.*  |

---

*j* *Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

– 138 –

**MASSMUTUAL STRATEGIC EMERGING MARKETS FUND**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c,j</sup>** | **Net <br> realized <br> and <br> unrealized<br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> before <br> expense <br> waivers** | **Ratio of <br> expenses <br> to average<br> daily net <br> assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets** |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.93** | $0.05 | $(4.73) | $(4.68) | $(0.20) | $(1.83) | $(2.03) | **$8.22** | (35.67%) | $105253 | 1.35% | 1.15% | 0.43% |
|  9/30/21 | **13.23** | 0.04 | 1.88 | 1.92 |  | (0.22) | (0.22) | **14.93** | 14.53% | 156998 | 1.22% | 1.15% | 0.25% |
|  9/30/20 | **13.02** | 0.02 | 1.33 | 1.35 | (0.08) | (1.06) | (1.14) | **13.23** | 10.33% | 169366 | 1.27% | 1.15% | 0.12% |
|  9/30/19 | **12.75** | 0.07 | 0.28 | 0.35 | (0.08) |  | (0.08) | **13.02** | 2.85% | 141988 | 1.21% | 1.10% | 0.55% |
|  9/30/18 | **12.88** | 0.08 | (0.04) | 0.04 | (0.17) |  | (0.17) | **12.75** | 0.31% | 216085 | 1.27% | 1.05% | 0.62% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$15.14** | $0.03 | $(4.80) | $(4.77) | $(0.18) | $(1.83) | $(2.01) | **$8.36** | (35.72%) | $225 | 1.45% | 1.23% | 0.25% |
|  9/30/21 | **13.43** | 0.03 | 1.90 | 1.93 |  | (0.22) | (0.22) | **15.14** | 14.38% | 2703 | 1.32% | 1.25% | 0.16% |
|  9/30/20 | **13.20** | 0.00<sup>d</sup> | 1.35 | 1.35 | (0.06) | (1.06) | (1.12) | **13.43** | 10.23% | 3165 | 1.37% | 1.25% | 0.02% |
|  9/30/19 | **12.92** | 0.06 | 0.29 | 0.35 | (0.07) |  | (0.07) | **13.20** | 2.78% | 4295 | 1.31% | 1.22% | 0.45% |
|  9/30/18 | **13.05** | 0.07 | (0.04) | 0.03 | (0.16) |  | (0.16) | **12.92** | 0.21% | 4047 | 1.37% | 1.15% | 0.53% |
|  **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.93** | $0.02 | $(4.73) | $(4.71) | $(0.17) | $(1.83) | $(2.00) | **$8.22** | (35.83%) | $1346 | 1.55% | 1.35% | 0.22% |
|  9/30/21 | **13.25** | 0.01 | 1.89 | 1.90 |  | (0.22) | (0.22) | **14.93** | 14.35% | 2216 | 1.42% | 1.35% | 0.05% |
|  9/30/20 | **13.05** | (0.01) | 1.33 | 1.32 | (0.06) | (1.06) | (1.12) | **13.25** | 10.12% | 2473 | 1.47% | 1.35% | (0.05%) |
|  9/30/19 | **12.73** | 0.05 | 0.29 | 0.34 | (0.02) |  | (0.02) | **13.05** | 2.71% | 419 | 1.41% | 1.31% | 0.42% |
|  9/30/18 | **12.85** | 0.05 | (0.03) | 0.02 | (0.14) |  | (0.14) | **12.73** | 0.10% | 230 | 1.47% | 1.25% | 0.41% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.96** | $(0.01)<sup>bb</sup> | $(4.72) | $(4.73) | $(0.16) | $(1.83) | $(1.99) | **$8.24** | (35.90%) | $233 | 1.65% | 1.45% | (0.06%) |
|  9/30/21 | **13.29** | (0.01) | 1.90 | 1.89 |  | (0.22) | (0.22) | **14.96** | 14.23% | 1017 | 1.52% | 1.45% | (0.03%) |
|  9/30/20 | **13.08** | (0.02) | 1.33 | 1.31 | (0.04) | (1.06) | (1.10) | **13.29** | 9.96% | 989 | 1.57% | 1.45% | (0.16%) |
|  9/30/19 | **12.78** | 0.03 | 0.30 | 0.33 | (0.03) |  | (0.03) | **13.08** | 2.61% | 927 | 1.51% | 1.41% | 0.24% |
|  9/30/18 | **12.91** | 0.04 | (0.03) | 0.01 | (0.14) |  | (0.14) | **12.78** | 0.02% | 879 | 1.57% | 1.35% | 0.33% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.71** | $(0.00)<sup>bb,d</sup> | $(4.69) | $(4.69) | $(0.06) | $(1.83) | $(1.89) | **$8.13** | (35.99%) | $307 | 1.80% | 1.60% | (0.02%) |
|  9/30/21 | **13.10** | (0.05) | 1.88 | 1.83 |  | (0.22) | (0.22) | **14.71** | 13.98% | 443 | 1.67% | 1.60% | (0.32%) |
|  9/30/20 | **12.90** | (0.04) | 1.32 | 1.28 | (0.02) | (1.06) | (1.08) | **13.10** | 9.84% | 1237 | 1.72% | 1.60% | (0.30%) |
|  9/30/19 | **12.63** | 0.01 | 0.29 | 0.30 | (0.03) |  | (0.03) | **12.90** | 2.38% | 1337 | 1.66% | 1.57% | 0.05% |
|  9/30/18 | **12.76** | 0.03 | (0.04) | (0.01) | (0.12) |  | (0.12) | **12.63** | (0.10%) | 1295 | 1.72% | 1.50% | 0.22% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.77** | $(0.02)<sup>bb</sup> | $(4.71) | $(4.73) | $— | $(1.83) | $(1.83) | **$8.21** | (35.99%) | $140 | 1.90% | 1.68% | (0.15%) |
|  9/30/21 | **13.17** | (0.06) | 1.88 | 1.82 |  | (0.22) | (0.22) | **14.77** | 13.83% | 635 | 1.77% | 1.70% | (0.36%) |
|  9/30/20 | **12.98** | (0.05) | 1.32 | 1.27 | (0.02) | (1.06) | (1.08) | **13.17** | 9.75% | 2029 | 1.82% | 1.70% | (0.42%) |
|  9/30/19 | **12.73** | 0.01 | 0.28 | 0.29 | (0.04) |  | (0.04) | **12.98** | 2.32% | 885 | 1.76% | 1.68% | 0.09% |
|  9/30/18 | **12.88** | 0.04 | (0.07) | (0.03) | (0.12) |  | (0.12) | **12.73** | (0.23%) | 386 | 1.82% | 1.60% | 0.30% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$14.62** | $(0.03)<sup>bb</sup> | $(4.64) | $(4.67) | $(0.09) | $(1.83) | $(1.92) | **$8.03** | (36.15%) | $546 | 2.05% | 1.85% | (0.29%) |
|  9/30/21 | **13.05** | (0.06) | 1.85 | 1.79 |  | (0.22) | (0.22) | **14.62** | 13.72% | 1120 | 1.92% | 1.85% | (0.42%) |
|  9/30/20 | **12.87** | (0.07) | 1.31 | 1.24 | (0.00)<sup>d</sup> | (1.06) | (1.06) | **13.05** | 9.57% | 992 | 1.97% | 1.85% | (0.58%) |
|  9/30/19 | **12.60** | (0.02) | 0.29 | 0.27 |  |  |  | **12.87** | 2.14% | 750 | 1.91% | 1.81% | (0.15%) |
|  9/30/18 | **12.73** | (0.01) | (0.04) | (0.05) | (0.08) |  | (0.08) | **12.60** | (0.39%) | 761 | 1.97% | 1.75% | (0.09%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 55% | 48% | 71% | 32% | 38% |

---

*c* *Per share amount calculated on the average shares method.* 

*d* *Amount is less than $0.005 per share.* 

*j* *Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

---

| | |
|:---|:---|
| *bb*  | *The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.*  |

---

– 139 –

[**TABLE OF CONTENTS**](#TOC)

### Index Descriptions
The **Bloomberg U.S. Aggregate Bond Index** measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). It rolls up into other Bloomberg flagship indexes, such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

The **Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)** measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury. It is a subset of the Global Inflation-Linked Index (Series-L). The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

The **Consumer Price Index for All Urban Consumers (CPI-U)** is a monthly measure of the average change over time in the prices paid by consumers for a market basket of consumer goods and services. The CPI-U is based on the spending patterns of urban consumers. Index data are available for the U.S. City Average (or national average), for various geographic areas (regions and metropolitan areas), for national population size classes of urban areas, and for cross-classifications of regions and size classes. Individual indexes are available for more than 200 items (e.g., apples, men's shirts, airline fares), and over 120 different combinations of items (e.g., fruits and vegetables, food at home, food and beverages, and all items). The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

The **Custom Balanced Index** comprises the S&P 500 and Bloomberg U.S. Aggregate Bond Indexes. The weightings of each index are 65% and 35%, respectively. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

The **FTSE 3 Month US T Bill Index** measures the performance of the last three three-month Treasury bill month-end rates. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

The **Lipper Balanced Fund Index** is an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category. The Index does not reflect any deduction for taxes and cannot be purchased directly by investors.

The **MSCI All Country World Index (ACWI)** measures the performance of the large- and mid-cap segments of all country markets. It is free float-adjusted market-capitalization weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors.

The **MSCI All Country World Index (ACWI) ex USA** measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. It is free float-adjusted market-capitalization weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors.

The **MSCI EAFE Index** measures the performance of the large- and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities. It is free float-adjusted market-capitalization weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors.

The **MSCI Emerging Markets Index** measures the performance of the large- and mid-cap segments of emerging market equity securities. It is free float-adjusted market-capitalization weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors.

The **Russell 1000 Growth Index** measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

------

[**TABLE OF CONTENTS**](#TOC)

The **Russell 1000 Value Index** measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. It is market-capitalization weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

The **Russell 2000 Index** measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

The **S&P 500 Index** measures the performance of 500 widely held stocks in the U.S. equity market. Standard and Poor's chooses member companies for the index based on market size, liquidity, and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

------

[**TABLE OF CONTENTS**](#TOC)

### MASSMUTUAL FUNDS
1295 State Street

Springfield, Massachusetts 01111-0001

#### Learning More About the Funds
You can learn more about the Funds by reading the Funds' **Annual and Semiannual Reports** and the **SAI**. You may obtain free copies of this information from the Funds or from the SEC using one or more of the methods set forth below. In the Annual and Semiannual Reports, you will find a discussion of market conditions and investment strategies that significantly affected each Fund's performance during the period covered by the Report and a listing of each Fund's portfolio securities as of the end of such period. The SAI provides additional information about the Funds and will provide you with more detail regarding the organization and operation of the Funds, including their investment strategies. The SAI is incorporated by reference into this Prospectus and is therefore legally considered a part of this Prospectus.

#### How to Obtain Information

#### From the Funds:
You may request information about the Funds free of charge (including the Annual/Semiannual Reports and the SAI) or make shareholder inquiries by calling 1-888-309-3539 or by writing the Funds, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111-0001, **Attention: Investment Management Solutions**. You may also obtain copies of the Annual/Semiannual Reports and the SAI free of charge at https://www.massmutual.com/funds.

#### From the SEC:
Information about the Funds (including the Annual/Semiannual Reports and the SAI) is available on the SEC's EDGAR database on its Internet site at http://www.sec.gov. You can also get copies of this information, upon payment of a copying fee, by electronic request at publicinfo@sec.gov.

When obtaining information about the Funds from the SEC, you may find it useful to reference the

#### Funds' SEC file number: 811-08690 .

------

[**TABLE OF CONTENTS**](#toc-0)

### MASSMUTUAL FUNDS
This Prospectus describes the following Funds:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name**  | **Class I**  | **Class R5**  | **Service <br>Class**  | **Administrative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  | **Class L**  | **Class C**  |
|  MassMutual Short-Duration Bond Fund  | MSTZX  | MSTDX  | MSBYX  | MSTLX  | MPSDX  | MSHAX  | MSDNX  | BXDYX  | BXDLX  | BXDCX  |
| MassMutual High Yield Fund | MPHZX  | MPHSX  | DLHYX  | MPHLX  | MPHRX  | MPHAX  | MPHNX  | BXHYX  |  | BXHCX  |

---

**The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any statement to the contrary is a crime.** 

#### PROSPECTUS
February 1, 2023

------

[**TABLE OF CONTENTS**](#toc-0)

### Table Of Contents

---

| | |
|:---|:---|
| | **Page** |
| **About the Funds** | **About the Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Short-Duration Bond Fund](#idMMSDBF91866)  | [3](#idMMSDBF91866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual High Yield Fund](#idMMHYF78392)  | [12](#idMMHYF78392) |
| **[Additional Information Regarding Investment Objectives and Principal Investment Strategies](#idAIRIOPIS14399)**  | **[20](#idAIRIOPIS14399)**  |
| **[Disclosure of Portfolio Holdings](#iddph303-0)**  | **[23](#iddph303-0)**  |
| **[Additional Information Regarding Principal Risks](#idAIRPR88229)**  | **[23](#idAIRPR88229)**  |
| **[Management of the Funds](#idMF17297)**  | **[39](#idMF17297)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Adviser](#idIA3351)  | [39](#idIA3351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Subadviser and Portfolio Managers](#idSPM13610)  | [39](#idSPM13610) |
| **[About the Classes of Shares – I, R5, Service, Administrative, R4, A, R3, Y, L and C Shares](#idACSIR5SAR4A9808)**  | **[42](#idACSIR5SAR4A9808)**  |
| **[Sales Charges by Class](#idSCC28108)**  | **[44](#idSCC28108)**  |
| **[Distribution Plan, Shareholder Servicing, and Payments to Intermediaries](#idDPSSPI10705)**  | **[48](#idDPSSPI10705)**  |
| **[Buying, Redeeming, and Exchanging Shares](#idBRES19143)**  | **[50](#idBRES19143)**  |
| **[Cost Basis Reporting](#idCBR874)**  | **[53](#idCBR874)**  |
| **[Frequent Trading Policies](#idFRETP4958-0)**  | **[53](#idFRETP4958-0)**  |
| **[Determining Net Asset Value](#idDNAV6765)**  | **[55](#idDNAV6765)**  |
| **[Taxation and Distributions](#idTD10244)**  | **[56](#idTD10244)**  |
| **[Financial Highlights](#idFH871)**  | **[59](#idFH871)**  |
| **[Index Descriptions](#idID1992)**  | **[62](#idID1992)**  |
| **[Appendix A](#idAAISSCRW20087)**  | **[A-1](#idAAISSCRW20087)**  |

---

------

[**TABLE OF CONTENTS**](#toc-0)

MassMutual Short-Duration Bond Fund

#### INVESTMENT OBJECTIVE
This Fund seeks to achieve a high total rate of return primarily from current income while minimizing fluctuations in capital values by investing primarily in a diversified portfolio of short-term investment grade fixed income securities.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. For Class L shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $250,000 in the Fund. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 44 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Admini- <br>strative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  | **Class L<sup>(1)</sup>**  | **Class C**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 2.50%  |  |  | 2.00%  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |  |  |
|  Maximum Contingent Deferred Sales Charge (Load)(CDSC) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  | 0.50%<sup>(2)</sup>  | 0.50%<sup>(3)</sup>  |

---

(1) Previous holders of Class A shares of the Barings Active Short Duration Bond Fund, which was reorganized into the MassMutual Short-Duration Bond Fund, will not be subject to the CDSC of Class L shares of the MassMutual Short-Duration Bond Fund. Purchases of Class L shares of the MassMutual Short-Duration Bond Fund made through a financial intermediary that had an agreement in place to sell Class A shares of the Barings Active Short Duration Bond Fund before the reorganization of Barings Active Short Duration Bond Fund into the MassMutual Short-Duration Bond Fund will not be subject to any initial sales charge or CDSC.

(2) For purchases of Class L shares of $250,000 or more, the CDSC is 0.50% for shares tendered and accepted for repurchase within the first 18 months of purchase. There is no CDSC on Class L shares thereafter.

(3) The CDSC on Class C Shares is 0.50% for shares tendered and accepted for repurchase within the first 12 months of purchase. There is no CDSC on Class C Shares thereafter.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Admini- <br>strative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  | **Class L**  | **Class C**  |
| Management Fees | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  | 0.25%  | 0.50%  |
| Other Expenses | 0.06% | 0.16% | 0.26% | 0.36% | 0.26% | 0.36% | 0.26% | 0.16% | 0.11% | 0.11% |
|  **Total Annual Fund Operating Expenses**  | **0.39%**  | **0.49%**  | **0.59%**  | **0.69%**  | **0.84%**  | **0.94%**  | **1.09%**  | **0.49%**  | **0.69%**  | **0.94%**  |
| Expense Reimbursement | 0.00% | 0.00%  | 0.00%  | 0.00%  | 0.00%  | 0.00%  | 0.00%  | (0.09%) | (0.04%) | (0.04%) |
|  Total Annual Fund Operating Expenses after Expense Reimbursement<sup>(1)</sup>  | 0.39% | 0.49% | 0.59% | 0.69% | 0.84% | 0.94% | 1.09% | 0.40%  | 0.65%  | 0.90%  |

---

(1) The expenses in the above table reflect a written agreement by MML Advisers to cap the fees and expenses of the 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, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.40% for Classes I and Y, and 0.65% and 0.90% for Classes L and C, respectively. The Total Annual Fund Operating Expenses after Expense Reimbursement shown in the above table may exceed these amounts, because, as noted in the previous sentence, certain fees and expenses are excluded from the cap. The agreement can only be terminated by mutual consent of the Board of Trustees on behalf of the Fund and MML Advisers.

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#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. For Class A and Class L shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $40 | $125 | $219 | $493 |
| Class R5 | $50 | $157 | $274 | $616 |
| Service Class | $60 | $189 | $329 | $738 |
|  Administrative Class  | $70 | $221 | $384 | $859 |
| Class R4 | $86 | $268 | $466 | $1037 |
| Class A | $344 | $542 | $757 | $1376 |
| Class R3 | $111 | $347 | $601 | $1329 |
| Class Y | $41 | $148 | $265 | $607 |
| Class L | $265 | $412 | $573 | $1038 |
| Class C | $142 | $296 | $516 | $1151 |

---

You would pay the following expenses if you did not redeem your shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class L | $265 | $412 | $573 | $1038 |
| Class C | $92 | $296 | $516 | $1151 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade fixed income securities (rated Baa3 or higher by Moody's, BBB- or higher by

Standard & Poor's or the equivalent by any nationally recognized statistical rating organization, or, if unrated, determined to be of comparable quality by the Fund's subadviser, *Barings LLC* ("Barings"), or sub-subadviser, *Baring International Investment Limited* ("BIIL")). These typically include U.S. dollar-denominated corporate obligations, securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, U.S. and foreign issuer dollar-denominated bonds including, but not limited to, corporate obligations, government and agency issues, private placement bonds, securities subject to resale pursuant to Rule 144A, and mortgage-backed and other asset-backed securities, including collateralized bond and loan obligations.

The Fund may also invest in below investment grade debt securities ("junk" or "high yield" bonds), including securities in default, and including bank loans; normally, 10% or less of the Fund's total assets will be invested in below investment grade debt securities. In the event that a security is downgraded after its purchase by the Fund, the Fund may continue to hold the security if Barings or BIIL considers that doing so would be consistent with the Fund's investment objective. The Fund may invest up to 15% of its total assets in securities that are not denominated in U.S. dollars including, but not limited to, corporate obligations, government and agency issues, private placement bonds, and mortgage-backed and other asset-backed securities, including collateralized bond and loan obligations. Although the Fund's investment in non-U.S. dollar denominated assets may be on a currency hedged or unhedged basis, under normal market conditions, the Fund seeks to hedge substantially all of its exposure to non-U.S. currencies. The Fund may also invest in non-dollar denominated high yield bonds, including bank loans, and may invest in securities subject to legal restrictions on resale, some of which may be subject to resale pursuant to Rule 144A.

In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including, but not limited to, futures contracts, foreign currency futures and forward contracts, including derivatives thereof (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund's portfolio, or as a substitute for direct investments); interest rate swaps (for hedging purposes or as a substitute for direct investments or to gain market exposure); total return swaps (for hedging purposes

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or as a substitute for direct investments); and credit default swaps (for hedging purposes or as a substitute for direct investments). The Fund may invest in common stocks, exchange-traded funds ("ETFs"), or other equity securities and derivatives thereof for hedging purposes or to enhance total return. Use of derivatives by the Fund may create investment leverage.

The Fund may invest in money market securities, including commercial paper. The Fund may enter into repurchase agreement transactions. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may purchase and sell securities on a when-issued, delayed delivery, to-be-announced, or forward commitment basis, and may enter into dollar roll or reverse repurchase agreement transactions.

The Fund may invest in (i) securities denominated in currencies of emerging market countries, (ii) fixed income securities or debt instruments issued by emerging market entities or sovereign nations and/or (iii) debt instruments denominated in or based on the currencies, interest rates, or issues of emerging market countries. Emerging market countries are defined to include any country that did not become a member of the Organization for Economic Cooperation and Development (O.E.C.D.) prior to 1975 and Turkey.

The Fund may invest in other investment companies, including investment companies that are advised by the Fund's investment adviser, subadviser, sub-subadviser, or its affiliates, or by unaffiliated parties.

The Fund seeks to maintain a dollar-weighted average duration of less than three years; Barings or BIIL may increase or decrease its duration in response to changes in interest rates and other factors. Duration measures the price sensitivity of a bond to changes in interest rates. Duration is the dollar weighted average time to maturity of a bond utilizing the present value of all future cash flows.

Barings or BIIL generally selects the Fund's investments based on its analysis of opportunities and risks of various securities and market sectors. Barings or BIIL may choose to sell securities with deteriorating credit or limited upside potential compared to other available securities.

The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. References in this section to the Fund's subadviser may include any sub-subadvisers as applicable. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Fixed Income Securities Risk*** The values of fixed income securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, regulatory, public health, and other conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will fall when interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a less favorable rate), duration risk (the risk that longer-term securities may be more sensitive to interest rate changes), inflation risk (the risk that as inflation increases, the present value of the Fund's fixed income investment typically will decline), and credit risk.

***Mortgage- and Asset-Backed Securities Risk*** Investments in mortgage- and asset-backed securities subject the Fund to credit risk, interest rate risk, extension risk, and prepayment risk,

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among other risks. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. The types of mortgages (for example, residential or commercial mortgages) underlying securities held by the Fund may differ and be affected differently by market factors. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. Litigation with respect to the representations and warranties given in connection with the issuance of mortgage-backed securities can be an important consideration in investing in such securities, and the outcome of any such litigation could significantly impact the value of the Fund's mortgage-backed investments.

***Bank Loans Risk*** Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Senior secured bank loans are typically supported by collateral; however the value of the collateral may be insufficient to cover the amount owed to the Fund, or the Fund may be prevented or delayed from realizing on the collateral. Some loans may be unsecured; unsecured loans generally present a greater risk of loss to the Fund if the issuer defaults. If the Fund relies on a third party to administer a loan, the Fund is subject to the risk that the third party will fail to perform its obligations. In addition, if the Fund holds only a participation interest in a loan made by a third party, the Fund's receipt of payments on the loan will depend on the third party's willingness and ability to make those payments to the Fund. The settlement time for certain loans is longer than the settlement time for many other types of investments, and the Fund may not receive the payment for a loan sold by it until well after the sale; that cash would be unavailable for payment of redemption proceeds or for reinvestment. Interests in some bank loans may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the

Fund believes to be a fair price. Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

***Below Investment Grade Debt Securities Risk*** Below investment grade debt securities, commonly known as "junk" or "high yield" bonds, have speculative characteristics and involve greater volatility of price and yield, greater risk of loss of principal and interest, and generally reflect a greater possibility of an adverse change in financial condition that could affect an issuer's ability to honor its obligations.

***Credit Risk*** Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with

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the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than

securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Defaulted and Distressed Securities Risk*** Because the issuer of such securities is in default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring, or in bankruptcy or insolvency proceedings) is uncertain. To the extent the Fund is invested in distressed securities, its ability to achieve current income for its shareholders may be diminished.

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***Dollar Roll and Reverse Repurchase Agreement Transaction Risk*** These transactions generally create leverage and subject the Fund to the credit risk of the counterparty.

***Frequent Trading/Portfolio Turnover Risk*** Portfolio turnover generally involves some expense to the Fund and may result in the realization of taxable capital gains (including short-term gains). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance.

***Hedging Risk*** The Fund's attempts at hedging and taking long and short positions in currencies may not be successful and could cause the Fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values, and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the Fund could be in a worse position than if it had not entered into such transactions.

***Inflation Risk*** The value of assets or income from the Fund's investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors.

***Leveraging Risk*** Instruments and transactions, including derivatives, dollar roll, and reverse repurchase agreement transactions, that create leverage may cause the value of an investment in the Fund to be more volatile, could result in larger losses than if they were not used, and tend to compound the effects of other risks.

***LIBOR Risk*** Certain instruments in which the Fund may invest rely in some fashion upon the London-Interbank Offered Rate ("LIBOR"). On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators

have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Market participants are focused on the transition mechanisms by which the reference rate in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments, or otherwise. Markets are developing in response to these new rates, and questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern for the Fund. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. In addition, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can

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decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Reinvestment Risk*** Income from the Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded, or called debt obligations at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect the Fund's overall return.

***Repurchase Agreement Risk*** These transactions must be fully collateralized, but involve credit risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral.

***Restricted Securities Risk*** The Fund may hold securities that are restricted as to resale under the U.S. federal securities laws, such as securities in certain privately held companies. Such securities may be highly illiquid and their values may experience significant volatility. Restricted securities may be difficult to value.

***Risk of Investment in Other Funds or Pools*** The Fund is indirectly exposed to all of the risks of the underlying funds, including ETFs, in which it invests, including the risk that the underlying funds will not perform as expected. ETFs are subject to additional risks, including secondary market trading risks and the risk that an ETF's shares may trade above or below net asset value. The Fund indirectly pays a portion of the expenses incurred by the underlying funds.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

***Sovereign Debt Obligations Risk*** Investments in debt securities issued by governments or by government agencies and instrumentalities involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay

interest and repay principal when due. Many sovereign debt obligations may be rated below investment grade ("junk" or "high yield" bonds). Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.

***U.S. Government Securities Risk*** Obligations of certain U.S. Government agencies and instrumentalities are not backed by the full faith and credit of the U.S. Government, and there can be no assurance that the U.S. Government would provide financial support to such agencies and instrumentalities.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

***When-Issued, Delayed Delivery, TBA, and Forward Commitment Transaction Risk*** These transactions may create leverage and involve a risk of loss if the value of the securities declines prior to settlement.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class R5 shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class R4 shares of the Fund for periods prior to its inception date (04/01/14) and performance for Class Y, Class L, and Class C shares of the Fund for periods prior to their inception date (12/13/21) is based on the performance of Class R5 shares, adjusted for Class R4, Class L, and Class C shares to reflect Class R4, Class L, and Class C expenses, respectively. Performance for Class A, Class L, and Class C shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

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#### Annual Performance

#### Class R5 Shares
![[MISSING IMAGE: t1lerg1g9fj7baqkecd96a8vphgr.jpg]](t1lerg1g9fj7baqkecd96a8vphgr.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 4.36% | Lowest <br>Quarter: | 1Q '20,  | –6.84% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class R5 only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Class R5  | Return Before <br> Taxes  | -9.56% | 0.04% | 0.88% |
| Class R5  | Return After Taxes on Distributions | -10.75% | -1.30% | -0.30% |
| Class R5  | Return After Taxes on Distributions and Sales of Fund Shares | -5.64% | -0.49% | 0.18% |
| Class I | Return Before <br> Taxes | -9.38% | 0.17% | 1.00% |
| Service <br> Class | Return Before <br> Taxes | -9.63% | -0.08% | 0.78% |
| Admini- <br> strative <br> Class | Return Before <br> Taxes | -9.77% | -0.16% | 0.69% |
| Class R4 | Return Before <br> Taxes | -9.90% | -0.30% | 0.54% |
| Class A | Return Before <br> Taxes | -12.19% | -0.90% | 0.19% |
| Class R3 | Return Before <br> Taxes | -10.04% | -0.55% | 0.27% |
| Class Y | Return Before <br> Taxes | -9.49% | 0.08% | 0.90% |
| Class L | Return Before <br> Taxes | -11.90% | -0.09% | 0.73% |
| Class C | Return Before <br> Taxes | -10.33% | -0.34% | 0.48% |

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| | | | |
|:---|:---|:---|:---|
|  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Bloomberg U.S. Aggregate 1-3 <br> Year Bond Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | -3.72% | 0.86% | 0.86% |

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#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Barings LLC ("Barings")

**Sub-subadviser(s):** Baring International Investment Limited ("BIIL")

#### Portfolio Manager(s):
**Yulia Alekseeva, CFA** is a Managing Director, the Head of Securitized Credit Research, and a portfolio manager for Barings' Investment Grade Fixed Income Group. She has managed the Fund since December 2020.

**Stephen Ehrenberg, CFA** is a Managing Director and portfolio manager for Barings' Investment Grade Fixed Income Group. He has managed the Fund since November 2019.

**Natalia Krol** is a Managing Director and portfolio manager for Barings' Emerging Markets Blended Total Return strategies. She has managed the Fund since May 2021.

**Omotunde Lawal, CFA** is a Managing Director and the Head of, and a portfolio manager for, Barings' Emerging Markets Corporate Debt Group. She has managed the Fund since May 2021.

**Charles Sanford** is a Managing Director and the Head of, and a portfolio manager for, Barings' Investment Grade Credit Group. He has managed the Fund since December 2020. He previously managed the Fund from June 2006 to November 2017.

**Douglas Trevallion, II, CFA** is a Managing Director, the Head of Global Securitized Credit, and a portfolio manager for Barings' Investment Grade Fixed Income Group. He has managed the Fund since June 2018. He previously managed the Fund from October 2008 to October 2017.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other

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institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

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| | | | |
|:---|:---|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** | **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  | **Class L**  | **Class C**  |
| **Initial Investment** | $100000  | $1000  | $1000  |
|  **Subsequent Investment** | $250  | $250  | $250  |

---

\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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MassMutual High Yield Fund

#### INVESTMENT OBJECTIVE
This Fund seeks to achieve a high level of total return, with an emphasis on current income, by investing primarily in high yield debt and related securities.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay brokerage commissions and other fees to financial intermediaries which are not reflected in the tables and examples below. For Class A shares, you may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in MassMutual funds. More information about these and other discounts is available in the section titled *Sales Charges by Class* beginning on page 44 of the Fund's Prospectus or from your financial professional.

#### Shareholder Fees (fees paid directly from your investment)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Admini- <br>strative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  | **Class C**  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)  |  |  |  |  |  | 5.50%  |  |  |  |
|  Maximum Deferred Sales Charge (Load) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  |  |
|  Maximum Contingent Deferred Sales Charge (Load) (CDSC) (as a % of the lower of the original offering price or redemption proceeds)  |  |  |  |  |  |  |  |  | 1.00%<sup>(1)</sup>  |

---

(1) The CDSC on Class C Shares is 1.00% for shares tendered and accepted for repurchase within the first 12 months of purchase. There is no CDSC on Class C Shares thereafter.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your

investment)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I**  | **Class R5**  | **Service <br>Class**  | **Adminis-<br>trative <br>Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  | **Class C**  |
| Management Fees | 0.47%  | 0.47%  | 0.47%  | 0.47%  | 0.47%  | 0.47%  | 0.47%  | 0.47%  | 0.47%  |
|  Distribution and Service (Rule 12b-1) Fees  |  |  |  |  | 0.25%  | 0.25%  | 0.50%  |  | 1.00%  |
| Other Expenses | 0.08% | 0.18% | 0.28% | 0.38% | 0.28% | 0.38% | 0.28% | 0.13% | 0.08% |
|  **Total Annual Fund Operating Expenses**  | **0.55%**  | **0.65%**  | **0.75%**  | **0.85%**  | **1.00%**  | **1.10%**  | **1.25%**  | **0.60%**  | **1.55%**  |

---

#### Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in each share class of the Fund for the time periods indicated and then redeem

all of your shares at the end of those periods. For Class A shares, the example includes the initial sales charge. The example also assumes that your investment earns a 5% return each year and that the Fund's operating expenses are exactly as described in the preceding table. Although your

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actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class I | $56 | $176 | $307 | $689 |
| Class R5 | $66 | $208 | $362 | $810 |
| Service Class | $77 | $240 | $417 | $930 |
|  Administrative Class  | $87 | $271 | $471 | $1049 |
| Class R4 | $102 | $318 | $552 | $1225 |
| Class A | $656 | $880 | $1123 | $1816 |
| Class R3 | $127 | $397 | $686 | $1511 |
| Class Y | $61 | $192 | $335 | $750 |
| Class C | $258 | $490 | $845 | $1845 |

---

You would pay the following expenses if you did not redeem your shares:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class C | $158 | $490 | $845 | $1845 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 53% of the average value of its portfolio.

#### INVESTMENTS, RISKS, AND PERFORMANCE

#### Principal Investment Strategies
The Fund invests primarily in lower rated U.S. debt securities ("junk" or "high yield" bonds), including securities in default. Debt securities may include, for example, corporate bonds, mortgage-backed and asset-backed securities, and obligations of the U.S. Government or its agencies or instrumentalities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in lower rated fixed income securities (rated below Baa3 by Moody's, below BBB- by Standard & Poor's or the equivalent by any nationally recognized statistical rating organization (using the lower rating) or, if unrated, determined to be of below investment grade quality by the Fund's subadviser, *Barings LLC* ("Barings"), or sub-subadviser, *Baring International Investment Limited* ("BIIL")). The Fund may also invest in convertible securities, preferred stocks, warrants, bank loans, and other fixed income securities,

including Rule 144A securities, of both U.S. and foreign issuers. Currently, Barings or BIIL does not expect that the Fund will invest more than 20% of its total assets in bank loans. The Fund may invest up to 15% of its total assets in securities that are not denominated in U.S. dollars including, but not limited to, corporate bonds, government and agency issues, Rule 144A securities, convertible securities, bank loans, mortgage-backed, and asset-backed securities.

In pursuing its investment objective, the Fund may (but is not obligated to) use a wide variety of exchange-traded and over-the-counter derivatives, including futures contracts (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund's portfolio, or as a substitute for direct investments); interest rate swaps (for hedging purposes or as a substitute for direct investments); total return swaps (for hedging purposes); and credit default swaps (for hedging purposes, to adjust various portfolio characteristics, including the duration (interest rate volatility) of the Fund's portfolio, or as a substitute for direct investments). Use of derivatives by the Fund may create investment leverage.

The Fund may enter into repurchase agreement transactions. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. The Fund may enter into reverse repurchase agreement transactions. Under normal market conditions, the Fund expects to have a dollar-weighted average portfolio maturity ranging from 4 to 10 years. The Fund's portfolio may include securities with maturities outside this range, and the range may change from time to time.

In selecting the Fund's investments, Barings or BIIL employs a bottom-up, fundamental approach to its credit analysis, which focuses first on a specific issuer's financial strength, among other things, before considering trends or macro economic factors. Barings or BIIL prefers companies that it believes possess one or more of the following characteristics: strong business position, ability to generate free cash flow to repay debt, favorable capital structure, high level of fixed assets, conservative accounting, and respected management or equity sponsor(s) (such management and sponsors would have a good reputation and/or have had prior positive relations with Barings or BIIL).

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The Fund expects that it will engage in active and frequent trading and so will typically have a relatively high portfolio turnover rate.

#### Principal Risks
The following are the Principal Risks of the Fund. The value of your investment in the Fund could go down as well as up. You can lose money by investing in the Fund. References in this section to the Fund's subadviser may include any sub-subadvisers as applicable. Certain risks relating to instruments and strategies used in the management of the Fund are placed first. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

***Fixed Income Securities Risk*** The values of fixed income securities typically will decline during periods of rising interest rates, and can also decline in response to changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral assets, or changes in market, economic, industry, political, regulatory, public health, and other conditions affecting a particular type of security or issuer or fixed income securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Fixed income securities are subject to interest rate risk (the risk that the value of a fixed income security will fall when interest rates rise), extension risk (the risk that the average life of a security will be extended through a slowing of principal payments), prepayment risk (the risk that a security will be prepaid and the Fund will be required to reinvest at a less favorable rate), duration risk (the risk that longer-term securities may be more sensitive to interest rate changes), inflation risk (the risk that as inflation increases, the present value of the Fund's fixed income investment typically will decline), and credit risk.

***Below Investment Grade Debt Securities Risk*** Below investment grade debt securities, commonly known

as "junk" or "high yield" bonds, have speculative characteristics and involve greater volatility of price and yield, greater risk of loss of principal and interest, and generally reflect a greater possibility of an adverse change in financial condition that could affect an issuer's ability to honor its obligations.

***Bank Loans Risk*** Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Senior secured bank loans are typically supported by collateral; however the value of the collateral may be insufficient to cover the amount owed to the Fund, or the Fund may be prevented or delayed from realizing on the collateral. Some loans may be unsecured; unsecured loans generally present a greater risk of loss to the Fund if the issuer defaults. If the Fund relies on a third party to administer a loan, the Fund is subject to the risk that the third party will fail to perform its obligations. In addition, if the Fund holds only a participation interest in a loan made by a third party, the Fund's receipt of payments on the loan will depend on the third party's willingness and ability to make those payments to the Fund. The settlement time for certain loans is longer than the settlement time for many other types of investments, and the Fund may not receive the payment for a loan sold by it until well after the sale; that cash would be unavailable for payment of redemption proceeds or for reinvestment. Interests in some bank loans may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Fund believes to be a fair price. Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

***Credit Risk*** Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely

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principal and/or interest payments, or to otherwise honor its obligations. The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

***Derivatives Risk*** Derivatives can be highly volatile and involve risks different from, and potentially greater than, direct investments, including risks of imperfect correlation between the value of derivatives and underlying assets, counterparty default, potential losses that partially or completely offset gains, and illiquidity. Derivatives can create investment leverage. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. If the value of a derivative does not correlate well with the particular market or asset class the derivative is designed to provide exposure to, the derivative may not have the effect or benefit anticipated. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Many derivatives are traded in the over-the-counter market and not on exchanges.

***Foreign Investment Risk; Emerging Markets Risk; Currency Risk*** Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization

of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, the Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar, the value of the Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the U.S. The securities of some non-U.S. companies, especially those in emerging markets, are less liquid and at times more volatile than securities of comparable U.S. companies. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems. Many emerging market countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. Frontier

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markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, foreign markets can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

***Mortgage- and Asset-Backed Securities Risk*** Investments in mortgage- and asset-backed securities subject the Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. The types of mortgages (for example, residential or commercial mortgages) underlying securities held by the Fund may differ and be affected differently by market factors. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. Litigation with respect to the representations and warranties given in connection with the issuance of mortgage-backed securities can be an important consideration in investing in such securities, and the outcome of any such litigation could significantly impact the value of the Fund's mortgage-backed investments.

***Cash Position Risk*** If the Fund holds a significant portion of its assets in cash or cash equivalents, its investment returns may be adversely affected and the Fund may not achieve its investment objective.

***Convertible Securities Risk*** Convertible securities are subject to the risks of both debt instruments and equity securities. The price of a convertible security may change in response to changes in price of the underlying equity security, the credit quality of the issuer, and interest rates. In general, the values of convertible securities tend to decline as interest rates rise and to rise when interest rates fall.

A convertible security generally has less potential for gain or loss than the underlying equity security.

***Defaulted and Distressed Securities Risk*** Because the issuer of such securities is in default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring, or in bankruptcy or insolvency proceedings) is uncertain. To the extent the Fund is invested in distressed securities, its ability to achieve current income for its shareholders may be diminished.

***Frequent Trading/Portfolio Turnover Risk*** Portfolio turnover generally involves some expense to the Fund and may result in the realization of taxable capital gains (including short-term gains). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance.

***Hedging Risk*** The Fund's attempts at hedging and taking long and short positions in currencies may not be successful and could cause the Fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values, and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the Fund could be in a worse position than if it had not entered into such transactions.

***Inflation Risk*** The value of assets or income from the Fund's investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors.

***Leveraging Risk*** Instruments and transactions, including derivatives and reverse repurchase agreement transactions, that create leverage may cause the value of an investment in the Fund to be more volatile, could result in larger losses than if they were not used, and tend to compound the effects of other risks.

***LIBOR Risk*** Certain instruments in which the Fund may invest rely in some fashion upon the

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London-Interbank Offered Rate ("LIBOR"). On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Market participants are focused on the transition mechanisms by which the reference rate in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments, or otherwise. Markets are developing in response to these new rates, and questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern for the Fund. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. In addition, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by the Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

***Liquidity Risk*** Certain securities may be difficult (or impossible) to sell or certain positions may be difficult to close out at a desirable time and price, and the Fund may be required to hold an illiquid investment that is declining in value, or it may be required to sell certain illiquid investments at a price or time that is not advantageous in order to meet redemptions or other cash needs. Some securities may be subject to restrictions on resale. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time. The Fund may not receive the proceeds from the sale of certain investments for an extended period.

***Management Risk*** The Fund relies on the manager's investment analysis and its selection of

investments to achieve its investment objective. There can be no assurance that the Fund will achieve the intended results and the Fund may incur significant losses.

***Market Risk*** The value of the Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. The Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

***Preferred Stock Risk*** Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. In addition, changes in interest rates may adversely affect the value of a preferred stock that pays a fixed dividend. Preferred stocks are also subject to additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

***Reinvestment Risk*** Income from the Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded, or called debt obligations at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect the Fund's overall return.

***Repurchase Agreement Risk*** These transactions must be fully collateralized, but involve credit risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral.

***Reverse Repurchase Agreement Transaction Risk*** These transactions typically create leverage and subject the Fund to the credit risk of the counterparty.

***Sector Risk*** The Fund may allocate more of its assets to particular industries or to particular economic, market, or industry sectors than to others. This could increase the volatility of the Fund's portfolio, and the Fund's performance may be more susceptible to developments affecting issuers in those industries or sectors than if the Fund invested more broadly.

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***U.S. Government Securities Risk*** Obligations of certain U.S. Government agencies and instrumentalities are not backed by the full faith and credit of the U.S. Government, and there can be no assurance that the U.S. Government would provide financial support to such agencies and instrumentalities.

***Valuation Risk*** The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

#### Performance Information
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Service Class shares. The table shows how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance. Performance for Class R4 shares of the Fund for periods prior to its inception date (04/01/14) and performance for Class Y and Class C shares of the Fund for periods prior to their inception date (12/13/21) is based on the performance of Class R5 shares, adjusted for Class R4 and Class C shares to reflect Class R4 and Class C expenses, respectively. Performance for Class A and Class C shares of the Fund reflects any applicable sales charge. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. More up-to-date performance information is available at https://www.massmutual.com/funds or by calling 1-888-309-3539.

#### Annual Performance

#### Service Class Shares
![[MISSING IMAGE: avennr0lpo539cp5jhc99kn0rgd2.jpg]](avennr0lpo539cp5jhc99kn0rgd2.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Highest <br>Quarter: | 2Q '20,  | 7.23% | Lowest <br>Quarter: | 1Q '20,  | –12.73% |

---

After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to

investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Service Class only. After-tax returns for other classes will vary.

#### Average Annual Total Returns
(for the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **One <br>Year**  | **Five <br>Years**  | **Ten <br>Years**  |
| Service <br> Class  | Return Before <br> Taxes  | -11.20% | 1.86% | 4.27% |
| Service <br> Class  | Return After Taxes on Distributions | -13.28% | -0.44% | 1.55% |
| Service <br> Class  | Return After Taxes on Distributions and Sales of Fund Shares | -6.60% | 0.50% | 2.10% |
| Class I | Return Before <br> Taxes | -10.92% | 2.07% | 4.50% |
| Class R5 | Return Before <br> Taxes | -11.11% | 1.96% | 4.37% |
| Admini- <br> strative <br> Class | Return Before <br> Taxes | -11.24% | 1.77% | 4.17% |
| Class R4 | Return Before <br> Taxes | -11.32% | 1.60% | 4.01% |
| Class A | Return Before <br> Taxes | -16.44% | 0.36% | 3.31% |
| Class R3 | Return Before <br> Taxes | -11.62% | 1.34% | 3.74% |
| Class Y | Return Before <br> Taxes | -11.02% | 1.96% | 4.37% |
| Class C | Return Before <br> Taxes | -12.65% | 1.05% | 3.44% |
| Bloomberg U.S. Corporate <br> High-Yield Bond Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | Bloomberg U.S. Corporate <br> High-Yield Bond Index (reflects no <br> deduction for fees, expenses, or <br> taxes) | -11.19% | 2.31% | 4.03% |

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#### MANAGEMENT
**Investment Adviser:** MML Investment Advisers, LLC ("MML Advisers")

**Subadviser(s):** Barings LLC ("Barings")

**Sub-subadviser(s):** Baring International Investment Limited ("BIIL")

#### Portfolio Manager(s):
**Sean Feeley, CFA** is a Managing Director and portfolio manager for Barings' U.S. High Yield Investments Group. He has managed the Fund since December 2010.

**Scott Roth, CFA** is a Managing Director and the Co-Head of, and a portfolio manager

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for, Barings' U.S. High Yield Investments Group. He has managed the Fund since December 2010.

#### PURCHASE AND SALE OF FUND SHARES
Shares of the Fund are generally available through distribution channels, such as broker-dealers or financial institutions, and to retirement plans, other institutional investors, and individual retirement accounts. Fund shares are redeemable on any business day by written request, telephone, or internet (available to certain customers).

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| | | |
|:---|:---|:---|
| **Purchase Minimums\*** | **Purchase Minimums\*** | **Purchase Minimums\*** |
| | **Class Y**  | **Class C**  |
| **Initial Investment** | $100000  | $1000  |
| **Subsequent Investment** | $250  | $250  |

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\*

The Fund reserves the right to change or waive the investment minimums. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments.

#### TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are an investor eligible for preferential tax treatment.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the Fund through a broker-dealer or other financial intermediary, the intermediary may receive a one-time or continuing payments from the Fund, MML Advisers or its affiliates, or others for the sale of Fund shares or continuing shareholder services provided by the intermediary. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. You should contact your intermediary to obtain more information about the compensation it may receive in connection with your investment.

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Additional Information Regarding Investment Objectives and Principal Investment Strategies

#### Changes to Investment Objectives and Strategies.
Each Fund's investment objective and strategies are non-fundamental and may be changed by the Board of Trustees (the "Trustees") of the MassMutual Premier Funds (the "Trust") without shareholder approval.

#### Note Regarding Percentage Limitations.
All percentage limitations on investments in this Prospectus will apply at the time of investment, and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of the investment. (As a result, the actual investments making up a Fund's portfolio may not at a particular time comport with any such limitation due to increases or decreases in the values of securities held by the Fund.) However, if, through a change in values, net assets, or other circumstances, a Fund were in a position where more than 15% of its net assets was invested in illiquid securities, the Fund would take appropriate orderly steps, as deemed necessary, to protect liquidity. With respect to a Fund whose name suggests that the Fund focuses its investments in a particular type of investment or investments, or in investments in a particular industry or group of industries, and that has adopted a policy under Rule 35d-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), such Fund's policy to invest at least 80% of its net assets in certain investments may be changed by the Trustees upon at least 60 days' prior written notice to shareholders.

#### Credit Ratings.
Security ratings are determined at the time of investment based on ratings published by nationally recognized statistical rating organizations; if a security is not rated, it will be deemed to have the same rating as a security determined by the investment adviser or subadviser to be of comparable quality. Unless otherwise stated, if a security is rated by more than one nationally recognized statistical rating organization, the highest rating is used. The Fund may retain any security whose rating has been downgraded after purchase.

#### Duration.
Duration is a measure of the expected life of a debt security that is used to determine the sensitivity of the security's value to changes in interest rates. The longer a security's duration, the

more sensitive it will be to changes in interest rates. For example, if interest rates rise by 1%, the value of a debt security with a duration of two years would be expected to decline 2% and the value of a debt security with a duration of four years would be expected to decline 4%. Unlike the maturity of a debt security, which measures only the time until final payment is due, duration takes into account the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates. Determining duration may involve estimates of future economic parameters, which may vary from actual future values.

#### Leverage.
Leverage generally has the effect of increasing the amount of loss or gain a Fund might realize, and may increase volatility in the value of a Fund's investments. Adverse changes in the value or level of the underlying asset, rate, or index may result in a loss substantially greater than the amount invested in the derivative itself.

#### Temporary Defensive Positions.
At times, a Fund's investment adviser or subadviser may determine that market conditions make pursuing a Fund's basic investment strategy inconsistent with the best interests of its shareholders. At such times, the investment adviser or subadviser may (but will not necessarily), without notice, temporarily use alternative strategies primarily designed to reduce fluctuations in the values of a Fund's assets. In implementing these defensive strategies, a Fund may hold assets without limit in cash and cash equivalents and in other investments that the investment adviser or subadviser believes to be consistent with the Fund's best interests. If such a temporary defensive strategy is implemented, a Fund may not achieve its investment objective.

#### Portfolio Turnover.
Changes are made in a Fund's portfolio whenever the investment adviser or subadviser believes such changes are desirable. Portfolio turnover rates are generally not a factor in making buy and sell decisions. A high portfolio turnover rate will result in higher costs from brokerage commissions, dealer-mark-ups, bid-ask spreads, and other transaction costs and may also result in a higher

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percentage of short-term capital gains and a lower percentage of long-term capital gains as compared to a fund that trades less frequently (short-term capital gains generally receive less favorable tax treatment in the hands of shareholders than do long-term capital gains). Such costs are not reflected in the Funds' Total Annual Fund Operating Expenses set forth in the fee tables but do have the effect of reducing a Fund's investment return.

#### Non-Principal Investments; Use of Derivatives; Securities Loans; Repurchase Agreements.
A Fund may hold investments that are not included in its principal investment strategies. These non-principal investments are described in the Statement of Additional Information ("SAI") or below under "Additional Information Regarding Principal Risks." A Fund also may choose not to invest in certain securities described in this Prospectus and in the SAI, even though it has the ability to do so. Certain Funds may engage in transactions involving derivatives as part of their principal investment strategies; the disclosures of the principal investment strategies of those Funds include specific references to those derivatives transactions. Any of the other Funds may engage in derivatives transactions not as part of their principal investment strategies, and Funds that may use certain derivatives as part of their principal investment strategies may use other derivatives (not as part of their principal investment strategies), as well. A Fund may use derivatives for hedging purposes, as a substitute for direct investment, to earn additional income, to adjust portfolio characteristics, including duration (interest rate volatility), to gain exposure to securities or markets in which it might not be able to invest directly, to provide asset/liability management, or to take long or short positions on one or more indexes, securities, or foreign currencies. If a Fund takes a short position with respect to a particular index, security, or currency, it will lose money if the index, security, or currency appreciates in value, or an expected credit or other event that might affect the value of the index, security, or currency fails to occur. Losses could be significant. Derivatives transactions may include, but are not limited to, foreign currency exchange transactions, options, futures contracts, interest rate swaps, interest rate futures contracts, forward contracts, total return swaps, credit default swaps, and hybrid instruments. A Fund may use derivatives to create investment leverage. See "Additional Information Regarding Principal Risks," below, and the SAI for more information regarding those transactions.

A Fund may make loans of portfolio securities to broker-dealers and other financial intermediaries of up to 33% of its total assets, and may enter into repurchase agreements. These transactions must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Any losses from the investment of cash collateral received by the Fund will be for the Fund's account and may exceed any income the Fund receives from its securities lending activities. A repurchase agreement is a transaction in which a Fund purchases a security from a seller, subject to the obligation of the seller to repurchase that security from the Fund at a higher price. A Fund may enter into securities loans and repurchase agreements as a non-principal investment strategy.

#### Foreign Securities.
The globalization and integration of the world economic system and related financial markets have made it increasingly difficult to define issuers geographically. Accordingly, the Funds intend to construe geographic terms such as "foreign," "non-U.S.," "European," "Latin American," "Asian," and "emerging markets" in the manner that affords to the Funds the greatest flexibility in seeking to achieve the investment objective(s) of the relevant Fund. Specifically, unless otherwise stated, in circumstances where the investment objective and/or strategy is to invest (a) exclusively in "foreign securities," "non-U.S. securities," "European securities," "Latin American securities," "Asian securities," or "emerging markets" (or similar directions) or (b) at least some percentage of the Fund's assets in foreign securities, etc., the Fund will take the view that a security meets this description so long as the issuer of a security is tied economically to the particular country or geographic region indicated by words of the relevant investment objective and/or strategy (the "Relevant Language"). For these purposes the issuer of a security is deemed to have that tie if:

(i) the issuer is organized under the laws of the country or a country within the geographic region suggested by the Relevant Language or maintains its principal place of business in that country or region; or

(ii) the securities are traded principally in the country or region suggested by the Relevant Language; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iii) the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region suggested by the Relevant Language or has at least 50% of its assets in that country or region.

In addition, the Funds intend to treat derivative securities (e.g., call options) for this purpose by reference to the underlying security. Conversely, if

the investment objective and/or strategy of a Fund limits the percentage of assets that may be invested in "foreign securities," etc. or prohibits such investments altogether, a Fund intends to categorize securities as "foreign," etc. only if the security possesses all of the attributes described above in clauses (i), (ii), and (iii).

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### Disclosure of Portfolio Holdings
A description of the Funds' policies and procedures with respect to the disclosure of each Fund's portfolio securities is available in the Funds' SAI.

### Additional Information Regarding Principal Risks
A Fund, by itself, generally is not intended to provide a complete investment program. Investment in the Funds is intended to serve as part of a diversified portfolio of investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund changes with the values of the investments in the Fund's portfolio. Many things can affect those values. Factors that may have an important or significant effect on a particular Fund's portfolio as a whole are called "Principal Risks." The Principal Risks of each Fund are identified in the foregoing Fund Summaries and are described in this section. Certain Funds may be more susceptible to some risks than others. Although the Funds strive to reach their stated goals, they cannot offer guaranteed results. The value of your investment in a Fund could go down as well as up. You can lose money by investing in the Funds. References in this section to a Fund's subadviser may include any sub-subadvisers as applicable.

The SAI contains further information about the Funds, their investments and their related risks.

• #### Bank Loans Risk
Many of the risks associated with bank loans are similar to the risks of investing in below investment grade debt securities, although bank loans are typically (though not always) senior and secured, while below investment grade debt securities or investments are often subordinated and unsecured. Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer's capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such

instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after a Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund. In addition, collateral securing a loan may be found invalid, may be used to pay other outstanding obligations of the borrower under applicable law, or may be difficult to sell. In the event that a borrower defaults, a Fund's access to the collateral may be limited by bankruptcy and other insolvency laws. There is also the risk that the collateral may be difficult to liquidate, or that a majority of the collateral may be illiquid. In addition, some loans may be unsecured. Unsecured loans generally present a greater risk of loss to the Fund if the issuer defaults. In some cases, the Fund may rely on a third party to administer its interest in a loan, and so is subject to the risk that the third party will be unwilling or unable to perform its obligations. The Fund may invest in a loan by purchasing an indirect interest in the loan held by a third party. In that case, the Fund will be subject to both the credit risk of the borrower and of the third party, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party. The settlement time for certain loans is longer than the settlement time for many other types of investments, and the Fund may not receive the payment for a loan sold by it until well after the sale; that cash would be unavailable for payment of redemption proceeds or for reinvestment. Interests in some bank loans may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Fund believes to be a fair price. Some bank loans may be illiquid, and bank loans generally tend to be less liquid than many other debt securities. The lack of a liquid secondary market may make it more difficult for the Fund to assign a value to such instruments for purposes of valuing the Fund's portfolio and calculating its net asset value ("NAV"). Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

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• #### Below Investment Grade Debt Securities Risk
Below investment grade debt securities, which are also known as "junk" or "high yield" bonds, and comparable unrated securities in which a Fund may invest, have speculative characteristics, and changes in economic conditions, the financial condition of the issuer, and/or an unanticipated rise in interest rates or other circumstances are more likely to lead to a weakened capacity to make principal and interest payment than in the case of higher grade securities. Below investment grade debt securities involve greater volatility of price and yield and greater risk of loss of principal and interest than do higher quality securities. In the past, economic downturns or increases in interest rates have, under certain circumstances, resulted in a higher incidence of default by the issuers of these instruments and are likely to do so in the future, especially in the case of highly leveraged issuers. The prices for these instruments may be affected by legislative and regulatory developments. Some below investment grade debt securities are issued in connection with management buy-outs and other highly leveraged transactions, and may entail substantial risk of delays in payments of principal or interest or of defaults. The inability (or perceived inability) of issuers to make timely payment of interest and principal would likely make the values of securities held by the Fund more volatile and could limit the Fund's ability to sell its securities at prices approximating the values the Fund has placed on such securities. In the absence of a liquid trading market for securities held by it, a Fund at times may be unable to establish the fair value of such securities. To the extent a Fund invests in securities in the lower rating categories, the achievement of the Fund's goals is more dependent on the Fund investment adviser's or subadviser's investment analysis than would be the case if the Fund were investing in securities in the higher rating categories. Securities that are rated CCC or below by Standard & Poor's or Caa or below by Moody's Investors Service, Inc. are generally regarded by the rating agencies as having extremely poor prospects of ever attaining any real investment standing.

• #### Cash Position Risk
A Fund may hold a significant portion of its assets in cash or cash equivalents at the sole

discretion of the Fund's investment adviser or subadviser, based on such factors as it may consider appropriate under the circumstances. The portion of a Fund's assets invested in cash and cash equivalents may at times exceed 25% of the Fund's net assets. To the extent a Fund holds a significant portion of its assets in cash or cash equivalents, its investments returns may be adversely affected and the Fund may not achieve its investment objective.

• #### Convertible Securities Risk
Convertible securities are bonds, debentures, notes or other debt securities that may be converted at either a stated price or stated rate into shares of common or preferred stock (or cash or other securities of equivalent value), and so are subject to the risks of investments in both debt securities and equity securities. The price of a convertible security may change in response to changes in price of the underlying equity security, the credit quality of the issuer, and interest rates. Due to the conversion feature, convertible debt securities generally yield less than non-convertible securities of similar credit quality and maturity. The values of convertible securities may be interest-rate sensitive and tend to decline as interest rates rise and to rise when interest rates fall. A Fund may invest at times in securities that have a mandatory conversion feature, pursuant to which the securities convert automatically into stock at a specified date and conversion ratio, or that are convertible at the option of the issuer. When conversion is not at the option of the holder, a Fund may be required to convert the security into the underlying stock even at times when the value of the underlying common stock has declined substantially or it would otherwise be disadvantageous to do so.

• #### Credit Risk
Credit risk is the risk that an issuer, guarantor, or liquidity provider of a fixed income security held by a Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness

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of an issuer of a fixed income security held by the Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when the Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured. The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment grade are considered to have speculative characteristics. In addition, below investment grade debt securities (i.e., "junk" or "high yield" bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturn than investment grade securities. If a security held by the Fund loses its rating or its rating is downgraded, the Fund may nonetheless continue to hold the security in the discretion of the investment adviser or subadviser. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages may affect the values of those securities.

The Fund may also be exposed to the credit risk of its counterparty to repurchase agreements, reverse repurchase agreements, swap transactions, and other derivatives transactions, and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. The value of such transactions to the Fund will depend on the willingness and ability of the counterparty to perform its obligations, including among other things the obligation to return collateral or margin to the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. In the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations, and

realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the European Union, the United Kingdom, and various other jurisdictions. Among other things, such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty.

• #### Currency Risk
Because foreign securities normally are denominated and traded in foreign currencies, the value of a Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, currency exchange control regulations, intervention (or failure to intervene) by the U.S. or foreign governments in currency markets, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. A Fund may, but will not necessarily, engage in foreign currency transactions in order to protect against fluctuations in the values of holdings denominated in or exposed to other currencies, or, for certain Funds, to generate additional returns. Derivatives transactions providing exposure to foreign currencies may create investment leverage. A Fund's investment in foreign currencies may increase the amount of ordinary income recognized by the Fund.

Officials in foreign countries may from time to time take actions in respect of their currencies which could significantly affect the value of a Fund's assets denominated in those currencies or the liquidity of such investments. For example, a foreign government may unilaterally devalue its currency against other currencies, which would typically have the effect of reducing the U.S. dollar value of investments denominated in that currency. A foreign government may also limit the convertibility or repatriation of its currency or assets denominated in its currency, which would adversely affect the U.S. dollar value and liquidity of investments denominated in that currency. In addition, although at times most of a Fund's income may be received or realized in foreign currencies, the Fund will be required to compute and distribute its income in U.S. dollars. As a result, if the exchange rate for any such currency declines after the Fund's income has been earned and translated into U.S. dollars but before payment to shareholders, the Fund could be required to sell portfolio investments to make such

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distributions. Similarly, if a Fund incurs an expense in a foreign currency and the exchange rate changes adversely to the Fund before the expense is paid, the Fund would have to convert a greater amount of U.S. dollars to pay for the expense at that time than it would have had to convert at the time the Fund incurred the expense. Investments in foreign currencies themselves (directly or through derivatives transactions) may be highly volatile and may create investment leverage.

• #### Cyber Security and Technology Risk
The Funds and their service providers (including the Funds' investment adviser, subadvisers, custodian, and transfer agent) are subject to operational and information security risks, including those resulting from cyber-attacks and other technological issues. Technological issues or failures, or interference or attacks by "hackers" or others, may have the effect of disabling or hindering the Funds' operations or the operations of a service provider to the Funds. There are inherent limitations in business continuity plans and technology systems designed to prevent cyber-attacks and avoid operational incidents, including the possibility that certain risks have not been identified. The Funds' investment adviser does not control the cyber security plans and systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Funds' investment adviser or the Funds, each of whom could be negatively impacted as a result. Similar risks also are present for issuers of securities in which the Funds invest, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such securities to lose value.

• #### Defaulted and Distressed Securities Risk
Defaulted securities risk refers to the uncertainty of repayment of defaulted securities and obligations of distressed issuers. Because the issuer of such securities is in default and is likely to be in distressed financial condition, repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring, or in bankruptcy or insolvency proceedings) is subject to significant uncertainties. The market will likely be less liquid for distressed

or defaulted securities than for other types of securities. Reduced liquidity can affect the valuations of distressed or defaulted securities, make their valuation and sale more difficult, and result in greater volatility. Insolvency laws and practices in foreign countries are different than those in the U.S. and the effect of these laws and practices cannot be predicted with certainty. Investments in defaulted securities and obligations of distressed issuers are considered speculative. To the extent a Fund is invested in distressed securities, its ability to achieve current income for its shareholders may be diminished.

• #### Derivatives Risk
Derivatives are financial contracts whose values depend upon, or are derived from, the value of an underlying asset, reference rate, or index. Derivatives may relate to stocks, bonds, interest rates, currencies, credit exposures, currency exchange rates, commodities, related indexes, or other assets. The use of derivative instruments may involve risks different from, or greater than, the risks associated with investing directly in securities and other more traditional investments. Derivatives can be highly volatile and are subject to a number of potential risks described in this Prospectus, including market risk, credit risk, management risk, liquidity risk, and leveraging risk. Derivative products are highly specialized instruments that may require investment techniques and risk analyses different from those associated with stocks and bonds. The use of a derivative requires an understanding not only of the underlying instrument or index but also of the derivative itself, often without the benefit of observing the performance of the derivative under all possible market conditions. (For example, successful use of a credit default swap may require, among other things, an understanding of both the credit of the company to which it relates and of the way the swap is likely to respond to changes in various market conditions and to factors specifically affecting the company.) The use of derivatives involves the risk that a loss may be sustained as a result of the failure of another party to the contract (typically referred to as a "counterparty") to make required payments or otherwise to comply with the contract's terms. Derivative transactions can create investment leverage. Losses from derivatives can be substantially

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greater than the derivatives' original cost and can sometimes be unlimited. Since the values of derivatives are calculated and derived from the values of other assets, reference rates, or indexes, there is greater risk that derivatives will be improperly valued. Derivatives also involve the risk that changes in the value of a derivative may not correlate perfectly with changes in the value of its underlying asset, rate, or index, and the risk that a derivative transaction may not have the effect or benefit the Fund's investment adviser or subadviser anticipated. Also, suitable derivative transactions may not be available in all circumstances, and there can be no assurance that a Fund will engage in these transactions when that would be beneficial. A liquid secondary market may not always exist for a Fund's derivative positions at any time. If a derivative transaction is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous price or at all. Although the use of derivatives is intended to enhance a Fund's performance, it may instead reduce returns and increase volatility.

Recent U.S. and non-U.S. legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, have resulted in, and may in the future result in, new regulation of derivative instruments and the Funds' use of such instruments. Such regulations can, among other things, restrict a Fund's ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to a Fund), establish additional margin requirements and/or increase the costs of derivatives transactions, and a Fund may as a result be unable to execute its investment strategies in a manner its investment adviser or subadviser might otherwise choose. Counterparty risk with respect to derivatives has been and may continue to be affected by rules and regulations concerning the derivatives market. Some derivatives transactions are centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds the position. Credit risk of market participants with respect to derivatives that are centrally

cleared is concentrated in a few clearing houses and clearing members, and it is not clear how an insolvency proceeding of a clearing house or clearing member would be conducted, what effect the insolvency proceeding would have on any recovery by a Fund, and what impact an insolvency of a clearing house or clearing member would have on the financial system more generally.

*•* *Futures Contract Risk.* A Fund may enter into futures contracts, in which the Fund agrees to buy or sell certain financial instruments or index units or other assets on a specified future date at a specified price or rate. A Fund may also enter into contracts to deliver in the future an amount of one currency in return for an amount of another currency. If a Fund's investment adviser or subadviser misjudges the direction of interest rates, markets, or foreign exchange rates, a Fund's overall performance could suffer. The risk of loss could be far greater than the investment made because a futures contract requires only a small deposit to take a large position. A small change in a futures contract could have a substantial impact on a Fund, favorable or unfavorable. An investor could also suffer losses if it is unable to close out a futures contract because of an illiquid market. Futures are subject to the creditworthiness of the futures commission merchants or brokers and clearing organizations involved in the transactions. In the event of the insolvency of its futures commission merchant or broker, a Fund may be delayed or prevented from recovering some or all of the margin it has deposited with the merchant or broker, or any increase in the value of its futures positions held through that merchant or broker.

• #### Dollar Roll and Reverse Repurchase Agreement Transaction Risk
In a dollar roll transaction, a Fund sells mortgage-backed securities for delivery to the buyer in the current month and simultaneously contracts to purchase similar securities on a specified future date from the same party. In a reverse repurchase agreement transaction, a Fund sells securities to a bank or securities dealer and agrees to repurchase them at an agreed time and price; a reverse repurchase agreement is similar to a secured borrowing by a Fund. Both types of transactions generally create leverage (see "Leveraging Risk" below). It may be difficult or impossible for a Fund

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to exercise its rights under a dollar roll transaction or reverse repurchase agreement in the event of the insolvency or bankruptcy of the counterparty, and the Fund may not be able to purchase the securities or other assets subject to the transaction and may be required to return any collateral it holds.

• #### Emerging Markets Risk
Investing in emerging market securities poses risks different from, and/or greater than, risks of investing in domestic securities or in the securities of foreign, developed countries. These risks may include, for example, smaller market-capitalizations of securities markets; significant price volatility; illiquidity; limits on foreign investment; and possible limits on repatriation of investment income and capital. Future economic or political events or crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or the creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in those currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. Although many of the emerging market securities in which a Fund may invest are traded on securities exchanges, they may trade in limited volume, and the exchanges may not provide all of the conveniences or protections provided by securities exchanges in more developed markets.

Additional risks of emerging market securities may include greater social, economic, and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; greater custody and operational risks; unavailability of currency hedging techniques; less stringent investor protection and disclosure standards; less reliable settlement practices; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability or unreliability of material information about issuers or instruments; less developed legal, regulatory, and accounting systems; and greater environmental risk. Many emerging market

countries are highly reliant on international trade and exports, including the export of commodities. Their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established health care systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement of securities transactions in emerging markets may be subject to risk of loss and may be delayed more often than transactions settled in the United States, in part because a Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable compared to more developed countries. Settlement problems may cause a Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending settlement, or be delayed in disposing of a portfolio security. It may be more difficult to obtain and/or enforce a judgment in a court outside the U.S., and a judgment against a foreign government may be unenforceable.

Frontier markets, a subset of emerging markets, generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to having abrupt changes in currency values, less mature markets and settlement practices, and lower trading volumes that could lead to greater price volatility and illiquidity.

• #### Fixed Income Securities Risk
The values of debt securities change in response to interest rate changes. In general, as interest rates rise, the value of a debt security is likely to fall. This risk is generally greater for obligations with longer maturities or for debt securities that do not pay current interest (such as zero-coupon securities). Debt securities with variable and floating interest rates can be less sensitive to interest rate changes, although, to the extent a Fund's

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income is based on short-term interest rates that fluctuate over short periods of time, income received by the Fund may decrease as a result of a decline in interest rates. The value of a debt security also depends on the issuer's actual or perceived credit quality or ability to pay principal and interest when due. The value of a debt security is likely to fall if an issuer or the guarantor of a security is unable or unwilling (or is perceived to be unable or unwilling) to make timely principal and/or interest payments or otherwise to honor its obligations or if the debt security's rating is downgraded by a credit rating agency. The value of a debt security can also decline in response to changes in market, economic, industry, political, regulatory, public health, and other conditions that affect a particular type of debt security or issuer or debt securities generally. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities.

*•* *Extension Risk.* During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security.

*•* *Prepayment Risk.* Prepayment risk is the risk that principal of a debt obligation will be repaid at a faster rate than anticipated. In such a case, a Fund may lose the benefit of a favorable interest rate for the remainder of the term of the security in question, and may only be able to reinvest the amount of the prepayment at a less favorable rate.

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*•* *Interest Rate Risk.* The values of bonds and other debt instruments usually rise and fall in response to changes in interest rates. The values of debt instruments generally increase in response to declines in interest rates and decrease in response to rises in interest rates. Interest rates can also change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Interest rate risk is generally greater for

fixed-rate instruments than floating-rate instruments and for investments with longer durations or maturities. Some investments give the issuer the option to call or redeem an investment before its maturity date. If an issuer calls or redeems an investment during a time of declining interest rates, a Fund might have to reinvest the proceeds in an investment offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose fixed income and related markets to heightened volatility.

• #### Foreign Investment Risk
Investments in securities of foreign issuers, securities of companies with significant foreign exposure, and foreign currencies can involve additional risks relating to market, industry, political, regulatory, public health, and other conditions. Political, social, diplomatic, and economic developments, U.S. and foreign government action, or threat thereof, such as the imposition of currency or capital blockages, controls, or tariffs, economic and trade sanctions or embargoes, security trading suspensions, entering or exiting trade or other intergovernmental agreements, or the expropriation or nationalization of assets in a particular country, can cause dramatic declines in certain or all securities with exposure to that country and other countries. Economic or other sanctions imposed on a foreign country or issuer by the U.S., or on the U.S. by a foreign country, could impair a Fund's ability to buy, sell, hold, receive, deliver, or otherwise transact in certain securities. In the event of nationalization, expropriation, confiscation, or other government action, intervention, or restriction, a Fund could lose its entire investment in a particular foreign issuer or country. There may be quotas or other limits on the ability of a Fund (or clients of a Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries. Enforcing legal rights can be more difficult, costly, and limited in certain foreign countries and with respect to certain types of investments, and can be particularly difficult against foreign governments. Because non-U.S. securities are

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normally denominated and traded in currencies other than the U.S. dollar, the value of a Fund's assets may be affected favorably or unfavorably by changes in currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies.

Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. company than about a U.S. company, and many non-U.S. companies are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the United States. The securities of some non-U.S. companies are less liquid and at times more volatile than securities of comparable U.S. companies. Non-U.S. transaction costs, such as brokerage commissions and custody costs may be higher than in the United States. In addition, foreign markets can perform differently from U.S. markets and can react differently to market, economic, industry, political, regulatory, geopolitical, public health, and other conditions than the U.S. market.

The willingness and ability of foreign governmental entities to pay principal and interest on government securities depends on various economic factors, including for example the issuer's balance of payments, overall debt level, and cash-flow considerations related to the availability of tax or other revenues to satisfy the issuer's obligations. If a foreign governmental entity defaults on its obligations on the securities, a Fund may have limited recourse available to it. The laws of some foreign countries may limit a Fund's ability to invest in securities of certain issuers located in those countries. Special tax considerations apply to a Fund's investments in foreign securities. A Fund's investments in foreign securities or foreign currencies may increase or accelerate the Fund's recognition of ordinary income and may affect the amount, timing, or character of the Fund's distributions.

A Fund may invest in foreign securities known as depositary receipts, in the form of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), or other similar securities. An ADR is a U.S. dollar-denominated security issued by a U.S. bank or

trust company that represents, and may be converted into, a foreign security. An EDR or a GDR is generally similar but is issued by a non-U.S. bank. Depositary receipts are subject to the same risks as direct investment in foreign securities. Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted, and changes in currency exchange rates may affect the value of an ADR investment in ways different from direct investments in foreign securities. Funds may invest in both sponsored and unsponsored depositary receipts. Unsponsored depositary receipts are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuers may not be as current for unsponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored by the issuer. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities. A Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer. An investment in an ADR is subject to the credit risk of the issuer of the ADR.

• #### Frequent Trading/Portfolio Turnover Risk
The length of time a Fund has held a particular security is not generally a consideration in investment decisions. The investment policies of a Fund may lead to frequent changes in the Fund's investments, particularly in periods of volatile market movements, in order to take advantage of what the Fund's investment adviser or subadviser believes to be temporary investment opportunities. A change in the securities held by a Fund is known as "portfolio turnover." Portfolio turnover generally involves some expense to a Fund, including brokerage commissions, bid-asked spreads, dealer mark-ups, and other transaction costs on the sale of securities and reinvestments in other securities, and may result in the realization of taxable capital gains (including short-term gains, which are generally treated as ordinary

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income when distributed to shareholders). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund's performance. Consult your tax adviser regarding the effect of a Fund's portfolio turnover rate on your investments.

• #### Hedging Risk
There can be no assurance that a Fund's hedging transactions will be effective. If a Fund takes a short position in a particular currency, security, or bond market, it will lose money if the currency, security, or bond market appreciates in value, or an expected credit event fails to occur. Any efforts at buying or selling currencies could result in significant losses for the Fund. Further, foreign currency transactions that are intended to hedge the currency risk associated with investing in foreign securities and minimize the risk of loss that would result from a decline in the value of the hedged currency may also limit any potential gain that might result should the value of such currency increase.

• #### Inflation Risk
The value of assets or income from a Fund's investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of a Fund's assets can decline as can the value of the Fund's distributions. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change), and a Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors. The market prices of debt securities generally fall as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically accompanied long-term inflationary trends.

• #### Leveraging Risk
The use of leverage has the potential to increase returns to shareholders, but also involves additional risks. A Fund may create leverage by borrowing money (through

traditional borrowings or by means of so-called reverse repurchase agreements); certain transactions, including, for example, when-issued, delayed-delivery, to-be-announced, and forward commitment purchases, loans of portfolio securities, dollar roll transactions, and the use of some derivatives, can also result in leverage. Leverage will increase the volatility of the Fund's investment portfolio and could result in larger losses than if it were not used. The use of leverage is considered to be a speculative investment practice and may result in losses to a Fund. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. A Fund will typically pay interest or incur other borrowing costs in connection with leverage transactions.

• #### LIBOR Risk
Certain instruments in which a Fund may invest rely in some fashion upon LIBOR. LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for transition away from LIBOR, but there are obstacles to converting certain instruments to new reference rates. Markets are developing but questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. It is difficult to predict the full impact of the transition away from LIBOR on a Fund. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR, particularly insofar as the documentation

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governing such instruments does not include "fall back" provisions addressing the transition from LIBOR. In addition, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by a Fund or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

• #### Liquidity Risk
Liquidity risk is the risk that particular investments may be difficult to sell or terminate at approximately the price at which the Fund is carrying the investments. The ability of a Fund to dispose of illiquid positions at advantageous prices may be greatly limited, and a Fund may have to continue to hold such positions during periods when the investment adviser or subadviser otherwise would have sold them. Some securities held by a Fund may be restricted as to resale, may trade in the over-the-counter ("OTC") market, or may not have an active trading market due to adverse market, economic, industry, political, regulatory, geopolitical, public health, or other conditions. In addition, a Fund, by itself or together with other accounts managed by the investment adviser or subadviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.

Market values for illiquid securities may not be readily available, and there can be no assurance that any fair value assigned to an illiquid security at any time will accurately reflect the price a Fund might receive upon the sale of that security. It is possible that, during periods of extreme market volatility or unusually high and unanticipated levels of redemptions or in the case of a liquidation of a Fund, a Fund may be forced to sell large amounts of securities or terminate outstanding transactions at a price or time that is not advantageous in order to meet redemptions or other cash needs or to pay liquidation proceeds. In such a case, the sale proceeds received by a Fund may be substantially less than if the Fund had been able to sell the securities or terminate the transactions in more orderly transactions, and the sale price may

be substantially lower than the price previously used by the Fund to value the securities for purposes of determining the Fund's NAV. To the extent a Fund holds illiquid securities, it may be more likely to pay redemption proceeds in kind.

• #### Management Risk
Each Fund is subject to management risk because it relies on the investment adviser's and/or subadviser's investment analysis and its selection of investments to achieve its investment objective. A Fund's investment adviser or subadviser manages the Fund based on its assessment of economic, financial, and market factors and its investment judgment. The investment adviser or subadviser may fail to ascertain properly the appropriate mix of securities for any particular economic cycle. A Fund's investment adviser or subadviser applies its investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that they will produce the intended result. Management risk includes the risk that poor security selection will cause a Fund to underperform relative to other funds with similar investment objectives, or that the timing of movements from one type of security to another could have a negative effect on the overall investment performance of the Fund. There can be no assurance that there will be a liquid market for instruments held by the Fund at any time.

• #### Market Risk
The values of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable broad market developments, which may affect securities markets generally or particular industries, sectors, or issuers. The values of a Fund's investments may decline as a result of a number of such factors, including actual or perceived changes in general economic and market conditions, industry, political, regulatory, geopolitical, public health, and other developments, including the imposition of tariffs or other protectionist actions, changes in interest rates, currency rates, or other rates of exchange, and changes in economic and competitive industry conditions. Likewise, terrorism, war, natural and environmental disasters, and epidemics or pandemics may be highly disruptive to economies and markets. For example, the

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global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects. Such factors, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may have a significant adverse effect on a Fund's performance and have the potential to impair the ability of a Fund's investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund. Different parts of the market and different types of securities can react differently to these conditions. The possibility that security prices in general will decline over short or even extended periods subjects a Fund to unpredictable declines in the value of its shares, as well as potentially extended periods of poor performance. In addition, the increasing popularity of passive index-based investing may have the potential to increase security price correlations and volatility. As passive strategies generally buy or sell securities based simply on inclusion and representation in an index, securities' prices will have an increasing tendency to rise or fall based on whether money is flowing into or out of passive strategies rather than based on an analysis of the prospects and valuation of individual securities. This may result in increased market volatility as more money is invested through passive strategies.

Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the securities in which a Fund invests or the issuers of such securities in ways that are unforeseeable. The uncertainty surrounding the sovereign debt of a significant number of European Union countries, as well as the status of the Euro, the European Monetary Union, and the European Union itself, has disrupted and may continue to disrupt markets in the U.S. and around the world. The risks associated with investments in Europe may be heightened due to the United Kingdom's exit from the European Union on January 31, 2020. An agreement between the United Kingdom and the European Union

governing their future trade relationship became effective on January 1, 2021. Significant uncertainty remains in the market regarding the ramifications of that development and the arrangements that will apply to the United Kingdom's relationship with the European Union and other countries following its withdrawal; the range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict. There is the potential for decreased trade, capital outflows from the United Kingdom, devaluation of the pound sterling, decreased business and consumer spending and decreased foreign investment in the United Kingdom, and negative effects on the value of a Fund's investments and/or on a Fund's ability to enter into certain transactions or value certain investments. If one or more additional countries leave the European Union, or the European Union partially or completely dissolves, the world's economies and securities markets may be significantly disrupted and adversely affected. Legislation or regulation also may change the way in which a Fund, the investment adviser, or subadviser is regulated. Such legislation, regulation, or other government action could limit or preclude a Fund's ability to achieve its investment objective and affect the Fund's performance.

In addition, military action by Russia in Ukraine could adversely affect global energy and financial markets, and therefore could affect the value of a Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial.

• #### Mortgage- and Asset-Backed Securities Risk
Investments in mortgage-related and other asset-backed securities are subject to the risk of severe credit downgrades, illiquidity and defaults to a greater extent than many other types of fixed income investments. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans. Asset-backed securities are generally structured like mortgage-backed securities, but instead of mortgage loans or interests in

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mortgage loans, the underlying assets may include such items as motor vehicle installment sale or installment loan contracts, leases of various types of real and personal property, receivables from credit card agreements, and student loan payments. Asset-backed securities also may be backed by pools of corporate or sovereign bonds, loans made to corporations, or a combination of these bonds and loans, commonly referred to as "collateralized debt obligations," including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"). The assets backing collateralized debt obligations may consist in part or entirely of high risk, below investment grade debt obligations (or comparable unrated obligations). In the case of CBOs and certain other collateralized debt obligations, those may include, by way of example, high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities, and emerging market debt. In the case of CLOs, they may include, among other things, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, any or all of which may be rated below investment grade or may be comparable unrated obligations.

Traditional debt investments typically pay a fixed rate of interest until maturity, when the entire principal amount is due. By contrast, payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. The Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Because the prepayment rate generally declines as interest rates rise, an increase in interest rates will likely increase the duration, and thus the volatility, of mortgage-backed and asset-backed securities. (Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of the security's price to changes in interest rates. Unlike the maturity of a fixed income security,

which measures only the time until final payment is due, duration takes into account the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates.) Prepayment rates are difficult to predict and the potential impact of prepayments on the value of a mortgage-related or other asset-backed security depends on the terms of the instrument and can result in significant volatility. In addition to interest rate risk (as described under "Interest Rate Risk"), investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities may be subject to a higher degree of credit risk, valuation risk, and liquidity risk (as described under "Credit Risk," "Valuation Risk," and "Liquidity Risk"). During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables, and other obligations underlying mortgage-related and other asset-backed securities. Litigation with respect to the representations and warranties given in connection with the issuance of mortgage-backed securities can be an important consideration in investing in such securities, and the outcome of any such litigation could significantly impact the value of the Fund's mortgage-backed investments.

The types of mortgages underlying securities held by the Fund may differ and may be affected differently by market factors. For example, the Fund's investments in residential mortgage-backed securities will likely be affected significantly by factors affecting residential real estate markets and mortgages generally; similarly, investments in commercial mortgage-backed securities will likely be affected significantly by factors affecting commercial real estate markets and mortgages generally.

Some mortgage-backed and asset-backed investments receive only the interest portion ("IOs") or the principal portion ("POs") of payments on the underlying assets. The yields and values of these investments are extremely sensitive to changes in interest rates and in

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the rate of principal payments on the underlying assets. IOs tend to decrease in value if interest rates decline and rates of repayment (including prepayment) on the underlying mortgages or assets increase; it is possible that the Fund may lose the entire amount of its investment in an IO due to a decrease in interest rates. Conversely, POs tend to decrease in value if interest rates rise and rates of repayment decrease. Moreover, the market for IOs and POs may be volatile and limited, which may make them difficult for the Fund to buy or sell. The values of mortgage-related and other asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence or malfeasance by their servicers and to the credit risk of their servicers. In certain situations, the mishandling of related documentation may also affect the rights of securities holders in and to the benefits of the underlying collateral. There may be legal and practical limitations on the enforceability of any security interest granted with respect to underlying assets, or the value of the underlying assets, if any, may be insufficient if the issuer defaults.

The Fund may gain investment exposure to mortgage-backed and asset-backed investments by entering into agreements with financial institutions to buy the investments at a fixed price at a future date. The Fund may or may not take delivery of the investments at the termination date of such an agreement, but will nonetheless be exposed to changes in value of the underlying investments during the term of the agreement. These transactions may create investment leverage.

• #### Preferred Stock Risk
Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. In addition, if interest rates rise, the dividends on preferred stocks may be less attractive, causing the prices of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions or call/redemption provisions that can negatively affect its value. In addition, in the event of liquidation of a corporation's assets, the rights of preferred stock generally are subordinate to the rights associated with a corporation's debt securities.

Preferred stocks are also subject to additional risks, such as potentially greater volatility and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.

• #### Redemptions by Affiliated Funds and by Other Significant Investors
A Fund may be an investment option for other MassMutual Funds that are managed as "funds of funds" and for other investors who may make substantial investments in the Fund. As a result, from time to time, a Fund may experience a relatively large redemption and could be required to liquidate assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, or if the Fund is unable to invest the cash in portfolio securities that it considers as desirable as the Fund's portfolio securities.

• #### Reinvestment Risk
Income from a Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded, or called debt obligations at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect a Fund's overall return.

• #### Repurchase Agreement Risk
A Fund may enter into repurchase agreements. These transactions must be fully collateralized, but involve credit risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

• #### Restricted Securities Risk
A Fund may hold securities that are restricted as to resale under the U.S. federal securities laws, such as securities in certain privately held companies. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may prevent the Fund from disposing of them promptly at reasonable prices or at all. Restricted securities

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may be highly illiquid. A Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Restricted securities may be difficult to value because market quotations may not be readily available, and there may be little publicly available information about the securities or their issuers. The values of restricted securities may be highly volatile.

• #### Risk of Investment in other Funds or Pools
A Fund may invest in other investment companies or pooled vehicles, including closed-end funds, trusts, and exchange-traded funds ("ETFs"), that are advised by the Fund's investment adviser or subadviser, as applicable, their affiliates, or by unaffiliated parties, to the extent permitted by applicable law. As a shareholder in an investment company or other pool, the Fund, and indirectly that Fund's shareholders, bear a ratable share of the investment company's or pool's expenses, including, but not limited to, advisory and administrative fees, and the Fund at the same time continues to pay its own fees and expenses. Investment companies or pools in which the Funds may invest may change their investment objectives or policies without the approval of a Fund, in which case a Fund may be forced to withdraw its investment from the investment company or pool at a disadvantageous time. Private investment pools in which the Funds may invest are not registered under the 1940 Act, and so will not offer all of the protections provided by the 1940 Act (including, among other things, independent oversight, protections against certain conflicts of interest, and custodial risks). A Fund is exposed indirectly to all of the risks applicable to any other investment company or pool in which it invests, including that the investment company or pool will not perform as expected. Investments in other investment companies or private pools may be illiquid, may be leveraged, and may be highly volatile.

Investing in other investment companies or private investment vehicles sponsored or managed by the investment adviser or subadviser, as applicable, or affiliates of the investment adviser or subadviser, as applicable, involves potential conflicts of interest. For example, the investment adviser or subadviser, as applicable, or their affiliates may receive

fees based on the amount of assets invested in such other investment vehicles, which fees may be higher than the fees the investment adviser or subadviser, as applicable, receives for managing the investing Fund. Investment by a Fund in those other vehicles may be beneficial in the management of those other vehicles, by helping to achieve economies of scale or enhancing cash flows. Due to this and other factors, the investment adviser or subadviser, as applicable, will have an incentive to invest a portion of a Fund's assets in investment vehicles sponsored or managed by the investment adviser or subadviser, as applicable, or their affiliates in lieu of investments by the Fund directly in portfolio securities, and will have an incentive to invest in such investment vehicles over non-affiliated investment companies. The investment adviser or subadviser, as applicable, will have no obligation to select the least expensive or best performing funds available to serve as an underlying investment vehicle. Similarly, the investment adviser or subadviser, as applicable, will have an incentive to delay or decide against the sale of interests held by the Fund in investment vehicles sponsored or managed by the investment adviser or subadviser, as applicable, or their affiliates.

ETFs are subject to many of the same risks applicable to investments in mutual funds generally, including that an ETF will not perform as anticipated, that a Fund will bear its proportionate share of the ETF's fees and expenses, and that the ETF will lose money. ETFs are also subject to additional risks, including, among others, the risk that the market price of an ETF's shares may trade above or below its NAV, the risk that an active trading market for an ETF's shares may not develop or be maintained, the risk that trading of an ETF's shares may be halted, and the risk that the ETF's shares may be delisted from the listing exchange. Some ETFs engage in derivatives strategies and use leverage, and as a result their values can be highly volatile. It is possible that an ETF's performance will diverge from the performance of any index or indexes it seeks to replicate. Because shares of ETFs may be actively traded, their values may be affected in unanticipated ways by the effects of supply and demand in the market for shares of ETFs, activities of short sellers, or unusual speculative activity in their shares. Some ETFs may experience periods of reduced

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liquidity due to restrictions on trading activity or due to a general lack of investor interest in the asset class represented by the ETF. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of an ETF may be purchased or redeemed directly from the ETF solely by Authorized Participants ("APs") and only in aggregations of a specified number of shares ("Creation Units"). ETFs may have a limited number of financial institutions that act as APs. To the extent that those APs exit the business, or are unable to or choose not to process creation and/or redemption orders for Creation Units, and no other AP steps forward to create and redeem ETF shares, the ETF's shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

• #### Sector Risk
If a Fund allocates a substantial amount of its assets to one or more particular industries or to particular economic, market, or industry sectors, then economic, business, regulatory, or other developments affecting issuers in those industries or sectors may affect the Fund adversely to a greater extent than if the Fund had invested more broadly. Examples might include investments in the technology, health care, or financial sectors or in one or more industries within those sectors. A substantial investment in one or more such industries or sectors has the potential to increase the volatility of a Fund's portfolio, and may cause the Fund to underperform other mutual funds.

• #### Sovereign Debt Obligations Risk
Investments in debt securities issued by governments or by government agencies and instrumentalities involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. A governmental entity's willingness or ability to pay interest and repay principal in a timely manner may be affected by a variety of factors, including its cash flow, the size of its reserves, its access to foreign exchange, the relative size of its debt service burden to its economy as a whole, and political constraints. A governmental entity may default on its obligations or may require renegotiation or

rescheduling of debt payments. Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt. The sovereign debt of many non-U.S. governments, including their sub-divisions and instrumentalities, is rated below investment grade ("junk" or "high yield" bonds). Sovereign debt risk may be greater for debt securities issued or guaranteed by emerging and/or frontier market countries. At times, certain emerging and frontier market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging and frontier market countries have experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness to the detriment of debtholders.

• #### U.S. Government Securities Risk
U.S. Government securities include a variety of securities that differ in their interest rates, maturities, and dates of issue. While securities issued or guaranteed by some agencies or instrumentalities of the U.S. Government (such as the Government National Mortgage Association) are supported by the full faith and credit of the United States, securities issued or guaranteed by certain other agencies or instrumentalities of the U.S. Government (such as Federal Home Loan Banks) are supported only by the right of the issuer to borrow from the U.S. Government. Securities issued or guaranteed by certain other agencies and instrumentalities of the U.S. Government (such as Fannie Mae and Freddie Mac) are not supported by the full faith and credit of the U.S. Government and are supported only by the credit of the issuer itself. There is no assurance that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so. For securities not backed by the full faith and credit of the United States, a Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve

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increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States. From time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt ceiling could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action (or lack thereof), is unable to meet its obligations, or its creditworthiness declines, the performance of each Fund that holds securities of the entity will be adversely impacted. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities. Investments in these securities are also subject to, among other things, interest rate risk, prepayment risk, extension risk, and the risk that the value of the securities will fluctuate in response to political, market, or economic developments.

• #### Valuation Risk
A portion of a Fund's assets may be valued at fair value pursuant to guidelines that have been approved by the Trustees. A Fund's assets may be valued using prices provided by a pricing service or, alternatively, a broker-dealer or other market intermediary (sometimes just one broker-dealer or other market intermediary) when other reliable pricing sources may not be available. The Fund, or persons acting on its behalf, may determine a

fair value of a security based on such other information as may be available to them. There can be no assurance that any fair valuation of an investment held by a Fund will in fact approximate the price at which the Fund might sell the investment at the time. Technological issues or other service disruption issues involving third-party service providers may limit the ability of the Fund to value its investment accurately or timely. To the extent a Fund sells a security at a price lower than the price it has been using to value the security, its NAV will be adversely affected. If a Fund has overvalued securities it holds, you may pay too much for the Fund's shares when you buy into the Fund. If a Fund underestimates the price of its portfolio securities, you may not receive the full market value for your Fund shares when you sell.

• #### When-Issued, Delayed Delivery, TBA, and Forward Commitment Transaction Risk
A Fund may purchase securities on a when-issued, delayed delivery, to-be-announced, or forward commitment basis. These transactions involve a commitment by a Fund to purchase securities for a predetermined price or yield, with payments and delivery taking place more than seven days in the future, or after a period longer than the customary settlement period for that type of security. These transactions involve a risk of loss if the value of the securities declines prior to the settlement date. These transactions may create investment leverage. Recently finalized rules of the Financial Industry Regulatory Authority impose mandatory margin requirements for certain types of when-issued, TBA, or forward commitment transactions, with limited exceptions. Such transactions historically have not been required to be collateralized, and mandatory collateralization could increase the cost of such transactions and impose added operational complexity and may increase the credit risk of such transactions to a Fund.

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### Management of the Funds

#### Investment Adviser
**MML Investment Advisers, LLC** ("MML Advisers"), a Delaware limited liability company, located at 1295 State Street, Springfield, Massachusetts 01111-0001, is the Funds' investment adviser and is responsible for providing all necessary investment management and administrative services. MML Advisers, formed in 2013, is a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"). Founded in 1851, MassMutual is a mutual life insurance company that provides a broad range of insurance, money management, retirement, and asset accumulation products and services for individuals and businesses. As of September 30, 2022, MML Advisers had assets under management of approximately $41.9 billion.

In 2022, each Fund paid MML Advisers an investment management fee based on a percentage of each Fund's average daily net assets as follows: 0.33% for the Short-Duration Bond Fund and 0.47% for the High Yield Fund.

A discussion regarding the basis for the Trustees approving any investment advisory contract of the Funds is available in the Funds' annual report to shareholders dated September 30, 2022 and the Funds' semiannual report to shareholders dated March 31, 2022.

Each Fund also pays MML Advisers an administrative and shareholder services fee to compensate it for providing general administrative services to the Funds and for providing or causing to be provided ongoing shareholder servicing to direct and indirect investors in the Funds. MML Advisers pays substantially all of the fee to third parties who provide shareholder servicing and investor recordkeeping services. The fee is calculated and paid based on the average daily net assets attributable to each share class of the Fund separately, and is paid at the following annual rates: 0.10% for Class R5 shares of both Funds; 0.20% for Service Class shares of both Funds; 0.30% for Administrative Class shares and Class A shares of both Funds; 0.20% for Class R4 shares and Class R3 shares of both Funds; 0.10%, 0.05%, and 0.05% for Class Y shares, Class L shares, and Class C shares of the Short-Duration Bond Fund, respectively; and 0.05% and 0.00% for Class Y shares and Class C shares of the High Yield Fund, respectively. Class I shares do not pay any administrative and shareholder services fee.

#### Subadviser and Portfolio Managers
MML Advisers contracts with the following subadviser to help manage the Funds. Subject to the oversight of the Trustees, MML Advisers has the ultimate responsibility to oversee subadvisers and recommend their hiring, termination, and replacement. This responsibility includes, but is not limited to, analysis and review of subadviser performance, as well as assistance in the identification and vetting of new or replacement subadvisers. In addition, MML Advisers maintains responsibility for a number of other important obligations, including, among other things, board reporting, assistance in the annual advisory contract renewal process, and, in general, the performance of all obligations not delegated to a subadviser. MML Advisers also provides advice and recommendations to the Trustees, and performs such review and oversight functions as the Trustees may reasonably request, as to the continuing appropriateness of the investment objective, strategies, and policies of each Fund, valuations of portfolio securities, and other matters relating generally to the investment program of each Fund.

**Barings LLC** ("Barings"), an indirect, wholly-owned subsidiary of MassMutual, with principal offices located at 300 South Tryon Street, Charlotte, North Carolina 28202, manages the investments of the ***Short-Duration Bond Fund*** and ***High Yield Fund****.* In addition, Baring International Investment Limited ("BIIL") serves as sub-subadviser for the ***Short-Duration Bond Fund*** and ***High Yield Fund*** and, subject to the supervision of Barings, is authorized to conduct securities transactions on behalf of the Funds. BIIL is a wholly-owned subsidiary of Barings and its address is 20 Old Bailey, London, EC4M 7BF, United Kingdom. Barings has provided investment advice to individual and institutional investors for more than 75 years and, with its subsidiaries, had assets under management as of September 30, 2022 of approximately $338.4 billion.

**Yulia Alekseeva, CFA**

is a Managing Director, the Head of Securitized Credit Research, and a portfolio manager for Barings' Investment Grade Fixed Income Group. Ms. Alekseeva shares primary responsibility for the day-to-day management of the ***Short-Duration Bond Fund****.* Ms. Alekseeva has worked in the industry since 2005. Prior

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to re-joining Barings in 2019, Ms. Alekseeva was employed at Canada Pension Plan Investment Board as a Principal in the Structured Credit department, following positions at Bank of America Merrill Lynch and PricewaterhouseCoopers.

**Stephen Ehrenberg, CFA** 

is a Managing Director and portfolio manager for Barings' Investment Grade Fixed Income Group. Mr. Ehrenberg shares primary responsibility for the day-to-day management of the ***Short-Duration Bond Fund***. Mr. Ehrenberg has worked in the industry since 2002 and his experience has encompassed portfolio management and credit analysis for both investment grade and high yield corporate credit. Prior to joining Barings in 2004, Mr. Ehrenberg worked in capital markets at MassMutual as part of the firm's executive development program.

**Sean Feeley, CFA**

is a Managing Director and portfolio manager for Barings' U.S. High Yield Investments Group. Mr. Feeley shares primary responsibility for the day-to-day management of the ***High Yield Fund****.* Mr. Feeley is also a member of Barings' U.S. High Yield Investment Committee and Global High Yield Allocation Committee. His responsibilities include portfolio management for various high yield bond total return strategies. Mr. Feeley has worked in the industry since 1996. Prior to joining Barings in 2003, he worked at Cigna Investment Management in project finance and at Credit Suisse in its leveraged finance group.

**Natalia Krol**

is a Managing Director and portfolio manager for Barings' Emerging Markets Blended Total Return strategies. Ms. Krol shares primary responsibility for the day-to-day management of the ***Short-Duration Bond Fund****.* Ms. Krol is also a research analyst for the Barings Emerging Markets Corporate Debt Team, and is responsible for covering global metals & mining and energy corporates. Ms. Krol has worked in the industry since 2002. Prior to joining Barings in 2014, Ms. Krol was employed at Schroders Investment Management as a credit analyst and Barclays Capital as a research analyst.

**Omotunde Lawal, CFA** 

is a Managing Director and the Head of, and a portfolio manager for, Barings' Emerging Markets Corporate Debt Group. Ms. Lawal shares primary responsibility for the day-to-day management of the ***Short-Duration Bond Fund****.* Ms. Lawal is also the lead portfolio manager for the Emerging Markets Corporate Debt and Emerging Markets Short Duration strategies, as well as chair of the Emerging Markets Corporate Investment Committee, and a member of the Barings' Global High Yield Allocation Committee and Global Investment Grade Allocation Committee. Ms. Lawal has worked in the industry since 2000. Prior to joining Barings in 2014, Ms. Lawal was employed at Cosford Capital Management as a portfolio manager focusing on high yield and distressed LATAM and CEEMEA corporates, following positions at Standard Bank, Barclays Capital, and Deloitte & Touche/Arthur Andersen.

**Scott Roth, CFA**

is a Managing Director and the Co-Head of, and a portfolio manager for, Barings' U.S. High Yield Investments Group. Mr. Roth shares primary responsibility for the day-to-day management of the ***High Yield Fund****.* Mr. Roth is also chair of Barings' U.S. High Yield Investment Committee and a member of the Global High Yield Allocation Committee. Mr. Roth has worked in the industry since 1993. Prior to joining Barings in 2002, Mr. Roth was employed by Webster Bank, was a high yield analyst at Times Square Capital Management, and was an underwriter at Chubb Insurance Company.

**Charles Sanford**

is a Managing Director and the Head of, and a portfolio manager for, Barings' Investment Grade Credit Group. Mr. Sanford shares primary responsibility for the day-to-day management of the ***Short-Duration Bond Fund****.* Mr. Sanford is also responsible for the portfolio management of Barings' multi-asset insurance client mandates, as well as the investment grade corporate bond strategies. Mr. Sanford has worked in the industry since 1994. Prior to joining Barings in 2004, Mr. Sanford was employed at Booz, Allen and Hamilton as a management consultant and Bell South, where he worked on mergers and acquisitions and internal consulting projects.

**Douglas Trevallion, II, CFA**

is a Managing Director, the Head of Global Securitized Credit, and a portfolio manager for Barings' Investment Grade Fixed Income Group. Mr. Trevallion shares primary responsibility for the day-to-day

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management of the ***Short-Duration Bond Fund****.* Mr. Trevallion is also responsible for the portfolio management of Barings' securitized and multi-asset portfolio strategies. Mr. Trevallion has worked in the industry since 1987. Prior to joining Barings in 2000, Mr. Trevallion was employed at MassMutual, where he established fixed income analytical and risk capabilities.

The Funds' SAI provides additional information about each portfolio manager's compensation, other accounts managed by the portfolio managers, and each portfolio manager's ownership of securities in the relevant Fund.

MML Advisers has received exemptive relief from the Securities and Exchange Commission ("SEC") to permit it to change subadvisers or hire new subadvisers for a number of the series of the Trust from time to time without obtaining shareholder approval. (In the absence of that exemptive relief, shareholder approval might otherwise be required.) Several other mutual fund companies have received similar relief. MML Advisers believes having this authority is important, because it allows MML Advisers to remove and replace a subadviser in a quick, efficient, and cost-effective fashion when, for example, the subadviser's performance is inadequate or the subadviser no longer is able to meet a Trust series' investment objective and strategies. Pursuant to the exemptive relief, MML Advisers will provide to a Fund's shareholders, within 90 days of the hiring of a new subadviser, an information statement describing the new subadviser. MML Advisers will not rely on this authority for any Fund unless the Fund's shareholders have approved this arrangement. As of the date of this Prospectus, this exemptive relief is available to each Fund.

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About the Classes of Shares – I, R5, Service, Administrative, R4, A, R3, Y, L, and C Shares

#### Choosing a Share Class.
Each Fund offers Class I, Class R5, Service Class, Administrative Class, Class R4, Class A, Class R3, Class Y, and Class C shares. The Short-Duration Bond Fund also offers Class L shares.

The only differences among the various classes are that (a) each class is subject to different expenses specific to that class, including any expenses under a Rule 12b-1 Plan and administrative and shareholder service expenses; (b) each class has a different class designation; (c) each class has exclusive voting rights with respect to matters solely affecting such class; and (d) each class has different exchange privileges. Not all of the classes of a Fund are available in every state.

Determining which share class is best for you depends on the dollar amount you are investing and the number of years for which you are willing to invest. Based on your personal situation, your financial intermediary can help you decide which class of shares makes the most sense for you. A financial intermediary is entitled to receive compensation for purchases made through the financial intermediary. The Funds, the transfer agent, and ALPS Distributors, Inc. (the "Distributor") do not provide investment advice.

Investors may receive different levels of service in connection with investments in different classes of shares, and intermediaries may receive different levels of compensation in connection with selling different classes of shares. For additional information, call us toll free at 1-888-309-3539 or contact a sales representative or financial intermediary who offers the classes.

#### Fees and Expenses.
Different classes of shares are subject to different fees and expenses. A class's fees and expenses will affect the performance of that class.

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• **Administrative and Shareholder Services Fee:** Shares of all classes, *except Class I shares*, may be subject to an administrative and shareholder services fee. This fee is described above under "Management of the Funds – Investment Adviser."

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• **Servicing or Distribution Fees:** Class R4, Class A, Class R3, Class L, and Class C shares are subject to servicing or distribution fees paid under a Rule 12b-1 Plan. These fees are described below in "Distribution Plan,

Shareholder Servicing, and Payments to Intermediaries."

For actual past expenses of each share class, see the "Financial Highlights" tables later in this Prospectus.

#### Purchasing Shares.
Different classes of shares are available to different investors and from different sources. Shares of Class C do not have any share class eligibility requirements.

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• **Institutional Distribution Channels:** Class I, Class R5, Service Class, and Administrative Class shares are offered primarily to institutional investors through institutional distribution channels. These channels include employer-sponsored retirement plans or through broker-dealers, financial institutions, and insurance companies. Additionally, advisory or fee-based programs sponsored by a broker-dealer or financial institution, such as a bank or trust company, may, by agreement with the Distributor or MML Advisers, make available to its program participants one or more of the above share classes.

Class R4, Class A, Class R3, Class Y, Class L, and Class C shares are offered primarily through other distribution channels, such as broker-dealers or financial institutions.

Class I, Class A, Class Y, Class L, and Class C shares may be purchased by individual investors through a financial intermediary or through a product sponsored by a financial intermediary.

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• **Investment Accounts and Plans:** Class I, Class R5, Service Class, Administrative Class, Class R4, Class A, and Class R3 shares are available for purchase by insurance company separate investment accounts, qualified plans under Section 401(a) of the Code, Code Section 403(b) plans, Code Section 457 plans, non-qualified deferred compensation plans, and other institutional investors.

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• **Funds:** Class I, Class R5, and Service Class shares are available for purchase by mutual funds and collective trust funds.

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• **Section 501(c)(9) Associations:** Class R5, Class R4, Class A, and Class R3 shares may be purchased by voluntary employees' beneficiary associations described in Code Section 501(c)(9).

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• **Individual Retirement Accounts:** Class A shares of either Fund may be purchased by individual retirement accounts described in Code Section 408.

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• **Certain Shareholders Prior to October 31, 2004:** Shareholders of the *High Yield Fund* who held shares of that Fund prior to October 31, 2004 may purchase Service Class shares of that Fund.

A plan or institutional investor will be permitted to purchase Class I, Class R5, Service Class, Administrative Class, Class R4, Class A, or Class R3 shares based upon the expected size (over time), servicing needs, or distribution or servicing costs for the plan or institutional investor as determined by the Distributor or a financial intermediary, as applicable.

A financial intermediary may, by agreement with the Distributor or MML Advisers, make available to its plan or institutional clients or its advisory or fee-based program participants shares of one class or a limited number of classes of the Funds. An investor should consult its financial intermediary for information (including expense information) regarding the share class(es) the intermediary will make available for purchase by the investor.

#### Additional Information Regarding Class A, Class Y, Class L, and Class C Shares.
Present and former officers, directors, trustees, and employees (and their eligible family members) of each Fund, MassMutual and its affiliates, and

retirement plans established for the benefit of such individuals, are permitted to purchase Class A and Class Y shares of each Fund.

Purchases of Class Y shares require an initial minimum investment of $100,000, and purchases of Class L and Class C shares require an initial minimum investment of $1,000. For retirement plans, the investment minimum is $250 for each of the initial investment and subsequent investments for Class Y, Class L, and Class C shares. Purchases of $500,000 or more cannot be made in Class C shares.

Class Y shares, which are sold at the NAV per share without a sales charge, and Class L shares, which may be subject to a sales charge, are sold through financial intermediaries that have special agreements with MML Advisers or its affiliates or the Distributor for that purpose. A financial intermediary that buys Class Y or Class L shares for its customers' accounts may impose charges on those accounts. The procedures for buying, selling, exchanging, and transferring a Fund's other classes of shares (other than the time those orders must be received by the transfer agent) and some of the special account features available to investors buying other classes of shares do not apply to Class Y and Class L shares. Instructions for buying, selling, exchanging, or transferring Class Y and Class L shares must be submitted by a financial intermediary, not by its customers for whose benefit the shares are held.

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Sales Charges by Class

#### Class A Shares

#### Initial Sales Charges
Class A shares are sold at their offering price, which is normally NAV plus an initial sales charge. However, in some cases, as described below, purchases are not subject to an initial sales charge, and the offering price will be the NAV. In other cases, reduced sales charges may be available, as described below. Out of the amount you invest, the Fund receives the NAV to invest for your account.

The sales charge varies depending on the amount of your purchase. A portion of the sales charge may be retained by the Distributor or allocated to your dealer as a concession. The Distributor reserves the right to reallow the entire sales charge as a concession to dealers. The current sales charge rates and concessions paid to dealers and brokers are as follows:

**Front-End Sales Charge (As a Percentage of Offering Price)/ Front-End Sales Charge (As a Percentage of Net Amount Invested)/ Concession (As a Percentage of Offering Price) for Different Purchase Amounts:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Price <br>Breakpoints** | **General <br>Equity**  | **General <br>Equity**  | **General <br>Taxable <br>Bond**  | **General <br>Taxable <br>Bond**  | **Shorter-<br>Term <br>Bond**  | **Shorter-<br>Term <br>Bond**  |
| Less than $25,000 | 5.50 | %/ | 4.25 | %/ | 2.50 | %/ |
|  | 5.82 | %/ | 4.44 | %/ | 2.56 | %/ |
|  | 4.50 | % | 3.50 | % | 2.00 | % |
| $25000 – $49999 | 5.25 | %/ | 4.25 | %/ | 2.25 | %/ |
|  | 5.54 | %/ | 4.44 | %/ | 2.30 | %/ |
|  | 4.25 | % | 3.50 | % | 1.75 | % |
| $50000 – $99999 | 4.50 | %/ | 4.00 | %/ | 2.00 | %/ |
|  | 4.71 | %/ | 4.17 | %/ | 2.04 | %/ |
|  | 3.50 | % | 3.25 | % | 1.50 | % |
| $100000 – $249999 | 3.50 | %/ | 3.00 | %/ | 1.75 | %/ |
|  | 3.63 | %/ | 3.09 | %/ | 1.78 | %/ |
|  | 2.50 | % | 2.25 | % | 1.25 | % |
| $250000 – $499999 | 2.25 | %/ | 1.75 | %/ | 1.25 | %/ |
|  | 2.30 | %/ | 1.78 | %/ | 1.27 | %/ |
|  | 1.75 | % | 1.50 | % | 0.75 | % |
| $500000 – $999999 | 1.75 | %/ | 1.00 | %/ | 0.75 | %/ |
|  | 1.78 | %/ | 1.01 | %/ | 0.76 | %/ |
|  | 1.10 | % | 0.75 | % | 0.50 | % |
| $1,000,000 or more |  | / |  | / |  | / |
|  |  | / |  | / |  | / |
|  | 0.75 | % | 0.50 | % | 0.50 | % |

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A reduced sales charge may be obtained for Class A shares under the Funds' "Rights of Accumulation" because of the economies of sales efforts and

reduction in expenses realized by the Distributor, dealers, and brokers making such sales.

To qualify for the lower sales charge rates that apply to larger purchases of Class A shares, you can add together:

• Current purchases of Class A shares of more than one Fund subject to an initial sales charge to reduce the sales charge rate that applies to current purchases of Class A shares; and

• Class A shares of Funds you previously purchased subject to an initial or contingent deferred sales charge to reduce the sales charge rate for current purchases of Class A shares, provided that you still hold your investment in the previously purchased Funds.

The Distributor will add the value, at current offering price, of the Class A shares you previously purchased and currently own to the value of current purchases to determine the sales charge rate that applies. The reduced sales charge will apply only to current purchases. You must request the reduced sales charge when you buy Class A shares and inform your broker-dealer or other financial intermediary of Class A shares of any other Funds that you own. Information regarding reduced sales charges can be found on the MassMutual website at https://www.massmutual.com/funds.

#### Contingent Deferred Sales Charges for Class A Shares
There is no initial sales charge on purchases of Class A shares of any one or more of the Funds aggregating $1 million or more. The Distributor pays dealers of record concessions in an amount equal to 0.75%, or 0.50% of purchases of $1 million or more, as shown in the above table. The concession will not be paid on purchases of shares by exchange or that were previously subject to a front-end sales charge and dealer concession.

If you redeem any of those shares within a holding period of 18 months from the date of their purchase, a contingent deferred sales charge of 1.0% will be deducted from the redemption proceeds (unless you are eligible for a waiver of that sales charge based on the categories listed below and you advise the transfer agent or another intermediary of your eligibility for the waiver when you place your redemption request).

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#### Class L Shares

#### Initial Sales Charges
Purchases of Class L shares made through a financial intermediary that had an agreement in place to sell Class A shares of the Barings Funds Trust will not be subject to any sales charge. Your purchases of Class L shares are made at the public offering price for these shares, that is, the NAV per share for Class L shares plus a front-end sales charge that is based on the amount of your initial investment when you open your account.

The front-end sales charge you pay on an additional investment is based on your total net investment in the Fund, including the amount of your additional purchase. Shares you purchase with reinvested dividends or other distributions are not subject to a sales charge. As shown in the table below, a portion of the sales charge is paid as a commission to your financial intermediary on the sale of Class L shares. The total amount of the sales charge, if any, differs depending on the amount you invest, as shown in the table below.

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| | | | |
|:---|:---|:---|:---|
| **Amount of <br>Purchase at <br>Offering Price** | **As a % <br>of the <br>Public <br>Offering <br>Price** | **As a % <br>of Your <br>Investment** | **% of Offering <br>Price Paid to <br>Financial <br>Intermediary<sup>(1)</sup>** |
| Under $250,000 | 2.00 | 2.04 | 1.50 |
| $250,000 or more  | 0.00 | 0.00 | 0.50 |

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(1) Please refer to the "Distribution Plan, Shareholder Servicing, and Payments to Intermediaries" section for all distribution and service fees paid by the Fund. The Distributor will pay an investor's financial intermediary an up-front commission of 1.50% on sales of Class L shares for purchases under $250,000 and an up-front commission of 0.50% on sales of Class L shares for purchases of $250,000 or more.

Purchases of Class L shares under $250,000 have a front-end sales charge of 2.00% and purchases of Class L shares of $250,000 or more do not have a front-end sales charge. The Distributor pays your financial intermediary an up-front commission of 1.50% on sales of Class L shares for purchases under $250,000 and an up-front commission of 0.50% on sales of Class L shares for purchases of $250,000 or more.

#### Contingent Deferred Sales Charges for Class L Shares
For purchases of Class L shares of $250,000 or more, a contingent deferred sales charge of 0.50% is applied to shares sold within the first eighteen months after they are purchased.

#### Reduced Class L Sales Charges for Larger Investments
You may pay a lower sales charge when purchasing Class L shares through Rights of Accumulation, which work as follows: if the combined value (determined at the current public offering price) of your accounts in all classes of shares of the Fund and other Participating Funds (as defined below) maintained by you, your spouse, or your minor children, together with the value (also determined at the current public offering price) of your current purchase, reaches a sales charge discount level (according to the above chart), your current purchase will receive the lower sales charge, provided that you have notified the Distributor and your financial intermediary, if any, in writing of the identity of such other accounts and your relationship to the other account holders and submitted information (such as account statements) sufficient to substantiate your eligibility for a reduced sales charge. Such reduced sales charge will be applied upon confirmation of such shareholders' holdings by the Fund's transfer agent. The Fund may terminate or amend this Right of Accumulation at any time without notice. As used herein, "Participating Funds" refers to any series of MassMutual Advantage Funds, Classes Y and C of the High Yield Fund, and Classes Y, L, and C of the Short-Duration Bond Fund. You may also pay a lower sales charge when purchasing Class L shares and shares of other Participating Funds by signing a Letter of Intent within 90 days of your purchase. By doing so, you would be able to pay the lower sales charge on all purchases by agreeing to invest a total of at least $100,000 within 13 months. If your Letter of Intent purchases are not completed within 13 months, your account will be adjusted by redemption of the amount of shares needed to pay the higher initial sales charge level for the amount actually purchased. Upon your request, a Letter of Intent may reflect purchases within the previous 90 days. See the SAI for additional information about this privilege. In addition, certain investors may purchase shares at no sales charge or at a reduced sales charge. For example, Class L shares are offered at no sales charge to investors who are clients of financial intermediaries who have entered into an agreement with the Distributor to offer Fund shares through self-directed investment brokerage accounts without charging transaction fees to their clients or through other platforms. See Appendix A of this Prospectus and the SAI for

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a description of this and other situations in which sales charges are reduced or waived. Information regarding reduced sales charges can be found on the MassMutual website at https://www.massmutual.com/funds.

#### Class C Shares

#### Initial Sales Charges
Your purchases of Class C shares are made at the NAV per share for Class C shares.

#### Contingent Deferred Sales Charges for Class C Shares
Although Class C shares have no front-end sales charge, they carry a contingent deferred sales charge of 0.50% in the case of the Short-Duration Bond Fund, or 1.00% in the case of the High Yield Fund, that is applied to shares sold within the first year after they are purchased. After holding Class C shares for one year, you may sell them at any time without paying a contingent deferred sales charge. Shares you purchase with reinvested dividends or other distributions are not subject to a sales charge. The Distributor pays your financial intermediary an upfront commission on sales of Class C shares of 0.65% in the case of the Short-Duration Bond Fund, or 1.00% in the case of the High Yield Fund.

#### Conversion of Certain Class C Shares
Class C shares held through a financial intermediary in an omnibus account will be converted into Class L shares only if the intermediary can document that the shareholder has met the required holding period. In certain circumstances, for example, when shares are invested through retirement plans or omnibus accounts, a financial intermediary may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class L shares. Thus, the financial intermediary may not have the ability to track purchases to credit individual shareholders' holding periods. In these circumstances, a Fund may not be able to automatically convert Class C shares into Class L shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the shareholder or its financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class L shares, and the shareholder or their financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period

of Class C shares. For clients of financial intermediaries, it is the financial intermediary's responsibility (and not the Funds') to keep records and to ensure that the shareholder is credited with the proper holding period. Please consult with your financial intermediary about your shares' eligibility for this conversion feature. In addition, for shareholders invested in Class C shares through a financial intermediary, Class C shares may be automatically exchanged for Class L shares of the Fund under the policies of the financial intermediary, as described in Appendix A of this Prospectus. It is solely the responsibility of the respective financial intermediary to administer and support such transactions. Please consult your financial intermediary for more information.

#### Contingent Deferred Sales Charges for Class A, Class L, and Class C Shares
As described above, certain investments in Class A, Class L, and Class C shares are subject to a contingent deferred sales charge. You will pay the contingent deferred sales charge only on shares you redeem within the prescribed amount of time after purchase. The contingent deferred sales charge is applied to the NAV at the time of purchase or redemption, whichever is lower. For purposes of calculating the contingent deferred sales charge, the start of the holding period is the date on which the purchase is made. A contingent deferred sales charge is not imposed on:

• the amount of your account value represented by an increase in NAV over the initial purchase price,

• shares purchased by the reinvestment of dividends or capital gains distributions, or

• shares redeemed in the special circumstances described below.

To determine whether a contingent deferred sales charge applies to a redemption, the Fund redeems shares in the following order:

1. shares acquired by reinvestment of dividends and capital gains distributions, and

2. shares held the longest.

Contingent deferred sales charges are not charged when you exchange shares of the Fund for shares of any other Fund. However, if you exchange them within the applicable contingent deferred sales charge holding period, the holding period will carry over to the Fund whose shares you acquire. Similarly, if you acquire shares of a Fund by exchanging shares of another Fund that are still subject to a contingent deferred sales charge holding period, that holding period will carry over to the acquired Fund.

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In certain circumstances, contingent deferred sales charges may be waived, as described below and in the SAI.

Sales Charge Waivers by Class

#### Waivers of Class A Initial Sales Charges
The Class A sales charges will be waived for shares purchased in the following types of transactions:

• Purchases into insurance company separate investment accounts.

• Purchases into retirement plans or other employee benefit plans.

• Purchases of Class A shares aggregating $1 million or more of any one or more of the Funds.

• Purchases into accounts for which the broker-dealer of record has entered into a special agreement with the Distributor allowing this waiver.

• Purchases into accounts for which no sales concession is paid to any broker-dealer or other financial intermediary at the time of sale.

• Shares sold to MassMutual or its affiliates.

• Shares sold to registered management investment companies or separate accounts of insurance companies having an agreement with MassMutual, MML Advisers, or the Distributor for that purpose.

• Shares issued in plans of reorganization to which the Fund is a party.

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• Shares sold to present or former officers, directors, trustees, or employees (and their "immediate families<sup>(1)</sup>") of the Fund, MassMutual, and its affiliates.

• Shares sold to a portfolio manager of the Fund.

#### Waivers of Class A Contingent Deferred Sales Charges
The Class A contingent deferred sales charges will not be applied to shares purchased in certain types of transactions or redeemed in certain circumstances described below.

A. Waivers for Redemptions in Certain Cases.

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(1) *The term "immediate family" refers to one's spouse, children, grandchildren, grandparents, parents, parents-in-law, brothers and sisters, sons- and daughters-in-law, a sibling's spouse, a spouse's siblings, aunts, uncles, nieces, and nephews; relatives by virtue of a remarriage (step-children, step-parents, etc.) are included.*

The Class A contingent deferred sales charges will be waived for redemptions of shares in the following cases:

• Redemptions from insurance company separate investment accounts.

• Redemptions from retirement plans or other employee benefit plans.

• Redemptions from accounts other than retirement plans following the death or disability of the last surviving shareholder, including a trustee of a grantor trust or revocable living trust for which the trustee is also the sole beneficiary. The death or disability must have occurred after the account was established, and for disability you must provide evidence of a determination of disability by the Social Security Administration.

• Redemptions from accounts for which the broker-dealer of record has entered into a special agreement with the Distributor allowing this waiver.

• Redemptions from accounts for which no sales concession was paid to any broker-dealer or other financial intermediary at the time of sale.

• Redemptions of Class A shares under an automatic withdrawal plan from an account other than a retirement plan if the aggregate value of the redeemed shares does not exceed 10% of the account's value annually.

• In the case of an IRA, to make distributions required under a divorce or separation agreement described in Section 71(b) of the Code.

B. Waivers for Shares Sold or Issued in Certain Transactions.

The contingent deferred sales charge is also waived on Class A shares sold or issued in the following cases:

• Shares sold to MassMutual or its affiliates.

• Shares sold to registered management investment companies or separate accounts of insurance companies having an agreement with MassMutual, MML Advisers, or the Distributor for that purpose.

• Shares issued in plans of reorganization to which the Fund is a party.

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• Shares sold to present or former officers, directors, trustees, or employees (and their "immediate families<sup>(1)</sup>") of the Fund, MassMutual, and its affiliates.

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• Shares sold to a present or former portfolio manager of the Fund.

Distribution Plan, Shareholder Servicing, and Payments to Intermediaries

Shares of all classes of the Funds, other than Class A and Class L shares, are sold without a front-end sales charge, and only Class L and Class C shares are subject to a deferred sales charge. Class A shares are sold at NAV per share plus an initial sales charge, Class L shares are sold at NAV per share plus an initial sales charge and any contingent deferred sales charge, and Class C shares are sold at NAV per share plus any contingent deferred sales charge.

#### Rule 12b-1 fees.
The Funds have adopted a Rule 12b-1 Plan (the "Plan"). Under the Plan, the Short-Duration Bond Fund may make payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Class L shares and up to 0.50% of the average daily net assets attributable to its Class C shares; the High Yield Fund may make payments at an annual rate of up to 1.00% of the average daily net assets attributable to its Class C shares; and each Fund may make payments at an annual rate of up to 0.25% of the average daily net assets attributable to its Class R4 shares and Class A shares, and up to 0.50% of the average daily net assets attributable to its Class R3 shares. The Plan is a compensation plan, under which the Funds make payments to the Distributor for the services it provides and for the expenses it bears in connection with the distribution of Class R4, Class A, Class R3, Class L, and Class C shares, and for the servicing of Class R4, Class A, Class R3, Class L, and Class C, shareholders. Because Rule 12b-1 fees are paid out of the Funds' Class R4, Class A, Class R3, Class L, and Class C assets on an ongoing basis, they will increase the cost of your investment and may cost you more than paying other types of sales loads. All Class R4, Class A, Class R3, Class L, and Class C shareholders share in the expense of Rule 12b-1 fees paid by those classes. A Fund may pay distribution fees and other amounts described in this Prospectus at a time when shares of that Fund are unavailable for purchase.

#### Shareholder servicing payments.
MML Advisers pays all or a portion of the administrative and shareholder services fee it receives from each Fund, as described above under "Management of the Funds – Investment Adviser," to intermediaries as compensation for, or reimbursement of expenses relating to, services provided to shareholders of the Funds.

#### Payments to intermediaries.
The Distributor and MML Advisers may make payments to financial intermediaries for distribution and/or shareholder services provided by them. Financial intermediaries are firms that, for compensation, sell shares of mutual funds, including the Funds, and/or provide certain administrative and account maintenance services to mutual fund shareholders. Financial intermediaries may include, among others, brokers, financial planners or advisers, banks, and insurance companies. In some cases, a financial intermediary may hold its clients' Fund shares in nominee or street name. Shareholder services provided by a financial intermediary may (though they will not necessarily) include, among other things: processing and mailing trade confirmations, periodic statements, prospectuses, annual reports, semiannual reports, shareholder notices, and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations.

The Distributor and MML Advisers may retain a portion of the Rule 12b-1 payments and/or shareholder servicing payments received by them, or they may pay the full amount to intermediaries. Rule 12b-1 fees may be paid to financial intermediaries in advance for the first year after

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Class R4, Class A, Class R3, Class L, and Class C shares are sold. After the first year, those fees will be paid on a quarterly basis.

The compensation paid to a financial intermediary is typically paid continually over time, during the period when the intermediary's clients hold investments in the Funds. The amount of continuing compensation paid to different financial intermediaries for distribution and/or shareholder services varies. The compensation is typically a percentage of the value of the financial intermediary's clients' investments in the Funds or a per account fee. The variation in compensation may, but will not necessarily, reflect enhanced or additional services provided by the intermediary.

#### Additional information.
The Distributor may directly, or through an affiliate, pay a sales concession of up to 1.00% of the purchase price of Service Class, Administrative Class, Class R4, Class A, Class R3, Class Y, Class L, and Class C shares to broker-dealers or other financial intermediaries at the time of sale. However, the total amount paid to broker-dealers or other financial intermediaries at the time of sale, including any advance of Rule 12b-1 service fees or shareholder services fees, may not be more than 1.00% of the purchase price.

In addition to the various payments described above, MML Advisers in its discretion may directly, or through an affiliate, pay up to 0.35% of the amount invested to intermediaries who provide services on behalf of shareholders of the Funds. This compensation is paid by MML Advisers from its own assets. The payments will be based on criteria established by MML Advisers and will be paid quarterly, in arrears.

MassMutual, the parent company of MML Advisers, pays to an affiliate of Empower Retirement, LLC ("Empower") an amount equal to the profit realized by MML Advisers with respect to shares beneficially owned by retirement plans through recordkeeping platforms maintained by Empower or an affiliate.

The Distributor, MML Advisers, or MassMutual may also directly, or through an affiliate, make payments, out of its own assets, to intermediaries, including broker-dealers, insurance agents, and other service providers, that relate to the sale of

shares of the Funds or certain of MassMutual's variable annuity contracts for which the Funds are underlying investment options. This compensation may take the form of:

• Payments to administrative service providers that provide enrollment, recordkeeping, and other services to pension plans;

• Cash and non-cash benefits, such as bonuses and allowances or prizes and awards, for certain broker-dealers, administrative service providers, and MassMutual insurance agents;

• Payments to intermediaries for, among other things, training of sales personnel, conference support, marketing, or other services provided to promote awareness of MassMutual's products;

• Payments to broker-dealers and other intermediaries that enter into agreements providing the Distributor with access to representatives of those firms or with other marketing or administrative services; and

• Payments under agreements with MassMutual not directly related to the sale of specific variable annuity contracts or the Funds, such as educational seminars and training or pricing services.

In some instances, compensation may be made available only to certain financial intermediaries whose representatives have sold or are expected to sell significant amounts of shares. Dealers may not use sales of the Funds' shares to qualify for this compensation to the extent prohibited by the laws or rules of any state or any self-regulatory agency, such as the Financial Industry Regulatory Authority.

These compensation arrangements are not offered to all intermediaries and the terms of the arrangements may differ among intermediaries. These arrangements may provide an intermediary with an incentive to recommend one mutual fund over another, one share class over another, or one insurance or annuity contract over another. You may want to take these compensation arrangements into account when evaluating any recommendations regarding the Funds or any contract using the Funds as investment options. You may contact your intermediary to find out more information about the compensation they may receive in connection with your investment.

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Buying, Redeeming, and Exchanging Shares

The Funds sell their shares at a price equal to their NAV plus any initial sales charge that applies (see "Determining Net Asset Value" below). The Funds have authorized one or more broker-dealers or other intermediaries to receive purchase orders on their behalf. Such broker-dealers or other intermediaries may themselves designate other intermediaries to receive purchase orders on the Funds' behalf. Your purchase order will be priced at the next NAV calculated after your order is received in good order by the transfer agent, MML Advisers, such a broker-dealer, or another intermediary authorized for this purpose. If you purchase shares through a broker-dealer or other intermediary, then, in order for your purchase to be based on a Fund's next determined NAV, the broker-dealer or other intermediary must receive your request before the close of regular trading on the New York Stock Exchange ("NYSE") (normally, 4:00 p.m. Eastern time), and the broker-dealer or other intermediary must subsequently communicate the request properly to the Funds. Shares purchased through a broker-dealer or other intermediary may be subject to transaction and/or other fees. The Funds will suspend selling their shares during any period when the determination of NAV is suspended. The Funds can reject any purchase order and can suspend purchases if they believe it is in their best interest.

The Funds have authorized one or more broker-dealers or other intermediaries to receive redemption requests on their behalf. Such broker-dealers or other intermediaries may themselves designate other intermediaries to receive redemption requests on the Funds' behalf. The Funds redeem their shares at their next NAV computed after your redemption request is received by the transfer agent, MML Advisers, such a broker-dealer, or another intermediary. If you redeem shares through a broker-dealer or other intermediary, then, in order for your redemption price to be based on a Fund's next determined NAV, the broker-dealer or other intermediary must receive your request before the close of regular trading on the NYSE, and the broker-dealer or other intermediary must subsequently communicate the request properly to the Funds. Shares redeemed through a broker-dealer or other intermediary may be subject to transaction and/or other fees. You will usually receive payment for

your shares within seven days after your redemption request is received in good order. If, however, you request redemption of shares recently purchased by check, you may not receive payment until the check has been collected, which may take up to 15 days from time of purchase. Under unusual circumstances, the Funds can also suspend or postpone payment, when permitted by applicable law and regulations. The Funds' transfer agent may temporarily delay for more than seven days the disbursement of redemption proceeds from the Fund account of a "Specified Adult" (as defined in Financial Industry Regulatory Authority Rule 2165) based on a reasonable belief that financial exploitation of the Specified Adult has occurred, is occurring, has been attempted, or will be attempted, subject to certain conditions. Under normal circumstances, each Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or selling portfolio assets to generate cash. Under stressed market conditions, a Fund may pay redemption proceeds using cash obtained through borrowing arrangements that may be available from time to time. To the extent consistent with applicable laws and regulations, the Funds reserve the right to satisfy all or a portion of a redemption request by distributing securities or other property in lieu of cash ("in-kind" redemptions), under both normal and stressed market conditions. Some Funds may be limited in their ability to use assets other than cash to meet redemption requests due to restrictions on ownership of their portfolio assets. The securities distributed in an in-kind redemption will be valued in the same manner as they are valued for purposes of computing the Fund's NAV. These securities are subject to market risk until they are sold and may increase or decrease in value prior to converting them into cash. You may incur brokerage and other transaction costs, and could incur a taxable gain or loss for income tax purposes when converting the securities to cash.

The USA PATRIOT Act may require a Fund, a financial intermediary, or its authorized designee to obtain certain personal information from you which will be used to verify your identity. If you do not provide the information, it may not be possible to open an account. If a Fund, a financial intermediary, or authorized designee is unable to

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verify your customer information, the Fund reserves the right to close your account or to take such other steps as it deems reasonable.

#### Risk of Substantial Redemptions.
If substantial numbers of shares in a Fund were to be redeemed at the same time or at approximately the same time, the Fund might be required to liquidate a significant portion of its investment portfolio quickly to meet the redemptions. A Fund might be forced to sell portfolio securities at prices or at times when it would otherwise not have sold them, resulting in a reduction in the Fund's NAV; in addition, a substantial reduction in the size of a Fund may make it difficult for the investment adviser or subadviser to execute its investment program successfully for the Fund for a period following the redemptions. Similarly, the prices of the portfolio securities of a Fund might be adversely affected if one or more other investment accounts managed by the investment adviser or subadviser in an investment style similar to that of the Fund were to experience substantial redemptions and those accounts were required to sell portfolio securities quickly or at an inopportune time.

#### Exchanges
Generally, you can exchange shares of one Fund for the same class of shares of another MassMutual Fund, *except in the case of the MassMutual U.S. Government Money Market Fund, MassMutual Total Return Bond Fund, and MM S&P 500*<sup>®</sup> *Index Fund and, with respect to certain series of the Trust, in those cases when exchanges are not permitted*, as described in the applicable Prospectus under **"Placing Transaction Orders—For Shareholders holding shares of the Trust prior to November 1, 2004."** Any share class of another series may be exchanged for Class R5 shares of the MassMutual U.S. Government Money Market Fund. If Class R5 shares of the MassMutual U.S. Government Money Market Fund are exchanged for Class A shares of another series, any sales charge applicable to those Class A shares will typically apply. For individual retirement accounts described in Code Section 408, Class R5 shares of the MassMutual U.S. Government Money Market Fund may only be exchanged for Class A shares of another series (in which case any sales charge applicable to those Class A shares will typically apply), Class R4 shares of the MassMutual Total Return Bond Fund and MM S&P 500 Index Fund may only be exchanged

for Class A shares of another series (in which case any sales charge applicable to those Class A shares will typically apply), and Class A shares of any other series may only be exchanged for Class R4 shares of the MassMutual Total Return Bond Fund and MM S&P 500 Index Fund. An exchange is treated as a sale of shares in one series and a purchase of shares in another series at the NAV next determined after the exchange request is received and accepted by the transfer agent, MML Advisers, a broker-dealer, or another intermediary authorized for this purpose. You can only exchange into shares of another series if you meet any qualification requirements of the series into which you seek to exchange (for example, shares of some series are not available to purchasers through certain investment channels, and some may be available only to certain types of shareholders). In addition, in limited circumstances, such as those described above, for certain series the share class available for exchange may not be the same share class as the series from which you are exchanging. Exchange requests involving a purchase into any series (except the Short-Duration Bond Fund, High Yield Fund, MassMutual Strategic Bond Fund, MassMutual U.S. Government Money Market Fund, MassMutual Inflation-Protected and Income Fund, MassMutual Core Bond Fund, MassMutual Diversified Bond Fund, MassMutual Global Floating Rate Fund, MassMutual Global Credit Income Opportunities Fund, and MassMutual Emerging Markets Debt Blended Total Return Fund), however, will not be accepted if you have already made a purchase followed by a redemption involving the same series within the last 60 days. This restriction does not apply to rebalancing trades executed by any of the MassMutual RetireSMART<sup>SM</sup> by JPMorgan Funds, MassMutual Select T. Rowe Price Retirement Funds, and MassMutual Target Allocation Funds. This restriction also does not apply to exchanges made pursuant to certain asset allocation programs, systematic exchange programs, and dividend exchange programs. If you place an order to exchange shares of one series for another through a broker-dealer or other intermediary then, in order for your exchange to be effected based on the series' next determined NAVs, the broker-dealer or other intermediary must receive your request before the close of regular trading on the NYSE, and the broker-dealer or other intermediary must subsequently communicate the request properly to the MassMutual Funds.

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Your right to exchange shares is subject to applicable regulatory requirements or contractual obligations. The Funds may limit, restrict, or refuse exchange purchases, if, in the opinion of MML Advisers:

• you have engaged in excessive trading;

• a Fund receives or expects simultaneous orders affecting significant portions of the Fund's assets;

• a pattern of exchanges occurs which coincides with a market timing strategy; or

• the Fund would be unable to invest the funds effectively based on its investment objectives and policies or if the Fund would be adversely affected.

The Funds reserve the right to modify or terminate the exchange privilege as described above on 60 days written notice.

The Funds do not accept purchase, redemption, or exchange orders or compute their NAVs on days when the NYSE is closed. This includes: weekends, Good Friday, and all federal holidays other than Columbus Day and Veterans Day. Certain foreign markets may be open on days when the Funds do not accept orders or price their shares. As a result, the NAV of a Fund's shares may change on days when you will not be able to buy or sell shares.

#### Placing Transaction Orders–For Shareholders holding shares of the Trust prior to November 1, 2004
Shareholders of the Trust who held their shares prior to November 1, 2004 (when the Trust's name changed from The DLB Fund Group) and who previously placed transaction orders directly with the Trust through a DLB Fund Coordinator, will place trades by telephone or in writing directly with the transfer agent. With respect to shares received on November 1, 2004 by former DLB Fund Group investors, transaction orders are limited to purchases and redemptions. These shares may not be exchanged for shares of another Fund of the Trust.

#### Transaction Orders by Telephone and in Writing
In general, you may purchase, exchange, or sell (redeem) shares on any business day through your financial intermediary or by contacting the transfer agent in writing or by telephone ("MassMutual Premier Funds – (Fund Name)," Attn: Transfer Agent, P.O. Box 1920, Denver, CO 80201 or by telephone: 1-855-439-5459).

#### How to Invest
Outlined below are various methods for buying shares of the Funds:

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|:---|:---|
| **Method**  | **Instructions**  |
| Through your financial intermediary | Your financial intermediary can help you establish your account and buy shares on your behalf. To receive the current trading day's price, your financial intermediary must receive your request in good order prior to the close of regular trading on the New York Stock Exchange, usually 4:00 p.m., Eastern time. Your financial intermediary may charge you fees for executing the purchase for you. |
| By exchange | You or your financial intermediary may acquire shares of a Fund for your account by exchanging shares you own in certain other funds advised by MML Advisers for shares of the same class of a Fund, subject to the conditions described in "Exchanges" above. In addition, you or your financial intermediary may exchange shares of a class of a Fund you own for shares of a different class of the same Fund, subject to the conditions described in "Exchanges." To exchange, send written instructions to the applicable Fund, at the address noted below<sup>(1)</sup> or call 1-855-439-5459. |

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| | |
|:---|:---|
| **Method**  | **Instructions**  |
| By wire | You may purchase shares of a Fund by wiring money from your bank account to your Fund account. Prior to sending wire transfers, please contact Shareholder Services at 1-855-439-5459 for specific wiring instructions and to facilitate prompt and accurate credit upon receipt of your wire. <br> To receive the current trading day's price, your wire, along with a valid account number, must be received in your Fund account prior to the close of regular trading on the New York Stock Exchange, usually 4:00 p.m., Eastern time.<br> If your initial purchase of shares is by wire, you must first complete a new account application and promptly mail it to MassMutual Premier Funds – (Fund Name), at the address noted below.<sup>(1)</sup> After completing a new account application, please call 1-855-439-5459 to obtain your account number. Please include your account number on the wire. |
| By electronic funds transfer via an automated clearing house ("ACH") transaction<sup>(2)</sup> | You may purchase shares of a Fund by electronically transferring money from your bank account to your Fund account by calling 1-855-439-5459. An electronic funds transfer may take up to two business days to settle and be considered in good order. You must set up this feature prior to your telephone request. Be sure to complete the appropriate section of the application. |
| By check | To purchase shares of a Fund by check, make your check payable to 'MassMutual Premier Funds'. Your checks should include the fund name which you would like to purchase along with your account number (if previously established). Your request should be mailed to the address listed below.<sup>(1)</sup> The Funds will accept purchases only in U.S. dollars drawn from U.S. financial institutions. Cashier's checks, third party checks, money orders, credit card convenience checks, cash or equivalents, or payments in foreign currencies are not acceptable forms of payment. |

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(1) Regular Mail: "MassMutual Premier Funds – (Fund Name)," Attn: Transfer Agent, P.O. Box 1920, Denver, CO 80201

Overnight Mail: "MassMutual Premier Funds – (Fund Name)," Attn: Transfer Agent, 1290 Broadway, Suite 1000, Denver, CO 80203

(2) The redemption of shares purchased by ACH transaction is subject to certain limitations (see "Redemption of Shares"). Any purchase by ACH transaction that does not clear may be cancelled, and the investor will be responsible for any associated expenses and losses to the applicable Fund.

Cost Basis Reporting

In the case of individuals holding shares in a Fund directly, upon the redemption or exchange of shares in a Fund, the Fund or, if a shareholder purchased shares through a financial intermediary, the financial intermediary generally will be required to provide the shareholder and the Internal Revenue Service ("IRS") with cost basis and certain other related tax information about the

Fund shares redeemed or exchanged. Please contact the Funds by calling 1-888-309-3539 or consult your financial intermediary, as appropriate, for more information regarding available methods for cost basis reporting and how to select or change a particular method. Please consult your tax adviser to determine which available cost basis method is best for you.

Frequent Trading Policies

Purchases and exchanges of shares of the Funds should be made for investment purposes only. The Funds discourage, and do not accommodate, excessive trading and/or market timing activity. Excessive trading and/or market timing activity involving the Funds can disrupt the management of the Funds. These disruptions, in turn, can result in increased expenses and can have an adverse effect on Fund performance.

The Trustees, on behalf of the Funds, have approved the policies and procedures adopted by MML Advisers to help identify those individuals or entities MML Advisers determines may be engaging in excessive trading and/or market timing activities. MML Advisers monitors trading activity to uniformly enforce its procedures. However, those who engage in such activities may employ a variety of techniques to avoid detection. Therefore,

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despite MML Advisers' efforts to prevent excessive trading and/or market timing trading activities, there can be no assurance that MML Advisers will be able to identify all those who trade excessively or employ a market timing strategy and curtail their trading in every instance.

The monitoring process involves scrutinizing transactions in fund shares that exceed certain monetary thresholds or numerical limits within a specified period of time. Trading activity identified by either, or a combination, of these factors, or as a result of any other information actually available at the time, will be evaluated to determine whether such activity might constitute excessive trading and/or market timing activity. When trading activity is determined by a Fund or MML Advisers, in their sole discretion, to be excessive in nature, certain account-related privileges, such as the ability to place purchase, redemption, and exchange orders over the internet, may be suspended for such account.

*Omnibus Account Limitations*. Omnibus accounts, in which shares are held in the name of an intermediary on behalf of multiple investors, are a common form of holding shares among retirement plans and other financial intermediaries such as broker-dealers, advisers, and third-party administrators. Not all omnibus accounts apply the policies and procedures adopted by the Funds and MML Advisers. Some omnibus accounts may have different or less restrictive policies and procedures regarding frequent trading, or no trading restrictions at all. If you hold your Fund shares through an omnibus account, that financial intermediary may impose its own restrictions or limitations to discourage excessive trading and/or market timing activity. You should consult your

financial intermediary to find out what trading restrictions, including limitations on exchanges, may apply. The Funds' ability to identify and deter excessive trading and/or market timing activities through omnibus accounts is limited, and the Funds' success in accomplishing the objectives of the policies concerning frequent trading of Fund shares in this context depends significantly upon the cooperation of the financial intermediaries. Because the Funds receive these orders on an aggregated basis and because the omnibus accounts may trade with numerous fund families with differing frequent trading policies, the Funds are limited in their ability to identify or deter those individuals or entities that may be engaging in excessive trading and/or market timing activities. While the Funds and MML Advisers encourage those financial intermediaries to apply the Funds' policies to their customers who invest indirectly in the Funds, the Funds and MML Advisers may need to rely on those intermediaries to monitor trading in good faith in accordance with its or the Funds' policies, since individual trades in omnibus accounts are often not disclosed to the Funds. While the Funds will generally monitor trading activity at the omnibus account level to attempt to identify excessive trading and/or market timing activity, reliance on intermediaries increases the risk that excessive trading and/or market timing activity may go undetected. If evidence of possible excessive trading and/or market timing activity is observed by the Funds, the financial intermediary that is the registered owner will be asked to review the account activity, and to confirm to the Funds that appropriate action has been taken to limit any excessive trading and/or market timing activity.

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Determining Net Asset Value

The NAV of each Fund's shares is determined once daily as of the close of regular trading on the NYSE, on each Business Day. A "Business Day" is every day the NYSE is open. The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the Business Day will be considered to end as of the time of the NYSE's scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Advisers will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. The NYSE currently is not open for trading on New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Each Fund calculates the NAV of each of its classes of shares by dividing the total value of the assets attributable to that class, less the liabilities attributable to that class, by the number of shares of that class that are outstanding. On holidays and other days when the NYSE is closed, each Fund's NAV generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of OTC securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines

valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing NAVs as reported on each Business Day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, prepayment speed assumptions and attributes of the collateral.

The Trustees have designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be

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subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next Business Day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most

foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their NAVs. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each Business Day.

The Funds' valuation methods are also described in the SAI.

Taxation and Distributions

Each Fund intends to qualify each year for treatment as a regulated investment company under Subchapter M of the Code. As a regulated investment company, a Fund will not be subject to U.S. federal income taxes on its ordinary income and net realized capital gains that are distributed in a timely manner to its shareholders. A Fund's failure to qualify as a regulated investment company would result in corporate level taxation, and consequently, a reduction in income available for distribution to shareholders. In addition, a Fund that fails to distribute at least 98% of its ordinary income for a calendar year and 98.2% of its capital gain net income recognized during the one-year period ending October 31 plus any retained amount from the prior year generally will be subject to a non-deductible 4% excise tax on the undistributed amount.

Certain investors, including most tax-advantaged plan investors, may be eligible for preferential U.S. federal income tax treatment on distributions received from a Fund and dispositions of Fund shares. This Prospectus does not attempt to describe such preferential tax treatment. Any prospective investor that is a trust or other entity eligible for special tax treatment under the Code that is considering purchasing shares of a Fund, including either directly or in connection with a life insurance company separate investment account, should consult its tax advisers about the U.S. federal, state, local, and foreign tax consequences particular to it, as should persons considering

whether to have amounts held for their benefit by such trusts or other entities in shares of a Fund.

Investors are generally subject to U.S. federal income taxes on distributions received in respect of their shares. Distributions are taxed to investors in the manner described herein whether distributed in cash or additional shares of the Fund. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than by how long the shareholder held the shares. Distributions of a Fund's ordinary income and short-term capital gains (i.e., gains from capital assets held for one year or less) are taxable to a shareholder as ordinary income. Certain dividends may be eligible for the dividends-received deduction for corporate shareholders to the extent they are reported as such. Dividends properly reported as capital gain dividends (relating to gains from the sale of capital assets held by a Fund for more than one year) are taxable in the hands of an investor as long-term capital gain includible in net capital gain and taxed to individuals at reduced rates. Distributions of investment income reported by a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to long-term capital gain, provided that holding period and other requirements are met at both the shareholder and Fund level. Distributions from REITs generally do not qualify as qualified dividend income. Funds investing primarily in fixed income instruments generally do

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not expect a significant portion of their distributions to be derived from qualified dividend income.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts, and estates to the extent their income exceeds certain threshold amounts. For this purpose "net investment income" generally includes: (i) dividends paid by a Fund, including any capital gain dividends, and (ii) net capital gains recognized on the sale, redemption, exchange, or other taxable disposition of shares of a Fund. Shareholders are advised to consult their tax advisers regarding the possible implications of this additional tax on their investment in a Fund.

The nature of each Fund's distributions will be affected by its investment strategies. A Fund whose investment return consists largely of interest, dividends, and capital gains from short-term holdings will distribute largely ordinary income. A Fund whose return comes largely from the sale of long-term holdings will distribute largely capital gain dividends. Distributions are taxable to a shareholder even though they are paid from income or gains earned by a Fund prior to the shareholder's investment and thus were included in the price paid by the shareholder for his or her shares.

Each Fund intends to pay out as dividends substantially all of its net investment income (which comes from dividends and any interest it receives from its investments). Each Fund also intends to distribute at least annually substantially all of its net realized long- and short-term capital gains, if any, after giving effect to any available capital loss carryforwards. For each Fund, except with respect to any capital gains, the Fund intends to declare a dividend daily and to pay out any dividends to shareholders at least monthly. Distributions may be taken either in cash or in additional shares of the respective Fund at the Fund's NAV on the first Business Day after the record date for the distribution, at the option of the shareholder. A shareholder that itself qualifies as a regulated investment company is permitted to report a portion of its distributions as "qualified dividend income," provided certain requirements are met.

Any gain resulting from an exchange or redemption of an investor's shares in a Fund will generally be subject to tax as long-term or short-term capital gain. A loss incurred with respect to the disposition of shares of a Fund held for six months or less will be treated as a long-term capital loss to the extent of long-term capital gains dividends received with respect to such shares.

A Fund's investments in foreign securities may be subject to foreign withholding or other taxes. In that case, the Fund's yield on those securities would be decreased. Shareholders of a Fund, other than a Fund that makes the election referred to below, generally will not be entitled to claim a credit or deduction with respect to such foreign taxes. If more than 50% of a Fund's assets at taxable year end consists of the securities of foreign corporations, the Fund may be able to elect to "pass through" to its shareholders foreign income taxes that it pays directly or, under certain circumstances, indirectly through its investments in ETFs or other investment companies that are regulated investment companies for U.S. federal income tax purposes. If any Fund makes this election, a shareholder of the Fund must include its share of those taxes in gross income as a distribution from the Fund and the shareholder will be allowed to claim a credit (or a deduction, if the shareholder itemizes deductions) for such amounts on its U.S. federal tax return subject to certain limitations. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by a Fund. A shareholder that itself qualifies for treatment as a regulated investment company and that qualifies as a "qualified fund of funds" may elect to pass through to its shareholders a tax credit or deduction passed through by a Fund.

In addition, a Fund's investments in foreign securities, fixed income securities, derivatives, or foreign currencies may increase or accelerate the Fund's recognition of ordinary income and may affect the timing, amount, or character of the Fund's distributions.

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Certain of a Fund's investments, including certain debt instruments, could cause the Fund to recognize taxable income in excess of the cash generated by such investments; a Fund could be required to sell other investments, including when not otherwise advantageous to do so, in order to make required distributions.

Distributions by a Fund to shareholders that are not "United States persons" within the meaning of the Code ("foreign persons") properly reported by the Fund as (i) capital gain dividends, (ii) "interest-related dividends" (i.e., U.S.-source interest income that, in general, would not be subject to U.S. federal income tax if earned directly by an individual foreign shareholder), and (iii) "short-term capital gain dividends" (i.e., net short-term capital gains in excess of net long-term capital losses), in each case to the extent such distributions were properly reported as such by the

Fund generally are not subject to withholding of U.S. federal income tax. Distributions by a Fund to foreign persons other than capital gain dividends, interest-related dividends, and short-term capital gain dividends generally are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). Foreign persons should refer to the SAI for further information, and should consult their tax advisors as to the tax consequences to them of owning Fund shares.

The discussion above is very general. Shareholders should consult their tax advisers for more information about the effect that an investment in a Fund could have on their own tax situations, including possible U.S. federal, state, local, and foreign taxes. Also, as noted above, this discussion does not apply to Fund shares held through tax-advantaged retirement plans.

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***Financial Highlights***

The financial highlights tables are intended to help you understand the Funds' financial performance for the past 5 years (or shorter periods for newer Funds). Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, whose reports, along with each Fund's financial statements, are included in the Trust's Annual Report, and are incorporated by reference into the SAI, and are available upon request.

**MASSMUTUAL SHORT-DURATION BOND FUND**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c,j</sup>** | **Net <br> realized <br> and <br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net <br> assets, <br> end of <br> the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets before <br> expense <br> waivers** | **Ratio of <br> expenses to <br> average daily <br> net assets <br> after expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to<br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.10** | $0.20 | $(1.19) | $(0.99) | $(0.44) | $— | $(0.44) | **$8.67** | (10.11%) | $131484 | 0.40% | 0.39% | 2.08% |
|  9/30/21 | **10.09** | 0.24 | 0.22 | 0.46 | (0.45) |  | (0.45) | **10.10** | 4.69% | 211826 | 0.44% | N/A | 2.41% |
|  9/30/20 | **10.31** | 0.34 | (0.21) | 0.13 | (0.35) |  | (0.35) | **10.09** | 1.26% | 189805 | 0.42% | N/A | 3.41% |
|  9/30/19 | **10.30** | 0.32 | 0.08 | 0.40 | (0.39) |  | (0.39) | **10.31** | 4.05% | 204282 | 0.43% | N/A | 3.13% |
|  9/30/18 | **10.40** | 0.27 | (0.10) | 0.17 | (0.27) |  | (0.27) | **10.30** | 1.65% | 163465 | 0.39% | N/A | 2.64% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.13** | $0.19 | $(1.20) | $(1.01) | $(0.42) | $— | $(0.42) | **$8.70** | (10.26%) | $30546 | 0.50% | N/A | 1.95% |
|  9/30/21 | **10.12** | 0.24 | 0.21 | 0.45 | (0.44) |  | (0.44) | **10.13** | 4.56% | 66938 | 0.54% | N/A | 2.34% |
|  9/30/20 | **10.34** | 0.33 | (0.21) | 0.12 | (0.34) |  | (0.34) | **10.12** | 1.15% | 110813 | 0.52% | N/A | 3.31% |
|  9/30/19 | **10.33** | 0.31 | 0.08 | 0.39 | (0.38) |  | (0.38) | **10.34** | 3.92% | 158895 | 0.53% | N/A | 3.03% |
|  9/30/18 | **10.42** | 0.26 | (0.09) | 0.17 | (0.26) |  | (0.26) | **10.33** | 1.63% | 135411 | 0.49% | N/A | 2.55% |
|  **Service Class** | **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.06** | $0.17 | $(1.18) | $(1.01) | $(0.40) | $— | $(0.40) | **$8.65** | (10.30%) | $2981 | 0.62% | N/A | 1.82% |
|  9/30/21 | **10.04** | 0.23 | 0.21 | 0.44 | (0.42) |  | (0.42) | **10.06** | 4.51% | 16282 | 0.64% | N/A | 2.25% |
|  9/30/20 | **10.26** | 0.32 | (0.22) | 0.10 | (0.32) |  | (0.32) | **10.04** | 1.00% | 38559 | 0.62% | N/A | 3.19% |
|  9/30/19 | **10.25** | 0.30 | 0.08 | 0.38 | (0.37) |  | (0.37) | **10.26** | 3.82% | 51201 | 0.63% | N/A | 2.92% |
|  9/30/18 | **10.35** | 0.25 | (0.10) | 0.15 | (0.25) |  | (0.25) | **10.25** | 1.50% | 72408 | 0.59% | N/A | 2.45% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.01** | $0.17 | $(1.18) | $(1.01) | $(0.38) | $— | $(0.38) | **$8.62** | (10.38%) | $10582 | 0.70% | N/A | 1.78% |
|  9/30/21 | **10.00** | 0.21 | 0.22 | 0.43 | (0.42) |  | (0.42) | **10.01** | 4.40% | 16920 | 0.74% | N/A | 2.16% |
|  9/30/20 | **10.22** | 0.31 | (0.21) | 0.10 | (0.32) |  | (0.32) | **10.00** | 0.94% | 27628 | 0.72% | N/A | 3.12% |
|  9/30/19 | **10.21** | 0.29 | 0.08 | 0.37 | (0.36) |  | (0.36) | **10.22** | 3.76% | 31270 | 0.73% | N/A | 2.83% |
|  9/30/18 | **10.31** | 0.24 | (0.10) | 0.14 | (0.24) |  | (0.24) | **10.21** | 1.35% | 34342 | 0.69% | N/A | 2.37% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$10.07** | $0.15 | $(1.18) | $(1.03) | $(0.35) | $— | $(0.35) | **$8.69** | (10.46%) | $8688 | 0.85% | N/A | 1.63% |
|  9/30/21 | **10.05** | 0.20 | 0.22 | 0.42 | (0.40) |  | (0.40) | **10.07** | 4.30% | 11743 | 0.89% | N/A | 1.97% |
|  9/30/20 | **10.27** | 0.29 | (0.21) | 0.08 | (0.30) |  | (0.30) | **10.05** | 0.79% | 11525 | 0.87% | N/A | 2.96% |
|  9/30/19 | **10.26** | 0.27 | 0.08 | 0.35 | (0.34) |  | (0.34) | **10.27** | 3.57% | 12494 | 0.88% | N/A | 2.67% |
|  9/30/18 | **10.36** | 0.23 | (0.11) | 0.12 | (0.22) |  | (0.22) | **10.26** | 1.21% | 13691 | 0.84% | N/A | 2.21% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.93** | $0.14 | $(1.18) | $(1.04) | $(0.31) | $— | $(0.31) | **$8.58** | (10.63%) | $7588 | 0.95% | N/A | 1.44% |
|  9/30/21 | **9.92** | 0.19 | 0.21 | 0.40 | (0.39) |  | (0.39) | **9.93** | 4.15% | 36186 | 0.99% | N/A | 1.90% |
|  9/30/20 | **10.14** | 0.28 | (0.21) | 0.07 | (0.29) |  | (0.29) | **9.92** | 0.71% | 41913 | 0.97% | N/A | 2.87% |
|  9/30/19 | **10.14** | 0.26 | 0.08 | 0.34 | (0.34) |  | (0.34) | **10.14** | 3.44% | 55315 | 0.98% | N/A | 2.58% |
|  9/30/18 | **10.24** | 0.21 | (0.10) | 0.11 | (0.21) |  | (0.21) | **10.14** | 1.10% | 53188 | 0.94% | N/A | 2.11% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.99** | $0.13 | $(1.19) | $(1.06) | $(0.32) | $— | $(0.32) | **$8.61** | (10.80%) | $7665 | 1.10% | N/A | 1.37% |
|  9/30/21 | **9.98** | 0.17 | 0.22 | 0.39 | (0.38) |  | (0.38) | **9.99** | 4.04% | 11652 | 1.14% | N/A | 1.70% |
|  9/30/20 | **10.20** | 0.27 | (0.22) | 0.05 | (0.27) |  | (0.27) | **9.98** | 0.53% | 7737 | 1.12% | N/A | 2.72% |
|  9/30/19 | **10.20** | 0.24 | 0.09 | 0.33 | (0.33) |  | (0.33) | **10.20** | 3.29% | 7040 | 1.13% | N/A | 2.43% |
|  9/30/18 | **10.30** | 0.20 | (0.10) | 0.10 | (0.20) |  | (0.20) | **10.20** | 0.97% | 7980 | 1.09% | N/A | 1.97% |
|  **Class Y** | **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22<sup>g</sup> | **$9.86** | $0.15 | $(1.09) | $(0.94) | $(0.24) | $— | $(0.24) | **$8.68** | (9.66%)<sup>b</sup> | $222385 | 0.48%<sup>a</sup> | 0.40%<sup>a</sup> | 2.05%<sup>a</sup> |
|  **Class L** | **Class L** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22<sup>g</sup> | **$9.82** | $0.14 | $(1.10) | $(0.96) | $(0.22) | $— | $(0.22) | **$8.64** | (9.87%)<sup>b</sup> | $76609 | 0.69%<sup>a</sup> | 0.65%<sup>a</sup> | 1.86%<sup>a</sup> |
|  **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22<sup>g</sup> | **$9.90** | $0.12 | $(1.11) | $(0.99) | $(0.20) | $— | $(0.20) | **$8.71** | (10.07%)<sup>b</sup> | $1097 | 0.94%<sup>a</sup> | 0.90%<sup>a</sup> | 1.64%<sup>a</sup> |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 20% | 72% | 37% | 55% | 68% |

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*a* *Annualized.* 

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| | |
|:---|:---|
| *b* | *Percentage represents the results for the period and is not annualized.*  |

---

*c* *Per share amount calculated on the average shares method.* 

*g* *For the period December 13, 2021 (commencement of operations) through September 30, 2022.* 

*j* *Computed after giving effect to an agreement by MML Advisers and/or MassMutual to waive certain fees and expenses of the Fund.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

– 60 –

**MASSMUTUAL HIGH YIELD FUND**

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Income (loss) from investment<br> operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net <br> asset <br> value, <br> beginning <br> of the <br> period** | **Net <br> investment <br> income <br> (loss)<sup>c,j</sup>** | **Net <br> realized <br> and<br> unrealized <br> gain (loss) <br> on <br> investments** | **Total <br> income <br> (loss) from <br> investment <br> operations** | **From net <br> investment <br> income** | **From net <br> realized <br> gains** | **Total <br> distributions** | <br>**Net <br> asset <br> value, <br> end of <br> the <br> period** | <br>**Total <br> return<sup>l,m</sup>** | **Net<br> assets, <br> end <br> of the <br> period <br> (000's)** | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> before <br> expense <br> waivers**  | **Ratio of <br> expenses <br> to average <br> daily net <br> assets <br> after <br> expense <br> waivers<sup>j</sup>** | **Net <br> investment <br> income <br> (loss) to <br> average <br> daily net <br> assets**  |
|  **Class I** | **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.34** | $0.47 | $(1.64) | $(1.17) | $(0.89) | $— | $(0.89) | **$7.28** | (13.59%) | $228970 | 0.55% | N/A | 5.61% |
|  9/30/21 | **8.63** | 0.49 | 0.70 | 1.19 | (0.48) |  | (0.48) | **9.34** | 14.20% | 351942 | 0.54% | N/A | 5.50% |
|  9/30/20 | **9.21** | 0.50 | (0.52) | (0.02) | (0.56) |  | (0.56) | **8.63** | (0.28%) | 375807 | 0.53% | N/A | 5.79% |
|  9/30/19 | **9.27** | 0.56 | (0.10) | 0.46 | (0.52) |  | (0.52) | **9.21** | 5.45% | 326836 | 0.54% | 0.54%<sup>n</sup> | 6.31% |
|  9/30/18 | **9.62** | 0.58 | (0.33) | 0.25 | (0.60) |  | (0.60) | **9.27** | 2.78% | 382927 | 0.54% | 0.54%<sup>n</sup> | 6.32% |
|  **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.40** | $0.47 | $(1.66) | $(1.19) | $(0.88) | $— | $(0.88) | **$7.33** | (13.74%) | $34164 | 0.65% | N/A | 5.52% |
|  9/30/21 | **8.68** | 0.49 | 0.70 | 1.19 | (0.47) |  | (0.47) | **9.40** | 14.13% | 46518 | 0.64% | N/A | 5.39% |
|  9/30/20 | **9.25** | 0.49 | (0.51) | (0.02) | (0.55) |  | (0.55) | **8.68** | (0.28%) | 49116 | 0.63% | N/A | 5.69% |
|  9/30/19 | **9.31** | 0.56 | (0.11) | 0.45 | (0.51) |  | (0.51) | **9.25** | 5.29% | 41369 | 0.64% | 0.64%<sup>n</sup> | 6.23% |
|  9/30/18 | **9.66** | 0.57 | (0.33) | 0.24 | (0.59) |  | (0.59) | **9.31** | 2.65% | 43613 | 0.64% | 0.64%<sup>n</sup> | 6.20% |
|  **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.39** | $0.46 | $(1.66) | $(1.20) | $(0.86) | $— | $(0.86) | **$7.33** | (13.81%) | $22158 | 0.75% | N/A | 5.44% |
|  9/30/21 | **8.67** | 0.48 | 0.70 | 1.18 | (0.46) |  | (0.46) | **9.39** | 14.00% | 29097 | 0.74% | N/A | 5.31% |
|  9/30/20 | **9.25** | 0.48 | (0.52) | (0.04) | (0.54) |  | (0.54) | **8.67** | (0.48%) | 33897 | 0.73% | N/A | 5.58% |
|  9/30/19 | **9.31** | 0.55 | (0.11) | 0.44 | (0.50) |  | (0.50) | **9.25** | 5.20% | 49174 | 0.74% | 0.74%<sup>n</sup> | 6.13% |
|  9/30/18 | **9.66** | 0.56 | (0.33) | 0.23 | (0.58) |  | (0.58) | **9.31** | 2.55% | 45296 | 0.74% | 0.74%<sup>n</sup> | 6.11% |
|  **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.22** | $0.44 | $(1.62) | $(1.18) | $(0.84) | $— | $(0.84) | **$7.20** | (13.85%) | $12693 | 0.85% | N/A | 5.28% |
|  9/30/21 | **8.53** | 0.46 | 0.68 | 1.14 | (0.45) |  | (0.45) | **9.22** | 13.79% | 23211 | 0.84% | N/A | 5.20% |
|  9/30/20 | **9.10** | 0.47 | (0.51) | (0.04) | (0.53) |  | (0.53) | **8.53** | (0.55%) | 23549 | 0.83% | N/A | 5.49% |
|  9/30/19 | **9.16** | 0.53 | (0.10) | 0.43 | (0.49) |  | (0.49) | **9.10** | 5.13% | 25980 | 0.84% | 0.84%<sup>n</sup> | 6.03% |
|  9/30/18 | **9.51** | 0.55 | (0.33) | 0.22 | (0.57) |  | (0.57) | **9.16** | 2.49% | 31250 | 0.84% | 0.84%<sup>n</sup> | 6.01% |
|  **Class R4** | **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.06** | $0.42 | $(1.60) | $(1.18) | $(0.81) | $— | $(0.81) | **$7.07** | (14.05%) | $30615 | 1.00% | N/A | 5.19% |
|  9/30/21 | **8.38** | 0.44 | 0.68 | 1.12 | (0.44) |  | (0.44) | **9.06** | 13.73% | 39125 | 0.99% | N/A | 5.05% |
|  9/30/20 | **8.97** | 0.45 | (0.51) | (0.06) | (0.53) |  | (0.53) | **8.38** | (0.75%) | 40160 | 0.98% | N/A | 5.34% |
|  9/30/19 | **9.04** | 0.51 | (0.10) | 0.41 | (0.48) |  | (0.48) | **8.97** | 4.97% | 47055 | 0.99% | 0.99%<sup>n</sup> | 5.88% |
|  9/30/18 | **9.40** | 0.53 | (0.33) | 0.20 | (0.56) |  | (0.56) | **9.04** | 2.30% | 35011 | 0.99% | 0.99%<sup>n</sup> | 5.87% |
|  **Class A** | **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.19** | $0.42 | $(1.63) | $(1.21) | $(0.78) | $— | $(0.78) | **$7.20** | (14.10%) | $8335 | 1.10% | N/A | 5.06% |
|  9/30/21 | **8.49** | 0.44 | 0.69 | 1.13 | (0.43) |  | (0.43) | **9.19** | 13.65% | 13444 | 1.09% | N/A | 4.97% |
|  9/30/20 | **9.07** | 0.44 | (0.50) | (0.06) | (0.52) |  | (0.52) | **8.49** | (0.81%) | 24556 | 1.08% | N/A | 5.24% |
|  9/30/19 | **9.13** | 0.51 | (0.10) | 0.41 | (0.47) |  | (0.47) | **9.07** | 4.89% | 31392 | 1.09% | 1.09%<sup>n</sup> | 5.77% |
|  9/30/18 | **9.49** | 0.52 | (0.33) | 0.19 | (0.55) |  | (0.55) | **9.13** | 2.10% | 27393 | 1.09% | 1.09%<sup>n</sup> | 5.76% |
|  **Class R3** | **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22 | **$9.31** | $0.41 | $(1.65) | $(1.24) | $(0.78) | $— | $(0.78) | **$7.29** | (14.27%) | $24740 | 1.25% | N/A | 4.93% |
|  9/30/21 | **8.60** | 0.43 | 0.69 | 1.12 | (0.41) |  | (0.41) | **9.31** | 13.41% | 33334 | 1.24% | N/A | 4.79% |
|  9/30/20 | **9.17** | 0.44 | (0.52) | (0.08) | (0.49) |  | (0.49) | **8.60** | (0.96%) | 35047 | 1.23% | N/A | 5.09% |
|  9/30/19 | **9.23** | 0.50 | (0.10) | 0.40 | (0.46) |  | (0.46) | **9.17** | 4.71% | 42509 | 1.24% | 1.24%<sup>n</sup> | 5.63% |
|  9/30/18 | **9.60** | 0.51 | (0.33) | 0.18 | (0.55) |  | (0.55) | **9.23** | 2.04% | 44944 | 1.24% | 1.24%<sup>n</sup> | 5.62% |
|  **Class Y** | **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22<sup>g</sup> | **$8.86** | $0.38 | $(1.56) | $(1.18) | $(0.38) | $— | $(0.38) | **$7.30** | (13.66%)<sup>b</sup> | $23397 | 0.60%<sup>a</sup> | N/A | 5.81%<sup>a</sup> |
|  **Class C** | **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
|  9/30/22<sup>g</sup> | **$8.89** | $0.32 | $(1.56) | $(1.24) | $(0.32) | $— | $(0.32) | **$7.33** | (14.28%)<sup>b</sup> | $81 | 1.55%<sup>a</sup> | N/A | 4.78%<sup>a</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** | **Year ended September 30** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Portfolio turnover rate**  | 53% | 68% | 79% | 54% | 38% |

---

*a* *Annualized.* 

---

| | |
|:---|:---|
| *b* | *Percentage represents the results for the period and is not annualized.*  |

---

*c* *Per share amount calculated on the average shares method.* 

*g* *For the period December 13, 2021 (commencement of operations) through September 30, 2022.* 

*j* *Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.* 

*l* *Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.* 

*m* *Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.* 

*n* *Expenses incurred during the period fell under the expense cap.* 

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### Index Descriptions
The **Bloomberg U.S. Aggregate 1-3 Year Bond Index** measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities with maturities of 1-3 years, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). It rolls up into other Bloomberg flagship indexes, such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

The **Bloomberg U.S. Corporate High-Yield Bond Index** measures the performance of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds, including corporate bonds, fixed-rate bullet, putable, and callable bonds, SEC Rule 144A securities, original issue zeros, pay-in-kind bonds, fixed-rate and fixed-to-floating capital securities. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

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### Appendix A: Intermediary-Specific Sales Charge Reductions and Waivers
Specific intermediaries may have different policies and procedures regarding the availability of sales charge reductions and waivers, which are discussed below. In all instances, it is the shareholder's responsibility to notify the Fund or the shareholder's financial intermediary at the time of purchase of any relationship or other facts qualifying the shareholder for sales charge reductions or waivers. For sales charge reductions and waivers not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive such reductions or waivers.

#### JANNEY MONTGOMERY SCOTT LLC
Effective May 1, 2020, shareholders purchasing fund shares through a Janney Montgomery Scott LLC ("Janney") account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

#### Front-end sales charge waivers on Class L shares available at Janney
• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

• Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class L shares of the same fund pursuant to Janney's policies and procedures.

#### Sales charge waivers on Class L and C shares available at Janney
Shares sold upon the death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's Prospectus.

• Shares purchased in connection with a return of excess contributions from an IRA account.

?

• Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching a qualified age based on applicable IRS regulations.

• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

• Shares acquired through a right of reinstatement.

#### Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation
• Breakpoints as described in the fund's Prospectus.

• Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

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#### MERRILL LYNCH
Shareholders purchasing Fund shares through a Merrill Lynch platform or account are eligible only for the following load (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund's Prospectus or SAI.

#### Front-end Sales Load Waivers on Class L Shares available at Merrill Lynch
• Employer-sponsored retirement, deferred compensation and employee benefits plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commissionbased brokerage account and shares are held for the benefit of the plan.

• Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents).

• Shares purchased through a Merrill Lynch affiliated investment advisory program.

• Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

• Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch's platform.

• Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable).

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

• Employees and registered representatives of Merrill Lynch or its affiliates and their family members.

• Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in the prospectus.

• Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for reinstatement.

#### Contingent Deferred Sales Charge Waivers on Class L and C Shares available at Merrill Lynch
• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

• Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch.

• Shares acquired through a right of reinstatement.

• Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to L and C shares only).

• Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch's policies relating to sales load discounts and waivers.

#### Other Discounts available at Merrill Lynch: Breakpoints, Rights of Accumulation and Letters of Intent
• Breakpoints as described in this Prospectus.

• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets

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held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable).

#### MORGAN STANLEY
Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class L shares, as applicable, which may differ from and may be more limited than those disclosed elsewhere in this Fund's Prospectus or SAI.

#### Front-end Sales Charge Waivers on Class L Shares available at Morgan Stanley Wealth Management
?

• Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer- sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs, or Keogh plans

• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

• Shares purchased through a Morgan Stanley self-directed brokerage account

• Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class L shares of the same fund, as applicable, pursuant to Morgan Stanley Wealth Management's share class conversion program

• Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

#### RAYMOND JAMES

#### Intermediary-Defined Sales Charge Waiver Policies
The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares.

Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts.

#### Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")
Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

#### Front-end sales load waivers on Class L shares available at Raymond James
• Shares purchased in an investment advisory program.

• Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

- A-3 -

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

?

• A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class L shares (or the appropriate share class) of the Fund if the shares are no longer subject to a contingent deferred sales charge and the conversion is in line with the policies and procedures of Raymond James.

#### Contingent Deferred Sales Charge Waivers on Classes L and C shares available at Raymond James
• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

#### Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent
• Breakpoints as described in this prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

#### UBS
Class Y shares may also be available on UBS's brokerage platform since it has entered into an agreement with the Funds' distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y may be required to pay a commission and/or other forms of compensation to the broker. Shares of the Funds are available in other share classes that have different fees and expenses.

#### WELLS FARGO
Shareholders purchasing Fund shares through a Wells Fargo platform or account are eligible only for the following load (front-end sales charges waivers and contingent deferred, or back-end sales charge waivers) and discounts, which may different from those disclosed elsewhere in the Fund's Prospectus or SAI.

Effective November 1, 2019, Class C Shares of each Fund will automatically convert into Class L Shares of the same Fund after they have been held for ten years. This automatic conversion will be executed without any sales charge, fee or other charge. After the conversion takes place, the shares will be subject to all features and expenses of Class L Shares.

- A-4 -

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### MASSMUTUAL FUNDS
1295 State Street

Springfield, Massachusetts 01111-0001

#### Learning More About the Funds
You can learn more about the Funds by reading the Funds' **Annual and Semiannual Reports** and the **SAI**. You may obtain free copies of this information from the Funds or from the SEC using one or more of the methods set forth below. In the Annual and Semiannual Reports, you will find a discussion of market conditions and investment strategies that significantly affected each Fund's performance during the period covered by the Report and a listing of each Fund's portfolio securities as of the end of such period. The SAI provides additional information about the Funds and will provide you with more detail regarding the organization and operation of the Funds, including their investment strategies. The SAI is incorporated by reference into this Prospectus and is therefore legally considered a part of this Prospectus.

#### How to Obtain Information

#### From the Funds:
You may request information about the Funds free of charge (including the Annual/Semiannual Reports and the SAI) or make shareholder inquiries by calling 1-888-309-3539 or by writing the Funds, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111-0001, **Attention: Investment Management Solutions**. You may also obtain copies of the Annual/Semiannual Reports and the SAI free of charge at https://www.massmutual.com/funds.

#### From the SEC:
Information about the Funds (including the Annual/Semiannual Reports and the SAI) is available on the SEC's EDGAR database on its Internet site at http://www.sec.gov. You can also get copies of this information, upon payment of a copying fee, by electronic request at publicinfo@sec.gov.

When obtaining information about the Funds from the SEC, you may find it useful to reference the

#### Funds' SEC file number: 811-08690 .

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#### MASSMUTUAL PREMIER FUNDS

#### 1295 STATE STREET SPRINGFIELD, MASSACHUSETTS 01111-0001 STATEMENT OF ADDITIONAL INFORMATION
THIS STATEMENT OF ADDITIONAL INFORMATION ("SAI") IS NOT A PROSPECTUS. IT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS OF MASSMUTUAL PREMIER FUNDS (THE "TRUST") DATED FEBRUARY 1, 2023, AS AMENDED FROM TIME TO TIME (THE "PROSPECTUS"). THIS SAI INCORPORATES HEREIN THE FINANCIAL STATEMENTS OF THE FUNDS BY REFERENCE TO THE TRUST'S ANNUAL REPORT AS OF SEPTEMBER 30, 2022 (THE "ANNUAL REPORT"). TO OBTAIN A PROSPECTUS OR AN ANNUAL REPORT, CALL TOLL-FREE 1-888-309-3539, OR WRITE THE TRUST AT THE ABOVE ADDRESS.

This SAI relates to the following Funds:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name**  | **Class I**  | **Class R5**  | **Service<br>Class** | **Administrative <br>Class** | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| &nbsp;&nbsp;&nbsp; MassMutual U.S. <br> Government Money Market Fund  |  | MKSXX |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Inflation- <br> Protected and Income Fund  | MIPZX | MIPSX | MIPYX | MIPLX | MIPRX | MPSAX | MIPNX | MMODX |
| &nbsp;&nbsp;&nbsp; MassMutual Core Bond <br> Fund  | MCZZX | MCBDX | MCBYX | MCBLX | MCZRX | MMCBX | MCBNX | MMNWX |
| &nbsp;&nbsp;&nbsp; MassMutual Diversified <br> Bond Fund  | MDBZX | MDBSX | MDBYX | MDBLX | MDBFX | MDVAX | MDBNX | MMOBX |
| MassMutual Balanced Fund  | MBBIX | MBLDX | MBAYX | MMBLX | MBBRX | MMBDX | MMBRX | MMNVX |
| &nbsp;&nbsp;&nbsp; MassMutual Disciplined <br> Value Fund  | MPIVX | MEPSX | DENVX | MPILX | MPIRX | MEPAX | MPINX | MMOAX |
| &nbsp;&nbsp;&nbsp; MassMutual Main Street <br> Fund  | MSZIX | MMSSX | MMSYX | MMSLX | MSSRX | MSSAX | MMSNX | MMOFX |
| &nbsp;&nbsp;&nbsp; MassMutual Disciplined <br> Growth Fund  | MPDIX | MPGSX | DEIGX | MPGLX | MPDGX | MPGAX | MPDRX | MMNYX |
| &nbsp;&nbsp;&nbsp; MassMutual Small Cap <br> Opportunities Fund  | MSOOX | MSCDX | MSVYX | MSCLX | MOORX | DLBMX | MCCRX | MMOGX |
| MassMutual Global Fund  | MGFZX  | MGFSX  | MGFYX  | MGFLX  | MGFRX  | MGFAX  | MGFNX  | MMOCX |
| &nbsp;&nbsp;&nbsp; MassMutual International <br> Equity Fund  | MIZIX | MIEDX | MYIEX | MIELX | MEIRX | MMIAX | MEERX | MMOEX |
| &nbsp;&nbsp;&nbsp; MassMutual Strategic <br> Emerging Markets Fund  | MPZSX | MPSMX | MPEYX | MPLSX | MPRSX | MPASX | MPZRX | MMOHX |

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No dealer, salesman or any other person has been authorized to give any information or to make any representations, other than those contained in this SAI or in the related Prospectus, in connection with the offer contained herein, and, if given or made, such other information or representation must not be relied upon as having been authorized by the Trust or MML Distributors, LLC (the "Distributor"). This SAI and the related Prospectus do not constitute an offer by the Trust or by the Distributor to sell or a solicitation of any offer to buy any of the securities offered hereby in any jurisdiction to any person to whom it is unlawful to make such offer in such jurisdiction.

Dated February 1, 2023

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| [General Information](#idGENERALINFO3407)  | [B-3](#idGENERALINFO3407) |
| [Additional Investment Policies](#idADDITIONALI8519)  | [B-3](#idADDITIONALI8519) |
| [Disclosure of Portfolio Holdings](#idDISCLOSUREO10090)  | [B-47](#idDISCLOSUREO10090) |
| [Investment Restrictions of the Funds](#idINVESTMENTR11994)  | [B-49](#idINVESTMENTR11994) |
| [Management of the Trust](#idMANAGEMENTO71443)  | [B-50](#idMANAGEMENTO71443) |
| [Control Persons and Principal Holders of Securities](#idCONTROLPERS114452)  | [B-61](#idCONTROLPERS114452) |
| [Investment Advisory and Other Service Agreements](#idINVESTMENTA71266)  | [B-76](#idINVESTMENTA71266) |
| [The Distributor](#idTHEDISTRIBU3688)  | [B-84](#idTHEDISTRIBU3688) |
| [Distribution and Service Plan](#idDISTRIBUTIO9570)  | [B-84](#idDISTRIBUTIO9570) |
| [Payments to Financial Intermediaries](#idPAYMENTSTOF6165)  | [B-85](#idPAYMENTSTOF6165) |
| [Custodian, Dividend Disbursing Agent, and Transfer Agent](#idCUSTODIANDI1047)  | [B-86](#idCUSTODIANDI1047) |
| [Independent Registered Public Accounting Firm](#idINDEPENDENT807)  | [B-86](#idINDEPENDENT807) |
| [Codes of Ethics](#idCODESOFETHI1055)  | [B-86](#idCODESOFETHI1055) |
| [Portfolio Transactions and Brokerage](#idPORTFOLIOTR39062)  | [B-86](#idPORTFOLIOTR39062) |
| [Description of Shares](#idDESCRIPTION9372)  | [B-90](#idDESCRIPTION9372) |
| [Securities Lending](#idSECURITIESL14716)  | [B-91](#idSECURITIESL14716) |
| [Redemption of Shares](#idREDEMPTIONO3395)  | [B-92](#idREDEMPTIONO3395) |
| [Valuation of Portfolio Securities](#idVALUATIONOF14399)  | [B-93](#idVALUATIONOF14399) |
| [Taxation](#idTAXATION65392)  | [B-95](#idTAXATION65392) |
| [Experts](#idEXPERTS1107)  | [B-105](#idEXPERTS1107) |
| [Appendix A—Description of Securities Ratings](#idAPPENDIXADE34738)  | [B-106](#idAPPENDIXADE34738) |
| [Appendix B—Proxy Voting Policies](#idAPPENDIXBPR4650)  | [B-110](#idAPPENDIXBPR4650) |
| [Appendix C—Additional Portfolio Manager Information](#idAPPENDIXCAD163837)  | [B-149](#idAPPENDIXCAD163837) |

---

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#### GENERAL INFORMATION

The Trust is organized under the laws of The Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time (the "Declaration of Trust"). The investment adviser for each of the Funds is MML Investment Advisers, LLC ("MML Advisers"). The subadviser for the U.S. Government Money Market Fund, Inflation-Protected and Income Fund, Core Bond Fund, and Diversified Bond Fund is Barings LLC ("Barings"). Barings is an indirect subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"). In addition, Baring International Investment Limited ("BIIL") serves as a sub-subadviser for the Inflation-Protected and Income Fund, Core Bond Fund, and Diversified Bond Fund. The subadviser for the Balanced Fund, Main Street Fund, Small Cap Opportunities Fund, Global Fund, and Strategic Emerging Markets Fund is Invesco Advisers, Inc. ("Invesco Advisers"). In addition, Invesco Capital Management LLC ("ICM") serves as sub-subadviser for the Balanced Fund. The subadviser for the Disciplined Value Fund and Disciplined Growth Fund is Wellington Management Company LLP ("Wellington Management"). The subadvisers for the International Equity Fund are Wellington Management and Thompson, Siegel & Walmsley LLC ("TSW"). MML Advisers, Barings, BIIL, ICM, Invesco Advisers, TSW, and Wellington Management are registered with the Securities and Exchange Commission (the "SEC") as investment advisers. References in this SAI to a Fund's subadviser may include any sub-subadvisers as applicable.

#### ADDITIONAL INVESTMENT POLICIES
Each Fund has a distinct investment objective which it pursues through separate investment policies, as described in the Prospectus and below. The fundamental investment policies and fundamental investment restrictions of a Fund may not be changed without the vote of a majority of that Fund's outstanding voting securities (which, under the Investment Company Act of 1940, as amended (the "1940 Act") and the rules thereunder and as used in this SAI and in the Prospectus, means the lesser of (l) 67% of the shares of that Fund present at a meeting if the holders of more than 50% of the outstanding shares of that Fund are present in person or by proxy, or (2) more than 50% of the outstanding shares of that Fund). The Board of Trustees of the Trust (the "Board") may adopt new or amend or delete existing non-fundamental investment policies and restrictions without shareholder approval. There is no guarantee that any Fund will achieve its investment objective.

Unless otherwise specified, each Fund may engage in the investment practices and techniques described below to the extent consistent with such Fund's investment objective and fundamental investment restrictions. Not all Funds necessarily will utilize all or any of these practices and techniques at any one time or at all. Investment policies and restrictions described below are non-fundamental and may be changed by the Trustees without shareholder approval, unless otherwise noted. For a description of the ratings of corporate debt securities and money market instruments in which the various Funds may invest, reference should be made to Appendix A.

#### U.S. Government Money Market Fund
For so long as the U.S. Government Money Market Fund values its portfolio instruments on the basis of amortized cost (see "Valuation of Portfolio Securities"), its investments are subject to portfolio maturity, portfolio quality, and portfolio diversification requirements imposed by Rule 2a-7 under the 1940 Act. The U.S. Government Money Market Fund must maintain a dollar-weighted average portfolio maturity of 60 days or less, generally must purchase instruments having remaining maturities of thirteen months (generally 397 days) or less, and must invest only in United States dollar-denominated securities determined to be of high quality with minimal credit risks.

The high quality debt instruments in which the U.S. Government Money Market Fund invests may not offer as high a yield as may be achieved from lower quality instruments having less safety. An investment in the U.S. Government Money

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Market Fund is not without risk. If the U.S. Government Money Market Fund disposes of an obligation prior to maturity, it may realize a loss or gain. An increase in interest rates will generally reduce the value of portfolio investments. In addition, investments are subject to the ability of the issuer to make payment at maturity. The U.S. Government Money Market Fund will reassess whether a particular security presents minimal credit risks in certain circumstances.

Certain money market instruments are available only in relatively large denominations, and others may carry higher yields if purchased in relatively large denominations. Also, the Fund's investment adviser and subadviser believe that an institutional purchaser of money market instruments who can invest relatively large sums on a regular basis may have investment opportunities that are not available to those who invest smaller sums less frequently. Certain of the U.S. Government Money Market Fund's investment restrictions limit the percentage of the Fund's assets that may be invested in certain industries or in securities of any issuer. Accordingly, if the Fund has relatively small net assets and net cash flow from sales and redemptions of shares, the Fund may be unable to invest in money market instruments paying the highest yield available at a particular time.

#### Balanced Fund
***Disclaimer****.* The "Invesco US Large Cap Total Balanced Multi-Factor ESG Index" and "Invesco Indexing" are the property of Invesco Indexing LLC and have been licensed for use by ICM.

The shares ("Shares") of the Balanced Fund (the "Product") are not sponsored, endorsed, sold or promoted by Invesco Indexing LLC ("Licensor"). Licensor makes no representation or warranty, express or implied, to the owners of the Shares or any member of the public regarding the advisability of investing in securities generally or in the Shares particularly or the ability of the Invesco US Large Cap Total Balanced Multi-Factor ESG Index to track general stock market performance. Licensor is an affiliate of ICM and Invesco Advisers and its relationship to ICM and Invesco Advisers includes the licensing of certain trademarks and trade names of Licensor and of the Invesco US Large Cap Total Balanced Multi-Factor ESG Index which is determined, composed and calculated by Licensor without regard to ICM, Invesco Advisers, the Product or the Shares. Licensor has no obligation to take the needs of the Licensee or the owners of the Shares into consideration in determining, composing or calculating the Invesco US Large Cap Total Balanced Multi-Factor ESG Index. Licensor is not responsible for and has not participated in any determination or calculation made with respect to issuance or redemption of the Shares. Licensor has no obligation or liability in connection with the administration, marketing or trading of the Shares.

Licensor does not guarantee the accuracy and/or the completeness of the Invesco US Large Cap Total Balanced Multi-Factor ESG Index and/or any data included therein. Licensor makes no warranty, express or implied, as to results to be obtained by ICM, Invesco Advisers, the Product or any owner of the Shares, or any other person or entity from the use of the Invesco US Large Cap Total Balanced Multi-Factor ESG Index or any data included therein in connection with the rights licensed hereunder or for any other use.

Licensor makes no express or implied warranties, and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Invesco US Large Cap Total Balanced Multi-Factor ESG Index or any data included therein. Without limiting any of the foregoing, in no event shall Licensor have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

#### Asset-Based Securities
A Fund may invest in debt, preferred, or convertible securities, the principal amount, redemption terms, or conversion terms of which are related to the market price of some natural resource asset such as gold bullion. These securities are referred to as "asset-based securities." If an asset-based security is backed by a bank letter of credit or other similar facility, the investment adviser or subadviser may take such backing into account in determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in the two price movements. Asset-based securities may not be secured by a security interest in or claim on the underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the appreciation in the underlying asset. Certain restrictions imposed on the Funds by the Internal Revenue Code of 1986, as amended (the "Code"), may limit the Funds' ability to invest in certain natural resource-based securities.

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***Precious Metal-Related Securities***. A Fund may invest in the equity securities of companies that explore for, extract, process, or deal in precious metals (e.g., gold, silver, and platinum), and in asset-based securities indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively priced in relation to the value of a company's precious metal-related assets or when the values of precious metals are expected to benefit from inflationary pressure or other economic, political, or financial uncertainty or instability. Based on historical experience, during periods of economic or financial instability the securities of companies involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies.

The major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil, and Australia. Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather than to market forces. Economic, financial, social, and political factors within South Africa may significantly affect South African gold production.

#### Bank Capital Securities
A Fund may invest in bank capital securities. Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. Many bank capital securities are commonly thought of as hybrids of debt and preferred stock. Some bank capital securities are perpetual (with no maturity date), callable, and have a cumulative interest deferral feature. This means that under certain conditions, the issuer bank can withhold payment of interest until a later date, likely increasing the credit and interest rate risks of an investment in those securities. Investments in bank capital securities are subject to the risks of other debt investments, such as default and non-payment, as well as certain other risks, such as the risk that bank regulators may force the bank to dissolve, merge, restructure its capitalization, or take other actions intended to prevent its failure or ensure its orderly resolution. Bank regulators in certain jurisdictions have broad authorities they may use to prevent the failure of banking institutions or to stabilize the banking industry, all of which may adversely affect the values of investments in bank capital securities and other bank obligations, including those of other banks.

#### Bank Loans
A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. In such cases, the agent is normally responsible for the collection of principal and interest payments from the borrower and the apportionment of these payments to the credit of all institutions that are parties to the loan agreement. A Fund will generally rely on the agent to receive and forward to the Fund its portion of the principal and interest payments on the loan. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund.

A Fund may invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. (There may be one or more assignors prior in time to the Fund.) If a Fund acquires a participation in the loan made by a third party loan investor, the Fund typically will have a contractual relationship only with the loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In connection with participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights with respect to any funds acquired by other loan investors through set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the loan in which it has purchased the participation. As a result, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation. In the event of the insolvency of the loan investor selling a participation, a Fund may be treated as a general creditor of such loan investor. In addition, because loan participations are not generally rated by independent credit rating agencies, a decision by a Fund to invest in a particular loan participation will depend almost exclusively on its investment adviser's or subadviser's credit analysis of the borrower.

Loans in which a Fund may invest are subject generally to the same risks as debt securities in which the Fund may invest. In addition, loans in which a Fund may invest, including bridge loans, are generally made to finance internal growth, mergers, acquisitions, stock repurchases, leveraged buy-outs, and other corporate activities, including bridge loans. A

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significant portion of the loans purchased by a Fund may represent interests in loans made to finance highly leveraged corporate acquisitions, known as "leveraged buy-out" transactions, leveraged recapitalization loans, and other types of acquisition financing. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in economic or market conditions.

Loans generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loans in secondary markets. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. As a result, a Fund may be unable to sell loans at a time when it may otherwise be desirable to do so or may be able to sell them only at a price that is less than their fair market value. The settlement time for certain loans is longer than the settlement time for many other types of investments, and a Fund may not receive the payment for a loan sold by it until well after the sale; that cash would be unavailable for payment of redemption proceeds or for reinvestment.

Certain of the loans acquired by a Fund may involve revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. In such cases, the Fund would have an obligation to advance its portion of such additional borrowings upon the terms specified in the loan participation. A Fund may be required to fund such advances at times and in circumstances where the Fund might not otherwise choose to make a loan to the borrower.

The value of collateral, if any, securing a loan can decline, or may be insufficient to meet the borrower's obligations or difficult to liquidate, or a Fund may be prevented or delayed from realizing the collateral. In addition, a Fund's access to collateral may be limited by bankruptcy or other insolvency laws. If a secured loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. A bankruptcy or restructuring can result in the loan being converted to an equity ownership interest in the borrower. In addition, under legal theories of lender liability, a Fund potentially might be held liable as a co-lender.

Loans may not be considered "securities," and a Fund that purchases a loan may not be entitled to rely on anti-fraud and other protections under the federal securities laws.

#### Below Investment Grade Debt Securities
A Fund may purchase below investment grade debt securities, sometimes referred to as "junk" or "high yield" bonds. The lower ratings of certain securities held by a Fund reflect a greater possibility that adverse changes in the financial condition of the issuer, or in general economic conditions, or both, or an unanticipated rise in interest rates, may impair the ability of the issuer to make payments of interest and principal. The inability (or perceived inability) of issuers to make timely payment of interest and principal would likely make the values of securities held by the Fund more volatile and could limit the Fund's ability to sell its securities at prices approximating the values a Fund had placed on such securities. In the absence of a liquid trading market for securities held by it, the Fund may be unable at times to establish the fair market value of such securities. The rating assigned to a security by S&P Global Ratings ("S&P") or Moody's Investors Service, Inc. ("Moody's") does not reflect an assessment of the volatility of the security's market value or of the liquidity of an investment in the security. (The term "below investment grade debt securities" includes securities that are not rated but are considered by a Fund's investment adviser or subadviser to be of comparable quality to other below investment grade debt securities.)

Like those of other fixed income securities, the values of below investment grade debt securities fluctuate in response to changes in interest rates. Thus, a decrease in interest rates generally will result in an increase in the value of a Fund's fixed income securities. Conversely, during periods of rising interest rates, the value of a Fund's fixed income securities generally will decline. In addition, the values of such securities are also affected by changes in general economic conditions and business conditions, which are more likely to lead to a weakened capacity to make principal and interest payments than in the case of higher grade securities. Changes by recognized rating services in their ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Changes in the values of portfolio securities generally will not affect cash income derived from such securities, but will affect the Fund's net asset value ("NAV").

Issuers of below investment grade debt securities are often highly leveraged, so their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired. In the past, economic downturns or increases in interest rates have, under certain circumstances, resulted in a higher incidence of default by the issuers of these instruments and are likely to do so in the future, especially in the case of highly leveraged issuers. In addition, such issuers may not have more traditional methods of financing available to them, and may be unable to repay debt at maturity by refinancing. The risk of loss due to default in payment of interest or principal by such issuers is significantly greater because such securities frequently are unsecured and subordinated to the prior payment of senior

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indebtedness. Certain of the below investment grade debt securities in which a Fund may invest are issued to raise funds in connection with the acquisition of a company, in so-called "leveraged buy-out" transactions. The highly leveraged capital structure of such issuers may make them especially vulnerable to adverse changes in economic conditions.

Under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, a Fund could find it more difficult to sell below investment grade debt securities when the Fund's investment adviser or subadviser believes it advisable to do so or may be able to sell such securities only at prices lower than might otherwise be available. Consolidation in the financial services industry has resulted in there being fewer market makers for high yield bonds, which may result in further risk of illiquidity and volatility with respect to high yield bonds held by a Fund, and this trend may continue in the future. Furthermore, high yield bonds held by a Fund may not be registered under the Securities Act of 1933, as amended (the "1933 Act"), and, unless so registered, a Fund will not be able to sell such high yield bonds except pursuant to an exemption from registration under the 1933 Act. This may further limit the Fund's ability to sell high yield debt securities or to obtain the desired price for such securities. In many cases, below investment grade debt securities may be purchased in private placements and, accordingly, will be subject to restrictions on resale as a matter of contract or under securities laws. Under such circumstances, it may also be more difficult to determine the fair values of such securities for purposes of computing a Fund's NAV. In order to enforce its rights in the event of a default by an issuer of below investment grade debt securities, a Fund may be required to take possession of and manage assets securing the issuer's obligations on such securities, which may increase the Fund's operating expenses and adversely affect the Fund's NAV. A Fund may also be limited in its ability to enforce its rights and may incur greater costs in enforcing its rights in the event an issuer becomes the subject of bankruptcy proceedings. In addition, the Funds' intention or ability to qualify as "regulated investment companies" under the Code may limit the extent to which a Fund may exercise its rights by taking possession of such assets.

Certain securities held by a Fund may permit the issuer at its option to "call," or redeem, its securities. If an issuer were to redeem securities held by a Fund during a time of declining interest rates, the Fund may not be able to reinvest the proceeds in securities providing the same investment return as the securities redeemed.

The prices for below investment grade debt securities may be affected by legislative and regulatory developments. Below investment grade debt securities may also be subject to certain risks not typically associated with "investment grade" securities, such as the following: (i) reliable and objective information about the value of below investment grade debt securities may be difficult to obtain because the market for such securities may be thinner and less active than that for investment grade obligations; (ii) adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower than investment grade obligations, and, in turn, adversely affect their market; (iii) companies that issue below investment grade debt securities may be in the growth stage of their development, or may be financially troubled or highly leveraged, so they may not have more traditional methods of financing available to them; (iv) when other institutional investors dispose of their holdings of below investment grade debt securities, the general market and the prices for such securities could be adversely affected; and (v) the market for below investment grade debt securities could be impaired if legislative proposals to limit their use in connection with corporate reorganizations or to limit their tax and other advantages are enacted.

#### Borrowings
A Fund is required at all times to maintain its assets at a level at least three times the amount of all of its borrowings (the "300% asset coverage test"). Any borrowings that come to exceed the 300% asset coverage requirement will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with this requirement.

#### Cash and Short-Term Debt Securities
***Money Market Instruments Generally***. The Funds may invest in money market securities, including money market funds. Money market securities are high-quality, short-term debt instruments that may be issued by the U.S. Government, corporations, banks, or other entities. They may have fixed, variable, or floating interest rates. Some money market securities in which the Funds may invest are described below. During the 2008 global financial downturn and the market volatility caused by the coronavirus outbreak beginning in March 2020, many money market instruments that were thought to be highly liquid became illiquid and lost value. The U.S. Government and the Federal Reserve System, as well as certain foreign governments and central banks, have taken extraordinary actions with respect to the financial markets generally and money market instruments in particular. While these actions have stabilized the markets for these instruments, there can be no assurances that those actions will continue or continue to be effective. If a Fund's money market instruments become

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illiquid, the Fund may be unable to satisfy certain of its obligations or may only be able to do so by selling other securities at prices or times that may be disadvantageous to do so.

***Bank Obligations***. The Funds may invest in bank obligations, including certificates of deposit, time deposits, bankers' acceptances, and other short-term obligations of domestic banks, foreign subsidiaries of domestic banks, foreign branches of domestic banks, and domestic and foreign branches of foreign banks, domestic savings and loan associations, and other banking institutions.

Certificates of deposit ("CDs") are negotiable certificates evidencing the obligations of a bank to repay funds deposited with it for a specified period of time. Time deposits are non-negotiable deposits maintained in a banking institution for a specified period of time at a stated interest rate. Time deposits which may be held by the Funds will not benefit from insurance from the Bank Insurance Fund or the Savings Association Insurance Fund administered by the Federal Deposit Insurance Corporation. Bankers' acceptances are credit instruments evidencing the obligation of a bank to pay a draft drawn on it by a customer. These instruments reflect the obligation both of the bank and the drawer to pay the face amount of the instrument upon maturity. The other short-term obligations may include uninsured, direct obligations, bearing fixed, floating, or variable interest rates.

The Funds may invest in certificates of deposit and bankers' acceptances of U.S. banks and savings and loan associations, London branches of U.S. banks, and U.S. branches of foreign banks. Obligations of foreign banks and of foreign branches of U.S. banks may be affected by foreign governmental action, including imposition of currency controls, interest limitations, withholding or other taxes, seizure of assets, or the declaration of a moratorium or restriction on payments of principal or interest. Foreign banks and foreign branches of U.S. banks may provide less public information than, and may not be subject to the same accounting, auditing, and financial recordkeeping standards as, domestic banks.

***Cash, Short-Term Instruments, and Temporary Investments***. The Funds may hold a significant portion of their assets in cash or cash equivalents at the sole discretion of the Fund's investment adviser or subadviser. The Funds' investment adviser or subadvisers will determine the amount of the Funds' assets to be held in cash or cash equivalents at their sole discretion, based on such factors as they may consider appropriate under the circumstances. The Funds may hold a portion of their assets in cash, for example, in order to provide for expenses or anticipated redemption payments or for temporary defensive purposes. The Funds may also hold a portion of their assets in cash as part of the Funds' investment programs or asset allocation strategies, in amounts considered appropriate by the Funds' investment adviser or subadvisers. To the extent the Funds hold assets in cash and otherwise uninvested, its investment returns may be adversely affected and the Funds may not achieve their respective investment objectives. The Funds may invest in high quality money market instruments. The instruments in which the Funds may invest include, without limitation: (i) short-term obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities (including government-sponsored enterprises); (ii) CDs, bankers' acceptances, fixed time deposits, and other obligations of domestic banks (including foreign branches); (iii) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than one year; (iv) repurchase agreements; and (v) short-term obligations of foreign banks (including U.S. branches).

***Commercial Paper and Short-Term Corporate Debt Instruments***. The Funds may invest in commercial paper (including variable amount master demand notes) consisting of short-term, unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is usually sold on a discount basis and, other than asset-backed commercial paper, usually has a maturity at the time of issuance not exceeding nine months. Variable amount master demand notes are demand obligations that permit the investment of fluctuating amounts at varying market rates of interest pursuant to arrangements between the issuer and a commercial bank acting as agent for the payee of such notes whereby both parties have the right to vary the amount of the outstanding indebtedness on the notes. The investment adviser or subadvisers monitor on an ongoing basis the ability of an issuer of a demand instrument to pay principal and interest on demand. The Funds also may invest in non-convertible corporate debt securities (e.g., bonds and debentures) with not more than one year remaining to maturity at the date of settlement.

***Letters of Credit***. Certain of the debt obligations (including municipal securities, certificates of participation, commercial paper, and other short-term obligations) which the Funds may purchase may be backed by an unconditional and irrevocable letter of credit of a bank, savings and loan association, or insurance company which assumes the obligation for payment of principal and interest in the event of default by the issuer.

#### Commodities
A Fund may invest directly or indirectly in commodities (such as precious metals or natural gas). Commodity prices can be more volatile than prices of other types of investments and can be affected by a wide range of factors, including

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changes in overall market movements, speculative investors, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, nationalization, expropriation, or other confiscation, changes in the costs of discovering, developing, refining, transporting, and storing commodities, the success of commodity exploration projects, temporary or long-term price dislocations and inefficiencies in commodity markets generally or in the market for a particular commodity, international or local regulatory, political, and economic developments (for example, regime changes and changes in economic activity levels), and developments affecting a particular region, industry, or commodity, such as drought, floods, or other weather conditions, livestock disease, epidemics, trade embargoes, energy conservation, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, and tariffs. Exposure to commodities can cause the NAV of a Fund's shares to decline or fluctuate in a rapid and unpredictable manner. Commodity prices may be more or less volatile than securities of companies engaged in commodity-related businesses. Investments in commodity-related companies are subject to the risk that the performance of such companies may not correlate with the broader equity market or with returns on commodity investments to the extent expected by the investment adviser or subadviser. Such companies may be significantly affected by import controls, worldwide competition, changes in consumer sentiment, and spending, and can be subject to liability for, among other things, environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. A liquid secondary market may not exist for certain commodity investments, which may make it difficult for the Fund to sell them at a desirable price or at the price at which it is carrying them.

A Fund may also directly or indirectly use commodity-related derivatives. The values of these derivatives may fluctuate more than the relevant underlying commodity or commodities or commodity index. A Fund's investments in commodities or commodity-related derivatives can be limited by the Fund's intention to qualify as a regulated investment company for U.S. federal income tax purposes, and can bear on the Fund's ability to qualify as such.

#### Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stock has a specified dividend and ranks after bonds and before common stocks in its claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis. Profits may be paid out in dividends or reinvested in the company to help it grow. Increases and decreases in earnings are usually reflected in a company's stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. In addition, changes in interest rates may adversely affect the value of a preferred stock that pays a fixed dividend.

#### Concentration Policy
For purposes of each Fund's concentration limitation as disclosed in this SAI, the Funds apply such policy to direct investments in the securities of issuers in a particular industry, as determined by a Fund's investment adviser or subadviser. A Fund's investment adviser or subadviser may analyze the characteristics of a particular issuer and security and assign an industry or sector classification consistent with those characteristics in the event that the third party classification provider used by the investment adviser or subadviser does not assign a classification or the investment adviser or subadviser, in consultation with the Fund's Chief Compliance Officer, determines that another industry or sector classification is more appropriate.

#### Convertible Securities
The Funds may invest in debt or preferred equity securities convertible into, or exchangeable for, common stock at a stated price or rate. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree. In recent years, convertibles have been developed which combine higher or lower current income with options and other features. Convertible securities are subject to the risks of debt and equity securities.

#### Cyber Security and Technology
With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, investment companies (such as the Funds) and their service providers (such as the Funds' investment adviser, subadvisers, custodian, and transfer agent) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In general, cyber-attacks are deliberate, but

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unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, a Fund, the investment adviser, subadviser, custodian, transfer agent, or service provider may adversely affect the Fund or its shareholders. For instance, cyber-attacks may interfere with the processing of shareholder transactions, affect a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other data integral to the functioning of the Fund inaccessible or inaccurate or incomplete. A Fund may also incur substantial costs for cyber security risk management in order to prevent cyber incidents in the future. A Fund and its shareholders could be negatively impacted as a result. There are inherent limitations in business continuity plans and systems designed to minimize the risk of cyber-attacks through the use of technology, processes, and controls, including the possibility that certain risks have not been identified given the evolving nature of this threat. The Funds rely on third-party service providers for many of their day-to-day operations, and will be subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Funds from cyber-attack. The Funds' investment adviser does not control the cyber security plans and technology systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Funds' investment adviser or the Funds, each of whom could be negatively impacted as a result. Similar types of cyber security risks also are present for issuers of securities in which the Funds invest, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such securities to lose value.

#### Debtor-in-Possession Financings
The Funds may invest in debtor-in-possession financings (commonly known as "DIP financings") through participation interests in direct loans, purchase of assignments, and other means. DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code ("Chapter 11"). These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute senior liens on an unencumbered security (i.e., a security not subject to other creditors' claims). DIP financings are generally subject to the same risks as investments in senior bank loans and similar debt instruments, but involve a greater risk of loss of principal and interest. For example, there is a risk that the entity will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code, as well as a risk that the bankruptcy court will not approve a proposed reorganization plan or will require substantial and unfavorable changes to an initial plan. In the event of liquidation, a Fund's only recourse will be against the property securing the DIP financing. Companies in bankruptcy may also be undergoing significant financial and operational changes that may cause their financial performance to have elevated levels of volatility. DIP financings may involve payment-in-kind interest or principal interest payments, and a Fund may receive securities of a reorganized issuer (e.g., common stock, preferred stock, warrants) in return for its investment, which may include illiquid investments and investments that are difficult to value.

#### Derivatives
***General***. Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

A Fund's use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Derivative products can be highly specialized instruments that may require investment techniques and risk analyses different from those associated with investing directly in securities and other more traditional investments. Derivatives are subject to a number of risks, such as potential changes in value in response to interest rate changes or other market developments or as a result of the counterparty's credit quality and the risk that a derivative transaction may not have the effect or benefit a Fund's investment adviser or subadviser anticipated. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, or index. When a Fund invests in a derivative instrument, it could lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances, and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. Many derivative transactions are entered into "over the counter" (not on an exchange or contract market); as a result, the value of such a derivative transaction will depend on the ability and the

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willingness of the Fund's counterparty to perform its obligations under the transaction. A liquid secondary market may not always exist for a Fund's derivative positions at any time. Use of derivatives may affect the amount, timing, and character of distributions to shareholders. Although the use of derivatives is intended to enhance a Fund's performance, it may instead reduce returns and increase volatility.

A Fund may be subject to the credit risk of its counterparty to derivative transactions (including repurchase and reverse repurchase agreements) and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations under such a transaction. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances. In the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations, and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the European Union, the United Kingdom, and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, the regulatory authorities could reduce, eliminate, or convert to equity the liabilities to a Fund of a counterparty who is subject to such proceedings in the European Union (sometimes referred to as a "bail in").

A Fund may enter into cleared derivatives transactions and/or exchange-traded futures contracts. When a Fund enters into a cleared derivative transaction and/or an exchange-traded futures contract, it is subject to the credit risk of the clearinghouse and the clearing member through which it holds its position. The clearing member or the clearinghouse could also fail to perform its obligations, causing losses to the Fund. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearinghouses and clearing members. Under current Commodity Futures Trading Commission ("CFTC") regulations, a clearing member is required to maintain customers' assets in omnibus accounts for all of its customers segregated from the clearing member's proprietary assets. If, for example, a clearing member fails to segregate customer assets, is unable to satisfy a substantial deficit in a customer account, or in the event of fraud or misappropriation of customer assets by a clearing member, clearing member customers may be subject to risk of loss of their funds in the event of that clearing member's bankruptcy. A Fund might not be fully protected in the event of the bankruptcy of a Fund's clearing member because the Fund would be limited to recovering only a pro rata share of the funds held by the clearing member on behalf of customers. It is not entirely clear how an insolvency proceeding of a clearinghouse, or the clearing member through which the Fund holds its positions at a clearinghouse, would be conducted, what effect the insolvency proceeding would have on any recovery by a Fund, and what impact an insolvency of a clearinghouse or clearing member would have on the financial system more generally.

U.S. and non-U.S. legislative and governmental authorities, various exchanges, and regulatory and self-regulatory authorities have undertaken reviews of derivatives trading in recent periods. Among the actions that have been taken or proposed to be taken are new position limits and reporting requirements, new or more stringent daily price fluctuation limits for futures and options transactions, new or increased margin and reserve requirements for various types of derivatives transactions, and mandatory clearing, trading, and reporting requirements for many derivatives. Additional measures are under active consideration and as a result there may be further actions that adversely affect the regulation of instruments in which the Funds invest. Such legislative and regulatory measures may reduce the availability of some types of derivative instruments, may increase the cost of trading in or maintaining other instruments or positions, and may cause uncertainty in the markets for a variety of derivative instruments. It is also possible that these or similar measures could potentially limit or completely restrict the ability of a Fund to use these instruments as a part of its investment strategy. For example, the SEC recently finalized new Rule 18f-4 under the 1940 Act providing for the regulation of registered investment companies' use of derivatives and certain related instruments. The ultimate impact, if any, of the regulation remains unclear, but the new rule, among other things, limits derivatives exposure through one of two value-at-risk tests and eliminates the asset segregation framework for covering derivatives and certain financial instruments arising from the SEC's Release 10666 and ensuing staff guidance. Limited derivatives users (as determined by Rule 18f-4), however, are not subject to the full requirements under the rule. Legislative and regulatory measures like this and others are evolving and still being implemented and their effects on derivatives market activities cannot be reliably predicted.

The CFTC and domestic futures exchanges have established (and continue to evaluate and revise) limits ("position limits") on the maximum net long or net short positions which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, starting January 1, 2023, federal position limits will apply to swaps that are economically equivalent to futures contracts that are subject to CFTC-set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with position limits. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients

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managed by the investment adviser or subadviser may be aggregated for this purpose. Therefore, the trading decisions of the investment adviser or subadviser may have to be modified and positions held by a Fund liquidated in order to avoid exceeding such limits. Any modification of trading decisions or elimination of open positions that may be required to avoid exceeding such limits may adversely affect the performance of a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy.

No Fund has the obligation to enter into derivatives transactions at any time or under any circumstances. In addition, nothing in this SAI is intended to limit in any way any purpose for which a Fund may enter into any type of derivatives transaction; a Fund may use derivatives transactions for hedging purposes or generally for purposes of enhancing its investment return.

#### Foreign Currency Exchange Transactions
A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes—for example, a Fund may take a long or short position with respect to a foreign currency in which none of the Fund's assets or liabilities are denominated, or where the position is in excess of the amount of any such assets or liabilities, in order to take advantage of anticipated changes in the relative values of those currencies. There can be no assurance that appropriate foreign currency transactions will be available for a Fund at any time or that a Fund will enter into such transactions at any time or under any circumstances even if appropriate transactions are available to it. A Fund may purchase or sell a foreign currency on a spot (i.e*.*, cash) basis at the prevailing spot rate. A Fund may also enter into contracts to deliver in the future an amount of one currency in return for an amount of another currency ("forward contracts") and may purchase and sell foreign currency futures contracts. (Foreign currency futures contracts are similar to financial futures contracts, except that they typically contemplate the delivery of foreign currencies; see "Financial Futures Contracts," below.) A Fund may also purchase or sell options on foreign currencies or options on foreign currency futures contracts.

A Fund may enter into foreign currency exchange transactions in order to hedge against a change in the values of assets or liabilities denominated in one or more foreign currencies due to changes in currency exchange rates.

A Fund may also enter into foreign currency transactions to adjust generally the exposure of its portfolio to various foreign currencies. For example, a Fund with a large exposure to securities denominated in euros might want to continue to hold those securities, but to trade its exposure to the euro to exposure to, say, the Japanese Yen. In that case, the Fund might take a short position in the euro and a long position in the Yen. A Fund may also use foreign currency transactions to hedge the value of the Fund's portfolio against the Fund's benchmark index.

The value of any currency, including U.S. dollars and foreign currencies, may be affected by complex political and economic factors applicable to the issuing country. In addition, the exchange rates of foreign currencies (and therefore the values of foreign currency options, forward contracts, and futures contracts) may be affected significantly, fixed, or supported directly or indirectly by U.S. and foreign government actions. Government intervention may increase risks involved in purchasing or selling foreign currency options, forward contracts, and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces. Foreign governmental restrictions or taxes could result in adverse changes in the cost of acquiring or disposing of foreign currencies.

Because foreign currency transactions occurring in the interbank market involve substantially larger amounts than those that may be involved in the use of foreign currency options, investors may be disadvantaged by having to deal in an odd lot market (generally consisting of transactions of less than $1 million) for the underlying foreign currencies at prices that are less favorable than for round lots.

There is no systematic reporting of last-sale information for foreign currencies and there is no regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Available quotation information is generally representative of very large transactions in the interbank market and thus may not reflect relatively smaller transactions (less than $1 million) where rates may be less favorable. The interbank market in foreign currencies is a global, around-the-clock market.

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*Currency Forward and Futures Contracts*. A foreign currency forward contract involves an obligation to deliver in the future, which may be any fixed number of days from the date of the contract as agreed by the parties, an amount of one currency in return for an amount of another currency, at an exchange rate set at the time of the contract. The contracts are traded in the interbank market conducted directly between currency traders (usually large commercial banks) and their customers. A foreign currency futures contract is a standardized contract for the future delivery of a specified amount of a foreign currency at a future date at an exchange rate set at the time of the contract. Foreign currency futures contracts traded in the United States are designed by and traded on exchanges regulated by the CFTC, such as the Chicago Mercantile Exchange. Foreign currency futures contracts will typically require a Fund to post both initial margin and variation margin.

Foreign currency forward contracts differ from foreign currency futures contracts in certain respects. For example, the maturity date of a forward contract may be any fixed number of days from the date of the contract agreed upon by the parties, rather than a predetermined date in a given month. Forward contracts may be in any amounts agreed upon by the parties rather than predetermined amounts. Also, forward foreign exchange contracts are traded directly between counterparties, exposing a Fund to credit risk with respect to its counterparty, whereas foreign currency futures contracts are traded on regulated exchanges. Because foreign currency forward contracts are private transactions between a Fund and its counterparty, any benefit of such contracts to the Fund will depend upon the willingness and ability of the counterparty to perform its obligations. In the case of a futures contract, a Fund is subject to the credit risk of the clearinghouse and the clearing member through which it holds its position as well as the risk that the clearing member or the clearinghouse could also fail to perform its obligations.

At the maturity of a forward or futures contract, a Fund will make delivery of the currency or currencies specified in the contract in return for the other currency or currencies specified in the contract (or, if the contract is a non-deliverable or cash-settled contract, settle the contract on a net basis) or, at or prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to forward contracts are usually effected with the currency trader who is a party to the original forward contract. Closing transactions with respect to futures contracts are effected on a commodities exchange and a clearinghouse associated with the exchange assumes responsibility for closing out such contracts.

Positions in foreign currency futures contracts and related options may be closed out only on an exchange or board of trade which provides a market in such contracts or options. Although a Fund will normally purchase or sell foreign currency futures contracts and related options only on exchanges or boards of trade where there appears to be an active market, there is no assurance that an active market on an exchange or board of trade will exist for any particular contract or option or at any particular time. In such event, it may not be possible to close a futures or related option position and, in the event of adverse price movements, a Fund would continue to be required to make daily cash payments of variation margin on its futures positions. A Fund's ability to close out a foreign currency forward contract will depend on the willingness of its counterparty to engage in an offsetting transaction.

*Foreign Currency Options*. Options on foreign currencies operate similarly to options on securities, and are traded primarily in the over-the-counter ("OTC") market, although certain options on foreign currencies may be listed on several exchanges. Although such options will be purchased or written only when an investment adviser or subadviser believes that a liquid secondary market exists for such options, there can be no assurance that a liquid secondary market will exist for a particular option at any specific time. Options on foreign currencies are affected by all of those factors which influence exchange rates and investments generally.

The value of a foreign currency option is dependent upon the value of the foreign currency and the U.S. dollar, and may have no relationship to the investment merits of a foreign security.

*Foreign Currency Conversion*. Although foreign exchange dealers do not charge a fee for currency conversion, they do realize a profit based on the difference (the "spread") between prices at which they buy and sell various currencies. Thus, a dealer may offer to sell a foreign currency to a Fund at one rate, while offering a lesser rate of exchange should a Fund desire to resell that currency to the dealer.

*Foreign Currency Swap Agreements*. A Fund may enter into currency swaps to protect against adverse changes in exchange rates between the U.S. dollar and other currencies or as a means of making indirect investments in foreign currencies. Currency swaps involve the individually negotiated exchange by a Fund with another party of a series of payments in specified currencies in amounts determined pursuant to the terms of the swap agreement. (See "Swap Agreements and Options on Swap Agreements," below.)

Foreign currency derivatives transactions may be highly volatile and may give rise to investment leverage.

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#### Financial Futures Contracts
A Fund may enter into futures contracts, including interest rate futures contracts, securities index futures contracts, and futures contracts on fixed income securities (collectively referred to as "financial futures contracts").

A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price.

A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash.

Positions in financial futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures.

There are special risks associated with entering into financial futures contracts. The skills needed to use financial futures contracts effectively are different from those needed to select a Fund's investments. There may be an imperfect correlation between the price movements of financial futures contracts and the price movements of the securities in which a Fund invests. There is also a risk that a Fund will be unable to close a position in a financial futures contract when desired because there is no liquid market for it.

The risk of loss in trading financial futures contracts can be substantial due to the low margin deposits required and the extremely high degree of leverage involved in futures pricing. Relatively small price movements in a financial futures contract could have an immediate and substantial impact, which may be favorable or unfavorable to a Fund. It is possible for a price-related loss to exceed the amount of a Fund's margin deposit. An investor could also suffer losses if it is unable to close out a futures contract because of an illiquid market. Futures are subject to the creditworthiness of the clearing members (i.e., futures commission merchants) and clearing organizations involved in the transactions.

Although some financial futures contracts by their terms call for the actual delivery or acquisition of securities at expiration, in most cases the contractual commitment is closed out before expiration. The offsetting of a contractual obligation is accomplished by purchasing (or selling as the case may be) on a futures exchange an identical financial futures contract calling for delivery in the same month. Such a transaction offsets the obligation to make or take delivery. A Fund will incur brokerage fees when it purchases or sells financial futures contracts, and will be required to maintain margin deposits. If a liquid market does not exist when a Fund wishes to close out a financial futures contract, it will not be able to do so and will continue to be required to make daily cash payments of variation margin in the event of adverse price movements.

The investment adviser has claimed with respect to each Fund an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act (the "CEA") and, therefore, is not subject to registration or regulation as a pool operator under the CEA. For the investment adviser to be eligible to claim such an exclusion, a Fund may only use futures contracts, options on such futures, commodity options and certain swaps solely for "bona fide hedging purposes" (as defined by the CFTC), or must limit its use of such instruments for non-bona fide hedging purposes to certain de minimis amounts, as provided by CFTC Rule 4.5. It is possible that that exclusion may in the future cease to be available with respect to one or more Funds. In any case where the exclusion is unavailable with respect to a Fund, additional requirements, including CFTC and National Futures Association ("NFA")-mandated disclosure, reporting, and recordkeeping obligations, would apply with respect to that Fund. Compliance with the CFTC's regulatory requirements and NFA rules could increase Fund expenses and potentially adversely affect a Fund's total return.

*Margin Payments*. When a Fund purchases or sells a financial futures contract, it is required to deposit with the clearing member an amount of cash, U.S. Treasury bills, or other permissible collateral equal to a small percentage of the amount of the financial futures contract. This amount is known as "initial margin." The nature of initial margin is different from that of margin in security transactions in that it does not involve borrowing money to finance transactions. Rather, initial margin is similar to a performance bond or good faith deposit that is returned to a Fund upon termination of the contract, assuming the Fund satisfies its contractual obligations.

Subsequent payments to and from the clearing member occur on a daily basis in a process known as "marking to market." These payments are called "variation margin" and are made as the value of the underlying financial futures contract fluctuates. For example, when a Fund sells an index futures contract and the price of the underlying index rises above the delivery price, the Fund's position declines in value. The Fund then pays the clearing member a variation margin

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payment equal to the difference between the delivery price of the index futures contract and the value of the index underlying the index futures contract. Conversely, if the price of the underlying index falls below the delivery price of the contract, the Fund's futures position increases in value. The clearing member then must make a variation margin payment equal to the difference between the delivery price of the index futures contract and the value of the index underlying the index futures contract.

When a Fund terminates a position in a financial futures contract, a final determination of variation margin is made, additional cash is paid by or to the Fund, and the Fund realizes a loss or a gain. Such closing transactions involve additional commission costs.

*Options on Financial Futures Contracts*. A Fund may purchase and write call and put options on financial futures contracts. An option on a financial futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a financial futures contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the period of the option or only at expiration of the option, depending on the option's terms. Upon exercise of the option, the holder would assume the underlying futures position and would receive a variation margin payment of cash or securities approximating the increase in the value of the holder's option position. If an option is exercised on the last trading day prior to the expiration date of the option, the settlement will be made entirely in cash. Purchasers of options who fail to exercise their options prior to or on the exercise date suffer a loss of the premium paid.

*Options on Swaps*. Options on swaps ("swaptions") are similar to options on securities except that they are traded over-the-counter (i.e., not on an exchange) and the premium paid or received is to buy or grant the right to enter into a previously agreed upon swap transaction, such as an interest rate or credit default contract. Forward premium swaption contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the swaption contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate, in the case of a floor contract.

*Special Risks of Transactions in Financial Futures Contracts and Related Options*. Financial futures contracts entail risks. The risks associated with purchasing and writing put and call options on financial futures contracts can be influenced by the market for financial futures contracts. An increase in the market value of a financial futures contract on which the Fund has written an option may cause the option to be exercised. In this situation, the benefit to a Fund would be limited to the value of the exercise price of the option and the Fund may realize a loss on the option greater than the premium the Fund initially received for writing the option. In addition, a Fund's ability to close out an option it has written by entering into an offsetting transaction depends upon the market's demand for such financial futures contracts. If a purchased option expires unexercised, a Fund would realize a loss in the amount of the premium paid for the option.

If an investment adviser's or subadviser's judgment about the general direction of interest rates or markets is wrong, the overall performance may be poorer than if no financial futures contracts had been entered into.

*Liquidity Risks*. Positions in financial futures contracts may be closed out only on the exchange on which such contract is listed. Although the Funds intend to purchase or sell financial futures contracts for which there appears to be an active market, there is no assurance that a liquid market will exist for any particular contract or at any particular time. If there is not a liquid market at a particular time, it may not be possible to close a position in a financial futures contract at such time and, in the event of adverse price movements, a Fund would continue to be required to make daily cash payments of variation margin.

The ability to establish and close out positions in options on financial futures contracts will be subject to the development and maintenance of a liquid market. It is not certain that such a market will develop. Although a Fund generally will purchase only those options for which there appears to be an active market, there is no assurance that a liquid market on an exchange will exist for any particular option or at any particular time. In the event no such market exists for particular options, it might not be possible to effect closing transactions in such options, with the result that a Fund would have to exercise the options in order to realize any profit.

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*Hedging Risks*. There are several risks in connection with the use by a Fund of financial futures contracts and related options as a hedging device. One risk arises because of the imperfect correlation between movements in the prices of the financial futures contracts and options and movements in the underlying securities or index or movements in the prices of a Fund's securities which are the subject of a hedge.

Successful use of financial futures contracts and options by a Fund for hedging purposes is also subject to an investment adviser's or subadviser's ability to predict correctly movements in the direction of the market. It is possible that, where a Fund has purchased puts on financial futures contracts to hedge its portfolio against a decline in the market, the securities or index on which the puts are purchased may increase in value and the value of securities held in the portfolio may decline. If this occurred, the Fund would lose money on the puts and also experience a decline in the value of its portfolio securities. In addition, the prices of financial futures contracts, for a number of reasons, may not correlate perfectly with movements in the underlying securities or index due to certain market distortions. First, all participants in the futures market are subject to margin deposit requirements. Such requirements may cause investors to close financial futures contracts through offsetting transactions which could distort the normal relationship between the underlying security or index and futures markets. Second, the margin requirements in the futures markets are less onerous than margin requirements in the securities markets in general, and as a result the futures markets may attract more speculators than the securities markets do. Increased participation by speculators in the futures markets may also cause temporary price distortions. Due to the possibility of price distortion, even a correct forecast of general market trends by an investment adviser or subadviser still may not result in a successful hedging transaction over a very short time period.

*Other Risks*. A Fund will incur brokerage fees in connection with its transactions in financial futures contracts and related options. In addition, while financial futures contracts and options on financial futures contracts will be purchased and sold to reduce certain risks, those transactions themselves entail certain other risks. Thus, while a Fund may benefit from the use of financial futures contracts and related options, unanticipated changes in interest rates or stock price movements may result in a poorer overall performance for the Fund than if it had not entered into any financial futures contracts or options transactions. Moreover, in the event of an imperfect correlation between the position in the financial futures contract and the portfolio position that is intended to be protected, the desired protection may not be obtained and the Fund may be exposed to risk of loss.

#### Swap Agreements and Options on Swap Agreements
A Fund may engage in swap transactions, including interest rate swap agreements, credit default swaps, and total return swaps.

Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index). When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and curve cap swaps, under which a party might buy or sell protection against an increase in long-term interest rates relative to shorter-term rates. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

A Fund may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio (including to adjust the duration or credit quality of a Fund's bond portfolio) or generally to put cash to work efficiently in the markets in

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anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions). A Fund may also enter into contracts for difference, which are similar to total return swaps.

A Fund also may enter into credit default swap transactions. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a "reference entity"). In general, the protection "buyer" in a credit default swap is obligated to pay the protection "seller" an upfront amount or a periodic stream of payments over the term of the swap. If a "credit event" occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A Fund may be either the buyer or seller in a credit default swap transaction. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a "synthetic" long position. Credit default swaps involve general market risks, illiquidity risk, counterparty risk, and credit risk.

A Fund may also enter into options on swap agreements ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps.

Whether a Fund's use of swap agreements or swaptions will be successful will depend on the investment adviser's or subadviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Certain restrictions imposed on the Funds by the Code may limit the Funds' ability to use swap agreements.

Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. Because they are two party contracts that may be subject to contractual restrictions on transferability and termination and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid and subject to a Fund's limitation on investments in illiquid securities. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. A Fund bears the risk that an investment adviser or subadviser will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If an investment adviser or subadviser attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. Many swaps are complex and often valued subjectively.

When a Fund enters into swap agreements, it is subject to the credit risk of its counterparty and to the counterparty's ability or willingness to perform in accordance with the terms of the agreement. A Fund may be negatively impacted if a

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counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap agreement. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

#### Options, Rights, and Warrants
A Fund may purchase and sell put and call options on securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

*Call Options*. A Fund may write call options on portfolio securities to realize a greater current return through the receipt of premiums. Such option transactions may also be used as a limited form of hedging against a decline in the price of securities owned by the Fund.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the exercise price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option. A Fund may write covered call options or uncovered call options. A call option is "covered" if the writer, at all times while obligated as a writer, either owns the underlying securities (or comparable securities satisfying the cover requirements of the securities exchanges), or has the right to acquire such securities through immediate conversion of securities. When a Fund has written an uncovered call option, the Fund will not necessarily hold securities offsetting the risk to the Fund. As a result, if the call option were exercised, the Fund might be required to purchase the security that is the subject of the call at the market price at the time of exercise. The Fund's exposure on such an option is theoretically unlimited. There is also a risk, especially with less liquid preferred and debt securities, that the security may not be available for purchase.

A Fund will receive a premium from writing a call option, which increases the Fund's return in the event the option expires unexercised or is closed out at a profit. The amount of the premium reflects, among other things, the relationship between the exercise price and the current market value of the underlying security, the volatility of the underlying security, the amount of time remaining until expiration, current interest rates, and the effect of supply and demand in the options market and in the market for the underlying security.

In return for the premium received when it writes a covered call option, a Fund takes the risk during the life of the option that it will be required to deliver the underlying security at a price below the current market value of the security or, in the case of a covered call option, to give up some or all of the opportunity to profit from an increase in the market price of the securities covering the call option.

In the case of a covered option, the Fund also retains the risk of loss should the price of the securities decline. If the covered option expires unexercised, the Fund realizes a gain equal to the premium, which may be offset by a decline in price of the underlying security. If the option is exercised, the Fund realizes a gain or loss equal to the difference between the Fund's cost for the underlying security and the proceeds of sale (exercise price minus commissions) plus the amount of the premium.

A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a covered call option, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a covered call option may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a covered call option is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund.

*Put Options*. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. Such options transactions may also be used as a limited form of hedging against an increase in the price of securities that the Fund plans to purchase. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price. A Fund may write covered or uncovered put options. A put option is "covered" if the writer segregates cash and high-grade short-term debt obligations or other permissible collateral equal to the price to be paid if the option is exercised.

By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option.

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*Purchasing Put and Call Options*. A Fund may also purchase put options to protect portfolio holdings against a decline in market value. This protection lasts for the life of the put option because the Fund, as a holder of the option, may sell the underlying security at the exercise price regardless of any decline in its market price. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. In order for a put option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price to cover the premium and transaction costs that the Fund must pay. If the Fund holds the security underlying the option, these costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option.

A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. Such hedge protection is provided during the life of the call option since the Fund, as holder of the call option, is able to buy the underlying security at the exercise price regardless of any increase in the underlying security's market price. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

A Fund may also buy and sell combinations of put and call options on the same underlying security to earn additional income.

A Fund may purchase or sell "structured options," which may comprise multiple option exposures within a single security. The risk and return characteristics of a structured option will vary depending on the nature of the underlying option exposures. The Fund may use such options for hedging purposes or as a substitute for direct investments in options or securities. The Fund's use of structured options may create investment leverage.

*Options on Foreign Securities*. A Fund may purchase and sell options on foreign securities if an investment adviser or subadviser believes that the investment characteristics of such options, including the risks of investing in such options, are consistent with the Fund's investment objective. It is expected that risks related to such options will not differ materially from risks related to options on U.S. securities. However, position limits and other rules of foreign exchanges may differ from those in the United States. In addition, options markets in some countries, many of which are relatively new, may be less liquid than comparable markets in the United States.

*Options on Securities Indexes*. A Fund may write or purchase options on securities indexes, subject to its general investment restrictions regarding options transactions. Index options are similar to options on individual securities in that the purchaser of an index option acquires the right to buy (in the case of a call) or sell (in the case of a put), and the writer undertakes the obligation to sell or buy (as the case may be), units of an index at a stated exercise price during the term of the option. Instead of giving the right to take or make actual delivery of securities, the holder of an index option has the right to receive a cash "exercise settlement amount." This amount is equal to the amount by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of the exercise, multiplied by a fixed "index multiplier." If the Fund has written an index call option, it will lose money if the index level rises above the option exercise price (plus the amount of the premium received by the Fund on the option). If the Fund has written an index put option, it will lose money if the index level falls below the option exercise price (less the amount of the premium received by the Fund).

In cases where a Fund uses index options for hedging purposes, price movements in securities which a Fund owns or intends to purchase probably will not correlate perfectly with movements in the level of a securities index and, therefore, a Fund bears the risk of a loss on a securities index option which is not completely offset by movements in the price of such securities. Because securities index options are settled in cash, a call writer cannot determine the amount of its settlement obligations in advance and, unlike call writing on a specific security, cannot provide in advance for, or cover, its potential settlement obligations by acquiring and holding underlying securities. A Fund may, however, cover call options written on a securities index by holding a mix of securities which substantially replicate the movement of the index or by holding a call option on the securities index with an exercise price no higher than the call option sold.

A Fund may purchase or sell options on stock indexes in order to close out its outstanding positions in options on stock indexes which it has purchased. A Fund may also allow such options to expire unexercised.

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*Risks Involved in the Sale of Options*. The successful use of a Fund's options strategies depends on the ability of an investment adviser or subadviser to forecast correctly interest rate and market movements. For example, if a Fund were to write a covered call option based on an investment adviser's or subadviser's expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on an investment adviser's or subadviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change.

The effective use of options also depends on a Fund's ability to terminate option positions at times when an investment adviser or subadviser deems it desirable to do so. There is no assurance that a Fund will be able to effect closing transactions at any particular time or at an acceptable price.

If a secondary market in options were to become unavailable, a Fund could no longer engage in closing transactions. Lack of investor interest might adversely affect the liquidity of the market for particular options or series of options. A market may discontinue trading of a particular option or options generally. In addition, a market could become temporarily unavailable if unusual events—such as volume in excess of trading or clearing capability—were to interrupt its normal operations.

A market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. If an options market were to become unavailable, a Fund as a holder of an option would be able to realize profits or limit losses only by exercising the option, and the Fund, as option writer, would remain obligated under the option until expiration or exercise.

Disruptions in the markets for the securities underlying options purchased or sold by a Fund could result in losses on the options. If trading is interrupted in an underlying security, the trading of options on that security is normally halted as well. As a result, a Fund as purchaser or writer of an option will be unable to close out its positions until options trading resumes, and it may be faced with considerable losses if trading in the security reopens at a substantially different price. In addition, the Options Clearing Corporation or other options markets may impose exercise restrictions. If a prohibition on exercise is imposed at the time when trading in the option has also been halted, a Fund as purchaser or writer of an option will be locked into its position until one of the two restrictions has been lifted. If the Options Clearing Corporation were to determine that the available supply of an underlying security appears insufficient to permit delivery by the writers of all outstanding calls in the event of exercise, it may prohibit indefinitely the exercise of put options. A Fund, as holder of such a put option, could lose its entire investment if the prohibition remained in effect until the put option's expiration.

Foreign-traded options are subject to many of the same risks presented by internationally-traded securities. In addition, because of time differences between the United States and various foreign countries, and because different holidays are observed in different countries, foreign options markets may be open for trading during hours or on days when U.S. markets are closed. As a result, option premiums may not reflect the current prices of the underlying interest in the United States.

Exchanges have established limits on the maximum number of options an investor or group of investors acting in concert may write. The Funds, an investment adviser or subadviser, and other clients of the investment adviser or subadviser may constitute such a group. These limits restrict a Fund's ability to purchase or sell particular options.

*Over-the-Counter Options*. A Fund may purchase or sell OTC options. OTC options are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. It may be difficult under certain circumstances to value OTC options.

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*Rights and Warrants to Purchase Securities; Index Warrants; International*. A Fund may invest in rights and warrants to purchase securities. Rights or warrants generally give the holder the right to receive, upon exercise, a security at a stated price. Funds typically use rights and warrants in a manner similar to their use of options on securities, as described above. Risks associated with the use of rights or warrants are generally similar to risks associated with the use of options. Rights and warrants typically do not carry with them dividend or voting rights with respect to the underlying securities, or any rights in the assets of the issuer. In addition, the value of a right or a warrant will likely, but will not necessarily, change with the value of the underlying securities, and a right or a warrant ceases to have value if it is not exercised prior to its expiration date.

Bonds issued with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock. Bonds also may be issued with warrants attached to purchase additional fixed income securities.

A Fund may also invest in equity-linked warrants. A Fund purchases equity-linked warrants from a broker, who in turn is expected to purchase shares in the local market. If the Fund exercises its warrant, the shares are expected to be sold and the warrant redeemed with the proceeds. Typically, each warrant represents one share of the underlying stock. Therefore, the price and performance of the warrant are directly linked to the underlying stock, less transaction costs. In addition to the market risk related to the underlying holdings, a Fund bears counterparty risk with respect to the issuing broker. There is currently no active trading market for equity-linked warrants, and they may be highly illiquid.

In addition to warrants on securities, a Fund may purchase put warrants and call warrants whose values vary depending on the change in the value of one or more specified securities indexes ("index-linked warrants"). Index-linked warrants are generally issued by banks or other financial institutions and give the holder the right, at any time during the term of the warrant, to receive upon exercise of the warrant a cash payment from the issuer based on the value of the underlying index at the time of exercise. In general, if the value of the underlying index rises above the exercise price of the index-linked warrant, the holder of a call warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the value of the index and the exercise price of the warrant; if the value of the underlying index falls, the holder of a put warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the exercise price of the warrant and the value of the index. The holder of a warrant would not be entitled to any payments from the issuer at any time when, in the case of a call warrant, the exercise price is greater than the value of the underlying index, or, in the case of a put warrant, the exercise price is less than the value of the underlying index. If a Fund were not to exercise an index-linked warrant prior to its expiration, then the Fund would lose the amount of the purchase price paid by it for the warrant.

A Fund using index-linked warrants would normally do so in a manner similar to its use of options on securities indexes. The risks of a Fund's use of index-linked warrants are generally similar to those relating to its use of index options. Unlike most index options, however, index-linked warrants are issued in limited amounts and are not obligations of a regulated clearing agency, but are backed only by the credit of the bank or other institution that issues the warrant. Also, index-linked warrants may have longer terms than index options. Index-linked warrants are not likely to be as liquid as certain index options backed by a recognized clearing agency. In addition, the terms of index-linked warrants may limit a Fund's ability to exercise the warrants at such time, or in such quantities, as the Fund would otherwise wish to do.

A Fund may make indirect investments in foreign equity securities, through international warrants, participation notes, low exercise price warrants, or other products that allow the Fund to access investments in foreign markets that would otherwise be unavailable to them. International warrants are financial instruments issued by banks or other financial institutions, which may or may not be traded on a foreign exchange. International warrants are a form of derivative security that may give holders the right to buy or sell an underlying security or a basket of securities from or to the issuer for a particular price or may entitle holders to receive a cash payment relating to the value of the underlying security or basket of securities. International warrants are similar to options in that they are exercisable by the holder for an underlying security or securities or the value of the security or securities, but are generally exercisable over a longer term than typical options. These types of instruments may be American style exercise, which means that they can be exercised at any time on or before the expiration date of the international warrant, or European style exercise, which means that they may be exercised only on the expiration date. International warrants have an exercise price, which is typically fixed when the warrants are issued.

A Fund may invest in low exercise price warrants, which are warrants with an exercise price that is very low relative to the market price of the underlying instrument at the time of issue (e.g*.*, one cent or less). The buyer of a low exercise price warrant effectively pays the full value of the underlying common stock at the outset. In the case of any exercise of warrants, there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the price of the

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common stock relating to exercise or the settlement date is determined, during which time the price of the underlying security could change significantly. These warrants entail substantial credit risk, since the issuer of the warrant holds the purchase price of the warrant (approximately equal to the value of the underlying investment at the time of the warrant's issue) for the life of the warrant.

The exercise or settlement date of the warrants and other instruments described above may be affected by certain market disruption events, such as difficulties relating to the exchange of a local currency into U.S. dollars, the imposition of capital controls by a local jurisdiction or changes in the laws relating to foreign investments. These events could lead to a change in the exercise date or settlement currency of the instruments, or postponement of the settlement date. In some cases, if the market disruption events continue for a certain period of time, the warrants may become worthless, resulting in a total loss of the purchase price of the warrants.

A participation note or "P-note" is typically a debt instrument issued by a bank or broker-dealer, where the amount of the bank's or broker-dealer's repayment obligation is tied to changes in the value of an underlying security or index of securities. A P-note is a general unsecured contractual obligation of the bank or broker-dealer that issues it. A Fund must rely on the creditworthiness of the issuer for repayment of the P-note and for any return on the Fund's investment in the P-note and would have no rights against the issuer of the underlying security.

There is no assurance that there will be a secondary trading market for any of the instruments described above. They may by their terms be non-transferable or otherwise be highly illiquid and difficult to price. Issuers of such instruments or the calculation agent named in respect of such an instrument may have broad authority and discretion to adjust the instrument's terms in response to certain events or to interpret an instrument's terms or to make certain determinations relating to the instrument, which could have a significant adverse effect on the value of the instrument to a Fund. If the issuer or other obligor on an instrument is unable or unwilling to perform its obligations under such an instrument, a Fund may lose some or all of its investment in the instrument and any unrealized return on that investment. Certain of these instruments may be subject to foreign investment risk and currency risk.

#### Equity-Linked Notes
An equity-linked note (ELN) is a debt instrument whose value changes based on changes in the value of a single equity security, basket of equity securities, or an index of equity securities. An equity-linked note may or may not pay interest. See "Hybrid Instruments," below.

#### Hybrid Instruments
Hybrid instruments are generally considered derivatives and include indexed or structured securities, and combine elements of many derivatives transactions with those of debt, preferred equity, or a depositary instrument. A Fund may use a hybrid instrument as a substitute for any type of cash or derivative investment which it might make for any purpose.

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption or retirement, is determined by reference to prices, changes in prices, or differences between prices, of securities, currencies, intangibles, goods, articles, or commodities (collectively, "underlying assets"), or by another index, economic factor, or other measure, including interest rates, currency exchange rates, or commodities or securities indexes (collectively, "benchmarks"). Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity.

The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies, or other types of investments. An investment in a hybrid instrument as a debt instrument may entail significant risks that are not associated with a similar investment in a traditional debt instrument. The risks of a particular hybrid instrument will depend upon the terms of the instrument, but may include the possibility of significant changes in the level of the benchmark(s) or the prices of the underlying assets to which the instrument is linked. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful.

Hybrid instruments are potentially more volatile and carry greater market risks than traditional debt instruments. Hybrid instruments may be highly leveraged. Depending on the structure of the particular hybrid instrument, changes in a

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benchmark may be magnified by the terms of the hybrid instrument and have an even more dramatic and substantial effect upon the value of the hybrid instrument. Also, the prices of the hybrid instrument and the benchmark or underlying asset may not move in the same direction or at the same time.

Hybrid instruments may also carry liquidity risk since they typically trade OTC, and are not backed by a central clearing organization. The instruments are often "customized" to meet the portfolio needs of a particular investor, and therefore, the number of investors that are willing and able to buy such instruments in the secondary market may be smaller than that for more traditional debt securities. Under certain conditions, the value of such an investment could be zero. In addition, because the purchase and sale of hybrid investments would likely take place in an OTC market without the backing of a central clearing organization, or in a transaction between a Fund and the issuer of the hybrid instrument, the instruments will not likely be actively traded. Hybrid instruments also may not be subject to regulation by the CFTC, the SEC, or any other governmental regulatory authority.

When a Fund invests in a hybrid instrument, it also takes on the credit risk of the issuer of the hybrid instrument. In that respect, a hybrid instrument may create greater risks than investments directly in the securities or other assets underlying the hybrid instrument because the Fund is exposed both to losses on those securities or other assets and to the credit risk of the issuer of the hybrid instrument. A hybrid instrument may also pose greater risks than other derivatives based on the same securities or assets because, when it purchases the instrument, a Fund may be required to pay all, or most, of the notional amount of the investment by way of purchase price, whereas many other derivatives require a Fund to post only a relatively small portion of the notional amount by way of margin or similar arrangements.

#### Structured Investments
A structured investment is typically issued by a specially created corporation or trust that purchases one or more securities or other assets ("underlying instruments"), and that in turn issues one or more classes of securities ("structured securities") backed by, or representing different interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued structured securities to create securities with different investment characteristics, such as varying maturities, payment priorities, and interest rate provisions, and the extent of such payments made with respect to structured securities is dependent on the extent of the cash flow on the underlying instruments. Because structured securities typically involve no credit enhancement, their credit risk generally will reflect that of the underlying instruments. Investments in a structured security may be subordinated to the right of payment of another class of securities. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities, and they may be highly illiquid and difficult to value. Because the purchase and sale of structured securities would likely take place in an OTC market without the backing of a central clearing organization, or in a transaction between a Fund and the issuer of the structured securities, the creditworthiness of the counterparty of the issuer of the structured securities would be an additional risk factor the Fund would have to consider and monitor.

*Commodity-Linked "Structured" Securities*. Certain structured products may provide exposure to the commodities markets. Commodity-linked structured securities may be equity or debt securities, may be leveraged or unleveraged, and may present investment characteristics and risks of an investment in a security and one or more underlying commodities. Certain restrictions imposed on the Funds by the Code may limit the Funds' ability to invest in certain commodity-linked structured securities.

*Credit-Linked Securities*. Credit-linked securities are typically issued by a limited purpose trust or other vehicle that, in turn, invests in a basket of derivative instruments, such as credit default swaps, interest rate swaps, and other securities or transactions, in order to provide exposure to certain high yield or other fixed income issuers or markets. For example, a Fund may invest in credit-linked securities in order to gain exposure to the high yield markets pending investment of cash and/or to remain fully invested when more traditional income producing securities are not available. A Fund's return on its investments in credit-linked securities will depend on the investment performance of the investments held in the trust or other vehicle. A Fund's investments in these instruments are indirectly subject to the risks associated with the derivative instruments in which the trust or other vehicle invests, including, among others, credit risk, default, or similar event risk, counterparty risk, interest rate risk, leverage risk, and management risk. There will likely be no established trading market for credit-linked securities and they may be illiquid.

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*Event-Linked Securities*. Event-linked securities are typically fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a trigger event, such as a hurricane, earthquake, or other event that leads to physical or economic loss. If the trigger event occurs prior to maturity, a Fund may lose all or a portion of its principal and unpaid interest. Event-linked securities may expose a Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk, and adverse tax consequences.

*Structured Hybrid Instruments*. Because the performance of structured hybrid instruments is linked to the performance of an underlying commodity, commodity index, or other economic variable, those investments are subject to "market risks" with respect to the movements of the commodity markets and may be subject to certain other risks that do not affect traditional equity and debt securities. If the interest payment on a hybrid instrument is linked to the value of a particular commodity, commodity index, or other economic variable and the underlying investment loses value, the purchaser might not receive the anticipated interest on its investment. If the amount of principal to be repaid on a structured hybrid instrument is linked to the value of a particular commodity, commodity index, or other economic variable, the purchaser might not receive all or any of the principal at maturity of the investment.

The values of structured hybrid instruments may fluctuate significantly because the values of the underlying investments to which they are linked are themselves extremely volatile, and the Fund may lose most or all of the value of its investment in a hybrid instrument. Additionally, the particular terms of a structured hybrid instrument may create economic leverage by contemplating payments that are based on a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. A liquid secondary market may not exist for structured hybrid instruments, which may make it difficult to sell such instruments at an acceptable price or to value them accurately.

A Fund's investment in structured products may be subject to limits under applicable law.

#### When-Issued, Delayed-Delivery, To-Be-Announced, Forward Commitment, and Standby Commitment Transactions
A Fund may enter into when-issued, delayed-delivery, to-be-announced ("TBA"), or forward commitment transactions in order to lock in the purchase price of the underlying security or in order to adjust the interest rate exposure of the Fund's existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund's portfolio and increase the volatility of the Fund. If a Fund's counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA, or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

A Fund may also enter into standby commitment agreements, obligating the Fund, for a specified period, to buy a specified amount of a security at the option of the issuer, upon the issuance of the security. The price at which the Fund would purchase the security is set at the time of the agreement. In return for its promise to purchase the security, a Fund receives a commitment fee. The Fund receives this fee whether or not it is ultimately required to purchase the security. The securities subject to a standby commitment will not necessarily be issued, and, if they are issued, the value of the securities on the date of issuance may be significantly less than the price at which the Fund is required to purchase them.

Recently finalized Financial Industry Regulatory Authority ("FINRA") rules include mandatory margin requirements for the TBA market with limited exceptions. TBA trades historically have not been required to be collateralized. The collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but could increase the cost of TBA transactions and impose added operational complexity. As of the date of this SAI, it is expected these FINRA rules will be implemented in the near future but it is not clear the full impact the rules will have on the Funds.

#### Distressed Securities
A Fund may invest in securities, including loans purchased in the secondary market, that are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody's and CC or lower by S&P or Fitch Ratings, Inc. ("Fitch")) or, if unrated, are in the judgment of the investment adviser or subadviser of equivalent quality ("Distressed Securities"). Investment in Distressed Securities is speculative and involves significant risks and a Fund could lose all of its investment in any Distressed Security.

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Distressed Securities are subject to greater credit and liquidity risks than other types of loans. Reduced liquidity can affect the values of Distressed Securities, make their valuation and sale more difficult, and result in greater volatility. A bankruptcy proceeding or other court proceeding could delay or limit the ability of the Fund to collect the principal and interest payments on Distressed Securities or adversely affect the Fund's rights in collateral relating to a Distressed Security. If a lawsuit is brought by creditors of a borrower under a Distressed Security, a court or a trustee in bankruptcy could take certain actions that would be adverse to a Fund. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Other creditors might convince the court to set aside a loan or the collateralization of the loan as a "fraudulent conveyance" or "preferential transfer." In that event, the court could recover from the Fund the interest and principal payments that the borrower made before becoming insolvent. There can be no assurance that the Fund would be able to prevent that recapture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A bankruptcy court may restructure the payment obligations under the loan so as to reduce the amount to which the Fund would be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The court might discharge the amount of the loan that exceeds the value of the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The court could subordinate the Fund's rights to the rights of other creditors of the borrower under applicable law, decreasing, potentially significantly, the likelihood of any recovery on the Fund's investment.

A Fund may, but will not necessarily, invest in a Distressed Security when the investment adviser or subadviser believes it is likely that the issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization pursuant to which the Fund will receive new securities in return for the Distressed Securities. There can be no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed Securities and the time that any such exchange offer or plan of reorganization is completed. Even if an exchange offer is made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. If a Fund participates in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be restricted from disposing of such securities.

#### Dollar Roll Transactions
A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage.

In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages. A Fund that engages in a dollar roll forgoes principal and interest paid on the sold securities during the roll period, but is compensated by the difference between the current sales price and the lower forward price for the future purchase. In addition, a Fund may benefit by investing the transaction proceeds during the roll period. Dollar roll transactions generally have the effect of creating leverage in a Fund's portfolio.

Dollar rolls involve the risk that the Fund's counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, the counterparty or its representative may ask for and receive an extension of time to decide whether to enforce the Fund's repurchase obligation. A Fund's use of the transaction proceeds may be restricted pending such decision. A Fund may enter into dollar roll transactions without limit up to the amount permitted under applicable law.

#### Exchange Traded Notes (ETNs)
ETNs are senior, unsecured, debt securities typically issued by financial institutions. An ETN's return is typically based on the performance of a particular market index, and the value of the index may be impacted by market forces that affect the value of ETNs in unexpected ways. ETNs are similar to Structured Investments, except that they are typically listed on an exchange and traded in the secondary market. See "Structured Investments" in this SAI. The return on an ETN is based on the performance of the specified market index, and an investor may, at maturity, realize a negative return on the investment. ETNs typically do not make periodic interest payments and principal is not protected. The repayment of principal and any additional return due either at maturity or upon repurchase by the issuer depends on the issuer's ability to

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pay, regardless of the performance of the underlying index. Accordingly, ETNs are subject to credit risk that the issuer will default or will be unable to make timely payments of principal. Certain events can impact an ETN issuer's financial situation and ability to make timely payments to ETN holders, including economic, political, legal, or regulatory changes and natural disasters. Event risk is unpredictable and can significantly impact ETN holders.

The market value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand of the ETN, volatility and lack of liquidity in the underlying assets, changes in the applicable interest rates, the current performance of the market index to which the ETN is linked, and the credit rating of the ETN issuer. The market value of an ETN may differ from the performance of the applicable market index and there may be times when an ETN trades at a premium or discount. This difference in price may be due to the fact that the supply and demand in the market for ETNs at any point in time is not always identical to the supply and demand in the market for the securities underlying the market index that the ETN seeks to track. A change in the issuer's credit rating may also impact the value of an ETN without regard to the level of the underlying market index. ETNs are also subject to tax risk. No assurance can be given that the Internal Revenue Service ("IRS") will accept, or a court will uphold, how the Funds characterize and treat ETNs for tax purposes.

A Fund's ability to sell its ETN holdings may be limited by the availability of a secondary market. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing and there can be no assurance that a secondary market will exist for an ETN. Some ETNs may be relatively illiquid and may therefore be difficult to purchase or sell at a fair price. Leveraged ETNs may offer the potential for greater return, but their values may be highly volatile.

#### Financial Services Companies
A Fund may invest in financial services companies. Financial services companies are subject to extensive government regulation that may affect their profitability in many ways, including by limiting the amount and types of loans and other commitments they can make, and the interest rates and fees they can charge. A financial services company's profitability, and therefore its stock price, is especially sensitive to interest rate changes as well as the ability of borrowers to repay their loans. Changing regulations, continuing consolidations, and development of new products and structures all are likely to have a significant impact on financial services companies.

#### Fixed Income Securities
Certain of the debt securities in which the Funds may invest may not offer as high a yield as may be achieved from lower quality instruments having less safety. If a Fund disposes of an obligation prior to maturity, it may realize a loss or a gain. An increase in interest rates will generally reduce the value of debt securities, and a decline in interest rates will generally increase the value of debt securities. In addition, debt securities are subject to the ability of the issuer to make payment at maturity. As inflation increases, the present value of a Fund's fixed income investment typically will decline. Investors' expectation of future inflation can also adversely affect the current value of portfolio investments, resulting in lower asset values and potential losses.

To the extent that a Fund invests in debt securities, interest rate fluctuations will affect its NAV, but not the income it receives from its debt securities. In addition, if the debt securities contain call, prepayment, or redemption provisions, during a period of declining interest rates, those securities are likely to be redeemed, and a Fund would probably be unable to replace them with securities having as great a yield. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities.

Investment in medium- or lower-grade debt securities involves greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt this market and adversely affect the value of outstanding bonds and the ability of the issuers to repay principal and interest. In addition, lower-quality bonds are less sensitive to interest rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments. During a period of adverse economic changes, including a period of rising interest rates, issuers of such bonds may experience difficulty in servicing their principal and interest payment obligations. Furthermore, medium- and lower-grade debt securities tend to be less marketable than higher-quality debt securities because the market for them is less broad. The market for unrated debt securities is even narrower. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly, and a Fund may have greater difficulty selling its portfolio securities. The market value of these securities and their liquidity may be affected by adverse publicity and investor perceptions.

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#### Foreign Securities
Each Fund may invest in foreign securities. Foreign securities include securities of foreign companies and foreign governments (or agencies or subdivisions thereof). If a Fund's securities are held abroad, the countries in which such securities may be held and the sub-custodian holding them must be approved by the Board or its delegate under applicable rules adopted by the SEC. In buying foreign securities, each Fund may convert U.S. dollars into foreign currency.

The globalization and integration of the world economic system and related financial markets have made it increasingly difficult to define issuers geographically. Accordingly, the Funds intend to construe geographic terms such as "foreign," "non-U.S.," "European," "Latin American," "Asian," and "emerging markets" in the manner that affords to the Funds the greatest flexibility in seeking to achieve the investment objective(s) of the relevant Fund. Specifically, unless otherwise stated, in circumstances where the investment objective and/or strategy is to invest (a) exclusively in "foreign securities," "non-U.S. securities," "European securities," "Latin American securities," "Asian securities," or "emerging markets" (or similar directions) or (b) at least some percentage of the Fund's assets in foreign securities, etc., the Fund will take the view that a security meets this description so long as the issuer of a security is tied economically to the particular country or geographic region indicated by words of the relevant investment objective and/or strategy (the "Relevant Language"). For these purposes the issuer of a security is deemed to have that tie if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

the issuer is organized under the laws of the country or a country within the geographic region suggested by the Relevant Language or maintains its principal place of business in that country or region; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

the securities are traded principally in the country or region suggested by the Relevant Language; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region suggested by the Relevant Language or has at least 50% of its assets in that country or region.

In addition, the Funds intend to treat derivative securities (e.g., call options) by reference to the underlying security. Conversely, if the investment objective and/or strategy of a Fund limits the percentage of assets that may be invested in "foreign securities," etc. or prohibits such investments altogether, a Fund intends to categorize securities as "foreign," etc. only if the security possesses all of the attributes described above in clauses (i), (ii), and (iii).

Foreign securities also include a Fund's investment in foreign securities through depositary receipts, in the form of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), or other similar securities. An ADR is a U.S. dollar-denominated security issued by a U.S. bank or trust company that represents, and may be converted into, a foreign security. An EDR or a GDR is generally similar but is issued by a non-U.S. bank. Depositary receipts are subject to the same risks as direct investment in foreign securities. Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted, and changes in currency exchange rates may affect the value of an ADR investment in ways different from direct investments in foreign securities. Funds may invest in both sponsored and unsponsored depositary receipts. Unsponsored depositary receipts are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuers may not be as current for unsponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored by the issuer. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities. A Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer. An investment in an ADR is subject to the credit risk of the issuer of the ADR.

Investments in foreign securities involve special risks and considerations. Foreign companies are not generally subject to uniform accounting, auditing, and financial reporting standards, practices, and requirements comparable to those applicable to domestic companies, and such practices and standards may vary significantly from country to country. There may be less publicly available information about a foreign company than about a domestic company. The U.S. Public Company Accounting Oversight Board ("PCAOB"), which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice, and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Foreign markets have different clearance and settlement procedures. Delays in settlement could result in temporary periods when assets of a Fund are uninvested. The inability of a Fund to make intended security purchases due to settlement problems could cause it to miss certain investment opportunities. Foreign securities may also entail certain other risks, such as the possibility of one or more of the following: imposition of dividend or interest withholding or confiscatory

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taxes, higher brokerage costs, thinner trading markets, currency blockages or transfer restrictions, expropriation, nationalization, military coups, economic sanctions, or other adverse political or economic developments; less government supervision and regulation of securities exchanges, brokers and listed companies; and the difficulty of enforcing obligations in other countries, and are more susceptible to environmental problems. Purchases of foreign securities are usually made in foreign currencies and, as a result, a Fund may incur currency conversion costs and may be affected favorably or unfavorably by changes in the value of foreign currencies against the U.S. dollar. Further, it may be more difficult for a Fund's agents to keep currently informed about corporate actions which may affect the prices of portfolio securities. Communications between the United States and foreign countries may be less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Certain markets may require payment for securities before delivery. In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls, confiscatory taxation, political or financial instability, diplomatic developments that could adversely affect the values of the Fund's investments in certain non-U.S. countries, and quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries.

A number of current significant political, demographic, and economic developments may affect investments in foreign securities and in securities of companies with operations overseas. The course of any one or more of these events and the effect on trade barriers, competition, and markets for consumer goods and services are uncertain. Similar considerations are of concern with respect to developing countries. For example, the possibility of revolution and the dependence on foreign economic assistance may be greater in these countries than in developed countries. Management seeks to mitigate the risks associated with these considerations through diversification and active professional management.

In addition to the general risks of investing in foreign securities, investments in emerging markets involve special risks. Securities of many issuers in emerging markets may have less stringent investor protection and disclosure standards, and may be less liquid and more volatile than securities of comparable domestic issuers. Shares of companies that only trade on an emerging market securities exchange are not likely to file reports with the SEC. The availability of material financial information about such companies and its reliability may be limited since such companies are generally not subject to the same regulatory, accounting, auditing, or auditor oversight requirements applicable to companies that file reports with the SEC. In addition, the PCAOB is unable to inspect audit work papers in certain emerging market countries. Emerging markets may have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in temporary periods when a portion of the assets of a Fund is uninvested and no return is earned thereon. The inability of a Fund to make intended security purchases due to settlement problems could cause a Fund to miss attractive investment opportunities. Inability to dispose of portfolio securities due to settlement problems could result in losses to a Fund due to subsequent declines in values of the portfolio securities, decrease in the level of liquidity in a Fund's portfolio, or, if a Fund has entered into a contract to sell the security, possible liability to the purchaser. Certain markets may require payment for securities before delivery, and in such markets a Fund bears the risk that the securities will not be delivered and that the Fund's payments will not be returned. In addition, securities markets of emerging market countries are subject to the risk that such markets may close, sometimes for extended periods of time, due to market, economic, political, regulatory, geopolitical, environmental, public health, or other conditions. Securities prices in emerging markets can be significantly more volatile than in the more developed nations of the world, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may have relatively unstable governments, present the risk of nationalization of businesses, or may have restrictions on foreign ownership or prohibitions of repatriation of assets, and may have less protection of property rights than more developed countries. Investors in emerging markets may not have the ability to seek certain legal remedies in U.S. courts as private plaintiffs. As a practical matter, investors may have to rely on domestic legal remedies that are available in the emerging market and such remedies are often limited and difficult for international investors to pursue. Shareholder claims, including class action and securities law and fraud claims, generally are difficult or unavailable to pursue as a matter of law or practicality in many emerging market countries. In addition, the SEC, U.S. Department of Justice, and other U.S. authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and non-U.S. persons, including company officers and directors, in certain emerging markets due to jurisdictional limitations and various other factors. The economies of countries with emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of substantial holdings difficult or impossible at times. Securities of issuers located in countries with emerging markets may have limited marketability and may be subject to more abrupt or erratic price movements. In addition, many emerging market countries with less established health care systems have experienced outbreaks of pandemics or contagious diseases from time to time.

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Certain emerging markets may require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if a deterioration occurs in an emerging market's balance of payments or for other reasons, a country could impose temporary restrictions on foreign capital remittances. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to that Fund of any restrictions on investments.

Russia, the Middle East, and many other emerging market countries are highly reliant on income from oil sales. Oil prices can have a major impact on these economies. Other commodities such as base and precious metals are also important to these economies. As global supply and demand for commodities fluctuates, these economies can be significantly impacted by the prices of such commodities.

Investment in certain foreign emerging market debt obligations may be restricted or controlled to varying degrees. These restrictions or controls may at times preclude investment in certain foreign emerging market debt obligations and increase the expenses of a Fund.

***China Investment Risk***. Investments in securities of companies domiciled in the People's Republic of China ("China" or the "PRC") involve a high degree of risk and special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others, an authoritarian government, popular unrest associated with demands for improved political, economic, and social conditions, the impact of regional conflict on the economy, and hostile relations with neighboring countries.

Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese government and many people in Hong Kong who perceive China as tightening control over Hong Kong's semi-autonomous liberal political, economic, legal, and social framework. Recent protests and unrest have increased tensions even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion; Taiwan-based companies and individuals are significant investors in China. Military conflict between China and Taiwan may adversely affect securities of Chinese issuers. In addition, China has strained international relations with Japan, India, Russia, and other neighbors due to territorial disputes, historical animosities, and other defense concerns. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs, or cyberattacks on the Chinese government or Chinese companies, may impact China's economy and Chinese issuers of securities in which a Fund invests. China could be affected by military events on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.

The Chinese government has implemented significant economic reforms in order to liberalize trade policy, promote foreign investment in the economy, reduce government control of the economy, and develop market mechanisms. However, there can be no assurance that these reforms will continue or that they will be effective. Despite reforms and privatizations of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. Chinese companies, such as those in the financial services or technology sectors, and potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their operations and structure. The Chinese government continues to maintain a major role in economic policy making and investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.

The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading restrictions, a ban on "naked" short selling, or the suspension of short selling for certain stocks. This may affect market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn affect the performance of the securities markets and as a result the performance of the Funds.

In addition, there is less regulation and monitoring of the securities markets and the activities of investors, brokers, and other participants in China than in the United States. Accordingly, issuers of securities in China are not subject to the same degree of regulation as those in the United States with respect to such matters as insider trading rules, tender offer regulation, stockholder proxy requirements, and the requirements mandating timely and accurate disclosure of information. Stock markets in China are in the process of change and further development. This may lead to trading volatility, and

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difficulties in the settlement and recording of transactions and interpretation and application of the relevant regulations. Custodians may not be able to offer the level of service and safe-keeping in relation to the settlement and administration of securities in China that is customary in more developed markets. In particular, there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a sub-custodian.

The Chinese government has taken positions that prevent the PCAOB from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong for compliance with U.S. law and professional standards. Audits performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December 2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer, Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the accounting firm.

The Renminbi ("RMB") is currently not a freely convertible currency and is subject to foreign exchange control policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures, seek local government approvals, or take other actions, each of which may involve additional costs and delays to the Funds.

While the Chinese economy has grown rapidly in recent years, there is no assurance that this growth rate will be maintained. China may experience substantial rates of inflation or economic recessions, causing a negative effect on its economy and securities market. China's economy is heavily dependent on export growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the securities of Chinese issuers. The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability, and enforcement of such laws by the PRC tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time and from region to region. The application and enforcement of the PRC tax rules could have a significant adverse effect on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In addition, the accounting, auditing, and financial reporting standards and practices applicable to Chinese companies may be less rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting standards and practices and those prepared in accordance with international accounting standards.

From time to time, China has experienced outbreaks of infectious illnesses and the country may be subject to other public health threats, infectious illnesses, diseases, or similar issues in the future. Any spread of an infectious illness, public health threat, or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect a Fund's investments.

***Investments in Hong Kong***. In 1997, the United Kingdom handed over control of Hong Kong to China. Since that time, Hong Kong has been governed by a quasi-constitution known as the Basic Law, while defense and foreign affairs are the responsibility of the central government in Beijing. The chief executive of Hong Kong is appointed by the Chinese government. However, Hong Kong is able to participate in international organizations and agreements and it continues to function as an international financial center, with no exchange controls, free convertibility of the Hong Kong dollar, and free inward and outward movement of capital. By treaty, China has committed to preserve Hong Kong's high degree of autonomy in certain matters until 2047. However, as demonstrated by Hong Kong protests in recent years over political, economic, and legal freedoms, and the Chinese government's response to them, there continues to exist political uncertainty within Hong Kong. For example, in June 2020, China adopted a new security law that severely limits freedom of speech in Hong Kong and expands police powers to seize electronic devices and intercept communications of suspects. Hong Kong has experienced strong economic growth in recent years due, in part, to its close ties with China and a strong service sector, but the decline in growth rates in China could limit Hong Kong's future growth. In addition, if China exerts its authority so as to alter the economic, political, or legal structures, or further alters the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance. These and other factors could have a negative impact on a Fund's performance.

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***Investments in Taiwan***. For decades, a state of hostility has existed between Taiwan and China. Although tensions have lowered, exemplified by improved relations in recent years, the relationship with China remains a divisive political issue within Taiwan. As an export-oriented economy, Taiwan depends on a free-trade regime and remains vulnerable to downturns in the world economy. Taiwanese companies continue to compete mostly on price, producing generic products or branded merchandise on behalf of multinational companies. Accordingly, these businesses can be particularly vulnerable to currency volatility and increasing competition from neighboring lower-cost countries. Moreover, many Taiwanese companies are heavily invested in mainland China and other countries throughout Southeast Asia, making them susceptible to political events and economic crises in the region. Significantly, Taiwan and China have entered into agreements covering banking, securities, and insurance. Closer economic links with mainland China may bring greater opportunities for the Taiwanese economy, but such arrangements also pose new challenges. For example, foreign direct investment in China has resulted in Chinese import substitution away from Taiwan's exports and a constriction of potential job creation in Taiwan. Likewise, the Taiwanese economy has experienced slow economic growth as demand for Taiwan's exports has weakened due, in part, to declines in growth rates in China. Taiwan has sought to diversify its export markets and reduce its dependence on the Chinese market by increasing exports to the United States, Japan, Europe, and other Asian countries by, among other things, entering into free-trade agreements. The Taiwanese economy's long-term challenges include a rapidly aging population, low birth rate, and the lingering effects of Taiwan's diplomatic isolation. These and other factors could have a negative impact on a Fund's performance.

***Risk of Investing in China through Stock Connect and Bond Connect***. China A-shares are equity securities of companies domiciled in China that trade on Chinese stock exchanges such as the Shanghai Stock Exchange ("SSE") and the Shenzhen Stock Exchange ("SZSE") ("A-shares") and are denominated and traded in RMB whereas China B-shares are traded on Chinese stock exchanges and are denominated in RMB but traded in either U.S. dollars or Hong Kong dollars ("B-shares"). Foreign investment in A-shares on the SSE and SZSE has historically not been permitted, other than through a license granted under regulations in the PRC known as the Qualified Foreign Institutional Investor ("QFII") and Renminbi Qualified Foreign Institutional Investor ("Renminbi QFII") systems. Foreign investors may invest in B-shares directly. A Fund's exposure to B-shares may be obtained through indirect exposure through investment in participation notes.

Investment in eligible A-shares listed and traded on the SSE or SZSE is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a "Stock Connect" and collectively, "Stock Connects"). Each Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong Limited ("SEHK"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), the SSE or SZSE, as applicable, and China Securities Depository and Clearing Corporation Limited ("CSDCC") that aims to provide mutual stock market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market through their local securities brokers. Under Stock Connects, a Fund's trading of eligible A-shares listed on the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service company established by SEHK.

Although no individual investment quotas or licensing requirements apply to investors in Stock Connects, trading through a Stock Connect's Northbound Trading Link is subject to daily investment quota limitations which require that buy orders for A-shares be rejected once the daily quota is exceeded (although a Fund will be permitted to sell A-shares regardless of the quota). These limitations may restrict a Fund from investing in A-shares on a timely basis, which could affect the Fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change. Investment in eligible A-shares through a Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. A-shares purchased through Stock Connects generally may not be sold or otherwise transferred other than through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order for an investor to sell any A-share on a certain trading day, there must be sufficient A-shares in the investor's account before the market opens on that day. If there are insufficient A-shares in the investor's account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries out pre-trade checking on sell orders of certain stocks listed on the SSE market ("SSE Securities") or SZSE market ("SZSE Securities") of its participants (i.e., stock brokers) to ensure that this requirement is satisfied. While shares must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation, and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking services are available in both markets on the corresponding settlement days. Therefore, an investment in A-shares through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on the A-shares market. If an investor buys A-shares on day "T," the investor will only be able to sell the A-shares on or after day

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T+1. Further, since all trades of eligible A-shares must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect a Fund's investments. If a Fund holds a class of shares denominated in a local currency other than RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for investments in A-shares. A Fund may also incur conversion costs.

A-shares held through the nominee structure under a Stock Connect will be held through HKSCC as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and Settlement System ("CCASS") informed of all such corporate actions that require CCASS participants to take steps in order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company.

A Fund's investments through a Stock Connect's Northbound Trading Link are not covered by Hong Kong's Investor Compensation Fund. Hong Kong's Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation to exchange-traded products in Hong Kong. In addition, since a Fund carries out Northbound Trading through securities brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the PRC.

Market participants are able to participate in Stock Connects subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearinghouse. Further, the "connectivity" in Stock Connects requires routing of orders across the border of Hong Kong and the PRC. This requires the development of new information technology systems on the part of SEHK and exchange participants. There is no assurance that the systems of SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in A-shares through Stock Connects could be disrupted.

The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong Stock Connect program launched in December 2016 and are both in their initial stages. The current regulations are relatively untested and there is no certainty as to how they will be applied or interpreted going forward. In addition, the current regulations are subject to change and there can be no assurance that a Stock Connect will not be discontinued. New regulations may be issued from time to time by the regulators and stock exchanges in China and Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. A Fund may be adversely affected as a result of such changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may arise from the differences on an ongoing basis. In the event that the relevant systems fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund's ability to achieve its investment objective may be adversely affected. In addition, a Fund's investments in A-shares through Stock Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring A-shares through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners of other securities providing similar investment exposure.

Some Funds may invest in onshore China bonds via a QFII license awarded to the Fund's subadviser or through a China Interbank Bond Market ("CIBM") registration through the Bond Connect program. CIBM is an OTC market outside the two main stock exchanges in the PRC, SSE, and SZSE, and was established in 1997. On CIBM, institutional investors (including domestic institutional investors but also QFIIs, Renminbi QFIIs as well as other offshore institutional investors, subject to authorization) trade certain debt instruments on a one-to-one quote-driven basis. CIBM accounts for a vast majority of outstanding bond values of total trading volume in the PRC. The main debt instruments traded on CIBM include government bonds, financial bonds, corporate bonds, bond repo, bond lending, and People's Bank of China bills.

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Investors should be aware that trading on CIBM exposes the applicable Fund to increased risks. CIBM is still in its development stage, and the market capitalization and trading volume may be lower than those of more developed markets. Market volatility and potential lack of liquidity due to low trading volume of certain debt securities may result in the prices of debt securities traded on such market to fluctuate significantly. Funds investing in such a market therefore may incur significant trading, settlement, and realization costs and may face counterparty default, liquidity, and volatility risks, resulting in significant losses for the Funds and their investors. Further, since a large portion of CIBM consists of Chinese state-owned entities, the policy priorities of the Chinese government, the strategic importance of the industry, and the strength of a company's ties to the local, provincial, or central government may and will affect the pricing of such securities.

The Bond Connect program is a relatively new program and may be subject to further interpretation and guidance. There can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect a Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies, or guidelines published or applied by relevant regulators and exchanges in respect of the Bond Connect program are uncertain, and they may have a detrimental effect on a Fund's investments and returns.

***A-Share Market Suspension Risk***. A-shares may only be bought from, or sold to, a Fund at times when the relevant A-shares may be sold or purchased on the relevant Chinese stock exchange. The A-shares market has a higher propensity for trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of A-shares during a single trading day. The daily price limit refers to price movements only and does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will exist for any particular A-share or for any particular time.

***Risks of Investing in China through Variable Interest Entities***. Investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE") that is designed to provide foreign investors, such as a Fund, with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investments. Investments in VIEs may pose additional risks because the investment is made through an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company in order to provide investors with exposure to the operating company, and therefore does not represent equity ownership in the operating company. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. The contractual arrangements between the shell company and the operating company may not be as effective in providing operational control as direct equity ownership, and the rights of a foreign investor (such as a Fund) may be limited, including by actions of the Chinese government that could determine that the underlying contractual arrangements are invalid. While VIEs are a longstanding industry practice and Chinese regulators have permitted such arrangements to proliferate, the structure has not been formally recognized under Chinese law and it is uncertain whether Chinese regulators will withdraw their implicit acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent loss, and in turn, adversely affect a Fund's returns and net asset value.

***Investments in the Middle East***. The economies of countries in the Middle East are all considered emerging markets economies and tend to be highly reliant on the exportation of commodities. Many Middle Eastern economies have little or no democratic tradition and are led by family structures. Opposition parties are often banned, leading to dissidence and militancy. Such developments, if they were to occur, could result in significant disruptions in securities markets. Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes, historical animosities, international alliances, defense concerns, or other reasons, which may adversely affect the economies of these Middle Eastern countries. Certain Middle Eastern countries may be heavily dependent upon international trade, and consequently have been and may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed by the countries with which they trade. In addition, certain issuers in Middle Eastern countries in which a Fund invests may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer operating in, or having dealings with, such countries.

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The manner in which foreign investors may invest in companies in certain Middle Eastern countries, as well as limitations on those investments, may have an adverse impact on the operations of a Fund. For example, in certain of these countries, a Fund may be required to invest initially through a local broker or other entity and then have the shares that were purchased re-registered in the name of the Fund. Re-registration in some instances may not be possible on a timely basis. This may result in a delay during which the Fund may be denied certain of its rights as an investor, including rights to dividends or to be made aware of certain corporate actions. There also may be instances where the Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors has been filled.

***Investments in Saudi Arabia***. A Fund generally expects to conduct transactions in a manner in which it would not be limited by regulations to a single broker. However, there may be a limited number of brokers who can provide services to the Fund in Saudi Arabia, which may have an adverse impact on the prices, quantity, or timing of Fund transactions.

A Fund's ability to invest in Saudi Arabian equity securities depends on the ability of the investment adviser or subadviser, as a Foreign Portfolio Manager, and the Fund, as a Qualified Foreign Investor ("QFI"), to obtain and maintain such authorizations from the Saudi Arabia Capital Market Authority ("CMA"). Even though a Fund may obtain a QFI approval, the Fund does not have an exclusive investment quota and is subject to foreign investment limitations and other regulations imposed by the CMA on QFIs, as well as local market participants. Any change in the QFI system generally, including the possibility of the investment adviser or subadviser or the Fund losing its respective Foreign Portfolio Manager or QFI status with the CMA, may adversely affect the Fund.

A Fund is required to use a trading account to buy and sell securities in Saudi Arabia. This trading account can be held directly with a broker or held with a custodian, which is known as the Independent Custody Model ("ICM"). The ICM approach is generally regarded as preferable because securities are under the safekeeping and control of the custodian and would be recoverable in the event of the bankruptcy of the custodian. When a Fund utilizes the ICM approach, it relies on a broker standing instruction letter to authorize the Fund's sub-custodian to move securities to a trading account for settlement, based on the details supplied by the broker. However, an authorized broker could potentially either fraudulently or erroneously sell a Fund's securities, although opportunities for a local broker to conduct fraudulent transactions are limited due to short trading hours (trading hours in Saudi Arabia are generally between 10 a.m. to 3 p.m.). In addition, the risk of fraudulent or erroneous transactions is further mitigated by a manual pre-matching process conducted by the custodian, which validates the Fund's settlement instructions with the local broker contract note and the transaction report from the depositary. Similar risks also apply to using a direct broker trading account. When a Fund utilizes a direct broker trading account, the account is set up in the Fund's name, and the assets are likely to be treated as ring-fenced and separated from any other accounts at the broker. However, if the broker defaults, there may be a delay in recovering the Fund's assets that are held in the broker account, and legal proceedings may need to be initiated in order to do so.

#### Health Care Companies
A Fund may invest in health care companies. The activities of health care companies may be funded or subsidized by federal and state governments. If government funding and subsidies are reduced or discontinued, the profitability of these companies could be adversely affected. Health care companies may also be affected by government policies on health care reimbursements, regulatory approval for new drugs and medical instruments, and similar matters. They are also subject to legislative risk, i.e., the risk of a reform of the health care system through legislation.

#### Illiquid Securities
Each Fund may invest not more than 15% of its net assets (5% of its total assets in the case of the U.S. Government Money Market Fund) in "illiquid securities," which are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may not be able to dispose of such securities in a timely fashion and for a fair price, which could result in losses to a Fund. In addition, illiquid securities are generally more difficult to value. Illiquid securities may include repurchase agreements with maturities greater than seven days, futures contracts and options thereon for which a liquid secondary market does not exist, time deposits maturing in more than seven calendar days, and securities of new and early stage companies whose securities are not publicly traded. The Funds may also purchase securities eligible for resale to qualified institutional buyers pursuant to Rule 144A under the 1933 Act. Such securities may be determined to be liquid based on an analysis taking into account, among other things, trading activity for such securities and the availability of reliable pricing information, among other factors. If there is a lack of trading interest in

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particular Rule 144A securities, a Fund's holdings of those securities may be illiquid, resulting in undesirable delays in selling these securities at prices representing fair value.

#### Index-Related Securities (Equity Equivalents)
The Funds may invest in certain types of securities that enable investors to purchase or sell shares in a portfolio of securities that seeks to track the performance of an underlying index or a portion of an index. Such Equity Equivalents include, among others, DIAMONDS (interests in a portfolio of securities that seeks to track the performance of the Dow Jones Industrial Average), SPDRs or Standard & Poor's Depositary Receipts (interests in a portfolio of securities that seeks to track the performance of the S&P 500<sup>®</sup> Index), and the Nasdaq-100 Trust (interests in a portfolio of securities of the largest and most actively traded non-financial companies listed on the Nasdaq Stock Market). Such securities are similar to index mutual funds, but they are traded on various stock exchanges or secondary markets. The value of these securities is dependent upon the performance of the underlying index on which they are based. Thus, these securities are subject to the same risks as their underlying indexes as well as the securities that make up those indexes. For example, if the securities comprising an index that an index-related security seeks to track perform poorly, the index-related security will lose value.

Equity Equivalents may be used for several purposes, including to simulate full investment in the underlying index while retaining a cash balance for fund management purposes, to facilitate trading, to reduce transaction costs, or to seek higher investment returns where an Equity Equivalent is priced more attractively than securities in the underlying index. Because the expense associated with an investment in Equity Equivalents may be substantially lower than the expense of small investments directly in the securities comprising the indexes they seek to track, investments in Equity Equivalents may provide a cost-effective means of diversifying the fund's assets across a broad range of equity securities.

The prices of Equity Equivalents are derived and based upon the securities held by the particular investment company. Accordingly, the level of risk involved in the purchase or sale of an Equity Equivalent is similar to the risk involved in the purchase or sale of traditional common stock, with the exception that the pricing mechanism for such instruments is based on a basket of stocks. The market prices of Equity Equivalents are expected to fluctuate in accordance with both changes in the NAVs of their underlying indexes and the supply and demand for the instruments on the exchanges on which they are traded. Substantial market or other disruptions affecting an Equity Equivalent could adversely affect the liquidity and value of the shares of the fund investing in such instruments.

#### Inflation-Linked Securities
Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

While the values of inflation-linked securities are expected to be largely protected from long-term inflationary trends, short-term increases in inflation may lead to declines in value. In addition, if interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in inflation-linked securities may not be protected to the extent that the increase is not reflected in the securities' inflation measure.

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The periodic adjustment of U.S. Treasury inflation-linked securities is tied to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation, and energy. Inflation-linked securities issued by a foreign government or a private issuer are generally adjusted to reflect an inflation measure specified by the issuer. There can be no assurance that the CPI-U or any other inflation measure will accurately measure the real rate of inflation in the prices of goods and services.

#### IPOs and Other Limited Opportunities
A Fund may purchase securities of companies that are offered pursuant to an initial public offering ("IPO") or other similar limited opportunities. Although companies can be any age or size at the time of their IPO, they are often smaller and have a limited operating history, which involves a greater potential for the value of their securities to be impaired following the IPO. The price of a company's securities may be highly unstable at the time of its IPO and for a period thereafter due to factors such as market psychology prevailing at the time of the IPO, the absence of a prior public market, the small number of shares available, and limited availability of investor information. Securities purchased in IPOs have a tendency to fluctuate in value significantly shortly after the IPO relative to the price at which they were purchased. These fluctuations could impact the NAV and return earned on a Fund's shares. Investors in IPOs can be adversely affected by substantial dilution in the value of their shares, by sales of additional shares, and by concentration of control in existing management and principal shareholders. In addition, all of the factors that affect the performance of an economy or equity markets may have a greater impact on the shares of IPO companies. IPO securities tend to involve greater risk due, in part, to public perception and the lack of publicly available information and trading history.

#### Master Limited Partnerships
A Fund may invest in master limited partnerships ("MLPs"), which are limited partnerships in which ownership units are publicly traded. MLPs often own or own interests in properties or businesses that are related to oil and gas industries, including pipelines, although MLPs may invest in other types of investments, including credit-related investments. Generally, an MLP is operated under the supervision of one or more managing general partners. Limited partners (like a Fund when it invests in an MLP) are not involved in the day-to-day management of the partnership. A Fund also may invest in companies who serve (or whose affiliates serve) as MLP general partners.

Investments in MLPs are generally subject to many of the risks that apply to partnerships. For example, holders of the units of MLPs may have limited control and limited voting rights on matters affecting the partnership. There may be fewer corporate protections afforded investors in an MLP than investors in a corporation. Conflicts of interest may exist among unit holders, subordinated unit holders, and the general partner of an MLP, including those arising from incentive distribution payments. MLPs that concentrate in a particular industry or region are subject to risks associated with such industry or region. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. Investments held by MLPs may be illiquid. MLP units may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies.

A Fund may also hold investments in limited liability companies that have many of the same characteristics and are subject to many of the same risks as master limited partnerships.

The manner and extent of a Fund's investments in MLPs and limited liability companies may be limited by its intention to qualify as a regulated investment company under the Code, and any such investments by the Fund may adversely affect the ability of the Fund to qualify as such.

#### Mortgage- and Asset-Backed Securities
Mortgage-backed securities, including collateralized mortgage obligations ("CMOs") and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans. Asset-backed securities are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, receivables from credit card agreements, home equity loans, and student loans. Asset-backed securities may also include collateralized debt obligations as described below.

A Fund may invest in mortgage-backed securities issued or guaranteed by (i) U.S. Government agencies or instrumentalities such as the Government National Mortgage Association ("GNMA") (also known as Ginnie Mae), the

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Federal National Mortgage Association ("FNMA") (also known as Fannie Mae), and the Federal Home Loan Mortgage Corporation ("FHLMC") (also known as Freddie Mac) or (ii) other issuers, including private companies. Under the Federal Housing Finance Agency's "Single Security Initiative," Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of Uniform Mortgage-Backed Securities ("UMBS"), which would generally align the characteristics of Fannie Mae and Freddie Mac mortgage-backed securities. In June 2019, Fannie Mae and Freddie Mac started to issue UMBS in place of their current offerings of TBA-eligible mortgage-backed securities. The effect of the issuance of UMBS on the market for mortgage-backed securities is uncertain. Privately issued mortgage-backed securities may include securities backed by commercial mortgages, which are mortgages on commercial, rather than residential, real estate. Privately issued mortgage-backed securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-backed securities held in a Fund's portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans. There is no assurance that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities.

Mortgage-backed securities have yield and maturity characteristics corresponding to the underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity, when the entire principal amount comes due, payments on certain mortgage-backed securities include both interest and a partial repayment of principal. Besides the scheduled repayment of principal, repayments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans. If property owners make unscheduled prepayments of their mortgage loans, these prepayments will result in early payment of the applicable mortgage-related securities. In that event a Fund may be unable to invest the proceeds from the early payment of the mortgage-related securities in an investment that provides as high a yield as the mortgage-related securities. Consequently, early payment associated with mortgage-related securities may cause these securities to experience significantly greater price and yield volatility than that experienced by traditional fixed income securities. The occurrence of mortgage prepayments is affected by factors including the level of interest rates, general economic conditions, the location and age of the mortgages, and other social and demographic conditions. During periods of falling interest rates, the rate of mortgage prepayments tends to increase, thereby tending to decrease the life of mortgage-related securities. During periods of rising interest rates, the rate of mortgage prepayments usually decreases, thereby tending to increase the life of mortgage-related securities. If the life of a mortgage-related security is inaccurately predicted, a Fund may not be able to realize the rate of return the investment adviser or subadviser expected.

Mortgage-backed and asset-backed securities are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar or greater risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Funds. The terms of certain asset-backed securities may require early prepayment in response to certain credit events potentially affecting the values of the asset-backed securities.

At times, some mortgage-backed and asset-backed securities will have higher than market interest rates and therefore will be purchased at a premium above their par value. Prepayments may cause losses on securities purchased at a premium. Ongoing developments in the residential and commercial mortgage markets may have additional consequences for the market for mortgage-backed securities. Asset-backed securities also involve the risk that borrowers may default on the obligations backing them and that the values of and interest earned on such investments will decline as a result. Loans made to lower quality borrowers, including those of sub-prime quality, involve a higher risk of default. Therefore, the values of asset-backed securities backed by lower quality assets, such as lower quality loans, including those of sub-prime quality, may suffer significantly greater declines in value due to defaults, payment delays, or a perceived increased risk of default, especially during periods when economic conditions worsen. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables, and other obligations underlying asset-backed securities. The effects of the COVID-19 virus and governmental responses to the effects of the virus, as well

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as the effects of and responses to other pandemics and epidemics, may result in increased delinquencies and losses and have other, potentially unanticipated, adverse effects on such investments and the markets for those investments. There are fewer investors in mortgage- and asset-backed securities markets and those investors are more homogenous than in markets for other kinds of securities. If a number of market participants are impacted by negative economic conditions, forced selling of mortgage- or asset-backed securities unrelated to fundamental analysis could depress market prices and liquidity significantly and for a longer period of time than in markets with greater liquidity.

CMOs may be issued by a U.S. Government agency or instrumentality or by a private issuer. Although payment of the principal of, and interest on, the underlying collateral securing privately issued CMOs may be guaranteed by the U.S. Government or its agencies or instrumentalities, these CMOs represent obligations solely of the private issuer and are not insured or guaranteed by the U.S. Government, its agencies or instrumentalities, or any other person or entity.

CMOs typically issue multiple classes of securities, having different maturities, interest rates, and payment schedules, and with the principal and interest on the underlying mortgages allocated among the several classes in various ways. Payment of interest or principal on some classes or series of CMOs may be subordinated to payments on other classes or series and may be subject to contingencies; or some classes or series may bear some or all of the risk of default on the underlying mortgages. CMOs of different classes or series are generally retired in sequence as the underlying mortgage loans in the mortgage pool are repaid. If enough mortgages are repaid ahead of schedule, the classes or series of a CMO with the earliest maturities generally will be retired prior to their maturities. Thus, the early retirement of particular classes or series of a CMO would have the same effect as the prepayment of mortgages underlying other mortgage-backed securities. Conversely, slower than anticipated prepayments can extend the effective maturities of CMOs, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing their volatility. Certain classes or series of CMOs may experience high levels of volatility in response to changes in interest rates and other factors.

Stripped mortgage-backed securities are usually structured with two classes that receive payments of interest or principal on a pool of mortgage loans. Stripped mortgage-backed securities may experience very high levels of volatility in response to changes in interest rates. The yield to maturity on an interest only or "IO" class of stripped mortgage-backed securities is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying assets. A rapid rate of principal prepayments will typically result in a substantial decline in the value of IOs and may have a significant adverse effect on a Fund's yield to maturity to the extent it invests in IOs. If the assets underlying the IO experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial investment in these securities. Conversely, principal only securities or "POs" tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated.

The secondary market for stripped mortgage-backed securities may be more volatile and less liquid than that for other mortgage-backed securities, potentially limiting a Fund's ability to buy or sell those securities at any particular time.

Subprime mortgage loans, which typically are made to less creditworthy borrowers, have a higher risk of default than conventional mortgage loans. Therefore, mortgage-backed securities backed by subprime mortgage loans may suffer significantly greater declines in value due to defaults, and may experience high levels of volatility.

A Fund may invest in collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), and other similarly structured securities. CBOs, CLOs, and other CDOs are types of asset-backed securities. A CBO is typically an obligation of a trust backed (or collateralized) by a pool of securities, often including high risk, below investment grade debt securities. The collateral may include many different types of debt securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities, and emerging market debt. A CLO is typically an obligation of a trust backed (or collateralized) by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other types of CDOs may include, by way of example, obligations of trusts backed by other types of assets representing obligations of various types, and may include high risk, below investment grade debt obligations. CBOs, CLOs, and other CDOs may pay management fees and administrative expenses. The risk profile of an investment in a CBO, CLO, or other CDO depends largely on the type of the collateral securities and the class of the instrument in which a Fund invests.

For CBOs, CLOs, and other CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which typically bears the effects of defaults from the bonds or loans in the trust in the first instance and may serve to protect other, senior tranches from defaults. Typically, the

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more senior the tranche in a CBO, CLO, or other CDO, the higher its rating, although senior tranches can experience substantial losses due to actual defaults. The market values of CBO, CLO, and CDO obligations may be affected by a number of factors, including, among others, changes in interest rates, defaults affecting junior tranches, market anticipation of defaults, and general market aversion to CBO, CLO, or other CDO securities as a class, or to the collateral backing them.

CBOs, CLOs, and other CDOs may be illiquid. In addition to the risks associated with debt securities discussed elsewhere in this SAI and the Funds' Prospectus (e.g., interest rate risk and the risk of default), CBOs, CLOs, and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments on a CBO's, CLO's, or other CDO's obligations; (ii) the collateral may decline in value or be in default; (iii) the risk that Funds may invest in tranches of CBOs, CLOs, or other CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Some of the loans in which a Fund may invest or to which a Fund may gain exposure through its investments in CDOs, CLOs, or other types of structured securities may be covenant-lite loans, which contain fewer or less restrictive constraints on the borrower than certain other types of loans. Covenant-lite loans generally do not include terms that allow the lender to monitor the performance of the borrower and declare a default or force a borrower into bankruptcy restructuring if certain criteria are breached. Under such loans, lenders typically must rely on covenants that restrict a company from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, a Fund may have fewer rights against a borrower when it invests in or has exposure to such loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in or exposure to loans with additional or more conventional covenants.

#### Other Income-Producing Securities
Other types of income-producing securities the Funds may purchase, include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Variable and floating rate obligations****.* Variable and floating rate securities are debt instruments that provide for periodic adjustments in the interest rate paid on the security and, under certain limited circumstances, may have varying principal amounts. Variable rate securities provide for a specified periodic adjustment in the interest rate, while floating rate securities have interest rates that may change with change to the level of prevailing interest rates or the issuer's credit quality. These types of securities are relatively long-term instruments that often carry demand features permitting the holder to demand payment of principal at any time or at specified intervals prior to maturity. There is a risk that the current interest rate on variable and floating securities may not accurately reflect current market interest rates or adequately compensate the holder for the current creditworthiness of the issuer. Due to their variable- or floating-rate features, these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a variable- or floating-rate instrument is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed-rate instrument, although the value of a floating-rate instrument may nonetheless decline as interest rates rise and due to other factors, such as changes in credit quality. Some variable or floating rate securities are structured with liquidity features such as (1) put options or tender options that permit holders (sometimes subject to conditions) to demand payment of the unpaid principal balance plus accrued interest from the issuers or certain financial intermediaries or (2) auction rate features, remarketing provisions, or other maturity-shortening devices designed to enable the issuer to refinance or redeem outstanding debt securities (market-dependent liquidity features). The market-dependent liquidity features may not operate as intended as a result of the issuer's declining creditworthiness, adverse market conditions, or other factors or the inability or unwillingness of a participating broker-dealer to make a secondary market for such securities. As a result, variable or floating rate securities that include market-dependent liquidity features may lose value and the holders of such securities may be required to retain them for an extended period of time or until maturity.

In order to use these investments most effectively, a Fund's investment adviser or subadviser must correctly assess probable movements in interest rates. This involves different skills than those used to select most portfolio securities. If the investment adviser or subadviser incorrectly forecasts such movements, a Fund could be adversely affected by the use of variable or floating rate obligations.

Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"), which is the offered rate for short-term Eurodollar deposits between major international banks. On

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July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Market participants are focused on the transition mechanisms by which the reference rate in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations, or amendments, or otherwise. Markets are developing in response to these new rates, and questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern for a Fund. Neither the effect of the transition process nor its ultimate success can yet be known. A Fund may have investments linked to other interbank offered rates which may also cease to be published. The transition process might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the cessation of LIBOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Standby commitments****.* These instruments, which are similar to a put, give a Fund the option to obligate a broker, dealer, or bank to repurchase a security held by the Fund at a specified price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Tender option bonds****.* Tender option bonds are relatively long-term bonds that are coupled with the agreement of a third party, such as a broker, dealer, or bank, to grant the holders of such securities the option to tender the securities to the institution at periodic intervals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Inverse floaters****.* Inverse floaters have variable interest rates that typically move in the opposite direction from movements in prevailing interest rates, most often short-term rates. Accordingly, the value of inverse floaters, or other obligations or certificates structured to have similar features, generally moves in the opposite direction from interest rates. The value of an inverse floater can be considerably more volatile than the value of other debt instruments of comparable maturity and credit quality. Inverse floaters incorporate varying degrees of leverage. Generally, greater leverage results in greater price volatility for any given change in interest rates. Inverse floaters may be subject to legal or contractual restrictions on resale and therefore may be less liquid than other types of securities. Similar to variable and floating rate obligations, effective use of inverse floaters requires skills different from those needed to select most portfolio securities. If movements in interest rates are incorrectly anticipated, a Fund could lose money or the NAV of its shares could decline by the use of inverse floaters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Strip bonds****.* Strip bonds are debt securities that are stripped of their interest, usually by a financial intermediary, after the securities are issued. The market value of these securities generally fluctuates more in response to changes in interest rates than interest-paying securities of comparable maturities.

Standby commitments, tender option bonds, and instruments with demand features are primarily used by the Funds for the purpose of increasing the liquidity of a Fund's portfolio.

#### Other Investment Companies
A Fund may invest in securities of other open- or closed-end investment companies, including exchange-traded funds ("ETFs"), traded on one or more national securities exchanges, as well as private investment vehicles. Provisions of the 1940 Act may limit the ability of a Fund to invest in certain registered investment companies or private investment vehicles or may limit the amount of its assets that a Fund may invest in any investment vehicle.

A Fund may, for example, invest in other open- or closed-end investment companies, including ETFs, during periods when it has large amounts of uninvested cash, when its investment adviser or subadviser believes share prices of other investment companies offer attractive values, or to gain or maintain exposure to various asset classes and markets or types of strategies and investments. A Fund may invest in shares of another registered investment company or private investment vehicle in order to gain indirect exposure to markets in a country where the Fund is not able to invest freely, or to gain indirect exposure to one or more issuers whose securities it may not buy directly. As a shareholder in an investment vehicle, a Fund would bear its ratable share of that vehicle's expenses and would remain subject to payment of the Fund's management fees with respect to assets so invested. Shareholders would therefore be subject to duplicative expenses to the

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extent a Fund invests in other investment vehicles. Shares of registered open-end investment companies traded on a securities exchange may not be redeemable by a Fund in all cases. Private investment vehicles in which a Fund may invest are not registered under the 1940 Act, and so will not offer all of the protections provided by the 1940 Act (including, among other things, independent oversight, protections against certain conflicts of interest, and custodial risks).

If a Fund invests in another investment vehicle, it is exposed to the risk that the other investment vehicle will not perform as expected. A Fund is exposed indirectly to all of the risks applicable to an investment in such other investment vehicle. In addition, lack of liquidity in the other investment vehicle could result in its value being more volatile than the underlying portfolio of securities, and may limit the ability of a Fund to sell or redeem its interest in the investment vehicle at a time or at a price it might consider desirable. A Fund may not be able to redeem its interest in private investment vehicles except at certain designated times. The investment policies and limitations of the other registered investment company or private investment vehicle may not be the same as those of the investing Fund; as a result, the Fund may be subject to additional or different risks, or may achieve a reduced investment return, as a result of its investment in another investment vehicle. If the other investment company is an ETF or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their NAV, an effect that might be more pronounced in less liquid markets. ETFs are also subject to additional risks, including, among others, the risk that the market price of an ETF's shares may trade above or below its NAV, the risk that an active trading market for an ETF's shares may not develop or be maintained, the risk that trading of an ETF's shares may be halted, and the risk that the ETF's shares may be delisted from the listing exchange. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of an ETF may be purchased or redeemed directly from the ETF solely by Authorized Participants ("APs") and only in aggregations of a specified number of shares ("Creation Units"). ETFs may have a limited number of financial institutions that act as APs. To the extent that those APs exit the business, or are unable to or choose not to process creation and/or redemption orders for Creation Units, and no other AP steps forward to create and redeem ETF shares, the ETF's shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

A Fund's investment adviser or subadviser or their affiliates may serve as investment adviser to a registered investment company or private investment vehicle in which the Fund may invest, leading to conflicts of interest. For example, a Fund's investment adviser or subadviser may receive fees based on the amount of assets invested in the other investment vehicle. Investment by a Fund in another registered investment company or private investment vehicle will typically be beneficial to its investment adviser or subadviser in the management of the other investment vehicle, by helping to achieve economies of scale or enhancing cash flows. Due to this and other factors, a Fund's investment adviser or subadviser will have an incentive to invest the Fund's assets in an investment vehicle sponsored or managed by it or its affiliates in lieu of investments by the Fund directly in portfolio securities, and will have an incentive to invest in such an investment vehicle over a non-affiliated investment vehicle. The investment adviser or subadviser will have no obligation to select the least expensive or best performing investment companies available to serve as an underlying investment vehicle. Similarly, a Fund's investment adviser or subadviser will have an incentive to delay or decide against the sale of interests held by the Fund in an investment company sponsored or managed by it or its affiliates. It is possible that other clients of a Fund's investment adviser or subadviser or its affiliates will purchase or sell interests in an investment company sponsored or managed by it at prices and at times more favorable than those at which the Fund does so.

New SEC Rule 12d1-4 under the 1940 Act, which became effective on January 19, 2022, is designed to streamline and enhance the regulatory framework for fund of funds arrangements. Rule 12d1-4 permits an investment company to invest in other investment companies beyond the statutory limits, subject to certain conditions. In connection with this Rule, the SEC rescinded Rule 12d1-2 under the 1940 Act and most fund of funds exemptive orders, effective January 19, 2022.

The Rule could affect a Fund's ability to redeem its investments in other investment companies, make such investments less attractive, cause the Fund to incur losses, realize taxable gains distributable to shareholders, incur greater or unexpected expenses, or experience other adverse consequences.

#### Partly Paid Securities
These securities are paid for on an installment basis. A partly paid security trades net of outstanding installment payments—the buyer "takes over payments." The buyer's rights are typically restricted until the security is fully paid. If the value of a partly paid security declines before a Fund finishes paying for it, the Fund will still owe the payments, but may find it hard to sell and as a result will incur a loss.

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#### Portfolio Management
A Fund's investment adviser or subadviser uses trading as a means of managing the portfolio of the Fund in seeking to achieve its investment objective. Transactions will occur when a Fund's investment adviser or subadviser believes that the trade, net of transaction costs, will improve interest income or capital appreciation potential, or will lessen capital loss potential. Whether the goals discussed above will be achieved through trading depends on the Fund's investment adviser's or subadviser's ability to evaluate particular securities and anticipate relevant market factors, including interest rate trends and variations from such trends. If such evaluations and expectations prove to be incorrect, a Fund's income or capital appreciation may be reduced and its capital losses may be increased. In addition, high turnover in a Fund could result in additional brokerage commissions to be paid by that Fund. See also "Taxation" below.

The Funds may pay brokerage commissions to affiliates of one or more affiliates of the Funds' investment adviser or subadvisers.

#### Portfolio Turnover
Portfolio turnover involves brokerage commissions and other transaction costs, which the relevant Fund will bear directly, and could involve realization of taxable capital gains. To the extent that portfolio turnover results in realization of net short-term capital gains, such gains ordinarily are treated as ordinary income when distributed to shareholders. Portfolio turnover rates are shown in the "Fees and Expenses of the Fund" and "Financial Highlights" sections of the Prospectus. See the "Taxation" and "Portfolio Transactions and Brokerage" sections in this SAI for additional information.

#### Real Estate-Related Investments; Real Estate Investment Trusts
Factors affecting the performance of real estate may include excess supply of real property in certain markets, changes in zoning laws, environmental regulations and other governmental action, completion of construction, changes in real estate value and property taxes, losses from casualty, condemnation, or natural disaster, sufficient level of occupancy, adequate rent to cover operating expenses, and local and regional markets for competing assets. The performance of real estate may also be affected by changes in interest rates, prudent management of insurance risks, and social and economic trends.

Real estate investment trusts ("REITs") that may be purchased by a Fund include equity REITs, which own real estate directly, mortgage REITs, which make construction, development, or long-term mortgage loans, and hybrid REITs, which share characteristics of equity REITs and mortgage REITs. Equity REITs will be affected by, among other things, changes in the value of the underlying property owned by the REITs, while mortgage REITs will be affected by, among other things, the value of the properties to which they have extended credit. REITs are dependent upon the skill of each REIT's management.

A Fund could, under certain circumstances, own real estate directly as a result of a default on debt securities it owns or from an in-kind distribution of real estate from a REIT. Risks associated with such ownership could include potential liabilities under environmental laws and the costs of other regulatory compliance. If a Fund has rental income or income from the direct disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company and thus its ability to avoid taxation on its income and gains distributed to its shareholders. REITs are also subject to substantial cash flow dependency, defaults by borrowers, self-liquidation, and the risk of failing to qualify for favorable tax treatment under the Code and/or to maintain exempt status under the 1940 Act. If a Fund invests in REITs, investors would bear not only a proportionate share of the expenses of that Fund, but also, indirectly, expenses of the REITs.

#### Repurchase Agreements
A repurchase agreement is a contract under which a Fund acquires a security for a relatively short period (usually not more than one week) subject to the obligation of the seller to repurchase and the Fund to resell such security at a fixed time and price (representing the Fund's cost plus interest). Repurchase agreements may also be viewed as loans made by a Fund which are collateralized by the securities subject to repurchase. The investment adviser or subadviser will monitor such transactions to ensure that the value of the underlying securities will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor. If the seller defaults, a Fund could realize a loss on the sale of the underlying security to the extent that the proceeds of the sale including accrued interest are less than the resale price provided in the agreement including interest. In addition, if the seller should be involved in bankruptcy or insolvency proceedings, the Fund may incur delay and costs in selling the underlying security or may suffer a loss of principal and

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interest if the Fund is treated as an unsecured creditor and required to return the underlying collateral to the seller's estate. There is no limit on the Funds' investment in repurchase agreements.

#### Restricted Securities
Restricted securities are subject to legal restrictions on their sale. Difficulty in selling securities may result in a loss or be costly to a Fund. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the 1933 Act, or in a registered public offering. Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the holder might obtain a less favorable price than prevailed when it decided to seek registration of the security.

#### Reverse Repurchase Agreements and Treasury Rolls
A Fund may enter into reverse repurchase agreements or Treasury rolls with banks and broker-dealers to enhance return. Reverse repurchase agreements involve sales by a Fund of portfolio securities concurrently with an agreement by the Fund to repurchase the same securities at a later date at a fixed price (typically equal to the original sale price plus interest). During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities and also has the opportunity to earn a return on the purchase price received by it from the counterparty. Similarly, in a Treasury roll transaction, a Fund sells a Treasury security and simultaneously enters into an agreement to repurchase the security from the buyer at a later date, at the original sale price plus interest. The repurchase price is typically adjusted to provide the Fund the economic benefit of any interest that accrued on the Treasury security during the term of the transaction. The Fund may use the purchase price received by it to earn additional return during the term of the Treasury roll transaction. Reverse repurchase agreements and Treasury rolls are similar to a secured borrowing of a Fund and generally create investment leverage. A Fund might lose money both on the security subject to the reverse repurchase agreement and on the investments it makes with the proceeds of the reverse repurchase agreement. If the counterparty in such a transaction files for bankruptcy or becomes insolvent, a Fund's use of the proceeds from the sale of its securities may be restricted or forfeited, and the counterparty may fail to return/resell the securities in question to the Fund. A Fund may enter into reverse repurchase agreements or Treasury rolls without limit up to the amount permitted under applicable law. Pursuant to Rule 18f-4 under the 1940 Act, a Fund has the option to treat all reverse repurchase agreements and similar financing transactions as "derivatives transactions," or to include all such transactions in the Fund's asset coverage ratio for borrowings.

#### Securities Lending
A Fund, with the exception of the U.S. Government Money Market Fund, may lend its portfolio securities. The Fund expects that, in connection with any securities loan: (1) the loan will be secured continuously by collateral consisting of U.S. Government securities, cash, or cash equivalents adjusted daily to have market value at least equal to the current market value of the securities loaned; (2) the Fund will have the right at any time on reasonable notice to call the loan and regain the securities loaned; (3) the Fund will receive an amount equal to any interest or dividends paid on the loaned securities; and (4) the aggregate market value of securities the Fund has loaned will not at any time exceed one-third (or such other lower limit as the Board may establish) of the total assets of the Fund. The risks in lending portfolio securities, as with other extensions of credit, include a possible delay in recovering the loaned securities or a possible loss of rights in the collateral should the borrower fail financially. Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict the rights of counterparties, such as the Funds, to terminate such agreements, foreclose upon collateral, exercise other default rights, or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential additional government regulation and other developments in the market, could adversely affect a Fund's ability to terminate existing securities lending agreements or to realize amounts to be received under such agreements. Voting rights or rights to consent with respect to the loaned securities pass to the borrower, although a Fund would retain the right to call the loans at any time on reasonable notice, and may do so in order that the securities may be voted in an appropriate case.

A Fund's securities loans will be made by a third-party agent appointed by the Fund, although the agent is only permitted to make loans to borrowers previously approved by the Fund's Board. Any cash collateral securing a loan of securities by a Fund will typically be invested by the agent. The investment of the collateral will be at the risk and for the

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account of the Fund. The earnings on the investment of collateral will be split between the Fund and the agent; as a result, the agent may have an incentive to invest the collateral in riskier investments than if it were not to share in the earnings. It is possible that any loss on the investment of collateral for a securities loan will exceed (potentially by a substantial amount) the Fund's earnings on the loan.

#### Short Sales
A short sale is a transaction in which a fund sells a security it does not own in anticipation that the market price of that security will decline. When a fund makes a short sale on a security, it must borrow the security sold short and deliver it to a broker dealer through which it made the short sale as collateral for its obligation to deliver the security upon the conclusion of the sale. A fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities. If the price of the security sold short increases between the time of the short sale and the time a fund replaces the borrowed security, a fund will incur a loss, which could be unlimited, in cases where a fund is unable for whatever reason to close out its short position; conversely, if the price declines, a fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely impacted by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

Selling short "against-the-box" refers to the sale of securities actually owned by the seller but held in safekeeping. In such short sales, while the short position is open, a fund must own an equal amount of such securities, or by virtue of ownership of securities have the right, without payment of further consideration, to obtain an equal amount of securities sold short. Short sales against-the-box generally produce current recognition of gain (but not loss) for U.S. federal income tax purposes on the constructive sale of securities "in the box" prior to the time the short position is closed out.

#### Terrorism, War, Natural Disasters, and Epidemics
Terrorism, war, and related geopolitical events (and their aftermath) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. For example, in February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. In addition, sanctions imposed on Russia, Russian individuals, including politicians, and Russian corporate and banking entities by the U.S. and other countries, and any sanctions imposed in the future, may have a significant adverse impact on the Russian economy and related markets. Such actions may also result in a decline in the value and liquidity of Russian securities, and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, securities market trading halts related to the conflict could adversely impact the value and liquidity of a Fund's holdings, and could impair a Fund's ability to transact in and/or value portfolio securities. The ramifications of the conflict and related sanctions may negatively impact other regional and global financial markets (including in Europe, Asia, and the U.S.), companies in other countries (including those that have done business in Russia), and various sectors, industries, and markets for securities and commodities, such as oil and natural gas. The price and liquidity of a Fund's investments may fluctuate widely as a result of this and other geopolitical conflicts and related events. The extent and duration of any military conflict or future escalation of such hostilities (including cyberattacks), the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations, cannot be predicted. These and any related or similar future events could have a significant adverse impact on a Fund's performance and the value of an investment in a Fund.

Natural and environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis, and weather-related phenomena generally, as well as widespread epidemics, can be highly disruptive to economies and markets, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. For example, the spread of the novel strain of coronavirus and its variants (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, and may adversely affect the Funds' investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, and disruptions to business operations (including staff reductions), supply chains, and consumer activity, as well as general concern and uncertainty that has negatively affected the economic environment.

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The COVID-19 virus has negatively affected the global economy, the economies of many countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. In addition, actions taken by governmental and quasi-governmental authorities and regulators throughout the world in response to the COVID-19 outbreak, including significant fiscal and monetary policy changes, have affected the values, volatility, and liquidity of securities or other assets. The effects of the outbreak in developing or emerging market countries may be greater due to less established health care systems, financial systems and institutions, and government institutions. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty. The foregoing could have a significant adverse effect on a Fund's performance and have the potential to impair a Fund's ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of a Fund's service providers, adversely affect the values and liquidity of a Fund's investments, and negatively impact a Fund's performance and a shareholder's investment in a Fund. Other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors, and the health of the markets generally in potentially significant and unforeseen ways.

#### Trade Claims
A Fund may purchase trade claims and other obligations of, or claims against, companies in bankruptcy proceedings. Trade claims are claims for payment by vendors and suppliers for products and services previously furnished to the companies in question. Other claims may include, for example, claims for payment under financial or derivatives obligations. Trade claims may be purchased directly from the creditor or through brokers or from dealers, and are typically purchased at a significant discount from their face amounts. There is no guarantee that a debtor will ever be able to satisfy its obligations on such claims. Trade claims are subject to the risks associated with low-quality and distressed obligations.

#### Trust Preferred Securities
Trust preferred securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities characteristics, or by an affiliated trust, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. Trust preferred securities may pay interest at either fixed or adjustable rates. Trust preferred securities may be issued with a final maturity date, or may be perpetual.

Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred securities typically permit an issuer to defer the payment of income for five years or more without triggering an event of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments for extended periods of time without default consequences to the issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the trust preferred securities have not been made), these trust preferred securities are often treated as close substitutes for traditional preferred securities, both by issuers and investors.

Many trust preferred securities are issued by trusts or other special purpose entities established by operating companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to those of the trust or special purpose entity securities). The trust or special purpose entity is generally required to be treated as transparent for U.S. federal income tax purposes, and the holders of the trust preferred securities are treated for tax purposes as owning beneficial interests in the underlying debt of the operating company. Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company's debt and would typically be subordinated to other classes of the operating company's debt.

#### U.S. Government Securities
The Funds may invest in U.S. Government securities. These include obligations issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities. Payment of principal and interest on U.S. Government obligations (i) may be backed by the full faith and credit of the United States (as with U.S. Treasury obligations and GNMA certificates) or (ii) may be backed solely by the issuing or guaranteeing agency or instrumentality itself (as with FNMA notes). In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest

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compared to government debt securities that are backed by the full faith and credit of the United States. Such agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities where it is not obligated to do so. From time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt ceiling could: increase the risk that the U.S. Government may default on payments on certain U.S. Government securities; cause the credit rating of the U.S. Government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt.

U.S. Government securities are subject to interest rate risk, and, in some cases, may be subject to credit risk. Although FHLMC and FNMA are now under conservatorship by the Federal Housing Finance Agency, and are benefiting from a liquidity backstop of the U.S. Treasury, no assurance can be given that these initiatives will be successful. As a general matter, the value of debt instruments, including U.S. Government obligations, declines when market interest rates increase and rises when market interest rates decrease. Certain types of U.S. Government obligations are subject to fluctuations in yield or value due to their structure or contract terms.

#### Utility Industries
Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets, technological innovations that may render existing plants, equipment, or products obsolete, the potential impact of natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasionally reduced availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national energy policy and lengthy delays and greatly increased costs and other problems associated with the design, construction, licensing, regulation, and operation of nuclear facilities for electric generation, including, among other considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes. There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities held in the Fund's portfolio may own or operate nuclear generating facilities. Governmental authorities may from time to time review existing policies and impose additional requirements governing the licensing, construction and operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric utility.

Utility companies in the United States and in foreign countries are generally subject to regulation. In the United States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will continue in the future.

The nature of regulation of the utility industries continues to evolve both in the United States and in foreign countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to provide services and products outside their traditional geographic areas and lines of business, creating new areas of competition within the industries. In some instances, utility companies are operating on an unregulated basis. Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to the field of telecommunications, non-regulated providers of utility services have become a significant part of their respective industries. The investment adviser or subadviser believes that the emergence of competition and deregulation will result in certain utility companies being able to earn more than their traditional regulated rates of return, while others may be forced to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as new uses of funds (such as for expansion, operations, or stock buybacks) could result in cuts in dividend payout rates. The investment adviser or subadviser seeks to take advantage of favorable investment opportunities that may arise from these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.

Foreign utility companies are also subject to regulation, although such regulations may or may not be comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective governments than

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utilities in the United States and, as in the United States, generally are required to seek government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution than those used in the United States, which may require such utilities to invest in pollution control equipment to meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in ways different from regulation in the United States.

A Fund's investment policies are designed to enable it to capitalize on evolving investment opportunities throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of capacity in the utility industries in those countries. Although many foreign utility companies currently are government-owned, thereby limiting current investment opportunities for a Fund, the investment adviser or subadviser believes that, in order to attract significant capital for growth, foreign governments are likely to seek global investors through the privatization of their utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no assurance that such favorable developments will occur or that investment opportunities in foreign markets will increase.

The revenues of domestic and foreign utility companies generally reflect the economic growth and development in the geographic areas in which they do business. The investment adviser or subadviser will take into account anticipated economic growth rates and other economic developments when selecting securities of utility companies.

#### Zero-Coupon, Step Coupon and Pay-In-Kind Securities
Other debt securities in which the Funds may invest include zero coupon, step coupon, and pay-in-kind instruments. Zero coupon bonds are issued and traded at a discount from their face value. They do not entitle the holder to any periodic payment of interest prior to maturity. Step coupon bonds trade at a discount from their face value and pay coupon interest. The coupon rate is low for an initial period and then increases to a higher coupon rate thereafter. The discount from the face amount or par value depends on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security, and the perceived credit quality of the issue. Pay-in-kind securities are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

Current U.S. federal income tax law requires holders of zero coupon and step coupon securities to report the portion of the original issue discount on such securities that accrues during a given year as interest income, even though holders receive no cash payments of interest during the year. In order to qualify as a regulated investment company under the Code, a Fund must distribute its investment company taxable income, including the original issue discount accrued on zero coupon or step coupon bonds. Because a Fund will not receive cash payments on a current basis in respect of accrued original issue discount on zero coupon or step coupon bonds during the period before interest payments begin, and may not receive cash payments on payment-in-kind securities until maturity or redemption, in some years that Fund may have to distribute cash obtained from other sources in order to satisfy the distribution requirements under the Code. A Fund might obtain such cash from selling other portfolio holdings which might cause a Fund to incur capital gains or losses on the sale. Additionally, these actions are likely to reduce the assets to which Fund expenses could be allocated and to reduce the rate of return for a Fund. In some circumstances, such sales might be necessary in order to satisfy cash distribution requirements even though investment considerations might otherwise make it undesirable for a Fund to sell the securities at the time.

Generally, the market prices of zero coupon, step coupon, and pay-in-kind securities are more volatile than the prices of securities that pay interest periodically and in cash and are likely to respond to changes in interest rates to a greater degree than other types of debt securities.

#### DISCLOSURE OF PORTFOLIO HOLDINGS
The Trustees of the Funds, including a majority of Trustees who are not "interested persons" of the Funds (as defined in the 1940 Act), have adopted policies and procedures with respect to the disclosure of the Funds' portfolio holdings. These policies and procedures generally provide that no disclosure of portfolio holdings information may be made unless publicly disclosed as described below or made as part of the daily investment activities of the Funds to the Funds' investment adviser, subadviser(s), as applicable, or any of their designates who provide services to the Funds, which by explicit agreement or by virtue of their respective duties to the Funds, are required to maintain confidentiality of the information disclosed. Certain limited exceptions pursuant to the Funds' policies and procedures are described below. The Funds' portfolio holdings information may not be disseminated for compensation. Any exceptions to the Funds' policies

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and procedures may be made only if approved in writing by the Funds' Principal Executive Officer and the Funds' Chief Compliance Officer as being in the best interests of the relevant Fund, and then only if the recipients are subject to a written confidentiality agreement specifying that the relevant Fund's portfolio holdings information is the confidential property of the Fund and may not be used for any purpose except in connection with the provision of services to the Fund and, in particular, that such information may not be traded upon. Any such exceptions must be reported to the Funds' Board at its next regularly scheduled meeting. It was determined that these policies and procedures are reasonably designed to ensure that disclosure of portfolio holdings information is in the best interests of a Fund's shareholders and appropriately address the potential for conflicts between the interests of a Fund's shareholders, on the one hand, and those of MML Advisers or any affiliated person of the Fund or MML Advisers on the other.

Acting pursuant to the policies and procedures adopted by the Trustees of the Funds, the Funds' investment adviser and subadviser(s), as applicable, are primarily responsible for compliance with these policies and procedures, which includes maintaining such internal informational barriers (e.g., "Chinese walls") as each believes are reasonably necessary for preventing the unauthorized disclosure of portfolio holdings information. Pursuant to Rule 38a-1 under the 1940 Act, the Trustees will periodically (as needed, but at least annually) receive reports from the Funds' Chief Compliance Officer regarding the operation of these policies and procedures, including a confirmation by the Chief Compliance Officer that the investment adviser's and the subadviser('s/s'), as applicable, policies, procedures, and/or processes are reasonably designed to comply with the Funds' policies and procedures in this regard.

#### Public Disclosures
The Funds' portfolio holdings are currently disclosed to the public through required filings with the SEC and as described below. The Funds file their portfolio holdings with the SEC as of the end of the second and fourth quarters of the Funds' fiscal year on Form N-CSR (with respect to each semiannual period and annual period) no later than 70 days after the end of the applicable quarter. In addition, monthly reports of all of the Funds' portfolio holdings (with the exception of the U.S. Government Money Market Fund) are filed quarterly with the SEC on Form N-PORT no later than 60 days after the end of each quarter of the Funds' fiscal year, and the monthly report for the third month of each quarter will be made publicly available by the SEC upon filing. Shareholders may obtain the Funds' Form N-CSR and N-PORT filings on the SEC's website at http://www.sec.gov. In addition, the Funds' annual and semiannual reports and complete schedule of portfolio holdings from their filings on Form N-PORT for the first and third quarters of each fiscal year are made available to shareholders at https://www.massmutual.com/funds after the end of the applicable quarter. The Funds' annual and semiannual reports are also mailed to shareholders after the end of the applicable quarter. In addition, the U.S. Government Money Market Fund files its portfolio holdings with the SEC for each month on Form N-MFP no later than the fifth business day after the end of the applicable month. The information in Form N-MFP is immediately made publicly available by the SEC after it has been filed.

The Funds' (other than the U.S. Government Money Market Fund) most recent portfolio holdings as of the end of each quarter are available on https://www.massmutual.com/funds no earlier than 15 calendar days after the end of each quarter. Because such information is updated quarterly, it will generally be available for viewing for approximately three months after the posting. As required by Rule 2a-7 under the 1940 Act, the U.S. Government Money Market Fund's monthly portfolio holdings and certain other information about the Fund, including its dollar-weighted average maturity and dollar-weighted average life, are available on https://www.massmutual.com/funds within five business days after the end of each month. Such information will generally be available for viewing for at least six months after the posting.

A Fund's portfolio holdings may also be made available on https://www.massmutual.com/funds at other times as approved in writing by the Funds' Principal Executive Officer and the Funds' Chief Compliance Officer as being in the best interests of the relevant Fund.

#### Other Disclosures
Acting pursuant to the policies and procedures adopted by the Trustees of the Funds, and to the extent permitted under the 1933 and 1940 Acts, the Funds, the Funds' investment adviser, and the Funds' subadviser(s), as applicable, may distribute (or authorize the Funds' custodian to distribute) information regarding the Funds' portfolio holdings more frequently than as provided to the public on a confidential basis to various service providers and others who require such information in order to fulfill their contractual duties with respect to the routine investment activities or operations of the Funds. Such service providers or others must, by explicit agreement or by virtue of their respective duties to the Funds, be required to maintain confidentiality of the information disclosed. These service providers include, but are not limited to, the Funds' custodian (State Street Bank and Trust Company ("State Street")), the Funds' sub-administrators (State Street and

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MassMutual), the Funds' independent registered public accounting firm (Deloitte & Touche LLP), filing agents, legal counsel (Ropes & Gray LLP), financial printer (Toppan Merrill, LLC), any portfolio liquidity classification vendor, any proxy voting service employed by the Funds, MML Advisers or any of the Funds' subadviser(s), as applicable, providers of portfolio analysis tools, any pricing services employed by the Funds, and any providers of transition management services. The Funds or the Funds' investment adviser may also periodically provide non-public information about their portfolio holdings to rating and ranking organizations, such as Lipper Inc. and Morningstar Inc., in connection with those firms' research on and classification of the Funds and in order to gather information about how the Funds' attributes (such as volatility, turnover, and expenses) compared with those of peer funds.

The Funds, the Funds' investment adviser, or the Funds' subadviser(s), as applicable, may distribute (or authorize the Funds' custodian to distribute) information regarding the Funds' portfolio holdings more frequently than as provided to the public on a confidential basis to various service providers and others who require such information in order to fulfill non-routine legitimate business activities related to the management, investment activities, or operations of the Funds. Such disclosures may be made only if (i) the recipients of such information are subject to a written confidentiality agreement specifying that the Funds' portfolio holdings information is the confidential property of the Funds and may not be used for any purpose except in connection with the provision of services to the Funds and, in particular, that such information may not be traded upon; and (ii) if the Funds' Chief Compliance Officer (or a person designated by the Chief Compliance Officer) determines that, under the circumstances, disclosure is in the best interests of the relevant Fund's shareholders. The information distributed is limited to the information that the Funds, MML Advisers, or the relevant subadviser(s), as applicable, believes is reasonably necessary in connection with the services provided by the recipient receiving the information.

#### INVESTMENT RESTRICTIONS OF THE FUNDS

#### FUNDAMENTAL INVESTMENT RESTRICTIONS OF THE FUNDS
The following is a description of certain fundamental restrictions on investments of the Funds which may not be changed without a vote of a majority of the outstanding shares of the applicable Fund. Investment restrictions that appear below or elsewhere in this SAI and in the Prospectus which involve a maximum percentage of securities or assets shall not be considered violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of, or borrowings by or on behalf of, a Fund. Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

with the exception of the Disciplined Growth Fund, purchase securities (other than securities issued, guaranteed or sponsored by the U.S. Government or its agencies or instrumentalities or securities issued by investment companies) of any one issuer if, as a result, more than 5% of a Fund's total assets would be invested in the securities of such issuer or the Fund would own more than 10% of the outstanding voting securities of such issuer, except that up to 25% of the Fund's total assets may be invested without regard to these limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

purchase commodities or commodity contracts, except that a Fund may enter into futures contracts, options, options on futures, and other financial or commodity transactions to the extent consistent with applicable law and the Fund's Prospectus and SAI at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

purchase or sell real estate except that it may dispose of real estate acquired as a result of the ownership of securities or other instruments. (This restriction does not prohibit a Fund from investing in securities or other instruments backed by real estate or in securities of companies engaged in the real estate business.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

participate in the underwriting of securities, except to the extent that a Fund may be deemed an underwriter under federal securities laws by reason of acquisitions or distributions of portfolio securities (e.g., investments in restricted securities and instruments subject to such limits as imposed by the Board and/or law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder (as such statute, rules or regulations may be amended from time to time) or by guidance regarding or interpretations of, or exemptive orders under, the 1940 Act or the rules or regulations thereunder published by appropriate regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

borrow money or issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder (as such statute, rules or regulations may be amended from time to time) or by guidance regarding or interpretations of, or exemptive orders under, the 1940 Act or the rules or regulations thereunder published by appropriate regulatory authorities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

concentrate its investments in any one industry, as determined by the Board, and in this connection a Fund will not acquire securities of companies in any one industry if, immediately after giving effect to any such acquisition, 25% or more of the value of the total assets of the Fund would be invested in such industry, with the following exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

There is no limitation for securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

There is no limitation for securities issued by other investment companies.

#### NON-FUNDAMENTAL INVESTMENT RESTRICTIONS OF THE FUNDS
In addition to the investment restrictions adopted as fundamental policies set forth above, the Funds operate with certain non-fundamental policies that may be changed by a vote of a majority of the Board members at any time.

In accordance with such policies, each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

to the extent required by applicable law at the time, purchase additional securities when its borrowings, less amounts receivable on sales of portfolio securities, exceed 5% of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

sell securities short, but reserves the right to sell securities short against the box.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

invest more than 15% of its net assets in illiquid securities (5% of its total assets in the case of the U.S. Government Money Market Fund). This restriction does not limit the purchase of securities eligible for resale to qualified institutional buyers pursuant to Rule 144A under the 1933 Act, provided that such securities are determined to be liquid by MML Advisers or the subadviser pursuant to Board approved guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

to the extent that shares of the Fund are purchased or otherwise acquired by other series of the Trust or other series of registered open-end investment companies in the Trust's "group of investment companies" (as such term is defined in Section 12(d)(1)(G) of the 1940 Act), acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act.

With respect to limitation (3) above, if there is a lack of trading interest in particular Rule 144A securities, a Fund's holdings of those securities may be illiquid, resulting in the possibility of undesirable delays in selling these securities at prices representing fair value. If, through a change in values, net assets, or other circumstances, the Fund were in a position where more than 15% of its net assets was invested in illiquid securities (5% of its total assets in the case of the U.S. Government Money Market Fund), it would take appropriate orderly steps, as deemed necessary, to protect liquidity.

#### MANAGEMENT OF THE TRUST
The Trust has a Board comprised of 10 Trustees, a majority of which are not "interested persons" (as defined in the 1940 Act) of the Trust. The Board is generally responsible for the management and oversight of the business and affairs of the Trust. The Trustees formulate the general policies of the Trust and the Funds, approve contracts, and authorize Trust officers to carry out the decisions of the Board. To assist them in this role, the Trustees who are not "interested persons" of the Trust, the adviser, or any subadviser ("Independent Trustees") have retained independent legal counsel. As investment adviser and subadvisers to the Funds, respectively, MML Advisers and Barings, BIIL, ICM, Invesco Advisers, TSW, and Wellington Management may be considered part of the management of the Trust. The Trustees and principal officers of the Trust are listed below together with information on their positions with the Trust, address, and year of birth, as well as their principal occupations during at least the past five years and their other current principal business affiliations.

The Board has appointed an Independent Trustee Chairperson of the Trust. The Chairperson presides at Board meetings and may call a Board or committee meeting when he or she deems it necessary. The Chairperson participates in the preparation of Board meeting agendas and may generally facilitate communications among the Trustees, and between the Trustees and the Trust's management, officers, and independent legal counsel, between meetings. The Chairperson may also perform such other functions as may be requested by the Board from time to time. The Board has established the three standing committees described below, and may form working groups or ad hoc committees as needed.

The Board believes this leadership structure is appropriate because it allows the Board to exercise informed and independent judgment, and allocates areas of responsibility among committees or working groups of Trustees and the full Board in a manner that enhances effective oversight. The Board also believes that having a majority of Independent Trustees is appropriate and in the best interest of the Funds' shareholders. However, in the Board's opinion, having interested persons serve as Trustees brings both corporate and financial viewpoints that are significant elements in its

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decision-making process. The Board reviews its leadership structure at least annually and may make changes to it at any time, including in response to changes in the characteristics or circumstances of the Trust.

#### Independent Trustees

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|:---|:---|
| **Allan W. Blair** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1948 <br> Trustee of the Trust since 2012 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Retired; Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Nabil N. El-Hage** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1958 <br> Trustee of the Trust since 2003 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Maria D. Furman** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1954 <br> Trustee of the Trust since 2004 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Retired; Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **R. Bradford Malt** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1954 <br> Trustee of the Trust since 2022 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Chairman (2004-2019), Management Committee (1993-2019), Partner (1987-2019), Associate (1979-1987), Ropes & Gray LLP (counsel to the Trust and MassMutual); Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **C. Ann Merrifield** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1951 <br> Trustee of the Trust since 2004 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Retired; Director (since 2020), Lead Director (2020-2022), Chairperson (since 2020) of the Nominating and Governance Committee, Member (since 2020) and Chairperson (2020-2022) of the Compensation Committee, and Member (2020-2022) of the Audit Committee, Lyra Therapeutics (a clinical-stage specialty pharmaceutical company); Director (since 2014), Chairperson (since 2017), Lead Director (2015-2017), Member (since 2014) and Chairperson (since 2015) of the Nominating and Governance Committee, Member (since 2019) of the Compensation Committee, and Member (2014-2019) of the Audit Committee, InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Cynthia R. Plouché** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1957 <br> Trustee of the Trust since 2022 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Retired; Assessor (2014-2018), Moraine Township (property assessment); Trustee (since 2014), Northern Trust Funds (open-end investment companies); Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **Jason J. Price** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1973 <br> Trustee of the Trust since 2022 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Co-Founder and Chairman of the Board (2017-2021), NXTHVN (arts organization); Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Susan B. Sweeney** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1952 <br> Chairperson of the Trust since 2022 <br> Trustee of the Trust since 2012 <br> Trustee of 112 portfolios in fund complex<sup>1</sup> | Chairperson and Trustee of the Trust |

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Retired; Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Chairperson (since 2022), Trustee (since 2009), MassMutual Select Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2021), MassMutual Advantage

<sup>1</sup>

Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

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Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2009), MML Series Investment Fund (open-end investment company); Chairperson (since 2022), Trustee (since 2012), MML Series Investment Fund II (open-end investment company).

#### Interested Trustees

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| | |
|:---|:---|
| **Michael R. Fanning**<sup>2</sup> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1963 <br> Trustee of the Trust since 2021 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Director (since 2016), MML Advisers; Head of MassMutual U.S. (since 2016), Executive Vice President (2016-2018), Member of MassMutual's Executive Leadership Team (since 2008), MassMutual; Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company); Trustee (since 2021), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Clifford M. Noreen**<sup>3</sup> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1957 <br> Trustee of the Trust since 2021 <br> Trustee of 112 portfolios in fund complex<sup>4</sup> | Trustee of the Trust |

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Head of Global Investment Strategy (since 2019), Deputy Chief Investment Officer and Managing Director (2016-2018), MassMutual; President (2008-2016), Vice Chairman (2007-2008), Member of the Board of Managers (2006-2016), Managing Director (2000-2016), Barings LLC; Chairman (since 2009), Trustee (since 2005), President (2005-2009), CI Subsidiary Trust and PI Subsidiary Trust; Chairman and Trustee (since 2009), President (2005-2009), Vice President (1993-2005), Barings Corporate Investors (closed-end investment company); Chairman and Trustee (since 2009), President (2005-2009), Vice President (1993-2005), Barings Participation Investors (closed-end investment company); Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company); Trustee (since 2021), MML Series Investment Fund II (open-end investment company).

#### Principal Officers

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| | |
|:---|:---|
| **Andrea Anastasio** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1974 <br> Officer of the Trust since 2021 <br> Officer of 110 portfolios in fund complex | Vice President |

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Vice President (since 2021), MML Advisers; Head of Investment Management Solutions (since 2021), MassMutual; Head of Investment Strategy and Research, North America (2019-2021), Head of Investment Product Management (2016-2019), State Street Global Advisors; Vice President (since 2021), MassMutual Select Funds (open-end investment company); Vice President (since 2021), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2021), MML Series Investment Fund (open-end investment company); Vice President (since 2021), MML Series Investment Fund II (open-end investment company).

<sup>2</sup>

Mr. Fanning is an "Interested Person," as that term is defined in the 1940 Act, as an employee of MassMutual.

<sup>3</sup>

Mr. Noreen is an "Interested Person," as that term is defined in the 1940 Act, as an employee of MassMutual.

<sup>4</sup>

Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

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|:---|:---|
| **Andrew M. Goldberg** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1966 <br> Officer of the Trust since 2004 <br> Officer of 110 portfolios in fund complex | Vice President, Secretary, and Chief Legal Officer of the Trust |

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Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary (formerly known as "Clerk"), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary (formerly known as "Clerk"), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Renee Hitchcock** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1970 <br> Officer of the Trust since 2007 <br> Officer of 110 portfolios in fund complex | Chief Financial Officer and Treasurer of the Trust |

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Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2021), MassMutual Advantage Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Paul LaPiana** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1969 <br> Officer of the Trust since 2021 <br> Officer of 110 portfolios in fund complex | President of the Trust |

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President (since 2021), MML Advisers; Head of MassMutual U.S. Product (since 2019), Head of Field Management (2016-2019), MassMutual; President (since 2021), MassMutual Select Funds (open-end investment company); President (since 2021), MassMutual Premier Funds (open-end investment company); President (since 2021), MassMutual Advantage Funds (open-end investment company); President (since 2021), MML Series Investment Fund (open-end investment company); President (since 2021), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Jill Nareau Robert** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1972 <br> Officer of the Trust since 2008 <br> Officer of 110 portfolios in fund complex | Vice President and Assistant Secretary of the Trust |

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Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as "Assistant Clerk") (2008-2017), MassMutual Premier Funds (open-end investment company); Vice President and Assistant Secretary (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017),

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MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as "Assistant Clerk") (2008-2017), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Douglas Steele** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1975 <br> Officer of the Trust since 2016 <br> Officer of 110 portfolios in fund complex | Vice President of the Trust |

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Head of Product Management (since 2021), Vice President (since 2017), Head of Manager Research (2021), Head of Investment Management (2017-2021), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Product Management (since 2021), Head of Manager Research (2021), Head of Investment Management (2017-2021), Assistant Vice President (2013-2017), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Philip S. Wellman** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1964 <br> Officer of the Trust since 2007 <br> Officer of 110 portfolios in fund complex | Vice President and Chief Compliance Officer of the Trust |

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Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds & RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company).

Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. Notwithstanding the foregoing, unless the Trustees determine that it is desirable and in the best interest of the Trust that an exception to the retirement policy of the Trust be made, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-five years, however, an interested Trustee of the Trust shall no longer serve as a Trustee if or when they are no longer an employee of MassMutual or an affiliate.

The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified, and any such Chairperson may not serve more than two consecutive terms.

The President, Treasurer, and Secretary and such other officers as the Trustees may in their discretion from time to time elect are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed, or becomes disqualified.

Each officer and the Chairperson shall hold office at the pleasure of the Trustees.

The Chairperson of any of the Trust's Committees shall serve a term of three years or until he or she retires, dies, resigns, is removed, or becomes disqualified.

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#### Additional Information About the Trustees
In addition to the information set forth above, the following specific experience, qualifications, attributes, and skills apply to each Trustee. Each Trustee was appointed to serve on the Board based on his or her overall experience and the Board did not identify any specific qualification as all-important or controlling. The information in this section should not be understood to mean that any of the Trustees is an "expert" within the meaning of the federal securities laws.

***Allan W. Blair*** — As a former trustee and audit and compliance committee member of a large healthcare system, Mr. Blair has experience with financial, regulatory, and operational issues. He also has served as president and/or CEO of several non-profit and quasi-public organizations for over 30 years. Mr. Blair holds a BA from the University of Massachusetts at Amherst and a JD from Western New England College School of Law.

***Nabil N. El-Hage*** — As a former CEO or CFO of various public and private companies, Mr. El-Hage has experience with financial, regulatory, and operational issues. He has also taught corporate finance at the graduate level, and has served as a director for more than a dozen public and private companies and as an associate at a venture capital firm. Mr. El-Hage holds a BS in Electronic Engineering from Yale University and an MBA with high distinction from Harvard University.

***Michael R. Fanning*** — As an executive and/or director of financial services and insurance companies, Mr. Fanning has experience with financial, regulatory, and operational issues. He also has served as an audit committee member for financial services and insurance companies. Mr. Fanning holds a BA in Economics and a BA in Organizational Behavior and Management from Brown University.

***Maria D. Furman*** — As a trustee and chairperson or member of the audit and investment committees of various educational organizations, and as a former managing director, director, and portfolio manager at an investment management firm, Ms. Furman has experience with financial, regulatory, and operational issues. She also has served as an audit and investment committee member and a director, treasurer, and investment committee chair for environmental, educational, and healthcare organizations. Ms. Furman is a CFA charterholder and holds a BA from the University of Massachusetts at Dartmouth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***R. Bradford Malt*** — As a current Chairman Emeritus, a former Chairman, and a former partner of a corporate law firm, which serves as counsel to the Trust and to MML Advisers, with over 40 years of financial services experience, Mr. Malt has expertise in financial, regulatory, and operational issues. He has also served as a director for several public and private companies. Mr. Malt holds an AB in Applied Mathematics from Harvard College and a JD from Harvard Law School.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***C. Ann Merrifield*** — As a trustee of a healthcare organization, current and former director of specialty pharmaceutical companies, former biotechnology executive, former partner of a consulting firm, and investment officer at a large insurance company, Ms. Merrifield has experience with financial, regulatory, and operational issues. She also has served as an audit committee member for a manufacturing company and three public life sciences companies. Ms. Merrifield holds a BA and M. Ed. from the University of Maine and an MBA from Amos Tuck School of Business Administration at Dartmouth College.

***Clifford M. Noreen*** — As an executive of financial services companies with over 35 years of investment management experience, a director of several private companies, an investment committee member of two non-profit organizations, and a director and/or officer of various investment companies and private funds, Mr. Noreen has experience with financial, regulatory, and operational issues. Mr. Noreen holds a BA from the University of Massachusetts and an MBA from American International College.

***Cynthia R. Plouché*** — As a former assessor of a township, a former portfolio manager for asset management firms, and a former chief investment officer and managing director of an asset management firm with over 32 years of financial services experience, Ms. Plouché has experience with financial, regulatory, and operational issues. She has also served as a trustee and audit committee member for open-end investment companies and a trustee for a closed-end investment company. Ms. Plouché holds a BA in Psychology and Social Relations from Harvard University and an MBA from the Wharton School at the University of Pennsylvania.

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***Jason J. Price*** — As a former executive with over 25 years of financial services experience, Mr. Price has experience with financial, regulatory, and operational issues. He served as a Senior Vice President of Cigna Investment Management from 2009 to 2012 and as Head of Private Equity for the State of Connecticut Office of the Treasurer from 2005 to 2009. Mr. Price holds a BA in Business Administration from Morehouse College and an MBA from Harvard Business School.

***Susan B. Sweeney*** — As a former executive and investment officer of a property and casualty company and a former executive of a financial services company with over 35 years of financial services experience, Ms. Sweeney has experience with financial, regulatory, and operational issues. From 2010 to 2014, she was Chief Investment Officer and Senior Vice President of Selective Insurance Company of America. She also served as Chief Investment Officer for the State of Connecticut Pension Fund from 2002 to 2007, directing a multi-asset portfolio. Ms. Sweeney holds a BS in Business Studies from Connecticut Board for State Academic Awards, an MBA from Harvard Business School, and a Doctor of Humane Letters from Charter Oak State College.

#### Board Committees and Meetings
The full Board met eight times during the fiscal year ended September 30, 2022.

***Audit Committee***. The Trust has an Audit Committee, consisting of Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust. The Audit Committee, whose members are Messrs. Blair, El-Hage, Malt, and Price and Mses. Furman, Merrifield, and Plouché, oversees the Trust's accounting and financial reporting policies and practices, its internal controls, and internal controls of certain service providers; oversees the quality and objectivity of the Trust's financial statements and the independent audit thereof; evaluates the independence of the Trust's independent registered public accounting firm; evaluates the overall performance and compensation of the Chief Compliance Officer; acts as liaison between the Trust's independent registered public accounting firm and the full Board; and provides immediate access for the Trust's independent registered public accounting firm to report any special matters they believe should be brought to the attention of the full Board. During the fiscal year ended September 30, 2022, the Audit Committee met four times.

***Nominating and Governance Committee***. The Trust has a Nominating and Governance Committee, consisting of each Trustee who is not an "interested person" of the Trust. The Nominating and Governance Committee meets at least twice per calendar year. During the fiscal year ended September 30, 2022, the Nominating and Governance Committee met twice. The Nominating and Governance Committee (a) identifies, and evaluates the qualifications of, individuals to become independent members of the Funds' Board in the event that a position currently filled by an Independent Trustee is vacated or created; (b) nominates Independent Trustee nominees for election or appointment to the Board; (c) sets any necessary standards or qualifications for service on the Board; (d) recommends periodically to the full Board an Independent Trustee to serve as Chairperson; (e) evaluates at least annually the independence and overall performance of counsel to the Independent Trustees; (f) annually reviews the compensation of the Independent Trustees; and (g) oversees board governance issues including, but not limited to, (i) evaluating the board and committee structure and the performance of Trustees, (ii) considering and addressing any conflicts, (iii) considering the retirement policies of the Board, and (iv) considering and making recommendations to the Board at least annually concerning the Trust's directors and officers liability insurance coverage.

The Nominating and Governance Committee will consider and evaluate nominee candidates properly submitted by shareholders of the Trust in the same manner as it considers and evaluates candidates recommended by other sources. The Nominating and Governance Committee may also consider any other facts and circumstances attendant to such shareholder submission as may be deemed appropriate by the Nominating and Governance Committee, including, without limitation, the value of the Funds' securities owned by the shareholder and the length of time such shares have been held by the shareholder. A recommendation of a shareholder of the Trust must be submitted as described below to be considered properly submitted for purposes of the Nominating and Governance Committee's consideration. The shareholders of the Trust must submit any such recommendation (a "Shareholder Recommendation") in writing to the Trust's Nominating and Governance Committee, to the attention of the Secretary, at the address of the principal executive offices of the Trust, which is 1295 State Street, Springfield, MA 01111-0001. The Shareholder Recommendation must be delivered to or mailed and received at the principal executive offices of the Trust at least 60 calendar days before the date of the meeting at which the Nominating and Governance Committee is to select a nominee for Independent Trustee. The Shareholder Recommendation must include: (i) a statement in writing setting forth: (A) the name, age, date of birth, phone number, business address, residence address, nationality, and pertinent qualifications of the person recommended by the shareholder (the "Shareholder Candidate"), including an explanation of why the shareholder believes the Shareholder Candidate will make a good Trustee; (B) the class or series and number of all shares of the Funds owned of record or beneficially by the Shareholder Candidate, as reported to such shareholder by the Shareholder Candidate; (C) any other information regarding

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the Shareholder Candidate called for with respect to director nominees by paragraphs (a), (d), (e), and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), adopted by the SEC (or the corresponding provisions of any regulation or rule subsequently adopted by the SEC or any successor agency applicable to the Funds); (D) any other information regarding the Shareholder Candidate that would be required to be disclosed if the Shareholder Candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of trustees or directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the Shareholder Candidate is or will be an "interested person" (as defined in Section 2(a)(19) of the 1940 Act) of the Funds and, if not an "interested person," information regarding the Shareholder Candidate that will be sufficient for the Funds to make such determination; (ii) the written and signed consent of the Shareholder Candidate to be named as a nominee, consenting to (1) the disclosure, as may be necessary or appropriate, of such Shareholder Candidate's information submitted in accordance with (i) above; and (2) service as a Trustee if elected; (iii) the recommending shareholder's name as it appears on the Funds' books, the number of all shares of each series of the Funds owned beneficially and of record by the recommending shareholder; (iv) a description of all arrangements or understandings between the recommending shareholder and the Shareholder Candidate and any other person or persons (including their names) pursuant to which the Shareholder Recommendation is being made by the recommending shareholder; and (v) such other information as the Nominating and Governance Committee may require the Shareholder Candidate to furnish as the Nominating and Governance Committee may reasonably require or deem necessary to determine the eligibility of such Shareholder Candidate to serve as a Trustee or to satisfy applicable law.

Shareholders may send other communications to the Trustees by addressing such correspondence directly to the Secretary of the Trust, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, MA 01111-0001. When writing to the Board, shareholders should identify themselves, the fact that the communication is directed to the Board, the Fund they are writing about, and any relevant information regarding their Fund holdings. Except as provided below, the Secretary shall either (i) provide a copy of each shareholder communication to the Board at its next regularly scheduled meeting or (ii) if the Secretary determines that the communication requires more immediate attention, forward the communication to the Board promptly after receipt. The Secretary will also provide a copy of each shareholder communication to the Trust's Chief Compliance Officer.

The Secretary may, in good faith, determine that a shareholder communication should not be provided to the Board because it does not reasonably relate to the Trust or its operations, management, activities, policies, service providers, Board, officers, shareholders, or other matters relating to an investment in the Funds or is otherwise ministerial in nature (such as a request for Fund literature, share data, or financial information). The Secretary will provide to the Board on a quarterly basis a summary of the shareholder communications not provided to the Board by virtue of this paragraph.

***Contract Committee***. The Trust has a Contract Committee, consisting of each Trustee who is not an "interested person" of the Trust. During the fiscal year ended September 30, 2022, the Contract Committee met twice. The Contract Committee performs the specific tasks assigned to independent trustees by the 1940 Act, including the periodic consideration of the Trust's investment management agreements and subadvisory agreements.

#### Risk Oversight
As registered investment companies, the Funds are subject to a variety of risks, including, among others, investment risks, financial risks, compliance risks, and operational risks. The Funds' investment adviser and administrator, MML Advisers, has primary responsibility for the Funds' risk management on a day-to-day basis as part of its overall responsibilities. The Funds' subadvisers are primarily responsible for managing investment risk as part of their day-to-day investment management responsibilities, as well as operational risks at their respective firms. The Funds' investment adviser and Chief Compliance Officer also assist the Board in overseeing the significant investment policies of the Funds and monitor the various compliance policies and procedures approved by the Board as a part of its oversight responsibilities.

In discharging its oversight responsibilities, the Board considers risk management issues throughout the year by reviewing regular reports prepared by the Funds' investment adviser and Chief Compliance Officer, as well as special written reports or presentations provided on a variety of risk issues, as needed. For example, the investment adviser reports to the Board quarterly on the investment performance of each of the Funds, the financial performance of the Funds, overall market and economic conditions, and legal and regulatory developments that may impact the Funds. The Funds' Chief Compliance Officer, who reports directly to the Board's Independent Trustees, provides presentations to the Board at its quarterly meetings and an annual report to the Board concerning (i) compliance matters relating to the Funds, the Funds' investment adviser and subadvisers, and the Funds' other key service providers; (ii) regulatory developments; (iii) business

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continuity programs; and (iv) various risks identified as part of the Funds' compliance program assessments. The Funds' Chief Compliance Officer also meets at least quarterly in executive session with the Independent Trustees, and communicates significant compliance-related issues and regulatory developments to the Audit Committee between Board meetings.

In addressing issues regarding the Funds' risk management between meetings, appropriate representatives of the investment adviser communicate with the Chairperson of the Trust, the Chairperson of the Audit Committee, or the Funds' Chief Compliance Officer. As appropriate, the Trustees confer among themselves, or with the Funds' Chief Compliance Officer, the investment adviser, other service providers, and independent legal counsel, to identify and review risk management issues that may be placed on the full Board's agenda.

The Board also relies on its committees to administer the Board's oversight function. The Audit Committee assists the Board in reviewing with the investment adviser and the Funds' independent auditors, at various times throughout the year, matters relating to the annual audits, financial accounting and reporting matters, and the internal control environment at the service providers that provide financial accounting and reporting for the Funds. The Audit Committee also meets annually with representatives of the investment adviser's Corporate Audit Department to review the results of internal audits of relevance to the Funds. This and the Board's other committees present reports to the Board that may prompt further discussion of issues concerning the oversight of the Funds' risk management. The Board may also discuss particular risks that are not addressed in the committee process.

#### Share Ownership of Trustees and Officers of the Trust
The table below sets forth information regarding the Trustees' beneficial ownership of Fund shares, based on the value of such shares as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Name of Trustee**  | **The Dollar Range of Equity <br>Securities Beneficially Owned <br>in the Trust**  | **Aggregate Dollar Range of Equity <br>Securities in All Registered Investment <br>Companies Overseen by Trustee in <br>Family of Investment Companies**  |
| **Independent Trustees** |  |  |
| Allan W. Blair  |  | over $100,000  |
| Nabil N. El-Hage  |  |  |
| Maria D. Furman  |  |  |
| R. Bradford Malt  |  |  |
| C. Ann Merrifield  |  |  |
| Cynthia R. Plouché  |  |  |
| Jason J. Price  |  |  |
| Susan B. Sweeney  |  |  |
| **Interested Trustees** |  |  |
| Michael R. Fanning  |  |  |
| Clifford M. Noreen  |  |  |

---

The ownership information shown above does not include units of separate investment accounts that invest in one or more registered investment companies overseen by a Trustee in the family of investment companies held in a 401(k) plan or amounts held under a deferred compensation plan that are valued based on "shadow investments" in one or more such registered investment companies. As of December 31, 2022, these amounts were as follows: Mr. Blair, over $100,000; Mr. El-Hage, over $100,000; Mr. Fanning, $10,001-$50,000; Ms. Furman, None; Mr. Malt, None; Ms. Merrifield, None; Mr. Noreen, over $100,000; Ms. Plouché, None; Mr. Price, None; and Ms. Sweeney, None.

As of January 3, 2023, the Trustees and officers of the Trust, individually and as a group, did not beneficially own outstanding shares of any of the Funds.

To the knowledge of the Trust, as of December 31, 2022, the Independent Trustees and their immediate family members did not own beneficially or of record securities of the investment adviser, subadviser(s), principal underwriter, or sponsoring insurance company of the Funds or a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with the investment adviser, subadviser(s), principal underwriter, or sponsoring insurance company of the Funds.

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#### Trustee Compensation
Effective January 1, 2023 the Trust, on behalf of each Fund, pays each of its Trustees who is not an officer or employee of MassMutual a fee of $4,125 per quarter plus a fee of $600 per in-person meeting attended plus a fee of $600 for the annual Contract Committee meeting. The Chairperson of the Board is paid an additional 40% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. The Chairpersons of each of the Audit Committee and the Contract Committee are paid an additional 10% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. The Chairperson of the Nominating and Governance Committee is paid an additional 7% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. Such Trustees who serve on the Audit Committee, other than the Chairperson, are paid an additional 4% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. No additional fees are paid for attending any other committee meetings or any special telephonic meetings. In addition, the Trust reimburses out-of-pocket business travel expenses to such Trustees. Trustees who are officers or employees of MassMutual receive no fees from the Trust.

During 2022, the Trust, on behalf of each Fund, paid each of its Trustees who was not an officer or employee of MassMutual a fee of $3,960 per quarter plus a fee of $576 per in-person meeting attended plus a fee of $576 for the annual Contract Committee meeting. The Chairperson of the Board was paid an additional 40% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. The Chairpersons of each of the Audit Committee and the Contract Committee were paid an additional 10% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. The Chairperson of the Nominating and Governance Committee was paid an additional 7% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. Such Trustees who served on the Audit Committee, other than the Chairperson, were paid an additional 4% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. No additional fees were paid for attending any other committee meetings or any special telephonic meetings. In addition, the Trust reimbursed out-of-pocket business travel expenses to such Trustees. Trustees who were officers or employees of MassMutual received no fees from the Trust.

The following table discloses actual compensation paid to Trustees of the Trust during the 2022 fiscal year. The Trust has no pension or retirement plan, but does have a deferred compensation plan. The plan provides for amounts deferred prior to January 1, 2012, plus interest, to be credited at a rate of interest equal to that of the U.S. Corporate Bond Index as of January 1, 2012, to be reset every two years. Amounts deferred after January 1, 2012, plus or minus earnings, are "shadow invested." These amounts are valued based on changes in the values of one or more registered investment companies overseen by a Trustee.

---

| | | |
|:---|:---|:---|
| **Name of Trustee**  | **Aggregate Compensation from the Trust**  | **Total Compensation from the Trust and <br>Fund Complex Paid to Trustees**  |
| Allan W. Blair  | $21860  | $285825  |
| Nabil N. El-Hage  | $22451 <sup>1</sup> | $337648  |
| Michael R. Fanning  | $0  | $0  |
| Maria D. Furman  | $20479  | $267800  |
| R. Alan Hunter, Jr. <sup>2</sup>  | $17803  | $224700  |
| R. Bradford Malt <sup>3</sup>  | $5755  | $79930  |
| C. Ann Merrifield  | $21321  | $279500  |
| Clifford M. Noreen  | $0  | $0  |
| Cynthia R. Plouché <sup>3</sup>  | $5755  | $119930  |
| Jason J. Price <sup>3</sup>  | $5755  | $119930  |
| Susan B. Sweeney  | $25874  | $510787  |

---

?

<sup>1</sup>

The compensation amount shown does not include a gain/loss in the amount of $682 attributable to amounts held under a deferred compensation plan.

<sup>2</sup>

Retired from the Board as of June 30, 2022.

<sup>3</sup>

Joined the Board as of June 21, 2022.

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#### CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
As of January 3, 2023, to the Trust's knowledge, the following persons owned of record or beneficially 5% or more of the outstanding shares of the indicated classes of the Funds set forth below. Such ownership may be beneficially held by individuals or entities other than the owner listed. To the extent that any listed shareholder beneficially owns more than 25% of a Fund, it may be deemed to "control" such Fund within the meaning of the 1940 Act. The effect of such control may be to reduce the ability of other shareholders of the Fund to take actions requiring the affirmative vote of holders of a plurality or majority of the Fund's shares without the approval of the controlling shareholder.

#### MassMutual U.S. Government Money Market Fund <sup>1</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class R5 | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 33.59% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 31.34% |
|  | Reliance Trust Company <br> P.O. Box 28004 <br> Atlanta, GA 30358  | 18.88% |

---

#### MassMutual Inflation-Protected and Income Fund <sup>2</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 24.72% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 18.42% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 14.87% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2020 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 7.25% |
|  | Matrix Trust Company <br> TTEE FBO GoalPath 2020 Cons Enhanced <br> P.O. Box 52129 <br> Phoenix, AZ 85072  | 6.39% |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 63.63% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 28.57% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 73.38% |

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| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 15.73% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 5.04% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 68.88% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 29.40% |
| Class R4  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 36.22% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 31.58% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 11.25% |
|  | VRSCO FBO AIGFSB <br> FBO Compass Behavioral Health <br> 2727-A Allen Parkway <br> Houston, TX 77019  | 9.55% |
|  | State Street Bank Trustee <br> FBO ADP Access Product <br> 1 Lincoln Street <br> Boston, MA 02110  | 6.53% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 43.60% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 31.14% |
|  | Pershing LLC <br> P.O. Box 2052 <br> Jersey City, NJ 07303  | 19.84% |
| Class R3  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 58.43% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 32.02% |

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#### MassMutual Core Bond Fund <sup>3</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 25.79% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 14.30% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 14.17% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 10.25% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2020 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 6.81% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2025 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 5.67% |
|  | MassMutual 20/80 Allocation Fund <br> 1 Iron Street <br> Boston, MA 02210  | 5.34% |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 84.11% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 8.88% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 6.71% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 52.07% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 45.00% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 74.29% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 25.65% |
| Class R4  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 74.68% |

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---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 9.95% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 8.61% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 69.33% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 15.04% |
|  | Matrix Trust Company Trustee <br> FBO Kayser-Roth Corporation <br> P.O. Box 52129 <br> Phoenix, AZ 85072  | 8.74% |
|  | Pershing LLC <br> P.O. Box 2052 <br> Jersey City, NJ 07303  | 5.31% |
| Class R3  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 54.43% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 42.16% |

---

#### MassMutual Diversified Bond Fund <sup>4</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 58.34% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 38.31% |
| Class R5  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 70.79% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 14.59% |
|  | Capinco c/o US Bank NA <br> 1555 North Rivercenter Drive, Suite 302 <br> Milwaukee, WI 53212  | 12.34% |
| Service Class  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 58.66% |

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---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 41.34% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 88.73% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 11.27% |
| Class R4  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 51.70% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 25.94% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 22.06% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 55.75% |
|  | Reliance Trust Company <br> P.O. Box 28004 <br> Atlanta, GA 30358  | 21.76% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 18.03% |
| Class R3  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 82.90% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 17.10% |

---

#### MassMutual Balanced Fund <sup>5</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 57.48% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 21.78% |
|  | The Hartford <br> One Hartford Plaza <br> Hartford, CT 06155  | 20.63% |

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---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 96.22% |
| Service Class  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 61.19% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 37.91% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 98.21% |
| Class R4  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 49.42% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 36.86% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 7.97% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 5.75% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 49.02% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 38.18% |
|  | Pershing LLC <br> P.O. Box 2052 <br> Jersey City, NJ 07303  | 7.05% |
| Class R3  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 53.83% |
|  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 39.36% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 5.91% |

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#### MassMutual Disciplined Value Fund <sup>6</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 83.75% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 16.01% |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 100.00% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 96.05% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 97.26% |
| Class R4  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 90.68% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 8.62% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 87.17% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 9.37% |
| Class R3  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 72.11% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 20.05% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 7.82% |

---

#### MassMutual Main Street Fund <sup>7</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 69.17% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 28.95% |

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| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 98.07% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 100.00% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 92.78% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 7.22% |
| Class R4  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 75.63% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 23.02% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 48.99% |
|  | Pershing LLC <br> P.O. Box 2052 <br> Jersey City, NJ 07303  | 26.78% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 10.14% |
|  | Reliance Trust Company <br> P.O. Box 28004 <br> Atlanta, GA 30358  | 7.71% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 5.18% |
| Class R3  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 49.31% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 21.44% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 15.76% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 13.48% |

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#### MassMutual Disciplined Growth Fund <sup>8</sup>

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| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 64.68% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 33.85% |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 68.96% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 31.04% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 92.88% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 64.54% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 35.46% |
| Class R4  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 56.78% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 39.06% |
| Class A  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 57.24% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 35.74% |
| Class R3  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 93.82% |

---

#### MassMutual Small Cap Opportunities Fund <sup>9</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Reliance Trust Company <br> P.O. Box 28004 <br> Atlanta, GA 30358  | 16.33% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 16.12% |

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| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 12.35% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 11.52% |
|  | TIAA, FSB Custodian/TTEE <br> 211 North Broadway Suite 1000 <br> Saint Louis, MO 63102  | 11.51% |
|  | SEI Private Trust Company <br> One Freedom Valley Drive <br> Oaks, PA 19456  | 11.00% |
|  | Mid Atlantic Trust Company <br> FBO Popular, Inc. <br> 1251 Waterfront Place, Suite 525 <br> Pittsburgh, PA 15222  | 6.88% |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 61.20% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 18.21% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 7.32% |
|  | T. Rowe Price Retirement Plan Services Inc. <br> 4515 Painters Mill Road <br> Owings Mills, MD 21117  | 5.82% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 58.14% |
|  | John Hancock Trust Company LLC <br> 200 Berkeley Street <br> Boston, MA 02116  | 16.43% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 13.96% |
| Administrative Class  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 39.98% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 35.71% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 12.67% |

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| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 11.62% |
| Class R4  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 40.10% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 26.23% |
|  | FIIOC <br> FBO Scheurer Hospital Employees Retirement Plan <br> 100 Magellan Way <br> Covington, KY 41015  | 10.24% |
|  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 9.00% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 8.73% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 75.25% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 12.25% |
| Class R3  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 50.39% |
|  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 32.77% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 11.12% |

---

#### MassMutual Global Fund <sup>10</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 41.84% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 17.11% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 15.97% |

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---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | John Hancock Trust Company LLC <br> 690 Canton Street, Suite 100 <br> Westwood, MA 02090  | 11.54% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 8.17% |
|  | DCGT as TTEE and/or Custodian Omnibus <br> 711 High Street <br> Des Moines, IA 50392  | 5.20% |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 89.55% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 10.25% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 67.92% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 31.42% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 97.60% |
| Class R4  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 40.92% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 22.88% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 21.82% |
|  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 13.49% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 64.71% |
|  | Pershing LLC <br> P.O. Box 2052 <br> Jersey City, NJ 07303  | 26.83% |
| Class R3  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 47.39% |

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---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 43.93% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 5.10% |

---

#### MassMutual International Equity Fund <sup>11</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2040 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 17.12% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2050 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 13.47% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 13.23% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2035 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 8.93% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2045 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 8.25% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 7.44% |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 98.59% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 81.96% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 18.04% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 89.28% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 10.72% |
| Class R4  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 56.85% |

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---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 25.78% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 46.05% |
|  | Pershing LLC <br> P.O. Box 2052 <br> Jersey City, NJ 07303  | 42.10% |
| Class R3  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 54.75% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 21.80% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 20.54% |

---

#### MassMutual Strategic Emerging Markets Fund <sup>12</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 27.10% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 26.72% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 11.85% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2040 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 6.39% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2050 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 5.07% |
| Class R5  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 100.00% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 78.47% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 20.00% |

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---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 43.69% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 40.73% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 15.57% |
| Class R4  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 92.48% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 6.14% |
| Class A  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 55.80% |
|  | Millennium Trust Company LLC <br> 2001 Spring Road <br> Oak Brook, IL 60523  | 19.08% |
|  | Reliance Trust Company <br> P.O. Box 28004 <br> Atlanta, GA 30358  | 17.22% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 7.91% |
| Class R3  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 78.83% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 20.89% |

---

?

<sup>1</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, and Empower Trust Company, 8515 East Orchard Road, Greenwood Village, CO 80111, owned 33.59% and 31.34%, respectively, of MassMutual U.S. Government Money Market Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual and Empower Trust Company. MassMutual is organized under the laws of Massachusetts and Empower Trust Company is organized under the laws of Colorado.

?

<sup>2</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, owned 34.94% of MassMutual Inflation-Protected and Income Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual. MassMutual is organized under the laws of Massachusetts.

?

<sup>3</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, owned 41.88% of MassMutual Core Bond Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual. MassMutual is organized under the laws of Massachusetts.

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?

<sup>4</sup>

As of January 3, 2023, Empower Trust Company, 8515 East Orchard Road, Greenwood Village, CO 80111, and MassMutual, 1295 State Street, Springfield, MA 01111, owned 48.79% and 41.94%, respectively, of MassMutual Diversified Bond Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than Empower Trust Company and MassMutual. Empower Trust Company is organized under the laws of Colorado and MassMutual is organized under the laws of Massachusetts.

?

<sup>5</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, owned 60.17% of MassMutual Balanced Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual. MassMutual is organized under the laws of Massachusetts.

?

<sup>6</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, owned 84.81% of MassMutual Disciplined Value Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual. MassMutual is organized under the laws of Massachusetts.

?

<sup>7</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, owned 82.30% of MassMutual Main Street Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual. MassMutual is organized under the laws of Massachusetts.

?

<sup>8</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, and Empower Trust Company, 8515 East Orchard Road, Greenwood Village, CO 80111 owned 60.52% and 33.85%, respectively, of MassMutual Disciplined Growth Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual and Empower Trust Company. MassMutual is organized under the laws of Massachusetts and Empower Trust Company is organized under the laws of Colorado.

?

<sup>9</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, owned 41.28% of MassMutual Small Cap Opportunities Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual. MassMutual is organized under the laws of Massachusetts.

?

<sup>10</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, owned 69.65% of MassMutual Global Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual. MassMutual is organized under the laws of Massachusetts.

?

<sup>11</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, owned 39.30% of MassMutual International Equity Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual. MassMutual is organized under the laws of Massachusetts.

?

<sup>12</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, and National Financial Services LLC, 499 Washington Boulevard, Jersey City, NJ 07310 owned 27.65% and 26.03%, respectively, of MassMutual Strategic Emerging Markets Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual and National Financial Services. MassMutual is organized under the laws of Massachusetts and National Financial Services is organized under the laws of Delaware.

#### INVESTMENT ADVISORY AND OTHER SERVICE AGREEMENTS

#### Investment Adviser
MML Advisers, a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund pursuant to Investment Management Agreements with the Trust on behalf of the Funds (each, an "Advisory Agreement"). Under each Advisory Agreement, MML Advisers is obligated to provide for the management of each Fund's portfolio of securities, subject to policies established by the Trustees of the Trust and in accordance with each Fund's investment objective, policies, and restrictions as set forth herein and in the Prospectus, and has the right to select subadvisers to the Funds pursuant to an investment subadvisory agreement (the "Subadvisory Agreement").

The Advisory Agreement with each Fund may be terminated by the Board or by MML Advisers without penalty: (i) at any time for cause or by agreement of the parties or (ii) by either party upon sixty days' written notice to the other party. In

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addition, each Advisory Agreement automatically terminates if it is assigned or if its continuance is not specifically approved at least annually (after its initial 2 year period) by the Board or by the holders of a majority of the outstanding voting securities of the applicable Fund, and in either case by a majority of the Trustees who are not parties to the Advisory Agreement or interested persons of any such party. MML Advisers' liability regarding its investment management obligations and duties is limited to situations involving its willful misfeasance, bad faith, gross negligence, or reckless disregard of such obligations and duties.

MML Advisers also serves as investment adviser to: MassMutual Total Return Bond Fund, MassMutual Strategic Bond Fund, MassMutual Diversified Value Fund, MassMutual Fundamental Value Fund, MM S&P 500<sup>®</sup>Index Fund, MassMutual Equity Opportunities Fund, MassMutual Fundamental Growth Fund, MassMutual Blue Chip Growth Fund, MassMutual Growth Opportunities Fund, MassMutual Mid Cap Value Fund, MassMutual Small Cap Value Equity Fund, MassMutual Small Company Value Fund, MassMutual Mid Cap Growth Fund, MassMutual Small Cap Growth Equity Fund, MassMutual Overseas Fund, MassMutual Select T. Rowe Price International Equity Fund, MassMutual 20/80 Allocation Fund, MassMutual 40/60 Allocation Fund, MassMutual 60/40 Allocation Fund, MassMutual 80/20 Allocation Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan In Retirement Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2020 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2025 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2035 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2040 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2045 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2050 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2055 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2060 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2065 Fund, MassMutual Select T. Rowe Price Retirement Balanced Fund, MassMutual Select T. Rowe Price Retirement 2005 Fund, MassMutual Select T. Rowe Price Retirement 2010 Fund, MassMutual Select T. Rowe Price Retirement 2015 Fund, MassMutual Select T. Rowe Price Retirement 2020 Fund, MassMutual Select T. Rowe Price Retirement 2025 Fund, MassMutual Select T. Rowe Price Retirement 2030 Fund, MassMutual Select T. Rowe Price Retirement 2035 Fund, MassMutual Select T. Rowe Price Retirement 2040 Fund, MassMutual Select T. Rowe Price Retirement 2045 Fund, MassMutual Select T. Rowe Price Retirement 2050 Fund, MassMutual Select T. Rowe Price Retirement 2055 Fund, MassMutual Select T. Rowe Price Retirement 2060 Fund, MassMutual Select T. Rowe Price Retirement 2065 Fund, MM Equity Asset Fund, MassMutual Select T. Rowe Price Bond Asset Fund, MassMutual Select T. Rowe Price Emerging Markets Bond Fund, MassMutual Select T. Rowe Price Large Cap Blend Fund, MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, MassMutual Select T. Rowe Price Real Assets Fund, MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, and MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, which are series of MassMutual Select Funds, an open-end management investment company; MassMutual Short-Duration Bond Fund and MassMutual High Yield Fund, which are series of the Trust; MassMutual Global Floating Rate Fund, MassMutual Global Credit Income Opportunities Fund, MassMutual Emerging Markets Debt Blended Total Return Fund, and MassMutual Global Emerging Markets Equity Fund, which are series of MassMutual Advantage Funds, an open-end management investment company; MML Aggressive Allocation Fund, MML American Funds Core Allocation Fund, MML American Funds Growth Fund, MML Balanced Allocation Fund, MML Blue Chip Growth Fund, MML Conservative Allocation Fund, MML Equity Income Fund, MML Equity Index Fund, MML Focused Equity Fund, MML Foreign Fund, MML Fundamental Equity Fund, MML Fundamental Value Fund, MML Global Fund, MML Growth Allocation Fund, MML Income & Growth Fund, MML International Equity Fund, MML Large Cap Growth Fund, MML Managed Volatility Fund, MML Mid Cap Growth Fund, MML Mid Cap Value Fund, MML Moderate Allocation Fund, MML Small Cap Growth Equity Fund, MML Small Company Value Fund, MML Small/Mid Cap Value Fund, MML Sustainable Equity Fund, and MML Total Return Bond Fund, which are series of MML Series Investment Fund, an open-end management investment company; MML Blend Fund, MML Dynamic Bond Fund, MML Equity Fund, MML Equity Rotation Fund, MML High Yield Fund, MML Inflation-Protected and Income Fund, MML iShares<sup>®</sup> 60/40 Allocation Fund, MML iShares<sup>®</sup> 80/20 Allocation Fund, MML Managed Bond Fund, MML Short-Duration Bond Fund, MML Small Cap Equity Fund, MML Strategic Emerging Markets Fund, and MML U.S. Government Money Market Fund, which are series of MML Series Investment Fund II, an open-end management investment company; certain wholly-owned subsidiaries of MassMutual; and various employee benefit plans and separate investment accounts in which employee benefit plans invest.

The Trust, on behalf of each Fund, pays MML Advisers an investment advisory fee monthly, at an annual rate based upon the average daily net assets of that Fund as follows:

---

| | |
|:---|:---|
| **Fund**  |  |
| U.S. Government Money Market Fund  | 0.35% on the first $1 billion; and <br> 0.33% on assets over $1 billion  |

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| | |
|:---|:---|
| **Fund**  |  |
| Inflation-Protected and Income Fund  | 0.38% on the first $350 million; and <br> 0.33% on assets over $350 million  |
| Core Bond Fund  | 0.38% on the first $1.5 billion; <br> 0.33% on the next $500 million; and <br> 0.28% on assets over $2 billion  |
| Diversified Bond Fund  | 0.40% on the first $150 million; and <br> 0.30% on assets over $150 million  |
| Balanced Fund  | 0.48% on the first $300 million; and <br> 0.43% on assets over $300 million  |
| Disciplined Value Fund  | 0.45% on the first $400 million; and <br> 0.40% on assets over $400 million  |
| Main Street Fund  | 0.55% on the first $300 million; and <br> 0.50% on assets over $300 million  |
| Disciplined Growth Fund  | 0.45% on the first $400 million; and <br> 0.40% on assets over $400 million  |
| Small Cap Opportunities Fund  | 0.58% on the first $300 million; and <br> 0.53% on assets over $300 million  |
| Global Fund  | 0.75% on the first $400 million; and <br> 0.70% on assets over $400 million  |
| International Equity Fund  | 0.83% on the first $500 million; <br> 0.78% on the next $500 million; and <br> 0.73% on assets over $1 billion  |
| Strategic Emerging Markets Fund  | 1.00% on the first $350 million; and <br> 0.95% on assets over $350 million  |

---

#### Affiliated Subadviser

#### Barings
MML Advisers has entered into Subadvisory Agreements with Barings pursuant to which Barings serves as a subadviser for the U.S. Government Money Market Fund, Inflation-Protected and Income Fund, Core Bond Fund, and Diversified Bond Fund. These agreements provide that Barings manage the investment and reinvestment of the assets of the Funds. Barings is located at 300 South Tryon Street, Charlotte, North Carolina 28202. Barings is a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual. Barings receives a subadvisory fee from MML Advisers, based upon each Fund's average daily net assets, at the following annual rates:

---

| | |
|:---|:---|
| U.S. Government Money Market Fund  | 0.05% |
| Inflation-Protected and Income Fund  | 0.08% |
| Core Bond Fund  | 0.10% |
| Diversified Bond Fund  | 0.10% |

---

Barings also provides subadvisory services for the MassMutual Short-Duration Bond Fund and MassMutual High Yield Fund, each of which is a series of the Trust, for the MassMutual Global Floating Rate Fund, MassMutual Global Credit Income Opportunities Fund, MassMutual Emerging Markets Debt Blended Total Return Fund, and MassMutual Global Emerging Markets Equity Fund, each of which is a series of MassMutual Advantage Funds, a registered, open-end investment company for which MML Advisers serves as investment adviser, and for the MML High Yield Fund, MML Inflation-Protected and Income Fund, MML Managed Bond Fund, MML Short-Duration Bond Fund, and MML U.S. Government Money Market Fund, each of which is a series of MML Series Investment Fund II, a registered, open-end investment company for which MML Advisers serves as investment adviser.

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In addition, BIIL serves as a sub-subadviser for the Inflation-Protected and Income Fund, Core Bond Fund, and Diversified Bond Fund. BIIL is a wholly-owned subsidiary of Barings. Barings has entered into sub-subadvisory agreements with BIIL under which, subject to the supervision of Barings, BIIL is authorized to conduct securities transactions on behalf of each of the Inflation-Protected and Income Fund, Core Bond Fund, and Diversified Bond Fund. BIIL is located at 20 Old Bailey, London, EC4M 7BF, United Kingdom. BIIL does not receive a fee from Barings under these sub-subadvisory agreements. BIIL also provides sub-subadvisory services for the MassMutual Short-Duration Bond Fund and MassMutual High Yield Fund, each of which is a series of the Trust, for the MassMutual Global Floating Rate Fund, MassMutual Global Credit Income Opportunities Fund, MassMutual Emerging Markets Debt Blended Total Return Fund, and MassMutual Global Emerging Markets Equity Fund, each of which is a series of MassMutual Advantage Funds, a registered, open-end investment company for which MML Advisers serves as investment adviser, and for the MML High Yield Fund, MML Inflation-Protected and Income Fund, MML Managed Bond Fund, and MML Short-Duration Bond Fund, each of which is a series of MML Series Investment Fund II, a registered, open-end investment company for which MML Advisers serves as investment adviser.

#### Unaffiliated Subadvisers

#### Invesco Advisers
MML Advisers has entered into Subadvisory Agreements with Invesco Advisers pursuant to which Invesco Advisers serves as a subadviser for the Balanced Fund, Main Street Fund, Small Cap Opportunities Fund, Global Fund, and Strategic Emerging Markets Fund. These agreements provide that Invesco Advisers manage the investment and reinvestment of the assets of the Funds. Invesco Advisers is located at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. Invesco Advisers, as successor in interest to multiple investment advisers, is an indirect wholly-owned subsidiary of Invesco Ltd., a publicly traded company that, through its subsidiaries, engages in the business of investment management on an international basis.

Invesco Advisers also provides subadvisory services for the MML Equity Rotation Fund, MML Small Cap Equity Fund, and MML Strategic Emerging Markets Fund, each of which is a series of MML Series Investment Fund II, a registered, open-end investment company for which MML Advisers serves as investment adviser, for the MassMutual Small Cap Growth Equity Fund, which is a series of MassMutual Select Funds, a registered, open-end investment company for which MML Advisers serves as investment adviser, and for the MML Fundamental Equity Fund, which is a series of MML Series Investment Fund, a registered, open-end investment company for which MML Advisers serves as investment adviser.

In addition, ICM serves as a sub-subadviser for the Balanced Fund. ICM is a wholly-owned subsidiary of Invesco Ltd. Invesco Advisers has entered into a sub-subadvisory agreement with ICM under which, subject to the supervision of Invesco Advisers, ICM is authorized to trade securities, make discretionary investment decisions, and effect securities transactions, including the negotiation of commissions and the allocation of principal business and portfolio brokerage, on behalf of the Balanced Fund. ICM is located at 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515. ICM also provides sub-subadvisory services for the MML Equity Rotation Fund, which is a series of MML Series Investment Fund II, a registered, open-end investment company for which MML Advisers serves as investment adviser.

#### TSW
MML Advisers has entered into a Subadvisory Agreement with TSW pursuant to which TSW serves as a subadviser for the International Equity Fund. This agreement provides that TSW manage the investment and reinvestment of a portion of the assets of the Fund. TSW is located at 6641 West Broad Street, Suite 600, Richmond, Virginia 23230. TSW is a Delaware limited liability company, an indirect wholly-owned subsidiary of Perpetual Limited, and a direct subsidiary of Pendal (USA) Inc. Since 1970, TSW has provided investment management services to corporations, pensions and profit-sharing plans, 401(k) and thrift plans, trusts, estates, and other institutions and individuals.

TSW also provides subadvisory services for the MML Foreign Fund, which is a series of MML Series Investment Fund, a registered, open-end investment company for which MML Advisers serves as investment adviser and for the MassMutual Mid Cap Value Fund, which is a series of MassMutual Select Funds, a registered, open-end investment company for which MML Advisers serves as investment adviser.

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#### Wellington Management
MML Advisers has entered into Subadvisory Agreements with Wellington Management pursuant to which Wellington Management serves as a subadviser for the Disciplined Value Fund, Disciplined Growth Fund, and International Equity Fund. These agreements provide that Wellington Management manage the investment and reinvestment of all or a portion of the assets of the Funds, as applicable. Wellington Management is located at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

Wellington Management also provides subadvisory services for the MassMutual Equity Opportunities Fund, MassMutual Fundamental Growth Fund, MassMutual Small Cap Value Equity Fund, and MassMutual Small Cap Growth Equity Fund, each of which is a series of MassMutual Select Funds, a registered, open-end investment company for which MML Advisers serves as investment adviser and for the MML Focused Equity Fund, MML Mid Cap Growth Fund, and MML Small Cap Growth Equity Fund, each of which is a series of MML Series Investment Fund, a registered, open-end investment company for which MML Advisers serves as investment adviser.

The Funds' subadvisory fees are paid by MML Advisers out of the advisory fees previously disclosed above.

Information about each portfolio manager's compensation, other accounts managed by the portfolio managers, and each portfolio manager's ownership of securities in the relevant Fund can be found in Appendix C.

#### Administrator, Sub-Administrators, and Shareholder Servicing Agent
MML Advisers has entered into an administrative and shareholder services agreement (the "Administrative and Shareholder Services Agreement") with the Trust, on behalf of each Fund, pursuant to which MML Advisers is obligated to provide certain administrative and shareholder services. MML Advisers may, at its expense, employ others to supply all or any part of the services to be provided to the Funds pursuant to the Administrative and Shareholder Services Agreement. MML Advisers has entered into sub-administration agreements with both State Street and MassMutual pursuant to which State Street and MassMutual each assist in many aspects of fund administration. Pursuant to a letter agreement between the Trust, MML Advisers, and State Street, the Trust has agreed to pay State Street for the services it provides pursuant to the sub-administration agreement with MML Advisers, although MML Advisers remains ultimately responsible for the payment of any such fees owed to State Street. The Trust, on behalf of each Fund, pays MML Advisers an administrative services fee monthly at an annual rate based upon the average daily net assets of the applicable class of shares of each Fund as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class R5** | **Service <br>Class** | **Administrative <br>Class** | **Class R4** | **Class A** | **Class R3** | **Class Y** |
| U.S. Government Money <br> Market Fund  | N/A | 0.10% | N/A  | N/A  | N/A  | N/A  | N/A  | N/A  |
| Inflation-Protected and <br> Income Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| Core Bond Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| Diversified Bond Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| Balanced Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| Disciplined Value Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| Main Street Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| Disciplined Growth Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| Small Cap Opportunities Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| Global Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| International Equity Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |
| Strategic Emerging Markets <br> Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% |

---

Prior to December 31, 2020, the Trust had entered into a separate Supplemental Shareholder Services Agreement with MassMutual, on behalf of Service Class shares, Administrative Class shares, and Class A shares of each Fund. Fees payable under the Supplemental Shareholder Services Agreement were intended to compensate MassMutual for its provision of shareholder services to the Funds' investors and were calculated and paid based on the average daily net assets attributable to the relevant share classes of the Funds separately, at the following annual rates: 0.05% for Service Class shares, and 0.15% for Administrative Class shares and Class A shares. MassMutual may have paid these fees to other intermediaries for providing shareholder services to the Funds' investors.

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MassMutual, the parent company of MML Advisers, pays to an affiliate of Empower Retirement, LLC ("Empower") an amount equal to the profit realized by MML Advisers with respect to shares beneficially owned by retirement plans through recordkeeping platforms maintained by Empower or an affiliate.

Pursuant to the Advisory Agreements, Subadvisory Agreements, Administrative and Shareholder Services Agreement, and Supplemental Shareholder Services Agreement described above, for the fiscal years ended September 30, 2022, September 30, 2021, and September 30, 2020, the amount of advisory fees paid by each Fund, the amount of subadvisory fees paid by each Fund, the amount of any advisory fees waived by MML Advisers, the amount of administrative fees paid by each Fund, the amount of supplemental shareholder services fees paid by each Fund (as applicable), and the amount of any fees reimbursed by MML Advisers are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended September 30, 2022** | **Fiscal Year Ended September 30, 2022** | **Fiscal Year Ended September 30, 2022** | **Fiscal Year Ended September 30, 2022** | **Fiscal Year Ended September 30, 2022** |
| | **Advisory Fees <br>Paid** | **Subadvisory <br>Fees Paid** | **Advisory Fees <br>Waived** | **Administrative <br>Fees Paid** | **Other Expenses <br>Reimbursed** |
| U.S. Government Money Market Fund <sup>1</sup>  | $749721 | $106136 | $(579463) | $214206 | $— |
| Inflation-Protected and Income Fund  | 1306626 | 273960 |  | 250070 |  |
| Core Bond Fund  | 3605606 | 944744 |  | 554959 |  |
| Diversified Bond Fund  | 743083 | 194666 |  | 147206 |  |
| Balanced Fund  | 676064 | 168892 |  | 163789 |  |
| Disciplined Value Fund  | 391217 | 137806 |  | 92006 |  |
| Main Street Fund  | 578977 | 262809 |  | 158201 |  |
| Disciplined Growth Fund  | 963176 | 339059 |  | 327262 |  |
| Small Cap Opportunities Fund  | 1923907 | 1338280 |  | 431368 |  |
| Global Fund  | 2142324 | 1044977 |  | 398854 |  |
| International Equity Fund <sup>2</sup>  | 1165318 | 491959 | (70200) | 96422 |  |
| Strategic Emerging Markets Fund <sup>3</sup>  | 1409379 | 985692 |  | 11539 | (288468) |

---

<sup>1</sup>

MML Advisers agreed to voluntarily waive some or all of its fees in an attempt to allow the Fund to avoid a negative yield.

<sup>2</sup>

The expenses in the above table reflect a written agreement by MML Advisers to waive 0.05% of the advisory fees of the Fund through September 30, 2022.

<sup>3</sup>

The expenses in the above table reflect a written agreement by MML Advisers to cap the fees and expenses of the 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

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applicable) through September 30, 2022, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 1.15%, 1.25%, 1.35%, 1.45%, 1.60%, 1.70%, and 1.85% for Classes I, R5, Service, Administrative, R4, A, and R3, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** |
| | **Advisory Fees <br>Paid** | **Subadvisory <br>Fees Paid** | **Advisory Fees <br>Waived** | **Administrative <br>Fees Paid** | **Supplemental <br>Shareholder <br>Services Fees <br>Paid** | **Other <br>Expenses <br>Reimbursed** |
| U.S. Government Money <br> Market Fund<sup>1</sup>  | $1094819 | $155911 | $— | $312805 | $— | $(1404777) |
| Inflation-Protected and <br> Income Fund  | 1415825 | 297836 |  | 300407 | 21150 |  |
| Core Bond Fund  | 4857081 | 1272101 |  | 816098 | 60700 |  |
| Diversified Bond Fund  | 831304 | 224424 |  | 180354 | 12826 |  |
| Balanced Fund  | 740458 | 193464 |  | 177778 | 13745 |  |
| Disciplined Value Fund  | 433001 | 154218 |  | 103021 | 5519 |  |
| Main Street Fund  | 665817 | 302457 |  | 158147 | 12793 |  |
| Disciplined Growth Fund  | 1161514 | 415021 |  | 379870 | 28139 |  |
| Small Cap Opportunities Fund  | 1876820 | 1308490 |  | 433945 | 28556 |  |
| Global Fund  | 2715742 | 1309024 |  | 482317 | 41886 |  |
| International Equity Fund <sup>2</sup>  | 1457862 | 608191 | (47899) | 126065 | 9066 |  |
| Strategic Emerging Markets Fund <sup>3</sup>  | 1888082 | 1320436 |  | 20674 | 1561 | (136442) |

---

<sup>1</sup>

MML Advisers agreed to voluntarily waive some or all of its fees in an attempt to allow the Fund to avoid a negative yield.

<sup>2</sup>

Effective July 1, 2021, the expenses in the above table reflect a written agreement by MML Advisers to waive 0.05% of the advisory fees of the Fund through September 30, 2021. The expenses in the above table reflect a written agreement by MML Advisers to waive 0.02% of the advisory fees of the Fund through June 30, 2021.

<sup>3</sup>

Effective February 1, 2021, the expenses in the above table reflect a written agreement by MML Advisers to cap the fees and expenses of the 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 September 30, 2021, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 1.15%, 1.25%, 1.35%, 1.45%, 1.60%, 1.70%, and 1.85% for Classes I, R5, Service, Administrative, R4, A, and R3, respectively. The expenses in the above table reflect a written agreement by MML Advisers to cap the fees and expenses of the Fund (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting

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expenses, as applicable) through January 31, 2021, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 1.15%, 1.25%, 1.35%, 1.45%, 1.60%, 1.70%, and 1.85% for Classes I, R5, Service, Administrative, R4, A, and R3, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** |
| | **Advisory Fees <br>Paid** | **Subadvisory <br>Fees Paid** | **Advisory Fees <br>Waived** | **Administrative <br>Fees Paid** | **Supplemental <br>Shareholder <br>Services Fees <br>Paid** | **Other <br>Expenses <br>Reimbursed** |
| U.S. Government Money Market <br> Fund<sup>1</sup>  | $1094806 | $156248 | $— | $312802 | $— | $(333254) |
| Inflation-Protected and Income <br> Fund  | 1270248 | 269098 |  | 220973 | 75006 |  |
| Core Bond Fund  | 5231660 | 1371958 |  | 688358 | 260598 |  |
| Diversified Bond Fund  | 867844 | 237364 |  | 206011 | 69938 |  |
| Balanced Fund  | 613765 | 210081 |  | 120139 | 50927 |  |
| Disciplined Value Fund  | 420224 | 174125 |  | 98342 | 22999 |  |
| Main Street Fund  | 632456 | 313143 |  | 112668 | 51801 |  |
| Disciplined Growth Fund  | 1107759 | 460885 |  | 290809 | 112341 |  |
| Small Cap Opportunities Fund  | 1278272 | 882403 |  | 241815 | 105155 |  |
| Global Fund  | 2241937 | 1097254 |  | 300145 | 154793 |  |
| International Equity Fund <sup>2</sup>  | 1940224 | 1002960 | (45886) | 139998 | 39612 |  |
| Strategic Emerging Markets Fund <sup>3</sup>  | 1640854 | 1149927 |  | 13964 | 4118 | (192545) |

---

<sup>1</sup>

MML Advisers agreed to voluntarily waive some or all of its fees in an attempt to allow the Fund to avoid a negative yield.

<sup>2</sup>

The expenses in the above table reflect a written agreement by MML Advisers to waive 0.02% of the advisory fees of the Fund through September 30, 2020.

<sup>3</sup>

The expenses in the above table reflect a written agreement by MML Advisers to cap the fees and expenses of the Fund (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through September 30, 2020, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 1.15%, 1.25%, 1.35%, 1.45%, 1.60%, 1.70%, and 1.85% for Classes I, R5, Service, Administrative, R4, A, and R3, respectively.

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#### THE DISTRIBUTOR
The Funds' shares are continuously distributed by MML Distributors, LLC (the "Distributor"), located at 1295 State Street, Springfield, Massachusetts 01111-0001, pursuant to a Principal Underwriter Agreement with the Trust, as amended (the "Distribution Agreement"). The Distributor pays commissions to its selling dealers as well as the costs of printing and mailing prospectuses to potential investors and of any advertising incurred by it in connection with distribution of shares of the Funds. The Distributor is a wholly-owned subsidiary of MassMutual.

The Distributor has agreed to use reasonable efforts to sell shares of the Funds but has not agreed to sell any specific number of shares of the Funds. The Distributor's compensation for serving as such is the amounts received by it from time to time under the Funds' Amended and Restated Rule 12b-1 plan. In addition, the Distributor receives any front-end sales charges imposed on the sales of Class A shares of the Funds. Sales loads paid to the Distributor in respect of all of the Funds during the fiscal year ended September 30, 2022 were $602.

Shares of each Fund may be purchased through agents of the Distributor who are registered representatives and licensed by the Distributor to sell Fund shares, and through registered representatives of selected broker-dealers which are members of FINRA and which have entered into selling agreements with the Distributor. The Distributor may reallow up to 100% of any sales load on shares sold by dealers with whom it has sales agreements. Broker-dealers with which the Distributor has entered into selling agreements may charge their customers a processing or service fee in connection with the purchase or redemption of Fund shares. The amount and applicability of such a fee is determined and disclosed to such customers by each individual broker-dealer.

The Distribution Agreement continued in effect for an initial two-year period, and thereafter continues in effect so long as such continuance is approved at least annually (i) by the vote of a majority of the Trustees or by a vote of a majority of the shares of the Trust; and (ii) by a majority of the Trustees who are not parties to the Distribution Agreement or "interested persons" (as defined in the 1940 Act) of any such person, cast in person at a meeting called for the purpose of voting on such approval.

#### DISTRIBUTION AND SERVICE PLAN
The Trust has adopted, with respect to the Class I, Class R5, Service Class, Administrative Class, Class R4, Class A, Class R3, and Class Y shares of each Fund, as applicable, an Amended and Restated Rule 12b-1 Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Trustees of the Trust, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan, by vote cast in person at a meeting called for the purpose of voting on the Plan, approved the Plan for each Fund and share class.

Continuance of the Plan is subject to annual approval by a vote of the Trustees, including a majority of the Independent Trustees, cast in person at a meeting called for that purpose. All material amendments to the Plan must be likewise approved by the Trustees and the Independent Trustees. The Plan may not be amended in order to increase materially the costs which a Fund may bear for distribution pursuant to the Plan without also being approved by a majority of the outstanding voting securities of the relevant class of the Fund. The Plan terminates automatically in the event of its assignment and may be terminated without penalty, at any time, by a vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the relevant class of the Fund. The Plan provides that the Distributor shall provide to the Trustees, and the Board shall review at least quarterly, a written report of the amounts expended and the purposes for which such expenditures were made.

The Plan is a compensation plan, authorizing payments to the Distributor up to the following annual rates: Class R4 and Class A shares — 0.25% of the average daily net assets of the class; Class R3 shares — 0.50% of the average daily net assets of the class. A Fund may make payments under the Plan to compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to shareholders.

MML Advisers may pay amounts in respect of the distribution or servicing of a Fund's shares out of administrative or advisory fees received by it from that Fund. The Plan authorizes such payments for Class I, Class R5, Service Class, Administrative Class, and Class Y shares of each Fund, as applicable, although MML Advisers may make such payments in respect of shares of any class. No additional fees are paid by a Fund under the Plan.

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The following table discloses the 12b-1 fees paid in the fiscal year ending September 30, 2022 by the Trust under the Plan for Class R4, Class A, and Class R3 shares of the Funds:

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4<br>12b-1 Fees** | **Class A<br>12b-1 Fees** | **Class R3<br>12b-1 Fees** |
| Inflation-Protected and Income Fund  | $12000 | $28052 | $14546 |
| Core Bond Fund  | 12170 | 96200 | 1354 |
| Diversified Bond Fund  | 10757 | 18530 | 7765 |
| Balanced Fund  | 13805 | 42408 | 61538 |
| Disciplined Value Fund  | 4659 | 14862 | 22488 |
| Main Street Fund  | 19045 | 24732 | 4896 |
| Disciplined Growth Fund  | 22535 | 54284 | 24226 |
| Small Cap Opportunities Fund  | 35554 | 122098 | 42960 |
| Global Fund  | 31303 | 35917 | 55436 |
| International Equity Fund  | 2831 | 28473 | 11387 |
| Strategic Emerging Markets Fund  | 950 | 1200 | 4572 |
|  | $165609 | $466756 | $251168 |

---

For the fiscal year ending September 30, 2022, the Distributor paid to MassMutual the 12b-1 fees it received and MassMutual paid these amounts, as agent of the Distributor, to various unaffiliated financial intermediaries as compensation for distribution services and/or shareholder services provided by them.

#### PAYMENTS TO FINANCIAL INTERMEDIARIES
Financial intermediaries may receive various forms of compensation from a Fund in the form of distribution and service (12b-1) plan payments as described above. They may also receive payments or concessions from the Distributor, derived from sales charges paid by the financial intermediary's clients. In addition, MML Advisers and the Distributor (including their affiliates) may make payments to financial intermediaries in connection with the intermediaries' offering and sales of Fund shares and shares of other funds, or their provision of marketing or promotional support, transaction processing or administrative services. Among the financial intermediaries that may receive these payments are brokers or dealers who sell or hold shares of a Fund, banks (including bank trust departments), registered investment advisers, insurance companies, retirement plan or qualified tuition program administrators, third party administrators, recordkeepers, or other institutions that have selling, servicing or similar arrangements with MML Advisers or the Distributor. The payments to financial intermediaries vary by the types of product sold, the features of a Fund share class, and the role played by the intermediary.

Types of payments to financial intermediaries may include, without limitation, all or portions of the following: Payments made by a Fund, or by an investor buying or selling shares of a Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an initial front-end sales charge, all or a portion of which is payable by the Distributor to financial intermediaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ongoing asset-based distribution and/or service fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shareholder servicing expenses that may be paid from Fund assets to reimburse financial intermediaries, MML Advisers, or the Distributor for Fund expenses they incur for providing omnibus accounting, recordkeeping, networking, sub-transfer agency, or other administrative or shareholder services (including retirement plan and 529 plan administrative services fees).

In addition, MML Advisers may, at its discretion, make the following types of payments from its own resources, which may include profits MML Advisers derives from investment advisory fees paid by a Fund. Payments are made based on guidelines established by the MML Advisers, subject to applicable law. These payments are often referred to as "revenue sharing" payments, and may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compensation for marketing support, support provided in offering shares in a Fund through certain trading platforms and programs, and transaction processing or other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other compensation, to the extent the payment is not prohibited by law or by any self-regulatory agency, such as FINRA.

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Although a broker or dealer that sells Fund shares may also act as a broker or dealer in connection with the purchase or sale of portfolio securities by a Fund, MML Advisers does not consider a financial intermediary's sales of shares of a Fund when choosing brokers or dealers to effect portfolio transactions for a Fund.

Revenue sharing payments can pay for distribution-related or asset retention items including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transactional support, one-time charges for setting up access for a Fund on particular trading systems, and paying the financial intermediary's networking fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • program support, such as expenses related to including the Funds in retirement plans, college savings plans, fee-based advisory or wrap fee programs, fund "supermarkets," bank or trust company products or insurance companies' variable annuity or variable life insurance products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • placement on the dealer's list of offered funds and providing representatives of MML Advisers or the Distributor with access to a financial intermediary's sales meetings, sales representatives, and management representatives; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • firm support, such as business planning assistance, advertising, or educating a financial intermediary's sales personnel about the Funds and shareholder financial planning needs.

These payments may provide an incentive to financial intermediaries to actively market or promote the sale of shares of a Fund, or to support the marketing or promotional efforts of the Distributor in offering shares of a Fund. In addition, some types of payments may provide a financial intermediary with an incentive to recommend a Fund or a particular share class. Financial intermediaries may earn profits on these payments, since the amount of the payments may exceed the cost of providing the services. Certain of these payments are subject to limitations under applicable law. Financial intermediaries may categorize and disclose these arrangements to their clients and to members of the public in a manner different from the disclosures in a Fund's Prospectus and this SAI. You should ask your financial intermediary for information about any payments it receives from a Fund, MML Advisers, or the Distributor and any services it provides, as well as the fees and commissions it charges.

#### CUSTODIAN, DIVIDEND DISBURSING AGENT, AND TRANSFER AGENT
State Street, located at 1 Iron Street, Boston, Massachusetts 02210, is the custodian of each Fund's investments (the "Custodian") and is the Funds' transfer agent and dividend disbursing agent (the "Transfer Agent"). As custodian, State Street has custody of the Funds' securities and maintains certain financial and accounting books and records. As Custodian and Transfer Agent, State Street does not assist in, and is not responsible for, the investment decisions and policies of the Funds.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP, located at 200 Berkeley Street, Boston, Massachusetts 02116, is the Trust's independent registered public accounting firm. Deloitte & Touche LLP provides audit and related services, and assistance in connection with various SEC filings.

#### CODES OF ETHICS
The Trust, MML Advisers, the Distributor, Barings, BIIL, ICM, Invesco Advisers, TSW, and Wellington Management have each adopted a code of ethics (the "Codes of Ethics") pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended. The Codes of Ethics permit Fund personnel to invest in securities, including securities that may be purchased or held by a Fund, for their own accounts, but require compliance with various pre-clearance requirements (with certain exceptions). The Codes of Ethics are on public file with, and are available from, the SEC.

#### PORTFOLIO TRANSACTIONS AND BROKERAGE
Transactions on stock exchanges, commodities markets and futures markets and other agency transactions involve the payment by the Funds of negotiated brokerage commissions. Such commissions may vary among different brokers. A particular broker may charge different commissions according to such factors as execution venue and exchange. Although the Funds do not typically pay commissions for principal transactions in the OTC markets, such as the markets for most fixed income securities and certain derivatives, an undisclosed amount of profit or "mark-up" is included in the price a Fund pays. In underwritten offerings, the price paid by a Fund includes a disclosed, fixed commission or discount retained by the underwriter or dealer.

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The primary consideration in placing portfolio security transactions with broker-dealers for execution is to obtain the best execution of orders. Each Fund's investment adviser or subadviser attempts to achieve this result by selecting broker-dealers to execute portfolio transactions on the basis of their professional capability, the value and quality of their brokerage services, including anonymity and trade confidentiality, and the level of their brokerage commissions.

Under each Advisory or Subadvisory Agreement and as permitted by Section 28(e) of the Exchange Act and to the extent not otherwise prohibited by applicable law, an investment adviser or subadviser may cause a Fund to pay a broker-dealer that provides brokerage and research services to the investment adviser or subadviser an amount of commission for effecting a securities transaction for a Fund in excess of the amount other broker-dealers would have charged for the transaction if the investment adviser or subadviser determines in good faith that the greater commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker-dealer viewed in terms of either a particular transaction or the investment adviser's or subadviser's overall responsibilities to the Trust and to its other clients. The term "brokerage and research services" includes: providing advice as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the availability of securities or of purchasers or sellers of securities; furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and effecting securities transactions and performing functions incidental thereto such as clearance and settlement.

The investment adviser or subadvisers may obtain third-party research from broker-dealers or non-broker-dealers by entering into commission sharing arrangements ("CSAs"). Under a CSA, the executing broker-dealer agrees that part of the commissions it earns on certain equity trades will be allocated to one or more research providers as payment for research. CSAs allow an investment adviser or subadviser to direct broker-dealers to pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third party research providers for research.

Brokerage and research services provided by brokers are used for the benefit of all of the investment adviser's or subadviser's clients and not solely or necessarily for the benefit of the Trust. The investment adviser or subadvisers attempt to evaluate the quality of brokerage and research services provided by brokers. Results of this effort are sometimes used by the investment adviser or subadvisers as a consideration in the selection of brokers to execute portfolio transactions.

The investment advisory fee that the Trust pays on behalf of each Fund to MML Advisers will not be reduced as a consequence of an investment adviser's or subadviser's receipt of brokerage and research services. To the extent the Trust's portfolio transactions are used to obtain such services, the brokerage commissions paid by the Trust will exceed those that might otherwise be paid, provided that the investment adviser or subadviser determines in good faith that such excess amounts are reasonable in relation to the services provided. Such services would be useful and of value to an investment adviser or subadviser in serving both the Trust and other clients and, conversely, such services obtained by the placement of brokerage business of other clients would be useful to an investment adviser or subadviser in carrying out its obligations to the Trust.

Subject to the overriding objective of obtaining the best execution of orders, the Funds may use broker-dealer affiliates of their respective investment adviser or subadvisers to effect portfolio brokerage transactions under procedures adopted by the Trustees. Pursuant to these procedures, the commission, fee, or other remuneration paid to the affiliated broker-dealer in connection with a portfolio brokerage transaction effected on a securities exchange must be reasonable and fair in comparison to those of other broker-dealers for comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable time period. This standard would allow the affiliated broker or dealer to receive no more than the remuneration which would be expected to be received by an unaffiliated broker.

The Funds may allocate brokerage transactions to broker-dealers (including affiliates of their respective investment adviser or subadvisers) who have entered into arrangements with the Trust under which the broker-dealer allocates a portion of the commissions paid back to the Fund. The transaction quality must, however, be comparable to that of other qualified broker-dealers.

The revised European Union ("EU") Markets in Financial Instruments Directive ("MiFID II"), which became effective January 3, 2018, requires EU investment managers in the scope of the EU Markets in Financial Instruments Directive to pay for research services from brokers and dealers directly out of their own resources or by establishing "research payment accounts" for each client, rather than through client commissions. MiFID II's research requirements present various compliance and operational considerations for investment advisers and broker-dealers serving clients in both the United States and the EU. It is possible that an investment adviser or subadviser subject to MiFID II will cause a Fund to pay for research services through client commissions in circumstances where the investment adviser or subadviser is prohibited from causing its other client accounts to do so, including where the investment adviser or subadviser aggregates trades on

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behalf of a Fund and those other client accounts. In such situations, the Fund would bear the additional amounts for the research services and the Fund's investment adviser's or subadviser's other client accounts would not, although the investment adviser's or subadviser's other client accounts might nonetheless benefit from those research services.

The following table discloses the brokerage commissions paid by the following Funds for the fiscal years ended September 30, 2022, September 30, 2021, and September 30, 2020:

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year ended <br>September 30, 2022** | **Fiscal Year ended <br>September 30, 2021** | **Fiscal Year ended <br>September 30, 2020** |
| Inflation-Protected and Income Fund  | $12038 | $9089 | $11079 |
| Core Bond Fund  | $44041 | $57254 | $63866 |
| Diversified Bond Fund  | $10950 | $10340 | $10683 |
| Balanced Fund  | $8872 | $49757 | $7569 |
| Disciplined Value Fund  | $8738 | $46898 | $18790 |
| Main Street Fund  | $28310 | $35511 | $36111 |
| Disciplined Growth Fund  | $20220 | $38403 | $25047 |
| Small Cap Opportunities Fund  | $207614 | $180932 | $166471 |
| Global Fund  | $48490 | $42261 | $59894 |
| International Equity Fund  | $28751 | $54015 | $350049 |
| Strategic Emerging Markets Fund  | $168689 | $197941 | $228497 |

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*Portfolio Turnover -* The Balanced Fund and Disciplined Value Fund each experienced decreased portfolio turnover during the fiscal year ended September 30, 2022 as a result of a return to a more normalized portfolio turnover from the prior fiscal year, which included a change in each Fund's subadviser, which had led to a portfolio repositioning.

The Balanced Fund, Disciplined Value Fund, and Disciplined Growth Fund each experienced increased portfolio turnover during the fiscal year ended September 30, 2021 as a result of a change in each Fund's subadviser, which led to a portfolio repositioning.

The International Equity Fund experienced decreased portfolio turnover during the fiscal year ended September 30, 2021 as a result of a return to a more normalized portfolio turnover from the prior fiscal year, which included a change in the Fund's subadviser, which had led to a portfolio repositioning.

The following table discloses, for those Funds that paid brokerage commissions to an affiliate of its investment adviser or subadviser, the total amount of brokerage commissions paid by each such Fund to affiliates for the past three fiscal years and, for the fiscal year ended 2022, the percentage of the Fund's aggregate brokerage commissions paid to affiliates and the percentage of the Fund's aggregate dollar amount of transactions involving the payment of commissions effected through affiliates.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year ended September 30, 2022** | **Fiscal Year ended September 30, 2022** | **Fiscal Year ended September 30, 2022** | **Fiscal Year <br>ended <br>September <br>30, 2021** | **Fiscal Year <br>ended <br>September <br>30, 2020** |
| **Affiliated Broker/Dealer**  | **Aggregate <br>Commissions <br>Paid** | **Percentage <br>Paid to <br>Affiliates** | **Percentage of <br>Dollar <br>Amount of <br>Transactions <br>Involving <br>Payment of <br>Commissions <br>to Affiliates** | **Aggregate <br>Commissions <br>Paid** | **Aggregate <br>Commissions <br>Paid** |
| **Jefferies LLC** | **Jefferies LLC** | **Jefferies LLC** | **Jefferies LLC** | **Jefferies LLC** | **Jefferies LLC** |
| &nbsp;&nbsp;&nbsp; Disciplined Value Fund <sup>1</sup>  | $— | —% | —% | $6067 | $— |
| &nbsp;&nbsp;&nbsp; Main Street Fund <sup>1</sup>  | $73 | 0.26% | 0.08% | $925 | $373 |
| &nbsp;&nbsp;&nbsp; Small Cap Opportunities Fund <sup>1</sup>  | $4291 | 2.07% | 0.32% | $3908 | $28897 |
| &nbsp;&nbsp;&nbsp; Global Fund <sup>1</sup>  | $2967 | 6.12% | 2.50% | $2301 | $3212 |
| &nbsp;&nbsp;&nbsp; International Equity Fund <sup>1</sup>  | $31 | 0.11% | —% | $— | $10501 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year ended September 30, 2022** | **Fiscal Year ended September 30, 2022** | **Fiscal Year ended September 30, 2022** | **Fiscal Year <br>ended <br>September <br>30, 2021** | **Fiscal Year <br>ended <br>September <br>30, 2020** |
| **Affiliated Broker/Dealer**  | **Aggregate <br>Commissions <br>Paid** | **Percentage <br>Paid to <br>Affiliates** | **Percentage of <br>Dollar <br>Amount of <br>Transactions <br>Involving <br>Payment of <br>Commissions <br>to Affiliates** | **Aggregate <br>Commissions <br>Paid** | **Aggregate <br>Commissions <br>Paid** |
| &nbsp;&nbsp;&nbsp; Strategic Emerging Markets Fund <sup>1</sup>  | $9198 | 5.45% | 0.56% | $7131 | $28033 |

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?

<sup>1</sup>

Includes affiliated trading platforms of Jefferies LLC.

The following table discloses, for those Funds that had trades directed to a broker or dealer during the fiscal year ended September 30, 2022 because of research services provided, the dollar value of transactions placed by each such Fund with such brokers and dealers during the fiscal year ended September 30, 2022 to recognize "brokerage and research" services, and commissions paid for such transactions:

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| | | |
|:---|:---|:---|
| | **Dollar Value of <br>Those Transactions** | **Amount of <br>Commissions** |
| Disciplined Value Fund  | $58400977 | $1090 |
| Main Street Fund  | $105892892 | $25547 |
| Disciplined Growth Fund  | $263202920 | $3783 |
| Small Cap Opportunities Fund  | $224723337 | $186950 |
| Global Fund  | $100269669 | $43499 |
| International Equity Fund  | $60498439 | $11057 |
| Strategic Emerging Markets Fund  | $141211233 | $157468 |

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The following table discloses, for those Funds that held securities issued by one or more of its "regular brokers or dealers" (as defined in the 1940 Act), or their parent companies, the aggregate value of the securities held by each such Fund as of the fiscal year ended September 30, 2022.

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| | | |
|:---|:---|:---|
| **Fund**  | **Regular Broker or Dealer**  | **Aggregate Value of <br>Securities Held** |
| U.S. Government Money <br> Market Fund  | HSBC Securities, Inc. | $30000000 |
|  |  | $30000000 |
| Core Bond Fund  | Bank of America Corp. | $6869520 |
|  | Barclays plc | 3607389 |
|  | HSBC Securities, Inc. | 3052016 |
|  | Morgan Stanley | 2902199 |
|  | The Goldman Sachs Group, Inc. | 2789068 |
|  | Citigroup, Inc. | 2354840 |
|  | JPMorgan Chase & Co. | 2230574 |
|  |  | $23805606 |
| Diversified Bond Fund  | Bank of America Corp. | $1149073 |
|  | Barclays plc | 874655 |
|  | Morgan Stanley | 582543 |
|  | HSBC Securities, Inc. | 536159 |
|  | Citigroup, Inc. | 423399 |
|  | The Goldman Sachs Group, Inc. | 405315 |
|  | JPMorgan Chase & Co. | 327878 |
|  |  | $4299022 |
| Balanced Fund  | The Goldman Sachs Group, Inc. | $818528 |

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| | | |
|:---|:---|:---|
| **Fund**  | **Regular Broker or Dealer**  | **Aggregate Value of <br>Securities Held** |
|  | Bank of America Corp. | 563208 |
|  | Morgan Stanley | 496627 |
|  | JPMorgan Chase & Co. | 318142 |
|  | Citigroup, Inc. | 257805 |
|  | State Street Corp. | 31439 |
|  |  | $2485749 |
| Disciplined Value Fund  | JPMorgan Chase & Co. | $1686212 |
|  | Citigroup, Inc. | 888404 |
|  |  | $2574616 |
| Main Street Fund  | JPMorgan Chase & Co. | $1489334 |
|  |  | $1489334 |
| International Equity Fund  | UBS AG | $475272 |
|  |  | $475272 |

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#### DESCRIPTION OF SHARES
The Trust, an open-end, management investment company, is organized as a Massachusetts business trust under the laws of Massachusetts by an Agreement and Declaration of Trust dated August 1, 1994 which was amended and restated as of November 21, 2011. A copy of the Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts. The fiscal year for each Fund ends on September 30.

The Declaration of Trust permits the Trustees, without shareholder approval, to issue an unlimited number of shares and divide those shares into an unlimited number of series of shares, representing separate investment portfolios with rights determined by the Trustees. Shares of the Funds are transferable and have no preemptive, subscription, or conversion rights. Shares of the Funds are entitled to dividends as declared by the Trustees. In the event of liquidation of a Fund, the Trustees would distribute, after paying or otherwise providing for all charges, taxes, expenses, and liabilities belonging to the Fund, the remaining assets belonging to the Fund among the holders of outstanding shares of the Fund. The Trustees have currently authorized the issuance of an unlimited number of full and fractional shares of 14 series, 12 of which are described in this SAI.

The Trustees may divide the shares of any series into two or more classes having such preferences or special or relative rights and privileges as the Trustees may determine, without obtaining shareholder approval. The Trustees have currently authorized the establishment and designation of 10 classes of shares, between one and ten classes of shares for each series of the Trust: Class I Shares, Class R5 Shares, Service Class Shares, Administrative Class Shares, Class R4 Shares, Class A Shares, Class R3 Shares, Class Y Shares, Class L Shares, and Class C Shares. Class I Shares, Class R5 Shares, Service Class Shares, Administrative Class Shares, Class R4 Shares, Class A Shares, Class R3 Shares, and Class Y Shares are offered by each series of the Trust, except the U.S. Government Money Market Fund which only offers Class R5 Shares; however, for certain Funds, Class Y shares are not currently available for purchase. Currently, Class C Shares are only offered by the MassMutual Short-Duration Bond Fund and MassMutual High Yield Fund. Currently, Class L Shares are only offered by the MassMutual Short-Duration Bond Fund. All shares of a particular class of each series represent an equal proportionate interest in the assets and liabilities belonging to that series allocable to that class.

The Trustees may also, without shareholder approval, combine two or more existing series (or classes) into a single series (or class).

The Declaration of Trust provides for the perpetual existence of the Trust. The Declaration of Trust, however, provides that the Trust may be terminated at any time by vote of at least 50% of the shares of each series entitled to vote and voting separately by series or by the Trustees by written notice to the shareholders. Any series of the Trust may be terminated by vote of at least 50% of shareholders of that series or by the Trustees by written notice to the shareholders of that series.

Shares of the Funds entitle their holders to one vote per share, with fractional shares voting proportionally, in the election of Trustees and on other matters submitted to the vote of shareholders. On any matter submitted to a vote of shareholders, all shares of the Trust then entitled to vote shall, except as otherwise provided in the Declaration of Trust or the Bylaws, be voted in the aggregate as a single class without regard to series or class, except that: (i) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more series or classes materially

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differently, shares will be voted by individual series or class; and (ii) when the Trustees have determined that the matter affects only the interests of one or more series or classes, then only shareholders of such series or classes shall be entitled to vote thereon. A separate vote will be taken by the applicable Fund on matters affecting the particular Fund, as determined by the Trustees. For example, a change in a fundamental investment policy for a particular Fund would be voted upon only by shareholders of that Fund. In addition, a separate vote will be taken by the applicable class of a Fund on matters affecting the particular class, as determined by the Trustees. For example, the adoption of a distribution plan relating to a particular class and requiring shareholder approval would be voted upon only by shareholders of that class. Shares of each Fund have noncumulative voting rights with respect to the election of trustees.

The Trust is not required to hold annual meetings of its shareholders. However, special meetings of the shareholders may be called for the purpose of electing Trustees and for such other purposes as may be prescribed by law, by the Declaration of Trust, or by the Bylaws. There will normally be no meetings of shareholders for the purpose of electing Trustees except that the Trust will hold a shareholders' meeting as required by applicable law or regulation.

The Declaration of Trust may be amended by the Trustees without a shareholder vote, except to the extent a shareholder vote is required by applicable law, the Declaration of Trust or the Bylaws, or as the Trustees may otherwise determine.

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for the obligations of the Trust. However, the Declaration of Trust disclaims liability of the shareholders, Trustees, or officers for acts or obligations of the Trust, which are binding only on the assets and property of the Trust, and require that notice of such disclaimer be given in each note, bond, contract, instrument, certificate, or undertaking made or issued on behalf of the Trust by the Trustees or officers. In addition, the Declaration of Trust provides that shareholders of a Fund are entitled to indemnification out of the assets of their Fund to the extent that they are held personally liable for the obligations of their Fund solely by reason of being or having been a shareholder. Thus, the risk of a shareholder of a Fund incurring financial loss on account of shareholder liability is considered remote since it is limited to circumstances in which the disclaimer is inoperative and his or her Fund is unable to meet its obligations.

The Declaration of Trust also permits the Trustees to charge shareholders directly for custodial, transfer agency, and servicing expenses, but the Trustees have no present intention to charge shareholders directly for such expenses.

The Declaration of Trust further provides that a Trustee will not be personally liable for errors of judgment or mistakes of fact or law. However, nothing in the Declaration of Trust protects a Trustee against any liability to which the Trustee would otherwise be subject by reason of his or her own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. The Declaration of Trust also provides for indemnification of each of its Trustees and officers, except that such Trustees and officers may not be indemnified against any liability to the Trust or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

#### SECURITIES LENDING
State Street serves as securities lending agent to the Trust. As securities lending agent, State Street is responsible for the implementation and administration of the securities lending program pursuant to the Securities Lending Agency Agreement ("Securities Lending Agreement"). State Street acts as agent to the Trust to lend available securities with any person on its list of approved borrowers. State Street determines whether a loan shall be made per the agreed upon parameters with the Trust and negotiates and establishes the terms and conditions of the loan with the borrower. State Street ensures that all substitute interest, dividends, and other distributions paid with respect to loan securities are credited to the applicable Fund's relevant account on the date such amounts are delivered by the borrower to State Street. State Street receives and holds, on the Fund's behalf, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities. State Street marks loaned securities and collateral to their market value each business day in order to maintain the value of the collateral at no less than 102% (for domestic) and 105% (for foreign) of the market value of the loaned securities. At the termination of the loan, State Street returns the collateral to the borrower upon the return of the loaned securities to State Street. State Street invests cash collateral in accordance with the Securities Lending Agreement. State Street maintains such records as are reasonably necessary to account for loans that are made and the income derived therefrom and makes available to the Funds daily, monthly, and quarterly statements describing the loans made, and the income derived from the loans, during the period. State Street performs compliance monitoring and testing of the securities lending program. The Board receives information quarterly describing the outstanding loans and income made on such loans during the period.

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The dollar amounts of gross and net income from securities lending activities received and the related fees and/or compensation paid by each applicable Fund during the fiscal year ended September 30, 2022 were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FUND**  | **Gross <br>income <br>earned <br>by the <br>Fund <br>from <br>securities <br>lending <br>activities** | **Fees <br>paid to <br>securities <br>lending <br>agent <br>from a <br>revenue <br>split** | **Fees paid for <br>any cash <br>collateral <br>management <br>service <br>(including <br>fees deducted <br>from a pooled <br>cash <br>collateral <br>reinvestment <br>vehicle) that <br>are not <br>included in a <br>revenue split** | **Administrative <br>fees not <br>included in a <br>revenue split** | **Indemnification <br>fees not included <br>in a revenue split** | **Rebate <br>(paid to <br>borrower)** | **Other fees <br>not <br>included in <br>a revenue <br>split, if <br>applicable, <br>including a <br>description <br>of those <br>other fees** | **Aggregate fees/ <br>compensation <br>paid by the <br>Fund for <br>securities <br>lending <br>activities** | **Net <br>income <br>from <br>securities <br>lending <br>activities** |
| Inflation-Protected <br> and Income Fund  | $6050 | $257 | $173 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $4160 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $4591 | $1459 |
| Core Bond Fund  | $26770 | $1819 | $1057 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $13586 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $16463 | $10307 |
| Diversified Bond <br> Fund  | $27134 | $2711 | $899 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $8159 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $11769 | $15365 |
| Balanced Fund  | $15420 | $1511 | $618 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $4728 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $6856 | $8564 |
| Disciplined Value <br> Fund  | $1810 | $209 | $23 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $394 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $626 | $1184 |
| Main Street Fund  | $8451 | $1264 | $24 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $— | $– &nbsp;&nbsp;&nbsp;&nbsp; | $1288 | $7163 |
| Disciplined <br> Growth Fund  | $10021 | $1147 | $87 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $2290 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $3524 | $6497 |
| Small Cap <br> Opportunities Fund  | $28355 | $2594 | $533 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $10525 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $13653 | $14702 |
| Global Fund  | $17923 | $1583 | $696 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $6671 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $8950 | $8973 |
| International <br> Equity Fund  | $32128 | $3836 | $495 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $6056 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $10388 | $21740 |
| Strategic <br> Emerging Markets <br> Fund  | $21852 | $2546 | $144 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $4732 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $7423 | $14429 |

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#### REDEMPTION OF SHARES
With respect to each Fund, the Trustees may suspend the right of redemption, postpone the date of payment, or suspend the determination of NAV: (a) for any period during which the NYSE is closed (other than for customary weekend and holiday closing); (b) for any period during which trading in the markets the Fund normally uses is, as determined by the SEC, restricted; (c) when an emergency exists as determined by the SEC so that disposal of the Fund's investments or a determination of its NAV is not reasonably practicable; or (d) for such other periods as the SEC by order may permit for the protection of the Trust's shareholders. Under normal circumstances, each Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or selling portfolio assets to generate cash. Under stressed market conditions, a Fund may pay redemption proceeds using cash obtained through borrowing arrangements that may be available from time to time. To the extent consistent with applicable laws and regulations, the Funds reserve the right to satisfy all or a portion of a redemption request by distributing securities or other property in lieu of cash ("in-kind" redemptions), under both normal and stressed market conditions. In-kind redemptions are typically used to meet redemption requests that represent a large percentage of the Fund's net assets in order to minimize the effect of the large redemption on the Fund and its remaining shareholders. Some Funds may be limited in their ability to use assets other than cash to meet redemption requests due to restrictions on ownership of their portfolio assets. Any in-kind redemption will be effected through a distribution of all publicly traded portfolio securities or securities for which quoted bid prices are available, subject to certain exceptions. The securities distributed in an in-kind redemption will be valued in the same manner as they are valued for purposes of computing the Fund's NAV. These securities are subject to market risk until they are sold and may increase or decrease in value prior to converting them into cash. You may incur brokerage and other transaction costs, and could incur a taxable gain or loss for income tax purposes when converting the securities to cash.

In addition, the U.S. Government Money Market Fund may, to the extent permitted by SEC rule, suspend redemptions prior to the liquidation of the Fund, if the Trustees determine that the deviation between the Fund's amortized cost price per share and its current market-based NAV value per share may result in material dilution or other unfair results to investors or existing shareholders.

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#### VALUATION OF PORTFOLIO SECURITIES
The NAV of each Fund's shares is determined once daily as of the close of regular trading on the NYSE, on each day the NYSE is open for trading (a "business day"). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE's scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Advisers will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. The NYSE currently is not open for trading on New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Each Fund calculates the NAV of each of its classes of shares by dividing the total value of the assets attributable to that class, less the liabilities attributable to that class, by the number of shares of that class that are outstanding. On holidays and other days when the NYSE is closed, each Fund's NAV generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open. It is the intention of the U.S. Government Money Market Fund to maintain a stable NAV per share of $1.00, although this cannot be assured.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of OTC securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities (with the exception of debt securities held by the U.S. Government Money Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing NAVs as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, prepayment speed assumptions and attributes of the collateral.

The Board has designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced

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based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their NAVs.

The prices of foreign securities are quoted in foreign currencies. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Changes in the exchange rate, therefore, if applicable, will affect the NAV of shares of a Fund even when there has been no change in the values of the foreign securities measured in terms of the currency in which they are denominated.

The proceeds received by each Fund for each issue or sale of its shares, all net investment income, and realized and unrealized gain will be specifically allocated to such Fund and constitute the underlying assets of that Fund. The underlying assets of each Fund will be segregated on the Trust's books of account, and will be charged with the liabilities in respect of such Fund and with a share of the general liabilities of the Trust. Expenses with respect to any two or more Funds are to be allocated in proportion to the NAVs of the respective Funds except where allocations of direct expenses can otherwise be fairly made. Each class of shares of a Fund will be charged with liabilities directly attributable to such class, and other Fund expenses will be allocated in proportion to the NAVs of the respective classes.

#### U.S. Government Money Market Fund
The U.S. Government Money Market Fund's debt securities are typically valued at amortized cost, but may be valued using a vendor quote if MML Advisers determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which MML U.S. Government Money Market must adhere to certain conditions. Amortized cost involves initially valuing an instrument at its cost and thereafter making a constant amortization to maturity of any discount or premium, regardless of the impact of changes in market interest rates on the market value of the instrument. While this method provides certainty of valuation, it may result in periods in which the value, as determined by amortized cost, is higher or lower than the price the U.S. Government Money Market Fund would receive if it sold the instrument. During periods of declining interest rates, the daily yield on shares of the U.S. Government Money Market Fund computed as described below may tend to be higher than a like computation made by a fund with identical investments utilizing a method of valuation based upon market prices and estimates of market prices for its portfolio instruments. Thus, if the use of amortized cost by the U.S. Government Money Market Fund resulted in a lower aggregate portfolio value on a particular day, a prospective investor in the U.S. Government Money Market Fund would be able to obtain a somewhat higher yield than would result from investment in a fund utilizing market values, and existing investors in the U.S. Government Money Market Fund would receive less investment income. The converse would apply in a period of rising interest rates.

The valuation of the U.S. Government Money Market Fund's portfolio instruments based upon their amortized cost and the concomitant maintenance of a stable NAV per share of $1.00 is permitted in accordance with Rule 2a-7 under the 1940 Act.

The Board has established procedures designed to stabilize, to the extent reasonably possible, the U.S. Government Money Market Fund's NAV per share as computed for the purpose of sales and redemptions at $1.00. Such procedures include periodic review of the U.S. Government Money Market Fund's portfolio holdings to determine the extent of any deviation between the NAV of the U.S. Government Money Market Fund calculated by using available market quotations and its NAV calculated using amortized cost, and whether such deviation may result in material dilution or is otherwise unfair to investors or existing shareholders. In the event the Board determines that such a deviation exists, it may take such corrective action as it regards as necessary and appropriate, including: the sale of portfolio instruments prior to maturity in order to realize capital gains or losses or to shorten average portfolio maturity; withholding dividends; redemptions of shares in kind; or establishing a NAV per share by using available market quotations (which would likely differ from the Fund's NAV calculated using amortized cost); or suspending redemptions and liquidating the Fund.

Since the net income of the U.S. Government Money Market Fund is declared as a dividend each time it is determined, the NAV per share of the U.S. Government Money Market Fund typically remains the same immediately after each determination and dividend declaration as before. Any increase in the value of a shareholder's investment in the U.S. Government Money Market Fund representing the reinvestment of dividend income is reflected by an increase in the number of shares of the U.S. Government Money Market Fund in the shareholder's account, which increase is recorded promptly after the end of each calendar month.

For this purpose, the net income of the U.S. Government Money Market Fund (from the time of the immediately preceding determination thereof) consists of all interest income accrued on its portfolio, plus realized gains or minus

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realized losses, and less all expenses and liabilities chargeable against income. Interest income includes discount earned (including both original issue and market discount) on paper purchased at a discount, less amortization of premium, accrued ratably to the date of maturity. Expenses, including the compensation payable to MML Advisers, are accrued each day.

Should the U.S. Government Money Market Fund incur or anticipate any unusual expense, or loss or depreciation which would adversely affect its NAV per share or income for a particular period, the Board would at that time consider whether to adhere to the present dividend policy described above or to revise it in light of the then prevailing circumstances. For example, if the U.S. Government Money Market Fund's NAV per share were reduced, or were anticipated to be reduced, below its otherwise stable NAV of $1.00 per share, the Board might suspend further dividend payments until the NAV returned to $1.00. Thus, such expenses or losses or depreciation might result in an investor receiving no dividends for the period during which he held his shares and in his receiving upon redemption a price per share lower than what he paid.

#### TAXATION

#### Taxation of the Funds: In General
Each Fund has elected and intends to qualify each year to be treated as a regulated investment company under Subchapter M of the Code. In order to qualify as a regulated investment company, a Fund must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

derive at least 90% of its gross income for each taxable year from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities, or foreign currencies, and other income (including, but not limited to, gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

net income derived from interests in "qualified publicly traded partnerships" (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and its net tax-exempt income, if any, for such year in a manner qualifying for the dividends-paid deduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

diversify its holdings so that, at the close of each quarter of its taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

at least 50% of the value of its total assets consists of cash, cash items, U.S. Government securities, securities of other regulated investment companies, and other securities limited generally with respect to any one issuer to not more than 5% of the total assets of the Fund and not more than 10% of the outstanding voting securities of such issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

not more than 25% of the value of its total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities of any one issuer or two or more issuers which the Fund controls and that are engaged in the same, similar, or related trades or businesses (other than U.S. Government securities), or (y) in the securities of one or more qualified publicly traded partnerships (as defined below).

For purposes of the 90% gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the regulated investment company. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" will be treated as qualifying income. A "qualified publicly traded partnership" is a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). Certain of a Fund's investments in MLPs and ETFs, if any, may qualify as interests in qualified publicly traded partnerships, as described further below. In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (c) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also for purposes of the diversification test in (c) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and

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conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to identification of the issuer for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (c) above.

The 90% gross income requirement described in (a) above and the diversification test described in (c) above may limit the extent to which a Fund can engage in certain derivative transactions, as well as the extent to which it can invest in commodities, commodities-related investments, and MLPs.

In general, if a Fund qualifies as a regulated investment company that is accorded special tax treatment, that Fund will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to its shareholders in the form of dividends (including capital gain dividends). As long as a Fund qualifies as a regulated investment company, the Fund under present law will not be subject to any excise or income taxes imposed by Massachusetts.

If a Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If a Fund were ineligible to or otherwise did not cure such failure for any year, or if a Fund were otherwise to fail to qualify as a regulated investment company in any taxable year, that Fund would be subject to tax on its taxable income at corporate rates. In addition, all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders or possibly to be treated as qualified dividend income to shareholders taxed as individuals. Finally, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a regulated investment company.

Each Fund intends to distribute at least annually to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any), and net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). Investment company taxable income or net capital gain that is retained by a Fund will be subject to tax at regular corporate rates. However, a Fund may designate any retained net capital gain amount as undistributed capital gains in a timely notice to its shareholders who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) will be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If a Fund makes this designation, the tax basis of shares owned by a shareholder of a Fund will, for U.S. federal income tax purposes, be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. A Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a capital gain dividend, its taxable income, and its earnings and profits, a regulated investment company may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) and certain late-year ordinary losses (generally, the sum of its (i) net ordinary losses from the sale, exchange or other taxable disposition of property, attributable to the portion of the taxable year after October 31, and its (ii) other net ordinary losses attributable to the portion of the taxable year after December 31) as if incurred in the succeeding taxable year.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a Fund's net investment income. If a Fund has a net capital loss for any year, the amount thereof may be carried forward to offset capital gains in future years, thereby reducing the amount the Fund would otherwise be required to distribute in such future years to qualify for the special tax treatment accorded regulated investment companies and avoid a Fund-level tax. If a Fund incurs or has incurred net capital losses, those losses will be carried forward to one or more subsequent taxable years without expiration; any such carryforward losses will retain their character as short-term or long-term. See the most recent annual shareholder report for each Fund's capital loss carryforwards as of the end of its most recently ended fiscal year.

A nondeductible excise tax at the rate of 4% will be imposed on the excess, if any, of each Fund's "required distribution" over its actual distributions in any calendar year. The "required distribution" is 98% of the Fund's ordinary income for the calendar year plus 98.2% of its capital gain net income recognized during the one-year period ending on October 31 (or November 30 or December 31, if the Fund is permitted to elect and so elects) plus undistributed amounts

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from prior years. For these purposes, ordinary gains and losses from the sale, exchange or other taxable disposition of property that would be properly taken into account after October 31 (or November 30, if the Fund makes the election referred to above) are treated as arising on January 1 of the following calendar year; in the case of a Fund with a December 31 year end, no such gains or losses will be so treated. Each Fund intends to make distributions sufficient to avoid imposition of the excise tax, although there can be no assurance that it will be able to do so. Distributions declared by a Fund during October, November, or December to shareholders of record on a date in any such month and paid by the Fund during the following January will be treated for U.S. federal tax purposes as paid by the Fund and received by shareholders on December 31 of the year in which declared.

Under current law, a Fund may treat the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders' portion of the undistributed investment company taxable income and net capital gain of the Fund as a distribution of investment company taxable income and net capital gain on the Fund's tax return. This practice, which involves the use of tax equalization, will have the effect of reducing the amount of income and gains that a Fund is required to distribute as dividends to shareholders in order for the Fund to avoid U.S. federal income tax and excise tax. This practice may also reduce the amount of the distributions required to be made to non-redeeming shareholders. The amount of any undistributed income will be reflected in the value of the shares of the Fund, and thus the total return on a shareholder's investment will not be reduced as a result of this practice.

#### Fund Distributions
Except in the case of certain shareholders eligible for preferential tax treatment, e.g., qualified retirement or pension trusts, shareholders of each Fund generally will be subject to U.S. federal income taxes on Fund distributions as described herein. Distributions are taxable whether shareholders receive them in cash or reinvest them in additional shares through a dividend reinvestment plan. A shareholder whose distributions are reinvested in shares will be treated as having received a dividend equal to the fair market value of the new shares issued to the shareholder.

Distributions are taxable to shareholders even if they are paid from income or gains earned by a Fund before a shareholder's investment (and thus were included in the price the shareholder paid for his or her shares), even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when a Fund's NAV reflects gains that are unrealized, or income or gains that are realized but not distributed. Such realized income or gains may be required to be distributed even when the Fund's NAV also reflects unrealized losses.

Distributions by each Fund of investment income generally will be taxable to shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than by how long a shareholder has owned (or is deemed to have owned) his or her shares. Distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income. Properly reported distributions of long-term capital gains, if any, are taxable in the hands of an investor as long-term gain includible in net capital gain and taxed to individuals at reduced rates. Tax rules can alter a Fund's holding period in investments and thereby affect the tax treatment of gain or loss on such investments.

The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of capital gain dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code.

Distributions of investment income reported by a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to long-term capital gains, provided that both the shareholder and the Fund meet certain holding period and other requirements. In order for some portion of the dividends received by a Fund shareholder to be "qualified dividend income," the Fund must meet certain holding period and other requirements with respect to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet certain holding period and other requirements with respect to the Fund's shares. A dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (4) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation that is readily tradable on an established securities market in the United States) or (b) treated as a passive foreign investment company.

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In general, distributions of investment income reported by each Fund as derived from qualified dividend income will be treated as qualified dividend income by a shareholder taxed as an individual, provided the shareholder meets the holding period and other requirements described above with respect to the Fund's shares. If the aggregate qualified dividends received by a Fund during any taxable year are 95% or more of its gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than dividends properly reported as capital gain dividends) will be eligible to be treated as qualified dividend income. In general, Funds investing primarily in fixed income investments do not expect a significant portion of their distributions to be derived from qualified dividend income.

Dividends of net investment income received by corporate shareholders of each Fund will qualify for the dividends-received deduction generally available to corporations to the extent those dividends are reported as being attributable to qualifying dividends received by the Fund from domestic corporations for the taxable year. In general, a dividend received by a Fund will not be treated as a dividend eligible for the dividends-received deduction (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividends-received deduction may otherwise be disallowed or reduced (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (2) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed funds)). In general, Funds investing primarily in fixed income investments do not expect a significant portion of their distributions to qualify for the dividends-received deduction.

A portion of the interest paid or accrued on certain high yield discount obligations owned by a Fund may be treated as a dividend for purposes of the corporate dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends received deduction to the extent of the deemed dividend portion of such accrued interest.

Any distribution of income that is attributable to (i) income received by a Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction, or (ii) dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders. Distributions by a Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a U.S. federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by the regulated investment company from REITs, to the extent such dividends are properly reported as such by the regulated investment company in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying regulated investment company shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts, and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by a Fund of net investment income and capital gains as described above, and (ii) any net gain from the sale, redemption, exchange, or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisers regarding the possible implications of this additional tax on their investment in the Fund.

If a Fund makes a distribution to a shareholder in excess of its current and accumulated "earnings and profits" in and with respect to any taxable year, the excess distribution will be treated as a return of capital to the extent of the shareholder's tax basis in his or her shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in his or her shares, thus reducing any loss or increasing any gain on the shareholder's subsequent taxable disposition of his or her shares.

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#### Sales, Redemptions, and Exchanges
Sales, redemptions, and exchanges of each Fund's shares are taxable events and, accordingly, shareholders subject to U.S. federal income taxes may realize gains and losses on these transactions. If shares have been held for more than one year, gain or loss realized generally will be long-term capital gain or loss, provided the shareholder holds the shares as a capital asset. Otherwise, the gain or loss on a taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, a loss on a sale of Fund shares held by a shareholder for six months or less will be treated as a long-term capital loss to the extent of any long-term capital gain dividend paid to the shareholder with respect to such shares. Further, no loss will be allowed on a sale of Fund shares to the extent the shareholder acquires identical shares of the same Fund within 30 days before or after the disposition. In such case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss. In the case of individuals holding shares in a Fund (other than the U.S. Government Money Market Fund) directly, upon the sale, redemption or exchange of Fund shares, the Fund or, in the case of shares purchased through a financial intermediary, the financial intermediary may be required to provide the shareholder and the IRS with cost basis and certain other related tax information about the Fund shares sold, redeemed, or exchanged. See the Funds' Prospectus for more information.

Under Treasury regulations, if a shareholder recognizes a loss with respect to Fund shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

#### Certain Investments in Debt Obligations
Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and all zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) that are acquired by a Fund will be treated as being issued with original issue discount ("OID"). Generally, the amount of the OID is treated as interest income and is included in taxable income (and required to be distributed) over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. Payment-in-kind securities will also give rise to income which is required to be distributed and is taxable even though a Fund holding the security receives no interest payment in cash on the security during the year.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by a Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which the market discount accrues, and thus is included in the Fund's income, will depend in part upon which of the permitted accrual methods the Fund elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance that are acquired by a Fund may be treated as having OID, or acquisition discount (very generally, the excess of the stated redemption price over the purchase price) in the case of certain types of debt obligations. Generally, the Fund will be required to include the OID, or acquisition discount, as ordinary income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A Fund may make one or more of the elections applicable to debt obligations having acquisition discount, or OID, which could affect the character and timing of recognition of income by the Fund.

As indicated above, a Fund that invests in certain debt instruments may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary. The Fund may realize gains or losses from such liquidations. In the event a Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution than they would in the absence of such transactions.

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Investments in debt obligations that are at risk of or in default present special tax issues for a Fund. Tax rules are not entirely clear about issues such as when a Fund may cease to accrue interest, OID, or market discount; whether and to what extent a Fund should recognize market discount on such a debt obligation; when and to what extent a Fund may take deductions for bad debts or worthless securities; and how a Fund should allocate payments received on obligations in default between principal and interest. These and other related issues will be addressed by each Fund when, and if, it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.

#### Derivative Transactions
If a Fund engages in derivative transactions, including transactions in options, futures contracts, forward contracts, swap agreements, foreign currencies, and straddles, or other similar transactions, including for hedging purposes, it will be subject to special tax rules (including constructive sale, mark-to-market, straddle, wash sale, and short sale rules), the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments in the holding periods of the Fund's securities, convert long-term capital gains into short-term capital gains, or convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing, and character of distributions to shareholders.

A Fund's transactions in foreign currency-denominated debt instruments and certain of its derivative activities may produce a difference between its book income and its taxable income. If a Fund's book income exceeds its taxable income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset. If a Fund's book income is less than taxable income, the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company and to eliminate fund-level income tax.

#### Investments in Regulated Investment Companies and Other Investment Funds
To the extent a Fund invests its assets in shares of ETFs or other investment companies that are regulated investment companies ("underlying funds"), its distributable income and gains will normally consist of distributions from such underlying funds and gains and losses on the disposition of shares of such underlying funds. To the extent that such an underlying fund realizes net losses on its investments for a given taxable year, the Fund will not be able to recognize its share of those losses to offset capital gains the Fund realized from other sources until and only to the extent that it disposes of shares of the underlying fund in a transaction qualifying for sale or exchange treatment (although such losses of an underlying fund may reduce distributions to the Fund from that underlying fund in future taxable years). Moreover, even when a Fund does make a disposition of shares of an underlying fund, a portion of its loss may be recognized as a long-term capital loss, which the Fund will not be able to offset against its ordinary income (including distributions of any net short-term capital gains realized by the underlying fund).

As a result of the foregoing rules, and certain other special rules, the amounts of net investment income and net capital gains that a Fund will be required to distribute to shareholders may be greater than such amounts would have been had the Fund invested directly in the securities held by the underlying funds. For similar reasons, the character of distributions from the Fund will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying funds. Investing through underlying funds can therefore affect the amount, timing and character of distributions to shareholders, and may increase the amount of taxes payable by shareholders.

If at the close of each quarter of a Fund's taxable year, at least 50% of its total assets consists of interests in other regulated investment companies, the Fund will be a "qualified fund of funds." In that case, the Fund is permitted to elect to pass through to its shareholders foreign income and other similar taxes paid by the Fund in respect of foreign securities held directly by the Fund or by a regulated investment company in which its invests that itself elected to pass such taxes through to its shareholders, so that shareholders of the Fund will be eligible to claim a tax credit or deduction for such taxes. However, even if a Fund qualifies to make such election for any year, it may determine not to do so. See "Foreign Taxes and Investments" below.

To the extent a Fund invests in commodity-related ETFs that qualify as qualified publicly traded partnerships, the net income derived from such ETFs will constitute qualifying income for purposes of the 90% gross income test (as noted above). If such an ETF were to fail to qualify as a qualified publicly traded partnership, a portion of the gross income derived from that ETF could constitute nonqualifying income to the Fund for purposes of the 90% gross income test.

The foregoing is only a general description of certain U.S. federal tax consequences of investing in ETFs and other underlying funds.

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#### Foreign Taxes and Investments
Income proceeds and gains received by a Fund from sources outside the United States might be subject to foreign taxes that are withheld at the source or other foreign taxes. The effective rate of these foreign taxes cannot be determined in advance because it depends on the specific countries in which a Fund's assets will be invested, the amount of the assets invested in each such country and the possibility of treaty relief.

If more than 50% of a Fund's assets at taxable year end consists of the securities of foreign corporations, the Fund may be eligible to make an election under Section 853 of the Code so that any of its shareholders subject to federal income taxes will be able to claim a credit or deduction on their income tax returns for, and will be required to treat as part of the amounts distributed to them, their pro rata portion of qualified taxes paid by the Fund to foreign countries. If such an election is made, the ability of shareholders of the Fund to claim a foreign tax credit will be subject to limitations imposed by the Code, which in general limits the amount of foreign tax that may be used to reduce a shareholder's U.S. tax liability to that amount of U.S. tax which would be imposed on the amount and type of income in respect of which the foreign tax was paid. In addition, the ability of shareholders to claim a foreign tax credit is subject to a holding period requirement. A shareholder who for U.S. income tax purposes claims a foreign tax credit in respect of Fund distributions may not claim a deduction for foreign taxes paid by the Fund, regardless of whether the shareholder itemizes deductions. Also, no deduction for foreign taxes may be claimed by shareholders who do not itemize deductions on their federal income tax returns. It should also be noted that a tax-exempt shareholder, like other shareholders, will be required to treat as part of the amounts distributed to it a pro rata portion of the income taxes paid by the Fund to foreign countries. However, that income will generally be exempt from U.S. taxation by virtue of such shareholder's tax-exempt status and such a shareholder will not be entitled to either a tax credit or a deduction with respect to such income. A Fund that makes the election referred to above will notify its shareholders each year of the amount of dividends and distributions and the shareholders' pro rata shares of qualified taxes paid by the Fund to foreign countries.

A Fund may invest in one or more "passive foreign investment companies" ("PFICs"). A PFIC is generally any foreign corporation: (i) 75% or more of the income of which for a taxable year in the Fund's holding period is passive income, or (ii) the average percentage of the assets of which (generally by value, but by adjusted tax basis in certain cases) that produce or are held for the production of passive income is at least 50%. Generally, passive income for this purpose means dividends, interest (including income equivalent to interest), royalties, rents, annuities, the excess of gain over losses from certain property transactions and commodities transactions, and foreign currency gains.

Investment by a Fund in PFICs could subject the Fund to a U.S. federal income tax or other charge on distributions received from PFICs or on the proceeds from the sale of its investments in the PFICs. This tax cannot be eliminated by making distributions to Fund shareholders. However, a Fund may be able to make an election that would avoid the imposition of that tax. For example, a Fund may in certain cases elect to treat a PFIC as a "qualified electing fund" (a "QEF election"), in which case the Fund will be required to include in its income its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company. A Fund also may make an election to mark the gains (and to a limited extent losses) in a PFIC "to the market" as though it had sold and repurchased its holdings in the PFIC on the last day of the Fund's taxable year. Such gains and losses are generally treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income by the Fund (without the receipt of cash) and increase the amount required to be distributed by a Fund to avoid taxation. Making either of these elections therefore may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect a Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income." Because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and other charges described above in some instances.

Finally, a Fund's transactions in foreign currencies, foreign currency-denominated debt obligations, and certain foreign currency options, futures contracts, and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Such ordinary income treatment may increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses resulting from such transactions cannot be carried forward by a Fund to offset income or gains earned in subsequent taxable years.

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#### Certain Investments in Real Estate Investment Trusts
If a Fund invests in equity securities of REITs, such investments may result in the fund's receipt of cash in excess of the REIT's earnings. If a Fund distributes such amounts, such distribution could constitute a return of capital to the Fund's shareholders for federal income tax purposes. Dividends received by a Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

#### Certain Investments in Mortgage-Related Securities
A Fund may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in CMOs with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS and Treasury regulations that have not yet been issued, but may apply retroactively, a portion of a Fund's income that is attributable to a REIT's residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a regulated investment company, such as the Funds, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC or TMP interest directly.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan, or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

#### Unrelated Business Taxable Income
Income of a regulated investment company that would be UBTI if earned directly by a tax-exempt entity generally will not constitute UBTI when distributed to a tax-exempt shareholder of the regulated investment company. Notwithstanding this "blocking" effect, a tax-exempt shareholder of a Fund could realize UBTI by virtue of its investment in a Fund if shares in that Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code. A tax-exempt shareholder may also recognize UBTI if a Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by a Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

Special tax consequences also apply to charitable remainder trusts ("CRTs") that invest in regulated investment companies that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT, as defined in Section 664 of the Code, that realizes UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a Fund that recognizes "excess inclusion income" (which is described earlier). Rather, if at any time during any taxable year a CRT or one of certain other tax-exempt shareholders (such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a Fund that recognizes "excess inclusion income," then such Fund will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which the IRS guidance in respect of CRTs remains applicable in light of the December 2006 CRT legislation is unclear. To the extent permitted under the 1940 Act, the Funds may elect to allocate any such tax specially to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Funds. CRTs and other tax-exempt investors are urged to consult their tax advisers concerning the consequences of investing in the Funds.

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#### Investments in MLPs
Some amounts received by a Fund from its investments in MLPs will likely be treated as returns of capital because of accelerated deductions available with respect to the activities of MLPs. On the disposition of an investment in such an MLP, the Fund will likely realize taxable income in excess of economic gain from that asset (or, in later periods, if a Fund does not dispose of the MLP, the Fund will likely realize taxable income in excess of cash flow received by the Fund from the MLP), and the Fund must take such income into account in determining whether the Fund has satisfied its regulated investment company distribution requirements. The Fund may have to borrow or liquidate securities to satisfy its distribution requirements and meet its redemption requests, even though investment considerations might otherwise make it undesirable for the Fund to borrow money or sell securities at the time. In addition, distributions attributable to gain from the sale of MLPs that are characterized as ordinary income under the Code's recapture provisions will be taxable to Fund shareholders, when distributed to them, as ordinary income.

As noted above, certain of the MLPs in which a Fund may invest qualify as qualified publicly traded partnerships. In such cases, the net income derived from such investments will constitute qualifying income for purposes of the 90% gross income requirement described earlier for qualification as a regulated investment company. If, however, such a vehicle were to fail to qualify as a qualified publicly traded partnership in a particular year, a portion of the gross income derived from it in such year could constitute non-qualifying income to a Fund for purposes of the 90% gross income requirement and thus could adversely affect the Fund's ability to qualify as a regulated investment company for a particular year. In addition, as described above, the diversification requirement for regulated investment company qualification will limit a Fund's investments in one or more vehicles that are qualified publicly traded partnerships to 25% of the Fund's total assets as of the end of each quarter of the Fund's taxable year.

Subject to any future regulatory guidance to the contrary, distributions attributable to qualified publicly traded partnership income from a Fund's investments in MLPs will ostensibly not qualify for the deduction available to non-corporate taxpayers in respect of such amounts received directly from an MLP.

#### Backup Withholding
Each Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable dividends and other distributions paid to and proceeds of share sales, exchanges, or redemptions made by any individual shareholder who fails to furnish the Fund with a correct taxpayer identification number (TIN), who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

#### Non U.S. Shareholders
Distributions by a Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as (1) capital gain dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders.

The exceptions to withholding for short-term capital gain dividends and capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests.

The exception to withholding for "interest-related dividends" does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation.

If a Fund invests in a regulated investment company that pays capital gain dividends, short-term capital gain dividends, or interest-related dividends to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders.

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A Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders. Foreign shareholders should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by a Fund to foreign shareholders other than capital gain dividends, short-term capital gain dividends, and interest-related dividends (e.g., dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

Under U.S. federal income tax law, a beneficial holder of shares who or which is a foreign person is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of a Fund unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States, (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating one hundred eighty-three (183) days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of "U.S. real property interests" ("USRPIs") apply to the foreign shareholder's sale of shares of the Fund (as described below).

Beneficial holders that are foreign persons with respect to whom income from a Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents, or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisers.

Special rules would apply if a Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs generally are defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A Fund that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and regulated investment companies that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in regulated investment companies generally are not USRPIs, but these exceptions do not apply for purposes of determining whether a Fund is a QIE.

If an interest in a Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder, in which case such foreign shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

If a Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier regulated investment company or REIT that the Fund is required to treat as USRPI gain in its hands and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's foreign shareholders and would be subject to U.S. tax withholding. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund.

Foreign shareholders of a Fund also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and payment obligations discussed above through the sale and repurchase of Fund shares.

Beneficial holders that are foreign persons should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Funds.

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#### Other Reporting and Withholding Requirements
Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or capital gain dividends a Fund pays. If a payment by a Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., short-term capital gain dividends and interest-related dividends).

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

#### General Considerations
Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or tax-advantaged arrangements. Shareholders should consult their tax adviser to determine the suitability of shares of a Fund as an investment through such plans and arrangements and the precise effect of an investment on their particular tax situation.

The foregoing discussion of the U.S. federal income tax consequences of investment in the Funds is a general and abbreviated summary based on the applicable provisions of the Code, U.S. Treasury regulations, and other applicable authority currently in effect. For the complete provisions, reference should be made to the pertinent Code sections and regulations. The Code and regulations are subject to change by legislative or administrative action, possibly with retroactive effect. This discussion of the federal income tax treatment of the Funds and their shareholders does not describe in any respect the tax treatment of any particular arrangement, e.g., tax-exempt trusts or insurance products, pursuant to which or by which investments in the Funds may be made. Shareholders should consult their tax advisers as to their own tax situation, including possible foreign, state, and local taxes.

#### EXPERTS
Ropes & Gray LLP, The Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199-3600 serves as counsel to the Trust.

The financial statements of the Funds incorporated herein by reference from the Trust's [Annual Report as of September 30, 2022](https://www.sec.gov/Archives/edgar/data/927972/000139834422024591/fp0079343-3_ncsra.htm) have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in its reports which are also incorporated herein by reference. Such financial statements have been so incorporated in reliance upon the reports of Deloitte & Touche LLP given on the authority of that firm as experts in accounting and auditing. Copies of the Trust's Annual Report as of September 30, 2022 are available, without charge, upon request by calling 1-888-309-3539.

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#### APPENDIX A—DESCRIPTION OF SECURITIES RATINGS
Although the ratings of fixed income securities by S&P, Moody's, and Fitch are a generally accepted measurement of credit risk, they are subject to certain limitations. For example, ratings are based primarily upon historical events and do not necessarily reflect the future. Furthermore, there is a period of time between the issuance of a rating and the update of the rating, during which time a published rating may be inaccurate.

The descriptions of the S&P, Moody's, and Fitch's commercial paper and bond ratings are set forth below.

#### Commercial Paper Ratings:
S&P commercial paper ratings are graded into four categories, ranging from A for the highest quality obligations to D for the lowest. Issues assigned the highest rating of A are regarded as having the greatest capacity for timely payment. Issues in this category are further refined with the designations 1, 2, and 3 to indicate the relative degree of safety. The A-1 and A-2 categories are described as follows:

**A-1**—This designation indicates that the degree of safety regarding timely payment is strong. Those issues determined to possess extremely strong safety characteristics will be noted with a plus (+) sign designation.

**A-2**—Capacity for timely payment on issues with this designation is satisfactory. However, the relative degree of safety is not as high as for issues designated A-1.

Moody's employs three designations, all judged to be investment grade, to indicate the relative repayment ability of rated issuers. The two highest designations are as follows:

Issuers (or supporting institutions) rated Prime-1 (or P-1) have a superior ability for repayment of senior short-term debt obligations. Prime-1 (or P-1) repayment ability will normally be evidenced by many of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Leading market positions in well-established industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • High rates of return on funds employed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Conservative capitalization structure with moderate reliance on debt and ample asset protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Broad margins in earnings coverage of fixed financial charges and high internal cash generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Well-established access to a range of financial markets and assured sources of alternate liquidity.

Issuers (or supporting institutions) rated Prime-2 (or P-2) have a strong ability for repayment of senior short-term debt obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

Fitch's Short-Term Credit Ratings are graded into six categories, ranging from 'F-1' for the highest quality obligations to 'D' for the lowest. The F-1 and F-2 categories are described as follows:

**F-1**—Indicates the strongest capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F-2**—A satisfactory capacity for timely payment of financial commitments, but the margin of safety is not as great as in the case of the higher ratings.

#### Bond Ratings:

#### S&P describes its four highest ratings for corporate debt as follows:
**AAA**—Debt rated AAA has the highest rating assigned by S&P. Capacity to pay interest and repay principal is extremely strong.

**AA**—Debt rated AA has a very strong capacity to pay interest and repay principal and differs from the higher rated issues only in a small degree.

**A**—Debt rated A has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

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**BBB**—Debt rated BBB is regarded as having an adequate capacity to pay interest and repay principal. Whereas such debt normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories.

The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

#### Moody's describes its four highest corporate bond ratings as follows:
**Aaa**—Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt-edged." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

**Aa**—Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they compose what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in Aaa securities.

**A**—Bonds which are rated A possess many favorable investment attributes and may be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment in the future.

**Baa**—Bonds which are rated Baa are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Moody's applies numerical modifiers 1, 2, and 3 in each generic rating classification from Aa through Caa in its corporate bond rating system. The modifier 1 indicates that the security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates that the issue ranks in the lower end of its generic rating category.

#### Fitch describes its four highest long-term credit ratings as follows:
**AAA**—"AAA" ratings denote the lowest expectation of credit risk. They are assigned only in case of exceptionally strong capacity for timely payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**—"AA" ratings denote a very low expectation of credit risk. They indicate very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**—"A" ratings denote a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

**BBB**—"BBB" ratings indicate that there is currently a low expectation of credit risk. The capacity for timely payment of financial commitments is considered adequate, but adverse changes in circumstances and in economic conditions are more likely to impair this capacity. This is the lowest investment grade category.

A "+" or "–" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" category or to categories below "CCC."

#### S&P describes its below investment grade ratings for corporate debt as follows:
**BB, B, CCC, CC, C**—Debt rated "BB," "B," "CCC," "CC," and "C" is regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation, "BB" indicates the lowest degree of speculation, and "C" the highest degree of speculation. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

**BB**—Debt rated "BB" has less near-term vulnerability to default than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to

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inadequate capacity to meet timely interest and principal payments. The "BB" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "BBB–" rating.

**B**—Debt rated "B" has a greater vulnerability to default but currently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principal. The "B" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "BB" or "BB–" rating.

**CCC**—Debt rated "CCC" has a currently identifiable vulnerability to default, and is dependent upon favorable business, financial, and economic conditions to meet timely payment of interest and repayment of principal. In the event of adverse business, financial, or economic conditions, it is not likely to have the capacity to pay interest and repay principal. The "CCC" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "B" or "B–" rating.

**CC**—The rating "CC" is typically applied to debt subordinated to senior debt that is assigned an actual or implied "CCC" rating.

**C**—The rating "C" is typically applied to debt subordinated to senior debt which is assigned an actual or implied "CCC–" debt rating. The "C" rating may be used to cover a situation where a bankruptcy petition has been filed, but debt service payments are continued.

**D**—Debt rated "D" is in payment default. The "D" rating category is used when interest payments or principal payments are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The "D" rating also will be used upon the filing of a bankruptcy petition if debt service payments are jeopardized.

#### Moody's describes its below investment grade corporate bond ratings as follows:
**Ba**—Bonds which are rated **Ba** are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during other good and bad times over the future. Uncertainty of position characterizes bonds in this class.

**B**—Bonds which are rated **B** generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

**Caa**—Bonds which are rated **Caa** are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

**Ca**—Bonds which are rated **Ca** represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

**C**—Bonds which are rated **C** are the lowest rated class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

#### Fitch describes its below investment grade long-term credit ratings as follows:
**BB**—"BB" ratings indicate that there is a possibility of credit risk developing, particularly as the result of adverse economic change over time; however, business or financial alternatives may be available to allow financial commitments to be met. Securities rated in this category are not investment grade.

**B**—"B" ratings indicate that significant credit risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is contingent upon a sustained, favorable business and economic environment.

**CCC, CC, C**—Default is a real possibility. Capacity for meeting financial commitments is solely reliant upon sustained, favorable business or economic developments. A "CC" rating indicates that default of some kind appears probable. "C" ratings signal imminent default.

**DDD, DD, D**—The ratings of obligations in this category are based on their prospects for achieving partial or full recovery in a reorganization or liquidation of the obligor. While expected recovery values are highly speculative and cannot be estimated with any precision, the following serve as general guidelines. "DDD" obligations have the highest potential for recovery, around 90%-100% of outstanding amounts and accrued interest. "DD" indicates potential recoveries in the range of 50%-90% and "D" the lowest recovery potential, i.e., below 50%.

Entities rated in this category have defaulted on some or all of their obligations. Entities rated "DDD" have the highest prospect for resumption of performance or continued operation with or without a formal reorganization process.

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Entities rated "DD" and "D" are generally undergoing a formal reorganization or liquidation process; those rated "DD" are likely to satisfy a higher portion of their outstanding obligations, while entities rated "D" have a poor prospect of repaying all obligations.

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#### APPENDIX B—PROXY VOTING POLICIES
The following represents the proxy voting policies (the "Policies") of the MassMutual Premier Funds (the "Funds") with respect to the voting of proxies on behalf of each series of the Funds (the "Series"). It is the policy of the Funds and MML Investment Advisers, LLC (the "Adviser"), as investment manager to the Series, to delegate (with certain exceptions) voting responsibilities and duties with respect to all proxies to the subadvisers (the "Subadvisers") of the Series. All references to votes by proxy in this policy shall be interpreted to include both votes by proxy and votes and consents that do not involve proxies. The Adviser will vote proxies on behalf of any Fund of Funds or Feeder Funds for which it serves as investment adviser, as well as for any special situations where the Adviser is in the best position to vote the proxy ("Special Situations").

I. <u>GENERAL PRINCIPLES</u> 

In voting proxies, the Adviser and Subadvisers will be guided by general fiduciary principles and their respective written proxy voting policies. The Adviser and Subadvisers will act prudently and solely in the best interest of the beneficial owners of the accounts they respectively manage, and for the exclusive purpose of providing benefit to such persons.

II. <u>SUBADVISERS TO WHICH THE FUNDS AND ADVISER HAVE DELEGATED PROXY VOTING RESPONSIBILITIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. The Subadvisers each have the duty to provide a copy of their written proxy voting policies to the Adviser and Funds annually. The Subadvisers' written proxy voting policies will maintain procedures that address potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. The Subadvisers will each maintain a record of all proxy votes exercised on behalf of each series of the Funds for which they act as subadviser and will furnish such records to the Adviser and Funds annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The Subadvisers will report proxy votes that deviated from their normal proxy voting policies and any exceptions to their proxy voting policies to the Adviser quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. The Subadvisers will provide the Adviser and Funds with all such information and documents relating to the Subadvisers' proxy voting in a timely manner, as necessary for the Adviser and Funds to comply with applicable laws and regulations.

III. <u>THE FUNDS AND ADVISER</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. The Chief Compliance Officer of the Funds will annually update the Trustees after a review of proxy voting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. The Trustees of the Funds will not vote proxies on behalf of the Funds or any Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The Adviser will not vote proxies on behalf of the Funds or any Series, except that the Adviser will vote proxies on behalf of any Fund of Funds or Feeder Fund for which it serves as investment adviser or in Special Situations.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at https://www.massmutual.com/funds and on the Securities and Exchange Commission's website at http://www.sec.gov.

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#### MML INVESTMENT ADVISERS, LLC
**As Investment Adviser to the MassMutual Select Funds, MassMutual Premier Funds, MassMutual Advantage Funds, MML Series Investment Fund, and MML Series Investment Fund II (November 4, 2022)** 

#### General Overview

#### Policy
It is the policy of MML Investment Advisers, LLC ("MML Investment Advisers" or the "Company") to fulfill its responsibilities under Rule 206(4)-6 (the "Rule") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), by delegating to subadvisers for each series of the MassMutual Select Funds, MassMutual Premier Funds, MassMutual Advantage Funds, MML Series Investment Fund, and MML Series Investment Fund II (each, a "Trust") proxy voting related to the securities in each subadviser's respective portfolio, with the following exceptions: (i) each series of a Trust operating as a "fund of funds" where MML Investment Advisers has not delegated proxy voting responsibility to a subadviser (each a "Fund of Funds" and, collectively, the "Funds of Funds"); (ii) each series of the Trusts operating as a "feeder fund" (each, a "Feeder Fund") to a "master fund" ("Master Fund"); and (iii) in certain other special situations ("Special Situations"). For these exceptions, MML Investment Advisers will act on behalf of the Trusts to vote proxies (including Information Statements) ("Proxies"), as described below.

#### Background
MML Investment Advisers currently serves as investment adviser to each of the Trusts, including those series that are Funds of Funds and Feeder Funds. The Funds of Funds may invest in other series of the Trusts, funds advised by affiliates of MML Investment Advisers, and/or funds or exchange-traded funds advised by an unaffiliated investment adviser.

MML Investment Advisers will vote Proxies of the underlying funds held by the Funds of Funds, of the related Master Fund for a Feeder Fund, and in certain other Special Situations in accordance with the following procedure.

#### Procedure
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. When a Fund of Funds holds shares of an underlying fund advised by MML Investment Advisers, MML Investment Advisers will generally vote in favor of proposals recommended by the underlying fund's Board of Trustees and by a majority of the Trustees of the underlying fund who are not interested persons of the underlying fund or of MML Investment Advisers. However, MML Investment Advisers may alternatively, in its discretion, (i) seek instruction from the Fund of Fund's Board of Trustees (or any member or committee thereof (provided that such member, or each member of such committee, as the case may be, is not an interested person of the underlying fund or of MML Investment Advisers) delegated authority to provide such instructions to MML Investment Advisers and vote in accordance with such instructions, or (ii) vote in accordance with the recommendation of an independent proxy advisor or consultant retained by MML Investment Advisers to provide a recommendation, on the basis solely of the best interest of the Fund of Funds and its shareholders, as to the matter; provided, however, that prior to taking the action described in clause (ii) above, MML Investment Advisers is required to seek and obtain the prior approval of its Board of Directors. When a quorum is present at any meeting, a majority of the Board members present may take any action. If it is not possible to obtain a quorum of such Board, any action may be taken without a meeting if all Board members consent to the action in writing and such written consents are filed with the records of the meetings of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. When a Fund of Funds holds shares of an underlying fund advised by a control affiliate of MML Investment Advisers, MML Investment Advisers will generally vote the shares held by the Fund of Funds in the same proportions (for, against, abstain) as the votes of all other shareholders (other than MML Investment Advisers or a control affiliate of MML Investment Advisers) of such underlying fund. However, MML Investment Advisers may alternatively, in its discretion, (i) seek instruction from the Fund of Funds' Board of Trustees (or any member or committee thereof (provided that such member, or each member of such committee, as the case may be, is not an interested person of the underlying fund or of MML Investment Advisers) delegated authority to provide such instructions to MML Investment Advisers) and vote in accordance with such instructions, or (ii) vote in accordance with the recommendation of an independent proxy advisor or consultant retained by MML Investment Advisers to provide a recommendation, on the basis solely of the best interest of the Fund of Funds and its shareholders, as to the matter; provided, however, that prior to taking the action described in clause (ii) above, MML Investment Advisers is required to seek and obtain the prior approval of its Board of Directors. When a quorum is present at any meeting, a majority of the Board members present may take any action. If it is not possible to obtain a quorum of such Board, any action may be taken without a meeting if all Board members consent to the action in writing and such written consents are filed with the records of the meetings of the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. When a Fund of Funds holds shares of an underlying fund not advised by MML Investment Advisers or a control affiliate of MML Investment Advisers, MML Investment Advisers will generally vote the shares held by the Fund of Funds in the same proportions (for, against, abstain) as the votes of all other shareholders of such underlying fund. However, MML Investment Advisers may alternatively, in its discretion, (i) seek instruction from the Fund of Funds' Board of Trustees (or any member or committee thereof delegated authority to provide such instructions to MML Investment Advisers) and vote in accordance with such instructions, or (ii) vote in accordance with the recommendation of an independent proxy advisor or consultant retained by MML Investment Advisers to provide a recommendation, on the basis solely of the best interest of the Fund of Funds and its shareholders, as to the matter; provided, however, that prior to taking the action described in clause (ii) above, MML Investment Advisers is required to seek and obtain the prior approval of its Board of Directors. When a quorum is present at any meeting, a majority of the Board members present may take any action. If it is not possible to obtain a quorum of such Board, any action may be taken without a meeting if all Board members consent to the action in writing and such written consents are filed with the records of the meetings of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. Notwithstanding paragraph 3 above, (i) in the event a Fund of Funds is investing in an underlying fund pursuant to an exemptive order from the U.S. Securities and Exchange Commission, MML Investment Advisers will vote the shares held by the Fund of Funds in accordance with any conditions set forth in the order; or (ii) in the event a Fund of Funds is investing in an underlying fund pursuant to Section 12(d)(1)(F) of the Investment Company Act of 1940, as amended, MML Investment Advisers will vote the shares held by the Fund of Funds either by seeking instructions from the Fund of Funds' shareholders or vote the shares in the same proportions (for, against, abstain) as the votes of all other shareholders of the underlying fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. When a fund is structured as a Feeder Fund that is an interest holder of a Master Fund and is requested to vote on any matter submitted to interest holders of the Master Fund, MML Investment Advisers will, on behalf of the Feeder Fund, generally vote the shares held by the Feeder Fund in the same proportions (for, against, abstain) as the votes of all other interest holders of such Master Fund. However, if the Feeder Fund elects to hold a meeting of its own shareholders to consider such matters, MML Investment Advisers will, on behalf of the Feeder Fund, vote the shares held by the Feeder Fund in proportion to the votes received from its shareholders, with shares for which a Feeder Fund receives no voting instructions being voted in the same proportion as the votes received from the other Feeder Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6. Although rare, there is a possibility of Special Situations presented where MML Investment Advisers is in the best position to vote Proxies. In those Special Situations, which are determined by the Investment Management team in consultation with MML Investment Advisers' Chief Compliance Officer and/or legal counsel, MML Investment Advisers (i) will, when the Special Situation involves a proxy for a Funds' investment in another mutual fund or pooled investment vehicle, generally vote the shares held in the same proportions (for, against, abstain) as the votes of all other shareholders of such underlying fund; (ii) may seek instruction from the relevant Trust's Board of Trustees (or any member or committee thereof delegated authority to provide such instructions to MML Investment Advisers) and vote in accordance with such instructions; or (iii) may vote in accordance with the recommendation of an independent proxy advisor or consultant retained by MML Investment Advisers to provide a recommendation, on the basis solely of the best interest of the Trust and its shareholders, as to the matter; provided, however, that prior to taking the action described in clause (iii) above, MML Investment Advisers is required to seek and obtain the prior approval of its Board of Directors. When a quorum is present at any meeting, a majority of the Board members present may take any action. If it is not possible to obtain a quorum of such Board, any action may be taken without a meeting if all Board members consent to the action in writing and such written consents are filed with the records of the meetings of the Board.

#### Operating Procedures
MML Investment Advisers exercises its proxy voting responsibility with respect to the Funds of Funds, Feeder Funds, and Special Situations through the Investment Management team.

All proxy statements, including Information Statements ("Proxy Statements") and proxy cards received by associates relating to a Fund of Funds, Feeder Fund, or Special Situations are to be immediately forwarded to the Investment Management team. The head of Investment Management or that person's designee, then is responsible for (i) logging, reviewing and casting the vote for all Proxies solicited and received, (ii) voting such Proxies in a manner consistent with these policies and procedures, (iii) documenting the method followed in determining how to cast the vote, and (iv) maintaining the records required by Rule 204-2 under the Advisers Act.

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#### Record Retention
The Investment Management team will retain for such time periods as set forth in Rule 204-2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Copies of all policies and procedures required by the Rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A copy of each Proxy Statement that MML Investment Advisers receives regarding a Fund of Fund's or Feeder Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A copy of each Proxy Statement that MML Investment Advisers receives regarding a Special Situation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A record of each vote cast by MML Investment Advisers on behalf of a Fund of Funds, a Feeder Fund, or in a Special Situation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • B-113

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#### BARINGS LLC

#### GLOBAL PROXY VOTING POLICY

#### Key Points
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings LLC ("Barings") has established a Proxy Voting Policy to establish the manner in which Barings fulfills its proxy voting responsibilities and complies with applicable regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any proxies received by Barings should be forwarded as soon as possible to the Proxy Voting Team for timely processing and voting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings has a responsibility to oversee any service providers it may engage to facilitate proxy voting on behalf of its clients

#### Introduction/Policy Statement
As an investment adviser or manager, Barings has a fiduciary duty to vote proxies on behalf of its clients ("Clients"). Regulations that apply to Barings, including Rule 206(4)-6 of the Investment Advisers Act of 1940 applicable to US regulated investment advisers, requires that Barings adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of its Clients. The policies and procedures must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Describe how Barings addresses material conflicts that may arise between Barings' interests and those of its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Disclose to Clients how they may obtain information regarding how Barings voted with respect to their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Describe to Clients Barings' proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures.

The purpose of this Global Proxy Voting Policy ("Policy") is to establish the manner in which Barings will fulfill its proxy voting responsibilities and comply with applicable regulatory requirements. Barings understands that voting proxies is part of its investment advisory and management responsibilities and believes that as a general principle proxies should be acted upon (voted or abstained) solely in the best interests of its Clients (i.e., in a manner that is most likely to enhance the economic value of the underlying securities held in Client accounts).

No Barings associate ("Associate"), officer, board of managers/directors of Barings or its affiliates (other than those assigned such responsibilities under the Policy) can influence how Barings votes proxies, unless such person has been requested to provide assistance from an authorized investment person or designee ("Proxy Analyst") or from a member of the Governance and Conflicts Committee ("GCC") and has disclosed any known Material Conflict, as discussed in the Procedures section below.

#### Requirements

#### Standard Proxy Procedures
Barings engages a proxy voting service provider ("Service Provider") responsible for processing and maintaining records of proxy votes. In addition, the Service Provider, a recognized authority on proxy voting and corporate governance, provides research and recommendations (including environmental, social and governance topics) on proxies to Barings as its research provider ("Research Provider"). Barings' policy is to generally vote all Client proxies for which it has proxy voting discretion in accordance with the recommendations of the Research Provider or with the Research Provider's proxy voting guidelines ("Guidelines"), in the absence of a recommendation. In circumstances where the Research Provider has not provided a recommendation, the proxy will be analyzed on a case-by-case basis.

Barings recognizes that there may be times when it is in the best interests of Clients to vote proxies, (i) against the Research Provider's recommendations; or (ii) in instances where the Research Provider has not provided a recommendation, against the Guidelines. Barings can vote, in whole or part, against the Research Provider's recommendations or Guidelines as it deems appropriate. Procedures are designed to ensure that votes against the Research Provider's recommendations or Guidelines are made in the best interests of Clients and are not the result of any material conflict of interest ("Material Conflict"). For purposes of this Policy, a Material Conflict is defined as any position, relationship or interest, financial or otherwise, of Barings or Associate that could reasonably be expected to affect the independence or judgment concerning proxy voting.

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#### Review of Service Provider/Research Provider
In determining whether to retain, or continue the retention of, the Service Provider and/or Research Provider Barings should consider, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the Service Provider and/or Research Provider have the capacity and competency to adequately analyze the matters for which Barings is responsible for voting by, for example, reviewing the adequacy and quality of the Service Provider's and/or Research Provider's staffing, personnel, and/or technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the Research Provider has an effective process for seeking timely input from issuers and Research Provider clients with respect to such matters as its proxy voting policies, methodologies, and if applicable, its peer group constructions. If peer group comparisons are a component of the Research Provider's substantive evaluation, Barings should consider how the Research Provider incorporates appropriate input in formulating its methodologies and construction of issuer peer groups, and how, in constructing peer groups, the Research Provider takes into account the unique characteristics regarding the issuer, to the extent available, such as the issuer's size; its governance structure; its industry and any particular practices unique to that industry; and its history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Research Provider has adequately disclosed to Barings its methodologies in formulating voting recommendations, such that Barings can understand the factors underlying the Research Provider's voting recommendations. In addition, Barings should consider the nature of any third-party information sources that the Research Provider uses as a basis for its voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Research Provider has adequate policies and procedures to identify, disclose, and address actual and potential conflicts of interest, including (1) conflicts relating to the provision of proxy voting recommendations and proxy voting services generally, (2) conflicts relating to activities other than providing proxy voting recommendations and proxy voting services, and (3) conflicts presented by certain affiliations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the effectiveness of the Research Provider's firm's policies and procedures for obtaining current and accurate information relevant to matters included in its research and on which it makes voting recommendations. In assessing such matters, Barings should consider: the Research Provider's engagement with issuers, including the firm's process for ensuring that it has complete and accurate information about the issuer and each particular matter, and the firm's process, if any, for investment advisers to access the issuer's views about the firm's voting recommendations in a timely and efficient manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings should consider requiring the Research Provider to update Barings regarding business changes Barings considers relevant (*i.e.*, with respect to the Research Provider's capacity and competency to provide independent proxy voting advice or carry out voting instructions), and should consider whether the Research Provider appropriately updates its methodologies, guidelines, and voting recommendations on an ongoing basis, including in response to feedback from issuers and their shareholders.

#### Other Considerations
There could be circumstances where Barings is unable or determines not to vote a proxy on behalf of its Clients. The following is a non-inclusive list of examples whereby Barings may decide not to vote proxies on behalf of its Clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The cost of voting a proxy for a foreign security outweighs the expected benefit to the Client, so long as refraining from voting does not materially harm the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings is not given enough time to process the vote (i.e., receives a meeting notice and proxy from the issuer too late to permit voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings may hold shares on a company's record date, but sells them prior to the company's meeting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings has outstanding sell orders on a particular security and the decision to refrain from voting may be made in order to facilitate such sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The underlying securities have been lent out pursuant to a security lending program; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The company has participated in share blocking, which would prohibit Barings ability to trade or loan shares for a period of time.

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#### Administration of Proxy Voting
Barings has designated the Proxy Voting Team to ensure the responsibilities set forth in this Policy are satisfied.

#### Handling of Proxies
Proxy statements and ballots are typically routed directly to Barings' proxy voting Service Provider. In the event that an Associate receives a proxy statement or ballot, the Associate should immediately forward the statement or ballot to the Proxy Voting Team who will record receipt of the proxy, route the materials for review, maintain a record of all action taken and process votes.

#### Voting of Proxies
Typically, Barings will vote all Client proxies for which it has proxy voting discretion, where no Material Conflict exists, in accordance with the Research Provider's recommendation or Guidelines, unless (i) Barings is unable or determines not to vote a proxy in accordance with the Policy; or (ii) a Proxy Analyst determines that it is in the Clients' best interests to vote against the Research Provider's recommendation or Guidelines. In the event a Proxy Analyst believes a proxy should be voted against the Research Provider's recommendations or Guidelines, the Proxy Voting Team will vote the proxy in accordance with the Proxy Analyst's recommendation so long as (i) no other Proxy Analyst disagrees with such recommendation; and (ii) no known Material Conflict is identified by the Proxy Analyst(s) or the Proxy Voting Team. If a Material Conflict is identified by a Proxy Analyst or the Proxy Voting Team, the proxy will be submitted to the GCC to determine how the proxy is to be voted in order to achieve the Clients' best interests.

Pre-vote communications with proxy-solicitors are prohibited. In the event that a pre-vote communication occurs, it should be reported to the GCC, the relevant Head of Compliance and/or General Counsel prior to voting. Any questions or concerns regarding proxy-solicitor arrangements should be addressed to the relevant Head of Compliance and/or General Counsel, or the respective designees.

#### Oversight
Compliance will review the Policy at least annually and recommend any necessary changes to Barings' GCC. Compliance or the GCC will be responsible for (i) approving proxy voting forms as needed; and (ii) reviewing and approving any proposed changes to disclosures. In addition to the above, the Proxy Voting Team will provide materials to the relevant Barings' governance committees or Compliance on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The extent to which potential credible factual errors, potential incompleteness, or potential methodological weaknesses in the Service Provider and or Research Provider (that Barings becomes aware of and deems relevant) are materially affecting the research or recommendations that Barings used or is using in voting;

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Confirm to Compliance that it believes that Barings is casting votes on behalf of its clients consistently with the Policy.This confirmation will be based on the Proxy Voting Team, at least annually, sampling the proxy votes cast on behalf of its clients. The review will consist of sampling of proxy votes that relate to proposals that may require more issuer-specific analysis (*e.g.*, mergers and acquisition transactions, dissolutions, conversions, or consolidations) and providing the results of this testing to Compliance. Any identified issues will be escalated as necessary to the relevant governance committee;

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Periodically reviewing the Service Provider's guidelines used in the voting of proxies and notify the GCC of any material changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Confirm that Barings is casting votes when a conflict of interest exists in compliance with the Policy;

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Escalating any issues relating to proxy voting identified during internal or external audits or assessments or reviews to Compliance and or the relevant governance committee; and

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In circumstances where either the Proxy Voting Team has not provided a recommendation or has not contemplated an issue within its Guidelines and the proxy is analyzed on a case-by-case basis, or the matter subject to the proxy was contested or highly controversial, considering whether a higher degree of analysis was necessary to assess whether any votes cast on behalf of Barings' clients were cast in the clients' best interest will be presented to the GCC.

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#### New Account Procedures
Investment management agreements generally delegate the authority to Barings to vote proxies in accordance with its Policy. In the event that an investment management agreement is silent on proxy voting, Barings should obtain written instructions from the Client as to their voting preference. However, when the Client does not provide written instructions as to their voting preference, Barings will assume proxy voting responsibilities. In the event that a Client makes a written request regarding proxy voting, Barings will vote as instructed.

#### Required Disclosures and Client Request for Information
Barings will include a summary of this Policy in the Form ADV Part 2A for its US registered investment advisers, as well as provide instructions as to how a Client may request a copy of this Policy and/or a record of how Barings voted the Client's proxies*.* Requests will be directed to the Proxy Voting Team, who will provide the information to the appropriate client service representative in order to respond to the Client in a timely manner.

#### Conflict Resolution and Escalation Process
Associates should immediately report any issues they believe are a potential or actual breach of this Policy to their relevant business unit management and to the relevant Chief Compliance Officer (or relevant designee). The relevant Chief Compliance Officer (or relevant designee) will review the matter and determine whether the issue is an actual breach and whether to grant an exception, and/or the appropriate course of action. When making such determination, the relevant Chief Compliance Officer (or relevant designee) may, as part of his/her review, discuss the matter with relevant business unit management, members of the Senior Leadership Team, governance committees or other parties (i.e. legal counsel, auditor, etc).

The relevant Compliance Department can grant exceptions to any provision of this Policy so long as such exceptions are consistent with the purpose of the Policy and applicable law, are documented and such documentation is retained for the required retention period. Any questions regarding the applicability of this Policy should be directed to the appropriate Compliance Department or the relevant Chief Compliance Officer (or relevant designee).

#### Books and Records Retained
The table below identifies each Record that is required to be retained as it relates to this Policy unless a different retention period is required by local regulations in the relevant jurisdiction. Records may be unique to the relevant jurisdiction or combined with records maintained by Barings.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/Requirement**  | **Barings Record**  | **Creator**  | **Owner**  | **Retention <br>Period**  | **Source**  |
| The Compliance review and any approvals needed by GCC of Policy, proxy activity, and approval of Proxy Voting Forms | Compliance and GCC meeting materials | Proxy Voting Team and Compliance | GCC Representative | 7 Years | Barings Policy Requirement and Investment Advisers Act of 1940, Rule 206(4)-6 Barings Policy requirement for Barings US regulated Advisers |
| Proxy statements, research, recommendations, and records of votes cast | Proxy Records | Service Provider or Proxy Voting Team | Service Provider or Proxy Voting Team | 7 Years | Barings Policy Requirement and Investment Advisers Act of 1940, Rule 206(4)-6 Barings Policy requirement for Barings US regulated Advisers |
| Proxy Voting Forms (including supporting documentation used in deciding how to vote) | Proxy Voting Forms | Proxy Voting Team and/or Proxy Analyst | Proxy Voting Team | 7 Years | Barings Policy Requirement and Investment Advisers Act of 1940, Rule 206(4)-6 Barings Policy requirement for Barings US regulated Advisers |
| Client written requests for proxy voting information and responses thereto | Client Proxy Requests | Proxy Voting Team | Proxy Voting Team | 7 Years | Barings Policy Requirement and Investment Advisers Act of 1940, Rule 206(4)-6 Barings Policy requirement for Barings US regulated Advisers |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/Requirement**  | **Barings Record**  | **Creator**  | **Owner**  | **Retention <br>Period**  | **Source**  |
| Form N-PX, for proxies voted on behalf of an investment company for which Barings serves as investment adviser and is responsible for making such filing on behalf of its Clients | Form N-PX | Proxy Voting Team | Proxy Voting Team | 7 Years | Barings Policy requirement and Investment Advisers Act of 1940, Rule 206(4)-6 for Barings US regulated Advisers <br>Rule 30b1-4 |
| The Proxy Voting Policy, associated procedures and any amendments thereto | Proxy Voting Policy | Compliance Department | Compliance Department | 7 Years | Barings Policy requirement |
| A copy of the Research Provider's proxy voting guidelines | Research Provider's Proxy Voting Guidelines | Research Provider | Proxy Voting Team | 7 Years | Barings Policy requirement |

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Original Date of Policy:

October 2004 (Barings)

Last Revision Date:

October 2022

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#### INVESCO'S POLICY STATEMENT ON GLOBAL CORPORATE GOVERNANCE AND PROXY VOTING

#### Effective January 2023
I. Introduction

Invesco Ltd. and its wholly owned investment adviser subsidiaries (collectively, "Invesco", the "Company", "our" or "we") has adopted and implemented this Policy Statement on Global Corporate Governance and Proxy Voting ("Global Proxy Voting Policy" or "Policy"), which it believes describes policies and procedures reasonably designed to ensure that proxies are voted in the best interests of its clients. This Policy is intended to help Invesco's clients understand our commitment to responsible investing and proxy voting, as well as the good governance principles that inform our approach to engagement and voting at shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Our Commitment to Environmental, Social and Governance Investment Stewardship and Proxy Voting

Our commitment to environmental, social and governance (ESG) principles is a core element of our ambition to be the most client-centric asset manager. We aspire to incorporate ESG considerations into all our investment capabilities in the context of financial materiality in the best interest of our clients. In our role as stewards of our clients' investments, we regard our stewardship activities, including engagement and the exercise of proxy voting rights as an essential component of our fiduciary duty to maximize long-term shareholder value. Our Global ESG team functions as a center of excellence, providing specialist insights on research, engagement, voting, integration, tools, and client and product solutions with investment teams implementing ESG approaches appropriate to asset class and investment style. Much of our work is rooted in fundamental research and frequent dialogue with companies during due diligence and monitoring of our investments.

Invesco views proxy voting as an integral part of its investment management responsibilities. The proxy voting process at Invesco focuses on protecting clients' rights and promoting governance structures and practices that reinforce the accountability of corporate management and boards of directors to shareholders.

The voting decision lies with our portfolio managers and analysts with input and support from our Global ESG team. Our proprietary proxy voting platform ("PROXYintel") facilitates implementation of voting decisions and rationales across global investment teams. Our good governance principles, governance structure and processes are designed to ensure that proxy votes are cast in accordance with clients' best interests.

As a large active investor, Invesco is well placed to use our ESG expertise and beliefs to engage directly with portfolio companies or by collaborative means in ways which drive corporate change that we believe will enhance shareholder value. We take our responsibility as active owners very seriously and see engagement as an opportunity to encourage continual improvement and ensure that our clients' interests are represented and protected. Dialogue with portfolio companies is a core part of the investment process. Invesco may engage with investee companies to discuss environmental, social and governance issues throughout the year or on specific ballot items to be voted on.

Our passive strategies and certain other client accounts managed in accordance with fixed income, money market and index strategies (including exchange traded funds) will typically vote in line with the majority holder of the active-equity shares held by Invesco outside of those strategies. Invesco refers to this approach as "Majority Voting". This process of Majority Voting ensures that our passive strategies benefit from the engagement and deep dialogue of our active investors, which Invesco believes benefits shareholders in passively-managed accounts. In the absence of overlap between the active and passive holders, the passive holders vote in line with our internally developed voting guidelines (as defined below). Portfolio managers and analysts for accounts employing Majority Voting retain full discretion to override Majority Voting and to vote the shares as they determine to be in the best interest of those accounts, absent certain types of conflicts of interest, which are discussed elsewhere in this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Applicability of Policy

Invesco may be granted by its clients the authority to vote the proxies of securities held in client portfolios. Invesco's investment teams vote proxies on behalf of Invesco-sponsored funds and both fund and non-fund advisory clients that have explicitly granted Invesco authority in writing to vote proxies on their behalf. In the case of institutional or sub-advised clients, Invesco will vote the proxies in accordance with this Policy unless the client agreement specifies that the client retains the right to vote or has designated a named fiduciary to direct voting.

This Policy applies to all entities in Exhibit A. Due to regional or asset-class specific considerations, certain entities may have local proxy voting guidelines or policies and procedures that differ from this Policy. In the event that local policies and the Global Policy differ, the local policy will apply. These entities are also listed in Exhibit A and include

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proxy voting guidelines specific to: Invesco Asset Management (Japan) Limited, Invesco Asset Management (India) Pvt. Ltd, Invesco Taiwan Ltd and Invesco Capital Markets, Inc. for Invesco Unit Investment Trusts.

II. Global Proxy Voting Operational Procedures

Invesco's global proxy voting operational procedures are in place to implement the provisions of this Policy (the "Procedures"). At Invesco, proxy voting is conducted by our investment teams through PROXYintel. Our investment teams globally are supported by Invesco's centralized team of ESG professionals and proxy voting specialists. Invesco's Global ESG team oversees the proxy policy, operational procedures and implementation, inputs to analysis and research, vote execution oversight and leads the Global Invesco Proxy Advisory Committee ("Global IPAC").

Invesco aims to vote all proxies where we have been granted voting authority in accordance with this Policy, as implemented by the Procedures. Our portfolio managers and analysts review voting items based on their individual merits and retain full discretion on vote execution conducted through our proprietary proxy voting platform. Invesco may supplement its internal research with information from independent third-parties, such as proxy advisory firms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Proprietary Proxy Voting Platform

Invesco's proprietary proxy voting platform is supported by a dedicated team of internal proxy specialists. PROXYintel streamlines the proxy voting process by providing our investment teams globally with direct access to meeting information and proxies, external proxy research and ESG ratings, as well as related functions, such as management of conflicts of interest issues, significant votes, global reporting and recordkeeping capabilities. Managing these processes internally, as opposed to relying on third parties, is designed to provide Invesco greater quality control, oversight and independence in the proxy administration process.

Historical proxy voting information is stored to build institutional knowledge across the Invesco complex with respect to individual companies and proxy issues. Certain investment teams also use PROXYintel to access third-party proxy research and ESG ratings.

Our proprietary systems facilitate internal control and oversight of the voting process. Invesco may choose to leverage this capability to automatically vote proxies based on its internally developed custom voting guidelines and in circumstances where Majority Voting applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Oversight of Voting Operations

Invesco's Global ESG Team provides oversight of the proxy voting verification processes which include: (i) the monthly global vote audit review of votes cast containing documented rationales of conflicts of interest votes, market and operational limitations; (ii) the quarterly sampling of proxy votes cast to determine that (a) Invesco is voting consistently with this Policy and (b) third-party proxy advisory firms' methodologies in formulating the vote recommendation are consistent with their publicly disclosed guidelines; and (iii) quarterly review of rationales with the Global IPAC of occasions where a portfolio manager may take a position that may not be in accordance with Invesco's good governance principles and our internally developed voting guidelines.

To the extent material errors are identified in the proxy voting process, such errors are reviewed and reported to, as appropriate, the Global Head of ESG, Global Proxy Governance and Voting Manager, legal and compliance, the Global IPAC and relevant boards and clients, where applicable. Invesco's Global Head of ESG and Proxy Governance and Voting Manager provide proxy voting updates and reporting to the Global IPAC, various boards and clients. Invesco's global proxy governance and voting operations are subject to periodic review by Internal Audit and Compliance groups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Disclosures and Recordkeeping

Unless otherwise required by local or regional requirements, Invesco maintains voting records in either electronic format or hard copy for at least six years. Invesco makes available its proxy voting records publicly in compliance with regulatory requirements and industry best practices in the regions below:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In accordance with the US Securities and Exchange Commission regulations, Invesco will file a record of all proxy voting activity for the prior 12 months ending June 30th for each U.S. registered fund. That filing is made on or before August 31st of each year. Each year, the proxy voting records are made available on Invesco's website at https://www.invesco.com/corporate/en/our-commitments/esg.html. Moreover, and to the extent applicable, the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), including Department of Labor regulations and guidance thereunder, provide that the named fiduciary generally should be

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able to review not only the investment manager's voting procedure with respect to plan-owned stock, but also to review the actions taken in individual proxy voting situations. In the case of institutional and sub-advised Clients, Clients may contact their client service representative to request information about how Invesco voted proxies on their behalf. Absent specific contractual guidelines, such requests may be made on a semi-annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In the UK and Europe, Invesco publicly discloses our proxy votes monthly in compliance with the UK Stewardship Code and for the European Shareholder Rights Directive annually at https://vds.issgovernance.com/vds/#/Mzk3MA==/.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In Canada, Invesco publicly discloses our annual proxy votes each year at https://vds.issgovernance.com/vds/#/MTg2Mg==/ by August 31st, covering the 12-month period ending June 30th in compliance with the National Instrument 81-106 Investment Fund Continuous Disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In Japan, Invesco publicly discloses our proxy votes annually in compliance with the Japan Stewardship Code at https://www.invesco.com/jp/ja/country-splash.html?src=%2Fjp%Fja%2Fpolicies%2Fproxy.html.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In India, Invesco publicly discloses our proxy votes quarterly at https://www.invescomutualfund.com/about-us?tab=Staturory in compliance with The Securities and Exchange Board of India ("SEBI") Circular on stewardship code for all mutual funds and all categories of Alternative Investment Funds in relation to their investment in listed equities. SEBI has implemented principles on voting for Mutual Funds through circulars dated March 15, 2010 and March 24, 2014, which prescribed detailed mandatory requirements for Mutual Funds in India to disclose their voting policies and actual voting by Mutual Funds on different resolutions of investee companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In Hong Kong, Invesco Hong Kong Limited will provide proxy voting records upon request in compliance with the Securities and Futures Commission ("SFC") Principles of Responsible Ownership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In Taiwan, Invesco publicly discloses our proxy voting policy and proxy votes annually in compliance with Taiwan's Stewardship Principles for Institutional Investors at https://www.invesco.com/tw/zh/footer/stewardship-code.html.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In Australia, Invesco publicly discloses a summary of its proxy voting record annually at https://www.invesco.com.au/home/dam/jcr:bf3a3268-b7d1-4521-9dea-e233b7be82f2/

Invesco%20FSC%20Proxy%20Voting%20Record%20Reporting%20Jul'20-Jun'21.pdf.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In Singapore, Invesco Asset Management Singapore Ltd. will provide proxy voting records upon request in compliance with the Singapore Stewardship Principles for Responsible Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Global Invesco Proxy Advisory Committee

Guided by its philosophy that investment teams should manage proxy voting, Invesco has created the Global IPAC. The Global IPAC is an investments-driven committee comprised of representatives from various investment management teams globally, Invesco's Global Head of ESG and chaired by its Global Proxy Governance and Voting Manager. The Global IPAC provides a forum for investment teams to monitor, understand and discuss key proxy issues and voting trends within the Invesco complex, to assist Invesco in meeting regulatory obligations, to review votes not aligned with our good governance principles and to consider conflicts of interest in the proxy voting process, all in accordance with this Policy.

In fulfilling its responsibilities, the Global IPAC meets as necessary, but no less than semi-annually, and has the following responsibilities and functions: (i) acts as a key liaison between the Global ESG team and local proxy voting practices to ensure compliance with this Policy; (ii) provides insight on market trends as it relates to stewardship practices; (iii) monitors proxy votes that present potential conflicts of interest; (iv) the Conflict of Interest sub-committee will make voting decisions on submissions made by portfolio managers on conflict of interest issues to override the Policy; and (v) reviews and provides input, at least annually, on this Policy and related internal procedures and recommends any changes to the Policy based on, but not limited to, Invesco's experience, evolving industry practices, or developments in applicable laws or regulations.

In addition to the Global IPAC, for some clients, third parties (e.g., U.S. fund boards) provide oversight of the proxy voting process.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Market and Operational Limitations

In the great majority of instances, Invesco will vote proxies. However, in certain circumstances, Invesco may refrain from voting where the economic or other opportunity costs of voting exceeds any benefit to clients. Moreover, ERISA fiduciaries, in voting proxies or exercising other shareholder rights, must not subordinate the economic interests of plan participants and beneficiaries to unrelated objectives. These matters are left to the discretion of the relevant portfolio manager. Such circumstances could include, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In some countries the exercise of voting rights imposes temporary transfer restrictions on the related securities ("share blocking"). Invesco generally refrains from voting proxies in share blocking countries unless Invesco determines that the benefit to the client(s) of voting a specific proxy outweighs the client's temporary inability to sell the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Some companies require a representative to attend meetings in person to vote a proxy, additional documentation or the disclosure of beneficial owner details to vote. Invesco may determine that the costs of sending a representative, signing a power-of-attorney or submitting additional disclosures outweigh the benefit of voting a particular proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Invesco may not receive proxy materials from the relevant fund or client custodian with sufficient time and information to make an informed independent voting decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Invesco held shares on the record date but has sold them prior to the meeting date.

In some non-U.S. jurisdictions, although Invesco uses reasonable efforts to vote a proxy, proxies may not be accepted or may be rejected due to changes in the agenda for a shareholder meeting for which Invesco does not have sufficient notice, due to a proxy voting service not being offered by the custodian in the local market or due to operational issues experienced by third-parties involved in the process or by the issuer or sub-custodian. In addition, despite the best efforts of Invesco and its proxy voting agent, there may be instances where our votes may not be received or properly tabulated by an issuer or the issuer's agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Securities Lending

Invesco's funds may participate in a securities lending program. In circumstances where shares are on loan, the voting rights of those shares are transferred to the borrower. If the security in question is on loan as part of a securities lending program, Invesco may determine that the benefit to the client of voting a particular proxy outweighs the benefits of securities lending. In those instances, Invesco may determine to recall securities that are on loan prior to the meeting record date, so that we will be entitled to vote those shares. There may be instances where Invesco may be unable to recall shares or may choose not to recall shares. The relevant portfolio manager will make these determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Conflicts of Interest

There may be occasions where voting proxies may present a perceived or actual conflict of interest between Invesco, as investment manager, and one or more of Invesco's clients or vendors.

#### Firm-Level Conflicts of interest
A conflict of interest may exist if Invesco has a material business relationship with either the company soliciting a proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Such relationships may include, among others, a client relationship, serving as a vendor whose products / services are material or significant to Invesco, serving as a distributor of Invesco's products, a significant research provider or broker to Invesco.

Invesco identifies potential conflicts of interest based on a variety of factors, including but not limited to the materiality of the relationship between the issuer or its affiliates to Invesco.

Material firm-level conflicts of interests are identified by individuals and groups within Invesco globally based on criteria established by the global ESG team. These criteria are monitored and updated periodically by the global ESG team so an updated view is available when conducting conflicts checks. Operating procedures and associated governance are designed to seek to ensure conflicts of interest are appropriately considered ahead of voting proxies. The Global IPAC Conflict of Interest Sub-committee maintains oversight of the process. Companies identified as conflicted will be voted in line with the principles below as implemented by Invesco's internally developed voting guidelines. To the extent a portfolio manager disagrees with the Policy, our processes and procedures seek to ensure justification and rationales are fully documented and presented to the Global IPAC Conflict of Interest Sub-committee for approval by a majority vote.

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As an additional safeguard, persons from Invesco's marketing, distribution and other customer-facing functions may not serve on the Global IPAC. For the avoidance of doubt, Invesco may not consider Invesco Ltd.'s pecuniary interest when voting proxies on behalf of clients. To avoid any appearance of a conflict of interest, Invesco will not vote proxies issued by Invesco Ltd. that may be held in client accounts.

#### Personal Conflicts of Interest
A conflict also may exist where an Invesco employee has a known personal or business relationship with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships. Under Invesco's Global Code of Conduct, Invesco entities and individuals must act in the best interests of clients and must avoid any situation that gives rise to an actual or perceived conflict of interest.

All Invesco personnel with proxy voting responsibilities are required to report any known personal or business conflicts of interest regarding proxy issues with which they are involved. In such instances, the individual(s) with the conflict will be excluded from the decision-making process relating to such issues.

#### Voting Fund of Funds
There may be conflicts that arise from Invesco voting on matters when shares of Invesco-sponsored funds are held by other Invesco funds or entities. The scenarios below set out how Invesco votes in these instances.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Proportional voting will be implemented in the following scenarios:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • When required by law or regulation, shares of an Invesco fund held by other Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will not vote the shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • When required by law or regulation, shares of an unaffiliated registered fund held by one or more Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will not vote the shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • For US fund of funds where proportional voting is not required by law or regulation, shares of Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible, Invesco will vote in line with our internally developed voting guidelines (as defined below).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Non-US fund of funds will not be voted proportionally, Invesco will vote in line with local policies as per Exhibit A. If no local policies exist, Invesco will vote non-US funds of funds in line with the firm-level conflicts of interest process described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Use of Proxy Advisory Services

Invesco may supplement its internal research with information from independent third-parties, such as proxy advisory firms, to assist us in assessing the corporate governance of investee companies. Globally, Invesco leverages research from Institutional Shareholder Services Inc. ("ISS") and Glass Lewis ("GL"). Invesco generally retains full and independent discretion with respect to proxy voting decisions.

ISS and GL both provide research reports, including vote recommendations, to Invesco and its portfolio managers and analysts. Invesco retains ISS to provide written analysis and recommendations based on Invesco's internally developed custom voting guidelines. Updates to previously issued proxy research reports may be provided to incorporate newly available information or additional disclosure provided by the issuer regarding a matter to be voted on, or to correct factual errors that may result in the issuance of revised proxy vote recommendations. Invesco's global ESG team may periodically monitor for these research alerts issued by ISS and GL that are shared with our investment teams. Invesco will generally endeavor to consider such information where such information is considered material provided it is delivered in a timely manner ahead of the vote deadline.

Invesco also retains ISS to assist in the implementation of certain proxy voting-related functions, including, but not limited to, operational and reporting services. These administrative services include receipt of proxy ballots, vote execution through PROXYintel and vote disclosure in Canada, the UK and Europe to meet regulatory reporting obligations.

As part of its fiduciary obligation to clients, Invesco performs extensive initial and ongoing due diligence on the proxy advisory firms it engages globally. This includes reviews of information regarding the capabilities of their research

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staff, methodologies for formulating voting recommendations, the adequacy and quality of personnel and technology, as applicable, and internal controls, policies and procedures, including those relating to possible conflicts of interest.

The proxy advisory firms Invesco engages globally complete an annual due diligence questionnaire submitted by Invesco, and Invesco conducts annual due diligence meetings in part to discuss their responses to the questionnaire. In addition, Invesco monitors and communicates with these firms and monitors their compliance with Invesco's performance and policy standards. ISS and GL disclose conflicts to Invesco through a review of their policies, procedures and practices regarding potential conflicts of interests (including inherent internal conflicts) as well as disclosure of the work ISS and GL perform for corporate issuers and the payments they receive from such issuers. As part of our annual policy development process, Invesco engages with external proxy and governance experts to understand market trends and developments and to weigh in on the development of these policies at these firms, where appropriate. These meetings provide Invesco with an opportunity to assess the firms' capabilities, conflicts of interest and service levels, as well as provide investment professionals with direct insight into the advisory firms' stances on key governance and proxy topics and their policy framework/methodologies.

Invesco completes a review of the System and Organizational Controls ("SOC") Reports for each proxy advisory firm to ensure the related controls operated effectively to provide reasonable assurance.

In addition to ISS and GL, Invesco may use regional third-party research providers to access regionally specific research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Review of Policy

The Global IPAC and Invesco's Global ESG team, compliance and legal teams annually communicate and review this Policy and our internally developed custom voting guidelines to seek to ensure that they remain consistent with clients' best interests, regulatory requirements, investment team considerations, governance trends and industry best practices. At least annually, this Policy and our internally developed voting guidelines are reviewed by various groups within Invesco to ensure that they remain consistent with Invesco's views on best practice in corporate governance and long-term investment stewardship.

III. Our Good Governance Principles

Invesco's good governance principles outline our views on best practice in corporate governance and long-term investment stewardship. These principles have been developed by our global investment teams in collaboration with the Global ESG team. The broad philosophy and guiding principles in this section inform our approach to long-term investment stewardship and proxy voting. The principles and positions reflected in this Policy are designed to guide Invesco's investment professionals in voting proxies; they are not intended to be exhaustive or prescriptive.

Our portfolio managers and analysts retain full discretion on vote execution in the context of our good governance principles and internally developed custom voting guidelines, except where otherwise specified in this Policy. The final voting decisions may consider the unique circumstances affecting companies, regional best practices and any dialogue we have had with company management. As a result, different Portfolio Management Teams may vote differently on particular votes for the same company. To the extent a portfolio manager chooses to vote a proxy in a way that is not aligned with the principles below, such manager's rationales are fully documented.

The following guiding principles apply to operating companies. We apply a separate approach to open-end and closed-end investment companies and unit investment trusts. Where appropriate, these guidelines are supplemented by additional internal guidance that considers regional variations in best practices, disclosure and region-specific voting items. Invesco may vote on proposals not specifically addressed by these principles based on an evaluation of a proposal's likelihood to enhance long-term shareholder value.

Our good governance principles are divided into six key themes that Invesco endorses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Transparency

We expect companies to provide accurate, timely and complete information that enables investors to make informed investment decisions and effectively carry out their stewardship activities. Invesco supports the highest standards in corporate transparency and believes that these disclosures should be made available ahead of the voting deadlines for the Annual General Meeting or Extraordinary General Meeting to allow for timely decision-making.

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***Financial reporting:*** Company accounts and reporting must accurately reflect the underlying economic position of a company. Arrangements that may constitute an actual or perceived conflict with this objective should be avoided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally support proposals to accept the annual financial statements, statutory accounts and similar proposals unless these reports are not presented in a timely manner or significant issues are identified regarding the integrity of these disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against the incumbent audit committee chair, or nearest equivalent, where the non-audit fees paid to the independent auditor exceed audit fees for two consecutive years or other problematic accounting practices are identified such as fraud, misapplication of audit standards or persistent material weaknesses/deficiencies in internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally not support the ratification of the independent auditor and/or ratification of their fees payable if non-audit fees exceed audit and audit related fees or there are significant auditing controversies or questions regarding the independence of the external auditor. We will consider an auditor's length of service as a company's independent auditor in applying this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Accountability

Robust shareholder rights and strong board oversight help ensure that management adhere to the highest standards of ethical conduct, are held to account for poor performance and responsibly deliver value creation for stakeholders over the long-term. We therefore encourage companies to adopt governance features that ensure board and management accountability. In particular, we consider the following as key mechanisms for enhancing accountability to investors:

***One share one vote:*** Voting rights are an important tool for investors to hold boards and management teams accountable. Unequal voting rights may limit the ability of investors to exercise their stewardship obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We generally do not support proposals that establish or perpetuate dual classes of voting shares, double voting rights or other means of differentiated voting or disproportionate board nomination rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We generally support proposals to decommission differentiated voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Where unequal voting rights are established, we expect these to be accompanied by reasonable safeguards to protect minority shareholders' interests.

***Anti-takeover devices:*** Mechanisms designed to prevent or unduly delay takeover attempts may unduly limit the accountability of boards and management teams to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We generally will not support proposals to adopt antitakeover devices such as poison pills. Exceptions may be warranted at entities without significant operations and to preserve the value of net operating losses carried forward or where the applicability of the pill is limited in scope and duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In addition, we will generally not support capital authorizations or amendments to corporate articles or bylaws at operating companies that may be utilized for antitakeover purposes, for example, the authorization of classes of shares of preferred stock with unspecified voting, dividend, conversion or other rights ("blank check" authorizations).

***Shareholder rights:*** We support the rights of shareholders to hold boards and management teams accountable for company performance. We generally support best practice aligned proposals to enhance shareholder rights, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Adoption of proxy access rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Rights to call special meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Rights to act by written consent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reduce supermajority vote requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Remove antitakeover provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Requirement that directors are elected by a majority vote

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In addition, we oppose practices that limit shareholders' ability to express their views at a general meeting such as bundling unrelated proposals or several significant article or bylaw amendments into a single voting item. We will generally vote against these proposals unless we are satisfied that all the underlying components are aligned with our views on best practice.

***Director Indemnification:*** Invesco recognizes that individuals may be reluctant to serve as corporate directors if they are personally liable for all related lawsuits and legal costs. As a result, reasonable limitations on directors' liability can benefit a company and its shareholders by helping to attract and retain qualified directors while preserving recourse for shareholders in the event of misconduct by directors. Accordingly, unless there is insufficient information to make a decision about the nature of the proposal, Invesco will generally support proposals to limit directors' liability and provide indemnification and/or exculpation, provided that the arrangements are reasonably limited in scope to directors acting in good faith and, in relation to criminal matters, limited in scope to directors having reasonable grounds for believing the conduct was lawful.

***Responsiveness:*** Boards should respond to investor concerns in a timely fashion, including reasonable requests to engage with company representatives regarding such concerns, and address matters that receive significant voting dissent at general meetings of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against the lead independent director and/or the incumbent chair of the governance committee, or nearest equivalent, in cases where the board has not adequately responded to items receiving significant voting opposition from shareholders at an annual or extraordinary general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against the lead independent director and/or incumbent chair of the governance committee, or nearest equivalent, where the board has not adequately responded to a shareholder proposal which has received significant support from shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against the incumbent chair of the compensation committee if there are significant ongoing concerns with a company's compensation practices that have not been addressed by the committee or egregious concerns with the company's compensation practices for two years consecutively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against the incumbent compensation committee chair where there are ongoing concerns with a company's compensation practices and there is no opportunity to express dissatisfaction by voting against an advisory vote on executive compensation, remuneration report (or policy) or nearest equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Where a company has not adequately responded to engagement requests from Invesco or satisfactorily addressed issues of concern, we may oppose director nominations, including, but not limited to, nominations for the lead independent director and/or committee chairs.

***Virtual shareholder meetings:*** Companies should hold their annual or special shareholder meetings in a manner that best serves the needs of its shareholders and the company. Shareholders should have an opportunity to participate in such meetings. Shareholder meetings provide an important mechanism by which shareholders provide feedback or raise concerns without undue censorship and hear from the board and management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally support management proposals seeking to allow for the convening of hybrid shareholder meetings (allowing shareholders the option to attend and participate either in person or through a virtual platform).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Management or shareholder proposals that seek to authorize the company to hold virtual-only meetings (held entirely through virtual platform with no corresponding in-person physical meeting) will be assessed on a case-by-case basis. Companies have a responsibility to provide strong justification and establish safeguards to preserve comparable rights and opportunities for shareholders to participate virtually as they would have during an in-person meeting. Invesco will consider, among other things, a company's practices, jurisdiction and disclosure, including the items set forth below:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

meeting procedures and requirements are disclosed in advance of a meeting detailing the rationale for eliminating the in-person meeting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

clear and comprehensive description of which shareholders are qualified to participate, how shareholders can join the virtual-only meeting, how and when shareholders submit and ask questions either in advance of or during the meeting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

disclosure regarding procedures for questions received during the meeting, but not answered due to time or other restrictions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

description of how shareholder rights will be protected in a virtual-only meeting format including the ability to vote shares during the time the polls are open.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Board Composition and Effectiveness

#### Director election process: Board members should generally stand for election annually and individually.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally support proposals requesting that directors stand for election annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against the incumbent governance committee chair or lead independent director if a company has a classified board structure that is not being phased out. We may make exceptions to this policy for non-operating companies (e.g., open-end and closed-end funds) or in regions where market practice is for directors to stand for election on a staggered basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • When a board is presented for election as a slate (e.g., shareholders are unable to vote against individual nominees and must vote for or against the entire nominated slate of directors) and this approach is not aligned with local market practice, we will generally vote against the slate in cases where we otherwise would vote against an individual nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Where market practice is to elect directors as a slate we will generally support the nominated slate unless there are governance concerns with several of the individuals included on the slate or we have broad concerns with the composition of the board such as a lack independence.

***Board size:*** We will generally defer to the board with respect to determining the optimal number of board members given the size of the company and complexity of the business, provided that the proposed board size is sufficiently large to represent shareholder interests and sufficiently limited to remain effective.

***Board assessment and succession planning:*** When evaluating board effectiveness, Invesco considers whether periodic performance reviews and skills assessments are conducted to ensure the board represents the interests of shareholders. In addition, boards should have a robust succession plan in place for key management and board personnel.

***Definition of independence:*** Invesco considers local market definitions of director independence but applies a proprietary standard for assessing director independence considering a director's status as a current or former employee of the business, any commercial or consulting relationships with the company, the level of shares beneficially owned or represented and familial relationships, among others.

***Board and committee independence:*** The board of directors, board committees and regional equivalents should be sufficiently independent from management, substantial shareholders and conflicts of interest. We consider local market practices in this regard and in general we look for a balance across the board of directors. Above all, we like to see signs of robust challenge and discussion in the boardroom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against one or more non-independent directors when a board is less than majority independent, but we will take into account local market practice with regards to board independence in limited circumstances where this standard is not appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against non-independent directors serving on the audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against non-independent directors serving on the compensation committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against non-independent directors serving on the nominating committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In relation to the board, compensation committee and nominating committee we will consider the appropriateness of significant shareholder representation in applying this policy. This exception will generally not apply to the audit committee.

***Separation of Chair and CEO roles:*** We believe that independent board leadership generally enhances management accountability to investors. Companies deviating from this best practice should provide a strong justification and establish safeguards to ensure that there is independent oversight of a board's activities (e.g., by appointing a lead or senior independent director with clearly defined powers and responsibilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against the incumbent nominating committee chair where the board chair is not independent unless a lead independent or senior director is appointed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally support shareholder proposals requesting that the board chair be an independent director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally not vote against a CEO or executive serving as board chair solely on the basis of this issue, however, we may do so in instances where we have significant concerns regarding a company's corporate governance, capital allocation decisions and/or compensation practices.

***Attendance and over boarding:*** Director attendance at board and committee meetings is a fundamental part of their responsibilities and provides efficient oversight for the company and its investors. In addition, directors should not have excessive external board or managerial commitments that may interfere with their ability to execute the duties of a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against directors who attend less than 75% of board and committee meetings held in the previous year unless an acceptable extenuating circumstance is disclosed, such as health matters or family emergencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against directors who have more than four total mandates at public operating companies. We apply a lower threshold for directors with significant commitments such as executive positions and chairmanships.

***Diversity:*** We encourage companies to continue to evolve diversity and inclusion practices. Boards should be comprised of directors with a variety of relevant skills and industry expertise together with a diverse profile of individuals of different genders, ethnicities, race, skills, tenures and backgrounds to provide robust challenge and debate. We consider diversity at the board level, within the executive management team and in the succession pipeline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally vote against the incumbent nominating committee chair of a board where women constitute less than two board members or 25% of the board, whichever is lower, for two or more consecutive years, unless incremental improvements are being made to diversity practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In addition, we will consider a company's performance on broader types of diversity which may include diversity of skills, non-executive director tenure, ethnicity, race or other factors where appropriate and reasonably determinable. We will generally vote against the incumbent nominating committee chair if there are multiple concerns on diversity issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We generally believe that an individual board's nominating committee is best positioned to determine whether director term limits would be an appropriate measure to help achieve these goals and, if so, the nature of such limits. Invesco generally opposes proposals to limit the tenure of outside directors through mandatory retirement ages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Long-Term Stewardship of Capital

***Capital allocation:*** Invesco expects companies to responsibly raise and deploy capital toward the long-term, sustainable success of the business. In addition, we expect capital allocation authorizations and decisions to be made with due regard to shareholder dilution, rights of shareholders to ratify significant corporate actions and pre-emptive rights, where applicable.

***Share issuance and repurchase authorizations:*** We generally support authorizations to issue shares up to 20% of a company's issued share capital for general corporate purposes. Shares should not be issued at a substantial discount to the market price or be repurchased at a substantial premium to the market price.

***Stock splits:*** We generally support management proposals to implement a forward or reverse stock split, provided that a reverse stock split is not being used to take a company private. In addition, we will generally support requests to increase a company's common stock authorization if requested to facilitate a stock split.

***Increases in authorized share capital:*** We will generally support proposals to increase a company's number of authorized common and/or preferred shares, provided we have not identified concerns regarding a company's historical share issuance activity or the potential to use these authorizations for antitakeover purposes. We will consider the amount of the request in relation to the company's current authorized share capital, any proposed corporate transactions contingent on approval of these requests and the cumulative impact on a company's authorized share capital, for example, if a reverse stock split is concurrently submitted for shareholder consideration.

***Mergers, acquisitions, proxy contests, disposals and other corporate transactions:*** Invesco's investment teams will review proposed corporate transactions including mergers, acquisitions, reorganizations, proxy contests, private

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placements, dissolutions and divestitures based on a proposal's individual investment merits. In addition, we broadly approach voting on other corporate transactions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally support proposals to approve different types of restructurings that provide the necessary financing to save the company from involuntary bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally support proposals to enact corporate name changes and other proposals related to corporate transactions that we believe are in shareholders' best interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally support reincorporation proposals, provided that management have provided a compelling rationale for the change in legal jurisdiction and provided further that the proposal will not significantly adversely impact shareholders' rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • With respect to contested director elections, we consider the following factors, among others, when evaluating the merits of each list of nominees: the long term performance of the company relative to its industry, management's track record, any relevant background information related to the contest, the qualifications of the respective lists of director nominees, the strategic merits of the approaches proposed by both sides including the likelihood that the proposed goals can be met, and positions of stock ownership in the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Environmental, Social and Governance Risk Oversight

***Director responsibility for risk oversight:*** The board of directors are ultimately responsible for overseeing management and ensuring that proper governance, oversight and control mechanisms are in place at the companies they oversee. Invesco may take voting action against director nominees in response to material governance or risk oversight failures that adversely affect shareholder value.

Invesco considers the adequacy of a company's response to material oversight failures when determining whether any voting action is warranted. In addition, Invesco will consider the responsibilities delegated to board sub-committees when determining if it is appropriate to hold certain director nominees accountable for these material failures.

Material governance or risk oversight failures at a company may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

significant bribery, corruption or ethics violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

events causing significant climate-related risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

significant health and safety incidents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

failure to ensure the protection of human rights.

***Reporting of financially material ESG information:*** Companies should report on their environmental, social and governance opportunities and risks where material to their business operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Where Invesco finds significant gaps in management and disclosure of environmental, social and governance risk policies, we will generally vote against the annual reporting and accounts or an equivalent resolution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Climate risk management: We encourage companies to report on material climate-related risks and opportunities and how these are considered within the company's strategy, financial planning, governance structures and risk management frameworks in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD"), or other relevant reporting frameworks. For companies in industries that materially contribute to climate change, we encourage comprehensive disclosure of greenhouse gas emissions and Paris-aligned emissions reduction targets, where appropriate. Invesco may take voting action at companies that fail to adequately address climate-related risks, including opposing director nominations in cases where we view the lack of effective climate transition risk management as potentially detrimental to long-term shareholder value.

***Shareholder proposals addressing environmental and social issues:*** Invesco may support shareholder resolutions requesting that specific actions be taken to address environmental and social ("E&S") issues or mitigate exposure to material E&S risks, including reputational risk, related to these issues. When considering such proposals, we will consider a company's track record on E&S issues, the efficacy of the proposal's request, whether the requested action is unduly burdensome, and whether we consider the adoption of such a proposal would promote long-term shareholder value. We will also consider company responsiveness to the proposal and any engagement on the issue when casting votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We generally do not support resolutions where insufficient information has been provided in advance of the vote or a lack of disclosure inhibits our ability to make fully informed voting decisions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will generally support shareholder resolutions requiring additional disclosure on material environmental, social and governance risks facing their businesses, provided that such requests are not unduly burdensome or duplicative with a company's existing reporting. These may include, but are not limited to, reporting on the following: gender and racial diversity issues, political contributions and lobbying disclosure, information on data security, privacy, and internet practices, human capital and labor issues and the use of natural capital, and reporting on climate change-related risks.

***Ratification of board and/or management acts:*** We will generally support proposals to ratify the actions of the board of directors, supervisory board and/or executive decision-making bodies, provided there are no material oversight failures as described above. When such oversight concerns are identified, we will consider a company's response to any issues raised and may vote against ratification proposals instead of, or in addition to, director nominees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Executive Compensation and Alignment

Invesco supports compensation polices and equity incentive plans that promote alignment between management incentives and shareholders' long-term interests. We pay close attention to local market practice and may apply stricter or modified criteria where appropriate.

***Advisory votes on executive compensation, remuneration policy and remuneration reports:*** We will generally not support compensation-related proposals where more than one of the following is present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

there is an unmitigated misalignment between executive pay and company performance for at least two consecutive years;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

there are problematic compensation practices which may include, among others, incentivizing excessive risk taking or circumventing alignment between management and shareholders' interests via repricing of underwater options;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

vesting periods for long-term incentive awards are less than three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

the company "front loads" equity awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)

there are inadequate risk mitigating features in the program such as clawback provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi)

excessive, discretionary one-time equity grants are awarded to executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii)

less than half of variable pay is linked to performance targets, except where prohibited by law.

Invesco will consider company reporting on pay ratios as part of our evaluation of compensation proposals, where relevant.

***Equity plans:*** Invesco generally supports equity compensation plans that promote the proper alignment of incentives with shareholders' long-term interests, and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features which may include provisions to reprice options without shareholder approval, plans that include evergreen provisions or plans that provide for automatic accelerated vesting upon a change in control.

***Employee stock purchase plans:*** We generally support employee stock purchase plans that are reasonably designed to provide proper incentives to a broad base of employees, provided that the price at which employees may acquire stock represents a reasonable discount from the market price.

***Severance Arrangements:*** Invesco considers proposed severance arrangements (sometimes known as "golden parachute" arrangements) on a case-by-case basis due to the wide variety among their terms. Invesco acknowledges that in some cases such arrangements, if reasonable, may be in shareholders' best interests as a method of attracting and retaining high-quality executive talent. We generally vote in favor of proposals requiring shareholder ratification of senior executives' severance agreements where the proposed terms and disclosure align with good market practice.

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#### Exhibit A
Harbourview Asset Management Corporation

Invesco Advisers, Inc.

Invesco Asset Management (India) Pvt. Ltd\*<sup>1</sup>

Invesco Asset Management (Japan) Limited\*<sup>1</sup>

Invesco Asset Management (Schweiz) AG

Invesco Asset Management Deutschland GmbH

Invesco Asset Management Limited<sup>1</sup>

Invesco Asset Management Singapore Ltd

Invesco Australia Ltd

Invesco European RR L.P

Invesco Canada Ltd.<sup>1</sup>

Invesco Capital Management LLC

Invesco Capital Markets, Inc.\*<sup>1</sup>

Invesco Hong Kong Limited

Invesco Investment Advisers LLC

Invesco Investment Management (Shanghai) Limited

Invesco Investment Management Limited

Invesco Loan Manager, LLC

Invesco Managed Accounts, LLC

Invesco Management S.A

Invesco Overseas Investment Fund Management (Shanghai) Limited

Invesco Pensions Limited

Invesco Private Capital, Inc.

Invesco Real Estate Management S.a.r.l<sup>1</sup>

Invesco RR Fund L.P.

Invesco Senior Secured Management, Inc.

Invesco Taiwan Ltd\*<sup>1</sup>

Invesco Trust Company

Oppenheimer Funds, Inc.

WL Ross & Co. LLC

\* Invesco entities with specific proxy voting guidelines

<sup>1</sup> Invesco entities with specific conflicts of interest policies

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#### THOMPSON, SIEGEL & WALMSLEY LLC

#### PROXY VOTING

#### Policy
**Thompson, Siegel & Walmsley LLC ("TSW") has a fiduciary responsibility to its clients for voting proxies, where authorized, for portfolio securities consistent with the best economic interests of its clients. TSW maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our Firm's proxy voting policies and practices in Form ADV Part 2A. In addition, we review our policies and practices no less than annually for adequacy; to make sure they have been implemented effectively, and to make sure they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients. Our policy and practice include the responsibility to monitor corporate actions and potential conflicts of interest, receive and vote client proxies, and make information available to clients about the voting of proxies for their portfolio securities while maintaining relevant and required records.** 

#### Background
Proxy voting is an important right of shareholders, and reasonable care and diligence should be undertaken to ensure that such rights are properly exercised.

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which should include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser has proxy voting authority.

A related companion release by the SEC also adopted rule and form amendments under the Securities Act and Investment Company Act similar to the above which TSW complies with when acting as a sub-adviser to a mutual fund.

#### Responsibility
TSW's Senior Compliance Officer (Proxy Coordinator) has the responsibility for the organization and monitoring of our Proxy Voting policy, practices, and recordkeeping. Implementation and disclosure, including outlining our voting guidelines in our procedures, is the responsibility of the CCO and Director of Operations. TSW has retained the services of a third-party provider, Institutional Shareholder Services, Inc. ("ISS") to assist with the proxy process. ISS is a Registered Investment Adviser under the Advisers Act. It is a leading provider of proxy voting and corporate governance services. ISS provides TSW proxy proposal research and voting recommendations and votes proxies on TSW's behalf in accordance with ISS's standard voting guidelines. Those guidelines cover the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Operational Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Proxy Contests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Anti-takeover Defenses and Voting Related Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mergers and Corporate Restructurings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • State of Incorporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Capital Structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Executive & Director Compensation

■

Equity Compensation Plans

■

Specific Treatment of Certain Award Types in Equity Plan Evaluations

■

Other Compensation Proposals & Policies

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■

Shareholder Proposals on Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Social/Environmental Issues

■

Consumer Issues and Public Safety

■

Environment and Energy

■

General Corporate Issues

■

Labor Standards and Human Rights

■

Military Business

■

Workplace Diversity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mutual Fund Proxies

TSW generally believes that voting proxies in a manner that is favorable to a business's long-term performance and valuation is in its clients' best interests. However, a uniform voting policy may not be in the best interest of all clients. While TSW applies ISS's standard policy guidelines to most clients, where appropriate we utilize ISS's Taft-Hartley or Catholic policy guidelines to meet specific client requirements.

TSW's Proxy Coordinator is responsible for monitoring ISS's voting procedures on an ongoing basis. TSW's general procedure regarding the voting of proxies is addressed below. For instances not directly addressed in this policy the Proxy Oversight Representative should act in accordance with the principles outlined in the SEC's *Guidance Regarding Proxy Voting Responsibilities of Investment Advisers* issued in August 2019 and supplemental release in September 2020 in consultation with the Proxy Coordinator.

#### Procedure
TSW has adopted various procedures and internal controls to review, monitor and ensure the Firm's Proxy Voting policy is observed, implemented properly and amended or updated, as appropriate, which include the following:

#### Voting Procedures
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Upon timely receipt of proxy materials, ISS will automatically release vote instructions on client's behalf as soon as custom research is completed. TSW retains authority to override the votes (before cut-off date) if TSW disagrees with the vote recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Proxy Coordinator will monitor the voting process at ISS via ISS's Proxy Exchange website (ISS's online voting and research platform). Records of which accounts are voted, how accounts are voted, and how many shares are voted are kept electronically with ISS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • For proxies not received by ISS, TSW and ISS will make a best effort attempt to receive ballots from the clients' custodian prior to the vote cut-off date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TSW is responsible for account maintenance – opening and closing of accounts, transmission of holdings and account environment monitoring. ISS will email TSW Compliance personnel to get approval when closing an account that was not directed by TSW.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Director of Operations (Proxy Oversight Representative) will keep abreast of any critical or exceptional events or events qualifying as a conflict of interest via ISS Proxy Exchange website and email.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Investment teams should keep the Proxy Oversight Representative and Proxy Coordinator informed of material issues affecting pending or upcoming proxy votes. If the Proxy Oversight Representative and Proxy Coordinator become aware of additional information that would reasonably be expected to affect TSW's vote, then this information should be considered prior to voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TSW has the ability to override ISS recommended vote instructions and will do so if believed to be in the best interest of the client. All changes are documented and coordinated between the Proxy Oversight Representative and/or Proxy Coordinator and the Portfolio Manager and/or Research Analyst. Changes generally occur as a result of TSW's communication with issuer management regarding matters pertaining to securities held when the issuer questions or disputes ISS's voting recommendation.

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All proxies are voted solely in the best interest of clients on a best efforts basis. Proactive communication takes place via regular communication with ISS's Client Relations team.

#### Disclosure
TSW will provide conspicuously displayed information in its Disclosure Document summarizing this Proxy Voting policy, including a statement that clients may request information regarding how TSW voted a client's proxies, and that clients may request a copy of these policies and procedures.

 *<u>See Form ADV, Part 2A – Item 17– Voting Client Securities</u>* 

#### Client Requests for Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • All client requests for information regarding proxy votes, or policies and procedures, received by any associate should be forwarded to the Proxy Coordinator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In response to any request, the Proxy Coordinator will prepare a response to the client with the information requested, and as applicable, will include the name of the issuer, the proposal voted upon, and how TSW voted the client's proxy with respect to each proposal about which the client inquired.

#### Voting Guidelines
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TSW has a fiduciary responsibility under ERISA to vote ERISA Plan proxies unless the Plan directs otherwise. TSW will vote proxies when directed by non-ERISA clients. In the absence of specific voting guidelines from the client and upon timely receipt of proxy materials from the custodian, TSW will vote proxies in the best interests of each particular client according to the recommended election of ISS. ISS's policy is to vote all proxies from a specific issuer the same way for each client, absent qualifying restrictions from a client. Clients are permitted to place reasonable restrictions on TSW's voting authority in the same manner that they may place such restrictions on the actual selection of account securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ISS will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by auditors' non-audit services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ISS will generally vote against proposals that cause board members to become entrenched, reduce shareholder control over management or in some way diminish shareholders' present or future value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In reviewing proposals, ISS will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A complete summary of ISS's U.S. and International voting guidelines is available at: https://www.issgovernance.com/policy

#### Forensic Testing Procedures
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • No less than quarterly, TSW's Proxy Coordinator will review the ISS Proxy Exchange Master Account List to ensure all appropriate accounts are being voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TSW will conduct periodic tests to review proxy voting records and the application of general voting guidelines, especially in circumstances such as corporate events (e.g., mergers and acquisition transactions, dissolutions, conversions, consolidations, etc.) or contested director elections. Any matter warranting additional, often issuer-specific review will be escalated to the Portfolio Manager and Research Analyst as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TSW occasionally communicates directly with issuer management regarding matters pertaining to securities held in the portfolio when it questions or disputes ISS's voting recommendation.

#### Conflicts of Interest
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TSW will identify any conflicts that exist between the interests of the adviser and each client by reviewing the relationship of TSW with the issuer of each security to determine if TSW or any of its associates has any financial, business or personal relationship with the issuer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If a material conflict of interest exists, the Proxy Coordinator will instruct ISS to vote using ISS's standard policy guidelines which are derived independently from TSW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TSW will maintain a record of the voting resolution of any conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ISS also maintains a Conflicts Policy which indicates how they address any potential conflicts of interest and is available at: https://www.issgovernance.com/compliance/due-diligence-materials

#### Practical Limitations Relating to Proxy Voting
TSW makes a best effort to vote proxies. In certain circumstances, it may be impractical or impossible for TSW to do so. Identifiable circumstances include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Limited Value: Where TSW has concluded that to do so would have no identifiable economic benefit to the client-shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Unjustifiable Cost: When the costs of or disadvantages resulting from voting, in TSW's judgment, outweigh the economic benefits of voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Securities Lending: If securities are on loan on the record date, the client lending the security is not eligible to vote the proxy. Because TSW generally is not aware of when a security is on loan, we will not likely have the opportunity to recall the security prior to the record date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Failure to receive proxy statements: TSW may not be able to vote proxies in connection with certain holdings, most frequently for foreign securities, if it does not receive the account's proxy statement in time to vote the proxy.

#### Recordkeeping
TSW and/or ISS shall retain the following proxy records in accordance with the SEC's five-year retention requirement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • These policies and procedures and any amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Each proxy statement that ISS receives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A record of each vote that ISS casts on behalf of TSW;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any document ISS created that was material to making a decision regarding how to vote proxies, or that memorializes that decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A copy of each client request for information on how ISS voted such client's proxies (i.e., Vote Summary Report), and a copy of any response.

#### Due Diligence and Error Procedures
TSW will periodically perform due diligence on ISS, focusing on the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Adequacy of ISS's staffing and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Adequacy/robustness of ISS's Policies and Procedures and review of their policies for conflict issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Adequacy of control environment and operational controls of ISS (i.e., SSAE 18);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Review of any specific conflicts ISS may have with regard to TSW;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Review of ISS for any business changes that may affect services provided to TSW; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Review quarterly reporting package provided by ISS and enhance this package as necessary for any additional information that is needed.

TSW will take the following steps should there ever be an issue/error that occurs with regard to its proxy voting responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Follow up with ISS to determine the cause of and the details surrounding the issue;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Report back to the affected client immediately with such details and how the issue will be resolved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Put additional controls in place if necessary to prevent such issues from occurring in the future; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Report back to the affected client with the final resolution and any remedial steps.

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#### WELLINGTON MANAGEMENT COMPANY LLP

#### GLOBAL PROXY POLICY AND PROCEDURES

#### Introduction
Wellington Management Company LLP ("Welllington Management") has adopted and implemented policies and procedures that it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for whom it exercises proxy-voting discretion.

Wellington Management's Proxy Voting Guidelines (the "Guidelines") set forth broad guidelines and positions on common proxy issues that Wellington Management uses in voting on proxies. In addition, Wellington Management also considers each proposal in the context of the issuer, industry and country or countries in which the issuer's business is conducted. The Guidelines are not rigid rules and the merits of a particular proposal may cause Wellington Management to enter a vote that differs from the Guidelines. Wellington Management seeks to vote all proxies with the goal of increasing long-term client value and, while client investment strategies may differ, applying this common set of guidelines is consistent with the investment objective of achieving positive long-term investment performance for each client.

#### Statement of Policy
Wellington Management:

1)

Votes client proxies for which clients have affirmatively delegated proxy-voting authority, in writing, unless it has arranged in advance with the client to limit the circumstances in which it would exercise voting authority or determines that it is in the best interest of one or more clients to refrain from voting a given proxy.

2)

Votes all proxies in the best interests of the client for whom it is voting.

3)

Identifies and resolves all material proxy-related conflicts of interest between the firm and its clients in the best interests of the client.

#### Responsibility and Oversight
The Investment Research Group ("Investment Research") monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. Investment Research also acts as a resource for portfolio managers and research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of Investment Research. The Investment Stewardship Committee is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, identification and resolution of conflicts of interest, and for providing advice and guidance on specific proxy votes for individual issuers. The Investment Stewardship Committee reviews the Global Proxy Policy and Procedures annually.

#### Procedures
**Use of Third-Party Voting Agent** Wellington Management uses the services of a third-party voting agent for research, voting recommendations, and to manage the administrative aspects of proxy voting. The voting agent processes proxies for client accounts, casts votes based on the Guidelines and maintains records of proxies voted. Wellington Management complements the research received by its primary voting agent with research from another voting agent.

**Receipt of Proxy** If a client requests that Wellington Management votes proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting material to Wellington Management or its voting agent.

**Reconciliation** Each public security proxy received by electronic means is matched to the securities eligible to be voted and a reminder is sent to any custodian or trustee that has not forwarded the proxies as due. This reconciliation is performed at the ballot level. Although proxies received for private securities, as well as those received in non-electronic format, are voted as received, Wellington Management is not able to reconcile these ballots, nor does it notify custodians of non-receipt.

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**Research** In addition to proprietary investment research undertaken by Wellington Management investment professionals, Investment Research conducts proxy research internally, and uses the resources of a number of external sources including third-party voting agents to keep abreast of developments in corporate governance and of current practices of specific companies.

**Proxy Voting** Following the reconciliation process, each proxy is compared against the Guidelines, and handled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Generally, issues for which explicit proxy voting guidance is provided in the Guidelines (i.e., "For", "Against", "Abstain") are voted in accordance with the Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Issues identified as "case-by-case" in the Guidelines are further reviewed by Investment Research. In certain circumstances, further input is needed, so the issues are forwarded to the relevant research analyst and/or portfolio manager(s) for their input.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Absent a material conflict of interest, the portfolio manager has the authority to decide the final vote. Different portfolio managers holding the same securities may arrive at different voting conclusions for their clients' proxies.

Wellington Management reviews a subset of the voting record to ensure that proxies are voted in accordance with these *Global Proxy Policy and Procedures* and the Guidelines; and ensures that documentation and reports, for clients and for internal purposes, relating to the voting of proxies are promptly and properly prepared and disseminated.

**Material Conflict of Interest Identification and Resolution Processes** Wellington Management's broadly diversified client base and functional lines of responsibility serve to minimize the number of, but not prevent, material conflicts of interest it faces in voting proxies. Annually, the Investment Stewardship Committee sets standards for identifying material conflicts based on client, vendor, and lender relationships, and publishes those standards to individuals involved in the proxy voting process. In addition, the Investment Stewardship Committee encourages all personnel to contact Investment Research about apparent conflicts of interest, even if the apparent conflict does not meet the published materiality criteria. Apparent conflicts are reviewed by designated members of the Investment Stewardship Committee to determine if there is a conflict and if so whether the conflict is material.

If a proxy is identified as presenting a material conflict of interest, the matter must be reviewed by designated members of the Investment Stewardship Committee, who will resolve the conflict and direct the vote. In certain circumstances, the designated members may determine that the full Investment Stewardship Committee should convene.

#### Other Considerations
In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

**Securities Lending**. In general, Wellington Management does not know when securities have been lent out pursuant to a client's securities lending program and are therefore unavailable to be voted. Efforts to recall loaned securities are not always effective, but, in rare circumstances, Wellington Management may determine voting would outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies.

**Share Blocking and Re-registration**. Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

**Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs**. Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote, when the proxy materials are not delivered in a timely fashion or when, in Wellington Management's judgment, the costs exceed the expected benefits to clients (such as when powers of attorney or consularization are required).

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#### Additional Information
Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses annually how it has exercised its voting rights for significant votes, as require by the EU Shareholder Rights Directive II ("SRD II").

Wellington Management provides clients with a copy of its *Global Proxy Policy and Procedures*, including the Guidelines, upon written request. In addition, Wellington Management will provide specific client information relating to proxy voting to a client upon written request.

Dated: 1 September 2020

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#### WELLINGTON MANAGEMENT COMPANY LLP

#### GLOBAL PROXY VOTING GUIDELINES

#### January 2022

#### Wellington's Philosophy
Wellington Management Company LLP ("Wellington Management") are long term stewards of clients' assets and aim to vote all proxies of securities held for which it has vote authority.

These guidelines are based on Wellington Management's fiduciary obligation to act in the best interest of its clients as shareholders and while written to apply globally, we consider differences in local practice, cultures, and law to make informed decisions.

Each proposal is evaluated on its merits, considering its effects on the specific company in question and on the company within its industry. It should be noted that the following are guidelines, and not rigid rules, and Wellington Management reserves the right in all cases to vote contrary to guidelines where doing so is judged to represent the best interest of its clients.

#### Our approach to stewardship
The goal of our stewardship activities is to support decisions that we believe will deliver sustainable, competitive investment returns for our clients.

The mechanisms we use to implement our stewardship activities vary by asset class. Engagement applies to all our investments across equity and credit, in both private and public markets. Proxy voting applies mostly to public equities.

Stewardship extends beyond just the considerations of ESG issues to any area that may affect the long-term sustainability of an investment. Stewardship can be accomplished thorough research and constructive dialogue with company management and boards, by monitoring company behavior through informed active ownership, and by emphasizing management accountability for important issues via our proxy votes, which have long been part of Wellington's investment ethos.

#### Engagement
As an active manager seeking to deliver sustainable, competitive investment returns for our clients, we are securities owners by choice, and our corporate engagement is a form of active ownership. Through engagement, we encourage companies to hold high standards for governance and sustainability practices that can enhance resilience and profitability. We believe that through informed, active ownership, we can improve corporate behavior and further best practices on issues material to client outcomes.

We typically start with routine one-on-one engagement with investee companies. This starting point helps prioritize issues for subsequent engagements and, ultimately, inform the investment decisions we make on behalf of our clients. Thanks to our long history of investing in nearly all sectors of the global securities markets, we have direct access to most company management teams and boards. Each year, our portfolio managers, global industry analysts, credit analysts, and ESG research analysts conduct regular, in-person or virtual company meetings around the world.

We focus on gaining differentiated insights, assessing, and influencing risks and opportunities facing an issuer, encouraging transparency improvements, and influencing behavioral changes that we believe may impact future profitability and resilience of a company. We prioritize engagement on material issues most likely to have a financial impact on companies or affect operations. We also seek to understand corporate strategy and share our views, if appropriate, on material topics such as capital allocation, risk management, and environmental, social, and governance (ESG) practices inclusive of ethics and corporate culture.

As a community of investment boutiques, each of Wellington's portfolio teams acts as a fiduciary for its clients. Differences in investment philosophy and process across teams mean that the way in which stewardship, including engagement and escalation strategies and proxy voting, are incorporated into the investment decision-making process may vary to ensure alignment and consistency with investment philosophy and process.

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#### Board engagement
We believe meeting directly with corporate boards can enhance discussions about long-term material ESG issues, complements our ongoing conversations with management teams, and helps us assess a board's effectiveness — all of which is challenging to do using company disclosures alone.

We believe this ongoing dialogue benefits board members and provides an opportunity for directors to ask questions, gain market insights, and hear how the company compares with peers. Questions from investors often signal emerging areas of emphasis for a company.

We believe continuous dialogue between board directors and investors can help ensure honest feedback and foster trust and transparency. Board engagements provide a forum to encourage best practice and hold companies to account. When providing feedback to portfolio companies, we actively track and measure engagements to monitor outcomes, assess effectiveness, and inform the potential for escalation. Wellington investors consider multiple factors, including materiality and impact, in deciding whether an engagement requires escalation and which escalation steps will be used. Escalation may include voting against management at the company's annual general meeting.

Please see Wellington's Engagement Policy at https://www.wellington.com/uploads/2022/02/ce4cddaa8eb7f59cd780a9452cf1e3b9/wellington-engagement-policy-january-2022.pdf for more information.

#### Our approach to voting
As active owners we vote proxies in what we consider to be the best interests of our clients. Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees and monitors Wellington Management's stewardship activities with oversight of proxy voting and engagement practices.

The ESG Research Team examine proxy proposals on their merits and offer voting recommendations in the interest of our clients, primarily guided by the expected impact on long-term risk-adjusted returns and supporting shareholder rights. Each portfolio manager is empowered to make a final decision for their client portfolios, absent a material conflict of interest. The deliberation across the firm is collaborative and interactive but does not seek to prioritize consensus across the firm above all other interests. Consistent with our community-of-boutiques model, portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in a split decision for the same security. Robust voting procedures and the deliberation that occurs prior to a vote decision are aligned with our role as active owners and fiduciaries for our clients.

Detailed below are the principles which we consider when deciding how to vote. We reserve the right to vote contrary to these guidelines if doing so is acting in the best interests of clients and to enhance returns.

#### Voting guidelines

#### Board composition and role of directors
Effective boards should act in shareholders' best economic interests and possess the relevant skills to implement the company's strategy.

Shareholders' ability to elect directors annually is an important shareholder right so we support proposals to enable annual director elections and declassify a board.

We generally support proposals to remove existing supermajority vote requirements.

We may withhold votes from directors for being unresponsive to shareholders or for failing to make progress on material issues. We may also withhold votes from directors who fail to implement shareholder proposals that have received majority support or have implemented poison pills without shareholder approval.

We expect directors to have the time and energy to fully commit to their board-related responsibilities and not be over- stretched with multiple external directorships. Our internal voting guidelines define directors as over-boarded when serving on five or more public company boards; and executives when serving on three or more public company boards, including their own. We also consider the roles of chair of the audit committee and chair of the remuneration committee as equivalent to an additional board seat when evaluating the over-boarding matrix.

We expect companies to refresh their board membership every five years and may vote against the head of the nominating committee for failure to implement. We believe this succession allows companies to strengthen board diversity

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and add new skillsets to the board to enhance their oversight and adapt to evolving strategies. Directors should also attend at least 75% of scheduled board meetings and we may vote against their re-election unless they disclose a valid reasoning.

We do not have specific voting policies relating to director age or tenure. We prefer to take a holistic view, evaluating whether the company is balancing the perspectives of new directors with the institutional knowledge of longer serving board members. Succession planning is a key topic during many of our board engagements. Companies in certain markets are governed by multi-tiered boards, with each tier having different responsibilities. We hold supervisory board members to similar standards, subject to prevailing local governance best practices.

#### Board independence
In our view, boards can best represent shareholders when enough directors are present to challenge and counsel management. We believe that most board members should be independent, as defined by the local market regulatory authority. This is particularly true of audit, compensation, and nominating committees.

At times, we may withhold approval for non-independent directors or those responsible for the board composition. We typically vote in support of proposals calling for improved independence. To determine appropriate minimum levels of board independence, we look to the prevailing market best practices; two-thirds in the US, for example, and majority in the UK and France. In Japan, we will consider voting against the board chair (or most senior executive on the ballot) in cases where the board — including statutory auditors — is less than one-third independent.

We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom. We will generally support proposals to separate the chair and CEO or establish a lead director but may support the involvement of an outgoing CEO as executive chair for a limited period to ensure a smooth transition to new management.

#### Board diversity
We believe boards which reflect a wide range of perspectives are best positioned to create shareholder value. Appointing boards that thoughtfully debate company strategy and direction is not possible unless boards elect highly qualified and diverse directors. By setting a leadership example, diverse boardrooms encourage an organizational culture that promotes diverse thinkers, enabling better strategic decisions and the navigation of increasingly complex issues facing companies today.

We will also support shareholder proposals asking for improved workforce diversity disclosure, for example EEO-1 reporting.

We think it is not in shareholders' best interests for the full board to be comprised of directors from the same industry, gender, race, nationality, or ethnic group. We have an expectation for our portfolio companies to be thoughtful and intentional in considering the widest possible pool of skilled candidates who bring diverse perspectives into the boardroom. We encourage companies to disclose the racial and ethnic composition of their board and to communicate their ambitions and strategies for creating and fostering a diverse board.

We reserve the right to vote against the reelection of the Nominating/Governance Committee Chair in the following instances:

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • When the board is not meeting local market standards from a diversity perspective.

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Where there is no market-defined standard, we expect one gender diverse director on the board globally, including Japan.

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • When the gender diverse representation is below 20% at companies in Major indices

We reserve the right to vote against the reelection of the Nominating/Governance Committee Chair at US large cap and FTSE 100 companies that has failed to appoint at least one director from a minority ethnic group and has failed to provide clear and compelling disclosure for why it has been unable to do so. We will continue to engage on ethnic diversity of the board in other markets and may vote against the re-election of directors where we fail to see progress.

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#### Majority vote on election of directors
Because we believe the election of directors by a majority of votes cast is the appropriate standard, we will generally support proposals that seek to adopt such a standard. Our support will typically extend to situations where the relevant company has an existing resignation policy for directors that receive a majority of "withhold" votes. We believe majority voting should be defined in the company's charter and not simply in its corporate governance policy.

Generally, we oppose proposals that fail to provide for the exceptional use of a plurality standard in the case of contested elections. Further, we will not support proposals that seek to adopt a standard of majority of votes outstanding (total votes eligible as opposed to votes cast). We likely will support shareholder and management proposals to remove existing supermajority vote requirements.

#### Contested director elections
We approach contested director elections on a case-by-case basis, considering the specific circumstances of each situation to determine what we believe to be in the best interest of our clients. In each case, we welcome the opportunity to engage with both the company and the proponent to ensure that we understand both perspectives and are making an informed decision on our clients' behalf.

#### Compensation
Executive compensation plans establish the incentive structure that plays a role in strategy-setting, decision-making, and risk management. While design and structure vary widely, we believe the most effective compensation plans attract and retain high caliber executives, foster a culture of performance and accountability, and align management's interests with those of long-term shareholders.

Due to each company's unique circumstances and wide range of plan structures, Wellington determines support for a compensation plan on a case-by-case basis. We support plans that we believe lead to long-term value creation for our clients and the right to vote on compensation plans annually.

In evaluating compensation plans, we consider the following attributes in the context of the company's business, size, industry, and geographic location:

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Alignment</u> — We believe in pay-for-performance and encourage plan structures that align executive compensation with shareholder experience. We compare total compensation to performance metrics on an absolute and relative basis over various timeframes, and we look for a strong positive correlation. To ensure shareholder alignment, executives should maintain meaningful equity ownership in the company while they are employed, and for a period thereafter.

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Transparency</u> — We expect compensation committees to articulate the decision-making process and rationale behind the plan structure, and to provide adequate disclosure so shareholders can evaluate actual compensation relative to the committee's intentions. Disclosure should include how metrics, targets, and timeframes are chosen, and detail desired outcomes. We also seek to understand how the compensation committee determines the target level of compensation and constructs the peer group for benchmarking purposes.

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Structure</u> — The plan should be clear and comprehensible. We look for a mix of cash versus equity, fixed versus variable, and short- versus long-term pay that incentivizes appropriate risk-taking and aligns with industry practice. Performance targets should be achievable but rigorous, and equity awards should be subject to performance and/or vesting periods of at least three years, to discourage executives from managing the business with a near-term focus. Unless otherwise specified by local market regulators, performance-based compensation should be based primarily on quantitative financial and non-financial criteria such as ESG-related criteria. There is scope, however, for qualitative criteria related to strategic, individual, or ESG goals, that are critical to the business. Qualitative goals may be acceptable if a compensation committee has demonstrated a fair and consistent approach to evaluating qualitative performance and applying discretion over time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • <u>Accountability</u> — Compensation committees should be able to use discretion, positive and negative, to ensure compensation aligns with performance and provide a cogent explanation to shareholders. We generally oppose one-time awards aimed at retention or achieving a pre-determined goal. Barring an extenuating circumstance, we view retesting provisions unfavorably.

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#### Approving equity incentive plans
A well-designed equity incentive plan facilitates the alignment of interests of long-term shareholders, management, employees, and directors. We evaluate equity-based compensation plans on a case-by-case basis, considering projected plan costs, plan features, and grant practices. We will reconsider our support for a plan if we believe these factors, on balance, are not in the best interest of shareholders. Specific items of concern may include excessive cost or dilution, unfavorable change-in-control features, insufficient performance conditions, holding/vesting periods, or stock ownership requirements, repricing stock options/stock appreciate rights (SARs) without prior shareholder approval, or automatic share replenishment (an "evergreen" feature).

#### Employee stock purchase plans
We generally support employee stock purchase plans, as they may align employees' interests with those of shareholders. That said, we typically vote against plans that do not offer shares to a broad group of employees (e.g., if only executives can participate) or plans that offer shares at a significant discount.

#### Non-executive director compensation
We expect companies to disclose non-executive director compensation and we prefer the use of an annual retainer or fee, delivered as cash, equity, or a combination. We do not believe non-executive directors should receive performance-based compensation, as this creates a potential conflict of interest. Non-executive directors oversee executive compensation plans; their objectivity is compromised if they design a plan that they also participate in.

#### Severance arrangements
We are mindful of the board's need for flexibility in recruitment and retention but will oppose excessively generous arrangements unless agreements encourage management to negotiate in shareholders' best interest. We generally support proposals calling for shareholder ratification of severance arrangements.

#### Retirement bonuses (Japan)
Misaligned compensation which is based on tenure and seniority may compromise director independence. We generally vote against directors and statutory auditors if retirement bonuses are given to outgoing directors.

#### Claw back policies
We believe companies should be able to recoup incentive compensation from members of management who received awards based on fraudulent activities, accounting misstatements, or breaches in standards of conduct that lead to corporate reputational damage. We generally support shareholder proposals requesting that a company establish a robust claw back provision if existing policies do not cover these circumstances. We also support proposals seeking greater transparency about the application of claw back policies.

#### Audit quality and oversight
Scrutiny of auditors, particularly audit quality and oversight, has been increasing. When we assess financial statement reporting and audit quality, we will generally support management's choice of auditors, unless the auditors have demonstrated failure to act in shareholders' best economic interest. We also pay close attention to the non-audit services provided by auditors and consider the potential for the revenue from those services to create conflicts of interest that could compromise the integrity of financial statement audits.

#### Shareholder Voting Rights

#### Shareholder rights plans
Also known as poison pills, these plans can enable boards of directors to negotiate higher takeover prices on behalf of shareholders. Such plans also may be misused, however, as a means of entrenching management. Consequently, we may support plans that include a shareholder approval requirement, a sunset provision, or a permitted bid feature (e.g., bids that are made for all shares and demonstrate evidence of financing must be submitted to a shareholder vote). Because boards generally have the authority to adopt shareholder rights plans without shareholder approval, we are equally vigilant in our assessment of requests for authorization of blank-check preferred shares.

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#### Multiple voting rights
We generally support one share, one vote structures. The growing practice of going public with a dual-class share structure can raise governance and performance concerns. In our view, dual-class shares can create misalignment between shareholders' economic stake and their voting power and can grant control to a small number of insiders who may make decisions that are not in the interests of all shareholders. We believe sunset clauses are a reasonable compromise between founders seeking to defend against takeover attempts in pivotal early years, and shareholders demanding a mechanism for holding management accountable, especially in the event of leadership changes. The Council of Institutional Investors, a nonprofit association of pension funds, endowments, and foundations, recommends that newly public companies that adopt structures with unequal voting rights do away with the structure within three to five years.

Without a sunset clause, we would prefer that a company eliminates a dual-class share structure, as shareholders' voting power should be reflected by their economic stake in a company. Similarly, we generally do not support the introduction of loyalty shares, which grant increased voting rights to investors who hold shares over multiple years, because they create misalignment of voting power and economic interest.

#### Proxy access
We believe shareholders should have the right to nominate director candidates on the management's proxy card. We will generally support shareholder proposals seeking proxy access unless the current policy is in-line with market norms.

#### Special meeting rights
We believe the right to call a special meeting is a shareholder right, and we will support such proposals at companies that lack a special-meeting ownership threshold. We also will support proposals lowering thresholds not in line with market norms. If shareholders are granted the right to call special meetings, we generally do not support written consent.

#### Mergers and acquisitions
We approach votes to approve mergers and acquisitions on a case-by-case basis, considering the specific circumstances of each proposal to determine what we believe to be in the best interest of our clients. In conducting our assessment, equity and ESG analysts collaborate with portfolio managers in their vote decisions.

#### Capital structure and capital allocation

#### Increases in authorized common stock
We generally support requests for increases up to 100% of the shares with preemption rights. Exceptions will be made when the company has clearly articulated a reasonable need for a greater increase. Conversely, at companies trading in less liquid markets, we may impose a lower threshold. When companies seek to issue shares without preemptive rights, we consider potential dilution and generally support requests when dilution is below 20%. For issuance with preemptive rights, we review on a case-by-case basis, considering the size of issuance relative to peers.

#### Capital allocation (Japan)
We hold board chairs accountable for persistently low returns on equity (ROE) in Japan, using a five-year average ROE of below 5% as a guide. Our assessment of a company's capital stewardship complements our assessment of board effectiveness without dictating specific capital allocation decisions. We may make exceptions where ROE is improving, where a long-cycle business warrants a different standard, or where new management is in place, and we feel they should not be punished for the past CEO/Chair's record.

#### Cross shareholding (Japan)
Cross-shareholdings reduce management accountability by creating a cushion of cross-over investor support. We will vote against the highest-ranking director up for re-election for companies where management allocations a significant portion (20% or more) of net assets to cross-shareholdings.

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#### Environmental and social issues
We assess portfolio companies' performance on environmental and social issues we deem to be material to long-term financial performance and set expectations for best practice. Areas of focus include diversity, equity, and inclusion practices, modern slavery in supply chains, building resiliency to physical climate risks, and establishing targets to reduce emissions and mitigate climate transition risks.

We evaluate shareholder proposals on a case-by-case basis, and believe they are a valuable tool to hold companies accountable. We expect portfolio companies to comply with applicable laws and regulations with regard to environmental and social standards and may vote against directors where we see a lack of accountability. We consider the spirit of the proposal, not just the letter, and generally support proposals addressing material issues even when management has been responsive to our engagement on the issue. In this way, we seek to align our voting with our engagement activities. If our views differ from any specific suggestions in the proposals, we will provide clarification via direct engagement.

#### Climate change
As an asset manager entrusted with investing on our clients' behalf, we aim to assess, monitor, and manage the potential effects of climate change on our investment processes and portfolios, as well as on our business operations. Proxy voting is one tool we use to drive accountability for managing climate risks, as part of our stewardship escalation process.

We expect companies to have credible transition plans communicated using the recommendations of the Task Force for Climate Related Financial Disclosure (TCFD). Reporting on climate readiness will help stakeholders understand companies' willingness and ability to adapt to or mitigate climate-related risks. In addition to the voting policies specifically mentioned, we may also vote against directors at companies where climate plans and disclosures meaningfully lag our expectations.

#### Metrics & Targets

#### Emissions disclosure
We view disclosure of Scope 1 and 2 emissions as a minimum expectation where measurement practices are well defined and attainable. We will vote against the re-election of the Chair of constituent companies of the MSCI World index or companies assessed by the Transition Pathway Initiative (TPI) which do not disclose Scope 1 and 2.

We encourage all companies to disclose Scope 1, 2, and 3 emissions. While we recognize the challenges associated with collecting Scope 3 emissions data, this disclosure is necessary for us to fully understand the transition risks applicable to an issuer. Disclosure of both overall categories of Scope 3 emissions – upstream and downstream – with context and granularity from companies about the most significant Scope 3 sources, enhances our ability to evaluate investment risks and opportunities. We encourage companies to adopt emerging global standards for measurement and disclosure of Scope 3 GHG (Greenhouse Gas), e.g., the IFRS' International Sustainability Standards Board (ISSB) and believe companies will benefit from acting now and consequently evolving their approach in line with emerging global standards.

#### Net-zero targets
As an outcome of enterprise risk management and strategic planning to reduce the potential financial impacts of climate change, we encourage companies to set a credible, science-based decarbonization glidepath, with an interim and long- term target, that comprises all categories of material emissions and is consistent with the ambition to achieve net zero emissions by 2050 or sooner. We consider it to be best practice for companies to pursue validation from the Science Based Targets initiative (SBTi).

#### Governance
We generally support shareholder proposals asking for improved disclosure on climate risk management and we support those that request alignment of business strategies with the Paris Agreement or similar language. We also generally support proposals asking for board oversight of political contributions and lobbying activities or those asking for improved disclosures where material inconsistencies in reporting and strategy may exist, especially as it relates to climate strategy.

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#### Strategy and Risk Management

#### Physical climate risks
To help us assess physical climate risks of portfolio companies, we would like to see location information concerning an issuer's directly operated facilities, supply chains, key outsourced service providers, and labor pools.

Leveraging findings from our collaborative initiative with Woodwell Climate Research Center, the world's leading independent climate research organization, we have established disclosure guidance to help companies improve their physical risk disclosures (incl. LINKS to PROCC 1.0 and 2.0 - below).

#### Use of carbon offsets
Priority should be given to emissions abatement within the value chain. When offsets are used as a part of a company's decarbonization strategy to neutralize residual emissions, the offsets should be high in quality and should remove or reduce GHG emissions in real, additional, and permanent ways. In addition, they should have minimal negative social or environmental impacts ("do no significant harm").

Companies should include disclosure on their offsets program that is distinct from Scope 1-3 emissions data and other transition risk disclosure. This offset disclosure should report the nature of offset projects being financed and specifically should include:

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Company GHG Emissions are included in the offset program.

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Projects which have been financed by the issuer, e.g., entering into a virtual power purchase agreement or funding reforestation efforts via a third party; and

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Processes or policies for evaluating offset projects, including quality indicators such as additionality and permanence, and practical concerns such as scalability and cost-effectiveness.

#### Corporate culture, human capital, and diversity, equity, & inclusion
Through engagement we emphasize management accountability for how they invest in and cultivate their human capital to perpetuate a strong, inclusive culture. We do this through engagement escalation or support of shareholder resolutions. We assess culture holistically from an alignment of management incentives, responsiveness to employee feedback, evidence of an equitable and sound talent management strategy and commitment to diversity, equity, and inclusion. We value transparency and use of key performance indicators.

A well-articulated culture statement and talent attraction, retention and development strategy suggest that a company appreciates culture and talent as competitive advantages that can drive long-term value creation. It also sends a strong message when management compensation is linked, when appropriate, to employee satisfaction. If the company conducts regular employee engagement surveys, we look for leadership to disclose the results — both positive and negative — so we can monitor patterns and hold them accountable for implementing changes based on the feedback they receive. We consider workplace locations and how a company balances attracting talent with the costs of operating in desirable cities.

We maintain that a deliberate human capital management strategy should foster a collaborative, productive workplace in which all talent can thrive. As part of our focus on human capital, diversity, equity, and inclusion is an ongoing engagement issue. We seek to better understand how and to what extent a company's approach to diversity is integrated with talent management at all levels. A sound long-term plan holds more weight than a company's current demographics, so we look for a demonstrable diversity, equity, and inclusion (DEI) strategy that seeks to improve metrics over time and align management incentives accordingly. We expect companies in the US to publicly disclose their EEO-1 reporting and their strategy to create an inclusive, diverse, and equitable workplace. We see DEI practices as a material input to long-term performance, so as our clients' fiduciaries, we seek to better understand how and to what extent a company's approach to diversity is integrated with talent management at all levels. This is only possible when there is consistent, robust disclosure in place.

Gender and racial pay equity are important parts of our assessment of a company's diversity efforts. Pay equity can impact shareholder value by exposing a company to challenges with recruiting & retaining talent, job dissatisfaction, workforce turnover, and costly lawsuits. Consequently, we may support proposals asking for improved transparency on a company's gender and/or racial pay gap if existing disclosures are lagging best practice and if the company has not articulated its efforts to eliminate disparities and promote equal opportunities for women and minorities to advance to senior roles.

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We believe diversity among directors, leaders, and employees contributes positively to shareholder value by imbuing a company with myriad perspectives that help it better navigate complex challenges. A strong culture of diversity and inclusion begins in the boardroom. See the Board Diversity section above for more on our approach.

#### Stakeholders and risk management
In our assessment of social risks, we pay attention to how companies treat a key stakeholder: their workforce. We look for signs of constructive labor relations if employees are unionized, and a focus on key employee concerns, such as safe working conditions and competitive compensation.

In recent years, discourse on opioids, firearms, and sexual harassment has put the potential for social externalities —the negative effects that companies can have on society through their products, cultures, or policies — into sharp focus. These nuanced, often misunderstood issues can affect the value of corporate securities. Today, these are no longer just shareholder concerns; companies need to consider the opinions and actions of broader stakeholder constituencies, including employees, customers, and the public.

In our engagement with companies facing these risks, we encourage companies to disclose risk management strategies that acknowledge their societal impacts. When a company faces litigation or negative press, we inquire about lessons learned and request evidence of substantive changes that aim to prevent recurrence and mitigate downside risk. In these cases, we may also support proposals requesting enhanced disclosure on actions taken by management.

#### Human rights
Following the 2015 passage of the UK's Modern Slavery Act, a handful of countries have passed laws requiring companies to report on how they are addressing risks related to human rights abuses in their global supply chains. While human rights have been a part of our research and engagement in this context, we seek to assess companies' exposures to these risks, determine the sectors for which this risk is most material (highest possibility of supply-chain exposure), enhance our own engagement questions, and potentially work with external data providers to gain insights on specific companies or industries. To help us assess company practices and drive more substantive engagement with companies on this issue, we will support proposals requesting enhanced disclosure on companies' approach to mitigating the risk of human rights violations in their business.

#### Cybersecurity
Robust cybersecurity practices are imperative for maintaining customer trust, preserving brand strength, and mitigating regulatory risk. Companies that fail to strengthen their cybersecurity platforms may end up bearing large costs. Through engagement, we aim to compare companies' approaches to cyber threats, regardless of region or sector, to distinguish businesses that lag from those that are better prepared.

#### Political Contributions and Lobbying
We generally support proposals asking for board oversight of a company's political contributions and lobbying activities or those asking for improved disclosures where material inconsistencies in reporting and strategy may exist. In assessing shareholder proposals focused on lobbying, we also focus on the level of transparency of existing disclosures and whether companies clearly explain how they will respond if policy engagement of trade association membership to which they belong do not align with company policy.

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#### APPENDIX C—ADDITIONAL PORTFOLIO MANAGER INFORMATION

#### Barings LLC

#### Baring International Investment Limited
The portfolio managers of the U.S. Government Money Market Fund are Adam Cash and Scott Simler.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Adam Cash** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 2 | $467 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 0 | $0  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 12 | $5,144 million  | 0 | $0  |
| **Scott Simler** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 2 | $467 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 0 | $0  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 15 | $11,321 million  | 0 | $0  |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the U.S. Government Money Market Fund.

#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the U.S. Government Money Market Fund. The portfolio managers do not directly own any shares of the Fund, but may have an economic interest in the Fund due to their participation in a deferred compensation plan and/or 401(k) plan.

The portfolio managers of the Inflation-Protected and Income Fund are Yulia Alekseeva and Douglas Trevallion, II.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Yulia Alekseeva** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $2,450 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 2 | $561 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 30 | $20,680 million  | 0 | $0  |
| **Douglas Trevallion, II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $2,450 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $191 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 31 | $20,435 million  | 0 | $0  |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Inflation-Protected and Income Fund.

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#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of Inflation-Protected and Income Fund. The portfolio managers do not directly own any shares of the Fund, but may have an economic interest in the Fund due to their participation in a deferred compensation plan and/or 401(k) plan.

The portfolio managers of the Core Bond Fund are Yulia Alekseeva, Stephen Ehrenberg, Charles Sanford, and Douglas Trevallion, II.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Yulia Alekseeva** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $2,024 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 2 | $561 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 30 | $20,680 million  | 0 | $0  |
| **Stephen Ehrenberg** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 4 | $1,524 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $370 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 15 | $26,361 million  | 0 | $0  |
| **Charles Sanford** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 4 | $1,524 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $370 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 49 | $62,921 million  | 0 | $0  |
| **Douglas Trevallion, II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $2,024 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $191 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 31 | $20,435 million  | 0 | $0  |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Core Bond Fund.

#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the Core Bond Fund. The portfolio managers do not directly own any shares of the Fund, but may have an economic interest in the Fund due to their participation in a deferred compensation plan and/or 401(k) plan.

The portfolio managers of the Diversified Bond Fund are Yulia Alekseeva, Stephen Ehrenberg, Charles Sanford, and Douglas Trevallion, II.

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#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Yulia Alekseeva** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $2,588 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 2 | $561 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 30 | $20,680 million  | 0 | $0  |
| **Stephen Ehrenberg** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 4 | $2,088 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $370 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 15 | $26,361 million  | 0 | $0  |
| **Charles Sanford** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 4 | $2,088 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $370 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 49 | $62,921 million  | 0 | $0  |
| **Douglas Trevallion, II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $2,588 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $191 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 31 | $20,435 million  | 0 | $0  |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Diversified Bond Fund.

#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the Diversified Bond Fund. The portfolio managers do not directly own any shares of the Fund, but may have an economic interest in the Fund due to their participation in a deferred compensation plan and/or 401(k) plan.

#### Conflicts of Interest:
The potential for material conflicts of interest may exist when a portfolio manager has responsibilities for the day-to-day management of multiple accounts. These conflicts may be heightened to the extent a portfolio manager, Barings, BIIL and/or an affiliate has an investment in one or more of such accounts or an interest in the performance of one or more such accounts. Barings and BIIL have identified (and summarized below) areas where material conflicts of interest are most likely to arise, and have adopted policies and procedures that they believe are reasonably designed to address such conflicts.

It is possible that an investment opportunity may be suitable for both a fund and other accounts managed by a portfolio manager, but may not be available in sufficient quantities for both the fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by a fund and another account. A conflict may arise where the portfolio manager may have an incentive to treat an account preferentially as compared to a fund because the account pays Barings and BIIL a performance-based fee or the portfolio manager, Barings, BIIL or an affiliate has an interest in the account. Barings and BIIL have adopted an investment allocation policy and trade allocation procedures to address allocation of portfolio transactions and investment opportunities across multiple clients. These policies are designed to achieve fair and equitable treatment of all clients over time, and specifically prohibit allocations based on performance of an account, the amount or structure of the management fee, performance fee or profit sharing allocations, participation or investment by an employee, Barings, BIIL or an affiliate, and whether the account is public, private, proprietary or third party.

Potential material conflicts of interest may also arise related to the knowledge and timing of a fund's trades, investment opportunities and broker selection. Portfolio managers may have information about the size, timing and

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possible market impact of a fund's trades. It is theoretically possible that portfolio managers could use this information for their personal advantage and/or the advantage of other accounts they manage, or to the possible detriment of a fund. For example, a portfolio manager could front run a fund's trade or short sell a security for an account immediately prior to a fund's sale of that security. To address these conflicts, Barings and BIIL have adopted policies and procedures governing employees' personal securities transactions, the use of short sales, and trading between the fund and other accounts managed by the portfolio manager or accounts owned by Barings, BIIL or its affiliates.

With respect to securities transactions for the funds, Barings and BIIL determine which broker to use to execute each order, consistent with their duty to seek best execution of the transaction. Barings and BIIL manage certain other accounts, however, where Barings and BIIL may be limited by the client with respect to the selection of brokers or directed to trade such client's transactions through a particular broker. In these cases, trades for a fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Placing separate transaction orders for a security may temporarily affect the market price of the security or otherwise affect the execution of the transaction to the possible detriment of a fund or the other account(s) involved. Barings and BIIL have policies and procedures that address best execution and directed brokerage.

A portfolio manager may also face other potential conflicts of interest in managing a fund, and the above is not a complete description of every conflict of interest that could be deemed to exist in managing both a fund and the other accounts listed above.

#### Compensation:
The discussion below describes the portfolio managers' compensation as of September 30, 2022.

Compensation packages at Barings and BIIL are structured such that key professionals have a vested interest in the continuing success of each firm. Portfolio managers' compensation is comprised of base salary, and a discretionary, performance-driven annual bonus. Certain key individuals may also receive a long-term incentive award and/or a performance fee award. As part of each firm's continuing effort to monitor retention, Barings and BIIL participate in annual compensation surveys of investment management firms and subsidiaries to ensure that Barings' and BIIL's compensation are competitive with industry standards.

The base salary component is generally positioned at mid-market. Increases are tied to market, individual performance evaluations and budget constraints.

Portfolio managers may receive a yearly bonus. Factors impacting the potential bonuses include but are not limited to: i) investment performance of funds/accounts managed by a portfolio manager, ii) financial performance of Barings and BIIL, iii) client satisfaction, and iv) teamwork.

Long-term incentives are designed to share the long-term success of the firm and take the form of deferred cash awards, which may include an award that resembles phantom restricted stock; linking the value of the award to a formula which includes Barings' and BIIL's overall earnings. A voluntary separation of service will result in a forfeiture of unvested long-term incentive awards.

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#### Invesco Advisers, Inc.

#### Invesco Capital Management LLC
The portfolio managers of the Balanced Fund are Jacob Borbidge, Matt Brill, Pratik Doshi, Peter Hubbard, Michael D. Hyman, Michael Jeanette, Duy Nguyen, Todd Schomberg, and Tony Seisser.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Jacob Borbidge** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 35 | $6,689.0 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 5 | $26.6 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 16,261\*\*\* | $1,092.1 million  | 0 | $0  |
| **Matt Brill** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 7 | $11,513.7 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 19 | $5,171.6 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 0 | $0  | 0 | $0  |
| **Pratik Doshi** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 166 | $123,357.9 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 106 | $160,332.1 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 43 | $36,202.0 million  | 0 | $0  |
| **Peter Hubbard** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 231 | $165,984.0 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 123 | $196,116.4 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 43 | $36,202.0 million  | 0 | $0  |
| **Michael D. Hyman** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 8 | $11,672.8 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 21 | $5,117.6 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 0 | $0  | 0 | $0  |
| **Michael Jeanette** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 171 | $123,543.7 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 106 | $160,332.1 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 43 | $36,202.0 million  | 0 | $0  |
| **Duy Nguyen** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 36 | $9,774,2 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 13 | $462.4 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 16,261\*\*\* | $1,092.1 million  | 0 | $0  |
| **Todd Schomberg** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $10,742.6 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 18 | $4,643.8 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 0 | $0  | 0 | $0  |
| **Tony Seisser** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 167 | $123,452.6 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 106 | $160,332.1 million  | 0 | $0  |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 43 | $36,202.0 million  | 0 | $0  |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Balanced Fund.

?

\*\*\*

These are accounts of individual investors for which Invesco Advisers provides investment advice. Invesco Advisers offers separately managed accounts that are managed according to the investment models developed by its portfolio managers and used in connection with the management of certain Invesco Funds. These accounts may be invested in accordance with one or more of those investment models and investments held in those accounts are traded in accordance with the applicable models.

#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the Balanced Fund.

The portfolio managers of the Main Street Fund are Manind Govil and Benjamin Ram.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Manind Govil** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 8 | $15,111.4 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $236.6 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 6\*\*\* | $1.0 million  | 0 | $0  |
| **Benjamin Ram** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 5 | $12,498.5 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $236.6 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 6\*\*\* | $1.0 million  | 0 | $0  |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Main Street Fund.

?

\*\*\*

These are accounts of individual investors for which Invesco Advisers provides investment advice. Invesco Advisers offers separately managed accounts that are managed according to the investment models developed by its portfolio managers and used in connection with the management of certain Invesco Funds. These accounts may be invested in accordance with one or more of those investment models and investments held in those accounts are traded in accordance with the applicable models.

#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the Main Street Fund.

The portfolio managers of the Small Cap Opportunities Fund are Joy Budzinski, Magnus Krantz, Raman Vardharaj, Adam Weiner, and Matthew P. Ziehl.

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#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Joy Budzinski** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $5,525.7 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $87.0 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 45\*\*\* | $10.2 million  | 0 | $0  |
| **Magnus Krantz** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 7 | $5,684.8 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $87.0 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 45\*\*\* | $10.2 million  | 0 | $0  |
| **Raman Vardharaj** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 7 | $6,954.1 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $87.0 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 45\*\*\* | $10.2 million  | 0 | $0  |
| **Adam Weiner** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 5 | $4,508.1 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $87.0 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 81\*\*\* | $40.0 million  | 0 | $0  |
| **Matthew P. Ziehl** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 5 | $4,508.1 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $87.0 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 81\*\*\* | $40.0 million  | 0 | $0  |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Small Cap Opportunities Fund.

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\*\*\*

These are accounts of individual investors for which Invesco Advisers provides investment advice. Invesco Advisers offers separately managed accounts that are managed according to the investment models developed by its portfolio managers and used in connection with the management of certain Invesco Funds. These accounts may be invested in accordance with one or more of those investment models and investments held in those accounts are traded in accordance with the applicable models.

#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the Small Cap Opportunities Fund.

The portfolio manager of the Global Fund is John Delano.

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#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **John Delano** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 10 | $13,866.9 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 6 | $309.1 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 5\*\*\* | $110.2  | 0 | $0  |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Global Fund.

?

\*\*\*

These are accounts of individual investors for which Invesco Advisers provides investment advice. Invesco Advisers offers separately managed accounts that are managed according to the investment models developed by its portfolio managers and used in connection with the management of certain Invesco Funds. These accounts may be invested in accordance with one or more of those investment models and investments held in those accounts are traded in accordance with the applicable models.

#### Ownership of Securities:
As of September 30, 2022, the portfolio manager did not own any shares of the Global Fund.

The portfolio manager of the Strategic Emerging Markets Fund is Justin Leverenz.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Justin Leverenz** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 5 | $25,569.5 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 10 | $2,892.2 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 0 | $0  | 0 | $0  |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Strategic Emerging Markets Fund.

#### Ownership of Securities:
As of September 30, 2022, the portfolio manager did not own any shares of the Strategic Emerging Markets Fund.

#### Conflicts of Interest:
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. More specifically, portfolio managers who manage multiple funds and/or other accounts may be presented with one or more of the following potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The management of multiple funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each fund and/or other account. Invesco Advisers and ICM seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other funds and/or accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled

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purchase or sale orders across all eligible funds and other accounts. To deal with these situations, Invesco Advisers and ICM have adopted procedures for allocating portfolio transactions across multiple accounts.

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Invesco Advisers and ICM determine which broker to use to execute each order for securities transactions for the funds, consistent with its duty to seek best execution of the transaction. However, for certain funds and/or accounts (such as mutual funds for which Invesco Advisers or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), Invesco Advisers and ICM may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a fund and/or account in a particular security may be placed separately from, rather than aggregated with, other funds and/or accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the fund(s) or other account(s) involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Finally, the appearance of a conflict of interest may arise where Invesco Advisers and ICM have an incentive, such as a performance-based management fee, which relates to the management of one fund or account but not all funds and accounts for which a portfolio manager has day-to-day management responsibilities.

Invesco Advisers and ICM have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

#### Compensation:
The discussion below describes the portfolio managers' compensation as of September 30, 2022.

Invesco Advisers and ICM seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive fund performance. Invesco Advisers and ICM evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager's compensation consists of the following three elements:

*Base Salary*

Each portfolio manager is paid a base salary. In setting the base salary, Invesco Advisers' and ICM's intention is to be competitive in light of the particular portfolio manager's experience and responsibilities.

*Annual Bonus*

The portfolio managers are eligible, along with other employees of Invesco Advisers or ICM, to participate in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e., investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

Each portfolio manager's compensation is linked to the pre-tax investment performance of the funds/accounts managed by the portfolio manager as described in Table 1 below.

Table 1

---

| | |
|:---|:---|
| **Sub-Adviser**  | **Performance time period <sup>1</sup>**  |
| Invesco Advisers <sup>2</sup>  | One-, Three- and Five-year performance against fund peer group. |
| ICM <sup>2,</sup> <sup>3</sup> | Not applicable |

---

<sup>1</sup>

Rolling time periods based on calendar year-end.

<sup>2</sup>

Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.

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<sup>3</sup>

Portfolio Managers for ICM base their bonus on Invesco Advisers results as well as overall performance of ICM.

High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

With respect to ICM, there is no policy regarding, or agreement with, the portfolio managers or any other senior executive of ICM to receive bonuses or any other compensation in connection with the performance of any of the accounts managed by the portfolio managers.

*Deferred/Long Term Compensation*. Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of Invesco Ltd. Deferred compensation awards may take the form of annual deferral awards or long-term equity awards. Annual deferral awards may be granted as an annual stock deferral award or an annual fund deferral award. Annual stock deferral awards are settled in Invesco Ltd. common shares. Annual fund deferral awards are notionally invested in certain Invesco Funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in Invesco Ltd. common shares. Both annual deferral awards and long-term equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the portfolio managers with the long-term interests of clients and shareholders and encourages retention.

*Retirement and health and welfare arrangements*. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

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#### Thompson, Siegel & Walmsley LLC
The portfolio manager of the International Equity Fund is Brandon H. Harrell.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\***  | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\***  | **Total Assets\***  |
| **Brandon H. Harrell** | **Brandon H. Harrell** | **Brandon H. Harrell** | **Brandon H. Harrell** | **Brandon H. Harrell** |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\* | 6 | $6,369.8 million | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 5 | $1,813.0 million | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other accounts  | 12 | $2,754.5 million | 0 | $0 |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the International Equity Fund.

#### Ownership of Securities:
As of September 30, 2022, the portfolio manager did not own any shares of the International Equity Fund.

#### Conflicts of Interest:

#### Policy
All TSW associates have a duty to act for the benefit of the firm's clients and to act on clients' behalf before taking action in the interest of TSW or any of its associates.

#### Background
As a SEC registered adviser, TSW and its associates are subject to various requirements under the Advisers Act and rules adopted thereunder. These requirements include various anti-fraud provisions which make it unlawful for advisers to engage in any activities which may be fraudulent, deceptive or manipulative.

TSW has a fiduciary responsibility to its advisory clients and as such has a duty of loyalty to act in utmost good faith, place its clients' interests first and foremost and to make full and fair disclosure of all material facts and, information as to potential and/or actual conflicts of interests.

#### Responsibility
TSW's CCO has the responsibility for implementing and monitoring TSW's Conflicts of Interest policy for content and accuracy.

#### Procedure
TSW has identified several potential conflicts of interest and adopted various procedures and internal controls to review, monitor and ensure the firm's Conflict of Interest policy is observed, implemented properly and amended or updated, as appropriate. TSW has identified the following potential conflicts and the specific Policy, ADV disclosure, or reference in the Associates Manual which addresses the conflict:

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Trade allocation/rotation favoring proprietary accounts and/or TSW clients with higher fee schedules. TSW's proprietary accounts and client accounts with higher fee schedules will participate in bunched trades when appropriate, on an equal basis, with other TSW clients. This is disclosed in TSW's disclosure document. TSW's policies are designed to ensure equitable treatment of all clients' orders and details may be found in:

?

■

Side-by-Side Management policy

?

■

Trading policy –Trade Rotation & Allocation of Bunched Trades

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■

Form ADV, Part 2A - Item 6 – Performance Based Fees and Side-by-Side Management and Item 12 – Brokerage Practices – Bunched Trades/Block Trades and Partial Fill Process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • IPO allocation favoring proprietary accounts or TSW clients with higher fee schedules or performance-based fees. TSW's allocation policies are designed to ensure equitable treatment of all clients' orders participating in IPOs. TSW's four factor screening process generally requires at least three years of financial history prior to being considered for purchase which makes it less likely that a security would be introduced into a client's account under an IPO.

■

Side-by-Side Management policy

■

Trading policy-Initial Public Offerings (IPOs)

■

Form ADV, Part 2A - Item 6 – Performance Based Fees and Side-by-Side Management and Item 12 – Brokerage Practices – Bunched Trades / Block Trades and Partial Fill Process

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Trading with an affiliate could be a conflict of interest. TSW has developed an Affiliates policy that addresses this issue and precludes TSW from trading with its affiliates. The Director of Trading and the Trade Management Oversight Committee has responsibility for overseeing all firm trading activity to ensure TSW does not trade with its affiliates.

■

Affiliates policy

■

Form ADV, Part 2A – Item 10 – Other Financial Industry Activities and Affiliations

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TSW may have a conflict from specific proxy voting issues. TSW's Proxy Voting policy addresses potential conflicts of interest by reviewing the relationship of TSW with the issuer of each security to determine if TSW or any of its associates has any financial, business or personal relationship with the issuer, where a conflict might exist. If TSW determines that a material conflict exists, TSW will instruct ISS to vote using ISS's standard policy guidelines which are derived independently from TSW.

■

Proxy Voting policy

■

Form ADV, Part 2A – Item 17 - Voting Client Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Soft Dollar transactions benefit TSW's research effort by allocating a portion of client's trade commissions to brokers with whom TSW has a commission sharing arrangement ("CSA") brokers. TSW's Soft Dollar Policy is designed to ensure that all research and brokerage services are qualified under the eligibility guidelines of Section 28(e) of the Securities Exchange Act of 1934. All new research or brokerage services and any amendments to existing services are documented in writing. TSW's Trade Management Oversight Committee has the responsibility to review overall trading, including transaction costs and the allocation to CSAs, to ensure TSW doesn't misallocate more trades to CSAs for unnecessary or inappropriate services.

■

Soft Dollar policy

■

Form ADV, Part 2A – Item 12 – Brokerage Practices – Soft Dollars

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The ability of alternative strategies to short securities held in other TSW long-only accounts could result in conflicting strategies that could find TSW's clients at odds with one another. TSW's Trading policy addresses this conflict by allowing certain strategies to short securities held in long only strategies with a minimum market capitalization of $10 billion. Rules are written and tested in the trading system, Charles River ("CRD") to monitor this requirement.

■

Side-by-Side Management policy

■

Trading policy

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■

Form ADV, Part 2A – Item 6 – Performance-Based Fees and Side-by-Side Management and Item 12 – Brokerage Practices

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Favoring investment strategies/accounts in which TSW has additional financial interest other than standard fees (some pooled vehicles and performance-based fee accounts). TSW's Trading policies, including allocation procedures, are designed to ensure all strategies and accounts are treated fairly. Various restrictions are placed in CRD and tests are performed to ensure accounts in which TSW has a potentially more favorable financial interest do not take advantage of that position.

■

Side-by-Side Management policy

■

Trading policy – Other Trading Considerations

■

Form ADV, Part 2A – Item 6 – Performance-Based Fees and Side-by-Side Management

■

Form ADV, Part 2A – Item 10 – Other Financial Industry Activities and Affiliations

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TSW associates' personal trading and the potential use of inside information can create conflicts but are subject to the TSW Code of Ethics and Personal Securities Transactions & Records policy. TSW associates are required to pre-clear personal transactions as required by the Code of Ethics and transactions are monitored to ensure no associate takes advantage of any TSW client trades.

■

Personal Securities Transactions & Records policy

■

Code of Ethics

■

Form ADV, Part 2A –Item 11 – Code of Ethics

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Portfolio Manager Compensation could present a portfolio manager an opportunity to advantage one client or a strategy over another if his/her compensation was so incentivized. TSW's compensation strategy is not incentivized in that way. TSW's compensation strategy addresses this potential conflict by providing competitive base salaries commensurate with an individual's responsibility and providing incentive bonus awards that may significantly exceed base salary. Annually, the TSW Compensation Committee is responsible for determining the discretionary bonus, utilizing an analytical and qualitative assessment process. While it is not a formulaic decision, factors used to determine compensation include: overall firm success, investment team performance and individual contribution. A portion of the bonus (up to to 50%) may be deferred into Pendal stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Side-by-side management, where a portfolio manager is responsible for managing multiple strategies/accounts, could present instances where a portfolio manager may devote unequal time and attention to an account or strategy. TSW acknowledges that some of its portfolio managers have input to multiple strategies and client accounts. TSW feels it has addressed this specific potential conflict by adopting Side-By Side Management and Trading Policies.

■

Side-by-Side Management policy

■

Trading policy

■

Form ADV, Part 2A – Item 6 – Performance-Based Fees and Side-By-Side Management and Item 12 – Brokerage Practices

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • While acceptable to the SEC, paying for client referrals can result in a conflict of interest. TSW Compliance reviews and approves paid relationships with Promoters (under SEC Rule 206(4)-1 (Marketing Rule)). TSW has incorporated policies and procedures into its Marketing policy to prevent any conflict of interest.

■

Marketing Rule

■

Form ADV, Part 2A – Item 14 – Client Referrals and Other Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Some of TSW's related persons are managing members of pooled vehicles and as such, TSW is deemed to have custody of the assets of those vehicles, which presents an opportunity for a conflict of interest. In order to prevent any conflict, TSW has a third-party administrator provide monthly reports and annually requires the

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pooled vehicles to be audited by a Public Company Account Oversight Board ("PCAOB") approved auditor, who distributes the audited financial statements to investors

■

Custody policy

■

Form ADV, Part 2A – Item 15 – Custody

?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The exchange of gifts and entertainment to or from clients or other business associates could influence a TSW associate to improperly favor such clients or other business associates in violation of the associate's fiduciary duties. TSW associates are subject to its Code of Ethics which requires all associates to identify any gifts given or received in their quarterly compliance reporting. TSW associates are limited to receipt of gifts given or received valued at $100 and entertainment given or received valued at $250, unless approved as an exception from the CCO or a member of the Executive Team that is not otherwise prohibited under applicable rules. Please note that entertainment can be either in-person or virtual.

■

Code of Ethics

■

Form ADV, Part 2A – Code of Ethics

While TSW has recognized the conflicts summarized above, it realizes that it cannot identify all possible conflicts that exist or may arise in its business. Regardless of the ability to identify all conflicts, it has been emphasized to all TSW associates through its policies and procedures and Code of Ethics to act in utmost good faith, place its clients' interests first and foremost and to make full and fair disclosure of all material facts and information as to potential and/or actual conflicts of interests. Form CRS contains additional, summary disclosures regarding the TSW's conflicts of interest.

#### Compensation:
The discussion below describes the portfolio manager's compensation as of September 30, 2022.

TSW believes the firm's compensation structure is competitive within the industry, both nationally and regionally. The Portfolio Manager for the International Equity Fund is Brandon H. Harrell. Mr. Harrell is considered a key employee and is subject to the following compensation description:

TSW's compensation strategy is to provide competitive base salaries commensurate with an individual's responsibility and provide incentive bonus awards that may significantly exceed base salary. Annually, the TSW Compensation Committee is responsible for determining the discretionary bonuses, utilizing an analytical and qualitative assessment process. While it is not a formulaic decision, factors used to determine compensation include: overall firm success, investment team performance and individual contribution. A portion of the bonus (up to 35%) may be deferred into Perpetual stock, TSW Funds or a combination of the two.

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#### Wellington Management Company LLP
The portfolio managers of the Disciplined Value Fund are Matt J. Kyller and Tom S. Simon.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\***  | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\***  | **Total Assets\***  |
| **Matt J. Kyller** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\* | 6 | $634863398 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 7 | $79366992 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other accounts  | 2 | $477278580 | 0 | $0 |
| **Tom S. Simon** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\* | 9 | $9928650719 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 7 | $140071846 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other accounts  | 4 | $1625407263 | 0 | $0 |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Disciplined Value Fund.

#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the Disciplined Value Fund.

The portfolio managers of the Disciplined Growth Fund are Matt J. Kyller and Tom S. Simon.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\***  | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\***  | **Total Assets\***  |
| **Matt J. Kyller** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\* | 6 | $547317316 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 7 | $79366992 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other accounts  | 2 | $477278580 | 0 | $0 |
| **Tom S. Simon** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\* | 9 | $9841104637 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 7 | $140071846 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Other accounts  | 4 | $1625407263 | 0 | $0 |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Disciplined Growth Fund.

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#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the Disciplined Growth Fund.

The portfolio manager of the International Equity Fund is Peter C. Fisher.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\***  | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\***  | **Total Assets\***  |
| **Peter C. Fisher** | **Peter C. Fisher** | **Peter C. Fisher** | **Peter C. Fisher** | **Peter C. Fisher** |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\* | 7 | $51609906370 | 2 | $47832999381 |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 5 | $499093569 | 1 | $52807345 |
| &nbsp;&nbsp;&nbsp; Other accounts  | 4 | $374497863 | 0 | $0 |

---

\*

The information provided is as of September 30, 2022.

\*\*

Does not include the International Equity Fund.

#### Ownership of Securities:
As of September 30, 2022, the portfolio manager did not own any shares of the International Equity Fund.

#### Conflicts of Interest:
Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. Each Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Funds ("Investment Professionals") generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the Funds. The Investment Professionals make investment decisions for each account, including the relevant Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Investment Professionals may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the relevant Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the relevant Fund.

The Investment Professionals or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the relevant Fund, or make investment decisions that are similar to those made for the relevant Fund, both of which have the potential to adversely impact the relevant Fund depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, an Investment Professional may purchase the same security for the relevant Fund and one or more other accounts at or about the same time. In those instances the other accounts will have access to their respective holdings prior to the public disclosure of the relevant Fund's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Funds. Mr. Fisher also manages accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to the Investment Professionals are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by the given Investment Professional. Finally, the Investment Professionals may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures,

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including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with Wellington Management's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

#### Compensation:
Wellington Management receives a fee based on the assets under management of each Fund as set forth in the Investment Subadvisory Agreements between Wellington Management and MML Advisers on behalf of each Fund. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to each Fund. The following information relates to the fiscal year ended September 30, 2022.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of each Fund's managers listed in the prospectus who are primarily responsible for the day-to-day management of the Funds ("Investment Professionals") includes a base salary and incentive components. The base salary for each Investment Professional who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for each other Investment Professional is determined by the Investment Professionals' experience and performance in their role as an Investment Professional. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of an Investment Professional's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. Each Investment Professional, with the exception of Messrs. Kyller and Simon, is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the Fund managed by the Investment Professional and generally each other account managed by such Investment Professional. Each Investment Professional's incentive payment relating to the relevant Fund is linked to the gross pre-tax performance of the portion of the Fund managed by the Investment Professional compared to the benchmark index and/or peer group identified below over one, three, and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by these Investment Professionals, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. The Investment Professionals may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Messrs. Fisher and Simon are Partners.

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| | |
|:---|:---|
| **Fund**  | **Benchmark and/or Peer Group**  |
| International Equity Fund | MSCI EAFE Index |

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#### MASSMUTUAL PREMIER FUNDS

#### 1295 STATE STREET SPRINGFIELD, MASSACHUSETTS 01111-0001 STATEMENT OF ADDITIONAL INFORMATION
THIS STATEMENT OF ADDITIONAL INFORMATION ("SAI") IS NOT A PROSPECTUS. IT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS OF MASSMUTUAL PREMIER FUNDS (THE "TRUST") DATED FEBRUARY 1, 2023, AS AMENDED FROM TIME TO TIME (THE "PROSPECTUS"). THIS SAI INCORPORATES HEREIN THE FINANCIAL STATEMENTS OF THE FUNDS BY REFERENCE TO THE TRUST'S ANNUAL REPORT AS OF SEPTEMBER 30, 2022 (THE "ANNUAL REPORT"). TO OBTAIN A PROSPECTUS OR AN ANNUAL REPORT, CALL TOLL-FREE 1-888-309-3539, OR WRITE THE TRUST AT THE ABOVE ADDRESS.

This SAI relates to the following Funds:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name**  | **Class I**  | **Class R5**  | **Service <br>Class** | **Administrative <br>Class** | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  | **Class L**  | **Class C**  |
| MassMutual Short- <br> Duration Bond Fund  | MSTZX | MSTDX | MSBYX | MSTLX | MPSDX | MSHAX | MSDNX | BXDYX | BXDLX | BXDCX |
| MassMutual High <br> Yield Fund  | MPHZX | MPHSX | DLHYX | MPHLX | MPHRX | MPHAX | MPHNX | BXHYX |  | BXHCX |

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No dealer, salesman or any other person has been authorized to give any information or to make any representations, other than those contained in this SAI or in the related Prospectus, in connection with the offer contained herein, and, if given or made, such other information or representation must not be relied upon as having been authorized by the Trust or ALPS Distributors, Inc. (the "Distributor"). This SAI and the related Prospectus do not constitute an offer by the Trust or by the Distributor to sell or a solicitation of any offer to buy any of the securities offered hereby in any jurisdiction to any person to whom it is unlawful to make such offer in such jurisdiction.

Dated February 1, 2023

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| [General Information](#idGENERALINFO1943)  | [B-3](#idGENERALINFO1943) |
| [Additional Investment Policies](#idADDITIONALI2133)  | [B-3](#idADDITIONALI2133) |
| [Disclosure of Portfolio Holdings](#idDISCLOSUREO9227)  | [B-47](#idDISCLOSUREO9227) |
| [Investment Restrictions of the Funds](#idINVESTMENTR11798)  | [B-48](#idINVESTMENTR11798) |
| [Management of the Trust](#idMANAGEMENTO71391)  | [B-49](#idMANAGEMENTO71391) |
| [Control Persons and Principal Holders of Securities](#idCONTROLPERS33185)  | [B-60](#idCONTROLPERS33185) |
| [Investment Advisory and Other Service Agreements](#idINVESTMENTA31284)  | [B-64](#idINVESTMENTA31284) |
| [The Distributor](#idTHEDISTRIBU3655)  | [B-68](#idTHEDISTRIBU3655) |
| [Distribution and Service Plan](#idDISTRIBUTIO7674)  | [B-68](#idDISTRIBUTIO7674) |
| [Payments to Financial Intermediaries](#idpaymentstof6165-0)  | [B-69](#idpaymentstof6165-0) |
| [Custodian, Dividend Disbursing Agent, and Transfer Agent](#idCUSTODIANDI1176)  | [B-70](#idCUSTODIANDI1176) |
| [Independent Registered Public Accounting Firm](#idindependent807-0)  | [B-70](#idindependent807-0) |
| [Codes of Ethics](#idCODESOFETHI1004)  | [B-70](#idCODESOFETHI1004) |
| [Portfolio Transactions and Brokerage](#idPORTFOLIOTR16395)  | [B-70](#idPORTFOLIOTR16395) |
| [Description of Shares](#idDESCRIPTION9351)  | [B-72](#idDESCRIPTION9351) |
| [Programs for Reducing or Eliminating Sales Charges](#idPROGRAMSFOR16607)  | [B-73](#idPROGRAMSFOR16607) |
| [Securities Lending](#idSECURITIESL6716)  | [B-75](#idSECURITIESL6716) |
| [Redemption of Shares](#idREDEMPTIONO2747)  | [B-76](#idREDEMPTIONO2747) |
| [Valuation of Portfolio Securities](#idVALUATIONOF8547)  | [B-76](#idVALUATIONOF8547) |
| [Taxation](#idTAXATION65433)  | [B-78](#idTAXATION65433) |
| [Experts](#idexperts1107-0)  | [B-88](#idexperts1107-0) |
| [Appendix A—Description of Securities Ratings](#idappendixade34738-0)  | [B-89](#idappendixade34738-0) |
| [Appendix B—Proxy Voting Policies](#idappendixbpr4650-0)  | [B-93](#idappendixbpr4650-0) |
| [Appendix C—Additional Portfolio Manager Information](#idAPPENDIXCAD30215)  | [B-102](#idAPPENDIXCAD30215) |

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#### GENERAL INFORMATION

The Trust is organized under the laws of The Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time (the "Declaration of Trust"). The investment adviser for each of the Funds is MML Investment Advisers, LLC ("MML Advisers"). The subadviser for the Short-Duration Bond Fund and High Yield Fund is Barings LLC ("Barings"). Barings is an indirect subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"). In addition, Baring International Investment Limited ("BIIL") serves as a sub-subadviser for the Funds. MML Advisers, Barings, and BIIL are registered with the Securities and Exchange Commission (the "SEC") as investment advisers. References in this SAI to a Fund's subadviser may include any sub-subadvisers as applicable.

#### ADDITIONAL INVESTMENT POLICIES
Each Fund has a distinct investment objective which it pursues through separate investment policies, as described in the Prospectus and below. The fundamental investment policies and fundamental investment restrictions of a Fund may not be changed without the vote of a majority of that Fund's outstanding voting securities (which, under the Investment Company Act of 1940, as amended (the "1940 Act") and the rules thereunder and as used in this SAI and in the Prospectus, means the lesser of (l) 67% of the shares of that Fund present at a meeting if the holders of more than 50% of the outstanding shares of that Fund are present in person or by proxy, or (2) more than 50% of the outstanding shares of that Fund). The Board of Trustees of the Trust (the "Board") may adopt new or amend or delete existing non-fundamental investment policies and restrictions without shareholder approval. There is no guarantee that any Fund will achieve its investment objective.

Unless otherwise specified, each Fund may engage in the investment practices and techniques described below to the extent consistent with such Fund's investment objective and fundamental investment restrictions. Not all Funds necessarily will utilize all or any of these practices and techniques at any one time or at all. Investment policies and restrictions described below are non-fundamental and may be changed by the Trustees without shareholder approval, unless otherwise noted. For a description of the ratings of corporate debt securities and money market instruments in which the various Funds may invest, reference should be made to Appendix A.

#### Asset-Based Securities
A Fund may invest in debt, preferred, or convertible securities, the principal amount, redemption terms, or conversion terms of which are related to the market price of some natural resource asset such as gold bullion. These securities are referred to as "asset-based securities." If an asset-based security is backed by a bank letter of credit or other similar facility, the investment adviser or subadviser may take such backing into account in determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in the two price movements. Asset-based securities may not be secured by a security interest in or claim on the underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the appreciation in the underlying asset. Certain restrictions imposed on the Funds by the Internal Revenue Code of 1986, as amended (the "Code"), may limit the Funds' ability to invest in certain natural resource-based securities.

***Precious Metal-Related Securities***. A Fund may invest in the equity securities of companies that explore for, extract, process, or deal in precious metals (e.g., gold, silver, and platinum), and in asset-based securities indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively priced in relation to the value of a company's precious metal-related assets or when the values of precious metals are expected to benefit from inflationary pressure or other economic, political, or financial uncertainty or instability. Based on historical experience, during periods of economic or financial instability the securities of companies involved in precious metals may be subject to extreme price

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fluctuations, reflecting the high volatility of precious metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies.

The major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil, and Australia. Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather than to market forces. Economic, financial, social, and political factors within South Africa may significantly affect South African gold production.

#### Bank Capital Securities
A Fund may invest in bank capital securities. Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. Many bank capital securities are commonly thought of as hybrids of debt and preferred stock. Some bank capital securities are perpetual (with no maturity date), callable, and have a cumulative interest deferral feature. This means that under certain conditions, the issuer bank can withhold payment of interest until a later date, likely increasing the credit and interest rate risks of an investment in those securities. Investments in bank capital securities are subject to the risks of other debt investments, such as default and non-payment, as well as certain other risks, such as the risk that bank regulators may force the bank to dissolve, merge, restructure its capitalization, or take other actions intended to prevent its failure or ensure its orderly resolution. Bank regulators in certain jurisdictions have broad authorities they may use to prevent the failure of banking institutions or to stabilize the banking industry, all of which may adversely affect the values of investments in bank capital securities and other bank obligations, including those of other banks.

#### Bank Loans
A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. In such cases, the agent is normally responsible for the collection of principal and interest payments from the borrower and the apportionment of these payments to the credit of all institutions that are parties to the loan agreement. A Fund will generally rely on the agent to receive and forward to the Fund its portion of the principal and interest payments on the loan. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund.

A Fund may invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. (There may be one or more assignors prior in time to the Fund.) If a Fund acquires a participation in the loan made by a third party loan investor, the Fund typically will have a contractual relationship only with the loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In connection with participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights with respect to any funds acquired by other loan investors through set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the loan in which it has purchased the participation. As a result, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation. In the event of the insolvency of the loan investor selling a participation, a Fund may be treated as a general creditor of such loan investor. In addition, because loan participations are not generally rated by independent credit rating agencies, a decision by a Fund to invest in a particular loan participation will depend almost exclusively on its investment adviser's or subadviser's credit analysis of the borrower.

Loans in which a Fund may invest are subject generally to the same risks as debt securities in which the Fund may invest. In addition, loans in which a Fund may invest, including bridge loans, are generally made to finance internal growth, mergers, acquisitions, stock repurchases, leveraged buy-outs, and other corporate activities, including bridge loans. A significant portion of the loans purchased by a Fund may represent interests in loans made to finance highly leveraged corporate acquisitions, known as "leveraged buy-out" transactions, leveraged recapitalization loans, and other types of acquisition financing. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in economic or market conditions.

Loans generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loans in secondary markets. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. As a

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result, a Fund may be unable to sell loans at a time when it may otherwise be desirable to do so or may be able to sell them only at a price that is less than their fair market value. The settlement time for certain loans is longer than the settlement time for many other types of investments, and a Fund may not receive the payment for a loan sold by it until well after the sale; that cash would be unavailable for payment of redemption proceeds or for reinvestment.

Certain of the loans acquired by a Fund may involve revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. In such cases, the Fund would have an obligation to advance its portion of such additional borrowings upon the terms specified in the loan participation. A Fund may be required to fund such advances at times and in circumstances where the Fund might not otherwise choose to make a loan to the borrower.

The value of collateral, if any, securing a loan can decline, or may be insufficient to meet the borrower's obligations or difficult to liquidate, or a Fund may be prevented or delayed from realizing the collateral. In addition, a Fund's access to collateral may be limited by bankruptcy or other insolvency laws. If a secured loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. A bankruptcy or restructuring can result in the loan being converted to an equity ownership interest in the borrower. In addition, under legal theories of lender liability, a Fund potentially might be held liable as a co-lender.

Loans may not be considered "securities," and a Fund that purchases a loan may not be entitled to rely on anti-fraud and other protections under the federal securities laws.

#### Below Investment Grade Debt Securities
A Fund may purchase below investment grade debt securities, sometimes referred to as "junk" or "high yield" bonds. The lower ratings of certain securities held by a Fund reflect a greater possibility that adverse changes in the financial condition of the issuer, or in general economic conditions, or both, or an unanticipated rise in interest rates, may impair the ability of the issuer to make payments of interest and principal. The inability (or perceived inability) of issuers to make timely payment of interest and principal would likely make the values of securities held by the Fund more volatile and could limit the Fund's ability to sell its securities at prices approximating the values a Fund had placed on such securities. In the absence of a liquid trading market for securities held by it, the Fund may be unable at times to establish the fair market value of such securities. The rating assigned to a security by S&P Global Ratings ("S&P") or Moody's Investors Service, Inc. ("Moody's") does not reflect an assessment of the volatility of the security's market value or of the liquidity of an investment in the security. (The term "below investment grade debt securities" includes securities that are not rated but are considered by a Fund's investment adviser or subadviser to be of comparable quality to other below investment grade debt securities.)

Like those of other fixed income securities, the values of below investment grade debt securities fluctuate in response to changes in interest rates. Thus, a decrease in interest rates generally will result in an increase in the value of a Fund's fixed income securities. Conversely, during periods of rising interest rates, the value of a Fund's fixed income securities generally will decline. In addition, the values of such securities are also affected by changes in general economic conditions and business conditions, which are more likely to lead to a weakened capacity to make principal and interest payments than in the case of higher grade securities. Changes by recognized rating services in their ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Changes in the values of portfolio securities generally will not affect cash income derived from such securities, but will affect the Fund's net asset value ("NAV").

Issuers of below investment grade debt securities are often highly leveraged, so their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired. In the past, economic downturns or increases in interest rates have, under certain circumstances, resulted in a higher incidence of default by the issuers of these instruments and are likely to do so in the future, especially in the case of highly leveraged issuers. In addition, such issuers may not have more traditional methods of financing available to them, and may be unable to repay debt at maturity by refinancing. The risk of loss due to default in payment of interest or principal by such issuers is significantly greater because such securities frequently are unsecured and subordinated to the prior payment of senior indebtedness. Certain of the below investment grade debt securities in which a Fund may invest are issued to raise funds in connection with the acquisition of a company, in so-called "leveraged buy-out" transactions. The highly leveraged capital structure of such issuers may make them especially vulnerable to adverse changes in economic conditions.

Under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, a Fund could find it more difficult to sell below investment grade debt securities when the Fund's investment adviser or subadviser believes it advisable to do so or may be able to sell such securities only at prices lower than might otherwise

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be available. Consolidation in the financial services industry has resulted in there being fewer market makers for high yield bonds, which may result in further risk of illiquidity and volatility with respect to high yield bonds held by a Fund, and this trend may continue in the future. Furthermore, high yield bonds held by a Fund may not be registered under the Securities Act of 1933, as amended (the "1933 Act"), and, unless so registered, a Fund will not be able to sell such high yield bonds except pursuant to an exemption from registration under the 1933 Act. This may further limit the Fund's ability to sell high yield debt securities or to obtain the desired price for such securities. In many cases, below investment grade debt securities may be purchased in private placements and, accordingly, will be subject to restrictions on resale as a matter of contract or under securities laws. Under such circumstances, it may also be more difficult to determine the fair values of such securities for purposes of computing a Fund's NAV. In order to enforce its rights in the event of a default by an issuer of below investment grade debt securities, a Fund may be required to take possession of and manage assets securing the issuer's obligations on such securities, which may increase the Fund's operating expenses and adversely affect the Fund's NAV. A Fund may also be limited in its ability to enforce its rights and may incur greater costs in enforcing its rights in the event an issuer becomes the subject of bankruptcy proceedings. In addition, the Funds' intention or ability to qualify as "regulated investment companies" under the Code may limit the extent to which a Fund may exercise its rights by taking possession of such assets.

Certain securities held by a Fund may permit the issuer at its option to "call," or redeem, its securities. If an issuer were to redeem securities held by a Fund during a time of declining interest rates, the Fund may not be able to reinvest the proceeds in securities providing the same investment return as the securities redeemed.

The prices for below investment grade debt securities may be affected by legislative and regulatory developments. Below investment grade debt securities may also be subject to certain risks not typically associated with "investment grade" securities, such as the following: (i) reliable and objective information about the value of below investment grade debt securities may be difficult to obtain because the market for such securities may be thinner and less active than that for investment grade obligations; (ii) adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower than investment grade obligations, and, in turn, adversely affect their market; (iii) companies that issue below investment grade debt securities may be in the growth stage of their development, or may be financially troubled or highly leveraged, so they may not have more traditional methods of financing available to them; (iv) when other institutional investors dispose of their holdings of below investment grade debt securities, the general market and the prices for such securities could be adversely affected; and (v) the market for below investment grade debt securities could be impaired if legislative proposals to limit their use in connection with corporate reorganizations or to limit their tax and other advantages are enacted.

#### Borrowings
A Fund is required at all times to maintain its assets at a level at least three times the amount of all of its borrowings (the "300% asset coverage test"). Any borrowings that come to exceed the 300% asset coverage requirement will be reduced within three days (not including Sundays and holidays) to the extent necessary to comply with this requirement.

#### Cash and Short-Term Debt Securities
***Money Market Instruments Generally***. The Funds may invest in money market securities, including money market funds. Money market securities are high-quality, short-term debt instruments that may be issued by the U.S. Government, corporations, banks, or other entities. They may have fixed, variable, or floating interest rates. Some money market securities in which the Funds may invest are described below. During the 2008 global financial downturn and the market volatility caused by the coronavirus outbreak beginning in March 2020, many money market instruments that were thought to be highly liquid became illiquid and lost value. The U.S. Government and the Federal Reserve System, as well as certain foreign governments and central banks, have taken extraordinary actions with respect to the financial markets generally and money market instruments in particular. While these actions have stabilized the markets for these instruments, there can be no assurances that those actions will continue or continue to be effective. If a Fund's money market instruments become illiquid, the Fund may be unable to satisfy certain of its obligations or may only be able to do so by selling other securities at prices or times that may be disadvantageous to do so.

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***Bank Obligations***. The Funds may invest in bank obligations, including certificates of deposit, time deposits, bankers' acceptances, and other short-term obligations of domestic banks, foreign subsidiaries of domestic banks, foreign branches of domestic banks, and domestic and foreign branches of foreign banks, domestic savings and loan associations, and other banking institutions.

Certificates of deposit ("CDs") are negotiable certificates evidencing the obligations of a bank to repay funds deposited with it for a specified period of time. Time deposits are non-negotiable deposits maintained in a banking institution for a specified period of time at a stated interest rate. Time deposits which may be held by the Funds will not benefit from insurance from the Bank Insurance Fund or the Savings Association Insurance Fund administered by the Federal Deposit Insurance Corporation. Bankers' acceptances are credit instruments evidencing the obligation of a bank to pay a draft drawn on it by a customer. These instruments reflect the obligation both of the bank and the drawer to pay the face amount of the instrument upon maturity. The other short-term obligations may include uninsured, direct obligations, bearing fixed, floating, or variable interest rates.

The Funds may invest in certificates of deposit and bankers' acceptances of U.S. banks and savings and loan associations, London branches of U.S. banks, and U.S. branches of foreign banks. Obligations of foreign banks and of foreign branches of U.S. banks may be affected by foreign governmental action, including imposition of currency controls, interest limitations, withholding or other taxes, seizure of assets, or the declaration of a moratorium or restriction on payments of principal or interest. Foreign banks and foreign branches of U.S. banks may provide less public information than, and may not be subject to the same accounting, auditing, and financial recordkeeping standards as, domestic banks.

***Cash, Short-Term Instruments, and Temporary Investments***. The Funds may hold a significant portion of their assets in cash or cash equivalents at the sole discretion of the Fund's investment adviser or subadviser. The Funds' investment adviser or subadvisers will determine the amount of the Funds' assets to be held in cash or cash equivalents at their sole discretion, based on such factors as they may consider appropriate under the circumstances. The Funds may hold a portion of their assets in cash, for example, in order to provide for expenses or anticipated redemption payments or for temporary defensive purposes. The Funds may also hold a portion of their assets in cash as part of the Funds' investment programs or asset allocation strategies, in amounts considered appropriate by the Funds' investment adviser or subadvisers. To the extent the Funds hold assets in cash and otherwise uninvested, its investment returns may be adversely affected and the Funds may not achieve their respective investment objectives. The Funds may invest in high quality money market instruments. The instruments in which the Funds may invest include, without limitation: (i) short-term obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities (including government-sponsored enterprises); (ii) CDs, bankers' acceptances, fixed time deposits, and other obligations of domestic banks (including foreign branches); (iii) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than one year; (iv) repurchase agreements; and (v) short-term obligations of foreign banks (including U.S. branches).

***Commercial Paper and Short-Term Corporate Debt Instruments***. The Funds may invest in commercial paper (including variable amount master demand notes) consisting of short-term, unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is usually sold on a discount basis and, other than asset-backed commercial paper, usually has a maturity at the time of issuance not exceeding nine months. Variable amount master demand notes are demand obligations that permit the investment of fluctuating amounts at varying market rates of interest pursuant to arrangements between the issuer and a commercial bank acting as agent for the payee of such notes whereby both parties have the right to vary the amount of the outstanding indebtedness on the notes. The investment adviser or subadvisers monitor on an ongoing basis the ability of an issuer of a demand instrument to pay principal and interest on demand. The Funds also may invest in non-convertible corporate debt securities (e.g., bonds and debentures) with not more than one year remaining to maturity at the date of settlement.

***Letters of Credit***. Certain of the debt obligations (including municipal securities, certificates of participation, commercial paper, and other short-term obligations) which the Funds may purchase may be backed by an unconditional and irrevocable letter of credit of a bank, savings and loan association, or insurance company which assumes the obligation for payment of principal and interest in the event of default by the issuer.

#### Commodities
A Fund may invest directly or indirectly in commodities (such as precious metals or natural gas). Commodity prices can be more volatile than prices of other types of investments and can be affected by a wide range of factors, including changes in overall market movements, speculative investors, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics,

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nationalization, expropriation, or other confiscation, changes in the costs of discovering, developing, refining, transporting, and storing commodities, the success of commodity exploration projects, temporary or long-term price dislocations and inefficiencies in commodity markets generally or in the market for a particular commodity, international or local regulatory, political, and economic developments (for example, regime changes and changes in economic activity levels), and developments affecting a particular region, industry, or commodity, such as drought, floods, or other weather conditions, livestock disease, epidemics, trade embargoes, energy conservation, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, and tariffs. Exposure to commodities can cause the NAV of a Fund's shares to decline or fluctuate in a rapid and unpredictable manner. Commodity prices may be more or less volatile than securities of companies engaged in commodity-related businesses. Investments in commodity-related companies are subject to the risk that the performance of such companies may not correlate with the broader equity market or with returns on commodity investments to the extent expected by the investment adviser or subadviser. Such companies may be significantly affected by import controls, worldwide competition, changes in consumer sentiment, and spending, and can be subject to liability for, among other things, environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. A liquid secondary market may not exist for certain commodity investments, which may make it difficult for the Fund to sell them at a desirable price or at the price at which it is carrying them.

A Fund may also directly or indirectly use commodity-related derivatives. The values of these derivatives may fluctuate more than the relevant underlying commodity or commodities or commodity index. A Fund's investments in commodities or commodity-related derivatives can be limited by the Fund's intention to qualify as a regulated investment company for U.S. federal income tax purposes, and can bear on the Fund's ability to qualify as such.

#### Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stock has a specified dividend and ranks after bonds and before common stocks in its claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis. Profits may be paid out in dividends or reinvested in the company to help it grow. Increases and decreases in earnings are usually reflected in a company's stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. In addition, changes in interest rates may adversely affect the value of a preferred stock that pays a fixed dividend.

#### Concentration Policy
For purposes of each Fund's concentration limitation as disclosed in this SAI, the Funds apply such policy to direct investments in the securities of issuers in a particular industry, as determined by a Fund's investment adviser or subadviser. A Fund's investment adviser or subadviser may analyze the characteristics of a particular issuer and security and assign an industry or sector classification consistent with those characteristics in the event that the third party classification provider used by the investment adviser or subadviser does not assign a classification or the investment adviser or subadviser, in consultation with the Fund's Chief Compliance Officer, determines that another industry or sector classification is more appropriate.

#### Convertible Securities
The Funds may invest in debt or preferred equity securities convertible into, or exchangeable for, common stock at a stated price or rate. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree. In recent years, convertibles have been developed which combine higher or lower current income with options and other features. Convertible securities are subject to the risks of debt and equity securities.

#### Cyber Security and Technology
With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, investment companies (such as the Funds) and their service providers (such as the Funds' investment adviser, subadvisers, custodian, and transfer agent) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential

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information without authorization, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, a Fund, the investment adviser, subadviser, custodian, transfer agent, or service provider may adversely affect the Fund or its shareholders. For instance, cyber-attacks may interfere with the processing of shareholder transactions, affect a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other data integral to the functioning of the Fund inaccessible or inaccurate or incomplete. A Fund may also incur substantial costs for cyber security risk management in order to prevent cyber incidents in the future. A Fund and its shareholders could be negatively impacted as a result. There are inherent limitations in business continuity plans and systems designed to minimize the risk of cyber-attacks through the use of technology, processes, and controls, including the possibility that certain risks have not been identified given the evolving nature of this threat. The Funds rely on third-party service providers for many of their day-to-day operations, and will be subject to the risk that the protections and protocols implemented by those service providers will be ineffective to protect the Funds from cyber-attack. The Funds' investment adviser does not control the cyber security plans and technology systems put in place by third-party service providers, and such third-party service providers may have limited indemnification obligations to the Funds' investment adviser or the Funds, each of whom could be negatively impacted as a result. Similar types of cyber security risks also are present for issuers of securities in which the Funds invest, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such securities to lose value.

#### Debtor-in-Possession Financings
The Funds may invest in debtor-in-possession financings (commonly known as "DIP financings") through participation interests in direct loans, purchase of assignments, and other means. DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code ("Chapter 11"). These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute senior liens on an unencumbered security (i.e., a security not subject to other creditors' claims). DIP financings are generally subject to the same risks as investments in senior bank loans and similar debt instruments, but involve a greater risk of loss of principal and interest. For example, there is a risk that the entity will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code, as well as a risk that the bankruptcy court will not approve a proposed reorganization plan or will require substantial and unfavorable changes to an initial plan. In the event of liquidation, a Fund's only recourse will be against the property securing the DIP financing. Companies in bankruptcy may also be undergoing significant financial and operational changes that may cause their financial performance to have elevated levels of volatility. DIP financings may involve payment-in-kind interest or principal interest payments, and a Fund may receive securities of a reorganized issuer (e.g., common stock, preferred stock, warrants) in return for its investment, which may include illiquid investments and investments that are difficult to value.

#### Derivatives
***General***. Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

A Fund's use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Derivative products can be highly specialized instruments that may require investment techniques and risk analyses different from those associated with investing directly in securities and other more traditional investments. Derivatives are subject to a number of risks, such as potential changes in value in response to interest rate changes or other market developments or as a result of the counterparty's credit quality and the risk that a derivative transaction may not have the effect or benefit a Fund's investment adviser or subadviser anticipated. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, or index. When a Fund invests in a derivative instrument, it could lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances, and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. Many derivative transactions are entered into "over the counter" (not on an exchange or contract market); as a result, the value of such a derivative transaction will depend on the ability and the willingness of the Fund's counterparty to perform its obligations under the transaction. A liquid secondary market may not always exist for a Fund's derivative positions at any time. Use of derivatives may affect the amount, timing, and character

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of distributions to shareholders. Although the use of derivatives is intended to enhance a Fund's performance, it may instead reduce returns and increase volatility.

A Fund may be subject to the credit risk of its counterparty to derivative transactions (including repurchase and reverse repurchase agreements) and to the counterparty's ability or willingness to perform in accordance with the terms of the transaction. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations under such a transaction. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances. In the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations, and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the European Union, the United Kingdom, and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, the regulatory authorities could reduce, eliminate, or convert to equity the liabilities to a Fund of a counterparty who is subject to such proceedings in the European Union (sometimes referred to as a "bail in").

A Fund may enter into cleared derivatives transactions and/or exchange-traded futures contracts. When a Fund enters into a cleared derivative transaction and/or an exchange-traded futures contract, it is subject to the credit risk of the clearinghouse and the clearing member through which it holds its position. The clearing member or the clearinghouse could also fail to perform its obligations, causing losses to the Fund. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearinghouses and clearing members. Under current Commodity Futures Trading Commission ("CFTC") regulations, a clearing member is required to maintain customers' assets in omnibus accounts for all of its customers segregated from the clearing member's proprietary assets. If, for example, a clearing member fails to segregate customer assets, is unable to satisfy a substantial deficit in a customer account, or in the event of fraud or misappropriation of customer assets by a clearing member, clearing member customers may be subject to risk of loss of their funds in the event of that clearing member's bankruptcy. A Fund might not be fully protected in the event of the bankruptcy of a Fund's clearing member because the Fund would be limited to recovering only a pro rata share of the funds held by the clearing member on behalf of customers. It is not entirely clear how an insolvency proceeding of a clearinghouse, or the clearing member through which the Fund holds its positions at a clearinghouse, would be conducted, what effect the insolvency proceeding would have on any recovery by a Fund, and what impact an insolvency of a clearinghouse or clearing member would have on the financial system more generally.

U.S. and non-U.S. legislative and governmental authorities, various exchanges, and regulatory and self-regulatory authorities have undertaken reviews of derivatives trading in recent periods. Among the actions that have been taken or proposed to be taken are new position limits and reporting requirements, new or more stringent daily price fluctuation limits for futures and options transactions, new or increased margin and reserve requirements for various types of derivatives transactions, and mandatory clearing, trading, and reporting requirements for many derivatives. Additional measures are under active consideration and as a result there may be further actions that adversely affect the regulation of instruments in which the Funds invest. Such legislative and regulatory measures may reduce the availability of some types of derivative instruments, may increase the cost of trading in or maintaining other instruments or positions, and may cause uncertainty in the markets for a variety of derivative instruments. It is also possible that these or similar measures could potentially limit or completely restrict the ability of a Fund to use these instruments as a part of its investment strategy. For example, the SEC recently finalized new Rule 18f-4 under the 1940 Act providing for the regulation of registered investment companies' use of derivatives and certain related instruments. The ultimate impact, if any, of the regulation remains unclear, but the new rule, among other things, limits derivatives exposure through one of two value-at-risk tests and eliminates the asset segregation framework for covering derivatives and certain financial instruments arising from the SEC's Release 10666 and ensuing staff guidance. Limited derivatives users (as determined by Rule 18f-4), however, are not subject to the full requirements under the rule. Legislative and regulatory measures like this and others are evolving and still being implemented and their effects on derivatives market activities cannot be reliably predicted.

The CFTC and domestic futures exchanges have established (and continue to evaluate and revise) limits ("position limits") on the maximum net long or net short positions which any person, or group of persons acting in concert, may hold or control in particular contracts. In addition, starting January 1, 2023, federal position limits will apply to swaps that are economically equivalent to futures contracts that are subject to CFTC-set speculative limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with position limits. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that different clients managed by the investment adviser or subadviser may be aggregated for this purpose. Therefore, the trading decisions of the investment adviser or subadviser may have to be modified and positions held by a Fund liquidated in order to avoid

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exceeding such limits. Any modification of trading decisions or elimination of open positions that may be required to avoid exceeding such limits may adversely affect the performance of a Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy.

No Fund has the obligation to enter into derivatives transactions at any time or under any circumstances. In addition, nothing in this SAI is intended to limit in any way any purpose for which a Fund may enter into any type of derivatives transaction; a Fund may use derivatives transactions for hedging purposes or generally for purposes of enhancing its investment return.

#### Foreign Currency Exchange Transactions
A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes—for example, a Fund may take a long or short position with respect to a foreign currency in which none of the Fund's assets or liabilities are denominated, or where the position is in excess of the amount of any such assets or liabilities, in order to take advantage of anticipated changes in the relative values of those currencies. There can be no assurance that appropriate foreign currency transactions will be available for a Fund at any time or that a Fund will enter into such transactions at any time or under any circumstances even if appropriate transactions are available to it. A Fund may purchase or sell a foreign currency on a spot (i.e*.*, cash) basis at the prevailing spot rate. A Fund may also enter into contracts to deliver in the future an amount of one currency in return for an amount of another currency ("forward contracts") and may purchase and sell foreign currency futures contracts. (Foreign currency futures contracts are similar to financial futures contracts, except that they typically contemplate the delivery of foreign currencies; see "Financial Futures Contracts," below.) A Fund may also purchase or sell options on foreign currencies or options on foreign currency futures contracts.

A Fund may enter into foreign currency exchange transactions in order to hedge against a change in the values of assets or liabilities denominated in one or more foreign currencies due to changes in currency exchange rates.

A Fund may also enter into foreign currency transactions to adjust generally the exposure of its portfolio to various foreign currencies. For example, a Fund with a large exposure to securities denominated in euros might want to continue to hold those securities, but to trade its exposure to the euro to exposure to, say, the Japanese Yen. In that case, the Fund might take a short position in the euro and a long position in the Yen. A Fund may also use foreign currency transactions to hedge the value of the Fund's portfolio against the Fund's benchmark index.

The value of any currency, including U.S. dollars and foreign currencies, may be affected by complex political and economic factors applicable to the issuing country. In addition, the exchange rates of foreign currencies (and therefore the values of foreign currency options, forward contracts, and futures contracts) may be affected significantly, fixed, or supported directly or indirectly by U.S. and foreign government actions. Government intervention may increase risks involved in purchasing or selling foreign currency options, forward contracts, and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces. Foreign governmental restrictions or taxes could result in adverse changes in the cost of acquiring or disposing of foreign currencies.

Because foreign currency transactions occurring in the interbank market involve substantially larger amounts than those that may be involved in the use of foreign currency options, investors may be disadvantaged by having to deal in an odd lot market (generally consisting of transactions of less than $1 million) for the underlying foreign currencies at prices that are less favorable than for round lots.

There is no systematic reporting of last-sale information for foreign currencies and there is no regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Available quotation information is generally representative of very large transactions in the interbank market and thus may not reflect relatively smaller transactions (less than $1 million) where rates may be less favorable. The interbank market in foreign currencies is a global, around-the-clock market.

*Currency Forward and Futures Contracts*. A foreign currency forward contract involves an obligation to deliver in the future, which may be any fixed number of days from the date of the contract as agreed by the parties, an amount of one currency in return for an amount of another currency, at an exchange rate set at the time of the contract. The contracts are traded in the interbank market conducted directly between currency traders (usually large commercial banks) and their customers. A foreign currency futures contract is a standardized contract for the future delivery of a specified amount of a foreign currency at a future date at an exchange rate set at the time of the contract. Foreign currency futures contracts traded in the United States are designed by and traded on exchanges regulated by the CFTC, such as the Chicago Mercantile Exchange. Foreign currency futures contracts will typically require a Fund to post both initial margin and variation margin.

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Foreign currency forward contracts differ from foreign currency futures contracts in certain respects. For example, the maturity date of a forward contract may be any fixed number of days from the date of the contract agreed upon by the parties, rather than a predetermined date in a given month. Forward contracts may be in any amounts agreed upon by the parties rather than predetermined amounts. Also, forward foreign exchange contracts are traded directly between counterparties, exposing a Fund to credit risk with respect to its counterparty, whereas foreign currency futures contracts are traded on regulated exchanges. Because foreign currency forward contracts are private transactions between a Fund and its counterparty, any benefit of such contracts to the Fund will depend upon the willingness and ability of the counterparty to perform its obligations. In the case of a futures contract, a Fund is subject to the credit risk of the clearinghouse and the clearing member through which it holds its position as well as the risk that the clearing member or the clearinghouse could also fail to perform its obligations.

At the maturity of a forward or futures contract, a Fund will make delivery of the currency or currencies specified in the contract in return for the other currency or currencies specified in the contract (or, if the contract is a non-deliverable or cash-settled contract, settle the contract on a net basis) or, at or prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to forward contracts are usually effected with the currency trader who is a party to the original forward contract. Closing transactions with respect to futures contracts are effected on a commodities exchange and a clearinghouse associated with the exchange assumes responsibility for closing out such contracts.

Positions in foreign currency futures contracts and related options may be closed out only on an exchange or board of trade which provides a market in such contracts or options. Although a Fund will normally purchase or sell foreign currency futures contracts and related options only on exchanges or boards of trade where there appears to be an active market, there is no assurance that an active market on an exchange or board of trade will exist for any particular contract or option or at any particular time. In such event, it may not be possible to close a futures or related option position and, in the event of adverse price movements, a Fund would continue to be required to make daily cash payments of variation margin on its futures positions. A Fund's ability to close out a foreign currency forward contract will depend on the willingness of its counterparty to engage in an offsetting transaction.

*Foreign Currency Options*. Options on foreign currencies operate similarly to options on securities, and are traded primarily in the over-the-counter ("OTC") market, although certain options on foreign currencies may be listed on several exchanges. Although such options will be purchased or written only when an investment adviser or subadviser believes that a liquid secondary market exists for such options, there can be no assurance that a liquid secondary market will exist for a particular option at any specific time. Options on foreign currencies are affected by all of those factors which influence exchange rates and investments generally.

The value of a foreign currency option is dependent upon the value of the foreign currency and the U.S. dollar, and may have no relationship to the investment merits of a foreign security.

*Foreign Currency Conversion*. Although foreign exchange dealers do not charge a fee for currency conversion, they do realize a profit based on the difference (the "spread") between prices at which they buy and sell various currencies. Thus, a dealer may offer to sell a foreign currency to a Fund at one rate, while offering a lesser rate of exchange should a Fund desire to resell that currency to the dealer.

*Foreign Currency Swap Agreements*. A Fund may enter into currency swaps to protect against adverse changes in exchange rates between the U.S. dollar and other currencies or as a means of making indirect investments in foreign currencies. Currency swaps involve the individually negotiated exchange by a Fund with another party of a series of payments in specified currencies in amounts determined pursuant to the terms of the swap agreement. (See "Swap Agreements and Options on Swap Agreements," below.)

Foreign currency derivatives transactions may be highly volatile and may give rise to investment leverage.

#### Financial Futures Contracts
A Fund may enter into futures contracts, including interest rate futures contracts, securities index futures contracts, and futures contracts on fixed income securities (collectively referred to as "financial futures contracts").

A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price.

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A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash.

Positions in financial futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures.

There are special risks associated with entering into financial futures contracts. The skills needed to use financial futures contracts effectively are different from those needed to select a Fund's investments. There may be an imperfect correlation between the price movements of financial futures contracts and the price movements of the securities in which a Fund invests. There is also a risk that a Fund will be unable to close a position in a financial futures contract when desired because there is no liquid market for it.

The risk of loss in trading financial futures contracts can be substantial due to the low margin deposits required and the extremely high degree of leverage involved in futures pricing. Relatively small price movements in a financial futures contract could have an immediate and substantial impact, which may be favorable or unfavorable to a Fund. It is possible for a price-related loss to exceed the amount of a Fund's margin deposit. An investor could also suffer losses if it is unable to close out a futures contract because of an illiquid market. Futures are subject to the creditworthiness of the clearing members (i.e., futures commission merchants) and clearing organizations involved in the transactions.

Although some financial futures contracts by their terms call for the actual delivery or acquisition of securities at expiration, in most cases the contractual commitment is closed out before expiration. The offsetting of a contractual obligation is accomplished by purchasing (or selling as the case may be) on a futures exchange an identical financial futures contract calling for delivery in the same month. Such a transaction offsets the obligation to make or take delivery. A Fund will incur brokerage fees when it purchases or sells financial futures contracts, and will be required to maintain margin deposits. If a liquid market does not exist when a Fund wishes to close out a financial futures contract, it will not be able to do so and will continue to be required to make daily cash payments of variation margin in the event of adverse price movements.

The investment adviser has claimed with respect to each Fund an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act (the "CEA") and, therefore, is not subject to registration or regulation as a pool operator under the CEA. For the investment adviser to be eligible to claim such an exclusion, a Fund may only use futures contracts, options on such futures, commodity options and certain swaps solely for "bona fide hedging purposes" (as defined by the CFTC), or must limit its use of such instruments for non-bona fide hedging purposes to certain de minimis amounts, as provided by CFTC Rule 4.5. It is possible that that exclusion may in the future cease to be available with respect to one or more Funds. In any case where the exclusion is unavailable with respect to a Fund, additional requirements, including CFTC and National Futures Association ("NFA")-mandated disclosure, reporting, and recordkeeping obligations, would apply with respect to that Fund. Compliance with the CFTC's regulatory requirements and NFA rules could increase Fund expenses and potentially adversely affect a Fund's total return.

*Margin Payments*. When a Fund purchases or sells a financial futures contract, it is required to deposit with the clearing member an amount of cash, U.S. Treasury bills, or other permissible collateral equal to a small percentage of the amount of the financial futures contract. This amount is known as "initial margin." The nature of initial margin is different from that of margin in security transactions in that it does not involve borrowing money to finance transactions. Rather, initial margin is similar to a performance bond or good faith deposit that is returned to a Fund upon termination of the contract, assuming the Fund satisfies its contractual obligations.

Subsequent payments to and from the clearing member occur on a daily basis in a process known as "marking to market." These payments are called "variation margin" and are made as the value of the underlying financial futures contract fluctuates. For example, when a Fund sells an index futures contract and the price of the underlying index rises above the delivery price, the Fund's position declines in value. The Fund then pays the clearing member a variation margin payment equal to the difference between the delivery price of the index futures contract and the value of the index underlying the index futures contract. Conversely, if the price of the underlying index falls below the delivery price of the contract, the Fund's futures position increases in value. The clearing member then must make a variation margin payment equal to the difference between the delivery price of the index futures contract and the value of the index underlying the index futures contract.

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When a Fund terminates a position in a financial futures contract, a final determination of variation margin is made, additional cash is paid by or to the Fund, and the Fund realizes a loss or a gain. Such closing transactions involve additional commission costs.

*Options on Financial Futures Contracts*. A Fund may purchase and write call and put options on financial futures contracts. An option on a financial futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a financial futures contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the period of the option or only at expiration of the option, depending on the option's terms. Upon exercise of the option, the holder would assume the underlying futures position and would receive a variation margin payment of cash or securities approximating the increase in the value of the holder's option position. If an option is exercised on the last trading day prior to the expiration date of the option, the settlement will be made entirely in cash. Purchasers of options who fail to exercise their options prior to or on the exercise date suffer a loss of the premium paid.

*Options on Swaps*. Options on swaps ("swaptions") are similar to options on securities except that they are traded over-the-counter (i.e., not on an exchange) and the premium paid or received is to buy or grant the right to enter into a previously agreed upon swap transaction, such as an interest rate or credit default contract. Forward premium swaption contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the swaption contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate, in the case of a floor contract.

*Special Risks of Transactions in Financial Futures Contracts and Related Options*. Financial futures contracts entail risks. The risks associated with purchasing and writing put and call options on financial futures contracts can be influenced by the market for financial futures contracts. An increase in the market value of a financial futures contract on which the Fund has written an option may cause the option to be exercised. In this situation, the benefit to a Fund would be limited to the value of the exercise price of the option and the Fund may realize a loss on the option greater than the premium the Fund initially received for writing the option. In addition, a Fund's ability to close out an option it has written by entering into an offsetting transaction depends upon the market's demand for such financial futures contracts. If a purchased option expires unexercised, a Fund would realize a loss in the amount of the premium paid for the option.

If an investment adviser's or subadviser's judgment about the general direction of interest rates or markets is wrong, the overall performance may be poorer than if no financial futures contracts had been entered into.

*Liquidity Risks*. Positions in financial futures contracts may be closed out only on the exchange on which such contract is listed. Although the Funds intend to purchase or sell financial futures contracts for which there appears to be an active market, there is no assurance that a liquid market will exist for any particular contract or at any particular time. If there is not a liquid market at a particular time, it may not be possible to close a position in a financial futures contract at such time and, in the event of adverse price movements, a Fund would continue to be required to make daily cash payments of variation margin.

The ability to establish and close out positions in options on financial futures contracts will be subject to the development and maintenance of a liquid market. It is not certain that such a market will develop. Although a Fund generally will purchase only those options for which there appears to be an active market, there is no assurance that a liquid market on an exchange will exist for any particular option or at any particular time. In the event no such market exists for particular options, it might not be possible to effect closing transactions in such options, with the result that a Fund would have to exercise the options in order to realize any profit.

*Hedging Risks*. There are several risks in connection with the use by a Fund of financial futures contracts and related options as a hedging device. One risk arises because of the imperfect correlation between movements in the prices of the financial futures contracts and options and movements in the underlying securities or index or movements in the prices of a Fund's securities which are the subject of a hedge.

Successful use of financial futures contracts and options by a Fund for hedging purposes is also subject to an investment adviser's or subadviser's ability to predict correctly movements in the direction of the market. It is possible that, where a Fund has purchased puts on financial futures contracts to hedge its portfolio against a decline in the market, the securities or index on which the puts are purchased may increase in value and the value of securities held in the portfolio may decline. If this occurred, the Fund would lose money on the puts and also experience a decline in the value of its portfolio securities. In addition, the prices of financial futures contracts, for a number of reasons, may not correlate

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perfectly with movements in the underlying securities or index due to certain market distortions. First, all participants in the futures market are subject to margin deposit requirements. Such requirements may cause investors to close financial futures contracts through offsetting transactions which could distort the normal relationship between the underlying security or index and futures markets. Second, the margin requirements in the futures markets are less onerous than margin requirements in the securities markets in general, and as a result the futures markets may attract more speculators than the securities markets do. Increased participation by speculators in the futures markets may also cause temporary price distortions. Due to the possibility of price distortion, even a correct forecast of general market trends by an investment adviser or subadviser still may not result in a successful hedging transaction over a very short time period.

*Other Risks*. A Fund will incur brokerage fees in connection with its transactions in financial futures contracts and related options. In addition, while financial futures contracts and options on financial futures contracts will be purchased and sold to reduce certain risks, those transactions themselves entail certain other risks. Thus, while a Fund may benefit from the use of financial futures contracts and related options, unanticipated changes in interest rates or stock price movements may result in a poorer overall performance for the Fund than if it had not entered into any financial futures contracts or options transactions. Moreover, in the event of an imperfect correlation between the position in the financial futures contract and the portfolio position that is intended to be protected, the desired protection may not be obtained and the Fund may be exposed to risk of loss.

#### Swap Agreements and Options on Swap Agreements
A Fund may engage in swap transactions, including interest rate swap agreements, credit default swaps, and total return swaps.

Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index). When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels; and curve cap swaps, under which a party might buy or sell protection against an increase in long-term interest rates relative to shorter-term rates. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

A Fund may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio (including to adjust the duration or credit quality of a Fund's bond portfolio) or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions). A Fund may also enter into contracts for difference, which are similar to total return swaps.

A Fund also may enter into credit default swap transactions. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a "reference entity"). In general, the protection "buyer" in a credit default swap is obligated to pay the protection "seller" an upfront amount or a periodic stream of payments over the term of the swap. If a "credit event" occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would

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trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A Fund may be either the buyer or seller in a credit default swap transaction. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a "synthetic" long position. Credit default swaps involve general market risks, illiquidity risk, counterparty risk, and credit risk.

A Fund may also enter into options on swap agreements ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps.

Whether a Fund's use of swap agreements or swaptions will be successful will depend on the investment adviser's or subadviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Certain restrictions imposed on the Funds by the Code may limit the Funds' ability to use swap agreements.

Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. Because they are two party contracts that may be subject to contractual restrictions on transferability and termination and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid and subject to a Fund's limitation on investments in illiquid securities. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. A Fund bears the risk that an investment adviser or subadviser will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If an investment adviser or subadviser attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. Many swaps are complex and often valued subjectively.

When a Fund enters into swap agreements, it is subject to the credit risk of its counterparty and to the counterparty's ability or willingness to perform in accordance with the terms of the agreement. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations under a swap agreement. A Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

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#### Options, Rights, and Warrants
A Fund may purchase and sell put and call options on securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

*Call Options*. A Fund may write call options on portfolio securities to realize a greater current return through the receipt of premiums. Such option transactions may also be used as a limited form of hedging against a decline in the price of securities owned by the Fund.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the exercise price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option. A Fund may write covered call options or uncovered call options. A call option is "covered" if the writer, at all times while obligated as a writer, either owns the underlying securities (or comparable securities satisfying the cover requirements of the securities exchanges), or has the right to acquire such securities through immediate conversion of securities. When a Fund has written an uncovered call option, the Fund will not necessarily hold securities offsetting the risk to the Fund. As a result, if the call option were exercised, the Fund might be required to purchase the security that is the subject of the call at the market price at the time of exercise. The Fund's exposure on such an option is theoretically unlimited. There is also a risk, especially with less liquid preferred and debt securities, that the security may not be available for purchase.

A Fund will receive a premium from writing a call option, which increases the Fund's return in the event the option expires unexercised or is closed out at a profit. The amount of the premium reflects, among other things, the relationship between the exercise price and the current market value of the underlying security, the volatility of the underlying security, the amount of time remaining until expiration, current interest rates, and the effect of supply and demand in the options market and in the market for the underlying security.

In return for the premium received when it writes a covered call option, a Fund takes the risk during the life of the option that it will be required to deliver the underlying security at a price below the current market value of the security or, in the case of a covered call option, to give up some or all of the opportunity to profit from an increase in the market price of the securities covering the call option.

In the case of a covered option, the Fund also retains the risk of loss should the price of the securities decline. If the covered option expires unexercised, the Fund realizes a gain equal to the premium, which may be offset by a decline in price of the underlying security. If the option is exercised, the Fund realizes a gain or loss equal to the difference between the Fund's cost for the underlying security and the proceeds of sale (exercise price minus commissions) plus the amount of the premium.

A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a covered call option, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a covered call option may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a covered call option is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund.

*Put Options*. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. Such options transactions may also be used as a limited form of hedging against an increase in the price of securities that the Fund plans to purchase. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price. A Fund may write covered or uncovered put options. A put option is "covered" if the writer segregates cash and high-grade short-term debt obligations or other permissible collateral equal to the price to be paid if the option is exercised.

By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option.

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*Purchasing Put and Call Options*. A Fund may also purchase put options to protect portfolio holdings against a decline in market value. This protection lasts for the life of the put option because the Fund, as a holder of the option, may sell the underlying security at the exercise price regardless of any decline in its market price. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. In order for a put option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price to cover the premium and transaction costs that the Fund must pay. If the Fund holds the security underlying the option, these costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option.

A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. Such hedge protection is provided during the life of the call option since the Fund, as holder of the call option, is able to buy the underlying security at the exercise price regardless of any increase in the underlying security's market price. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

A Fund may also buy and sell combinations of put and call options on the same underlying security to earn additional income.

A Fund may purchase or sell "structured options," which may comprise multiple option exposures within a single security. The risk and return characteristics of a structured option will vary depending on the nature of the underlying option exposures. The Fund may use such options for hedging purposes or as a substitute for direct investments in options or securities. The Fund's use of structured options may create investment leverage.

*Options on Foreign Securities*. A Fund may purchase and sell options on foreign securities if an investment adviser or subadviser believes that the investment characteristics of such options, including the risks of investing in such options, are consistent with the Fund's investment objective. It is expected that risks related to such options will not differ materially from risks related to options on U.S. securities. However, position limits and other rules of foreign exchanges may differ from those in the United States. In addition, options markets in some countries, many of which are relatively new, may be less liquid than comparable markets in the United States.

*Options on Securities Indexes*. A Fund may write or purchase options on securities indexes, subject to its general investment restrictions regarding options transactions. Index options are similar to options on individual securities in that the purchaser of an index option acquires the right to buy (in the case of a call) or sell (in the case of a put), and the writer undertakes the obligation to sell or buy (as the case may be), units of an index at a stated exercise price during the term of the option. Instead of giving the right to take or make actual delivery of securities, the holder of an index option has the right to receive a cash "exercise settlement amount." This amount is equal to the amount by which the fixed exercise price of the option exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the date of the exercise, multiplied by a fixed "index multiplier." If the Fund has written an index call option, it will lose money if the index level rises above the option exercise price (plus the amount of the premium received by the Fund on the option). If the Fund has written an index put option, it will lose money if the index level falls below the option exercise price (less the amount of the premium received by the Fund).

In cases where a Fund uses index options for hedging purposes, price movements in securities which a Fund owns or intends to purchase probably will not correlate perfectly with movements in the level of a securities index and, therefore, a Fund bears the risk of a loss on a securities index option which is not completely offset by movements in the price of such securities. Because securities index options are settled in cash, a call writer cannot determine the amount of its settlement obligations in advance and, unlike call writing on a specific security, cannot provide in advance for, or cover, its potential settlement obligations by acquiring and holding underlying securities. A Fund may, however, cover call options written on a securities index by holding a mix of securities which substantially replicate the movement of the index or by holding a call option on the securities index with an exercise price no higher than the call option sold.

A Fund may purchase or sell options on stock indexes in order to close out its outstanding positions in options on stock indexes which it has purchased. A Fund may also allow such options to expire unexercised.

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*Risks Involved in the Sale of Options*. The successful use of a Fund's options strategies depends on the ability of an investment adviser or subadviser to forecast correctly interest rate and market movements. For example, if a Fund were to write a covered call option based on an investment adviser's or subadviser's expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on an investment adviser's or subadviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change.

The effective use of options also depends on a Fund's ability to terminate option positions at times when an investment adviser or subadviser deems it desirable to do so. There is no assurance that a Fund will be able to effect closing transactions at any particular time or at an acceptable price.

If a secondary market in options were to become unavailable, a Fund could no longer engage in closing transactions. Lack of investor interest might adversely affect the liquidity of the market for particular options or series of options. A market may discontinue trading of a particular option or options generally. In addition, a market could become temporarily unavailable if unusual events—such as volume in excess of trading or clearing capability—were to interrupt its normal operations.

A market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. If an options market were to become unavailable, a Fund as a holder of an option would be able to realize profits or limit losses only by exercising the option, and the Fund, as option writer, would remain obligated under the option until expiration or exercise.

Disruptions in the markets for the securities underlying options purchased or sold by a Fund could result in losses on the options. If trading is interrupted in an underlying security, the trading of options on that security is normally halted as well. As a result, a Fund as purchaser or writer of an option will be unable to close out its positions until options trading resumes, and it may be faced with considerable losses if trading in the security reopens at a substantially different price. In addition, the Options Clearing Corporation or other options markets may impose exercise restrictions. If a prohibition on exercise is imposed at the time when trading in the option has also been halted, a Fund as purchaser or writer of an option will be locked into its position until one of the two restrictions has been lifted. If the Options Clearing Corporation were to determine that the available supply of an underlying security appears insufficient to permit delivery by the writers of all outstanding calls in the event of exercise, it may prohibit indefinitely the exercise of put options. A Fund, as holder of such a put option, could lose its entire investment if the prohibition remained in effect until the put option's expiration.

Foreign-traded options are subject to many of the same risks presented by internationally-traded securities. In addition, because of time differences between the United States and various foreign countries, and because different holidays are observed in different countries, foreign options markets may be open for trading during hours or on days when U.S. markets are closed. As a result, option premiums may not reflect the current prices of the underlying interest in the United States.

Exchanges have established limits on the maximum number of options an investor or group of investors acting in concert may write. The Funds, an investment adviser or subadviser, and other clients of the investment adviser or subadviser may constitute such a group. These limits restrict a Fund's ability to purchase or sell particular options.

*Over-the-Counter Options*. A Fund may purchase or sell OTC options. OTC options are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a

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result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. It may be difficult under certain circumstances to value OTC options.

*Rights and Warrants to Purchase Securities; Index Warrants; International*. A Fund may invest in rights and warrants to purchase securities. Rights or warrants generally give the holder the right to receive, upon exercise, a security at a stated price. Funds typically use rights and warrants in a manner similar to their use of options on securities, as described above. Risks associated with the use of rights or warrants are generally similar to risks associated with the use of options. Rights and warrants typically do not carry with them dividend or voting rights with respect to the underlying securities, or any rights in the assets of the issuer. In addition, the value of a right or a warrant will likely, but will not necessarily, change with the value of the underlying securities, and a right or a warrant ceases to have value if it is not exercised prior to its expiration date.

Bonds issued with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock. Bonds also may be issued with warrants attached to purchase additional fixed income securities.

A Fund may also invest in equity-linked warrants. A Fund purchases equity-linked warrants from a broker, who in turn is expected to purchase shares in the local market. If the Fund exercises its warrant, the shares are expected to be sold and the warrant redeemed with the proceeds. Typically, each warrant represents one share of the underlying stock. Therefore, the price and performance of the warrant are directly linked to the underlying stock, less transaction costs. In addition to the market risk related to the underlying holdings, a Fund bears counterparty risk with respect to the issuing broker. There is currently no active trading market for equity-linked warrants, and they may be highly illiquid.

In addition to warrants on securities, a Fund may purchase put warrants and call warrants whose values vary depending on the change in the value of one or more specified securities indexes ("index-linked warrants"). Index-linked warrants are generally issued by banks or other financial institutions and give the holder the right, at any time during the term of the warrant, to receive upon exercise of the warrant a cash payment from the issuer based on the value of the underlying index at the time of exercise. In general, if the value of the underlying index rises above the exercise price of the index-linked warrant, the holder of a call warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the value of the index and the exercise price of the warrant; if the value of the underlying index falls, the holder of a put warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the exercise price of the warrant and the value of the index. The holder of a warrant would not be entitled to any payments from the issuer at any time when, in the case of a call warrant, the exercise price is greater than the value of the underlying index, or, in the case of a put warrant, the exercise price is less than the value of the underlying index. If a Fund were not to exercise an index-linked warrant prior to its expiration, then the Fund would lose the amount of the purchase price paid by it for the warrant.

A Fund using index-linked warrants would normally do so in a manner similar to its use of options on securities indexes. The risks of a Fund's use of index-linked warrants are generally similar to those relating to its use of index options. Unlike most index options, however, index-linked warrants are issued in limited amounts and are not obligations of a regulated clearing agency, but are backed only by the credit of the bank or other institution that issues the warrant. Also, index-linked warrants may have longer terms than index options. Index-linked warrants are not likely to be as liquid as certain index options backed by a recognized clearing agency. In addition, the terms of index-linked warrants may limit a Fund's ability to exercise the warrants at such time, or in such quantities, as the Fund would otherwise wish to do.

A Fund may make indirect investments in foreign equity securities, through international warrants, participation notes, low exercise price warrants, or other products that allow the Fund to access investments in foreign markets that would otherwise be unavailable to them. International warrants are financial instruments issued by banks or other financial institutions, which may or may not be traded on a foreign exchange. International warrants are a form of derivative security that may give holders the right to buy or sell an underlying security or a basket of securities from or to the issuer for a particular price or may entitle holders to receive a cash payment relating to the value of the underlying security or basket of securities. International warrants are similar to options in that they are exercisable by the holder for an underlying security or securities or the value of the security or securities, but are generally exercisable over a longer term than typical options. These types of instruments may be American style exercise, which means that they can be exercised at any time on or before the expiration date of the international warrant, or European style exercise, which means that they may be exercised only on the expiration date. International warrants have an exercise price, which is typically fixed when the warrants are issued.

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A Fund may invest in low exercise price warrants, which are warrants with an exercise price that is very low relative to the market price of the underlying instrument at the time of issue (e.g*.*, one cent or less). The buyer of a low exercise price warrant effectively pays the full value of the underlying common stock at the outset. In the case of any exercise of warrants, there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the price of the common stock relating to exercise or the settlement date is determined, during which time the price of the underlying security could change significantly. These warrants entail substantial credit risk, since the issuer of the warrant holds the purchase price of the warrant (approximately equal to the value of the underlying investment at the time of the warrant's issue) for the life of the warrant.

The exercise or settlement date of the warrants and other instruments described above may be affected by certain market disruption events, such as difficulties relating to the exchange of a local currency into U.S. dollars, the imposition of capital controls by a local jurisdiction or changes in the laws relating to foreign investments. These events could lead to a change in the exercise date or settlement currency of the instruments, or postponement of the settlement date. In some cases, if the market disruption events continue for a certain period of time, the warrants may become worthless, resulting in a total loss of the purchase price of the warrants.

A participation note or "P-note" is typically a debt instrument issued by a bank or broker-dealer, where the amount of the bank's or broker-dealer's repayment obligation is tied to changes in the value of an underlying security or index of securities. A P-note is a general unsecured contractual obligation of the bank or broker-dealer that issues it. A Fund must rely on the creditworthiness of the issuer for repayment of the P-note and for any return on the Fund's investment in the P-note and would have no rights against the issuer of the underlying security.

There is no assurance that there will be a secondary trading market for any of the instruments described above. They may by their terms be non-transferable or otherwise be highly illiquid and difficult to price. Issuers of such instruments or the calculation agent named in respect of such an instrument may have broad authority and discretion to adjust the instrument's terms in response to certain events or to interpret an instrument's terms or to make certain determinations relating to the instrument, which could have a significant adverse effect on the value of the instrument to a Fund. If the issuer or other obligor on an instrument is unable or unwilling to perform its obligations under such an instrument, a Fund may lose some or all of its investment in the instrument and any unrealized return on that investment. Certain of these instruments may be subject to foreign investment risk and currency risk.

#### Equity-Linked Notes
An equity-linked note (ELN) is a debt instrument whose value changes based on changes in the value of a single equity security, basket of equity securities, or an index of equity securities. An equity-linked note may or may not pay interest. See "Hybrid Instruments," below.

#### Hybrid Instruments
Hybrid instruments are generally considered derivatives and include indexed or structured securities, and combine elements of many derivatives transactions with those of debt, preferred equity, or a depositary instrument. A Fund may use a hybrid instrument as a substitute for any type of cash or derivative investment which it might make for any purpose.

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption or retirement, is determined by reference to prices, changes in prices, or differences between prices, of securities, currencies, intangibles, goods, articles, or commodities (collectively, "underlying assets"), or by another index, economic factor, or other measure, including interest rates, currency exchange rates, or commodities or securities indexes (collectively, "benchmarks"). Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity.

The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies, or other types of investments. An investment in a hybrid instrument as a debt instrument may entail significant risks that are not associated with a similar investment in a traditional debt instrument. The risks of a particular hybrid instrument will depend upon the terms of the instrument, but may include the possibility of significant changes in the level of the benchmark(s) or the prices of the underlying assets to which the instrument is linked. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of

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the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful.

Hybrid instruments are potentially more volatile and carry greater market risks than traditional debt instruments. Hybrid instruments may be highly leveraged. Depending on the structure of the particular hybrid instrument, changes in a benchmark may be magnified by the terms of the hybrid instrument and have an even more dramatic and substantial effect upon the value of the hybrid instrument. Also, the prices of the hybrid instrument and the benchmark or underlying asset may not move in the same direction or at the same time.

Hybrid instruments may also carry liquidity risk since they typically trade OTC, and are not backed by a central clearing organization. The instruments are often "customized" to meet the portfolio needs of a particular investor, and therefore, the number of investors that are willing and able to buy such instruments in the secondary market may be smaller than that for more traditional debt securities. Under certain conditions, the value of such an investment could be zero. In addition, because the purchase and sale of hybrid investments would likely take place in an OTC market without the backing of a central clearing organization, or in a transaction between a Fund and the issuer of the hybrid instrument, the instruments will not likely be actively traded. Hybrid instruments also may not be subject to regulation by the CFTC, the SEC, or any other governmental regulatory authority.

When a Fund invests in a hybrid instrument, it also takes on the credit risk of the issuer of the hybrid instrument. In that respect, a hybrid instrument may create greater risks than investments directly in the securities or other assets underlying the hybrid instrument because the Fund is exposed both to losses on those securities or other assets and to the credit risk of the issuer of the hybrid instrument. A hybrid instrument may also pose greater risks than other derivatives based on the same securities or assets because, when it purchases the instrument, a Fund may be required to pay all, or most, of the notional amount of the investment by way of purchase price, whereas many other derivatives require a Fund to post only a relatively small portion of the notional amount by way of margin or similar arrangements.

#### Structured Investments
A structured investment is typically issued by a specially created corporation or trust that purchases one or more securities or other assets ("underlying instruments"), and that in turn issues one or more classes of securities ("structured securities") backed by, or representing different interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued structured securities to create securities with different investment characteristics, such as varying maturities, payment priorities, and interest rate provisions, and the extent of such payments made with respect to structured securities is dependent on the extent of the cash flow on the underlying instruments. Because structured securities typically involve no credit enhancement, their credit risk generally will reflect that of the underlying instruments. Investments in a structured security may be subordinated to the right of payment of another class of securities. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities, and they may be highly illiquid and difficult to value. Because the purchase and sale of structured securities would likely take place in an OTC market without the backing of a central clearing organization, or in a transaction between a Fund and the issuer of the structured securities, the creditworthiness of the counterparty of the issuer of the structured securities would be an additional risk factor the Fund would have to consider and monitor.

*Commodity-Linked "Structured" Securities*. Certain structured products may provide exposure to the commodities markets. Commodity-linked structured securities may be equity or debt securities, may be leveraged or unleveraged, and may present investment characteristics and risks of an investment in a security and one or more underlying commodities. Certain restrictions imposed on the Funds by the Code may limit the Funds' ability to invest in certain commodity-linked structured securities.

*Credit-Linked Securities*. Credit-linked securities are typically issued by a limited purpose trust or other vehicle that, in turn, invests in a basket of derivative instruments, such as credit default swaps, interest rate swaps, and other securities or transactions, in order to provide exposure to certain high yield or other fixed income issuers or markets. For example, a Fund may invest in credit-linked securities in order to gain exposure to the high yield markets pending investment of cash and/or to remain fully invested when more traditional income producing securities are not available. A Fund's return on its investments in credit-linked securities will depend on the investment performance of the investments held in the trust or other vehicle. A Fund's investments in these instruments are indirectly subject to the risks associated with the derivative

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instruments in which the trust or other vehicle invests, including, among others, credit risk, default, or similar event risk, counterparty risk, interest rate risk, leverage risk, and management risk. There will likely be no established trading market for credit-linked securities and they may be illiquid.

*Event-Linked Securities*. Event-linked securities are typically fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a trigger event, such as a hurricane, earthquake, or other event that leads to physical or economic loss. If the trigger event occurs prior to maturity, a Fund may lose all or a portion of its principal and unpaid interest. Event-linked securities may expose a Fund to certain other risks, including issuer default, adverse regulatory or jurisdictional interpretations, liquidity risk, and adverse tax consequences.

*Structured Hybrid Instruments*. Because the performance of structured hybrid instruments is linked to the performance of an underlying commodity, commodity index, or other economic variable, those investments are subject to "market risks" with respect to the movements of the commodity markets and may be subject to certain other risks that do not affect traditional equity and debt securities. If the interest payment on a hybrid instrument is linked to the value of a particular commodity, commodity index, or other economic variable and the underlying investment loses value, the purchaser might not receive the anticipated interest on its investment. If the amount of principal to be repaid on a structured hybrid instrument is linked to the value of a particular commodity, commodity index, or other economic variable, the purchaser might not receive all or any of the principal at maturity of the investment.

The values of structured hybrid instruments may fluctuate significantly because the values of the underlying investments to which they are linked are themselves extremely volatile, and the Fund may lose most or all of the value of its investment in a hybrid instrument. Additionally, the particular terms of a structured hybrid instrument may create economic leverage by contemplating payments that are based on a multiple of the price increase or decrease of the underlying commodity, commodity index, or other economic variable. A liquid secondary market may not exist for structured hybrid instruments, which may make it difficult to sell such instruments at an acceptable price or to value them accurately.

A Fund's investment in structured products may be subject to limits under applicable law.

#### When-Issued, Delayed-Delivery, To-Be-Announced, Forward Commitment, and Standby Commitment Transactions
A Fund may enter into when-issued, delayed-delivery, to-be-announced ("TBA"), or forward commitment transactions in order to lock in the purchase price of the underlying security or in order to adjust the interest rate exposure of the Fund's existing portfolio. In when-issued, delayed-delivery, or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund's portfolio and increase the volatility of the Fund. If a Fund's counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA, or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

A Fund may also enter into standby commitment agreements, obligating the Fund, for a specified period, to buy a specified amount of a security at the option of the issuer, upon the issuance of the security. The price at which the Fund would purchase the security is set at the time of the agreement. In return for its promise to purchase the security, a Fund receives a commitment fee. The Fund receives this fee whether or not it is ultimately required to purchase the security. The securities subject to a standby commitment will not necessarily be issued, and, if they are issued, the value of the securities on the date of issuance may be significantly less than the price at which the Fund is required to purchase them.

Recently finalized Financial Industry Regulatory Authority ("FINRA") rules include mandatory margin requirements for the TBA market with limited exceptions. TBA trades historically have not been required to be collateralized. The collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but could increase the cost of TBA transactions and impose added operational complexity. As of the date of this SAI, it is expected these FINRA rules will be implemented in the near future but it is not clear the full impact the rules will have on the Funds.

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#### Distressed Securities
A Fund may invest in securities, including loans purchased in the secondary market, that are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody's and CC or lower by S&P or Fitch Ratings, Inc. ("Fitch")) or, if unrated, are in the judgment of the investment adviser or subadviser of equivalent quality ("Distressed Securities"). Investment in Distressed Securities is speculative and involves significant risks and a Fund could lose all of its investment in any Distressed Security.

Distressed Securities are subject to greater credit and liquidity risks than other types of loans. Reduced liquidity can affect the values of Distressed Securities, make their valuation and sale more difficult, and result in greater volatility. A bankruptcy proceeding or other court proceeding could delay or limit the ability of the Fund to collect the principal and interest payments on Distressed Securities or adversely affect the Fund's rights in collateral relating to a Distressed Security. If a lawsuit is brought by creditors of a borrower under a Distressed Security, a court or a trustee in bankruptcy could take certain actions that would be adverse to a Fund. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Other creditors might convince the court to set aside a loan or the collateralization of the loan as a "fraudulent conveyance" or "preferential transfer." In that event, the court could recover from the Fund the interest and principal payments that the borrower made before becoming insolvent. There can be no assurance that the Fund would be able to prevent that recapture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A bankruptcy court may restructure the payment obligations under the loan so as to reduce the amount to which the Fund would be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The court might discharge the amount of the loan that exceeds the value of the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The court could subordinate the Fund's rights to the rights of other creditors of the borrower under applicable law, decreasing, potentially significantly, the likelihood of any recovery on the Fund's investment.

A Fund may, but will not necessarily, invest in a Distressed Security when the investment adviser or subadviser believes it is likely that the issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization pursuant to which the Fund will receive new securities in return for the Distressed Securities. There can be no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed Securities and the time that any such exchange offer or plan of reorganization is completed. Even if an exchange offer is made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. If a Fund participates in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be restricted from disposing of such securities.

#### Dollar Roll Transactions
A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage.

In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages. A Fund that engages in a dollar roll forgoes principal and interest paid on the sold securities during the roll period, but is compensated by the difference between the current sales price and the lower forward price for the future purchase. In addition, a Fund may benefit by investing the transaction proceeds during the roll period. Dollar roll transactions generally have the effect of creating leverage in a Fund's portfolio.

Dollar rolls involve the risk that the Fund's counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, the counterparty or its representative may ask for and receive an extension of time to decide whether to enforce the Fund's repurchase obligation. A Fund's use of the transaction proceeds may be restricted pending such decision. A Fund may enter into dollar roll transactions without limit up to the amount permitted under applicable law.

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#### Exchange Traded Notes (ETNs)
ETNs are senior, unsecured, debt securities typically issued by financial institutions. An ETN's return is typically based on the performance of a particular market index, and the value of the index may be impacted by market forces that affect the value of ETNs in unexpected ways. ETNs are similar to Structured Investments, except that they are typically listed on an exchange and traded in the secondary market. See "Structured Investments" in this SAI. The return on an ETN is based on the performance of the specified market index, and an investor may, at maturity, realize a negative return on the investment. ETNs typically do not make periodic interest payments and principal is not protected. The repayment of principal and any additional return due either at maturity or upon repurchase by the issuer depends on the issuer's ability to pay, regardless of the performance of the underlying index. Accordingly, ETNs are subject to credit risk that the issuer will default or will be unable to make timely payments of principal. Certain events can impact an ETN issuer's financial situation and ability to make timely payments to ETN holders, including economic, political, legal, or regulatory changes and natural disasters. Event risk is unpredictable and can significantly impact ETN holders.

The market value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand of the ETN, volatility and lack of liquidity in the underlying assets, changes in the applicable interest rates, the current performance of the market index to which the ETN is linked, and the credit rating of the ETN issuer. The market value of an ETN may differ from the performance of the applicable market index and there may be times when an ETN trades at a premium or discount. This difference in price may be due to the fact that the supply and demand in the market for ETNs at any point in time is not always identical to the supply and demand in the market for the securities underlying the market index that the ETN seeks to track. A change in the issuer's credit rating may also impact the value of an ETN without regard to the level of the underlying market index. ETNs are also subject to tax risk. No assurance can be given that the Internal Revenue Service ("IRS") will accept, or a court will uphold, how the Funds characterize and treat ETNs for tax purposes.

A Fund's ability to sell its ETN holdings may be limited by the availability of a secondary market. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing and there can be no assurance that a secondary market will exist for an ETN. Some ETNs may be relatively illiquid and may therefore be difficult to purchase or sell at a fair price. Leveraged ETNs may offer the potential for greater return, but their values may be highly volatile.

#### Financial Services Companies
A Fund may invest in financial services companies. Financial services companies are subject to extensive government regulation that may affect their profitability in many ways, including by limiting the amount and types of loans and other commitments they can make, and the interest rates and fees they can charge. A financial services company's profitability, and therefore its stock price, is especially sensitive to interest rate changes as well as the ability of borrowers to repay their loans. Changing regulations, continuing consolidations, and development of new products and structures all are likely to have a significant impact on financial services companies.

#### Fixed Income Securities
Certain of the debt securities in which the Funds may invest may not offer as high a yield as may be achieved from lower quality instruments having less safety. If a Fund disposes of an obligation prior to maturity, it may realize a loss or a gain. An increase in interest rates will generally reduce the value of debt securities, and a decline in interest rates will generally increase the value of debt securities. In addition, debt securities are subject to the ability of the issuer to make payment at maturity. As inflation increases, the present value of a Fund's fixed income investment typically will decline. Investors' expectation of future inflation can also adversely affect the current value of portfolio investments, resulting in lower asset values and potential losses.

To the extent that a Fund invests in debt securities, interest rate fluctuations will affect its NAV, but not the income it receives from its debt securities. In addition, if the debt securities contain call, prepayment, or redemption provisions, during a period of declining interest rates, those securities are likely to be redeemed, and a Fund would probably be unable to replace them with securities having as great a yield. Certain events, such as market or economic developments, regulatory or government actions, natural disasters, pandemics, terrorist attacks, war, and other geopolitical events can have a dramatic adverse effect on the debt market and the overall liquidity of the market for fixed income securities.

Investment in medium- or lower-grade debt securities involves greater investment risk, including the possibility of issuer default or bankruptcy. An economic downturn could severely disrupt this market and adversely affect the value of

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outstanding bonds and the ability of the issuers to repay principal and interest. In addition, lower-quality bonds are less sensitive to interest rate changes than higher-quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments. During a period of adverse economic changes, including a period of rising interest rates, issuers of such bonds may experience difficulty in servicing their principal and interest payment obligations. Furthermore, medium- and lower-grade debt securities tend to be less marketable than higher-quality debt securities because the market for them is less broad. The market for unrated debt securities is even narrower. During periods of thin trading in these markets, the spread between bid and asked prices is likely to increase significantly, and a Fund may have greater difficulty selling its portfolio securities. The market value of these securities and their liquidity may be affected by adverse publicity and investor perceptions.

#### Foreign Securities
Each Fund may invest in foreign securities. Foreign securities include securities of foreign companies and foreign governments (or agencies or subdivisions thereof). If a Fund's securities are held abroad, the countries in which such securities may be held and the sub-custodian holding them must be approved by the Board or its delegate under applicable rules adopted by the SEC. In buying foreign securities, each Fund may convert U.S. dollars into foreign currency.

The globalization and integration of the world economic system and related financial markets have made it increasingly difficult to define issuers geographically. Accordingly, the Funds intend to construe geographic terms such as "foreign," "non-U.S.," "European," "Latin American," "Asian," and "emerging markets" in the manner that affords to the Funds the greatest flexibility in seeking to achieve the investment objective(s) of the relevant Fund. Specifically, unless otherwise stated, in circumstances where the investment objective and/or strategy is to invest (a) exclusively in "foreign securities," "non-U.S. securities," "European securities," "Latin American securities," "Asian securities," or "emerging markets" (or similar directions) or (b) at least some percentage of the Fund's assets in foreign securities, etc., the Fund will take the view that a security meets this description so long as the issuer of a security is tied economically to the particular country or geographic region indicated by words of the relevant investment objective and/or strategy (the "Relevant Language"). For these purposes the issuer of a security is deemed to have that tie if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

the issuer is organized under the laws of the country or a country within the geographic region suggested by the Relevant Language or maintains its principal place of business in that country or region; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

the securities are traded principally in the country or region suggested by the Relevant Language; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or region suggested by the Relevant Language or has at least 50% of its assets in that country or region.

In addition, the Funds intend to treat derivative securities (e.g., call options) by reference to the underlying security. Conversely, if the investment objective and/or strategy of a Fund limits the percentage of assets that may be invested in "foreign securities," etc. or prohibits such investments altogether, a Fund intends to categorize securities as "foreign," etc. only if the security possesses all of the attributes described above in clauses (i), (ii), and (iii).

Foreign securities also include a Fund's investment in foreign securities through depositary receipts, in the form of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), or other similar securities. An ADR is a U.S. dollar-denominated security issued by a U.S. bank or trust company that represents, and may be converted into, a foreign security. An EDR or a GDR is generally similar but is issued by a non-U.S. bank. Depositary receipts are subject to the same risks as direct investment in foreign securities. Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted, and changes in currency exchange rates may affect the value of an ADR investment in ways different from direct investments in foreign securities. Funds may invest in both sponsored and unsponsored depositary receipts. Unsponsored depositary receipts are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuers may not be as current for unsponsored depositary receipts and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored by the issuer. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities. A Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer. An investment in an ADR is subject to the credit risk of the issuer of the ADR.

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Investments in foreign securities involve special risks and considerations. Foreign companies are not generally subject to uniform accounting, auditing, and financial reporting standards, practices, and requirements comparable to those applicable to domestic companies, and such practices and standards may vary significantly from country to country. There may be less publicly available information about a foreign company than about a domestic company. The U.S. Public Company Accounting Oversight Board ("PCAOB"), which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice, and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Foreign markets have different clearance and settlement procedures. Delays in settlement could result in temporary periods when assets of a Fund are uninvested. The inability of a Fund to make intended security purchases due to settlement problems could cause it to miss certain investment opportunities. Foreign securities may also entail certain other risks, such as the possibility of one or more of the following: imposition of dividend or interest withholding or confiscatory taxes, higher brokerage costs, thinner trading markets, currency blockages or transfer restrictions, expropriation, nationalization, military coups, economic sanctions, or other adverse political or economic developments; less government supervision and regulation of securities exchanges, brokers and listed companies; and the difficulty of enforcing obligations in other countries, and are more susceptible to environmental problems. Purchases of foreign securities are usually made in foreign currencies and, as a result, a Fund may incur currency conversion costs and may be affected favorably or unfavorably by changes in the value of foreign currencies against the U.S. dollar. Further, it may be more difficult for a Fund's agents to keep currently informed about corporate actions which may affect the prices of portfolio securities. Communications between the United States and foreign countries may be less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Certain markets may require payment for securities before delivery. In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls, confiscatory taxation, political or financial instability, diplomatic developments that could adversely affect the values of the Fund's investments in certain non-U.S. countries, and quotas or other limits on the ability of the Fund (or clients of the Fund's investment adviser or subadviser) to invest or maintain investments in securities of issuers in certain countries.

A number of current significant political, demographic, and economic developments may affect investments in foreign securities and in securities of companies with operations overseas. The course of any one or more of these events and the effect on trade barriers, competition, and markets for consumer goods and services are uncertain. Similar considerations are of concern with respect to developing countries. For example, the possibility of revolution and the dependence on foreign economic assistance may be greater in these countries than in developed countries. Management seeks to mitigate the risks associated with these considerations through diversification and active professional management.

In addition to the general risks of investing in foreign securities, investments in emerging markets involve special risks. Securities of many issuers in emerging markets may have less stringent investor protection and disclosure standards, and may be less liquid and more volatile than securities of comparable domestic issuers. Shares of companies that only trade on an emerging market securities exchange are not likely to file reports with the SEC. The availability of material financial information about such companies and its reliability may be limited since such companies are generally not subject to the same regulatory, accounting, auditing, or auditor oversight requirements applicable to companies that file reports with the SEC. In addition, the PCAOB is unable to inspect audit work papers in certain emerging market countries. Emerging markets may have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in temporary periods when a portion of the assets of a Fund is uninvested and no return is earned thereon. The inability of a Fund to make intended security purchases due to settlement problems could cause a Fund to miss attractive investment opportunities. Inability to dispose of portfolio securities due to settlement problems could result in losses to a Fund due to subsequent declines in values of the portfolio securities, decrease in the level of liquidity in a Fund's portfolio, or, if a Fund has entered into a contract to sell the security, possible liability to the purchaser. Certain markets may require payment for securities before delivery, and in such markets a Fund bears the risk that the securities will not be delivered and that the Fund's payments will not be returned. In addition, securities markets of emerging market countries are subject to the risk that such markets may close, sometimes for extended periods of time, due to market, economic, political, regulatory, geopolitical, environmental, public health, or other conditions. Securities prices in emerging markets can be significantly more volatile than in the more developed nations of the world, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may have relatively unstable governments, present the risk of nationalization of businesses, or may have restrictions on foreign ownership or prohibitions of repatriation of assets, and may have less protection of property rights than more

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developed countries. Investors in emerging markets may not have the ability to seek certain legal remedies in U.S. courts as private plaintiffs. As a practical matter, investors may have to rely on domestic legal remedies that are available in the emerging market and such remedies are often limited and difficult for international investors to pursue. Shareholder claims, including class action and securities law and fraud claims, generally are difficult or unavailable to pursue as a matter of law or practicality in many emerging market countries. In addition, the SEC, U.S. Department of Justice, and other U.S. authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and non-U.S. persons, including company officers and directors, in certain emerging markets due to jurisdictional limitations and various other factors. The economies of countries with emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of substantial holdings difficult or impossible at times. Securities of issuers located in countries with emerging markets may have limited marketability and may be subject to more abrupt or erratic price movements. In addition, many emerging market countries with less established health care systems have experienced outbreaks of pandemics or contagious diseases from time to time.

Certain emerging markets may require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if a deterioration occurs in an emerging market's balance of payments or for other reasons, a country could impose temporary restrictions on foreign capital remittances. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to that Fund of any restrictions on investments.

Russia, the Middle East, and many other emerging market countries are highly reliant on income from oil sales. Oil prices can have a major impact on these economies. Other commodities such as base and precious metals are also important to these economies. As global supply and demand for commodities fluctuates, these economies can be significantly impacted by the prices of such commodities.

Investment in certain foreign emerging market debt obligations may be restricted or controlled to varying degrees. These restrictions or controls may at times preclude investment in certain foreign emerging market debt obligations and increase the expenses of a Fund.

***China Investment Risk***. Investments in securities of companies domiciled in the People's Republic of China ("China" or the "PRC") involve a high degree of risk and special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others, an authoritarian government, popular unrest associated with demands for improved political, economic, and social conditions, the impact of regional conflict on the economy, and hostile relations with neighboring countries.

Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese government and many people in Hong Kong who perceive China as tightening control over Hong Kong's semi-autonomous liberal political, economic, legal, and social framework. Recent protests and unrest have increased tensions even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion; Taiwan-based companies and individuals are significant investors in China. Military conflict between China and Taiwan may adversely affect securities of Chinese issuers. In addition, China has strained international relations with Japan, India, Russia, and other neighbors due to territorial disputes, historical animosities, and other defense concerns. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs, or cyberattacks on the Chinese government or Chinese companies, may impact China's economy and Chinese issuers of securities in which a Fund invests. China could be affected by military events on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.

The Chinese government has implemented significant economic reforms in order to liberalize trade policy, promote foreign investment in the economy, reduce government control of the economy, and develop market mechanisms. However, there can be no assurance that these reforms will continue or that they will be effective. Despite reforms and privatizations of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. Chinese companies, such as those in the financial services or

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technology sectors, and potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their operations and structure. The Chinese government continues to maintain a major role in economic policy making and investing in China involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested.

The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading restrictions, a ban on "naked" short selling, or the suspension of short selling for certain stocks. This may affect market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn affect the performance of the securities markets and as a result the performance of the Funds.

In addition, there is less regulation and monitoring of the securities markets and the activities of investors, brokers, and other participants in China than in the United States. Accordingly, issuers of securities in China are not subject to the same degree of regulation as those in the United States with respect to such matters as insider trading rules, tender offer regulation, stockholder proxy requirements, and the requirements mandating timely and accurate disclosure of information. Stock markets in China are in the process of change and further development. This may lead to trading volatility, and difficulties in the settlement and recording of transactions and interpretation and application of the relevant regulations. Custodians may not be able to offer the level of service and safe-keeping in relation to the settlement and administration of securities in China that is customary in more developed markets. In particular, there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a sub-custodian.

The Chinese government has taken positions that prevent the PCAOB from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong for compliance with U.S. law and professional standards. Audits performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December 2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer, Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the accounting firm.

The Renminbi ("RMB") is currently not a freely convertible currency and is subject to foreign exchange control policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures, seek local government approvals, or take other actions, each of which may involve additional costs and delays to the Funds.

While the Chinese economy has grown rapidly in recent years, there is no assurance that this growth rate will be maintained. China may experience substantial rates of inflation or economic recessions, causing a negative effect on its economy and securities market. China's economy is heavily dependent on export growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the securities of Chinese issuers. The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability, and enforcement of such laws by the PRC tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time and from region to region. The application and enforcement of the PRC tax rules could have a significant adverse effect on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In addition, the accounting, auditing, and financial reporting standards and practices applicable to Chinese companies may be less rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting standards and practices and those prepared in accordance with international accounting standards.

From time to time, China has experienced outbreaks of infectious illnesses and the country may be subject to other public health threats, infectious illnesses, diseases, or similar issues in the future. Any spread of an infectious illness, public health threat, or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect a Fund's investments.

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***Investments in Hong Kong***. In 1997, the United Kingdom handed over control of Hong Kong to China. Since that time, Hong Kong has been governed by a quasi-constitution known as the Basic Law, while defense and foreign affairs are the responsibility of the central government in Beijing. The chief executive of Hong Kong is appointed by the Chinese government. However, Hong Kong is able to participate in international organizations and agreements and it continues to function as an international financial center, with no exchange controls, free convertibility of the Hong Kong dollar, and free inward and outward movement of capital. By treaty, China has committed to preserve Hong Kong's high degree of autonomy in certain matters until 2047. However, as demonstrated by Hong Kong protests in recent years over political, economic, and legal freedoms, and the Chinese government's response to them, there continues to exist political uncertainty within Hong Kong. For example, in June 2020, China adopted a new security law that severely limits freedom of speech in Hong Kong and expands police powers to seize electronic devices and intercept communications of suspects. Hong Kong has experienced strong economic growth in recent years due, in part, to its close ties with China and a strong service sector, but the decline in growth rates in China could limit Hong Kong's future growth. In addition, if China exerts its authority so as to alter the economic, political, or legal structures, or further alters the existing social policy of Hong Kong, investor and business confidence in Hong Kong could be negatively affected, which in turn could negatively affect markets and business performance. These and other factors could have a negative impact on a Fund's performance.

***Investments in Taiwan***. For decades, a state of hostility has existed between Taiwan and China. Although tensions have lowered, exemplified by improved relations in recent years, the relationship with China remains a divisive political issue within Taiwan. As an export-oriented economy, Taiwan depends on a free-trade regime and remains vulnerable to downturns in the world economy. Taiwanese companies continue to compete mostly on price, producing generic products or branded merchandise on behalf of multinational companies. Accordingly, these businesses can be particularly vulnerable to currency volatility and increasing competition from neighboring lower-cost countries. Moreover, many Taiwanese companies are heavily invested in mainland China and other countries throughout Southeast Asia, making them susceptible to political events and economic crises in the region. Significantly, Taiwan and China have entered into agreements covering banking, securities, and insurance. Closer economic links with mainland China may bring greater opportunities for the Taiwanese economy, but such arrangements also pose new challenges. For example, foreign direct investment in China has resulted in Chinese import substitution away from Taiwan's exports and a constriction of potential job creation in Taiwan. Likewise, the Taiwanese economy has experienced slow economic growth as demand for Taiwan's exports has weakened due, in part, to declines in growth rates in China. Taiwan has sought to diversify its export markets and reduce its dependence on the Chinese market by increasing exports to the United States, Japan, Europe, and other Asian countries by, among other things, entering into free-trade agreements. The Taiwanese economy's long-term challenges include a rapidly aging population, low birth rate, and the lingering effects of Taiwan's diplomatic isolation. These and other factors could have a negative impact on a Fund's performance.

***Risk of Investing in China through Stock Connect and Bond Connect***. China A-shares are equity securities of companies domiciled in China that trade on Chinese stock exchanges such as the Shanghai Stock Exchange ("SSE") and the Shenzhen Stock Exchange ("SZSE") ("A-shares") and are denominated and traded in RMB whereas China B-shares are traded on Chinese stock exchanges and are denominated in RMB but traded in either U.S. dollars or Hong Kong dollars ("B-shares"). Foreign investment in A-shares on the SSE and SZSE has historically not been permitted, other than through a license granted under regulations in the PRC known as the Qualified Foreign Institutional Investor ("QFII") and Renminbi Qualified Foreign Institutional Investor ("Renminbi QFII") systems. Foreign investors may invest in B-shares directly. A Fund's exposure to B-shares may be obtained through indirect exposure through investment in participation notes.

Investment in eligible A-shares listed and traded on the SSE or SZSE is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a "Stock Connect" and collectively, "Stock Connects"). Each Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong Limited ("SEHK"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), the SSE or SZSE, as applicable, and China Securities Depository and Clearing Corporation Limited ("CSDCC") that aims to provide mutual stock market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market through their local securities brokers. Under Stock Connects, a Fund's trading of eligible A-shares listed on the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service company established by SEHK.

Although no individual investment quotas or licensing requirements apply to investors in Stock Connects, trading through a Stock Connect's Northbound Trading Link is subject to daily investment quota limitations which require that buy orders for A-shares be rejected once the daily quota is exceeded (although a Fund will be permitted to sell A-shares

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regardless of the quota). These limitations may restrict a Fund from investing in A-shares on a timely basis, which could affect the Fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change. Investment in eligible A-shares through a Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. A-shares purchased through Stock Connects generally may not be sold or otherwise transferred other than through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order for an investor to sell any A-share on a certain trading day, there must be sufficient A-shares in the investor's account before the market opens on that day. If there are insufficient A-shares in the investor's account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries out pre-trade checking on sell orders of certain stocks listed on the SSE market ("SSE Securities") or SZSE market ("SZSE Securities") of its participants (i.e., stock brokers) to ensure that this requirement is satisfied. While shares must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation, and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking services are available in both markets on the corresponding settlement days. Therefore, an investment in A-shares through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on the A-shares market. If an investor buys A-shares on day "T," the investor will only be able to sell the A-shares on or after day T+1. Further, since all trades of eligible A-shares must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect a Fund's investments. If a Fund holds a class of shares denominated in a local currency other than RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for investments in A-shares. A Fund may also incur conversion costs.

A-shares held through the nominee structure under a Stock Connect will be held through HKSCC as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and Settlement System ("CCASS") informed of all such corporate actions that require CCASS participants to take steps in order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company.

A Fund's investments through a Stock Connect's Northbound Trading Link are not covered by Hong Kong's Investor Compensation Fund. Hong Kong's Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation to exchange-traded products in Hong Kong. In addition, since a Fund carries out Northbound Trading through securities brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the PRC.

Market participants are able to participate in Stock Connects subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearinghouse. Further, the "connectivity" in Stock Connects requires routing of orders across the border of Hong Kong and the PRC. This requires the development of new information technology systems on the part of SEHK and exchange participants. There is no assurance that the systems of SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in A-shares through Stock Connects could be disrupted.

The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong Stock Connect program launched in December 2016 and are both in their initial stages. The current regulations are relatively

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untested and there is no certainty as to how they will be applied or interpreted going forward. In addition, the current regulations are subject to change and there can be no assurance that a Stock Connect will not be discontinued. New regulations may be issued from time to time by the regulators and stock exchanges in China and Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. A Fund may be adversely affected as a result of such changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may arise from the differences on an ongoing basis. In the event that the relevant systems fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund's ability to achieve its investment objective may be adversely affected. In addition, a Fund's investments in A-shares through Stock Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring A-shares through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners of other securities providing similar investment exposure.

Some Funds may invest in onshore China bonds via a QFII license awarded to the Fund's subadviser or through a China Interbank Bond Market ("CIBM") registration through the Bond Connect program. CIBM is an OTC market outside the two main stock exchanges in the PRC, SSE, and SZSE, and was established in 1997. On CIBM, institutional investors (including domestic institutional investors but also QFIIs, Renminbi QFIIs as well as other offshore institutional investors, subject to authorization) trade certain debt instruments on a one-to-one quote-driven basis. CIBM accounts for a vast majority of outstanding bond values of total trading volume in the PRC. The main debt instruments traded on CIBM include government bonds, financial bonds, corporate bonds, bond repo, bond lending, and People's Bank of China bills.

Investors should be aware that trading on CIBM exposes the applicable Fund to increased risks. CIBM is still in its development stage, and the market capitalization and trading volume may be lower than those of more developed markets. Market volatility and potential lack of liquidity due to low trading volume of certain debt securities may result in the prices of debt securities traded on such market to fluctuate significantly. Funds investing in such a market therefore may incur significant trading, settlement, and realization costs and may face counterparty default, liquidity, and volatility risks, resulting in significant losses for the Funds and their investors. Further, since a large portion of CIBM consists of Chinese state-owned entities, the policy priorities of the Chinese government, the strategic importance of the industry, and the strength of a company's ties to the local, provincial, or central government may and will affect the pricing of such securities.

The Bond Connect program is a relatively new program and may be subject to further interpretation and guidance. There can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect a Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies, or guidelines published or applied by relevant regulators and exchanges in respect of the Bond Connect program are uncertain, and they may have a detrimental effect on a Fund's investments and returns.

***A-Share Market Suspension Risk***. A-shares may only be bought from, or sold to, a Fund at times when the relevant A-shares may be sold or purchased on the relevant Chinese stock exchange. The A-shares market has a higher propensity for trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of A-shares during a single trading day. The daily price limit refers to price movements only and does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will exist for any particular A-share or for any particular time.

***Risks of Investing in China through Variable Interest Entities***. Investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE") that is designed to provide foreign investors, such as a Fund, with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investments. Investments in VIEs may pose additional risks because the investment is made through an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company in order to provide investors with exposure to the operating company, and therefore does not represent equity ownership in the operating company. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. The contractual arrangements between the shell company and the operating company may not be as effective in providing operational control as direct equity ownership, and the rights of a foreign investor (such as a Fund) may be limited, including by actions of the Chinese government that could determine that the underlying contractual arrangements are invalid. While VIEs are a longstanding industry practice and

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Chinese regulators have permitted such arrangements to proliferate, the structure has not been formally recognized under Chinese law and it is uncertain whether Chinese regulators will withdraw their implicit acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent loss, and in turn, adversely affect a Fund's returns and net asset value.

***Investments in the Middle East***. The economies of countries in the Middle East are all considered emerging markets economies and tend to be highly reliant on the exportation of commodities. Many Middle Eastern economies have little or no democratic tradition and are led by family structures. Opposition parties are often banned, leading to dissidence and militancy. Such developments, if they were to occur, could result in significant disruptions in securities markets. Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes, historical animosities, international alliances, defense concerns, or other reasons, which may adversely affect the economies of these Middle Eastern countries. Certain Middle Eastern countries may be heavily dependent upon international trade, and consequently have been and may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed by the countries with which they trade. In addition, certain issuers in Middle Eastern countries in which a Fund invests may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer operating in, or having dealings with, such countries.

The manner in which foreign investors may invest in companies in certain Middle Eastern countries, as well as limitations on those investments, may have an adverse impact on the operations of a Fund. For example, in certain of these countries, a Fund may be required to invest initially through a local broker or other entity and then have the shares that were purchased re-registered in the name of the Fund. Re-registration in some instances may not be possible on a timely basis. This may result in a delay during which the Fund may be denied certain of its rights as an investor, including rights to dividends or to be made aware of certain corporate actions. There also may be instances where the Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors has been filled.

***Investments in Saudi Arabia***. A Fund generally expects to conduct transactions in a manner in which it would not be limited by regulations to a single broker. However, there may be a limited number of brokers who can provide services to the Fund in Saudi Arabia, which may have an adverse impact on the prices, quantity, or timing of Fund transactions.

A Fund's ability to invest in Saudi Arabian equity securities depends on the ability of the investment adviser or subadviser, as a Foreign Portfolio Manager, and the Fund, as a Qualified Foreign Investor ("QFI"), to obtain and maintain such authorizations from the Saudi Arabia Capital Market Authority ("CMA"). Even though a Fund may obtain a QFI approval, the Fund does not have an exclusive investment quota and is subject to foreign investment limitations and other regulations imposed by the CMA on QFIs, as well as local market participants. Any change in the QFI system generally, including the possibility of the investment adviser or subadviser or the Fund losing its respective Foreign Portfolio Manager or QFI status with the CMA, may adversely affect the Fund.

A Fund is required to use a trading account to buy and sell securities in Saudi Arabia. This trading account can be held directly with a broker or held with a custodian, which is known as the Independent Custody Model ("ICM"). The ICM approach is generally regarded as preferable because securities are under the safekeeping and control of the custodian and would be recoverable in the event of the bankruptcy of the custodian. When a Fund utilizes the ICM approach, it relies on a broker standing instruction letter to authorize the Fund's sub-custodian to move securities to a trading account for settlement, based on the details supplied by the broker. However, an authorized broker could potentially either fraudulently or erroneously sell a Fund's securities, although opportunities for a local broker to conduct fraudulent transactions are limited due to short trading hours (trading hours in Saudi Arabia are generally between 10 a.m. to 3 p.m.). In addition, the risk of fraudulent or erroneous transactions is further mitigated by a manual pre-matching process conducted by the custodian, which validates the Fund's settlement instructions with the local broker contract note and the transaction report from the depositary. Similar risks also apply to using a direct broker trading account. When a Fund utilizes a direct broker trading account, the account is set up in the Fund's name, and the assets are likely to be treated as ring-fenced and separated from any other accounts at the broker. However, if the broker defaults, there may be a delay in recovering the Fund's assets that are held in the broker account, and legal proceedings may need to be initiated in order to do so.

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#### Health Care Companies
A Fund may invest in health care companies. The activities of health care companies may be funded or subsidized by federal and state governments. If government funding and subsidies are reduced or discontinued, the profitability of these companies could be adversely affected. Health care companies may also be affected by government policies on health care reimbursements, regulatory approval for new drugs and medical instruments, and similar matters. They are also subject to legislative risk, i.e., the risk of a reform of the health care system through legislation.

#### Illiquid Securities
Each Fund may invest not more than 15% of its net assets in "illiquid securities," which are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may not be able to dispose of such securities in a timely fashion and for a fair price, which could result in losses to a Fund. In addition, illiquid securities are generally more difficult to value. Illiquid securities may include repurchase agreements with maturities greater than seven days, futures contracts and options thereon for which a liquid secondary market does not exist, time deposits maturing in more than seven calendar days, and securities of new and early stage companies whose securities are not publicly traded. The Funds may also purchase securities eligible for resale to qualified institutional buyers pursuant to Rule 144A under the 1933 Act. Such securities may be determined to be liquid based on an analysis taking into account, among other things, trading activity for such securities and the availability of reliable pricing information, among other factors. If there is a lack of trading interest in particular Rule 144A securities, a Fund's holdings of those securities may be illiquid, resulting in undesirable delays in selling these securities at prices representing fair value.

#### Index-Related Securities (Equity Equivalents)
The Funds may invest in certain types of securities that enable investors to purchase or sell shares in a portfolio of securities that seeks to track the performance of an underlying index or a portion of an index. Such Equity Equivalents include, among others, DIAMONDS (interests in a portfolio of securities that seeks to track the performance of the Dow Jones Industrial Average), SPDRs or Standard & Poor's Depositary Receipts (interests in a portfolio of securities that seeks to track the performance of the S&P 500<sup>®</sup> Index), and the Nasdaq-100 Trust (interests in a portfolio of securities of the largest and most actively traded non-financial companies listed on the Nasdaq Stock Market). Such securities are similar to index mutual funds, but they are traded on various stock exchanges or secondary markets. The value of these securities is dependent upon the performance of the underlying index on which they are based. Thus, these securities are subject to the same risks as their underlying indexes as well as the securities that make up those indexes. For example, if the securities comprising an index that an index-related security seeks to track perform poorly, the index-related security will lose value.

Equity Equivalents may be used for several purposes, including to simulate full investment in the underlying index while retaining a cash balance for fund management purposes, to facilitate trading, to reduce transaction costs, or to seek higher investment returns where an Equity Equivalent is priced more attractively than securities in the underlying index. Because the expense associated with an investment in Equity Equivalents may be substantially lower than the expense of small investments directly in the securities comprising the indexes they seek to track, investments in Equity Equivalents may provide a cost-effective means of diversifying the fund's assets across a broad range of equity securities.

The prices of Equity Equivalents are derived and based upon the securities held by the particular investment company. Accordingly, the level of risk involved in the purchase or sale of an Equity Equivalent is similar to the risk involved in the purchase or sale of traditional common stock, with the exception that the pricing mechanism for such instruments is based on a basket of stocks. The market prices of Equity Equivalents are expected to fluctuate in accordance with both changes in the NAVs of their underlying indexes and the supply and demand for the instruments on the exchanges on which they are traded. Substantial market or other disruptions affecting an Equity Equivalent could adversely affect the liquidity and value of the shares of the fund investing in such instruments.

#### Inflation-Linked Securities
Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

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Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

While the values of inflation-linked securities are expected to be largely protected from long-term inflationary trends, short-term increases in inflation may lead to declines in value. In addition, if interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in inflation-linked securities may not be protected to the extent that the increase is not reflected in the securities' inflation measure.

The periodic adjustment of U.S. Treasury inflation-linked securities is tied to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation, and energy. Inflation-linked securities issued by a foreign government or a private issuer are generally adjusted to reflect an inflation measure specified by the issuer. There can be no assurance that the CPI-U or any other inflation measure will accurately measure the real rate of inflation in the prices of goods and services.

#### IPOs and Other Limited Opportunities
A Fund may purchase securities of companies that are offered pursuant to an initial public offering ("IPO") or other similar limited opportunities. Although companies can be any age or size at the time of their IPO, they are often smaller and have a limited operating history, which involves a greater potential for the value of their securities to be impaired following the IPO. The price of a company's securities may be highly unstable at the time of its IPO and for a period thereafter due to factors such as market psychology prevailing at the time of the IPO, the absence of a prior public market, the small number of shares available, and limited availability of investor information. Securities purchased in IPOs have a tendency to fluctuate in value significantly shortly after the IPO relative to the price at which they were purchased. These fluctuations could impact the NAV and return earned on a Fund's shares. Investors in IPOs can be adversely affected by substantial dilution in the value of their shares, by sales of additional shares, and by concentration of control in existing management and principal shareholders. In addition, all of the factors that affect the performance of an economy or equity markets may have a greater impact on the shares of IPO companies. IPO securities tend to involve greater risk due, in part, to public perception and the lack of publicly available information and trading history.

#### Master Limited Partnerships
A Fund may invest in master limited partnerships ("MLPs"), which are limited partnerships in which ownership units are publicly traded. MLPs often own or own interests in properties or businesses that are related to oil and gas industries, including pipelines, although MLPs may invest in other types of investments, including credit-related investments. Generally, an MLP is operated under the supervision of one or more managing general partners. Limited partners (like a Fund when it invests in an MLP) are not involved in the day-to-day management of the partnership. A Fund also may invest in companies who serve (or whose affiliates serve) as MLP general partners.

Investments in MLPs are generally subject to many of the risks that apply to partnerships. For example, holders of the units of MLPs may have limited control and limited voting rights on matters affecting the partnership. There may be fewer corporate protections afforded investors in an MLP than investors in a corporation. Conflicts of interest may exist among unit holders, subordinated unit holders, and the general partner of an MLP, including those arising from incentive distribution payments. MLPs that concentrate in a particular industry or region are subject to risks associated with such industry or region. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. Investments held by MLPs may be illiquid. MLP units may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies.

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A Fund may also hold investments in limited liability companies that have many of the same characteristics and are subject to many of the same risks as master limited partnerships.

The manner and extent of a Fund's investments in MLPs and limited liability companies may be limited by its intention to qualify as a regulated investment company under the Code, and any such investments by the Fund may adversely affect the ability of the Fund to qualify as such.

#### Mortgage- and Asset-Backed Securities
Mortgage-backed securities, including collateralized mortgage obligations ("CMOs") and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans. Asset-backed securities are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, receivables from credit card agreements, home equity loans, and student loans. Asset-backed securities may also include collateralized debt obligations as described below.

A Fund may invest in mortgage-backed securities issued or guaranteed by (i) U.S. Government agencies or instrumentalities such as the Government National Mortgage Association ("GNMA") (also known as Ginnie Mae), the Federal National Mortgage Association ("FNMA") (also known as Fannie Mae), and the Federal Home Loan Mortgage Corporation ("FHLMC") (also known as Freddie Mac) or (ii) other issuers, including private companies. Under the Federal Housing Finance Agency's "Single Security Initiative," Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of Uniform Mortgage-Backed Securities ("UMBS"), which would generally align the characteristics of Fannie Mae and Freddie Mac mortgage-backed securities. In June 2019, Fannie Mae and Freddie Mac started to issue UMBS in place of their current offerings of TBA-eligible mortgage-backed securities. The effect of the issuance of UMBS on the market for mortgage-backed securities is uncertain. Privately issued mortgage-backed securities may include securities backed by commercial mortgages, which are mortgages on commercial, rather than residential, real estate. Privately issued mortgage-backed securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-backed securities held in a Fund's portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans. There is no assurance that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities.

Mortgage-backed securities have yield and maturity characteristics corresponding to the underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity, when the entire principal amount comes due, payments on certain mortgage-backed securities include both interest and a partial repayment of principal. Besides the scheduled repayment of principal, repayments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans. If property owners make unscheduled prepayments of their mortgage loans, these prepayments will result in early payment of the applicable mortgage-related securities. In that event a Fund may be unable to invest the proceeds from the early payment of the mortgage-related securities in an investment that provides as high a yield as the mortgage-related securities. Consequently, early payment associated with mortgage-related securities may cause these securities to experience significantly greater price and yield volatility than that experienced by traditional fixed income securities. The occurrence of mortgage prepayments is affected by factors including the level of interest rates, general economic conditions, the location and age of the mortgages, and other social and demographic conditions. During periods of falling interest rates, the rate of mortgage prepayments tends to increase, thereby tending to decrease the life of mortgage-related securities. During periods of rising interest rates, the rate of mortgage prepayments usually decreases, thereby tending to increase the life of mortgage-related securities. If the life of a mortgage-related security is inaccurately predicted, a Fund may not be able to realize the rate of return the investment adviser or subadviser expected.

Mortgage-backed and asset-backed securities are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar or greater risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising

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interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Funds. The terms of certain asset-backed securities may require early prepayment in response to certain credit events potentially affecting the values of the asset-backed securities.

At times, some mortgage-backed and asset-backed securities will have higher than market interest rates and therefore will be purchased at a premium above their par value. Prepayments may cause losses on securities purchased at a premium. Ongoing developments in the residential and commercial mortgage markets may have additional consequences for the market for mortgage-backed securities. Asset-backed securities also involve the risk that borrowers may default on the obligations backing them and that the values of and interest earned on such investments will decline as a result. Loans made to lower quality borrowers, including those of sub-prime quality, involve a higher risk of default. Therefore, the values of asset-backed securities backed by lower quality assets, such as lower quality loans, including those of sub-prime quality, may suffer significantly greater declines in value due to defaults, payment delays, or a perceived increased risk of default, especially during periods when economic conditions worsen. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables, and other obligations underlying asset-backed securities. The effects of the COVID-19 virus and governmental responses to the effects of the virus, as well as the effects of and responses to other pandemics and epidemics, may result in increased delinquencies and losses and have other, potentially unanticipated, adverse effects on such investments and the markets for those investments. There are fewer investors in mortgage- and asset-backed securities markets and those investors are more homogenous than in markets for other kinds of securities. If a number of market participants are impacted by negative economic conditions, forced selling of mortgage- or asset-backed securities unrelated to fundamental analysis could depress market prices and liquidity significantly and for a longer period of time than in markets with greater liquidity.

CMOs may be issued by a U.S. Government agency or instrumentality or by a private issuer. Although payment of the principal of, and interest on, the underlying collateral securing privately issued CMOs may be guaranteed by the U.S. Government or its agencies or instrumentalities, these CMOs represent obligations solely of the private issuer and are not insured or guaranteed by the U.S. Government, its agencies or instrumentalities, or any other person or entity.

CMOs typically issue multiple classes of securities, having different maturities, interest rates, and payment schedules, and with the principal and interest on the underlying mortgages allocated among the several classes in various ways. Payment of interest or principal on some classes or series of CMOs may be subordinated to payments on other classes or series and may be subject to contingencies; or some classes or series may bear some or all of the risk of default on the underlying mortgages. CMOs of different classes or series are generally retired in sequence as the underlying mortgage loans in the mortgage pool are repaid. If enough mortgages are repaid ahead of schedule, the classes or series of a CMO with the earliest maturities generally will be retired prior to their maturities. Thus, the early retirement of particular classes or series of a CMO would have the same effect as the prepayment of mortgages underlying other mortgage-backed securities. Conversely, slower than anticipated prepayments can extend the effective maturities of CMOs, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing their volatility. Certain classes or series of CMOs may experience high levels of volatility in response to changes in interest rates and other factors.

Stripped mortgage-backed securities are usually structured with two classes that receive payments of interest or principal on a pool of mortgage loans. Stripped mortgage-backed securities may experience very high levels of volatility in response to changes in interest rates. The yield to maturity on an interest only or "IO" class of stripped mortgage-backed securities is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying assets. A rapid rate of principal prepayments will typically result in a substantial decline in the value of IOs and may have a significant adverse effect on a Fund's yield to maturity to the extent it invests in IOs. If the assets underlying the IO experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully, or at all, its initial investment in these securities. Conversely, principal only securities or "POs" tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated.

The secondary market for stripped mortgage-backed securities may be more volatile and less liquid than that for other mortgage-backed securities, potentially limiting a Fund's ability to buy or sell those securities at any particular time.

Subprime mortgage loans, which typically are made to less creditworthy borrowers, have a higher risk of default than conventional mortgage loans. Therefore, mortgage-backed securities backed by subprime mortgage loans may suffer significantly greater declines in value due to defaults, and may experience high levels of volatility.

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A Fund may invest in collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), and other similarly structured securities. CBOs, CLOs, and other CDOs are types of asset-backed securities. A CBO is typically an obligation of a trust backed (or collateralized) by a pool of securities, often including high risk, below investment grade debt securities. The collateral may include many different types of debt securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities, and emerging market debt. A CLO is typically an obligation of a trust backed (or collateralized) by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other types of CDOs may include, by way of example, obligations of trusts backed by other types of assets representing obligations of various types, and may include high risk, below investment grade debt obligations. CBOs, CLOs, and other CDOs may pay management fees and administrative expenses. The risk profile of an investment in a CBO, CLO, or other CDO depends largely on the type of the collateral securities and the class of the instrument in which a Fund invests.

For CBOs, CLOs, and other CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which typically bears the effects of defaults from the bonds or loans in the trust in the first instance and may serve to protect other, senior tranches from defaults. Typically, the more senior the tranche in a CBO, CLO, or other CDO, the higher its rating, although senior tranches can experience substantial losses due to actual defaults. The market values of CBO, CLO, and CDO obligations may be affected by a number of factors, including, among others, changes in interest rates, defaults affecting junior tranches, market anticipation of defaults, and general market aversion to CBO, CLO, or other CDO securities as a class, or to the collateral backing them.

CBOs, CLOs, and other CDOs may be illiquid. In addition to the risks associated with debt securities discussed elsewhere in this SAI and the Funds' Prospectus (e.g., interest rate risk and the risk of default), CBOs, CLOs, and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments on a CBO's, CLO's, or other CDO's obligations; (ii) the collateral may decline in value or be in default; (iii) the risk that Funds may invest in tranches of CBOs, CLOs, or other CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Some of the loans in which a Fund may invest or to which a Fund may gain exposure through its investments in CDOs, CLOs, or other types of structured securities may be covenant-lite loans, which contain fewer or less restrictive constraints on the borrower than certain other types of loans. Covenant-lite loans generally do not include terms that allow the lender to monitor the performance of the borrower and declare a default or force a borrower into bankruptcy restructuring if certain criteria are breached. Under such loans, lenders typically must rely on covenants that restrict a company from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, a Fund may have fewer rights against a borrower when it invests in or has exposure to such loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in or exposure to loans with additional or more conventional covenants.

#### Other Income-Producing Securities
Other types of income-producing securities the Funds may purchase, include, but are not limited to, the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Variable and floating rate obligations****.* Variable and floating rate securities are debt instruments that provide for periodic adjustments in the interest rate paid on the security and, under certain limited circumstances, may have varying principal amounts. Variable rate securities provide for a specified periodic adjustment in the interest rate, while floating rate securities have interest rates that may change with change to the level of prevailing interest rates or the issuer's credit quality. These types of securities are relatively long-term instruments that often carry demand features permitting the holder to demand payment of principal at any time or at specified intervals prior to maturity. There is a risk that the current interest rate on variable and floating securities may not accurately reflect current market interest rates or adequately compensate the holder for the current creditworthiness of the issuer. Due to their variable- or floating-rate features, these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a variable- or floating-rate instrument is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed-rate instrument, although the value of a floating-rate instrument may nonetheless decline as interest rates rise and due to other factors, such as changes in credit quality. Some

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variable or floating rate securities are structured with liquidity features such as (1) put options or tender options that permit holders (sometimes subject to conditions) to demand payment of the unpaid principal balance plus accrued interest from the issuers or certain financial intermediaries or (2) auction rate features, remarketing provisions, or other maturity-shortening devices designed to enable the issuer to refinance or redeem outstanding debt securities (market-dependent liquidity features). The market-dependent liquidity features may not operate as intended as a result of the issuer's declining creditworthiness, adverse market conditions, or other factors or the inability or unwillingness of a participating broker-dealer to make a secondary market for such securities. As a result, variable or floating rate securities that include market-dependent liquidity features may lose value and the holders of such securities may be required to retain them for an extended period of time or until maturity.

In order to use these investments most effectively, a Fund's investment adviser or subadviser must correctly assess probable movements in interest rates. This involves different skills than those used to select most portfolio securities. If the investment adviser or subadviser incorrectly forecasts such movements, a Fund could be adversely affected by the use of variable or floating rate obligations.

Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"), which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the head of the United Kingdom's Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The administrator of LIBOR ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Market participants are focused on the transition mechanisms by which the reference rate in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations, or amendments, or otherwise. Markets are developing in response to these new rates, and questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern for a Fund. Neither the effect of the transition process nor its ultimate success can yet be known. A Fund may have investments linked to other interbank offered rates which may also cease to be published. The transition process might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the cessation of LIBOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Standby commitments****.* These instruments, which are similar to a put, give a Fund the option to obligate a broker, dealer, or bank to repurchase a security held by the Fund at a specified price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Tender option bonds****.* Tender option bonds are relatively long-term bonds that are coupled with the agreement of a third party, such as a broker, dealer, or bank, to grant the holders of such securities the option to tender the securities to the institution at periodic intervals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Inverse floaters****.* Inverse floaters have variable interest rates that typically move in the opposite direction from movements in prevailing interest rates, most often short-term rates. Accordingly, the value of inverse floaters, or other obligations or certificates structured to have similar features, generally moves in the opposite direction from interest rates. The value of an inverse floater can be considerably more volatile than the value of other debt instruments of comparable maturity and credit quality. Inverse floaters incorporate varying degrees of leverage. Generally, greater leverage results in greater price volatility for any given change in interest rates. Inverse floaters may be subject to legal or contractual restrictions on resale and therefore may be less liquid than other types of securities. Similar to variable and floating rate obligations, effective use of inverse floaters requires skills different from those needed to select most portfolio securities. If movements in interest rates are incorrectly anticipated, a Fund could lose money or the NAV of its shares could decline by the use of inverse floaters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Strip bonds****.* Strip bonds are debt securities that are stripped of their interest, usually by a financial intermediary, after the securities are issued. The market value of these securities generally fluctuates more in response to changes in interest rates than interest-paying securities of comparable maturities.

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Standby commitments, tender option bonds, and instruments with demand features are primarily used by the Funds for the purpose of increasing the liquidity of a Fund's portfolio.

#### Other Investment Companies
A Fund may invest in securities of other open- or closed-end investment companies, including exchange-traded funds ("ETFs"), traded on one or more national securities exchanges, as well as private investment vehicles. Provisions of the 1940 Act may limit the ability of a Fund to invest in certain registered investment companies or private investment vehicles or may limit the amount of its assets that a Fund may invest in any investment vehicle.

A Fund may, for example, invest in other open- or closed-end investment companies, including ETFs, during periods when it has large amounts of uninvested cash, when its investment adviser or subadviser believes share prices of other investment companies offer attractive values, or to gain or maintain exposure to various asset classes and markets or types of strategies and investments. A Fund may invest in shares of another registered investment company or private investment vehicle in order to gain indirect exposure to markets in a country where the Fund is not able to invest freely, or to gain indirect exposure to one or more issuers whose securities it may not buy directly. As a shareholder in an investment vehicle, a Fund would bear its ratable share of that vehicle's expenses and would remain subject to payment of the Fund's management fees with respect to assets so invested. Shareholders would therefore be subject to duplicative expenses to the extent a Fund invests in other investment vehicles. Shares of registered open-end investment companies traded on a securities exchange may not be redeemable by a Fund in all cases. Private investment vehicles in which a Fund may invest are not registered under the 1940 Act, and so will not offer all of the protections provided by the 1940 Act (including, among other things, independent oversight, protections against certain conflicts of interest, and custodial risks).

If a Fund invests in another investment vehicle, it is exposed to the risk that the other investment vehicle will not perform as expected. A Fund is exposed indirectly to all of the risks applicable to an investment in such other investment vehicle. In addition, lack of liquidity in the other investment vehicle could result in its value being more volatile than the underlying portfolio of securities, and may limit the ability of a Fund to sell or redeem its interest in the investment vehicle at a time or at a price it might consider desirable. A Fund may not be able to redeem its interest in private investment vehicles except at certain designated times. The investment policies and limitations of the other registered investment company or private investment vehicle may not be the same as those of the investing Fund; as a result, the Fund may be subject to additional or different risks, or may achieve a reduced investment return, as a result of its investment in another investment vehicle. If the other investment company is an ETF or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their NAV, an effect that might be more pronounced in less liquid markets. ETFs are also subject to additional risks, including, among others, the risk that the market price of an ETF's shares may trade above or below its NAV, the risk that an active trading market for an ETF's shares may not develop or be maintained, the risk that trading of an ETF's shares may be halted, and the risk that the ETF's shares may be delisted from the listing exchange. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of an ETF may be purchased or redeemed directly from the ETF solely by Authorized Participants ("APs") and only in aggregations of a specified number of shares ("Creation Units"). ETFs may have a limited number of financial institutions that act as APs. To the extent that those APs exit the business, or are unable to or choose not to process creation and/or redemption orders for Creation Units, and no other AP steps forward to create and redeem ETF shares, the ETF's shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

A Fund's investment adviser or subadviser or their affiliates may serve as investment adviser to a registered investment company or private investment vehicle in which the Fund may invest, leading to conflicts of interest. For example, a Fund's investment adviser or subadviser may receive fees based on the amount of assets invested in the other investment vehicle. Investment by a Fund in another registered investment company or private investment vehicle will typically be beneficial to its investment adviser or subadviser in the management of the other investment vehicle, by helping to achieve economies of scale or enhancing cash flows. Due to this and other factors, a Fund's investment adviser or subadviser will have an incentive to invest the Fund's assets in an investment vehicle sponsored or managed by it or its affiliates in lieu of investments by the Fund directly in portfolio securities, and will have an incentive to invest in such an investment vehicle over a non-affiliated investment vehicle. The investment adviser or subadviser will have no obligation to select the least expensive or best performing investment companies available to serve as an underlying investment vehicle. Similarly, a Fund's investment adviser or subadviser will have an incentive to delay or decide against the sale of interests held by the Fund in an investment company sponsored or managed by it or its affiliates. It is possible that other clients of a Fund's

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investment adviser or subadviser or its affiliates will purchase or sell interests in an investment company sponsored or managed by it at prices and at times more favorable than those at which the Fund does so.

New SEC Rule 12d1-4 under the 1940 Act, which became effective on January 19, 2022, is designed to streamline and enhance the regulatory framework for fund of funds arrangements. Rule 12d1-4 permits an investment company to invest in other investment companies beyond the statutory limits, subject to certain conditions. In connection with this Rule, the SEC rescinded Rule 12d1-2 under the 1940 Act and most fund of funds exemptive orders, effective January 19, 2022.

The Rule could affect a Fund's ability to redeem its investments in other investment companies, make such investments less attractive, cause the Fund to incur losses, realize taxable gains distributable to shareholders, incur greater or unexpected expenses, or experience other adverse consequences.

#### Partly Paid Securities
These securities are paid for on an installment basis. A partly paid security trades net of outstanding installment payments—the buyer "takes over payments." The buyer's rights are typically restricted until the security is fully paid. If the value of a partly paid security declines before a Fund finishes paying for it, the Fund will still owe the payments, but may find it hard to sell and as a result will incur a loss.

#### Portfolio Management
A Fund's investment adviser or subadviser uses trading as a means of managing the portfolio of the Fund in seeking to achieve its investment objective. Transactions will occur when a Fund's investment adviser or subadviser believes that the trade, net of transaction costs, will improve interest income or capital appreciation potential, or will lessen capital loss potential. Whether the goals discussed above will be achieved through trading depends on the Fund's investment adviser's or subadviser's ability to evaluate particular securities and anticipate relevant market factors, including interest rate trends and variations from such trends. If such evaluations and expectations prove to be incorrect, a Fund's income or capital appreciation may be reduced and its capital losses may be increased. In addition, high turnover in a Fund could result in additional brokerage commissions to be paid by that Fund. See also "Taxation" below.

The Funds may pay brokerage commissions to affiliates of one or more affiliates of the Funds' investment adviser or subadvisers.

#### Portfolio Turnover
Portfolio turnover involves brokerage commissions and other transaction costs, which the relevant Fund will bear directly, and could involve realization of taxable capital gains. To the extent that portfolio turnover results in realization of net short-term capital gains, such gains ordinarily are treated as ordinary income when distributed to shareholders. Portfolio turnover rates are shown in the "Fees and Expenses of the Fund" and "Financial Highlights" sections of the Prospectus. See the "Taxation" and "Portfolio Transactions and Brokerage" sections in this SAI for additional information.

#### Real Estate-Related Investments; Real Estate Investment Trusts
Factors affecting the performance of real estate may include excess supply of real property in certain markets, changes in zoning laws, environmental regulations and other governmental action, completion of construction, changes in real estate value and property taxes, losses from casualty, condemnation, or natural disaster, sufficient level of occupancy, adequate rent to cover operating expenses, and local and regional markets for competing assets. The performance of real estate may also be affected by changes in interest rates, prudent management of insurance risks, and social and economic trends.

Real estate investment trusts ("REITs") that may be purchased by a Fund include equity REITs, which own real estate directly, mortgage REITs, which make construction, development, or long-term mortgage loans, and hybrid REITs, which share characteristics of equity REITs and mortgage REITs. Equity REITs will be affected by, among other things, changes in the value of the underlying property owned by the REITs, while mortgage REITs will be affected by, among other things, the value of the properties to which they have extended credit. REITs are dependent upon the skill of each REIT's management.

A Fund could, under certain circumstances, own real estate directly as a result of a default on debt securities it owns or from an in-kind distribution of real estate from a REIT. Risks associated with such ownership could include potential liabilities under environmental laws and the costs of other regulatory compliance. If a Fund has rental income or income

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from the direct disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company and thus its ability to avoid taxation on its income and gains distributed to its shareholders. REITs are also subject to substantial cash flow dependency, defaults by borrowers, self-liquidation, and the risk of failing to qualify for favorable tax treatment under the Code and/or to maintain exempt status under the 1940 Act. If a Fund invests in REITs, investors would bear not only a proportionate share of the expenses of that Fund, but also, indirectly, expenses of the REITs.

#### Repurchase Agreements
A repurchase agreement is a contract under which a Fund acquires a security for a relatively short period (usually not more than one week) subject to the obligation of the seller to repurchase and the Fund to resell such security at a fixed time and price (representing the Fund's cost plus interest). Repurchase agreements may also be viewed as loans made by a Fund which are collateralized by the securities subject to repurchase. The investment adviser or subadviser will monitor such transactions to ensure that the value of the underlying securities will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor. If the seller defaults, a Fund could realize a loss on the sale of the underlying security to the extent that the proceeds of the sale including accrued interest are less than the resale price provided in the agreement including interest. In addition, if the seller should be involved in bankruptcy or insolvency proceedings, the Fund may incur delay and costs in selling the underlying security or may suffer a loss of principal and interest if the Fund is treated as an unsecured creditor and required to return the underlying collateral to the seller's estate. There is no limit on the Funds' investment in repurchase agreements.

#### Restricted Securities
Restricted securities are subject to legal restrictions on their sale. Difficulty in selling securities may result in a loss or be costly to a Fund. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the 1933 Act, or in a registered public offering. Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the holder might obtain a less favorable price than prevailed when it decided to seek registration of the security.

#### Reverse Repurchase Agreements and Treasury Rolls
A Fund may enter into reverse repurchase agreements or Treasury rolls with banks and broker-dealers to enhance return. Reverse repurchase agreements involve sales by a Fund of portfolio securities concurrently with an agreement by the Fund to repurchase the same securities at a later date at a fixed price (typically equal to the original sale price plus interest). During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities and also has the opportunity to earn a return on the purchase price received by it from the counterparty. Similarly, in a Treasury roll transaction, a Fund sells a Treasury security and simultaneously enters into an agreement to repurchase the security from the buyer at a later date, at the original sale price plus interest. The repurchase price is typically adjusted to provide the Fund the economic benefit of any interest that accrued on the Treasury security during the term of the transaction. The Fund may use the purchase price received by it to earn additional return during the term of the Treasury roll transaction. Reverse repurchase agreements and Treasury rolls are similar to a secured borrowing of a Fund and generally create investment leverage. A Fund might lose money both on the security subject to the reverse repurchase agreement and on the investments it makes with the proceeds of the reverse repurchase agreement. If the counterparty in such a transaction files for bankruptcy or becomes insolvent, a Fund's use of the proceeds from the sale of its securities may be restricted or forfeited, and the counterparty may fail to return/resell the securities in question to the Fund. A Fund may enter into reverse repurchase agreements or Treasury rolls without limit up to the amount permitted under applicable law. Pursuant to Rule 18f-4 under the 1940 Act, a Fund has the option to treat all reverse repurchase agreements and similar financing transactions as "derivatives transactions," or to include all such transactions in the Fund's asset coverage ratio for borrowings.

#### Securities Lending
A Fund may lend its portfolio securities. The Fund expects that, in connection with any securities loan: (1) the loan will be secured continuously by collateral consisting of U.S. Government securities, cash, or cash equivalents adjusted daily to have market value at least equal to the current market value of the securities loaned; (2) the Fund will have the right at any time on reasonable notice to call the loan and regain the securities loaned; (3) the Fund will receive an amount equal

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to any interest or dividends paid on the loaned securities; and (4) the aggregate market value of securities the Fund has loaned will not at any time exceed one-third (or such other lower limit as the Board may establish) of the total assets of the Fund. The risks in lending portfolio securities, as with other extensions of credit, include a possible delay in recovering the loaned securities or a possible loss of rights in the collateral should the borrower fail financially. Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict the rights of counterparties, such as the Funds, to terminate such agreements, foreclose upon collateral, exercise other default rights, or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential additional government regulation and other developments in the market, could adversely affect a Fund's ability to terminate existing securities lending agreements or to realize amounts to be received under such agreements. Voting rights or rights to consent with respect to the loaned securities pass to the borrower, although a Fund would retain the right to call the loans at any time on reasonable notice, and may do so in order that the securities may be voted in an appropriate case.

A Fund's securities loans will be made by a third-party agent appointed by the Fund, although the agent is only permitted to make loans to borrowers previously approved by the Fund's Board. Any cash collateral securing a loan of securities by a Fund will typically be invested by the agent. The investment of the collateral will be at the risk and for the account of the Fund. The earnings on the investment of collateral will be split between the Fund and the agent; as a result, the agent may have an incentive to invest the collateral in riskier investments than if it were not to share in the earnings. It is possible that any loss on the investment of collateral for a securities loan will exceed (potentially by a substantial amount) the Fund's earnings on the loan.

#### Short Sales
A short sale is a transaction in which a fund sells a security it does not own in anticipation that the market price of that security will decline. When a fund makes a short sale on a security, it must borrow the security sold short and deliver it to a broker dealer through which it made the short sale as collateral for its obligation to deliver the security upon the conclusion of the sale. A fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities. If the price of the security sold short increases between the time of the short sale and the time a fund replaces the borrowed security, a fund will incur a loss, which could be unlimited, in cases where a fund is unable for whatever reason to close out its short position; conversely, if the price declines, a fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely impacted by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

Selling short "against-the-box" refers to the sale of securities actually owned by the seller but held in safekeeping. In such short sales, while the short position is open, a fund must own an equal amount of such securities, or by virtue of ownership of securities have the right, without payment of further consideration, to obtain an equal amount of securities sold short. Short sales against-the-box generally produce current recognition of gain (but not loss) for U.S. federal income tax purposes on the constructive sale of securities "in the box" prior to the time the short position is closed out.

#### Terrorism, War, Natural Disasters, and Epidemics
Terrorism, war, and related geopolitical events (and their aftermath) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. For example, in February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. In addition, sanctions imposed on Russia, Russian individuals, including politicians, and Russian corporate and banking entities by the U.S. and other countries, and any sanctions imposed in the future, may have a significant adverse impact on the Russian economy and related markets. Such actions may also result in a decline in the value and liquidity of Russian securities, and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, securities market trading halts related to the conflict could adversely impact the value and liquidity of a Fund's holdings, and could impair a Fund's ability to transact in and/or value portfolio securities. The ramifications of the conflict and related sanctions may negatively impact other regional and global financial markets (including in Europe, Asia, and the U.S.), companies in other countries (including those that have done business in Russia), and various sectors, industries, and markets for securities and commodities, such as oil and natural gas. The price and liquidity of a Fund's investments may fluctuate widely as a result of this and other geopolitical conflicts and related events. The extent and duration of any military conflict or future escalation of such hostilities (including

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cyberattacks), the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations, cannot be predicted. These and any related or similar future events could have a significant adverse impact on a Fund's performance and the value of an investment in a Fund.

Natural and environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis, and weather-related phenomena generally, as well as widespread epidemics, can be highly disruptive to economies and markets, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. For example, the spread of the novel strain of coronavirus and its variants (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, and may adversely affect the Funds' investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, and disruptions to business operations (including staff reductions), supply chains, and consumer activity, as well as general concern and uncertainty that has negatively affected the economic environment.

The COVID-19 virus has negatively affected the global economy, the economies of many countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. In addition, actions taken by governmental and quasi-governmental authorities and regulators throughout the world in response to the COVID-19 outbreak, including significant fiscal and monetary policy changes, have affected the values, volatility, and liquidity of securities or other assets. The effects of the outbreak in developing or emerging market countries may be greater due to less established health care systems, financial systems and institutions, and government institutions. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty. The foregoing could have a significant adverse effect on a Fund's performance and have the potential to impair a Fund's ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of a Fund's service providers, adversely affect the values and liquidity of a Fund's investments, and negatively impact a Fund's performance and a shareholder's investment in a Fund. Other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors, and the health of the markets generally in potentially significant and unforeseen ways.

#### Trade Claims
A Fund may purchase trade claims and other obligations of, or claims against, companies in bankruptcy proceedings. Trade claims are claims for payment by vendors and suppliers for products and services previously furnished to the companies in question. Other claims may include, for example, claims for payment under financial or derivatives obligations. Trade claims may be purchased directly from the creditor or through brokers or from dealers, and are typically purchased at a significant discount from their face amounts. There is no guarantee that a debtor will ever be able to satisfy its obligations on such claims. Trade claims are subject to the risks associated with low-quality and distressed obligations.

#### Trust Preferred Securities
Trust preferred securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities characteristics, or by an affiliated trust, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. Trust preferred securities may pay interest at either fixed or adjustable rates. Trust preferred securities may be issued with a final maturity date, or may be perpetual.

Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred securities typically permit an issuer to defer the payment of income for five years or more without triggering an event of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments for extended periods of time without default consequences to the issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the trust preferred securities have not been made), these trust preferred securities are often treated as close substitutes for traditional preferred securities, both by issuers and investors.

Many trust preferred securities are issued by trusts or other special purpose entities established by operating companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to those of the trust or special purpose entity securities). The trust or special purpose entity is generally required to be treated as transparent for

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U.S. federal income tax purposes, and the holders of the trust preferred securities are treated for tax purposes as owning beneficial interests in the underlying debt of the operating company. Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company's debt and would typically be subordinated to other classes of the operating company's debt.

#### U.S. Government Securities
The Funds may invest in U.S. Government securities. These include obligations issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities. Payment of principal and interest on U.S. Government obligations (i) may be backed by the full faith and credit of the United States (as with U.S. Treasury obligations and GNMA certificates) or (ii) may be backed solely by the issuing or guaranteeing agency or instrumentality itself (as with FNMA notes). In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States. Such agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities where it is not obligated to do so. From time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt ceiling could: increase the risk that the U.S. Government may default on payments on certain U.S. Government securities; cause the credit rating of the U.S. Government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt.

U.S. Government securities are subject to interest rate risk, and, in some cases, may be subject to credit risk. Although FHLMC and FNMA are now under conservatorship by the Federal Housing Finance Agency, and are benefiting from a liquidity backstop of the U.S. Treasury, no assurance can be given that these initiatives will be successful. As a general matter, the value of debt instruments, including U.S. Government obligations, declines when market interest rates increase and rises when market interest rates decrease. Certain types of U.S. Government obligations are subject to fluctuations in yield or value due to their structure or contract terms.

#### Utility Industries
Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets, technological innovations that may render existing plants, equipment, or products obsolete, the potential impact of natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasionally reduced availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national energy policy and lengthy delays and greatly increased costs and other problems associated with the design, construction, licensing, regulation, and operation of nuclear facilities for electric generation, including, among other considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes. There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities held in the Fund's portfolio may own or operate nuclear generating facilities. Governmental authorities may from time to time review existing policies and impose additional requirements governing the licensing, construction and operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric utility.

Utility companies in the United States and in foreign countries are generally subject to regulation. In the United States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will continue in the future.

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The nature of regulation of the utility industries continues to evolve both in the United States and in foreign countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to provide services and products outside their traditional geographic areas and lines of business, creating new areas of competition within the industries. In some instances, utility companies are operating on an unregulated basis. Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to the field of telecommunications, non-regulated providers of utility services have become a significant part of their respective industries. The investment adviser or subadviser believes that the emergence of competition and deregulation will result in certain utility companies being able to earn more than their traditional regulated rates of return, while others may be forced to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as new uses of funds (such as for expansion, operations, or stock buybacks) could result in cuts in dividend payout rates. The investment adviser or subadviser seeks to take advantage of favorable investment opportunities that may arise from these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.

Foreign utility companies are also subject to regulation, although such regulations may or may not be comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective governments than utilities in the United States and, as in the United States, generally are required to seek government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution than those used in the United States, which may require such utilities to invest in pollution control equipment to meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in ways different from regulation in the United States.

A Fund's investment policies are designed to enable it to capitalize on evolving investment opportunities throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of capacity in the utility industries in those countries. Although many foreign utility companies currently are government-owned, thereby limiting current investment opportunities for a Fund, the investment adviser or subadviser believes that, in order to attract significant capital for growth, foreign governments are likely to seek global investors through the privatization of their utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no assurance that such favorable developments will occur or that investment opportunities in foreign markets will increase.

The revenues of domestic and foreign utility companies generally reflect the economic growth and development in the geographic areas in which they do business. The investment adviser or subadviser will take into account anticipated economic growth rates and other economic developments when selecting securities of utility companies.

#### Zero-Coupon, Step Coupon and Pay-In-Kind Securities
Other debt securities in which the Funds may invest include zero coupon, step coupon, and pay-in-kind instruments. Zero coupon bonds are issued and traded at a discount from their face value. They do not entitle the holder to any periodic payment of interest prior to maturity. Step coupon bonds trade at a discount from their face value and pay coupon interest. The coupon rate is low for an initial period and then increases to a higher coupon rate thereafter. The discount from the face amount or par value depends on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security, and the perceived credit quality of the issue. Pay-in-kind securities are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

Current U.S. federal income tax law requires holders of zero coupon and step coupon securities to report the portion of the original issue discount on such securities that accrues during a given year as interest income, even though holders receive no cash payments of interest during the year. In order to qualify as a regulated investment company under the Code, a Fund must distribute its investment company taxable income, including the original issue discount accrued on zero coupon or step coupon bonds. Because a Fund will not receive cash payments on a current basis in respect of accrued original issue discount on zero coupon or step coupon bonds during the period before interest payments begin, and may not receive cash payments on payment-in-kind securities until maturity or redemption, in some years that Fund may have to distribute cash obtained from other sources in order to satisfy the distribution requirements under the Code. A Fund might obtain such cash from selling other portfolio holdings which might cause a Fund to incur capital gains or losses on the sale. Additionally, these actions are likely to reduce the assets to which Fund expenses could be allocated and to reduce the rate

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of return for a Fund. In some circumstances, such sales might be necessary in order to satisfy cash distribution requirements even though investment considerations might otherwise make it undesirable for a Fund to sell the securities at the time.

Generally, the market prices of zero coupon, step coupon, and pay-in-kind securities are more volatile than the prices of securities that pay interest periodically and in cash and are likely to respond to changes in interest rates to a greater degree than other types of debt securities.

#### DISCLOSURE OF PORTFOLIO HOLDINGS
The Trustees of the Funds, including a majority of Trustees who are not "interested persons" of the Funds (as defined in the 1940 Act), have adopted policies and procedures with respect to the disclosure of the Funds' portfolio holdings. These policies and procedures generally provide that no disclosure of portfolio holdings information may be made unless publicly disclosed as described below or made as part of the daily investment activities of the Funds to the Funds' investment adviser, subadviser(s), as applicable, or any of their designates who provide services to the Funds, which by explicit agreement or by virtue of their respective duties to the Funds, are required to maintain confidentiality of the information disclosed. Certain limited exceptions pursuant to the Funds' policies and procedures are described below. The Funds' portfolio holdings information may not be disseminated for compensation. Any exceptions to the Funds' policies and procedures may be made only if approved in writing by the Funds' Principal Executive Officer and the Funds' Chief Compliance Officer as being in the best interests of the relevant Fund, and then only if the recipients are subject to a written confidentiality agreement specifying that the relevant Fund's portfolio holdings information is the confidential property of the Fund and may not be used for any purpose except in connection with the provision of services to the Fund and, in particular, that such information may not be traded upon. Any such exceptions must be reported to the Funds' Board at its next regularly scheduled meeting. It was determined that these policies and procedures are reasonably designed to ensure that disclosure of portfolio holdings information is in the best interests of a Fund's shareholders and appropriately address the potential for conflicts between the interests of a Fund's shareholders, on the one hand, and those of MML Advisers or any affiliated person of the Fund or MML Advisers on the other.

Acting pursuant to the policies and procedures adopted by the Trustees of the Funds, the Funds' investment adviser and subadviser(s), as applicable, are primarily responsible for compliance with these policies and procedures, which includes maintaining such internal informational barriers (e.g., "Chinese walls") as each believes are reasonably necessary for preventing the unauthorized disclosure of portfolio holdings information. Pursuant to Rule 38a-1 under the 1940 Act, the Trustees will periodically (as needed, but at least annually) receive reports from the Funds' Chief Compliance Officer regarding the operation of these policies and procedures, including a confirmation by the Chief Compliance Officer that the investment adviser's and the subadviser('s/s'), as applicable, policies, procedures, and/or processes are reasonably designed to comply with the Funds' policies and procedures in this regard.

#### Public Disclosures
The Funds' portfolio holdings are currently disclosed to the public through required filings with the SEC and as described below. The Funds file their portfolio holdings with the SEC as of the end of the second and fourth quarters of the Funds' fiscal year on Form N-CSR (with respect to each semiannual period and annual period) no later than 70 days after the end of the applicable quarter. In addition, monthly reports of all of the Funds' portfolio holdings are filed quarterly with the SEC on Form N-PORT no later than 60 days after the end of each quarter of the Funds' fiscal year, and the monthly report for the third month of each quarter will be made publicly available by the SEC upon filing. Shareholders may obtain the Funds' Form N-CSR and N-PORT filings on the SEC's website at http://www.sec.gov. In addition, the Funds' annual and semiannual reports and complete schedule of portfolio holdings from their filings on Form N-PORT for the first and third quarters of each fiscal year are made available to shareholders at https://www.massmutual.com/funds after the end of the applicable quarter. The Funds' annual and semiannual reports are also mailed to shareholders after the end of the applicable quarter.

The Funds' most recent portfolio holdings as of the end of each quarter are available on https://www.massmutual.com/funds no earlier than 15 calendar days after the end of each quarter. Because such information is updated quarterly, it will generally be available for viewing for approximately three months after the posting.

A Fund's portfolio holdings may also be made available on https://www.massmutual.com/funds at other times as approved in writing by the Funds' Principal Executive Officer and the Funds' Chief Compliance Officer as being in the best interests of the relevant Fund.

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#### Other Disclosures
Acting pursuant to the policies and procedures adopted by the Trustees of the Funds, and to the extent permitted under the 1933 and 1940 Acts, the Funds, the Funds' investment adviser, and the Funds' subadviser(s), as applicable, may distribute (or authorize the Funds' custodian to distribute) information regarding the Funds' portfolio holdings more frequently than as provided to the public on a confidential basis to various service providers and others who require such information in order to fulfill their contractual duties with respect to the routine investment activities or operations of the Funds. Such service providers or others must, by explicit agreement or by virtue of their respective duties to the Funds, be required to maintain confidentiality of the information disclosed. These service providers include, but are not limited to, the Funds' custodian (State Street Bank and Trust Company ("State Street")), the Funds' sub-administrators (State Street and MassMutual), the Funds' independent registered public accounting firm (Deloitte & Touche LLP), filing agents, legal counsel (Ropes & Gray LLP), financial printer (Toppan Merrill, LLC), any portfolio liquidity classification vendor, any proxy voting service employed by the Funds, MML Advisers or any of the Funds' subadviser(s), as applicable, providers of portfolio analysis tools, any pricing services employed by the Funds, and any providers of transition management services. The Funds or the Funds' investment adviser may also periodically provide non-public information about their portfolio holdings to rating and ranking organizations, such as Lipper Inc. and Morningstar Inc., in connection with those firms' research on and classification of the Funds and in order to gather information about how the Funds' attributes (such as volatility, turnover, and expenses) compared with those of peer funds.

The Funds, the Funds' investment adviser, or the Funds' subadviser(s), as applicable, may distribute (or authorize the Funds' custodian to distribute) information regarding the Funds' portfolio holdings more frequently than as provided to the public on a confidential basis to various service providers and others who require such information in order to fulfill non-routine legitimate business activities related to the management, investment activities, or operations of the Funds. Such disclosures may be made only if (i) the recipients of such information are subject to a written confidentiality agreement specifying that the Funds' portfolio holdings information is the confidential property of the Funds and may not be used for any purpose except in connection with the provision of services to the Funds and, in particular, that such information may not be traded upon; and (ii) if the Funds' Chief Compliance Officer (or a person designated by the Chief Compliance Officer) determines that, under the circumstances, disclosure is in the best interests of the relevant Fund's shareholders. The information distributed is limited to the information that the Funds, MML Advisers, or the relevant subadviser(s), as applicable, believes is reasonably necessary in connection with the services provided by the recipient receiving the information.

#### INVESTMENT RESTRICTIONS OF THE FUNDS

#### FUNDAMENTAL INVESTMENT RESTRICTIONS OF THE FUNDS
The following is a description of certain fundamental restrictions on investments of the Funds which may not be changed without a vote of a majority of the outstanding shares of the applicable Fund. Investment restrictions that appear below or elsewhere in this SAI and in the Prospectus which involve a maximum percentage of securities or assets shall not be considered violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of, or borrowings by or on behalf of, a Fund. Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

purchase securities (other than securities issued, guaranteed or sponsored by the U.S. Government or its agencies or instrumentalities or securities issued by investment companies) of any one issuer if, as a result, more than 5% of a Fund's total assets would be invested in the securities of such issuer or the Fund would own more than 10% of the outstanding voting securities of such issuer, except that up to 25% of the Fund's total assets may be invested without regard to these limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

purchase commodities or commodity contracts, except that a Fund may enter into futures contracts, options, options on futures, and other financial or commodity transactions to the extent consistent with applicable law and the Fund's Prospectus and SAI at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

purchase or sell real estate except that it may dispose of real estate acquired as a result of the ownership of securities or other instruments. (This restriction does not prohibit a Fund from investing in securities or other instruments backed by real estate or in securities of companies engaged in the real estate business.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

participate in the underwriting of securities, except to the extent that a Fund may be deemed an underwriter under federal securities laws by reason of acquisitions or distributions of portfolio securities (e.g., investments in restricted securities and instruments subject to such limits as imposed by the Board and/or law).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder (as such statute, rules or regulations may be amended from time to time) or by guidance regarding or interpretations of, or exemptive orders under, the 1940 Act or the rules or regulations thereunder published by appropriate regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

borrow money or issue senior securities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder (as such statute, rules or regulations may be amended from time to time) or by guidance regarding or interpretations of, or exemptive orders under, the 1940 Act or the rules or regulations thereunder published by appropriate regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

concentrate its investments in any one industry, as determined by the Board, and in this connection a Fund will not acquire securities of companies in any one industry if, immediately after giving effect to any such acquisition, 25% or more of the value of the total assets of the Fund would be invested in such industry, with the following exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

There is no limitation for securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

There is no limitation for securities issued by other investment companies.

#### NON-FUNDAMENTAL INVESTMENT RESTRICTIONS OF THE FUNDS
In addition to the investment restrictions adopted as fundamental policies set forth above, the Funds operate with certain non-fundamental policies that may be changed by a vote of a majority of the Board members at any time.

In accordance with such policies, each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

to the extent required by applicable law at the time, purchase additional securities when its borrowings, less amounts receivable on sales of portfolio securities, exceed 5% of its total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

sell securities short, but reserves the right to sell securities short against the box.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

invest more than 15% of its net assets in illiquid securities. This restriction does not limit the purchase of securities eligible for resale to qualified institutional buyers pursuant to Rule 144A under the 1933 Act, provided that such securities are determined to be liquid by MML Advisers or the subadviser pursuant to Board approved guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

to the extent that shares of the Fund are purchased or otherwise acquired by other series of the Trust or other series of registered open-end investment companies in the Trust's "group of investment companies" (as such term is defined in Section 12(d)(1)(G) of the 1940 Act), acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act.

With respect to limitation (3) above, if there is a lack of trading interest in particular Rule 144A securities, a Fund's holdings of those securities may be illiquid, resulting in the possibility of undesirable delays in selling these securities at prices representing fair value. If, through a change in values, net assets, or other circumstances, the Fund were in a position where more than 15% of its net assets was invested in illiquid securities, it would take appropriate orderly steps, as deemed necessary, to protect liquidity.

#### MANAGEMENT OF THE TRUST
The Trust has a Board comprised of 10 Trustees, a majority of which are not "interested persons" (as defined in the 1940 Act) of the Trust. The Board is generally responsible for the management and oversight of the business and affairs of the Trust. The Trustees formulate the general policies of the Trust and the Funds, approve contracts, and authorize Trust officers to carry out the decisions of the Board. To assist them in this role, the Trustees who are not "interested persons" of the Trust, the adviser, or any subadviser ("Independent Trustees") have retained independent legal counsel. As investment adviser and subadvisers to the Funds, respectively, MML Advisers and Barings and BIIL may be considered part of the management of the Trust. The Trustees and principal officers of the Trust are listed below together with information on their positions with the Trust, address, and year of birth, as well as their principal occupations during at least the past five years and their other current principal business affiliations.

The Board has appointed an Independent Trustee Chairperson of the Trust. The Chairperson presides at Board meetings and may call a Board or committee meeting when he or she deems it necessary. The Chairperson participates in the preparation of Board meeting agendas and may generally facilitate communications among the Trustees, and between

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the Trustees and the Trust's management, officers, and independent legal counsel, between meetings. The Chairperson may also perform such other functions as may be requested by the Board from time to time. The Board has established the three standing committees described below, and may form working groups or ad hoc committees as needed.

The Board believes this leadership structure is appropriate because it allows the Board to exercise informed and independent judgment, and allocates areas of responsibility among committees or working groups of Trustees and the full Board in a manner that enhances effective oversight. The Board also believes that having a majority of Independent Trustees is appropriate and in the best interest of the Funds' shareholders. However, in the Board's opinion, having interested persons serve as Trustees brings both corporate and financial viewpoints that are significant elements in its decision-making process. The Board reviews its leadership structure at least annually and may make changes to it at any time, including in response to changes in the characteristics or circumstances of the Trust.

#### Independent Trustees

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| | |
|:---|:---|
| **Allan W. Blair** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1948 <br> Trustee of the Trust since 2012 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Retired; Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **Nabil N. El-Hage** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1958 <br> Trustee of the Trust since 2003 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **Maria D. Furman** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1954 <br> Trustee of the Trust since 2004 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

---

Retired; Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **R. Bradford Malt**<br>1295 State Street<br>Springfield, MA 01111-0001<br>Year of birth: 1954 <br>Trustee of the Trust since 2022 <br>Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Chairman (2004-2019), Management Committee (1993-2019), Partner (1987-2019), Associate (1979-1987), Ropes & Gray LLP (counsel to the Trust and MassMutual); Trustee (since 2022), MassMutual Select Funds (open-end investment

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company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **C. Ann Merrifield** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1951 <br> Trustee of the Trust since 2004 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

---

Retired; Director (since 2020), Lead Director (2020-2022), Chairperson (since 2020) of the Nominating and Governance Committee, Member (since 2020) and Chairperson (2020-2022) of the Compensation Committee, and Member (2020-2022) of the Audit Committee, Lyra Therapeutics (a clinical-stage specialty pharmaceutical company); Director (since 2014), Chairperson (since 2017), Lead Director (2015-2017), Member (since 2014) and Chairperson (since 2015) of the Nominating and Governance Committee, Member (since 2019) of the Compensation Committee, and Member (2014-2019) of the Audit Committee, InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **Cynthia R. Plouché** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1957 <br> Trustee of the Trust since 2022 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Retired; Assessor (2014-2018), Moraine Township (property assessment); Trustee (since 2014), Northern Trust Funds (open-end investment companies); Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **Jason J. Price** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1973 <br> Trustee of the Trust since 2022 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Co-Founder and Chairman of the Board (2017-2021), NXTHVN (arts organization); Trustee (since 2022), MassMutual Select Funds (open-end investment company); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **Susan B. Sweeney** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1952 <br> Chairperson of the Trust since 2022 <br> Trustee of the Trust since 2012 <br> Trustee of 112 portfolios in fund complex<sup>1</sup> | Chairperson and Trustee of the Trust |

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Retired; Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Chairperson (since 2022), Trustee (since 2009),

<sup>1</sup>

Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

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MassMutual Select Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2009), MML Series Investment Fund (open-end investment company); Chairperson (since 2022), Trustee (since 2012), MML Series Investment Fund II (open-end investment company).

#### Interested Trustees

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| | |
|:---|:---|
| **Michael R. Fanning**<sup>2</sup> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1963 <br> Trustee of the Trust since 2021 <br> Trustee of 110 portfolios in fund complex | Trustee of the Trust |

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Director (since 2016), MML Advisers; Head of MassMutual U.S. (since 2016), Executive Vice President (2016-2018), Member of MassMutual's Executive Leadership Team (since 2008), MassMutual; Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company); Trustee (since 2021), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Clifford M. Noreen**<sup>3</sup> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1957 <br> Trustee of the Trust since 2021 <br> Trustee of 112 portfolios in fund complex<sup>4</sup> | Trustee of the Trust |

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Head of Global Investment Strategy (since 2019), Deputy Chief Investment Officer and Managing Director (2016-2018), MassMutual; President (2008-2016), Vice Chairman (2007-2008), Member of the Board of Managers (2006-2016), Managing Director (2000-2016), Barings LLC; Chairman (since 2009), Trustee (since 2005), President (2005-2009), CI Subsidiary Trust and PI Subsidiary Trust; Chairman and Trustee (since 2009), President (2005-2009), Vice President (1993-2005), Barings Corporate Investors (closed-end investment company); Chairman and Trustee (since 2009), President (2005-2009), Vice President (1993-2005), Barings Participation Investors (closed-end investment company); Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company); Trustee (since 2021), MML Series Investment Fund II (open-end investment company).

#### Principal Officers

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| | |
|:---|:---|
| **Andrea Anastasio** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1974 <br> Officer of the Trust since 2021 <br> Officer of 110 portfolios in fund complex | Vice President |

---

Vice President (since 2021), MML Advisers; Head of Investment Management Solutions (since 2021), MassMutual; Head of Investment Strategy and Research, North America (2019-2021), Head of Investment Product Management (2016-2019), State Street Global Advisors; Vice President (since 2021), MassMutual Select Funds (open-end investment company); Vice President (since 2021), MassMutual Premier Funds (open-end investment company); Vice President (since

<sup>2</sup>

Mr. Fanning is an "Interested Person," as that term is defined in the 1940 Act, as an employee of MassMutual.

<sup>3</sup>

Mr. Noreen is an "Interested Person," as that term is defined in the 1940 Act, as an employee of MassMutual.

<sup>4</sup>

Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

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2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2021), MML Series Investment Fund (open-end investment company); Vice President (since 2021), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Andrew M. Goldberg** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1966 <br> Officer of the Trust since 2004 <br> Officer of 110 portfolios in fund complex | Vice President, Secretary, and Chief Legal Officer of the Trust |

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Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary (formerly known as "Clerk"), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary (formerly known as "Clerk"), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Renee Hitchcock** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1970 <br> Officer of the Trust since 2007 <br> Officer of 110 portfolios in fund complex | Chief Financial Officer and Treasurer of the Trust |

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Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2021), MassMutual Advantage Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund II (open-end investment company).

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| | |
|:---|:---|
| **Paul LaPiana** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1969 <br> Officer of the Trust since 2021 <br> Officer of 110 portfolios in fund complex | President of the Trust |

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President (since 2021), MML Advisers; Head of MassMutual U.S. Product (since 2019), Head of Field Management (2016-2019), MassMutual; President (since 2021), MassMutual Select Funds (open-end investment company); President (since 2021), MassMutual Premier Funds (open-end investment company); President (since 2021), MassMutual Advantage Funds (open-end investment company); President (since 2021), MML Series Investment Fund (open-end investment company); President (since 2021), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Jill Nareau Robert** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1972 <br> Officer of the Trust since 2008 <br> Officer of 110 portfolios in fund complex | Vice President and Assistant Secretary of the Trust |

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Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as "Assistant Clerk") (2008-2017), MassMutual Premier

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Funds (open-end investment company); Vice President and Assistant Secretary (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as "Assistant Clerk") (2008-2017), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Douglas Steele** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1975 <br> Officer of the Trust since 2016 <br> Officer of 110 portfolios in fund complex | Vice President of the Trust |

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Head of Product Management (since 2021), Vice President (since 2017), Head of Manager Research (2021), Head of Investment Management (2017-2021), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Product Management (since 2021), Head of Manager Research (2021), Head of Investment Management (2017-2021), Assistant Vice President (2013-2017), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company).

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|:---|:---|
| **Philip S. Wellman** <br> 1295 State Street <br> Springfield, MA 01111-0001 <br> Year of birth: 1964 <br> Officer of the Trust since 2007 <br> Officer of 110 portfolios in fund complex | Vice President and Chief Compliance Officer of the Trust |

---

Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds & RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company).

Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. Notwithstanding the foregoing, unless the Trustees determine that it is desirable and in the best interest of the Trust that an exception to the retirement policy of the Trust be made, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-five years, however, an interested Trustee of the Trust shall no longer serve as a Trustee if or when they are no longer an employee of MassMutual or an affiliate.

The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified, and any such Chairperson may not serve more than two consecutive terms.

The President, Treasurer, and Secretary and such other officers as the Trustees may in their discretion from time to time elect are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed, or becomes disqualified.

Each officer and the Chairperson shall hold office at the pleasure of the Trustees.

The Chairperson of any of the Trust's Committees shall serve a term of three years or until he or she retires, dies, resigns, is removed, or becomes disqualified.

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#### Additional Information About the Trustees
In addition to the information set forth above, the following specific experience, qualifications, attributes, and skills apply to each Trustee. Each Trustee was appointed to serve on the Board based on his or her overall experience and the Board did not identify any specific qualification as all-important or controlling. The information in this section should not be understood to mean that any of the Trustees is an "expert" within the meaning of the federal securities laws.

***Allan W. Blair*** — As a former trustee and audit and compliance committee member of a large healthcare system, Mr. Blair has experience with financial, regulatory, and operational issues. He also has served as president and/or CEO of several non-profit and quasi-public organizations for over 30 years. Mr. Blair holds a BA from the University of Massachusetts at Amherst and a JD from Western New England College School of Law.

***Nabil N. El-Hage*** — As a former CEO or CFO of various public and private companies, Mr. El-Hage has experience with financial, regulatory, and operational issues. He has also taught corporate finance at the graduate level, and has served as a director for more than a dozen public and private companies and as an associate at a venture capital firm. Mr. El-Hage holds a BS in Electronic Engineering from Yale University and an MBA with high distinction from Harvard University.

***Michael R. Fanning*** — As an executive and/or director of financial services and insurance companies, Mr. Fanning has experience with financial, regulatory, and operational issues. He also has served as an audit committee member for financial services and insurance companies. Mr. Fanning holds a BA in Economics and a BA in Organizational Behavior and Management from Brown University.

***Maria D. Furman*** — As a trustee and chairperson or member of the audit and investment committees of various educational organizations, and as a former managing director, director, and portfolio manager at an investment management firm, Ms. Furman has experience with financial, regulatory, and operational issues. She also has served as an audit and investment committee member and a director, treasurer, and investment committee chair for environmental, educational, and healthcare organizations. Ms. Furman is a CFA charterholder and holds a BA from the University of Massachusetts at Dartmouth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***R. Bradford Malt*** — As a current Chairman Emeritus, a former Chairman, and a former partner of a corporate law firm, which serves as counsel to the Trust and to MML Advisers, with over 40 years of financial services experience, Mr. Malt has expertise in financial, regulatory, and operational issues. He has also served as a director for several public and private companies. Mr. Malt holds an AB in Applied Mathematics from Harvard College and a JD from Harvard Law School.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***C. Ann Merrifield*** — As a trustee of a healthcare organization, current and former director of specialty pharmaceutical companies, former biotechnology executive, former partner of a consulting firm, and investment officer at a large insurance company, Ms. Merrifield has experience with financial, regulatory, and operational issues. She also has served as an audit committee member for a manufacturing company and three public life sciences companies. Ms. Merrifield holds a BA and M. Ed. from the University of Maine and an MBA from Amos Tuck School of Business Administration at Dartmouth College.

***Clifford M. Noreen*** — As an executive of financial services companies with over 35 years of investment management experience, a director of several private companies, an investment committee member of two non-profit organizations, and a director and/or officer of various investment companies and private funds, Mr. Noreen has experience with financial, regulatory, and operational issues. Mr. Noreen holds a BA from the University of Massachusetts and an MBA from American International College.

***Cynthia R. Plouché*** — As a former assessor of a township, a former portfolio manager for asset management firms, and a former chief investment officer and managing director of an asset management firm with over 32 years of financial services experience, Ms. Plouché has experience with financial, regulatory, and operational issues. She has also served as a trustee and audit committee member for open-end investment companies and a trustee for a closed-end investment company. Ms. Plouché holds a BA in Psychology and Social Relations from Harvard University and an MBA from the Wharton School at the University of Pennsylvania.

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***Jason J. Price*** — As a former executive with over 25 years of financial services experience, Mr. Price has experience with financial, regulatory, and operational issues. He served as a Senior Vice President of Cigna Investment Management from 2009 to 2012 and as Head of Private Equity for the State of Connecticut Office of the Treasurer from 2005 to 2009. Mr. Price holds a BA in Business Administration from Morehouse College and an MBA from Harvard Business School.

***Susan B. Sweeney*** — As a former executive and investment officer of a property and casualty company and a former executive of a financial services company with over 35 years of financial services experience, Ms. Sweeney has experience with financial, regulatory, and operational issues. From 2010 to 2014, she was Chief Investment Officer and Senior Vice President of Selective Insurance Company of America. She also served as Chief Investment Officer for the State of Connecticut Pension Fund from 2002 to 2007, directing a multi-asset portfolio. Ms. Sweeney holds a BS in Business Studies from Connecticut Board for State Academic Awards, an MBA from Harvard Business School, and a Doctor of Humane Letters from Charter Oak State College.

#### Board Committees and Meetings
The full Board met eight times during the fiscal year ended September 30, 2022.

***Audit Committee***. The Trust has an Audit Committee, consisting of Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust. The Audit Committee, whose members are Messrs. Blair, El-Hage, Malt, and Price and Mses. Furman, Merrifield, and Plouché, oversees the Trust's accounting and financial reporting policies and practices, its internal controls, and internal controls of certain service providers; oversees the quality and objectivity of the Trust's financial statements and the independent audit thereof; evaluates the independence of the Trust's independent registered public accounting firm; evaluates the overall performance and compensation of the Chief Compliance Officer; acts as liaison between the Trust's independent registered public accounting firm and the full Board; and provides immediate access for the Trust's independent registered public accounting firm to report any special matters they believe should be brought to the attention of the full Board. During the fiscal year ended September 30, 2022, the Audit Committee met four times.

***Nominating and Governance Committee***. The Trust has a Nominating and Governance Committee, consisting of each Trustee who is not an "interested person" of the Trust. The Nominating and Governance Committee meets at least twice per calendar year. During the fiscal year ended September 30, 2022, the Nominating and Governance Committee met twice. The Nominating and Governance Committee (a) identifies, and evaluates the qualifications of, individuals to become independent members of the Funds' Board in the event that a position currently filled by an Independent Trustee is vacated or created; (b) nominates Independent Trustee nominees for election or appointment to the Board; (c) sets any necessary standards or qualifications for service on the Board; (d) recommends periodically to the full Board an Independent Trustee to serve as Chairperson; (e) evaluates at least annually the independence and overall performance of counsel to the Independent Trustees; (f) annually reviews the compensation of the Independent Trustees; and (g) oversees board governance issues including, but not limited to, (i) evaluating the board and committee structure and the performance of Trustees, (ii) considering and addressing any conflicts, (iii) considering the retirement policies of the Board, and (iv) considering and making recommendations to the Board at least annually concerning the Trust's directors and officers liability insurance coverage.

The Nominating and Governance Committee will consider and evaluate nominee candidates properly submitted by shareholders of the Trust in the same manner as it considers and evaluates candidates recommended by other sources. The Nominating and Governance Committee may also consider any other facts and circumstances attendant to such shareholder submission as may be deemed appropriate by the Nominating and Governance Committee, including, without limitation, the value of the Funds' securities owned by the shareholder and the length of time such shares have been held by the shareholder. A recommendation of a shareholder of the Trust must be submitted as described below to be considered properly submitted for purposes of the Nominating and Governance Committee's consideration. The shareholders of the Trust must submit any such recommendation (a "Shareholder Recommendation") in writing to the Trust's Nominating and Governance Committee, to the attention of the Secretary, at the address of the principal executive offices of the Trust, which is 1295 State Street, Springfield, MA 01111-0001. The Shareholder Recommendation must be delivered to or mailed and received at the principal executive offices of the Trust at least 60 calendar days before the date of the meeting at which the Nominating and Governance Committee is to select a nominee for Independent Trustee. The Shareholder Recommendation must include: (i) a statement in writing setting forth: (A) the name, age, date of birth, phone number, business address, residence address, nationality, and pertinent qualifications of the person recommended by the shareholder (the "Shareholder Candidate"), including an explanation of why the shareholder believes the Shareholder Candidate will make a good Trustee; (B) the class or series and number of all shares of the Funds owned of record or beneficially by the Shareholder Candidate, as reported to such shareholder by the Shareholder Candidate; (C) any other information regarding

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the Shareholder Candidate called for with respect to director nominees by paragraphs (a), (d), (e), and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), adopted by the SEC (or the corresponding provisions of any regulation or rule subsequently adopted by the SEC or any successor agency applicable to the Funds); (D) any other information regarding the Shareholder Candidate that would be required to be disclosed if the Shareholder Candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of trustees or directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the Shareholder Candidate is or will be an "interested person" (as defined in Section 2(a)(19) of the 1940 Act) of the Funds and, if not an "interested person," information regarding the Shareholder Candidate that will be sufficient for the Funds to make such determination; (ii) the written and signed consent of the Shareholder Candidate to be named as a nominee, consenting to (1) the disclosure, as may be necessary or appropriate, of such Shareholder Candidate's information submitted in accordance with (i) above; and (2) service as a Trustee if elected; (iii) the recommending shareholder's name as it appears on the Funds' books, the number of all shares of each series of the Funds owned beneficially and of record by the recommending shareholder; (iv) a description of all arrangements or understandings between the recommending shareholder and the Shareholder Candidate and any other person or persons (including their names) pursuant to which the Shareholder Recommendation is being made by the recommending shareholder; and (v) such other information as the Nominating and Governance Committee may require the Shareholder Candidate to furnish as the Nominating and Governance Committee may reasonably require or deem necessary to determine the eligibility of such Shareholder Candidate to serve as a Trustee or to satisfy applicable law.

Shareholders may send other communications to the Trustees by addressing such correspondence directly to the Secretary of the Trust, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, MA 01111-0001. When writing to the Board, shareholders should identify themselves, the fact that the communication is directed to the Board, the Fund they are writing about, and any relevant information regarding their Fund holdings. Except as provided below, the Secretary shall either (i) provide a copy of each shareholder communication to the Board at its next regularly scheduled meeting or (ii) if the Secretary determines that the communication requires more immediate attention, forward the communication to the Board promptly after receipt. The Secretary will also provide a copy of each shareholder communication to the Trust's Chief Compliance Officer.

The Secretary may, in good faith, determine that a shareholder communication should not be provided to the Board because it does not reasonably relate to the Trust or its operations, management, activities, policies, service providers, Board, officers, shareholders, or other matters relating to an investment in the Funds or is otherwise ministerial in nature (such as a request for Fund literature, share data, or financial information). The Secretary will provide to the Board on a quarterly basis a summary of the shareholder communications not provided to the Board by virtue of this paragraph.

***Contract Committee***. The Trust has a Contract Committee, consisting of each Trustee who is not an "interested person" of the Trust. During the fiscal year ended September 30, 2022, the Contract Committee met twice. The Contract Committee performs the specific tasks assigned to independent trustees by the 1940 Act, including the periodic consideration of the Trust's investment management agreements and subadvisory agreements.

#### Risk Oversight
As registered investment companies, the Funds are subject to a variety of risks, including, among others, investment risks, financial risks, compliance risks, and operational risks. The Funds' investment adviser and administrator, MML Advisers, has primary responsibility for the Funds' risk management on a day-to-day basis as part of its overall responsibilities. The Funds' subadvisers are primarily responsible for managing investment risk as part of their day-to-day investment management responsibilities, as well as operational risks at their respective firms. The Funds' investment adviser and Chief Compliance Officer also assist the Board in overseeing the significant investment policies of the Funds and monitor the various compliance policies and procedures approved by the Board as a part of its oversight responsibilities.

In discharging its oversight responsibilities, the Board considers risk management issues throughout the year by reviewing regular reports prepared by the Funds' investment adviser and Chief Compliance Officer, as well as special written reports or presentations provided on a variety of risk issues, as needed. For example, the investment adviser reports to the Board quarterly on the investment performance of each of the Funds, the financial performance of the Funds, overall market and economic conditions, and legal and regulatory developments that may impact the Funds. The Funds' Chief Compliance Officer, who reports directly to the Board's Independent Trustees, provides presentations to the Board at its quarterly meetings and an annual report to the Board concerning (i) compliance matters relating to the Funds, the Funds' investment adviser and subadvisers, and the Funds' other key service providers; (ii) regulatory developments; (iii) business

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continuity programs; and (iv) various risks identified as part of the Funds' compliance program assessments. The Funds' Chief Compliance Officer also meets at least quarterly in executive session with the Independent Trustees, and communicates significant compliance-related issues and regulatory developments to the Audit Committee between Board meetings.

In addressing issues regarding the Funds' risk management between meetings, appropriate representatives of the investment adviser communicate with the Chairperson of the Trust, the Chairperson of the Audit Committee, or the Funds' Chief Compliance Officer. As appropriate, the Trustees confer among themselves, or with the Funds' Chief Compliance Officer, the investment adviser, other service providers, and independent legal counsel, to identify and review risk management issues that may be placed on the full Board's agenda.

The Board also relies on its committees to administer the Board's oversight function. The Audit Committee assists the Board in reviewing with the investment adviser and the Funds' independent auditors, at various times throughout the year, matters relating to the annual audits, financial accounting and reporting matters, and the internal control environment at the service providers that provide financial accounting and reporting for the Funds. The Audit Committee also meets annually with representatives of the investment adviser's Corporate Audit Department to review the results of internal audits of relevance to the Funds. This and the Board's other committees present reports to the Board that may prompt further discussion of issues concerning the oversight of the Funds' risk management. The Board may also discuss particular risks that are not addressed in the committee process.

#### Share Ownership of Trustees and Officers of the Trust
The table below sets forth information regarding the Trustees' beneficial ownership of Fund shares, based on the value of such shares as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Name of Trustee**  | **The Dollar Range of Equity <br>Securities Beneficially Owned <br>in the Trust**  | **Aggregate Dollar Range of Equity <br>Securities in All Registered Investment <br>Companies Overseen by Trustee in <br>Family of Investment Companies**  |
| **Independent Trustees** |  |  |
| Allan W. Blair  |  | over $100,000  |
| Nabil N. El-Hage  |  |  |
| Maria D. Furman  |  |  |
| R. Bradford Malt  |  |  |
| C. Ann Merrifield  |  |  |
| Cynthia R. Plouché  |  |  |
| Jason J. Price  |  |  |
| Susan B. Sweeney  |  |  |
| **Interested Trustees** |  |  |
| Michael R. Fanning  |  |  |
| Clifford M. Noreen  |  |  |

---

The ownership information shown above does not include units of separate investment accounts that invest in one or more registered investment companies overseen by a Trustee in the family of investment companies held in a 401(k) plan or amounts held under a deferred compensation plan that are valued based on "shadow investments" in one or more such registered investment companies. As of December 31, 2022, these amounts were as follows: Mr. Blair, over $100,000; Mr. El-Hage, over $100,000; Mr. Fanning, $10,001-$50,000; Ms. Furman, None; Mr. Malt, None; Ms. Merrifield, None; Mr. Noreen, over $100,000; Ms. Plouché, None; Mr. Price, None; and Ms. Sweeney, None.

As of January 3, 2023, the Trustees and officers of the Trust, individually and as a group, did not beneficially own outstanding shares of any of the Funds.

To the knowledge of the Trust, as of December 31, 2022, the Independent Trustees and their immediate family members did not own beneficially or of record securities of the investment adviser, subadviser(s), principal underwriter, or sponsoring insurance company of the Funds or a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with the investment adviser, subadviser(s), principal underwriter, or sponsoring insurance company of the Funds.

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#### Trustee Compensation
Effective January 1, 2023 the Trust, on behalf of each Fund, pays each of its Trustees who is not an officer or employee of MassMutual a fee of $4,125 per quarter plus a fee of $600 per in-person meeting attended plus a fee of $600 for the annual Contract Committee meeting. The Chairperson of the Board is paid an additional 40% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. The Chairpersons of each of the Audit Committee and the Contract Committee are paid an additional 10% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. The Chairperson of the Nominating and Governance Committee is paid an additional 7% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. Such Trustees who serve on the Audit Committee, other than the Chairperson, are paid an additional 4% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. No additional fees are paid for attending any other committee meetings or any special telephonic meetings. In addition, the Trust reimburses out-of-pocket business travel expenses to such Trustees. Trustees who are officers or employees of MassMutual receive no fees from the Trust.

During 2022, the Trust, on behalf of each Fund, paid each of its Trustees who was not an officer or employee of MassMutual a fee of $3,960 per quarter plus a fee of $576 per in-person meeting attended plus a fee of $576 for the annual Contract Committee meeting. The Chairperson of the Board was paid an additional 40% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. The Chairpersons of each of the Audit Committee and the Contract Committee were paid an additional 10% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. The Chairperson of the Nominating and Governance Committee was paid an additional 7% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. Such Trustees who served on the Audit Committee, other than the Chairperson, were paid an additional 4% of the quarterly fee, the in-person meeting fee, and the Contract Committee meeting fee. No additional fees were paid for attending any other committee meetings or any special telephonic meetings. In addition, the Trust reimbursed out-of-pocket business travel expenses to such Trustees. Trustees who were officers or employees of MassMutual received no fees from the Trust.

The following table discloses actual compensation paid to Trustees of the Trust during the 2022 fiscal year. The Trust has no pension or retirement plan, but does have a deferred compensation plan. The plan provides for amounts deferred prior to January 1, 2012, plus interest, to be credited at a rate of interest equal to that of the U.S. Corporate Bond Index as of January 1, 2012, to be reset every two years. Amounts deferred after January 1, 2012, plus or minus earnings, are "shadow invested." These amounts are valued based on changes in the values of one or more registered investment companies overseen by a Trustee.

---

| | | |
|:---|:---|:---|
| **Name of Trustee**  | **Aggregate Compensation from the Trust**  | **Total Compensation from the Trust and <br>Fund Complex Paid to Trustees**  |
| Allan W. Blair  | $21860  | $285825  |
| Nabil N. El-Hage  | $22451 <sup>1</sup> | $337648  |
| Michael R. Fanning  | $0  | $0  |
| Maria D. Furman  | $20479  | $267800  |
| R. Alan Hunter, Jr. <sup>2</sup>  | $17803  | $224700  |
| R. Bradford Malt <sup>3</sup>  | $5755  | $79930  |
| C. Ann Merrifield  | $21321  | $279500  |
| Clifford M. Noreen  | $0  | $0  |
| Cynthia R. Plouché <sup>3</sup>  | $5755  | $119930  |
| Jason J. Price <sup>3</sup>  | $5755  | $119930  |
| Susan B. Sweeney  | $25874  | $510787  |

---

?

<sup>1</sup>

The compensation amount shown does not include a gain/loss in the amount of $682 attributable to amounts held under a deferred compensation plan.

?

<sup>2</sup>

Retired from the Board as of June 30, 2022.

?

<sup>3</sup>

Joined the Board as of June 21, 2022.

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#### CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
As of January 3, 2023, to the Trust's knowledge, the following persons owned of record or beneficially 5% or more of the outstanding shares of the indicated classes of the Funds set forth below. Such ownership may be beneficially held by individuals or entities other than the owner listed. To the extent that any listed shareholder beneficially owns more than 25% of a Fund, it may be deemed to "control" such Fund within the meaning of the 1940 Act. The effect of such control may be to reduce the ability of other shareholders of the Fund to take actions requiring the affirmative vote of holders of a plurality or majority of the Fund's shares without the approval of the controlling shareholder.

#### MassMutual Short-Duration Bond Fund

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 27.69% |
|  | MassMutual 20/80 Allocation Fund <br> 1 Iron Street <br> Boston, MA 02210  | 17.00% |
|  | MassMutual 40/60 Allocation Fund <br> 1 Iron Street <br> Boston, MA 02210  | 14.80% |
|  | Voya Investment Management Company <br> 10 State House Square SH12 <br> Hartford, CT 06103  | 12.64% |
|  | MassMutual 60/40 Allocation Fund <br> 1 Iron Street <br> Boston, MA 02210  | 10.00% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 5.71% |
|  | MassMutual 80/20 Allocation Fund <br> 1 Iron Street <br> Boston, MA 02210  | 5.62% |
| Class R5  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 73.39% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 22.61% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 59.66% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 34.63% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 93.25% |

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---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 5.75% |
| Class R4  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 48.20% |
|  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 19.45% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 14.26% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 9.77% |
|  | Matrix Trust Company <br> 717 17th Street, Suite 1300 <br> Denver, CO 80202  | 7.25% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 52.61% |
|  | Pershing LLC <br> P.O. Box 2052 <br> Jersey City, NJ 07303  | 22.73% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 17.29% |
| Class R3  | Sammons Financial Network <br> 4546 Corporate Drive, Suite 100 <br> West Des Moines, IA 50266  | 47.64% |
|  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 41.40% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 9.89% |
| Class Y  | Charles Schwab Corporation <br> 120 Kearny Street <br> San Francisco, CA 94108  | 38.82% |
|  | Morgan Stanley Wealth Management <br> 1585 Broadway <br> New York, NY 10036  | 21.69% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 19.34% |

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| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | UBS Financial Services Inc. <br> 1200 Harbor Boulevard <br> Weehawken, NJ 07086  | 6.41% |
| Class L  | Morgan Stanley Wealth Management <br> 1585 Broadway <br> New York, NY 10036  | 64.54% |
|  | RBC Capital Markets, LLC <br> 3 World Financial Center <br> 200 Vesey Street <br> New York, NY 10281  | 17.05% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 8.70% |
| Class C  | Morgan Stanley Wealth Management <br> 1585 Broadway <br> New York, NY 10036  | 51.73% |
|  | RBC Capital Markets, LLC <br> 3 World Financial Center <br> 200 Vesey Street <br> New York, NY 10281  | 23.93% |
|  | Raymond James Financial Services, Inc. <br> 880 Carillon Parkway Street <br> Petersburg, FL 33716  | 8.42% |
|  | Pershing LLC <br> P.O. Box 2052 <br> Jersey City, NJ 07303  | 7.58% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 5.77% |

---

#### MassMutual High Yield Fund <sup>1</sup>

---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
| Class I  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 35.50% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 18.25% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 11.88% |
|  | MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund <br> 1 Iron Street <br> Boston, MA 02210  | 6.32% |
| Class R5  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 32.53% |

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---

| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 27.72% |
|  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 12.93% |
|  | DCGT as TTEE and/or Custodian Omnibus <br> 711 High Street <br> Des Moines, IA 50392  | 7.46% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 6.91% |
| Service Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 40.99% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 34.59% |
|  | The Hartford <br> One Hartford Plaza <br> Hartford, CT 06155  | 7.07% |
| Administrative Class  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 51.92% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 41.42% |
|  | The Hartford <br> One Hartford Plaza <br> Hartford, CT 06155  | 5.70% |
| Class R4  | DCGT as TTEE and/or Custodian Omnibus <br> 711 High Street <br> Des Moines, IA 50392  | 39.35% |
|  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 28.34% |
|  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 14.87% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 8.41% |
| Class A  | Massachusetts Mutual Life Insurance Company <br> 1295 State Street <br> Springfield, MA 01111  | 61.71% |

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| | | |
|:---|:---|:---|
| **Class**  | **Name and Address of Owner**  | **Percent of Class** |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 17.45% |
|  | Millennium Trust Company <br> 2001 Spring Rd #700 <br> Oak Brook, IL 60523  | 9.28% |
|  | National Financial Services LLC <br> 499 Washington Boulevard <br> Jersey City, NJ 07310  | 5.55% |
| Class R3  | Talcott Resolution Life Insurance Company <br> 1 Griffin Road North <br> Windsor, CT 06095  | 50.92% |
|  | MMLD/MM Aviator <br> 1295 State Street <br> Springfield, MA 01111  | 32.62% |
|  | Empower Trust Company <br> 8515 East Orchard Road <br> Greenwood Village, CO 80111  | 11.62% |
| Class Y  | Jewish Communal Fund <br> 130 East 59th Street, Suite 1204 <br> New York, NY 10022  | 76.86% |
|  | Charles Schwab & Company Inc. <br> 211 Main Street <br> San Francisco, CA 94105  | 20.95% |
| Class C  | Barings LLC <br> 300 South Tryon Street, Suite 2500 <br> Charlotte, NC 28202  | 100.00% |

---

?

<sup>1</sup>

As of January 3, 2023, MassMutual, 1295 State Street, Springfield, MA 01111, owned 28.06% of MassMutual High Yield Fund and therefore may be presumed to "control" the Fund, as that term is defined in the 1940 Act. However, such ownership may be beneficially held by individuals or entities other than MassMutual. MassMutual is organized under the laws of Massachusetts.

#### INVESTMENT ADVISORY AND OTHER SERVICE AGREEMENTS

#### Investment Adviser
MML Advisers, a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund pursuant to Investment Management Agreements with the Trust on behalf of the Funds (each, an "Advisory Agreement"). Under each Advisory Agreement, MML Advisers is obligated to provide for the management of each Fund's portfolio of securities, subject to policies established by the Trustees of the Trust and in accordance with each Fund's investment objective, policies, and restrictions as set forth herein and in the Prospectus, and has the right to select subadvisers to the Funds pursuant to an investment subadvisory agreement (the "Subadvisory Agreement").

The Advisory Agreement with each Fund may be terminated by the Board or by MML Advisers without penalty: (i) at any time for cause or by agreement of the parties or (ii) by either party upon sixty days' written notice to the other party. In addition, each Advisory Agreement automatically terminates if it is assigned or if its continuance is not specifically approved at least annually (after its initial 2 year period) by the Board or by the holders of a majority of the outstanding voting securities of the applicable Fund, and in either case by a majority of the Trustees who are not parties to the Advisory Agreement or interested persons of any such party. MML Advisers' liability regarding its investment management obligations and duties is limited to situations involving its willful misfeasance, bad faith, gross negligence, or reckless disregard of such obligations and duties.

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MML Advisers also serves as investment adviser to: MassMutual Total Return Bond Fund, MassMutual Strategic Bond Fund, MassMutual Diversified Value Fund, MassMutual Fundamental Value Fund, MM S&P 500<sup>®</sup>Index Fund, MassMutual Equity Opportunities Fund, MassMutual Fundamental Growth Fund, MassMutual Blue Chip Growth Fund, MassMutual Growth Opportunities Fund, MassMutual Mid Cap Value Fund, MassMutual Small Cap Value Equity Fund, MassMutual Small Company Value Fund, MassMutual Mid Cap Growth Fund, MassMutual Small Cap Growth Equity Fund, MassMutual Overseas Fund, MassMutual Select T. Rowe Price International Equity Fund, MassMutual 20/80 Allocation Fund, MassMutual 40/60 Allocation Fund, MassMutual 60/40 Allocation Fund, MassMutual 80/20 Allocation Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan In Retirement Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2020 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2025 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2035 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2040 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2045 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2050 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2055 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2060 Fund, MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2065 Fund, MassMutual Select T. Rowe Price Retirement Balanced Fund, MassMutual Select T. Rowe Price Retirement 2005 Fund, MassMutual Select T. Rowe Price Retirement 2010 Fund, MassMutual Select T. Rowe Price Retirement 2015 Fund, MassMutual Select T. Rowe Price Retirement 2020 Fund, MassMutual Select T. Rowe Price Retirement 2025 Fund, MassMutual Select T. Rowe Price Retirement 2030 Fund, MassMutual Select T. Rowe Price Retirement 2035 Fund, MassMutual Select T. Rowe Price Retirement 2040 Fund, MassMutual Select T. Rowe Price Retirement 2045 Fund, MassMutual Select T. Rowe Price Retirement 2050 Fund, MassMutual Select T. Rowe Price Retirement 2055 Fund, MassMutual Select T. Rowe Price Retirement 2060 Fund, MassMutual Select T. Rowe Price Retirement 2065 Fund, MM Equity Asset Fund, MassMutual Select T. Rowe Price Bond Asset Fund, MassMutual Select T. Rowe Price Emerging Markets Bond Fund, MassMutual Select T. Rowe Price Large Cap Blend Fund, MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, MassMutual Select T. Rowe Price Real Assets Fund, MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, and MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, which are series of MassMutual Select Funds, an open-end management investment company; MassMutual U.S. Government Money Market Fund, MassMutual Inflation-Protected and Income Fund, MassMutual Core Bond Fund, MassMutual Diversified Bond Fund, MassMutual Balanced Fund, MassMutual Disciplined Value Fund, MassMutual Main Street Fund, MassMutual Disciplined Growth Fund, MassMutual Small Cap Opportunities Fund, MassMutual Global Fund, MassMutual International Equity Fund, and MassMutual Strategic Emerging Markets Fund, which are series of the Trust; MassMutual Global Floating Rate Fund, MassMutual Global Credit Income Opportunities Fund, MassMutual Emerging Markets Debt Blended Total Return Fund, and MassMutual Global Emerging Markets Equity Fund, which are series of MassMutual Advantage Funds, an open-end management investment company; MML Aggressive Allocation Fund, MML American Funds Core Allocation Fund, MML American Funds Growth Fund, MML Balanced Allocation Fund, MML Blue Chip Growth Fund, MML Conservative Allocation Fund, MML Equity Income Fund, MML Equity Index Fund, MML Focused Equity Fund, MML Foreign Fund, MML Fundamental Equity Fund, MML Fundamental Value Fund, MML Global Fund, MML Growth Allocation Fund, MML Income & Growth Fund, MML International Equity Fund, MML Large Cap Growth Fund, MML Managed Volatility Fund, MML Mid Cap Growth Fund, MML Mid Cap Value Fund, MML Moderate Allocation Fund, MML Small Cap Growth Equity Fund, MML Small Company Value Fund, MML Small/Mid Cap Value Fund, MML Sustainable Equity Fund, and MML Total Return Bond Fund, which are series of MML Series Investment Fund, an open-end management investment company; MML Blend Fund, MML Dynamic Bond Fund, MML Equity Fund, MML Equity Rotation Fund, MML High Yield Fund, MML Inflation-Protected and Income Fund, MML iShares<sup>®</sup> 60/40 Allocation Fund, MML iShares<sup>®</sup> 80/20 Allocation Fund, MML Managed Bond Fund, MML Short-Duration Bond Fund, MML Small Cap Equity Fund, MML Strategic Emerging Markets Fund, and MML U.S. Government Money Market Fund, which are series of MML Series Investment Fund II, an open-end management investment company; certain wholly-owned subsidiaries of MassMutual; and various employee benefit plans and separate investment accounts in which employee benefit plans invest.

The Trust, on behalf of each Fund, pays MML Advisers an investment advisory fee monthly, at an annual rate based upon the average daily net assets of that Fund as follows:

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| | |
|:---|:---|
| **Fund**  |  |
| Short-Duration Bond Fund  | 0.35% on the first $500 million; and <br> 0.30% on assets over $500 million  |
| High Yield Fund  | 0.48% on the first $250 million; and <br> 0.455% on assets over $250 million  |

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#### Affiliated Subadviser

#### Barings
MML Advisers has entered into Subadvisory Agreements with Barings pursuant to which Barings serves as a subadviser for the Short-Duration Bond Fund and High Yield Fund. These agreements provide that Barings manage the investment and reinvestment of the assets of the Funds. Barings is located at 300 South Tryon Street, Charlotte, North Carolina 28202. Barings is a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual. Barings receives a subadvisory fee from MML Advisers, based upon each Fund's average daily net assets, at the following annual rates:

---

| | |
|:---|:---|
| Short-Duration Bond Fund  | 0.08% |
| High Yield Fund  | 0.20% |

---

Barings also provides subadvisory services for the MassMutual U.S. Government Money Market Fund, MassMutual Inflation-Protected and Income Fund, MassMutual Core Bond Fund, and MassMutual Diversified Bond Fund, each of which is a series of the Trust, for the MassMutual Global Floating Rate Fund, MassMutual Global Credit Income Opportunities Fund, MassMutual Emerging Markets Debt Blended Total Return Fund, and MassMutual Global Emerging Markets Equity Fund, each of which is a series of MassMutual Advantage Funds, a registered, open-end investment company for which MML Advisers serves as investment adviser, and for the MML High Yield Fund, MML Inflation-Protected and Income Fund, MML Managed Bond Fund, MML Short-Duration Bond Fund, and MML U.S. Government Money Market Fund, each of which is a series of MML Series Investment Fund II, a registered, open-end investment company for which MML Advisers serves as investment adviser.

In addition, BIIL serves as a sub-subadviser for the Short-Duration Bond Fund and High Yield Fund. BIIL is a wholly owned subsidiary of Barings. Barings has entered into sub-subadvisory agreements with BIIL under which, subject to the supervision of Barings, BIIL is authorized to conduct securities transactions on behalf of each of the Short-Duration Bond Fund and High Yield Fund. BIIL is located at 20 Old Bailey, London, EC4M 7BF, United Kingdom. BIIL does not receive a fee from Barings under these sub-subadvisory agreements. BIIL also provides sub-subadvisory services for the MassMutual Core Bond Fund, MassMutual Diversified Bond Fund, and MassMutual Inflation-Protected and Income Fund, each of which is a series of the Trust, for the MassMutual Global Floating Rate Fund, MassMutual Global Credit Income Opportunities Fund, MassMutual Emerging Markets Debt Blended Total Return Fund, and MassMutual Global Emerging Markets Equity Fund, each of which is a series of MassMutual Advantage Funds, a registered, open-end investment company for which MML Advisers serves as investment adviser, and for the MML High Yield Fund, MML Inflation-Protected and Income Fund, MML Managed Bond Fund, and MML Short-Duration Bond Fund, each of which is a series of MML Series Investment Fund II, a registered, open-end investment company for which MML Advisers serves as investment adviser.

The Funds' subadvisory fees are paid by MML Advisers out of the advisory fees previously disclosed above.

Information about each portfolio manager's compensation, other accounts managed by the portfolio managers, and each portfolio manager's ownership of securities in the relevant Fund can be found in Appendix C.

#### Administrator, Sub-Administrators, and Shareholder Servicing Agent
MML Advisers has entered into an administrative and shareholder services agreement (the "Administrative and Shareholder Services Agreement") with the Trust, on behalf of each Fund, pursuant to which MML Advisers is obligated to provide certain administrative and shareholder services. MML Advisers may, at its expense, employ others to supply all or any part of the services to be provided to the Funds pursuant to the Administrative and Shareholder Services Agreement. MML Advisers has entered into sub-administration agreements with both State Street and MassMutual pursuant to which State Street and MassMutual each assist in many aspects of fund administration. Pursuant to a letter agreement between the Trust, MML Advisers, and State Street, the Trust has agreed to pay State Street for the services it provides pursuant to the sub-administration agreement with MML Advisers, although MML Advisers remains ultimately responsible for the payment of any such fees owed to State Street. The Trust, on behalf of each Fund, pays MML Advisers an administrative services fee monthly at an annual rate based upon the average daily net assets of the applicable class of shares of each Fund as shown in the table below:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Class R5** | **Service <br>Class** | **Administrative <br>Class** | **Class R4** | **Class A** | **Class R3** | **Class Y** | **Class L** | **Class C**  |
| Short-Duration <br> Bond Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | 0.05% | 0.05%  |
| High Yield Fund  |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.05% | N/A  |  |

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Prior to December 31, 2020, the Trust had entered into a separate Supplemental Shareholder Services Agreement with MassMutual, on behalf of Service Class shares, Administrative Class shares, and Class A shares of each Fund. Fees payable under the Supplemental Shareholder Services Agreement were intended to compensate MassMutual for its provision of shareholder services to the Funds' investors and were calculated and paid based on the average daily net assets attributable to the relevant share classes of the Funds separately, at the following annual rates: 0.05% for Service Class shares, and 0.15% for Administrative Class shares and Class A shares. MassMutual may have paid these fees to other intermediaries for providing shareholder services to the Funds' investors.

MassMutual, the parent company of MML Advisers, pays to an affiliate of Empower Retirement, LLC ("Empower") an amount equal to the profit realized by MML Advisers with respect to shares beneficially owned by retirement plans through recordkeeping platforms maintained by Empower or an affiliate.

Pursuant to the Advisory Agreements, Subadvisory Agreements, Administrative and Shareholder Services Agreement, and Supplemental Shareholder Services Agreement described above, for the fiscal years ended September 30, 2022, September 30, 2021, and September 30, 2020, the amount of advisory fees paid by each Fund, the amount of subadvisory fees paid by each Fund, the amount of any advisory fees waived by MML Advisers, the amount of administrative fees paid by each Fund, the amount of supplemental shareholder services fees paid by each Fund (as applicable), and the amount of any fees reimbursed by MML Advisers are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended September 30, 2022** | **Fiscal Year Ended September 30, 2022** | **Fiscal Year Ended September 30, 2022** | **Fiscal Year Ended September 30, 2022** | **Fiscal Year Ended September 30, 2022** |
| | **Advisory Fees <br>Paid** | **Subadvisory <br>Fees Paid** | **Advisory Fees <br>Waived** | **Administrative <br>Fees Paid** | **Other Expenses <br>Reimbursed** |
| Short-Duration Bond Fund <sup>1</sup>  | $2767030 | $672427 | $— | $720029 | $(426071) |
| High Yield Fund  | 2330607 | 989512 |  | 325502 |  |

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<sup>1</sup>

The expenses in the above table reflect a written agreement by MML Advisers to cap the fees and expenses of the 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 September 30, 2022, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.40% for Classes I and Y, and 0.65% and 0.90% for Classes L and C, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** | **Fiscal Year Ended September 30, 2021** |
| | **Advisory Fees <br>Paid** | **Subadvisory <br>Fees Paid** | **Advisory Fees <br>Waived** | **Administrative <br>Fees Paid** | **Supplemental <br>Shareholder <br>Services Fees <br>Paid** | **Other <br>Expenses <br>Reimbursed** |
| Short-Duration Bond Fund  | $1393181 | $315802 | $— | $342861 | $31547 | $— |
| High Yield Fund  | 2686755 | 1141390 |  | 378655 | 23028 |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** | **Fiscal Year Ended September 30, 2020** |
| | **Advisory Fees <br>Paid** | **Subadvisory <br>Fees Paid** | **Advisory Fees <br>Waived** | **Administrative <br>Fees Paid** | **Supplemental <br>Shareholder <br>Services Fees <br>Paid** | **Other <br>Expenses <br>Reimbursed** |
| Short-Duration Bond Fund  | $1644782 | $374793 | $— | $358088 | $140891 | $— |
| High Yield Fund  | 2503820 | 1060289 |  | 341659 | 98365 |  |

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#### THE DISTRIBUTOR
The Funds' shares are continuously distributed by ALPS Distributors, Inc. (the "Distributor"), located at 1290 Broadway, Suite 1000, Denver, Colorado 80203, pursuant to a Distribution Agreement with the Trust (the "Distribution Agreement").

The Distributor has agreed to act in good faith and to exercise commercially reasonable care and diligence to sell shares of the Funds but has not agreed to sell any specific number of shares of the Funds. The Distributor's compensation for serving as such is the amounts received by it from time to time under the Funds' Rule 12b-1 plan. In addition, the Distributor receives any front-end sales charges imposed on the sales of Class L and Class A shares of the Funds. Sales loads paid to MML Distributors, LLC, the distributor for the Funds prior to December 10, 2021, and the Distributor in respect of the Funds during the fiscal year ended September 30, 2022 were $0 and $0, respectively.

Shares of each Fund may be purchased through agents of the Distributor who are registered representatives and licensed by the Distributor to sell Fund shares, and through registered representatives of selected broker-dealers which are members of FINRA and which have entered into selling agreements with the Distributor. The Distributor may reallow up to 100% of any sales load on shares sold by dealers with whom it has sales agreements. Broker-dealers with which the Distributor has entered into selling agreements may charge their customers a processing or service fee in connection with the purchase or redemption of Fund shares. The amount and applicability of such a fee is determined and disclosed to such customers by each individual broker-dealer.

The Distribution Agreement will continue in effect for an initial two-year period, and thereafter continues in effect for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Board or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Trust, provided that in either event the continuance is also approved by the majority of the Trustees of the Trust who are not "interested persons" (as defined in the 1940 Act) of any party to the Distribution Agreement by vote cast in person at a meeting called for the purpose of voting on such approval.

#### DISTRIBUTION AND SERVICE PLAN
The Trust has adopted, with respect to the Class Y, Class L, and Class C shares of the Short-Duration Bond Fund, the Class Y and Class C shares of the High Yield Fund, and the Class I, Class R5, Service Class, Administrative Class, Class R4, Class A, and Class R3 shares of each Fund, an Amended and Restated Rule 12b-1 Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Trustees of the Trust, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan, by vote cast in person at a meeting called for the purpose of voting on the Plan, approved the Plan for each Fund and share class.

Continuance of the Plan is subject to annual approval by a vote of the Trustees, including a majority of the Independent Trustees, cast in person at a meeting called for that purpose. All material amendments to the Plan must be likewise approved by the Trustees and the Independent Trustees. The Plan may not be amended in order to increase materially the costs which a Fund may bear for distribution pursuant to the Plan without also being approved by a majority of the outstanding voting securities of the relevant class of the Fund. The Plan terminates automatically in the event of its assignment and may be terminated without penalty, at any time, by a vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the relevant class of the Fund. The Plan provides that the Distributor shall provide to the Trustees, and the Board shall review at least quarterly, a written report of the amounts expended and the purposes for which such expenditures were made.

The Plan is a compensation plan, authorizing payments to the Distributor up to the following annual rates: 0.25% and 0.50% of the average daily net assets of Class L and Class C shares of the Short-Duration Bond Fund, respectively, 1.00% of the average daily net assets of Class C shares of the High Yield Fund, 0.25% of the average daily net assets of Class R4 and Class A shares of each Fund, and 0.50% of the average daily net assets of Class R3 shares of each Fund. A Fund may make payments under the Plan to compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to shareholders.

MML Advisers may pay amounts in respect of the distribution or servicing of a Fund's shares out of administrative or advisory fees received by it from that Fund. The Plan authorizes such payments for Class I, Class R5, Service Class, Administrative Class, and Class Y shares of each Fund, although MML Advisers may make such payments in respect of shares of any class. No additional fees are paid by a Fund under the Plan.

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The following table discloses the 12b-1 fees paid in the fiscal year ending September 30, 2022 by the Trust under the Plan for Class R4, Class A, Class R3, Class L, and Class C shares of the Funds:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R4 <br>12b-1 Fees** | **Class A <br>12b-1 Fees** | **Class R3 <br>12b-1 Fees** | **Class L <br>12b-1 Fees** | **Class C <br>12b-1 Fees** |
| Short-Duration Bond Fund  | $22573 | $40230 | $51122 | $1947701 | $48921 |
| High Yield Fund  | 88722 | 27679 | 146808 | N/A | 7281 |
|  | $111295 | $67909 | $197930 | $194770 | $5620 |

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?

<sup>1</sup>

Commenced operations on December 13, 2021.

For the fiscal year ending September 30, 2022, MML Distributors, LLC, the distributor for the Funds prior to December 10, 2021, paid to MassMutual the 12b-1 fees it received and MassMutual paid these amounts, as agent of MML Distributors, LLC, to various unaffiliated financial intermediaries as compensation for distribution services and/or shareholder services provided by them. For the fiscal year ending September 30, 2022, the Distributor paid the 12b-1 fees it received to various unaffiliated financial intermediaries as compensation for distribution services and/or shareholder services provided by them.

#### PAYMENTS TO FINANCIAL INTERMEDIARIES
Financial intermediaries may receive various forms of compensation from a Fund in the form of distribution and service (12b-1) plan payments as described above. They may also receive payments or concessions from the Distributor, derived from sales charges paid by the financial intermediary's clients. In addition, MML Advisers and the Distributor (including their affiliates) may make payments to financial intermediaries in connection with the intermediaries' offering and sales of Fund shares and shares of other funds, or their provision of marketing or promotional support, transaction processing or administrative services. Among the financial intermediaries that may receive these payments are brokers or dealers who sell or hold shares of a Fund, banks (including bank trust departments), registered investment advisers, insurance companies, retirement plan or qualified tuition program administrators, third party administrators, recordkeepers, or other institutions that have selling, servicing or similar arrangements with MML Advisers or the Distributor. The payments to financial intermediaries vary by the types of product sold, the features of a Fund share class, and the role played by the intermediary.

Types of payments to financial intermediaries may include, without limitation, all or portions of the following: Payments made by a Fund, or by an investor buying or selling shares of a Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an initial front-end sales charge, all or a portion of which is payable by the Distributor to financial intermediaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ongoing asset-based distribution and/or service fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shareholder servicing expenses that may be paid from Fund assets to reimburse financial intermediaries, MML Advisers, or the Distributor for Fund expenses they incur for providing omnibus accounting, recordkeeping, networking, sub-transfer agency, or other administrative or shareholder services (including retirement plan and 529 plan administrative services fees).

In addition, MML Advisers may, at its discretion, make the following types of payments from its own resources, which may include profits MML Advisers derives from investment advisory fees paid by a Fund. Payments are made based on guidelines established by the MML Advisers, subject to applicable law. These payments are often referred to as "revenue sharing" payments, and may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compensation for marketing support, support provided in offering shares in a Fund through certain trading platforms and programs, and transaction processing or other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other compensation, to the extent the payment is not prohibited by law or by any self-regulatory agency, such as FINRA.

Although a broker or dealer that sells Fund shares may also act as a broker or dealer in connection with the purchase or sale of portfolio securities by a Fund, MML Advisers does not consider a financial intermediary's sales of shares of a Fund when choosing brokers or dealers to effect portfolio transactions for a Fund.

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Revenue sharing payments can pay for distribution-related or asset retention items including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transactional support, one-time charges for setting up access for a Fund on particular trading systems, and paying the financial intermediary's networking fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • program support, such as expenses related to including the Funds in retirement plans, college savings plans, fee-based advisory or wrap fee programs, fund "supermarkets," bank or trust company products or insurance companies' variable annuity or variable life insurance products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • placement on the dealer's list of offered funds and providing representatives of MML Advisers or the Distributor with access to a financial intermediary's sales meetings, sales representatives, and management representatives; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • firm support, such as business planning assistance, advertising, or educating a financial intermediary's sales personnel about the Funds and shareholder financial planning needs.

These payments may provide an incentive to financial intermediaries to actively market or promote the sale of shares of a Fund, or to support the marketing or promotional efforts of the Distributor in offering shares of a Fund. In addition, some types of payments may provide a financial intermediary with an incentive to recommend a Fund or a particular share class. Financial intermediaries may earn profits on these payments, since the amount of the payments may exceed the cost of providing the services. Certain of these payments are subject to limitations under applicable law. Financial intermediaries may categorize and disclose these arrangements to their clients and to members of the public in a manner different from the disclosures in a Fund's Prospectus and this SAI. You should ask your financial intermediary for information about any payments it receives from a Fund, MML Advisers, or the Distributor and any services it provides, as well as the fees and commissions it charges.

#### CUSTODIAN, DIVIDEND DISBURSING AGENT, AND TRANSFER AGENT
State Street, located at 1 Iron Street, Boston, Massachusetts 02210, is the custodian of each Fund's investments (the "Custodian") and ALPS Fund Services, Inc., located at 1290 Broadway, Suite 1000, Denver, Colorado 80203, is the Funds' transfer agent and dividend disbursing agent (the "Transfer Agent"). As custodian, State Street has custody of the Funds' securities and maintains certain financial and accounting books and records. As Custodian and Transfer Agent, respectively, State Street and ALPS Fund Services, Inc. do not assist in, and are not responsible for, the investment decisions and policies of the Funds.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP, located at 200 Berkeley Street, Boston, Massachusetts 02116, is the Trust's independent registered public accounting firm. Deloitte & Touche LLP provides audit and related services, and assistance in connection with various SEC filings.

#### CODES OF ETHICS
The Trust, MML Advisers, the Distributor, Barings, and BIIL have each adopted a code of ethics (the "Codes of Ethics") pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended. The Codes of Ethics permit Fund personnel to invest in securities, including securities that may be purchased or held by a Fund, for their own accounts, but require compliance with various pre-clearance requirements (with certain exceptions). The Codes of Ethics are on public file with, and are available from, the SEC.

#### PORTFOLIO TRANSACTIONS AND BROKERAGE
Transactions on stock exchanges, commodities markets and futures markets and other agency transactions involve the payment by the Funds of negotiated brokerage commissions. Such commissions may vary among different brokers. A particular broker may charge different commissions according to such factors as execution venue and exchange. Although the Funds do not typically pay commissions for principal transactions in the OTC markets, such as the markets for most fixed income securities and certain derivatives, an undisclosed amount of profit or "mark-up" is included in the price a Fund pays. In underwritten offerings, the price paid by a Fund includes a disclosed, fixed commission or discount retained by the underwriter or dealer.

The primary consideration in placing portfolio security transactions with broker-dealers for execution is to obtain the best execution of orders. Each Fund's investment adviser or subadviser attempts to achieve this result by selecting broker-dealers to execute portfolio transactions on the basis of their professional capability, the value and quality of their brokerage services, including anonymity and trade confidentiality, and the level of their brokerage commissions.

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Under each Advisory or Subadvisory Agreement and as permitted by Section 28(e) of the Exchange Act and to the extent not otherwise prohibited by applicable law, an investment adviser or subadviser may cause a Fund to pay a broker-dealer that provides brokerage and research services to the investment adviser or subadviser an amount of commission for effecting a securities transaction for a Fund in excess of the amount other broker-dealers would have charged for the transaction if the investment adviser or subadviser determines in good faith that the greater commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker-dealer viewed in terms of either a particular transaction or the investment adviser's or subadviser's overall responsibilities to the Trust and to its other clients. The term "brokerage and research services" includes: providing advice as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the availability of securities or of purchasers or sellers of securities; furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and effecting securities transactions and performing functions incidental thereto such as clearance and settlement.

The investment adviser or subadvisers may obtain third-party research from broker-dealers or non-broker-dealers by entering into commission sharing arrangements ("CSAs"). Under a CSA, the executing broker-dealer agrees that part of the commissions it earns on certain equity trades will be allocated to one or more research providers as payment for research. CSAs allow an investment adviser or subadviser to direct broker-dealers to pool commissions that are generated from orders executed at that broker-dealer, and then periodically direct the broker-dealer to pay third party research providers for research.

Brokerage and research services provided by brokers are used for the benefit of all of the investment adviser's or subadviser's clients and not solely or necessarily for the benefit of the Trust. The investment adviser or subadvisers attempt to evaluate the quality of brokerage and research services provided by brokers. Results of this effort are sometimes used by the investment adviser or subadvisers as a consideration in the selection of brokers to execute portfolio transactions.

The investment advisory fee that the Trust pays on behalf of each Fund to MML Advisers will not be reduced as a consequence of an investment adviser's or subadviser's receipt of brokerage and research services. To the extent the Trust's portfolio transactions are used to obtain such services, the brokerage commissions paid by the Trust will exceed those that might otherwise be paid, provided that the investment adviser or subadviser determines in good faith that such excess amounts are reasonable in relation to the services provided. Such services would be useful and of value to an investment adviser or subadviser in serving both the Trust and other clients and, conversely, such services obtained by the placement of brokerage business of other clients would be useful to an investment adviser or subadviser in carrying out its obligations to the Trust.

Subject to the overriding objective of obtaining the best execution of orders, the Funds may use broker-dealer affiliates of their respective investment adviser or subadvisers to effect portfolio brokerage transactions under procedures adopted by the Trustees. Pursuant to these procedures, the commission, fee, or other remuneration paid to the affiliated broker-dealer in connection with a portfolio brokerage transaction effected on a securities exchange must be reasonable and fair in comparison to those of other broker-dealers for comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable time period. This standard would allow the affiliated broker or dealer to receive no more than the remuneration which would be expected to be received by an unaffiliated broker.

The Funds may allocate brokerage transactions to broker-dealers (including affiliates of their respective investment adviser or subadvisers) who have entered into arrangements with the Trust under which the broker-dealer allocates a portion of the commissions paid back to the Fund. The transaction quality must, however, be comparable to that of other qualified broker-dealers.

The revised European Union ("EU") Markets in Financial Instruments Directive ("MiFID II"), which became effective January 3, 2018, requires EU investment managers in the scope of the EU Markets in Financial Instruments Directive to pay for research services from brokers and dealers directly out of their own resources or by establishing "research payment accounts" for each client, rather than through client commissions. MiFID II's research requirements present various compliance and operational considerations for investment advisers and broker-dealers serving clients in both the United States and the EU. It is possible that an investment adviser or subadviser subject to MiFID II will cause a Fund to pay for research services through client commissions in circumstances where the investment adviser or subadviser is prohibited from causing its other client accounts to do so, including where the investment adviser or subadviser aggregates trades on behalf of a Fund and those other client accounts. In such situations, the Fund would bear the additional amounts for the research services and the Fund's investment adviser's or subadviser's other client accounts would not, although the investment adviser's or subadviser's other client accounts might nonetheless benefit from those research services.

The following table discloses the brokerage commissions paid by the following Funds for the fiscal years ended September 30, 2022, September 30, 2021, and September 30, 2020:

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year ended <br>September 30, 2022** | **Fiscal Year ended <br>September 30, 2021** | **Fiscal Year ended <br>September 30, 2020** |
| Short-Duration Bond Fund  | $148280 | $51367 | $59305 |
| High Yield Fund  | $1993 | $— | $— |

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*Portfolio Turnover -* The Short-Duration Bond Fund experienced decreased portfolio turnover during the fiscal year ended September 30, 2022 as a result of the market environment. Higher transaction costs, spreads, and rates throughout the period led to attractive yields in existing holdings. The rising interest rate environment amidst geopolitical events has also led to volatile and thinly traded markets, which has provided fewer trading opportunities during the period.

For the fiscal years ended September 30, 2022, September 30, 2021, and September 30, 2020, the Funds did not pay brokerage commissions to an affiliate of the Funds' investment adviser or subadviser.

For the fiscal year ended September 30, 2022, the Funds did not have any trades directed to a broker or dealer because of research services provided.

The following table discloses the aggregate value of securities held by the Short-Duration Bond Fund issued by one or more of its "regular brokers or dealers" (as defined in the 1940 Act), or their parent companies, for the fiscal year ended September 30, 2022.

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| | |
|:---|:---|
| **Regular Broker or Dealer**  | **Aggregate Value of <br>Securities Held** |
| Barclays plc  | $4125478 |
| HSBC Securities, Inc.  | 3039444 |
| Mitsubishi UFJ Financial Group  | 1330904 |
|  | $8495826 |

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#### DESCRIPTION OF SHARES
The Trust, an open-end, management investment company, is organized as a Massachusetts business trust under the laws of Massachusetts by an Agreement and Declaration of Trust dated August 1, 1994 which was amended and restated as of November 21, 2011. A copy of the Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts. The fiscal year for each Fund ends on September 30.

The Declaration of Trust permits the Trustees, without shareholder approval, to issue an unlimited number of shares and divide those shares into an unlimited number of series of shares, representing separate investment portfolios with rights determined by the Trustees. Shares of the Funds are transferable and have no preemptive, subscription, or conversion rights. Shares of the Funds are entitled to dividends as declared by the Trustees. In the event of liquidation of a Fund, the Trustees would distribute, after paying or otherwise providing for all charges, taxes, expenses, and liabilities belonging to the Fund, the remaining assets belonging to the Fund among the holders of outstanding shares of the Fund. The Trustees have currently authorized the issuance of an unlimited number of full and fractional shares of 14 series, two of which are described in this SAI.

The Trustees may divide the shares of any series into two or more classes having such preferences or special or relative rights and privileges as the Trustees may determine, without obtaining shareholder approval. The Trustees have currently authorized the establishment and designation of 10 classes of shares, between one and ten classes of shares for each series of the Trust: Class I Shares, Class R5 Shares, Service Class Shares, Administrative Class Shares, Class R4 Shares, Class A Shares, Class R3 Shares, Class Y Shares, Class L Shares, and Class C Shares. Class I Shares, Class R5 Shares, Service Class Shares, Administrative Class Shares, Class A Shares, Class R4 Shares, Class R3 Shares, and Class Y Shares are offered by each series of the Trust, except the MassMutual U.S. Government Money Market Fund which only offers Class R5 Shares; however, for certain Funds, Class Y shares are not currently available for purchase. Currently, Class C Shares are only offered by the Short-Duration Bond Fund and High Yield Fund. Currently, Class L Shares are only offered by the Short-Duration Bond Fund. All shares of a particular class of each series represent an equal proportionate interest in the assets and liabilities belonging to that series allocable to that class.

The Trustees may also, without shareholder approval, combine two or more existing series (or classes) into a single series (or class).

The Declaration of Trust provides for the perpetual existence of the Trust. The Declaration of Trust, however, provides that the Trust may be terminated at any time by vote of at least 50% of the shares of each series entitled to vote and voting

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separately by series or by the Trustees by written notice to the shareholders. Any series of the Trust may be terminated by vote of at least 50% of shareholders of that series or by the Trustees by written notice to the shareholders of that series.

Shares of the Funds entitle their holders to one vote per share, with fractional shares voting proportionally, in the election of Trustees and on other matters submitted to the vote of shareholders. On any matter submitted to a vote of shareholders, all shares of the Trust then entitled to vote shall, except as otherwise provided in the Declaration of Trust or the Bylaws, be voted in the aggregate as a single class without regard to series or class, except that: (i) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more series or classes materially differently, shares will be voted by individual series or class; and (ii) when the Trustees have determined that the matter affects only the interests of one or more series or classes, then only shareholders of such series or classes shall be entitled to vote thereon. A separate vote will be taken by the applicable Fund on matters affecting the particular Fund, as determined by the Trustees. For example, a change in a fundamental investment policy for a particular Fund would be voted upon only by shareholders of that Fund. In addition, a separate vote will be taken by the applicable class of a Fund on matters affecting the particular class, as determined by the Trustees. For example, the adoption of a distribution plan relating to a particular class and requiring shareholder approval would be voted upon only by shareholders of that class. Shares of each Fund have noncumulative voting rights with respect to the election of trustees.

The Trust is not required to hold annual meetings of its shareholders. However, special meetings of the shareholders may be called for the purpose of electing Trustees and for such other purposes as may be prescribed by law, by the Declaration of Trust, or by the Bylaws. There will normally be no meetings of shareholders for the purpose of electing Trustees except that the Trust will hold a shareholders' meeting as required by applicable law or regulation.

The Declaration of Trust may be amended by the Trustees without a shareholder vote, except to the extent a shareholder vote is required by applicable law, the Declaration of Trust or the Bylaws, or as the Trustees may otherwise determine.

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for the obligations of the Trust. However, the Declaration of Trust disclaims liability of the shareholders, Trustees, or officers for acts or obligations of the Trust, which are binding only on the assets and property of the Trust, and require that notice of such disclaimer be given in each note, bond, contract, instrument, certificate, or undertaking made or issued on behalf of the Trust by the Trustees or officers. In addition, the Declaration of Trust provides that shareholders of a Fund are entitled to indemnification out of the assets of their Fund to the extent that they are held personally liable for the obligations of their Fund solely by reason of being or having been a shareholder. Thus, the risk of a shareholder of a Fund incurring financial loss on account of shareholder liability is considered remote since it is limited to circumstances in which the disclaimer is inoperative and his or her Fund is unable to meet its obligations.

The Declaration of Trust also permits the Trustees to charge shareholders directly for custodial, transfer agency, and servicing expenses, but the Trustees have no present intention to charge shareholders directly for such expenses.

The Declaration of Trust further provides that a Trustee will not be personally liable for errors of judgment or mistakes of fact or law. However, nothing in the Declaration of Trust protects a Trustee against any liability to which the Trustee would otherwise be subject by reason of his or her own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. The Declaration of Trust also provides for indemnification of each of its Trustees and officers, except that such Trustees and officers may not be indemnified against any liability to the Trust or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

#### PROGRAMS FOR REDUCING OR ELIMINATING SALES CHARGES
The following information supplements the discussion of methods for reducing or eliminating sales charges for Class L and Class C shares of the Funds found in the Prospectus.

#### Right of Accumulation (Class L Shares Only)
Reduced sales charges on Class L shares of the Short-Duration Bond Fund can be obtained by combining a current purchase with prior purchases of all classes of shares of any Participating Funds (as defined in the Prospectus). The applicable sales charge is based on the combined total of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

the current purchase of Class L shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

the value at the public offering price at the close of business on the previous day of the Short-Duration Bond Fund's and any classes of a Participating Fund's shares held by the shareholder, the shareholder's spouse, or the shareholder's minor children.

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MML Advisers, the Distributor, or a financial intermediary must be promptly notified of each purchase that entitles a shareholder to a reduced sales charge. Such reduced sales charge will be applied upon confirmation of the shareholder's holdings by the Transfer Agent. The Short-Duration Bond Fund may terminate or amend this Right of Accumulation at any time without notice.

#### Letter of Intent (Class L Shares Only)
Any person may qualify for reduced sales charges on purchases of Class L shares of the Short-Duration Bond Fund made within a 13-month period pursuant to a Letter of Intent ("Letter"). A shareholder may include, as an accumulation credit toward the completion of such Letter, the value of all shares (of any class) of any Participating Funds held by the shareholder on the date of the Letter. The value is determined at the public offering price on the date of the Letter. Purchases made through reinvestment of distributions do not count toward satisfaction of the Letter. Upon request, a Letter may reflect purchases within the previous 90 days.

During the term of the Letter, the Transfer Agent will hold shares in escrow to secure payment of the higher sales charges applicable to Class L shares actually purchased if the terms of the Letter are not satisfied. Dividends and capital gains will be paid on all escrowed shares, and these shares will be released (upon satisfaction of any amount owed for sales charges if the terms of the Letter are not satisfied) when the amount indicated has been purchased or at the end of the period covered by the Letter, whichever occurs first. A Letter does not obligate the investor to buy or the Funds to sell the amount specified in the Letter.

If a shareholder exceeds the amount specified in the Letter and reaches an amount that would qualify for a further quantity discount, a retroactive price adjustment will be made at the time of expiration of the Letter. The resulting difference in offering price will purchase additional shares for the shareholder's account at the applicable offering price. As a part of this adjustment, a financial intermediary shall return to the Distributor the excess commission previously paid to the financial intermediary during the 13-month period.

If the amount specified in the Letter is not purchased, the shareholder shall remit to the Distributor an amount equal to the difference between the sales charge paid and the sales charge that should have been paid. If the shareholder fails within 20 days after a written request to pay such a difference in sales charge, the Transfer Agent will redeem that number of escrowed Class L shares to equal such difference. The additional amount of a financial intermediary's commission from the applicable offering price shall be remitted by the Distributor to the financial intermediary.

Additional information about, and terms of, Letters of Intent are available from a financial intermediary, or from the Transfer Agent at 1-855-439-5459.

#### Reinstatement Privilege (Class L and Class C Shares Only)
A shareholder who has redeemed Class L shares of the Short-Duration Bond Fund or Class C shares of a Fund may, upon request, reinstate within one year a portion or all of the proceeds of such sale in Class L shares or Class C shares, respectively, of the Fund or another Participating Fund at the NAV next determined after receipt by MML Advisers or the Distributor of a reinstatement request and receipt by the Transfer Agent of payment for such shares. The Distributor will not pay a financial intermediary a commission on any reinvested amount. Any contingent deferred sales charge ("CDSC") paid at the time of the redemption will be credited to the shareholder upon reinstatement. The period between the redemption and the reinstatement will not be counted in aging the reinstated shares for purposes of calculating any CDSC or conversion date. Shareholders who desire to exercise this privilege should contact MML Advisers, the Distributor, or a financial intermediary. Shareholders may exercise this privilege an unlimited number of times. Exercise of this privilege does not alter the U.S. federal income tax treatment of any capital gains realized on the prior sale of Fund shares, but to the extent any such shares were sold at a loss, some or all of the loss may be disallowed for tax purposes. Please consult your tax adviser.

#### Privileges of Financial Intermediaries
Class L shares of the Short-Duration Bond Fund may be sold at NAV, without a sales charge, to registered representatives and employees of financial intermediaries (including their affiliates) and such persons' families and their beneficial accounts.

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#### Sponsored Arrangements
Class L shares of the Short-Duration Bond Fund may be purchased at a reduced or zero sales charge pursuant to sponsored arrangements, which include programs under which an organization makes recommendations to, or permits group solicitation of, its employees, members, or participants in connection with the purchase of shares of the Fund on an individual basis. The amount of the sales charge reduction will reflect the anticipated reduction in sales expense associated with sponsored arrangements. The reduction in sales expense, and therefore the reduction in sales charge, will vary depending on factors such as the size and stability of the organization's group, the term of the organization's existence, and certain characteristics of the members of its group. The Fund reserves the right to revise the terms of or to suspend or discontinue sales pursuant to sponsored arrangements at any time.

Class L shares of the Short-Duration Bond Fund also may be purchased at a reduced or zero sales charge by (i) clients of any financial intermediary that has entered into an agreement with MML Advisers or the Distributor pursuant to which the Fund is included as an investment option in programs involving fee-based compensation arrangements; (ii) clients of any financial intermediary that has entered into an agreement with MML Advisers or the Distributor pursuant to which such financial intermediary offers Fund shares through self-directed investment brokerage accounts that do not charge transaction fees to its clients; and (iii) participants in employer-sponsored retirement plans (e.g. 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, and defined benefit plans). For purposes of this waiver, employer-sponsored retirement plans do not include Simplified Employee Pension Plan IRAs ("SEP IRAs"), Simple IRAs, Salary Reduction Simplified Employee Pension Plans ("SAR-SEPs"), or Keogh plans.

#### Waiver of CDSCs
CDSCs may be waived on redemptions in the following situations with the proper documentation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

<u>Death</u>. CDSCs may be waived on redemptions within one year following the death of (i) the sole shareholder on an individual account, (ii) a joint tenant where the surviving joint tenant is the deceased's spouse, or (iii) the beneficiary of a Uniform Gifts to Minors Act ("UGMA"), Uniform Transfers to Minors Act ("UTMA"), or other custodial account. If, upon the occurrence of one of the foregoing, the account is transferred to an account registered in the name of the deceased's estate, the CDSC will be waived on any redemption from the estate account occurring within one year after the death. If Class L or Class C shares are not redeemed within one year of the death, they will remain subject to the applicable CDSC when redeemed from the transferee's account. If the account is transferred to a new registration and then a redemption is requested, the applicable CDSC will be charged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

<u>Disability</u>. CDSCs may be waived on redemptions occurring within one year after the sole shareholder on an individual account or a joint tenant on a spousal joint tenant account becomes disabled (as defined in Section 72(m)(7) of the Code). To be eligible for such waiver, (i) the disability must arise after the purchase of shares, (ii) the disabled shareholder must have been under age 65 at the time of the initial determination of disability, and (iii) a letter must be produced from a physician signed under penalty of perjury stating the nature of the disability. If the account is transferred to a new registration and then a redemption is requested, the applicable CDSC will be charged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

<u>Death of a Trustee</u>. CDSCs may be waived on redemptions occurring upon dissolution of a revocable living or grantor trust following the death of the sole trustee where (i) the grantor of the trust is the sole trustee and the sole life beneficiary, (ii) death occurs following the purchase of shares, and (iii) the trust document provides for dissolution of the trust upon the trustee's death. If the account is transferred to a new registration (including that of a successor trustee), the applicable CDSC will be charged upon any subsequent redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

<u>Return of Excess Contributions</u>. CDSCs may be waived on redemptions required to return excess contributions made to retirement plans or individual retirement accounts, so long as the financial intermediary agrees to return all or the agreed-upon portion of the commission received on the shares being redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

<u>Qualified Retirement Plans</u>. CDSCs may be waived on redemptions required to make distributions from qualified retirement plans following normal retirement age (as stated in the plan document).

The CDSC also may be waived if a financial intermediary agrees to return all or an agreed-upon portion of the commission received on the sale of the shares being redeemed.

#### SECURITIES LENDING
State Street serves as securities lending agent to the Trust. As securities lending agent, State Street is responsible for the implementation and administration of the securities lending program pursuant to the Securities Lending Agency

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Agreement ("Securities Lending Agreement"). State Street acts as agent to the Trust to lend available securities with any person on its list of approved borrowers. State Street determines whether a loan shall be made per the agreed upon parameters with the Trust and negotiates and establishes the terms and conditions of the loan with the borrower. State Street ensures that all substitute interest, dividends, and other distributions paid with respect to loan securities are credited to the applicable Fund's relevant account on the date such amounts are delivered by the borrower to State Street. State Street receives and holds, on the Fund's behalf, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities. State Street marks loaned securities and collateral to their market value each business day in order to maintain the value of the collateral at no less than 102% (for domestic) and 105% (for foreign) of the market value of the loaned securities. At the termination of the loan, State Street returns the collateral to the borrower upon the return of the loaned securities to State Street. State Street invests cash collateral in accordance with the Securities Lending Agreement. State Street maintains such records as are reasonably necessary to account for loans that are made and the income derived therefrom and makes available to the Funds daily, monthly, and quarterly statements describing the loans made, and the income derived from the loans, during the period. State Street performs compliance monitoring and testing of the securities lending program. The Board receives information quarterly describing the outstanding loans and income made on such loans during the period.

The dollar amounts of gross and net income from securities lending activities received and the related fees and/or compensation paid by each applicable Fund during the fiscal year ended September 30, 2022 were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FUND  | Gross income earned by the Fund from securities lending activities | Fees paid to securities lending agent from a revenue split | Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in a revenue split | Administrative fees not included in a revenue split | Indemnification fees not included in a revenue split | Rebate (paid to borrower) | Other fees not included in a revenue split, if applicable, including a description of those other fees | Aggregate fees/ compensation paid by the Fund for securities lending activities | Net income from securities lending activities |
| Short-Duration <br> Bond Fund  | $43736 | $3074 | $994 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $22252 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $26319 | $17417 |
| High Yield Fund  | $193627 | $17882 | $4861 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $– &nbsp;&nbsp;&nbsp; | $69550 | $– &nbsp;&nbsp;&nbsp;&nbsp; | $92294 | $101333 |

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REDEMPTION OF SHARES

With respect to each Fund, the Trustees may suspend the right of redemption, postpone the date of payment, or suspend the determination of NAV: (a) for any period during which the NYSE is closed (other than for customary weekend and holiday closing); (b) for any period during which trading in the markets the Fund normally uses is, as determined by the SEC, restricted; (c) when an emergency exists as determined by the SEC so that disposal of the Fund's investments or a determination of its NAV is not reasonably practicable; or (d) for such other periods as the SEC by order may permit for the protection of the Trust's shareholders. Under normal circumstances, each Fund expects to meet redemption requests by using cash or cash equivalents in its portfolio and/or selling portfolio assets to generate cash. Under stressed market conditions, a Fund may pay redemption proceeds using cash obtained through borrowing arrangements that may be available from time to time. To the extent consistent with applicable laws and regulations, the Funds reserve the right to satisfy all or a portion of a redemption request by distributing securities or other property in lieu of cash ("in-kind" redemptions), under both normal and stressed market conditions. In-kind redemptions are typically used to meet redemption requests that represent a large percentage of the Fund's net assets in order to minimize the effect of the large redemption on the Fund and its remaining shareholders. Some Funds may be limited in their ability to use assets other than cash to meet redemption requests due to restrictions on ownership of their portfolio assets. Any in-kind redemption will be effected through a distribution of all publicly traded portfolio securities or securities for which quoted bid prices are available, subject to certain exceptions. The securities distributed in an in-kind redemption will be valued in the same manner as they are valued for purposes of computing the Fund's NAV. These securities are subject to market risk until they are sold and may increase or decrease in value prior to converting them into cash. You may incur brokerage and other transaction costs, and could incur a taxable gain or loss for income tax purposes when converting the securities to cash.

VALUATION OF PORTFOLIO SECURITIES

The NAV of each Fund's shares is determined once daily as of the close of regular trading on the NYSE, on each day the NYSE is open for trading (a "business day"). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close

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earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE's scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Advisers will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. The NYSE currently is not open for trading on New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Each Fund calculates the NAV of each of its classes of shares by dividing the total value of the assets attributable to that class, less the liabilities attributable to that class, by the number of shares of that class that are outstanding. On holidays and other days when the NYSE is closed, each Fund's NAV generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of OTC securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing NAVs as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, prepayment speed assumptions and attributes of the collateral.

The Board has designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their NAVs.

The prices of foreign securities are quoted in foreign currencies. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the

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U.S. dollar at the end of each business day. Changes in the exchange rate, therefore, if applicable, will affect the NAV of shares of a Fund even when there has been no change in the values of the foreign securities measured in terms of the currency in which they are denominated.

The proceeds received by each Fund for each issue or sale of its shares, all net investment income, and realized and unrealized gain will be specifically allocated to such Fund and constitute the underlying assets of that Fund. The underlying assets of each Fund will be segregated on the Trust's books of account, and will be charged with the liabilities in respect of such Fund and with a share of the general liabilities of the Trust. Expenses with respect to any two or more Funds are to be allocated in proportion to the NAVs of the respective Funds except where allocations of direct expenses can otherwise be fairly made. Each class of shares of a Fund will be charged with liabilities directly attributable to such class, and other Fund expenses will be allocated in proportion to the NAVs of the respective classes.

#### TAXATION

#### Taxation of the Funds: In General
Each Fund has elected and intends to qualify each year to be treated as a regulated investment company under Subchapter M of the Code. In order to qualify as a regulated investment company, a Fund must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

derive at least 90% of its gross income for each taxable year from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities, or foreign currencies, and other income (including, but not limited to, gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

net income derived from interests in "qualified publicly traded partnerships" (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and its net tax-exempt income, if any, for such year in a manner qualifying for the dividends-paid deduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

diversify its holdings so that, at the close of each quarter of its taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

at least 50% of the value of its total assets consists of cash, cash items, U.S. Government securities, securities of other regulated investment companies, and other securities limited generally with respect to any one issuer to not more than 5% of the total assets of the Fund and not more than 10% of the outstanding voting securities of such issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

not more than 25% of the value of its total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities of any one issuer or two or more issuers which the Fund controls and that are engaged in the same, similar, or related trades or businesses (other than U.S. Government securities), or (y) in the securities of one or more qualified publicly traded partnerships (as defined below).

For purposes of the 90% gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the regulated investment company. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" will be treated as qualifying income. A "qualified publicly traded partnership" is a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). Certain of a Fund's investments in MLPs and ETFs, if any, may qualify as interests in qualified publicly traded partnerships, as described further below. In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (c) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also for purposes of the diversification test in (c) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to identification of the issuer for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (c) above.

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The 90% gross income requirement described in (a) above and the diversification test described in (c) above may limit the extent to which a Fund can engage in certain derivative transactions, as well as the extent to which it can invest in commodities, commodities-related investments, and MLPs.

In general, if a Fund qualifies as a regulated investment company that is accorded special tax treatment, that Fund will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to its shareholders in the form of dividends (including capital gain dividends). As long as a Fund qualifies as a regulated investment company, the Fund under present law will not be subject to any excise or income taxes imposed by Massachusetts.

If a Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If a Fund were ineligible to or otherwise did not cure such failure for any year, or if a Fund were otherwise to fail to qualify as a regulated investment company in any taxable year, that Fund would be subject to tax on its taxable income at corporate rates. In addition, all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders or possibly to be treated as qualified dividend income to shareholders taxed as individuals. Finally, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a regulated investment company.

Each Fund intends to declare a dividend daily and to pay out any dividends at least monthly to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction) and its net tax-exempt income (if any). Each Fund intends to distribute at least annually net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). Investment company taxable income or net capital gain that is retained by a Fund will be subject to tax at regular corporate rates. However, a Fund may designate any retained net capital gain amount as undistributed capital gains in a timely notice to its shareholders who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) will be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If a Fund makes this designation, the tax basis of shares owned by a shareholder of a Fund will, for U.S. federal income tax purposes, be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. A Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a capital gain dividend, its taxable income, and its earnings and profits, a regulated investment company may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) and certain late-year ordinary losses (generally, the sum of its (i) net ordinary losses from the sale, exchange or other taxable disposition of property, attributable to the portion of the taxable year after October 31, and its (ii) other net ordinary losses attributable to the portion of the taxable year after December 31) as if incurred in the succeeding taxable year.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a Fund's net investment income. If a Fund has a net capital loss for any year, the amount thereof may be carried forward to offset capital gains in future years, thereby reducing the amount the Fund would otherwise be required to distribute in such future years to qualify for the special tax treatment accorded regulated investment companies and avoid a Fund-level tax. If a Fund incurs or has incurred net capital losses, those losses will be carried forward to one or more subsequent taxable years without expiration; any such carryforward losses will retain their character as short-term or long-term. See the most recent annual shareholder report for each Fund's capital loss carryforwards as of the end of its most recently ended fiscal year.

A nondeductible excise tax at the rate of 4% will be imposed on the excess, if any, of each Fund's "required distribution" over its actual distributions in any calendar year. The "required distribution" is 98% of the Fund's ordinary income for the calendar year plus 98.2% of its capital gain net income recognized during the one-year period ending on October 31 (or November 30 or December 31, if the Fund is permitted to elect and so elects) plus undistributed amounts from prior years. For these purposes, ordinary gains and losses from the sale, exchange or other taxable disposition of property that would be properly taken into account after October 31 (or November 30, if the Fund makes the election

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referred to above) are treated as arising on January 1 of the following calendar year; in the case of a Fund with a December 31 year end, no such gains or losses will be so treated. Each Fund intends to make distributions sufficient to avoid imposition of the excise tax, although there can be no assurance that it will be able to do so. Distributions declared by a Fund during October, November, or December to shareholders of record on a date in any such month and paid by the Fund during the following January will be treated for U.S. federal tax purposes as paid by the Fund and received by shareholders on December 31 of the year in which declared.

Under current law, a Fund may treat the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders' portion of the undistributed investment company taxable income and net capital gain of the Fund as a distribution of investment company taxable income and net capital gain on the Fund's tax return. This practice, which involves the use of tax equalization, will have the effect of reducing the amount of income and gains that a Fund is required to distribute as dividends to shareholders in order for the Fund to avoid U.S. federal income tax and excise tax. This practice may also reduce the amount of the distributions required to be made to non-redeeming shareholders. The amount of any undistributed income will be reflected in the value of the shares of the Fund, and thus the total return on a shareholder's investment will not be reduced as a result of this practice.

#### Fund Distributions
Except in the case of certain shareholders eligible for preferential tax treatment, e.g., qualified retirement or pension trusts, shareholders of each Fund generally will be subject to U.S. federal income taxes on Fund distributions as described herein. Distributions are taxable whether shareholders receive them in cash or reinvest them in additional shares through a dividend reinvestment plan. A shareholder whose distributions are reinvested in shares will be treated as having received a dividend equal to the fair market value of the new shares issued to the shareholder.

Distributions are taxable to shareholders even if they are paid from income or gains earned by a Fund before a shareholder's investment (and thus were included in the price the shareholder paid for his or her shares), even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when a Fund's NAV reflects gains that are unrealized, or income or gains that are realized but not distributed. Such realized income or gains may be required to be distributed even when the Fund's NAV also reflects unrealized losses.

Distributions by each Fund of investment income generally will be taxable to shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than by how long a shareholder has owned (or is deemed to have owned) his or her shares. Distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income. Properly reported distributions of long-term capital gains, if any, are taxable in the hands of an investor as long-term gain includible in net capital gain and taxed to individuals at reduced rates. Tax rules can alter a Fund's holding period in investments and thereby affect the tax treatment of gain or loss on such investments.

The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of capital gain dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code.

Distributions of investment income reported by a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to long-term capital gains, provided that both the shareholder and the Fund meet certain holding period and other requirements. In order for some portion of the dividends received by a Fund shareholder to be "qualified dividend income," the Fund must meet certain holding period and other requirements with respect to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet certain holding period and other requirements with respect to the Fund's shares. A dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (4) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation that is readily tradable on an established securities market in the United States) or (b) treated as a passive foreign investment company.

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In general, distributions of investment income reported by each Fund as derived from qualified dividend income will be treated as qualified dividend income by a shareholder taxed as an individual, provided the shareholder meets the holding period and other requirements described above with respect to the Fund's shares. If the aggregate qualified dividends received by a Fund during any taxable year are 95% or more of its gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than dividends properly reported as capital gain dividends) will be eligible to be treated as qualified dividend income. In general, Funds investing primarily in fixed income investments do not expect a significant portion of their distributions to be derived from qualified dividend income.

Dividends of net investment income received by corporate shareholders of each Fund will qualify for the dividends-received deduction generally available to corporations to the extent those dividends are reported as being attributable to qualifying dividends received by the Fund from domestic corporations for the taxable year. In general, a dividend received by a Fund will not be treated as a dividend eligible for the dividends-received deduction (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividends-received deduction may otherwise be disallowed or reduced (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (2) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed funds)). In general, Funds investing primarily in fixed income investments do not expect a significant portion of their distributions to qualify for the dividends-received deduction.

A portion of the interest paid or accrued on certain high yield discount obligations owned by a Fund may be treated as a dividend for purposes of the corporate dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends received deduction to the extent of the deemed dividend portion of such accrued interest.

Any distribution of income that is attributable to (i) income received by a Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction, or (ii) dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders. Distributions by a Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a U.S. federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by the regulated investment company from REITs, to the extent such dividends are properly reported as such by the regulated investment company in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying regulated investment company shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts, and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by a Fund of net investment income and capital gains as described above, and (ii) any net gain from the sale, redemption, exchange, or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisers regarding the possible implications of this additional tax on their investment in the Fund.

If a Fund makes a distribution to a shareholder in excess of its current and accumulated "earnings and profits" in and with respect to any taxable year, the excess distribution will be treated as a return of capital to the extent of the shareholder's tax basis in his or her shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in his or her shares, thus reducing any loss or increasing any gain on the shareholder's subsequent taxable disposition of his or her shares.

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#### Sales, Redemptions, and Exchanges
Sales, redemptions, and exchanges of each Fund's shares are taxable events and, accordingly, shareholders subject to U.S. federal income taxes may realize gains and losses on these transactions. If shares have been held for more than one year, gain or loss realized generally will be long-term capital gain or loss, provided the shareholder holds the shares as a capital asset. Otherwise, the gain or loss on a taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, a loss on a sale of Fund shares held by a shareholder for six months or less will be treated as a long-term capital loss to the extent of any long-term capital gain dividend paid to the shareholder with respect to such shares. Further, no loss will be allowed on a sale of Fund shares to the extent the shareholder acquires identical shares of the same Fund within 30 days before or after the disposition. In such case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss. In the case of individuals holding shares in a Fund directly, upon the sale, redemption or exchange of Fund shares, the Fund or, in the case of shares purchased through a financial intermediary, the financial intermediary may be required to provide the shareholder and the IRS with cost basis and certain other related tax information about the Fund shares sold, redeemed, or exchanged. See the Funds' Prospectus for more information.

Under Treasury regulations, if a shareholder recognizes a loss with respect to Fund shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

#### Certain Investments in Debt Obligations
Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and all zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) that are acquired by a Fund will be treated as being issued with original issue discount ("OID"). Generally, the amount of the OID is treated as interest income and is included in taxable income (and required to be distributed) over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. Payment-in-kind securities will also give rise to income which is required to be distributed and is taxable even though a Fund holding the security receives no interest payment in cash on the security during the year.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by a Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which the market discount accrues, and thus is included in the Fund's income, will depend in part upon which of the permitted accrual methods the Fund elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance that are acquired by a Fund may be treated as having OID, or acquisition discount (very generally, the excess of the stated redemption price over the purchase price) in the case of certain types of debt obligations. Generally, the Fund will be required to include the OID, or acquisition discount, as ordinary income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A Fund may make one or more of the elections applicable to debt obligations having acquisition discount, or OID, which could affect the character and timing of recognition of income by the Fund.

As indicated above, a Fund that invests in certain debt instruments may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary. The Fund may realize gains or losses from such liquidations. In the event a Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution than they would in the absence of such transactions.

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Investments in debt obligations that are at risk of or in default present special tax issues for a Fund. Tax rules are not entirely clear about issues such as when a Fund may cease to accrue interest, OID, or market discount; whether and to what extent a Fund should recognize market discount on such a debt obligation; when and to what extent a Fund may take deductions for bad debts or worthless securities; and how a Fund should allocate payments received on obligations in default between principal and interest. These and other related issues will be addressed by each Fund when, and if, it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.

#### Derivative Transactions
If a Fund engages in derivative transactions, including transactions in options, futures contracts, forward contracts, swap agreements, foreign currencies, and straddles, or other similar transactions, including for hedging purposes, it will be subject to special tax rules (including constructive sale, mark-to-market, straddle, wash sale, and short sale rules), the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments in the holding periods of the Fund's securities, convert long-term capital gains into short-term capital gains, or convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing, and character of distributions to shareholders.

A Fund's transactions in foreign currency-denominated debt instruments and certain of its derivative activities may produce a difference between its book income and its taxable income. If a Fund's book income exceeds its taxable income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset. If a Fund's book income is less than taxable income, the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company and to eliminate fund-level income tax.

#### Investments in Regulated Investment Companies and Other Investment Funds
To the extent a Fund invests its assets in shares of ETFs or other investment companies that are regulated investment companies ("underlying funds"), its distributable income and gains will normally consist of distributions from such underlying funds and gains and losses on the disposition of shares of such underlying funds. To the extent that such an underlying fund realizes net losses on its investments for a given taxable year, the Fund will not be able to recognize its share of those losses to offset capital gains the Fund realized from other sources until and only to the extent that it disposes of shares of the underlying fund in a transaction qualifying for sale or exchange treatment (although such losses of an underlying fund may reduce distributions to the Fund from that underlying fund in future taxable years). Moreover, even when a Fund does make a disposition of shares of an underlying fund, a portion of its loss may be recognized as a long-term capital loss, which the Fund will not be able to offset against its ordinary income (including distributions of any net short-term capital gains realized by the underlying fund).

As a result of the foregoing rules, and certain other special rules, the amounts of net investment income and net capital gains that a Fund will be required to distribute to shareholders may be greater than such amounts would have been had the Fund invested directly in the securities held by the underlying funds. For similar reasons, the character of distributions from the Fund will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying funds. Investing through underlying funds can therefore affect the amount, timing and character of distributions to shareholders, and may increase the amount of taxes payable by shareholders.

If at the close of each quarter of a Fund's taxable year, at least 50% of its total assets consists of interests in other regulated investment companies, the Fund will be a "qualified fund of funds." In that case, the Fund is permitted to elect to pass through to its shareholders foreign income and other similar taxes paid by the Fund in respect of foreign securities held directly by the Fund or by a regulated investment company in which its invests that itself elected to pass such taxes through to its shareholders, so that shareholders of the Fund will be eligible to claim a tax credit or deduction for such taxes. However, even if a Fund qualifies to make such election for any year, it may determine not to do so. See "Foreign Taxes and Investments" below.

To the extent a Fund invests in commodity-related ETFs that qualify as qualified publicly traded partnerships, the net income derived from such ETFs will constitute qualifying income for purposes of the 90% gross income test (as noted above). If such an ETF were to fail to qualify as a qualified publicly traded partnership, a portion of the gross income derived from that ETF could constitute nonqualifying income to the Fund for purposes of the 90% gross income test.

The foregoing is only a general description of certain U.S. federal tax consequences of investing in ETFs and other underlying funds.

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#### Foreign Taxes and Investments
Income proceeds and gains received by a Fund from sources outside the United States might be subject to foreign taxes that are withheld at the source or other foreign taxes. The effective rate of these foreign taxes cannot be determined in advance because it depends on the specific countries in which a Fund's assets will be invested, the amount of the assets invested in each such country and the possibility of treaty relief.

If more than 50% of a Fund's assets at taxable year end consists of the securities of foreign corporations, the Fund may be eligible to make an election under Section 853 of the Code so that any of its shareholders subject to federal income taxes will be able to claim a credit or deduction on their income tax returns for, and will be required to treat as part of the amounts distributed to them, their pro rata portion of qualified taxes paid by the Fund to foreign countries. If such an election is made, the ability of shareholders of the Fund to claim a foreign tax credit will be subject to limitations imposed by the Code, which in general limits the amount of foreign tax that may be used to reduce a shareholder's U.S. tax liability to that amount of U.S. tax which would be imposed on the amount and type of income in respect of which the foreign tax was paid. In addition, the ability of shareholders to claim a foreign tax credit is subject to a holding period requirement. A shareholder who for U.S. income tax purposes claims a foreign tax credit in respect of Fund distributions may not claim a deduction for foreign taxes paid by the Fund, regardless of whether the shareholder itemizes deductions. Also, no deduction for foreign taxes may be claimed by shareholders who do not itemize deductions on their federal income tax returns. It should also be noted that a tax-exempt shareholder, like other shareholders, will be required to treat as part of the amounts distributed to it a pro rata portion of the income taxes paid by the Fund to foreign countries. However, that income will generally be exempt from U.S. taxation by virtue of such shareholder's tax-exempt status and such a shareholder will not be entitled to either a tax credit or a deduction with respect to such income. A Fund that makes the election referred to above will notify its shareholders each year of the amount of dividends and distributions and the shareholders' pro rata shares of qualified taxes paid by the Fund to foreign countries.

A Fund may invest in one or more "passive foreign investment companies" ("PFICs"). A PFIC is generally any foreign corporation: (i) 75% or more of the income of which for a taxable year in the Fund's holding period is passive income, or (ii) the average percentage of the assets of which (generally by value, but by adjusted tax basis in certain cases) that produce or are held for the production of passive income is at least 50%. Generally, passive income for this purpose means dividends, interest (including income equivalent to interest), royalties, rents, annuities, the excess of gain over losses from certain property transactions and commodities transactions, and foreign currency gains.

Investment by a Fund in PFICs could subject the Fund to a U.S. federal income tax or other charge on distributions received from PFICs or on the proceeds from the sale of its investments in the PFICs. This tax cannot be eliminated by making distributions to Fund shareholders. However, a Fund may be able to make an election that would avoid the imposition of that tax. For example, a Fund may in certain cases elect to treat a PFIC as a "qualified electing fund" (a "QEF election"), in which case the Fund will be required to include in its income its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company. A Fund also may make an election to mark the gains (and to a limited extent losses) in a PFIC "to the market" as though it had sold and repurchased its holdings in the PFIC on the last day of the Fund's taxable year. Such gains and losses are generally treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income by the Fund (without the receipt of cash) and increase the amount required to be distributed by a Fund to avoid taxation. Making either of these elections therefore may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect a Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income." Because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and other charges described above in some instances.

Finally, a Fund's transactions in foreign currencies, foreign currency-denominated debt obligations, and certain foreign currency options, futures contracts, and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Such ordinary income treatment may increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses resulting from such transactions cannot be carried forward by a Fund to offset income or gains earned in subsequent taxable years.

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#### Certain Investments in Real Estate Investment Trusts
If a Fund invests in equity securities of REITs, such investments may result in the fund's receipt of cash in excess of the REIT's earnings. If a Fund distributes such amounts, such distribution could constitute a return of capital to the Fund's shareholders for federal income tax purposes. Dividends received by a Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

#### Certain Investments in Mortgage-Related Securities
A Fund may invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in CMOs with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS and Treasury regulations that have not yet been issued, but may apply retroactively, a portion of a Fund's income that is attributable to a REIT's residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a regulated investment company, such as the Funds, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC or TMP interest directly.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan, or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

#### Unrelated Business Taxable Income
Income of a regulated investment company that would be UBTI if earned directly by a tax-exempt entity generally will not constitute UBTI when distributed to a tax-exempt shareholder of the regulated investment company. Notwithstanding this "blocking" effect, a tax-exempt shareholder of a Fund could realize UBTI by virtue of its investment in a Fund if shares in that Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code. A tax-exempt shareholder may also recognize UBTI if a Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by a Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

Special tax consequences also apply to charitable remainder trusts ("CRTs") that invest in regulated investment companies that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT, as defined in Section 664 of the Code, that realizes UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a Fund that recognizes "excess inclusion income" (which is described earlier). Rather, if at any time during any taxable year a CRT or one of certain other tax-exempt shareholders (such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a Fund that recognizes "excess inclusion income," then such Fund will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which the IRS guidance in respect of CRTs remains applicable in light of the December 2006 CRT legislation is unclear. To the extent permitted under the 1940 Act, the Funds may elect to allocate any such tax specially to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Funds. CRTs and other tax-exempt investors are urged to consult their tax advisers concerning the consequences of investing in the Funds.

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#### Investments in MLPs
Some amounts received by a Fund from its investments in MLPs will likely be treated as returns of capital because of accelerated deductions available with respect to the activities of MLPs. On the disposition of an investment in such an MLP, the Fund will likely realize taxable income in excess of economic gain from that asset (or, in later periods, if a Fund does not dispose of the MLP, the Fund will likely realize taxable income in excess of cash flow received by the Fund from the MLP), and the Fund must take such income into account in determining whether the Fund has satisfied its regulated investment company distribution requirements. The Fund may have to borrow or liquidate securities to satisfy its distribution requirements and meet its redemption requests, even though investment considerations might otherwise make it undesirable for the Fund to borrow money or sell securities at the time. In addition, distributions attributable to gain from the sale of MLPs that are characterized as ordinary income under the Code's recapture provisions will be taxable to Fund shareholders, when distributed to them, as ordinary income.

As noted above, certain of the MLPs in which a Fund may invest qualify as qualified publicly traded partnerships. In such cases, the net income derived from such investments will constitute qualifying income for purposes of the 90% gross income requirement described earlier for qualification as a regulated investment company. If, however, such a vehicle were to fail to qualify as a qualified publicly traded partnership in a particular year, a portion of the gross income derived from it in such year could constitute non-qualifying income to a Fund for purposes of the 90% gross income requirement and thus could adversely affect the Fund's ability to qualify as a regulated investment company for a particular year. In addition, as described above, the diversification requirement for regulated investment company qualification will limit a Fund's investments in one or more vehicles that are qualified publicly traded partnerships to 25% of the Fund's total assets as of the end of each quarter of the Fund's taxable year.

Subject to any future regulatory guidance to the contrary, distributions attributable to qualified publicly traded partnership income from a Fund's investments in MLPs will ostensibly not qualify for the deduction available to non-corporate taxpayers in respect of such amounts received directly from an MLP.

#### Backup Withholding
Each Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable dividends and other distributions paid to and proceeds of share sales, exchanges, or redemptions made by any individual shareholder who fails to furnish the Fund with a correct taxpayer identification number (TIN), who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

#### Non U.S. Shareholders
Distributions by a Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as (1) capital gain dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders.

The exceptions to withholding for short-term capital gain dividends and capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests.

The exception to withholding for "interest-related dividends" does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation.

If a Fund invests in a regulated investment company that pays capital gain dividends, short-term capital gain dividends, or interest-related dividends to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders.

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A Fund is permitted to report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders. Foreign shareholders should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by a Fund to foreign shareholders other than capital gain dividends, short-term capital gain dividends, and interest-related dividends (e.g., dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

Under U.S. federal income tax law, a beneficial holder of shares who or which is a foreign person is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of a Fund unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States, (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating one hundred eighty-three (183) days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of "U.S. real property interests" ("USRPIs") apply to the foreign shareholder's sale of shares of the Fund (as described below).

Beneficial holders that are foreign persons with respect to whom income from a Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents, or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisers.

Special rules would apply if a Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs generally are defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A Fund that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and regulated investment companies that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in regulated investment companies generally are not USRPIs, but these exceptions do not apply for purposes of determining whether a Fund is a QIE.

If an interest in a Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder, in which case such foreign shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

If a Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier regulated investment company or REIT that the Fund is required to treat as USRPI gain in its hands and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's foreign shareholders and would be subject to U.S. tax withholding. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund.

Foreign shareholders of a Fund also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and payment obligations discussed above through the sale and repurchase of Fund shares.

Beneficial holders that are foreign persons should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Funds.

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#### Other Reporting and Withholding Requirements
Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or capital gain dividends a Fund pays. If a payment by a Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., short-term capital gain dividends and interest-related dividends).

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

#### General Considerations
Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or tax-advantaged arrangements. Shareholders should consult their tax adviser to determine the suitability of shares of a Fund as an investment through such plans and arrangements and the precise effect of an investment on their particular tax situation.

The foregoing discussion of the U.S. federal income tax consequences of investment in the Funds is a general and abbreviated summary based on the applicable provisions of the Code, U.S. Treasury regulations, and other applicable authority currently in effect. For the complete provisions, reference should be made to the pertinent Code sections and regulations. The Code and regulations are subject to change by legislative or administrative action, possibly with retroactive effect. This discussion of the federal income tax treatment of the Funds and their shareholders does not describe in any respect the tax treatment of any particular arrangement, e.g., tax-exempt trusts or insurance products, pursuant to which or by which investments in the Funds may be made. Shareholders should consult their tax advisers as to their own tax situation, including possible foreign, state, and local taxes.

#### EXPERTS
Ropes & Gray LLP, The Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199-3600 serves as counsel to the Trust.

The financial statements of the Funds incorporated herein by reference from the Trust's [Annual Report as of September 30, 2022](https://www.sec.gov/Archives/edgar/data/927972/000139834422024591/fp0079343-3_ncsra.htm) have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in its reports which are also incorporated herein by reference. Such financial statements have been so incorporated in reliance upon the reports of Deloitte & Touche LLP given on the authority of that firm as experts in accounting and auditing. Copies of the Trust's Annual Report as of September 30, 2022 are available, without charge, upon request by calling 1-888-309-3539.

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#### APPENDIX A—DESCRIPTION OF SECURITIES RATINGS
Although the ratings of fixed income securities by S&P, Moody's, and Fitch are a generally accepted measurement of credit risk, they are subject to certain limitations. For example, ratings are based primarily upon historical events and do not necessarily reflect the future. Furthermore, there is a period of time between the issuance of a rating and the update of the rating, during which time a published rating may be inaccurate.

The descriptions of the S&P, Moody's, and Fitch's commercial paper and bond ratings are set forth below.

#### Commercial Paper Ratings:
S&P commercial paper ratings are graded into four categories, ranging from A for the highest quality obligations to D for the lowest. Issues assigned the highest rating of A are regarded as having the greatest capacity for timely payment. Issues in this category are further refined with the designations 1, 2, and 3 to indicate the relative degree of safety. The A-1 and A-2 categories are described as follows:

**A-1**—This designation indicates that the degree of safety regarding timely payment is strong. Those issues determined to possess extremely strong safety characteristics will be noted with a plus (+) sign designation.

**A-2**—Capacity for timely payment on issues with this designation is satisfactory. However, the relative degree of safety is not as high as for issues designated A-1.

Moody's employs three designations, all judged to be investment grade, to indicate the relative repayment ability of rated issuers. The two highest designations are as follows:

Issuers (or supporting institutions) rated Prime-1 (or P-1) have a superior ability for repayment of senior short-term debt obligations. Prime-1 (or P-1) repayment ability will normally be evidenced by many of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Leading market positions in well-established industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • High rates of return on funds employed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Conservative capitalization structure with moderate reliance on debt and ample asset protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Broad margins in earnings coverage of fixed financial charges and high internal cash generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Well-established access to a range of financial markets and assured sources of alternate liquidity.

Issuers (or supporting institutions) rated Prime-2 (or P-2) have a strong ability for repayment of senior short-term debt obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

Fitch's Short-Term Credit Ratings are graded into six categories, ranging from 'F-1' for the highest quality obligations to 'D' for the lowest. The F-1 and F-2 categories are described as follows:

**F-1**—Indicates the strongest capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F-2**—A satisfactory capacity for timely payment of financial commitments, but the margin of safety is not as great as in the case of the higher ratings.

#### Bond Ratings:

#### S&P describes its four highest ratings for corporate debt as follows:
**AAA**—Debt rated AAA has the highest rating assigned by S&P. Capacity to pay interest and repay principal is extremely strong.

**AA**—Debt rated AA has a very strong capacity to pay interest and repay principal and differs from the higher rated issues only in a small degree.

**A**—Debt rated A has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

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**BBB**—Debt rated BBB is regarded as having an adequate capacity to pay interest and repay principal. Whereas such debt normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories.

The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

#### Moody's describes its four highest corporate bond ratings as follows:
**Aaa**—Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt-edged." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

**Aa**—Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they compose what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in Aaa securities.

**A**—Bonds which are rated A possess many favorable investment attributes and may be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment in the future.

**Baa**—Bonds which are rated Baa are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Moody's applies numerical modifiers 1, 2, and 3 in each generic rating classification from Aa through Caa in its corporate bond rating system. The modifier 1 indicates that the security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates that the issue ranks in the lower end of its generic rating category.

#### Fitch describes its four highest long-term credit ratings as follows:
**AAA**—"AAA" ratings denote the lowest expectation of credit risk. They are assigned only in case of exceptionally strong capacity for timely payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**—"AA" ratings denote a very low expectation of credit risk. They indicate very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**—"A" ratings denote a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

**BBB**—"BBB" ratings indicate that there is currently a low expectation of credit risk. The capacity for timely payment of financial commitments is considered adequate, but adverse changes in circumstances and in economic conditions are more likely to impair this capacity. This is the lowest investment grade category.

A "+" or "–" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" category or to categories below "CCC."

#### S&P describes its below investment grade ratings for corporate debt as follows:
**BB, B, CCC, CC, C**—Debt rated "BB," "B," "CCC," "CC," and "C" is regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation, "BB" indicates the lowest degree of speculation, and "C" the highest degree of speculation. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

**BB**—Debt rated "BB" has less near-term vulnerability to default than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to

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inadequate capacity to meet timely interest and principal payments. The "BB" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "BBB–" rating.

**B**—Debt rated "B" has a greater vulnerability to default but currently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principal. The "B" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "BB" or "BB–" rating.

**CCC**—Debt rated "CCC" has a currently identifiable vulnerability to default, and is dependent upon favorable business, financial, and economic conditions to meet timely payment of interest and repayment of principal. In the event of adverse business, financial, or economic conditions, it is not likely to have the capacity to pay interest and repay principal. The "CCC" rating category is also used for debt subordinated to senior debt that is assigned an actual or implied "B" or "B–" rating.

**CC**—The rating "CC" is typically applied to debt subordinated to senior debt that is assigned an actual or implied "CCC" rating.

**C**—The rating "C" is typically applied to debt subordinated to senior debt which is assigned an actual or implied "CCC–" debt rating. The "C" rating may be used to cover a situation where a bankruptcy petition has been filed, but debt service payments are continued.

**D**—Debt rated "D" is in payment default. The "D" rating category is used when interest payments or principal payments are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The "D" rating also will be used upon the filing of a bankruptcy petition if debt service payments are jeopardized.

#### Moody's describes its below investment grade corporate bond ratings as follows:
**Ba**—Bonds which are rated **Ba** are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during other good and bad times over the future. Uncertainty of position characterizes bonds in this class.

**B**—Bonds which are rated **B** generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

**Caa**—Bonds which are rated **Caa** are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

**Ca**—Bonds which are rated **Ca** represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

**C**—Bonds which are rated **C** are the lowest rated class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

#### Fitch describes its below investment grade long-term credit ratings as follows:
**BB**—"BB" ratings indicate that there is a possibility of credit risk developing, particularly as the result of adverse economic change over time; however, business or financial alternatives may be available to allow financial commitments to be met. Securities rated in this category are not investment grade.

**B**—"B" ratings indicate that significant credit risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is contingent upon a sustained, favorable business and economic environment.

**CCC, CC, C**—Default is a real possibility. Capacity for meeting financial commitments is solely reliant upon sustained, favorable business or economic developments. A "CC" rating indicates that default of some kind appears probable. "C" ratings signal imminent default.

**DDD, DD, D**—The ratings of obligations in this category are based on their prospects for achieving partial or full recovery in a reorganization or liquidation of the obligor. While expected recovery values are highly speculative and cannot be estimated with any precision, the following serve as general guidelines. "DDD" obligations have the highest potential for recovery, around 90%-100% of outstanding amounts and accrued interest. "DD" indicates potential recoveries in the range of 50%-90% and "D" the lowest recovery potential, i.e., below 50%.

Entities rated in this category have defaulted on some or all of their obligations. Entities rated "DDD" have the highest prospect for resumption of performance or continued operation with or without a formal reorganization process.

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Entities rated "DD" and "D" are generally undergoing a formal reorganization or liquidation process; those rated "DD" are likely to satisfy a higher portion of their outstanding obligations, while entities rated "D" have a poor prospect of repaying all obligations.

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#### APPENDIX B—PROXY VOTING POLICIES
The following represents the proxy voting policies (the "Policies") of the MassMutual Premier Funds (the "Funds") with respect to the voting of proxies on behalf of each series of the Funds (the "Series"). It is the policy of the Funds and MML Investment Advisers, LLC (the "Adviser"), as investment manager to the Series, to delegate (with certain exceptions) voting responsibilities and duties with respect to all proxies to the subadvisers (the "Subadvisers") of the Series. All references to votes by proxy in this policy shall be interpreted to include both votes by proxy and votes and consents that do not involve proxies. The Adviser will vote proxies on behalf of any Fund of Funds or Feeder Funds for which it serves as investment adviser, as well as for any special situations where the Adviser is in the best position to vote the proxy ("Special Situations").

I. <u>GENERAL PRINCIPLES</u> 

In voting proxies, the Adviser and Subadvisers will be guided by general fiduciary principles and their respective written proxy voting policies. The Adviser and Subadvisers will act prudently and solely in the best interest of the beneficial owners of the accounts they respectively manage, and for the exclusive purpose of providing benefit to such persons.

II. <u>SUBADVISERS TO WHICH THE FUNDS AND ADVISER HAVE DELEGATED PROXY VOTING RESPONSIBILITIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. The Subadvisers each have the duty to provide a copy of their written proxy voting policies to the Adviser and Funds annually. The Subadvisers' written proxy voting policies will maintain procedures that address potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. The Subadvisers will each maintain a record of all proxy votes exercised on behalf of each series of the Funds for which they act as subadviser and will furnish such records to the Adviser and Funds annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The Subadvisers will report proxy votes that deviated from their normal proxy voting policies and any exceptions to their proxy voting policies to the Adviser quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. The Subadvisers will provide the Adviser and Funds with all such information and documents relating to the Subadvisers' proxy voting in a timely manner, as necessary for the Adviser and Funds to comply with applicable laws and regulations.

III. <u>THE FUNDS AND ADVISER</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. The Chief Compliance Officer of the Funds will annually update the Trustees after a review of proxy voting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. The Trustees of the Funds will not vote proxies on behalf of the Funds or any Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The Adviser will not vote proxies on behalf of the Funds or any Series, except that the Adviser will vote proxies on behalf of any Fund of Funds or Feeder Fund for which it serves as investment adviser or in Special Situations.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at https://www.massmutual.com/funds and on the Securities and Exchange Commission's website at http://www.sec.gov.

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#### MML INVESTMENT ADVISERS, LLC
**As Investment Adviser to the MassMutual Select Funds, MassMutual Premier Funds, MassMutual Advantage Funds, MML Series Investment Fund, and MML Series Investment Fund II (November 4, 2022)** 

#### General Overview

#### Policy
It is the policy of MML Investment Advisers, LLC ("MML Investment Advisers" or the "Company") to fulfill its responsibilities under Rule 206(4)-6 (the "Rule") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), by delegating to subadvisers for each series of the MassMutual Select Funds, MassMutual Premier Funds, MassMutual Advantage Funds, MML Series Investment Fund, and MML Series Investment Fund II (each, a "Trust") proxy voting related to the securities in each subadviser's respective portfolio, with the following exceptions: (i) each series of a Trust operating as a "fund of funds" where MML Investment Advisers has not delegated proxy voting responsibility to a subadviser (each a "Fund of Funds" and, collectively, the "Funds of Funds"); (ii) each series of the Trusts operating as a "feeder fund" (each, a "Feeder Fund") to a "master fund" ("Master Fund"); and (iii) in certain other special situations ("Special Situations"). For these exceptions, MML Investment Advisers will act on behalf of the Trusts to vote proxies (including Information Statements) ("Proxies"), as described below.

#### Background
MML Investment Advisers currently serves as investment adviser to each of the Trusts, including those series that are Funds of Funds and Feeder Funds. The Funds of Funds may invest in other series of the Trusts, funds advised by affiliates of MML Investment Advisers, and/or funds or exchange-traded funds advised by an unaffiliated investment adviser.

MML Investment Advisers will vote Proxies of the underlying funds held by the Funds of Funds, of the related Master Fund for a Feeder Fund, and in certain other Special Situations in accordance with the following procedure.

#### Procedure
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. When a Fund of Funds holds shares of an underlying fund advised by MML Investment Advisers, MML Investment Advisers will generally vote in favor of proposals recommended by the underlying fund's Board of Trustees and by a majority of the Trustees of the underlying fund who are not interested persons of the underlying fund or of MML Investment Advisers. However, MML Investment Advisers may alternatively, in its discretion, (i) seek instruction from the Fund of Fund's Board of Trustees (or any member or committee thereof (provided that such member, or each member of such committee, as the case may be, is not an interested person of the underlying fund or of MML Investment Advisers) delegated authority to provide such instructions to MML Investment Advisers and vote in accordance with such instructions, or (ii) vote in accordance with the recommendation of an independent proxy advisor or consultant retained by MML Investment Advisers to provide a recommendation, on the basis solely of the best interest of the Fund of Funds and its shareholders, as to the matter; provided, however, that prior to taking the action described in clause (ii) above, MML Investment Advisers is required to seek and obtain the prior approval of its Board of Directors. When a quorum is present at any meeting, a majority of the Board members present may take any action. If it is not possible to obtain a quorum of such Board, any action may be taken without a meeting if all Board members consent to the action in writing and such written consents are filed with the records of the meetings of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. When a Fund of Funds holds shares of an underlying fund advised by a control affiliate of MML Investment Advisers, MML Investment Advisers will generally vote the shares held by the Fund of Funds in the same proportions (for, against, abstain) as the votes of all other shareholders (other than MML Investment Advisers or a control affiliate of MML Investment Advisers) of such underlying fund. However, MML Investment Advisers may alternatively, in its discretion, (i) seek instruction from the Fund of Funds' Board of Trustees (or any member or committee thereof (provided that such member, or each member of such committee, as the case may be, is not an interested person of the underlying fund or of MML Investment Advisers) delegated authority to provide such instructions to MML Investment Advisers) and vote in accordance with such instructions, or (ii) vote in accordance with the recommendation of an independent proxy advisor or consultant retained by MML Investment Advisers to provide a recommendation, on the basis solely of the best interest of the Fund of Funds and its shareholders, as to the matter; provided, however, that prior to taking the action described in clause (ii) above, MML Investment Advisers is required to seek and obtain the prior approval of its Board of Directors. When a quorum is present at any meeting, a majority of the Board members present may take any action. If it is not possible to obtain a quorum of such Board, any action may be taken without a meeting if all Board members consent to the action in writing and such written consents are filed with the records of the meetings of the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. When a Fund of Funds holds shares of an underlying fund not advised by MML Investment Advisers or a control affiliate of MML Investment Advisers, MML Investment Advisers will generally vote the shares held by the Fund of Funds in the same proportions (for, against, abstain) as the votes of all other shareholders of such underlying fund. However, MML Investment Advisers may alternatively, in its discretion, (i) seek instruction from the Fund of Funds' Board of Trustees (or any member or committee thereof delegated authority to provide such instructions to MML Investment Advisers) and vote in accordance with such instructions, or (ii) vote in accordance with the recommendation of an independent proxy advisor or consultant retained by MML Investment Advisers to provide a recommendation, on the basis solely of the best interest of the Fund of Funds and its shareholders, as to the matter; provided, however, that prior to taking the action described in clause (ii) above, MML Investment Advisers is required to seek and obtain the prior approval of its Board of Directors. When a quorum is present at any meeting, a majority of the Board members present may take any action. If it is not possible to obtain a quorum of such Board, any action may be taken without a meeting if all Board members consent to the action in writing and such written consents are filed with the records of the meetings of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. Notwithstanding paragraph 3 above, (i) in the event a Fund of Funds is investing in an underlying fund pursuant to an exemptive order from the U.S. Securities and Exchange Commission, MML Investment Advisers will vote the shares held by the Fund of Funds in accordance with any conditions set forth in the order; or (ii) in the event a Fund of Funds is investing in an underlying fund pursuant to Section 12(d)(1)(F) of the Investment Company Act of 1940, as amended, MML Investment Advisers will vote the shares held by the Fund of Funds either by seeking instructions from the Fund of Funds' shareholders or vote the shares in the same proportions (for, against, abstain) as the votes of all other shareholders of the underlying fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. When a fund is structured as a Feeder Fund that is an interest holder of a Master Fund and is requested to vote on any matter submitted to interest holders of the Master Fund, MML Investment Advisers will, on behalf of the Feeder Fund, generally vote the shares held by the Feeder Fund in the same proportions (for, against, abstain) as the votes of all other interest holders of such Master Fund. However, if the Feeder Fund elects to hold a meeting of its own shareholders to consider such matters, MML Investment Advisers will, on behalf of the Feeder Fund, vote the shares held by the Feeder Fund in proportion to the votes received from its shareholders, with shares for which a Feeder Fund receives no voting instructions being voted in the same proportion as the votes received from the other Feeder Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6. Although rare, there is a possibility of Special Situations presented where MML Investment Advisers is in the best position to vote Proxies. In those Special Situations, which are determined by the Investment Management team in consultation with MML Investment Advisers' Chief Compliance Officer and/or legal counsel, MML Investment Advisers (i) will, when the Special Situation involves a proxy for a Funds' investment in another mutual fund or pooled investment vehicle, generally vote the shares held in the same proportions (for, against, abstain) as the votes of all other shareholders of such underlying fund; (ii) may seek instruction from the relevant Trust's Board of Trustees (or any member or committee thereof delegated authority to provide such instructions to MML Investment Advisers) and vote in accordance with such instructions; or (iii) may vote in accordance with the recommendation of an independent proxy advisor or consultant retained by MML Investment Advisers to provide a recommendation, on the basis solely of the best interest of the Trust and its shareholders, as to the matter; provided, however, that prior to taking the action described in clause (iii) above, MML Investment Advisers is required to seek and obtain the prior approval of its Board of Directors. When a quorum is present at any meeting, a majority of the Board members present may take any action. If it is not possible to obtain a quorum of such Board, any action may be taken without a meeting if all Board members consent to the action in writing and such written consents are filed with the records of the meetings of the Board.

#### Operating Procedures
MML Investment Advisers exercises its proxy voting responsibility with respect to the Funds of Funds, Feeder Funds, and Special Situations through the Investment Management team.

All proxy statements, including Information Statements ("Proxy Statements") and proxy cards received by associates relating to a Fund of Funds, Feeder Fund, or Special Situations are to be immediately forwarded to the Investment Management team. The head of Investment Management or that person's designee, then is responsible for (i) logging, reviewing and casting the vote for all Proxies solicited and received, (ii) voting such Proxies in a manner consistent with these policies and procedures, (iii) documenting the method followed in determining how to cast the vote, and (iv) maintaining the records required by Rule 204-2 under the Advisers Act.

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#### Record Retention
The Investment Management team will retain for such time periods as set forth in Rule 204-2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Copies of all policies and procedures required by the Rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A copy of each Proxy Statement that MML Investment Advisers receives regarding a Fund of Fund's or Feeder Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A copy of each Proxy Statement that MML Investment Advisers receives regarding a Special Situation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A record of each vote cast by MML Investment Advisers on behalf of a Fund of Funds, a Feeder Fund, or in a Special Situation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • B-96

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#### BARINGS LLC

#### GLOBAL PROXY VOTING POLICY

#### Key Points
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings LLC ("Barings") has established a Proxy Voting Policy to establish the manner in which Barings fulfills its proxy voting responsibilities and complies with applicable regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any proxies received by Barings should be forwarded as soon as possible to the Proxy Voting Team for timely processing and voting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings has a responsibility to oversee any service providers it may engage to facilitate proxy voting on behalf of its clients

#### Introduction/Policy Statement
As an investment adviser or manager, Barings has a fiduciary duty to vote proxies on behalf of its clients ("Clients"). Regulations that apply to Barings, including Rule 206(4)-6 of the Investment Advisers Act of 1940 applicable to US regulated investment advisers, requires that Barings adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of its Clients. The policies and procedures must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Describe how Barings addresses material conflicts that may arise between Barings' interests and those of its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Disclose to Clients how they may obtain information regarding how Barings voted with respect to their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Describe to Clients Barings' proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures.

The purpose of this Global Proxy Voting Policy ("Policy") is to establish the manner in which Barings will fulfill its proxy voting responsibilities and comply with applicable regulatory requirements. Barings understands that voting proxies is part of its investment advisory and management responsibilities and believes that as a general principle proxies should be acted upon (voted or abstained) solely in the best interests of its Clients (i.e., in a manner that is most likely to enhance the economic value of the underlying securities held in Client accounts).

No Barings associate ("Associate"), officer, board of managers/directors of Barings or its affiliates (other than those assigned such responsibilities under the Policy) can influence how Barings votes proxies, unless such person has been requested to provide assistance from an authorized investment person or designee ("Proxy Analyst") or from a member of the Governance and Conflicts Committee ("GCC") and has disclosed any known Material Conflict, as discussed in the Procedures section below.

#### Requirements

#### Standard Proxy Procedures
Barings engages a proxy voting service provider ("Service Provider") responsible for processing and maintaining records of proxy votes. In addition, the Service Provider, a recognized authority on proxy voting and corporate governance, provides research and recommendations (including environmental, social and governance topics) on proxies to Barings as its research provider ("Research Provider"). Barings' policy is to generally vote all Client proxies for which it has proxy voting discretion in accordance with the recommendations of the Research Provider or with the Research Provider's proxy voting guidelines ("Guidelines"), in the absence of a recommendation. In circumstances where the Research Provider has not provided a recommendation, the proxy will be analyzed on a case-by-case basis.

Barings recognizes that there may be times when it is in the best interests of Clients to vote proxies, (i) against the Research Provider's recommendations; or (ii) in instances where the Research Provider has not provided a recommendation, against the Guidelines. Barings can vote, in whole or part, against the Research Provider's recommendations or Guidelines as it deems appropriate. Procedures are designed to ensure that votes against the Research Provider's recommendations or Guidelines are made in the best interests of Clients and are not the result of any material conflict of interest ("Material Conflict"). For purposes of this Policy, a Material Conflict is defined as any position, relationship or interest, financial or otherwise, of Barings or Associate that could reasonably be expected to affect the independence or judgment concerning proxy voting.

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#### Review of Service Provider/Research Provider
In determining whether to retain, or continue the retention of, the Service Provider and/or Research Provider Barings should consider, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the Service Provider and/or Research Provider have the capacity and competency to adequately analyze the matters for which Barings is responsible for voting by, for example, reviewing the adequacy and quality of the Service Provider's and/or Research Provider's staffing, personnel, and/or technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the Research Provider has an effective process for seeking timely input from issuers and Research Provider clients with respect to such matters as its proxy voting policies, methodologies, and if applicable, its peer group constructions. If peer group comparisons are a component of the Research Provider's substantive evaluation, Barings should consider how the Research Provider incorporates appropriate input in formulating its methodologies and construction of issuer peer groups, and how, in constructing peer groups, the Research Provider takes into account the unique characteristics regarding the issuer, to the extent available, such as the issuer's size; its governance structure; its industry and any particular practices unique to that industry; and its history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Research Provider has adequately disclosed to Barings its methodologies in formulating voting recommendations, such that Barings can understand the factors underlying the Research Provider's voting recommendations. In addition, Barings should consider the nature of any third-party information sources that the Research Provider uses as a basis for its voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Research Provider has adequate policies and procedures to identify, disclose, and address actual and potential conflicts of interest, including (1) conflicts relating to the provision of proxy voting recommendations and proxy voting services generally, (2) conflicts relating to activities other than providing proxy voting recommendations and proxy voting services, and (3) conflicts presented by certain affiliations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the effectiveness of the Research Provider's firm's policies and procedures for obtaining current and accurate information relevant to matters included in its research and on which it makes voting recommendations. In assessing such matters, Barings should consider: the Research Provider's engagement with issuers, including the firm's process for ensuring that it has complete and accurate information about the issuer and each particular matter, and the firm's process, if any, for investment advisers to access the issuer's views about the firm's voting recommendations in a timely and efficient manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings should consider requiring the Research Provider to update Barings regarding business changes Barings considers relevant (*i.e.*, with respect to the Research Provider's capacity and competency to provide independent proxy voting advice or carry out voting instructions), and should consider whether the Research Provider appropriately updates its methodologies, guidelines, and voting recommendations on an ongoing basis, including in response to feedback from issuers and their shareholders.

#### Other Considerations
There could be circumstances where Barings is unable or determines not to vote a proxy on behalf of its Clients. The following is a non-inclusive list of examples whereby Barings may decide not to vote proxies on behalf of its Clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The cost of voting a proxy for a foreign security outweighs the expected benefit to the Client, so long as refraining from voting does not materially harm the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings is not given enough time to process the vote (i.e., receives a meeting notice and proxy from the issuer too late to permit voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings may hold shares on a company's record date, but sells them prior to the company's meeting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Barings has outstanding sell orders on a particular security and the decision to refrain from voting may be made in order to facilitate such sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The underlying securities have been lent out pursuant to a security lending program; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The company has participated in share blocking, which would prohibit Barings ability to trade or loan shares for a period of time.

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#### Administration of Proxy Voting
Barings has designated the Proxy Voting Team to ensure the responsibilities set forth in this Policy are satisfied.

#### Handling of Proxies
Proxy statements and ballots are typically routed directly to Barings' proxy voting Service Provider. In the event that an Associate receives a proxy statement or ballot, the Associate should immediately forward the statement or ballot to the Proxy Voting Team who will record receipt of the proxy, route the materials for review, maintain a record of all action taken and process votes.

#### Voting of Proxies
Typically, Barings will vote all Client proxies for which it has proxy voting discretion, where no Material Conflict exists, in accordance with the Research Provider's recommendation or Guidelines, unless (i) Barings is unable or determines not to vote a proxy in accordance with the Policy; or (ii) a Proxy Analyst determines that it is in the Clients' best interests to vote against the Research Provider's recommendation or Guidelines. In the event a Proxy Analyst believes a proxy should be voted against the Research Provider's recommendations or Guidelines, the Proxy Voting Team will vote the proxy in accordance with the Proxy Analyst's recommendation so long as (i) no other Proxy Analyst disagrees with such recommendation; and (ii) no known Material Conflict is identified by the Proxy Analyst(s) or the Proxy Voting Team. If a Material Conflict is identified by a Proxy Analyst or the Proxy Voting Team, the proxy will be submitted to the GCC to determine how the proxy is to be voted in order to achieve the Clients' best interests.

Pre-vote communications with proxy-solicitors are prohibited. In the event that a pre-vote communication occurs, it should be reported to the GCC, the relevant Head of Compliance and/or General Counsel prior to voting. Any questions or concerns regarding proxy-solicitor arrangements should be addressed to the relevant Head of Compliance and/or General Counsel, or the respective designees.

#### Oversight
Compliance will review the Policy at least annually and recommend any necessary changes to Barings' GCC. Compliance or the GCC will be responsible for (i) approving proxy voting forms as needed; and (ii) reviewing and approving any proposed changes to disclosures. In addition to the above, the Proxy Voting Team will provide materials to the relevant Barings' governance committees or Compliance on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The extent to which potential credible factual errors, potential incompleteness, or potential methodological weaknesses in the Service Provider and or Research Provider (that Barings becomes aware of and deems relevant) are materially affecting the research or recommendations that Barings used or is using in voting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Confirm to Compliance that it believes that Barings is casting votes on behalf of its clients consistently with the Policy.This confirmation will be based on the Proxy Voting Team, at least annually, sampling the proxy votes cast on behalf of its clients. The review will consist of sampling of proxy votes that relate to proposals that may require more issuer-specific analysis (*e.g.*, mergers and acquisition transactions, dissolutions, conversions, or consolidations) and providing the results of this testing to Compliance. Any identified issues will be escalated as necessary to the relevant governance committee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Periodically reviewing the Service Provider's guidelines used in the voting of proxies and notify the GCC of any material changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Confirm that Barings is casting votes when a conflict of interest exists in compliance with the Policy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Escalating any issues relating to proxy voting identified during internal or external audits or assessments or reviews to Compliance and or the relevant governance committee; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In circumstances where either the Proxy Voting Team has not provided a recommendation or has not contemplated an issue within its Guidelines and the proxy is analyzed on a case-by-case basis, or the matter subject to the proxy was contested or highly controversial, considering whether a higher degree of analysis was necessary to assess whether any votes cast on behalf of Barings' clients were cast in the clients' best interest will be presented to the GCC.

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#### New Account Procedures
Investment management agreements generally delegate the authority to Barings to vote proxies in accordance with its Policy. In the event that an investment management agreement is silent on proxy voting, Barings should obtain written instructions from the Client as to their voting preference. However, when the Client does not provide written instructions as to their voting preference, Barings will assume proxy voting responsibilities. In the event that a Client makes a written request regarding proxy voting, Barings will vote as instructed.

#### Required Disclosures and Client Request for Information
Barings will include a summary of this Policy in the Form ADV Part 2A for its US registered investment advisers, as well as provide instructions as to how a Client may request a copy of this Policy and/or a record of how Barings voted the Client's proxies*.* Requests will be directed to the Proxy Voting Team, who will provide the information to the appropriate client service representative in order to respond to the Client in a timely manner.

#### Conflict Resolution and Escalation Process
Associates should immediately report any issues they believe are a potential or actual breach of this Policy to their relevant business unit management and to the relevant Chief Compliance Officer (or relevant designee). The relevant Chief Compliance Officer (or relevant designee) will review the matter and determine whether the issue is an actual breach and whether to grant an exception, and/or the appropriate course of action. When making such determination, the relevant Chief Compliance Officer (or relevant designee) may, as part of his/her review, discuss the matter with relevant business unit management, members of the Senior Leadership Team, governance committees or other parties (i.e. legal counsel, auditor, etc).

The relevant Compliance Department can grant exceptions to any provision of this Policy so long as such exceptions are consistent with the purpose of the Policy and applicable law, are documented and such documentation is retained for the required retention period. Any questions regarding the applicability of this Policy should be directed to the appropriate Compliance Department or the relevant Chief Compliance Officer (or relevant designee).

#### Books and Records Retained
The table below identifies each Record that is required to be retained as it relates to this Policy unless a different retention period is required by local regulations in the relevant jurisdiction. Records may be unique to the relevant jurisdiction or combined with records maintained by Barings.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/Requirement**  | **Barings Record**  | **Creator**  | **Owner**  | **Retention <br>Period**  | **Source**  |
| The Compliance review and any approvals needed by GCC of Policy, proxy activity, and approval of Proxy Voting Forms | Compliance and GCC meeting materials | Proxy Voting Team and Compliance | GCC Representative | 7 Years | Barings Policy Requirement and Investment Advisers Act of 1940, Rule 206(4)-6 Barings Policy requirement for Barings US regulated Advisers |
| Proxy statements, research, recommendations, and records of votes cast | Proxy Records | Service Provider or Proxy Voting Team | Service Provider or Proxy Voting Team | 7 Years | Barings Policy Requirement and Investment Advisers Act of 1940, Rule 206(4)-6 Barings Policy requirement for Barings US regulated Advisers |
| Proxy Voting Forms (including supporting documentation used in deciding how to vote) | Proxy Voting Forms | Proxy Voting Team and/or Proxy Analyst | Proxy Voting Team | 7 Years | Barings Policy Requirement and Investment Advisers Act of 1940, Rule 206(4)-6 Barings Policy requirement for Barings US regulated Advisers |
| Client written requests for proxy voting information and responses thereto | Client Proxy Requests | Proxy Voting Team | Proxy Voting Team | 7 Years | Barings Policy Requirement and Investment Advisers Act of 1940, Rule 206(4)-6 Barings Policy requirement for Barings US regulated Advisers |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description/Requirement**  | **Barings Record**  | **Creator**  | **Owner**  | **Retention <br>Period**  | **Source**  |
| Form N-PX, for proxies voted on behalf of an investment company for which Barings serves as investment adviser and is responsible for making such filing on behalf of its Clients | Form N-PX | Proxy Voting Team | Proxy Voting Team | 7 Years | Barings Policy requirement and Investment Advisers Act of 1940, Rule 206(4)-6 for Barings US regulated Advisers <br>Rule 30b1-4 |
| The Proxy Voting Policy, associated procedures and any amendments thereto | Proxy Voting Policy | Compliance Department | Compliance Department | 7 Years | Barings Policy requirement |
| A copy of the Research Provider's proxy voting guidelines | Research Provider's Proxy Voting Guidelines | Research Provider | Proxy Voting Team | 7 Years | Barings Policy requirement |

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Original Date of Policy:

October 2004 (Barings)

Last Revision Date:

October 2022

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#### APPENDIX C—ADDITIONAL PORTFOLIO MANAGER INFORMATION

#### Barings LLC

#### Baring International Investment Limited
The portfolio managers of the Short-Duration Bond Fund are Yulia Alekseeva, Stephen Ehrenberg, Natalia Krol, Omotunde Lawal, Charles Sanford, and Douglas Trevallion, II.

#### Other Accounts Managed:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Yulia Alekseeva** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $2,239 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 2 | $561 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 30 | $20,680 million  | 0 | $0  |
| **Stephen Ehrenberg** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 4 | $1,739 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $370 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 15 | $26,361 million  | 0 | $0  |
| **Natalia Krol** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 3 | $355 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 0 | $0  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 9 | $341 million  | 0 | $0  |
| **Omotunde Lawal** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 2 | $264 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 2 | $305 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 12 | $1,007 million  | 0 | $0  |
| **Charles Sanford** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 4 | $1,739 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $370 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 49 | $62,921 million  | 0 | $0  |
| **Douglas Trevallion, II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $2,239 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 1 | $191 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 31 | $20,435 million  | 0 | $0  |

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\*

The information provided is as of September 30, 2022.

\*\*

Does not include the Short-Duration Bond Fund.

#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the Short-Duration Bond Fund. The portfolio managers do not directly own any shares of the Fund, but may have an economic interest in the Fund due to their participation in a deferred compensation plan and/or 401(k) plan.

The portfolio managers of the High Yield Fund are Sean Feeley and Scott Roth.

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#### Other Accounts Managed:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of <br>Accounts <br>Managed\*** | **Total Assets\***  | **Number of <br>Accounts <br>Managed for <br>which Advisory <br>Fee is <br>Performance- <br>Based\*** | **Total Assets\***  |
| **Sean Feeley** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 6 | $1,456 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 7 | $2,668 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 19 | $4,010 million  | 0 | $0  |
| **Scott Roth** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered investment companies\*\*  | 3 | $571 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other pooled investment vehicles  | 11 | $4,385 million  | 0 | $0  |
| &nbsp;&nbsp;&nbsp; Other accounts  | 18 | $3,890 million  | 0 | $0  |

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\*

The information provided is as of September 30, 2022.

\*\*

Does not include the High Yield Fund.

#### Ownership of Securities:
As of September 30, 2022, the portfolio managers did not own any shares of the High Yield Fund. The portfolio managers do not directly own any shares of the Fund, but may have an economic interest in the Fund due to their participation in a deferred compensation plan and/or 401(k) plan.

#### Conflicts of Interest:
The potential for material conflicts of interest may exist when a portfolio manager has responsibilities for the day-to-day management of multiple accounts. These conflicts may be heightened to the extent a portfolio manager, Barings, BIIL and/or an affiliate has an investment in one or more of such accounts or an interest in the performance of one or more such accounts. Barings and BIIL have identified (and summarized below) areas where material conflicts of interest are most likely to arise, and have adopted policies and procedures that they believe are reasonably designed to address such conflicts.

It is possible that an investment opportunity may be suitable for both a fund and other accounts managed by a portfolio manager, but may not be available in sufficient quantities for both the fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by a fund and another account. A conflict may arise where the portfolio manager may have an incentive to treat an account preferentially as compared to a fund because the account pays Barings and BIIL a performance-based fee or the portfolio manager, Barings, BIIL or an affiliate has an interest in the account. Barings and BIIL have adopted an investment allocation policy and trade allocation procedures to address allocation of portfolio transactions and investment opportunities across multiple clients. These policies are designed to achieve fair and equitable treatment of all clients over time, and specifically prohibit allocations based on performance of an account, the amount or structure of the management fee, performance fee or profit sharing allocations, participation or investment by an employee, Barings, BIIL or an affiliate, and whether the account is public, private, proprietary or third party.

Potential material conflicts of interest may also arise related to the knowledge and timing of a fund's trades, investment opportunities and broker selection. Portfolio managers may have information about the size, timing and possible market impact of a fund's trades. It is theoretically possible that portfolio managers could use this information for their personal advantage and/or the advantage of other accounts they manage, or to the possible detriment of a fund. For example, a portfolio manager could front run a fund's trade or short sell a security for an account immediately prior to a fund's sale of that security. To address these conflicts, Barings and BIIL have adopted policies and procedures governing employees' personal securities transactions, the use of short sales, and trading between the fund and other accounts managed by the portfolio manager or accounts owned by Barings, BIIL or its affiliates.

With respect to securities transactions for the funds, Barings and BIIL determine which broker to use to execute each order, consistent with their duty to seek best execution of the transaction. Barings and BIIL manage certain other accounts, however, where Barings and BIIL may be limited by the client with respect to the selection of brokers or directed to trade

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such client's transactions through a particular broker. In these cases, trades for a fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Placing separate transaction orders for a security may temporarily affect the market price of the security or otherwise affect the execution of the transaction to the possible detriment of a fund or the other account(s) involved. Barings and BIIL have policies and procedures that address best execution and directed brokerage.

A portfolio manager may also face other potential conflicts of interest in managing a fund, and the above is not a complete description of every conflict of interest that could be deemed to exist in managing both a fund and the other accounts listed above.

#### Compensation:
The discussion below describes the portfolio managers' compensation as of September 30, 2022.

Compensation packages at Barings and BIIL are structured such that key professionals have a vested interest in the continuing success of each firm. Portfolio managers' compensation is comprised of base salary, and a discretionary, performance-driven annual bonus. Certain key individuals may also receive a long-term incentive award and/or a performance fee award. As part of each firm's continuing effort to monitor retention, Barings and BIIL participate in annual compensation surveys of investment management firms and subsidiaries to ensure that Barings' and BIIL's compensation are competitive with industry standards.

The base salary component is generally positioned at mid-market. Increases are tied to market, individual performance evaluations and budget constraints.

Portfolio managers may receive a yearly bonus. Factors impacting the potential bonuses include but are not limited to: i) investment performance of funds/accounts managed by a portfolio manager, ii) financial performance of Barings and BIIL, iii) client satisfaction, and iv) teamwork.

Long-term incentives are designed to share the long-term success of the firm and take the form of deferred cash awards, which may include an award that resembles phantom restricted stock; linking the value of the award to a formula which includes Barings' and BIIL's overall earnings. A voluntary separation of service will result in a forfeiture of unvested long-term incentive awards.

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MassMutual Premier Funds

PART C. OTHER INFORMATION

ITEM 28. EXHIBITS

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| | | |
|:---|:---|:---|
| (a) | Agreement and Declaration of Trust | Agreement and Declaration of Trust |
|  | (1) | [Amended and Restated Agreement and Declaration of Trust of the MassMutual Premier Funds (the "Trust" or "Registrant") dated November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99a1.htm) |
| (b) | Bylaws | Bylaws |
|  | (1) | [Amended and Restated Bylaws of MassMutual Premier Funds dated April 30, 2021 (57)](http://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99b1.htm) |
| (c) | Instruments Defining Rights of Security Holders – Please refer to Article V of the Trust's Amended and Restated Agreement and Declaration of Trust | Instruments Defining Rights of Security Holders – Please refer to Article V of the Trust's Amended and Restated Agreement and Declaration of Trust |
| (d) | Management Contracts | Management Contracts |
|  | (1) | [Investment Management Agreement between the Trust and Massachusetts Mutual Life Insurance Company ("MassMutual") (assigned to MML Investment Advisers, LLC ("MML Advisers") on April 1, 2014) relating to the MassMutual Premier Money Market Fund (also previously known as the MassMutual Premier U.S. Government Money Market Fund and now known as the MassMutual U.S. Government Money Market Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d1.htm) |
|  | (2) | [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Money Market Fund (also previously known as the MassMutual Premier U.S. Government Money Market Fund and now known as the MassMutual U.S. Government Money Market Fund) dated as of June 1, 2015 (48)](http://www.sec.gov/Archives/edgar/data/927972/000119312516445850/d11808dex99d2.htm) |
|  | (3) | [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Short-Duration Bond Fund (now known as the MassMutual Short-Duration Bond Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d2.htm) |
|  | (4) | [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Short-Duration Bond Fund (now known as the MassMutual Short-Duration Bond Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d3.htm) |
|  | (5) | [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Short-Duration Bond Fund (now known as the MassMutual Short-Duration Bond Fund) dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d4.htm) |
|  | (6) | [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Inflation-Protected and Income Fund (now known as the MassMutual Inflation-Protected and Income Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d3.htm) |
|  | (7) | [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Inflation-Protected and Income Fund (now known as the MassMutual Inflation-Protected and Income Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d5.htm) |
|  | (8) | [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Inflation-Protected and Income Fund (now known as the MassMutual Inflation-Protected and Income Fund) dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d7.htm) |
|  | (9) | [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Core Bond Fund (now known as the MassMutual Core Bond Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d4.htm) |
|  | (10) | [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Core Bond Fund (now known as the MassMutual Core Bond Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d7.htm) |
|  | (11) | [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Core Bond (now known as the MassMutual Core Bond Fund) Fund dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d10.htm) |
|  | (12) | [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Diversified Bond Fund (now known as the MassMutual Diversified Bond Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d5.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Diversified Bond Fund (now known as the MassMutual Diversified Bond Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d9.htm)

(14) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Diversified Bond Fund (now known as the MassMutual Diversified Bond Fund) dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d13.htm)

(15) [Amendment Three to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Diversified Bond Fund (now known as the MassMutual Diversified Bond Fund) dated as of June 1, 2016 (49)](http://www.sec.gov/Archives/edgar/data/927972/000119312516783706/d277099dex99d15.htm)

(16) [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier High Yield Fund (now known as the MassMutual High Yield Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d12.htm)

(17) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier High Yield Fund (now known as the MassMutual High Yield Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d11.htm)

(18) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier High Yield Fund (now known as the MassMutual High Yield Fund) dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d16.htm)

(19) [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Balanced Fund (now known as the MassMutual Balanced Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d6.htm)

(20) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Balanced Fund (now known as the MassMutual Balanced Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d15.htm)

(21) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Balanced Fund (now known as the MassMutual Balanced Fund) dated as of January 1, 2016 (48)](http://www.sec.gov/Archives/edgar/data/927972/000119312516445850/d11808dex99d20.htm)

(22) [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Disciplined Value Fund (now known as the MassMutual Disciplined Value Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d11.htm)

(23) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Disciplined Value Fund (now known as the MassMutual Disciplined Value Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d20.htm)

(24) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Disciplined Value Fund (now known as the MassMutual Disciplined Value Fund) dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d24.htm)

(25) [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Main Street Fund (now known as the MassMutual Main Street Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d43.htm)

(26) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Main Street Fund (now known as the MassMutual Main Street Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d22.htm)

(27) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Main Street Fund (now known as the MassMutual Main Street Fund) dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d27.htm)

(28) [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Disciplined Growth Fund (now known as the MassMutual Disciplined Growth Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d10.htm)

(29) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Disciplined Growth Fund (now known as the MassMutual Disciplined Growth Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d26.htm)

(30) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Disciplined Growth Fund (now known as the MassMutual Disciplined Growth Fund) Fund dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d30.htm)

(31) [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Small/Mid Cap Opportunities Fund (also previously known as the MassMutual Premier Small Cap Opportunities Fund and now known as the MassMutual Small Cap Opportunities Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d8.htm)

(32) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Small/Mid Cap Opportunities Fund (also previously known as the MassMutual Premier Small Cap Opportunities Fund and now known as the MassMutual Small Cap Opportunities Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d28.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Small/Mid Cap Opportunities Fund (also previously known as the MassMutual Premier Small Cap Opportunities Fund and now known as the MassMutual Small Cap Opportunities Fund) dated as of January 1, 2016 (48)](http://www.sec.gov/Archives/edgar/data/927972/000119312516445850/d11808dex99d36.htm)

(34) [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Global Fund (now known as the MassMutual Global Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d45.htm)

(35) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Global Fund (now known as the MassMutual Global Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d30.htm)

(36) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Global Fund (now known as the MassMutual Global Fund) dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d35.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier International Equity Fund (now known as the MassMutual International Equity Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d9.htm)

(38) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier International Equity Fund (now known as the MassMutual International Equity Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d32.htm)

(39) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier International Equity Fund (now known as the MassMutual International Equity Fund) dated as of July 1, 2020 (55)](http://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exd39.htm)

(40) [Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Strategic Emerging Markets Fund (now known as the MassMutual Strategic Emerging Markets Fund) dated as of November 21, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99d66.htm)

(41) [Amendment to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Strategic Emerging Markets Fund (now known as the MassMutual Strategic Emerging Markets Fund) dated as of June 1, 2012 (44)](http://www.sec.gov/Archives/edgar/data/927972/000119312513034292/d429657dex99d36.htm)

(42) [Amendment Two to Investment Management Agreement between the Trust and MassMutual (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Strategic Emerging Markets Fund (now known as the MassMutual Strategic Emerging Markets Fund) dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d40.htm)

(43) [Investment Subadvisory Agreement between MassMutual and Babson Capital Management LLC ("Babson Capital") (now known as Barings LLC ("Barings")) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Money Market Fund (also previously known as the MassMutual Premier U.S. Government Money Market Fund and now known as the MassMutual U.S. Government Money Market Fund) dated as of October 29, 2004 (22)](http://www.sec.gov/Archives/edgar/data/927972/000119312504220722/dex99d17.htm)

(44) [Amendment to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Money Market Fund (also previously known as the MassMutual Premier U.S. Government Money Market Fund and now known as the MassMutual U.S. Government Money Market Fund) dated as of June 1, 2008 (33)](http://www.sec.gov/Archives/edgar/data/927972/000119312508221147/dex99d19.htm)

(45) [Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Short-Duration Bond Fund (now known as the MassMutual Short-Duration Bond Fund) dated as of October 29, 2004 (22)](http://www.sec.gov/Archives/edgar/data/927972/000119312504220722/dex99d18.htm)

(46) [Amendment to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Short-Duration Bond Fund (now known as the MassMutual Short-Duration Bond Fund) dated as of June 1, 2008 (33)](http://www.sec.gov/Archives/edgar/data/927972/000119312508221147/dex99d21.htm)

(47) [Amendment Two to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Short-Duration Bond Fund (now known as the MassMutual Short-Duration Bond Fund) dated as of May 1, 2021 (57)](http://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99d47.htm)

(48) [Sub-Subadvisory Agreement between Barings and Baring International Investment Limited ("BIIL") relating to the MassMutual Short-Duration Bond Fund dated as of May 1, 2021 (57)](http://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99d48.htm)

(49) [Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Inflation-Protected Bond Fund (also previously known as the MassMutual Premier Inflation-Protected and Income Fund and now known as the MassMutual Inflation-Protected and Income Fund) dated as of October 29, 2004 (22)](http://www.sec.gov/Archives/edgar/data/927972/000119312504220722/dex99d19.htm)

(50) [Amendment to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Inflation-Protected Bond Fund (also previously known as the MassMutual Premier Inflation-Protected and Income Fund and now known as the MassMutual Inflation-Protected and Income Fund) dated as of June 1, 2008 (33)](http://www.sec.gov/Archives/edgar/data/927972/000119312508221147/dex99d23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) [Amendment Two to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Inflation-Protected Bond Fund (also previously known as the MassMutual Premier Inflation-Protected and Income Fund and now known as the MassMutual Inflation-Protected and Income Fund) dated as of May 1, 2021 (57)](http://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99d51.htm)

(52) [Sub-Subadvisory Agreement between Barings and BIIL relating to the MassMutual Inflation-Protected and Income Fund dated as of May 1, 2021 (57)](http://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99d52.htm)

(53) [Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Core Bond Fund (now known as the MassMutual Core Bond Fund) dated as of October 29, 2004 (22)](http://www.sec.gov/Archives/edgar/data/927972/000119312504220722/dex99d20.htm)

(54) [Amendment to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Core Bond Fund (now known as the MassMutual Core Bond Fund) dated as of June 1, 2008 (33)](http://www.sec.gov/Archives/edgar/data/927972/000119312508221147/dex99d25.htm)

(55) [Amendment Two to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Core Bond Fund (now known as the MassMutual Core Bond Fund) dated as of May 1, 2021 (57)](http://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99d55.htm)

(56) [Sub-Subadvisory Agreement between Barings and BIIL relating to the MassMutual Core Bond Fund dated as of May 1, 2021 (57)](http://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99d56.htm)

(57) [Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Diversified Bond Fund (now known as the MassMutual Diversified Bond Fund) dated as of October 29, 2004 (22)](http://www.sec.gov/Archives/edgar/data/927972/000119312504220722/dex99d21.htm)

(58) [Amendment to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Diversified Bond Fund (now known as the MassMutual Diversified Bond Fund) dated as of June 1, 2008 (33)](http://www.sec.gov/Archives/edgar/data/927972/000119312508221147/dex99d27.htm)

(59) [Amendment Two to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier Diversified Bond Fund (now known as the MassMutual Diversified Bond Fund) dated as of May 1, 2021 (57)](http://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99d59.htm)

(60) [Sub-Subadvisory Agreement between Barings and BIIL relating to the MassMutual Diversified Bond Fund dated as of May 1, 2021 (57)](http://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99d60.htm)

(61) [Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier High Yield Fund (now known as the MassMutual High Yield Fund) dated as of October 29, 2004 (22)](http://www.sec.gov/Archives/edgar/data/927972/000119312504220722/dex99d30.htm)

(62) [Amendment to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier High Yield Fund (now known as the MassMutual High Yield Fund) dated as of June 1, 2008 (33)](http://www.sec.gov/Archives/edgar/data/927972/000119312508221147/dex99d49.htm)

(63) [Amendment Two to Investment Subadvisory Agreement between MassMutual and Babson Capital (now known as Barings) (assigned to MML Advisers on April 1, 2014) relating to the MassMutual Premier High Yield Fund (now known as the MassMutual High Yield Fund) dated as of February 1, 2022 (59)](http://www.sec.gov/Archives/edgar/data/927972/000110465922009668/tm222888d1_ex99d63.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) [Sub-Subadvisory Agreement between Barings and BIIL relating to the MassMutual High Yield Fund dated as of February 1, 2022 (59)](http://www.sec.gov/Archives/edgar/data/927972/000110465922009668/tm222888d1_ex99d64.htm)

(65) [Investment Subadvisory Agreement between MML Advisers and Invesco Advisers, Inc. ("Invesco Advisers") relating to the MassMutual Premier Balanced Fund (now known as the MassMutual Balanced Fund) dated as of November 18, 2020 (55)](https://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exd55.htm)

(66) [Investment Sub-Subadvisory Agreement between Invesco Advisers and Invesco Capital Management LLC ("ICM") relating to the MassMutual Premier Balanced Fund (now known as the MassMutual Balanced Fund) dated as of November 18, 2020 (56)](http://www.sec.gov/Archives/edgar/data/927972/000110465921009475/tm2026008d4_exd56.htm)

(67) [Investment Subadvisory Agreement between MML Advisers and Wellington Management Company LLP ("Wellington Management") relating to the MassMutual Premier Disciplined Value Fund (now known as the MassMutual Disciplined Value Fund) dated as of November 18, 2020 (55)](http://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exd56.htm)

(68) [Investment Subadvisory Agreement between MML Advisers and Invesco Advisers relating to the MassMutual Premier Main Street Fund (now known as the MassMutual Main Street Fund) dated as of May 24, 2019 (53)](http://www.sec.gov/Archives/edgar/data/927972/000110465919069590/tm1923939d1_ex99d62.htm)

(69) [Amendment One to Investment Subadvisory Agreement between MassMutual and Invesco Advisers relating to the MassMutual Premier Main Street Fund (now known as the MassMutual Main Street Fund) dated as of March 2, 2020 (55)](http://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exd58.htm)

(70) [Investment Subadvisory Agreement between MML Advisers and Wellington Management relating to the MassMutual Premier Disciplined Growth Fund (now known as the MassMutual Disciplined Growth Fund) dated as of November 18, 2020 (55)](http://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exd59.htm)

(71) [Investment Subadvisory Agreement between MML Advisers and Invesco Advisers relating to the MassMutual Premier Small Cap Opportunities Fund (now known as the MassMutual Small Cap Opportunities Fund) dated as of May 24, 2019 (53)](http://www.sec.gov/Archives/edgar/data/927972/000110465919069590/tm1923939d1_ex99d67.htm)

(72) [Investment Subadvisory Agreement between MML Advisers and Invesco Advisers relating to the MassMutual Premier Global Fund (now known as the MassMutual Global Fund) dated as of May 24, 2019 (53)](http://www.sec.gov/Archives/edgar/data/927972/000110465919069590/tm1923939d1_ex99d68.htm)

(73) [Investment Subadvisory Agreement between MML Advisers and Wellington Management relating to the MassMutual Premier International Equity Fund (now known as the MassMutual International Equity Fund) dated as of August 4, 2020 (55)](http://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exd63.htm)

(74) [Investment Subadvisory Agreement between MML Advisers and Thompson, Siegel & Walmsley LLC ("TSW") relating to the MassMutual International Equity Fund dated as of January 23, 2023 is filed herein as Exhibit (d)(74).](tm2230141d7_ex99-d74.htm)

---

| | | |
|:---|:---|:---|
|  | (75) | [Investment Subadvisory Agreement between MML Advisers and Invesco Advisers relating to the MassMutual Premier Strategic Emerging Markets Fund (now known as the MassMutual Strategic Emerging Markets Fund) dated as of May 24, 2019 (53)](http://www.sec.gov/Archives/edgar/data/927972/000110465919069590/tm1923939d1_ex99d70.htm) |
|  | (76) | [Instrument of Assignment between MassMutual and MML Advisers dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99d89.htm) |
| (e) | Underwriting Contracts | Underwriting Contracts |
|  | (1) | [Principal Underwriter Agreement between the Trust (with the exception of the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund) and MML Distributors, LLC dated as of February 23, 2006 (27)](http://www.sec.gov/Archives/edgar/data/927972/000119312506197124/dex99e1.htm) |
|  | (2) | [Schedule A to the Principal Underwriter Agreement between the Trust (with the exception of the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund) and MML Distributors, LLC dated as of February 1, 2023 is filed herein as Exhibit (e)(2).](tm2230141d7_ex99-e2.htm) |
|  | (3) | [Distribution Agreement between the Trust and ALPS Distributors, Inc. ("ALPS Distributors") relating to the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund dated as of December 10, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exe3.htm) |
| (f)(1) | [Amended and Restated Deferred Compensation Plan for Trustees of Registrant dated as of January 1, 2009 (34)](http://www.sec.gov/Archives/edgar/data/927972/000119312509041065/dex99f.htm) | [Amended and Restated Deferred Compensation Plan for Trustees of Registrant dated as of January 1, 2009 (34)](http://www.sec.gov/Archives/edgar/data/927972/000119312509041065/dex99f.htm) |
| (f)(2) | [Amendment to the Amended and Restated Deferred Compensation Plan for Trustees of Registrant dated as of December 8, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99f2.htm) | [Amendment to the Amended and Restated Deferred Compensation Plan for Trustees of Registrant dated as of December 8, 2011 (42)](http://www.sec.gov/Archives/edgar/data/927972/000119312511356357/d262247dex99f2.htm) |
| (g) | Custodian Agreements | Custodian Agreements |
|  | (1) | [Amended, Restated and Consolidated Custodian Agreement between the Trust and State Street Bank and Trust Company ("State Street") dated as of January 1, 2008 (31)](http://www.sec.gov/Archives/edgar/data/927972/000119312508043883/dex99g1.htm) |
|  | (2) | [Amendment to the Amended, Restated and Consolidated Custodian Agreement between the Trust and State Street dated as of May 25, 2010 (37)](http://www.sec.gov/Archives/edgar/data/927972/000119312510223042/dex99g2.htm) |
|  | (3) | [Second Amendment to the Amended, Restated and Consolidated Custodian Agreement between the Trust and State Street dated as of January 1, 2011 (40)](http://www.sec.gov/Archives/edgar/data/927972/000119312511236683/dex99g3.htm) |
|  | (4) | [Third Amendment to the Amended, Restated and Consolidated Custodian Agreement between the Trust and State Street dated as of September 16, 2013 (45)](http://www.sec.gov/Archives/edgar/data/927972/000119312513463585/d588542dex99g4.htm) |
|  | (5) | [Fourth Amendment to the Amended, Restated and Consolidated Custodian Agreement between the Trust and State Street dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99g5.htm) |
|  | (6) | [Sixth Amendment to the Amended, Restated and Consolidated Custodian Agreement between the Trust and State Street dated as of December 1, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exg7.htm) |
|  | (7) | [Appendix A to the Amended, Restated and Consolidated Custodian Agreement between the Trust and State Street dated as of February 1, 2023 is filed herein as Exhibit (g)(7).](tm2230141d7_ex99-g7.htm) |
|  | (8) | [Amended, Restated and Consolidated Delegation Agreement between the Trust and State Street dated as of January 1, 2008 (51)](https://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h31.htm) |
|  | (9) | [Second Amendment to the Amended, Restated and Consolidated Delegation Agreement between the Trust and State Street dated as of December 1, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exg10.htm) |
|  | (10) | [Appendix A to the Amended, Restated and Consolidated Delegation Agreement between the Trust and State Street dated as of February 1, 2023 is filed herein as Exhibit (g)(10).](tm2230141d7_ex99-g10.htm) |
| (h) | Other Material Contracts | Other Material Contracts |
|  | (1) | [Second Amended, Restated and Consolidated Transfer Agency and Service Agreement between the Trust (with the exception of the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund) and State Street dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99h1.htm) |
|  | (2) | [Side Letter to the Second Amended, Restated and Consolidated Transfer Agency and Service Agreement between the Trust (with the exception of the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund) and State Street dated as of June 7, 2017 (51)](http://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h2.htm) |
|  | (3) | [Supplement to the Second Amended, Restated and Consolidated Transfer Agency and Service Agreement between the Trust (with the exception of the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund) and State Street dated as of September 5, 2018 (52)](https://www.sec.gov/Archives/edgar/data/927972/000114420419004071/tv510473_ex99h3.htm) |
|  | (4) | [First Amendment to the Second Amended, Restated and Consolidated Transfer Agency and Service Agreement between the Trust (with the exception of the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund) and State Street dated as of October 16, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh4.htm) |
|  | (5) | [Appendix A to the Second Amended, Restated and Consolidated Transfer Agency and Service Agreement between the Trust (with the exception of the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund) and State Street dated as of February 1, 2023 is filed herein as Exhibit (h)(5).](tm2230141d7_ex99-h5.htm) |
|  | (6) | [Services Agreement between the Trust and ALPS Fund Services, Inc. relating to the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund dated as of October 16, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh5.htm) |
|  | (7) | [First Amendment to the Services Agreement between the Trust and ALPS Fund Services, Inc. relating to the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund dated as of December 21, 2021 (60)](http://www.sec.gov/Archives/edgar/data/927972/000110465922124067/tm2230141d1_ex99-h7.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Amended and Restated Administrative and Shareholder Services Agreement between the Trust and MML Advisers dated as of April 1, 2014 (47)](https://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99h3.htm)

(9) [Amendment to the Amended and Restated Administrative and Shareholder Services Agreement between the Trust and MML Advisers dated as of November 29, 2017 (51)](http://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h5.htm)

(10) [Amendment to the Amended and Restated Administrative and Shareholder Services Agreement between the Trust and MML Advisers dated as of December 1, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh9.htm)

(11) [Amendment to the Amended and Restated Administrative and Shareholder Services Agreement between the Trust and MML Advisers dated as of February 1, 2023 is filed herein as Exhibit (h)(11).](tm2230141d7_ex99-h11.htm)

(12) [Form of Agreement and Plan of Reorganization (55)](https://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exh8.htm)

(13) [Form of Agreement and Plan of Reorganization (19)](https://www.sec.gov/Archives/edgar/data/927972/000119312504134458/dn14ae.txt)

(14) [Sub-Administration Agreement between MML Advisers and State Street dated as of April 1, 2014 (47)](https://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99h6.htm)

(15) [Amendment 1 to the Sub-Administration Agreement between MML Advisers and State Street dated as of July 14, 2015 (48)](http://www.sec.gov/Archives/edgar/data/927972/000119312516445850/d11808dex99h9.htm)

(16) [Amendment 3 to the Sub-Administration Agreement between MML Advisers and State Street dated as of December 13, 2018 (52)](http://www.sec.gov/Archives/edgar/data/927972/000114420419004071/tv510473_ex99h13.htm)

(17) [Amendment 4 to the Sub-Administration Agreement between MML Advisers and State Street dated as of April 19, 2021 (57)](https://www.sec.gov/Archives/edgar/data/927972/000110465921117939/tm2127268d1_ex99h16.htm)

(18) [Amendment 5 to the Sub-Administration Agreement between MML Advisers and State Street dated as of December 1, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh18.htm)

(19) [Letter Agreement to the Sub-Administration Agreement between MML Advisers and State Street dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99h7.htm)

(20) [Appendix A to the Sub-Administration Agreement between MML Advisers and State Street dated as of February 1, 2023 is filed herein as Exhibit (h)(20).](tm2230141d7_ex99-h20.htm)

(21) [Sub-Administrative Services Agreement between MML Advisers and MassMutual dated as of April 1, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99h8.htm)

(22) [Amendment Five to the Sub-Administrative Services Agreement between MML Advisers and MassMutual dated as of February 1, 2023 is filed herein as Exhibit (h)(22).](tm2230141d7_ex99-h22.htm)

(23) [Second Amended and Restated Securities Lending Agency Agreement between the Trust and State Street dated as of July 31, 2012 (51)](http://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h17.htm)

(24) [First Amendment to the Second Amended and Restated Securities Lending Agency Agreement between the Trust and State Street dated as of August 15, 2012 (51)](http://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h18.htm)

(25) [Eighth Amendment to the Second Amended and Restated Securities Lending Agency Agreement between the Trust and State Street dated as of August 10, 2016 (51)](http://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h19.htm)

(26) [Eleventh Amendment to the Second Amended and Restated Securities Lending Agency Agreement between the Trust and State Street dated as of December 8, 2017 (51)](http://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h21.htm)

(27) [Fifteenth Amendment to the Second Amended and Restated Securities Lending Agency Agreement between the Trust and State Street dated as of April 4, 2019 (53)](http://www.sec.gov/Archives/edgar/data/927972/000110465919069590/tm1923939d1_ex99h23.htm)

(28) [Seventeenth Amendment to the Second Amended and Restated Securities Lending Agency Agreement between the Trust and State Street dated as of June 29, 2020 (55)](https://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exh25.htm)

(29) [Nineteenth Amendment to the Second Amended and Restated Securities Lending Agency Agreement between the Trust and State Street dated as of December 1, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh28.htm)

(30) [Master Repurchase Agreement between the Trust and State Street dated as of January 1, 2008 (51)](http://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h25.htm)

(31) [First Amendment to the Master Repurchase Agreement between the Trust and State Street dated as of November 25, 2014 (51)](https://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h26.htm)

(32) [Second Amendment to the Master Repurchase Agreement between the Trust and State Street dated as of September 20, 2016 (51)](https://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h27.htm)

(33) [Third Amendment to the Master Repurchase Agreement between the Trust and State Street dated as of November 1, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh32.htm)

(34) [Form of Schedule VII.A to the Master Repurchase Agreement between the Trust and State Street dated as of February 1, 2023 is filed herein as Exhibit (h)(34).](tm2230141d7_ex99-h34.htm)

(35) [Fixed Income Clearing Corporation Sponsored Membership Agreement between the Trust, the Fixed Income Clearing Corporation, and State Street dated as of October 10, 2017 (51)](https://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h29.htm)

(36) [Amended and Restated Reimbursement and Security Agreement between the Trust and State Street dated as of December 1, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh34.htm)

(37) [FATCA Support Services Agreement between the Trust and State Street dated as of March 2, 2015 (51)](http://www.sec.gov/Archives/edgar/data/927972/000119312518027508/d479764dex99h34.htm)

(38) [First Amendment to the FATCA Support Services Agreement between the Trust and State Street dated as of October 16, 2021 (59)](http://www.sec.gov/Archives/edgar/data/927972/000110465922009668/tm222888d1_ex99h33.htm)

(39) [Appendix A to the FATCA Support Services Agreement between the Trust and State Street dated as of February 1, 2023 is filed herein as Exhibit (h)(39).](tm2230141d7_ex99-h39.htm)

(40) [Money Market Services Agreement between the Trust and State Street dated as of June 30, 2010 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh38.htm)

(41) [First Amendment to the Money Market Services Agreement between the Trust and State Street dated as of April 1, 2014 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh39.htm)

(42) [Second Amendment to the Money Market Services Agreement between the Trust and State Street dated as of February 13, 2015 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh40.htm)

(43) [Third Amendment to the Money Market Services Agreement between the Trust and State Street dated as of April 7, 2016 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exh41.htm)

---

| | | |
|:---|:---|:---|
|  | (44) | [Expense Limitation Agreement between the Trust and MML Advisers with respect to the MassMutual International Equity Fund, MassMutual Short-Duration Bond Fund, and MassMutual Strategic Emerging Markets Fund dated as of February 1, 2023 is filed herein as Exhibit (h)(44).](tm2230141d7_ex99-h44.htm) |
| (i) | Legal Opinions | Legal Opinions |
|  | (1) | [Opinion and Consent of Ropes & Gray LLP (12)](http://www.sec.gov/Archives/edgar/data/927972/000107261300500005/0001072613-00-500005-0007.txt) |
|  | (2) | [Opinion and Consent of Ropes & Gray LLP (21)](http://www.sec.gov/Archives/edgar/data/927972/000119312504182006/dex99i2.txt) |
|  | (3) | [Opinion and Consent of Ropes & Gray LLP (21)](http://www.sec.gov/Archives/edgar/data/927972/000119312504182006/dex99i3.txt) |
|  | (4) | [Opinion and Consent of Ropes & Gray LLP (23)](http://www.sec.gov/Archives/edgar/data/927972/000119312505037101/dex99i4.htm) |
|  | (5) | [Opinion and Consent of Ropes & Gray LLP (24)](http://www.sec.gov/Archives/edgar/data/927972/000119312505234035/dex99i5.htm) |
|  | (6) | [Opinion and Consent of Ropes & Gray LLP (27)](http://www.sec.gov/Archives/edgar/data/927972/000119312506197124/dex99i6.htm) |
|  | (7) | [Opinion and Consent of Ropes & Gray LLP (30)](http://www.sec.gov/Archives/edgar/data/927972/000119312507268790/dex99i7.htm) |
|  | (8) | [Opinion and Consent of Ropes & Gray LLP (33)](http://www.sec.gov/Archives/edgar/data/927972/000119312508221147/dex99i8.htm) |
|  | (9) | [Opinion and Consent of Ropes & Gray LLP (37)](http://www.sec.gov/Archives/edgar/data/927972/000119312510223042/dex99i9.htm) |
|  | (10) | [Opinion and Consent of Ropes & Gray LLP (39)](http://www.sec.gov/Archives/edgar/data/927972/000119312511052035/dex99i10.htm) |
|  | (11) | [Opinion and Consent of Ropes & Gray LLP (41)](http://www.sec.gov/Archives/edgar/data/927972/000119312511311241/d192391dex99i11.htm) |
|  | (12) | [Opinion and Consent of Ropes & Gray LLP (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99i12.htm) |
|  | (13) | [Opinion and Consent of Ropes & Gray LLP (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exi13.htm) |
|  | [(14)](tm2230141d7_ex99-i14.htm) | [Opinion and Consent of Ropes & Gray LLP is filed herein as Exhibit (i)(14).](tm2230141d7_ex99-i14.htm) |
| (j) | (1) | [Consent of Deloitte & Touche LLP is filed herein as Exhibit (j)(1).](tm2230141d7_ex99-j1.htm) |
|  | (2) | [Powers of Attorney for Nabil N. El-Hage, Maria D. Furman, and C. Ann Merrifield (26)](http://www.sec.gov/Archives/edgar/data/927972/000119312506146854/dex99o1.htm) |
|  | (3) | [Powers of Attorney for Allan W. Blair and Susan B. Sweeney (43)](https://www.sec.gov/Archives/edgar/data/927972/000119312512091914/d262247dex99o3.htm) |
|  | (4) | [Power of Attorney for Michael R. Fanning (56)](http://www.sec.gov/Archives/edgar/data/927972/000110465921009475/tm2026008d4_exj4.htm) |
|  | (5) | [Power of Attorney for Clifford M. Noreen (56)](http://www.sec.gov/Archives/edgar/data/927972/000110465921009475/tm2026008d4_exj5.htm) |
|  | (6) | [Power of Attorney for R. Bradford Malt (60)](http://www.sec.gov/Archives/edgar/data/927972/000110465922124067/tm2230141d1_ex99-j6.htm) |
|  | (7) | [Power of Attorney for Cynthia R. Plouché (60)](http://www.sec.gov/Archives/edgar/data/927972/000110465922124067/tm2230141d1_ex99-j7.htm) |
|  | (8) | [Power of Attorney for Jason J. Price (60)](http://www.sec.gov/Archives/edgar/data/927972/000110465922124067/tm2230141d1_ex99-j8.htm) |
| (k) | Omitted Financial Statements - Not Applicable | Omitted Financial Statements - Not Applicable |
| (l) | [Letter of Understanding relating to Initial Capital (55)](http://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exl.htm) | [Letter of Understanding relating to Initial Capital (55)](http://www.sec.gov/Archives/edgar/data/927972/000110465920132054/tm2026008-1_exl.htm) |
| (m) | Rule 12b-1 Plan | Rule 12b-1 Plan |
|  | (1) | [Amended and Restated Rule 12b-1 Plan dated as of February 13, 2014 (47)](http://www.sec.gov/Archives/edgar/data/927972/000119312515029156/d829103dex99m1.htm) |
|  | (2) | [Amended Exhibit A to the Amended and Restated Rule 12b-1 Plan dated as of February 1, 2023 is filed herein as Exhibit (m)(2).](tm2230141d7_ex99-m2.htm) |
| (n) | Rule 18f-3 Plan | Rule 18f-3 Plan |
|  | (1) | [Amended and Restated Rule 18f-3 Plan dated as of June 17, 2020, as amended May 19, 2021 (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exn1.htm) |
|  | (2) | [Amended Appendix A to the Amended and Restated Rule 18f-3 Plan dated as of February 1, 2023 is filed herein as Exhibit (n)(2).](tm2230141d7_ex99-n2.htm) |
| (o) | Reserved | Reserved |
| (p) | Codes of Ethics | Codes of Ethics |
|  | (1) | [Code of Ethics for the Trust, MML Advisers, and MML Distributors, LLC (60)](http://www.sec.gov/Archives/edgar/data/927972/000110465922124067/tm2230141d1_ex99-p1.htm) |
|  | (2) | [Code of Ethics for ALPS Distributors (58)](https://www.sec.gov/Archives/edgar/data/927972/000110465921148694/tm2127268d4_exp2.htm) |
|  | (3) | [Code of Ethics for Barings and BIIL (60)](http://www.sec.gov/Archives/edgar/data/927972/000110465922124067/tm2230141d1_ex99-p3.htm) |
|  | (4) | [Code of Ethics for Invesco Advisers and ICM is filed herein as Exhibit (p)(4).](tm2230141d7_ex99-p4.htm) |
|  | (5) | [Code of Ethics for TSW is filed herein as Exhibit (p)(5).](tm2230141d7_ex99-p5.htm) |
|  | (6) | [Code of Ethics for Wellington Management is filed herein as Exhibit (p)(6).](tm2230141d7_ex99-p6.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Intentionally left blank.

(2) Intentionally left blank.

(3) Intentionally left blank.

(4) Intentionally left blank.

(5) Intentionally left blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Intentionally left blank.

(7) Intentionally left blank.

(8) Intentionally left blank.

(9) Intentionally left blank.

(10) Intentionally left blank.

(11) Intentionally left blank.

(12) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 21 filed on October 24, 2000.

(13) Intentionally left blank.

(14) Intentionally left blank.

(15) Intentionally left blank.

(16) Intentionally left blank.

(17) Intentionally left blank.

(18) Intentionally left blank.

(19) Incorporated by reference to Registrant's Registration Statement
 on Form N-14, File No. 333-118009, filed on August 6, 2004.

(20) Intentionally left blank.

(21) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 31 filed on November 1, 2004.

(22) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 32 filed on December 29, 2004.

(23) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 33 filed on February 25, 2005.

(24) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 35 filed on November 30, 2005.

(25) Intentionally left blank.

(26) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 38 filed on July 14, 2006.

(27) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 39 filed on September 26, 2006.

(28) Intentionally left blank.

(29) Intentionally left blank.

(30) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 43 filed on December 20, 2007.

(31) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 44 filed on February 29, 2008.

(32) Intentionally left blank.

(33) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 46 filed on October 31, 2008.

(34) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 47 filed on February 27, 2009.

(35) Intentionally left blank.

(36) Intentionally left blank.

(37) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 50 filed on October 4, 2010.

(38) Intentionally left blank.

(39) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 52 filed on March 1, 2011.

(40) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 54 filed on August 30, 2011.

(41) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 55 filed on November 14, 2011.

(42) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 57 filed on December 30, 2011.

(43) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 58 filed on March 1, 2012.

(44) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 60 filed on February 1, 2013.

(45) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 62 filed on December 5, 2013.

(46) Intentionally left blank.

(47) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 65 filed on February 2, 2015.

(48) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 67 filed on February 1, 2016.

(49) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 69 filed on December 2, 2016.

(50) Intentionally left blank.

(51) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 72 filed on January 31, 2018.

(52) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 74 filed on January 31, 2019.

(53) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 76 filed on December 3, 2019.

(54) Intentionally left blank.

(55) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 79 filed on December 3, 2020.

(56) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 80 filed on January 29, 2021.

(57) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 81 filed on September 21, 2021.

(58) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 82 filed on December 10, 2021.

(59) Incorporated by reference to Registrant's Post-Effective Amendment
 No. 83 filed on January 31, 2022.

(60) Incorporated by reference
 to Registrant's Post-Effective Amendment No. 84 filed on December 2, 2022.

ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE FUND

At the date of this Post-Effective Amendment to the Registration Statement, except as noted below, Registrant did not, directly or indirectly, control any person. Currently, the Registrant provides a vehicle for the investment of assets of various separate investment accounts established by MassMutual. The assets in such separate accounts are, under state law, assets of the life insurance companies which have established such accounts. Thus, at any time MassMutual and its life insurance company subsidiaries will own such outstanding shares of Registrant's series as are purchased with separate account assets. As a result, MassMutual will own a substantial number of the shares of Registrant, probably for a number of years. MassMutual owned more than 25% of the outstanding shares of each series of the Trust, other than the MassMutual Short-Duration Bond Fund, and therefore is deemed to "control" each such series of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act").

The following entities are, or may be deemed to be, controlled by MassMutual through the direct or indirect ownership of such entities' stock or other ownership interests. In addition, MassMutual may be deemed to control one or more investment pools not listed below and managed or sponsored by MassMutual or its affiliates, through direct or indirect ownership of shares or other interests in such investment pools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. C.M. Life Insurance Company (May 11, 1981), a Connecticut
 corporation which operates as a life and health insurance company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MML Bay State Life Insurance Company (April 1, 1935), a Connecticut
 corporation which operates as a life and health insurance company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. CML Mezzanine Investor III, LLC (May 17, 2010), a Delaware
 limited liability company that acts as a blocker entity for C.M. Life Insurance Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. CML Special Situations Investor LLC (November 17, 2014),
 a Delaware limited liability company that holds a portion of the limited partner interest in a European investment fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. MML Distributors, LLC (November 10, 1994), a Connecticut
 limited liability company which operates as a securities broker-dealer. (MassMutual – 99% and MassMutual Holding LLC – 1%.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. MassMutual Holding LLC (November 30, 1984), a Delaware limited
 liability company which operates as a holding company for certain MassMutual entities.

MassMutual Holding LLC is the sole owner of each subsidiary or affiliate unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MML Investors Services, LLC (December 31,
 1981), a Massachusetts limited liability company which operates as a securities broker-dealer and federally covered investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. MML Insurance Agency, LLC (November 16, 1990), a Massachusetts
 limited liability company which operates as an insurance broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. MMLISI Financial Alliances, LLC, (June 27, 2001) a Delaware
 limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. MassMutual Assignment Company (October 4, 2000), a North
 Carolina corporation which operated a structured settlement business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. MassMutual Capital Partners LLC
 (September 20, 2006), a Delaware single-member limited liability company. MassMutual Holding LLC is the sole member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. LifeScore Labs, LLC (previously, Society of Grownups, LLC) (April 15,
 2014), a Massachusetts limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. MassMutual Ventures Holding LLC (March 26, 2018), a Delaware
 limited liability company formed to hold mandate investment vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. MassMutual Ventures US I LLC (formerly, MassMutual Ventures LLC)
 (June 10, 2014), a Delaware limited liability company that will hold investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. MassMutual Ventures US II LLC (April 17, 2018), a Delaware
 limited liability company that will hold investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. MassMutual Ventures US III LLC (May 21, 2020), a Delaware
 limited liability company that will hold investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. MassMutual Ventures US IV LLC (December 8, 2021), a Delaware
 limited liability company that will hold investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. MassMutual Ventures UK LLC (July 12, 2018), a Delaware limited
 liability company formed to hold investment mandates in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. MassMutual Ventures Southeast Asia I LLC (September 25, 2018),
 a Delaware company that holds investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. MassMutual Ventures Southeast Asia II LLC (December 12, 2019),
 a Delaware limited liability company that holds investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. MassMutual Ventures Southeast Asia III LLC (January 3, 2022),
 a Delaware limited liability company that holds investments.

1.) MMV Digital I LLC (May 18, 2022)), a Cayman Islands company that holds cryptocurrency and crypto-token investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Athens Fund Management LLC (August 20, 2020), a Delaware
 limited liability company that will develop and manage certain closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. MassMutual Ventures Management LLC (April 4, 2018), a Delaware limited liability company
 that will serve as the investment manager for US-based mandate investment vehicles.

1.) MassMutual Ventures SEA Management Private Limited (June 20, 2018), a Singapore company formed to provide investment advisory services to its affiliated company in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Haven Life Insurance Agency, LLC (March 17, 2014), a Delaware
 limited liability company that engages in insurance agency activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. MM Rothesay Holdco US LLC (September 24, 2013), a Delaware
 limited liability company that holds shares in Rothesay Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Fern Street LLC (April 11, 2013), a Delaware limited liability
 company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Sleeper Street LLC (October 4, 2019), a Delaware limited
 liability company that will hold certain investments and invest in a portfolio of private equity assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. MM Catalyst Fund LLC (November 25 2020), a Delaware limited
 liability company that holds investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. MM Asset Management Holding LLC, a Delaware limited liability
 company that acts as a holding company for certain asset managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Barings LLC (July 5, 1940), a Delaware limited liability
 company which operates as an investment adviser.

1.) Barings Securities LLC (July 1, 1994), a Delaware limited liability company which operates as a securities broker-dealer.

2.) Barings Guernsey Limited (February 20, 2001), an investment management company organized under the laws of Guernsey.

a.) Barings Europe Limited (June 5, 2017), a company organized under the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Baring Asset Management Limited (April 6, 1994), a company
 incorporated under the laws of England and Wales that acts an investment manager/adviser.

aa. Baring Fund Managers Limited (October 29, 1968), a company incorporated under the laws of England and Wales that acts as a manager of BAM UK Collective Investment Schemes.

bb. Baring International Investment Limited (June 7, 1979), a company incorporated under the laws of England and Wales that acts as an investment manager/adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc. Baring Investment Services Limited (May 18, 1988), a company incorporated under the laws of England and Wales that acts as a service company which supports all the BAM Group operating companies within the UK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. Barings European Core Property Fund GP Sàrl (October 29, 2015), a special-purpose company organized in Luxembourg that serves as a general partner of a European real estate equity fund.

ee. Barings BME GP Sàrl (July 31, 2020), a company organized under the laws of England and Wales that serves as a general partner.

ff. Barings GPLF4(S) GP Sàrl (March 18, 2021), a company incorporated under the laws of Luxembourg that serves as a General Partner.

gg. Baring International Investment Management Holdings (November 12, 1985), a company incorporated under the laws of England and Wales that acts as an intermediate holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Baring Asset Management UK Holdings Limited (October 25, 1983), a company incorporated under the laws of England and Wales that acts as an intermediate holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Barings Italy S.r.l. (July 23, 2019), an operating company
 incorporated under the laws of Italy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Barings Sweden AB (July 16, 2019), an operating company
 incorporated under the laws of Sweden.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Barings Asset Management Spain SL (October 13, 2019), an
 operating company incorporated under the laws of Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Barings Netherlands B.V. (December 5, 2019), an operating
 company incorporated under the laws of the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Barings GmbH (formerly Barings Real Estate GmbH)(January 8,
 2014), a German limited liability company that provides transaction and asset management services for all types of real estate and retail
 property, in addition to development and refurbishment services for office, retail, industrial and residential assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Barings (U.K.) Limited (January 4, 1995), an institutional
 debt-fund manager organized under the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iix. Baring France SAS (July 24, 1997), a company incorporated
 under the laws of France that handles distribution and client services for qualified investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Baring International Fund Managers (Ireland) Limited (July 16,
 1990), a company incorporated under the laws of Ireland that acts as a manager of BAM Irish Collective Investment Schemes and Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Barings Switzerland Sàrl (December 18, 2013), an operating
 company established under the laws of Switzerland.

3.) Barings Real Estate Advisers, Inc. (May 11, 2004), a Delaware corporation that holds a "corporation" real estate license.

4.) Barings Real Estate Acquisitions LLC (January 10, 2022), a Delaware limited liability company.

5.) BMC Holdings DE LLC (March 29, 2013), a Delaware limited liability company.

6.) Barings Finance LLC (December 12, 2012), a Delaware limited liability company formed to invest in securities of U.S. middle market companies.

a.) BCF Europe Funding Limited (August 27, 2013), a company formed in the Republic of Ireland to invest in securities.

b.) BCF Senior Funding I LLC (August 28, 2013), a limited liability company formed under the laws of the State of Delaware to invest in securities.

c.) BCF Senior Funding I Designated Activity Company (January 20, 2016), a company formed in the Republic of Ireland to invest in securities.

7.) Baring Asset Management (Asia) Holdings Limited (June 7, 1985), an intermediate holding company organized in Hong Kong.

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| | |
|:---|:---|
| a.) | Barings Japan Limited (January 13, 1986), a company organized in Japan that is registered as a Financial Business Operator (Registration No. 396-KLFB) for Type II Financial Instruments Business, Investment Advisory and Agency Business, and Investment Management Business with the Financial Services Agency in Japan under the Financial Instruments and Exchange Act (Act No. 25 of 1948). |

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b.) Baring International Fund Managers (Bermuda) Limited (September 13, 1988), a company incorporated under the laws of Bermuda under that acts as a trustee of Baring Korea Trust Fund Ltd.'s undistributed funds.

c.) Baring SICE (Taiwan) Limited (March 15, 1990), a regulated company organized in Taiwan.

d.) Baring Asset Management (Asia) Limited (March 15, 1985), a company organized in Hong Kong that acts as an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Baring Asset Management Korea Limited, a regulated Korean company
 that engages in the business of asset management, business administration and investment advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Barings Investment Management (Shanghai) Limited (August 3,
 2018) is an operating company established under Chinese law.

aa. Barings Overseas Investment Fund Management (Shanghai) Limited (August 22, 2018) serves as the distributor in China.

e.) Barings Singapore Pte. Ltd. (November 16, 2020), an operating company established under the laws of Singapore.

f.) Barings Australia Holding Company Pty Ltd (October 12, 2009), an operating company that employs five or more mezzanine debt portfolio managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Barings Australia Pty Ltd (October 16, 2009), an asset manager for Australian institutional
 investors.

8.) Barings Australia Real Estate Holdings Pty Ltd (May 4, 2022), a private limited company established under the laws of Australia that act as a holding company.

a.) Barings Australia Real Estate Pty Ltd (May 4, 2022), a private limited company established under the laws of Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Altis Property Partners Holdings Pty Ltd (May 5, 2010), an operating
 company established under the laws of Australia.

aa.) Altis Asset Management Pty Ltd (May 17, 2010), a proprietary limited company established under the laws of Australia. (Not shown on organizational chart.)

bb.) Altis Property Partners Pty Ltd (August 8, 2008), a proprietary limited company established under the laws of Australia. (Not shown on organizational chart.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The MassMutual Trust Company (January 12, 2000), a federally
 chartered stock savings bank which performs trust services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. MML Private Placement Investment Company I, LLC (May 15,
 2007), a Delaware limited liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. MML Private Equity Fund Investor LLC (December 6, 2006),
 a Delaware limited liability company that acts as a blocker entity for MassMutual and holds private equity fund investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. MM Private Equity Intercontinental LLC (September 24, 2013),
 a Delaware limited liability company that invests in certain private equity funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. MML Mezzanine Investor II, LLC (March 13, 2008), a Delaware
 limited liability company that acts as a blocker entity for MassMutual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. MSP-SC, LLC (August 4, 2009), a Delaware limited liability
 company formed to take title to a property that was acquired by foreclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. MML Mezzanine Investor III, LLC (May 17, 2010), a Delaware
 limited liability company that acts as a blocker entity for MassMutual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. MassMutual External Benefits Group LLC (September 23, 2010),
 a Delaware limited liability company created to satisfy a professional employer organization's tax reporting needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. JFIN Parent LLC (July 15, 2021), a Delaware limited liability
 company created as the parent organization of Jefferies Finance LLC. (MassMutual holds 50% voting ownership interest and Jefferies Financial
 Group Inc. LLC holds 50% voting ownership interest.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Apex Credit Holdings LLC (formerly known as Apex Credit Partners
 LLC, October 20, 2014), a Delaware limited liability company which holds legacy CLO investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Jefferies Finance LLC (July 26, 2004), a Delaware limited
 liability company and commercial finance company registered with the SEC as an investment adviser that structures, underwrites and arranges
 senior secured loans to corporate borrowers and financial sponsors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. JFIN Co-Issuer Corporation (March 13, 2013), a Delaware corporation
 formed for the purpose of acting as a co-issuer of senior unsecured notes and secured term loans of Jefferies Finance LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. JFIN Fund III LLC (October 14, 2011), a Delaware limited
 liability company formed for the purpose of investing in senior secured loans and entering into a warehouse financing through a credit
 facility with Wells Fargo Bank, N.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. JFIN High Yield Investments LLC (December 16, 2015), a Delaware
 limited liability company formed for the purpose of investing in high yield securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. JFIN LC Fund LLC (February 1, 2016), a Delaware limited liability
 company formed for the purposes of holding cash collateral and entering into a standby letter of credit fronting facility with Wells Fargo
 Bank, N.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. JFIN Revolver Holdings LLC (January 23, 2018), a Delaware
 limited liability company formed to hold revolving loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. JFIN Revolver Holdings II LLC (May 11, 2018), a Delaware
 limited liability company formed to hold revolving loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. JFIN GP Adviser LLC (May 11, 2018), a Delaware limited liability
 company formed to be an investment adviser and general partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. JFIN Europe GP, S.à.r.l. (December 18, 2015), a Luxembourg
 private limited liability company formed as the general partner of Jefferies Finance Europe, SCSp.

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| | |
|:---|:---|
| 1.) | Jefferies Finance Europe, S.L.P. (July 20, 2020), an alternative investment fund formed as a professional specialized fund incorporated as a limited partnership governed by articles L.214-162-1 et seq. of the French Monetary and Financial Code, which was established to arrange and invest in European senior secured loans. |

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2.) Jefferies Finance Europe, SCSp (March 10, 2016), an alternative investment fund formed as a Luxembourg special limited partnership which was established to arrange and invest in European senior secured loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Jefferies Finance Business Credit LLC (August 7, 2013), a
 Delaware limited liability company that acts as a holding company for JFIN Business Credit Fund I LLC.

1.) JFIN Business Credit Fund I LLC (August 7, 2013), a Delaware limited liability company formed for the purpose of investing in asset based revolving loans and entering into warehouse financing through a credit facility with Wells Fargo Capital Finance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. JFIN Funding 2021 LLC (November 5, 2021), a Delaware limited
 liability company which holds certain loan assets in connection with a master participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Jefferies Private Credit BDC Inc. (January 14, 2020), a Maryland
 corporation that was formed for the purpose of investing in senior secured loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Jefferies Credit Partners BDC Inc. (August 10, 2022), a Maryland
 corporation that was formed for the purpose of investing in senior secured loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Jefferies Credit Partners LLC (formerly known as JFIN Asset Management
 LLC)(June 8, 2020), a Delaware limited which is a private credit lending platform and investment adviser registered with the SEC
 as a relying adviser.

1.) Apex Credit Partners LLC (formerly known as Apex Newco LLC) (July 15, 2021), a Delaware limited liability company which is an investment adviser to CLOs and is registered with the SEC as a relying adviser.

2.) JDLF GP (Europe) S.a.r.l. (November 4, 2022), incorporated and existing under the laws of Luxembourg and was formed as a general partner of a newly formed Luxembourg RAIF. Jefferies Credit Partners is the sole shareholder.

3.) Jefferies Credit Management Holdings LLC (December 8, 2022), a Delaware limited liability company that will be the holding company for a registered investment adviser to business development companies.

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| | |
|:---|:---|
| 4.) | Jefferies Direct Lending Europe SCSp SICAV-RAIF (December 9, 2022), incorporated and existing under the laws of Luxembourg and formed for the purpose of investing in senior secured loans. Jefferies Credit Partners LLC is the sole limited partner but it is intended that limited partner interests will be acquired by third party investors. |

---

5.) Jefferies Credit Management LLC (December 8, 2022), a Delaware limited liability company that will be a registered investment adviser to business development companies.

6.) Senior Credit Investments, LLC (December 8, 2022), a Delaware limited liability company that will be a business development company.

---

| | |
|:---|:---|
| 7.) | JCP Direct Lending CLO 2022 LLC (November 1, 2021), a Delaware limited liability company formed for the purpose of securitizing senior secured middle market loans, and to be managed by Jefferies Credit Partners LLC. MassMutual and MassMutual Ascend Life Insurance Company are investors in the CLO notes, and collectively own 37.47% of the subordinated notes (equity). Jefferies Capital Partners LLC owns 9.9% of the subordinated notes. |

---

8.) JDLF II GP LLC (January 7, 2022), a Delaware limited liability company formed as the holding company for Jefferies Direct Lending Fund II LP. Jefferies Credit Partners LLC is the managing member.

a.) JDLF II GP LP (January 7, 2022), a Delaware partnership formed as the general partner of Jefferies Direct Lending Fund LP. JFAM GP LLC is the general partner and Jefferies Credit Partners LLC is the limited partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Jefferies Direct Lending Fund II C LP (January 7, 2022), a Delaware
 partnership formed for the purpose of investing alongside Jefferies Direct Lending Fund II LP in senior secured middle market loans, and
 to be managed by Jefferies Credit Partners LLC. JDLF II GP LP is the general partner and Jefferies Finance LLC is the limited partner.

aa. Jefferies DLF II C Holdings LLC (March 28, 2022), a Delaware limited liability company created in connection with a fund leverage facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Jefferies Direct Lending Fund II
 C SPE LLC (March 28, 2022), a Delaware limited liability company created in connection with a fund leverage facility to be
 provided by MassMutual.

9.) JFAM GP LLC (April 13, 2017), a Delaware limited liability company formed as the holding company for Jefferies Direct Lending Fund, LP. Jefferies Credit Partners LLC is the managing member.

a.) JFAM GP LP (April 13, 2017), a Delaware partnership formed as the general partner of Jefferies Direct Lending Fund, LP. JFAM GP LLC is the general partner, and Jefferies Credit Partners LLC is the limited partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Jefferies Direct Lending Fund C LP (November 25, 2019), a
 Delaware partnership formed for the purpose of investing alongside Jefferies Direct Lending Fund LP in senior secured middle market loans,
 and to be managed by Jefferies Credit Partners LLC. JFAM GP LP is the general partner, and Jefferies Finance LLC is the limited partner.

aa. Jefferies DLF C Holdings LLC (February 11, 2020), a Delaware limited liability company created in connection with a fund leverage facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Jefferies Direct Lending Fund C SPE LLC (February 11, 2020),
 a Delaware limited liability company created in connection with a fund leverage facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Jefferies Senior Lending LLC (April 26, 2021), a Delaware
 limited liability company formed as a warehouse special purpose vehicle to invest in Large Cap loan assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. JFIN Revolver Holdings IV LLC (January 4, 2022), a Delaware
 limited liability company formed as a warehouse special purpose vehicle to invest in revolving loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. JFIN Revolver SPE1 2022 LLC (March 9, 2022), a Delaware limited
 liability company formed to hold revolving loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. JFIN Revolver SPE3 2022 LLC (August 31, 2022), a Delaware
 limited liability company formed to hold revolving loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. JFIN Revolver SPE4 2022 LLC (August 31, 2022), a Delaware limited liability company
 formed to hold revolving loan investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. SFL Parkway Funding 2022 LLC (August 9, 2022), a Delaware limited liability company
 formed to hold certain contract rights under a loan agreement in connection with a back leverage facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Beauty Brands Acquisition Holdings LLC (January 9th, 2023), a Delaware limited liability
 company holding company of a special purpose vehicle formed for the purpose of acquiring certain assets and assuming certain liabilities
 of Morphe LLC as part of a proposed credit bid transaction.

1.) Beauty Brands Acquisition LLC (December 2, 2022), a Delaware limited liability company holding company of a special purpose vehicle formed for the purpose of acquiring certain assets and assuming certain liabilities of Morphe LLC as part of a proposed credit bid transaction.

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| | |
|:---|:---|
| a.) | Beauty Brands Acquisition Intermediate LLC (December 2, 2022), a Delaware limited liability company holding company of a special purpose vehicle formed for the purpose of acquiring certain assets and assuming certain liabilities of Morphe LLC as part of a proposed credit bid transaction. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. FB Acquisition LLC (December 2, 2022), a Delaware limited liability company formed
 for the purpose of acquiring certain assets and assuming certain liabilities of Morphe LLC as part of a proposed credit bid transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Berkshire Way LLC (June 14 2012), a Delaware limited liability
 company that was formed to invest in emerging market securities on behalf of MassMutual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. MML Strategic Distributors, LLC (June 7, 2013), a Delaware
 limited liability company that is licensed to act as a broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. MML Investment Advisers, LLC (September 24, 2013), a Delaware
 limited liability company which operates as a federally covered investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Pioneers Gate LLC (October 27, 2014), a Delaware limited
 liability company that was formed to invest in asset-backed securities on behalf of MassMutual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. MML Special Situations Investor LLC (November 17, 2014),
 a Delaware limited liability company that holds a portion of the limited partner interest in a European investment fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Timberland Forest Holding LLC (October 12, 2015), a Delaware
 limited liability company that acts as a holding company. MassMutual's ownership is 37% and 63% is held by MassMutual Trad Private
 Equity LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Lyme Adirondack Forest Company, LLC (April 4, 2006), a Delaware
 limited liability company that acts as a holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Lyme Adirondack Timber Sales, LLC (December 16, 2016), a
 Delaware company. (<u>Note</u>: Lyme Adirondack Timber Sales, Inc. merged with and into this
 company effective December 31, 2016.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Lyme Adirondack Timberlands I, LLC (August 16, 2006), a Delaware
 limited liability company that is a property owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Lyme Adirondack Timberlands II, LLC (August 16, 2006), a
 Delaware limited liability company that is a property owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. MassMutual International LLC (February 19, 1996), a Delaware
 limited liability company which operates as a holding company for certain international investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Solutions LLC (June 20, 2019), a Delaware limited
 liability company that acts as a holding company for Haven Technologies Asia Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Haven Technologies Asia Limited (July 9, 2019), a Hong Kong
 technology company (formerly, HarborTech (Asia) Limited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Insurance Road LLC (May 3, 2017), a Delaware limited liability
 company that acts as a holding company for companies that hold intellectual property assets and invest in a portfolio of private equity
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Intellectual Property
 LLC (May 3, 2017), a Delaware limited liability company that will hold certain intellectual property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. MassMutual Trad Private Equity LLC (May 3, 2017), a Delaware
 limited liability company that will hold and invest in a portfolio of private equity assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Trad Investments I LLC (September 11, 2018), a Delaware limited
 liability company that will hold and invest in a portfolio of private equity assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. MassMutual Mortgage Lending LLC (October 30, 2017), a Delaware
 limited liability company that will invest in commercial mortgage loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. MM Copper Hill Road LLC (October 5, 2017), a Delaware limited
 liability company that has been established to hold certain receivables and to engage in related financing activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. EM Opportunities LLC (January 16, 2018), a Delaware limited
 liability company formed to hold a portfolio of high yield, emerging market debt investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. MassMutual MCAM Insurance Company, Inc. (March 18, 2018),
 a Vermont captive insurance company that will sell insurance to MassMutual and its subsidiary companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. CML Global Capabilities (December 2, 2019), a Delaware limited
 liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z. MM Global Capabilities I LLC (December 2, 2019), a Delaware
 limited liability company that serves as a limited partner and holds ownership shares in MassMutual Global Business Services India LLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Global Business Services India LLP (December 23,
 2019), a limited partnership domiciled in the Republic of India that will provide information technology and information technology enabled
 services to MassMutual. (Owned 99.8% by MM Global Capabilities I LLC, 0.1% by MM Global Capabilities II LLC and 0.1% by MM Global Capabilities
 III LLC.)

AA. MM Global Capabilities II LLC (December 2, 2019), a Delaware limited liability company that serves as a limited partner and holds ownership shares in MassMutual Global Business Services India LLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MM Global Capabilities (Netherlands) B.V. (February 28, 2020),
 a company domiciled in the Netherlands that will hold ownership interests of MassMutual in India and Romania (MM Global Capabilities I
 LLC and MM Global Capabilities II LLC are the partners of this company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. MassMutual Global Business Services Romania S.R.L. (March 31,
 2020), a company domiciled in Romania that will provide computer programming, consultancy and related activities to MassMutual.

BB. MM Global Capabilities III LLC (December 3, 2019), a Delaware limited liability company that serves as a limited partner and holds ownership shares in MassMutual Global Business Services India LLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CC. MM Investment Holding (September 21, 2020), a Cayman Islands
 company organized to provide holding company services and financial services for its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MML Management Corporation (October 14, 1968), a Massachusetts
 corporation which formerly operated as a manager of properties owned by MassMutual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. MassMutual International Holding MSC, Inc. (January 31,
 2001), a Massachusetts corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. MassMutual Holding MSC, Inc. (December 26, 1996), a
 Massachusetts corporation which operates as a holding company for MassMutual positions in investment entities organized outside of the
 United States. This subsidiary qualifies as a "Massachusetts Security Corporation" under Chapter 63 of the Massachusetts
 General Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. MassMutual Asset Finance LLC (formerly known as Winmark Equipment
 Finance, LLC) is an equipment financing company which provides collateralized lending, financing and leasing services nationwide (owned
 99.61% by MM Investment Holding and .39% by C.M. Life Insurance Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. MMAF Equipment Finance LLC 2014-A (May 7, 2014), a Delaware
 limited liability company that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. MMAF Equipment Finance LLC 2017-A (April 11, 2017), a Delaware limited liability company
 that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. MMAF Equipment Finance LLC 2017-B (October 30, 2017), a Delaware limited liability
 company that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. MMAF Equipment Finance LLC 2018-A (April 24, 2018), a Delaware limited liability company
 that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. MMAF Equipment Finance LLC 2019-A (February 20, 2019), a Delaware limited liability
 company that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. MMAF Equipment Finance LLC 2019-B (August 23, 2019), a Delaware limited liability
 company that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Rozier LLC, (December 26, 2018), a Delaware limited liability company that holds company
 that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. MMAF Equipment Finance LLC 2020-A (May 27, 2020), a Delaware limited liability company
 that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. MMAF Equipment Finance LLC 2020-B (August 24, 2020), a Delaware limited liability
 company that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. MMAF Equipment Finance LLC 2021-A (April 12 2021), a Delaware limited liability company
 that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. MMAF Equipment Finance LLC 2022-A (February 24, 2022), a Delaware limited liability
 company that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. MMAF Equipment Finance LLC 2022-B (September 26, 2022), a Delaware limited liability
 company that holds a portfolio of rights in equipment loans, equipment leases, related equipment and related rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. MMIH Bond Holdings LLC (November 28, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DD. MML CM LLC (November 10, 2020), a Delaware limited liability
 company that holds certain investments for MassMutual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Blueprint Income LLC (May 4, 2016), a New York limited liability
 company that is an online annuity marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Flourish Financial LLC (November 3, 2017), a Delaware limited
 liability company that is a fintech platform for registered investment advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Flourish Technologies LLC (May 11, 2021), a Delaware limited
 liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Flourish Digital Assets LLC (May 11, 2021), a Delaware limited
 liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Flourish Holding Company LLC (February 14, 2022), a Delaware
 limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Flourish Insurance Agency LLC (February 18, 2022), a Delaware
 limited liability company.

EE. Glidepath Holdings Inc. (February 4, 2021), a Delaware corporation that acts act as a holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Ascend Life Insurance Company (December 29, 1961),
 an Ohio corporation that acts as a life and health insurance company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Annuity Investors Life Insurance Company (November 13, 1981),
 an Ohio corporation that acts as a life and health insurance company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. AAG Insurance Agency, LLC (December 6, 1994), a Kentucky
 corporation that acts as an insurance agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Great American Advisors, LLC (December 10, 1993), an Ohio
 corporation that acts as a broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Manhattan National Holding Corporation (August 27, 2008),
 an Ohio Corporation that acts as a holding company.

1.) Manhattan National Life Insurance Company (May 21, 2014), an Ohio corporation that acts as a life and health insurance company.

FF. ITPS Holding LLC (May 18, 2021, a Delaware limited liability company that acts act as a holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HITPS LLC (May 24, 2021), a Delaware limited liability company
 that acts as a provider of cloud based insurance technology solutions.

GG. MM/Barings Multifamily TEBS 2020 LLC (April 2, 2020) a Delaware limited liability company that engages in bond and mortgage loan securitization transactions.

HH. MassMutual Ventures Europe/APAC I GP, LLC (September 28, 2022), a Delaware limited liability company formed to serve as a general partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Ventures Europe/APAC I GP, L.P. (October 21, 2022),
 a Cayman Islands exempted limited partnership formed to serve as a general partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. MassMutual Ventures Europe/APAC I, L.P. (October 21, 2022),
 a Cayman Islands exempted limited partnership which will hold investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. MassMutual Ventures US IV GP, LLC (September 28, 2022), a
 Delaware limited liability company formed to serve as a general partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Ventures US IV, L.P. (September 28, 2022), a Delaware
 limited partnership which will hold investments. MassMutual Ventures US IV GP, LLC I is the General Partner and MassMutual is the Limited
 Partner.

JJ. MM Direct Private Investments Holding LLC (September 16, 2021), a Delaware limited liability company that acts act as a holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MM Direct Private Investments UK Limited (September 27, 2021),
 a UK private limited company that holds investments.

DPI-ACRES Capital LLC (September 16, 2022), a Delaware limited liability company that will hold commercial mortgage loans.

ITEM 30. INDEMNIFICATION

Article VIII, Sections 1, 2, 3, 4, and 5 of the Trust's Amended and Restated Agreement and Declaration of Trust, which is incorporated by reference to Exhibit (a)(1) of the Trust's Post-Effective Amendment No. 57 to the Registration Statement filed via EDGAR on December 30, 2011, provide as follows with respect to indemnification of the Trustees and officers of the Trust against liabilities which may be incurred by them in such capacities:

<u>Amended and Restated Declaration of Trust</u>

<u>Section 1</u>. <u>Trustees, Officers, Etc</u>. The Trust shall indemnify every person who is or has been a Trustee or officer (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (hereinafter referred to as a "Covered Person") against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees, reasonably incurred or paid by any Covered Person in connection with the defense or disposition of any claim, action, suit or other proceeding, whether civil, criminal, or other, including appeals, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated in a decision on the merits in any such action, suit or other proceeding to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. Expenses, including counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article, provided, however, that either (a) such Covered Person shall have provided appropriate security for such undertaking, (b) the Trust shall be insured against losses arising from any such advance payments, or (c) either a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), or independent legal counsel, in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a full trial type inquiry) that there is reason to believe that such Covered Person will be found entitled to indemnification under this Article.

<u>Section 2</u>. <u>Compromise Payment</u>. As to any matter disposed of (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication on the merits by a court, or by any other body before which the proceeding was brought, that such Covered Person is liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, indemnification shall be provided if (a) approved, after notice that it involves such indemnification, by at least a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter) upon a determination, based upon a review of readily available facts (as opposed to a full trial type inquiry) that such Covered Person is not liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office (the disinterested Trustees to take final action on the consideration of such approval within 60 days of a request thereof by a Covered Person), or (b) there has been obtained an opinion in writing of independent legal counsel, based upon a review of readily available facts (as opposed to a full trial type inquiry), to the effect that such indemnification would not protect such Covered Person against any liability to the Trust to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office (which opinion the Trustees shall use reasonable diligence to obtain within 60 days of a request therefor by a Covered Person). Any approval pursuant to this Section shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with this Section as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction to have been liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

<u>Section 3</u>. <u>Rebuttable Presumption</u>. For purposes of the determination or opinion referred to in clause (c) of Section 1 of this Article VIII or clauses (a) or (b) of Section 2 of this Article VIII, the majority of disinterested Trustees acting on the matter or independent legal counsel, as the case may be, shall be entitled to rely upon a rebuttable presumption that the Covered Person has not engaged in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such Covered Person's office.

<u>Section 4</u>. <u>Indemnification Not Exclusive</u>. The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which such Covered Person may be entitled. As used in this Article VIII, the term "Covered Person" shall include such person's heirs, executors and administrators and a "disinterested Trustee" is a Trustee who is not an "interested person" of the Trust as defined in Section 2(a)(19) of the 1940 Act (or who has been exempted from being an "interested person" by any rule, regulation or order of the Commission), and against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending. Nothing contained in this Article shall affect any rights to indemnification to which personnel of the Trust, other than Trustees or officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.

<u>Section 5. No Presumption</u>. The termination of any proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent shall not of itself create a presumption that a Covered Person did not act in good faith and in a manner which the person reasonably believed to be in the best interests of the Trust or that the person had reasonable cause to believe that the person's conduct was lawful.

Trustees and officers of the Trust are also indemnified by MassMutual pursuant to its by-laws. No indemnification is provided with respect to any liability to any entity which is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act") or to the security holders thereof, where the basis for such liability is willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of office.

MassMutual's directors' and officers' liability insurance program, which covers the Trust's Trustees and officers, consists of two distinct coverages. The first coverage reimburses MassMutual, subject to specified limitations, for amounts which MassMutual is legally obligated to pay out under its indemnification by-law, discussed above. The

second coverage directly protects a Trustee or officer of the Trust against liability from shareholder derivative and similar lawsuits which are not indemnifiable under the law. There are, however, specific acts giving rise to liability which are excluded from this coverage. For example, no Trustee or officer is insured against personal liability for libel or slander, acts of deliberate dishonesty, fines or penalties, illegal personal profit or advantage at the expense of the Trust or its shareholders, violation of employee benefit plans, regulatory statutes, and similar acts which would traditionally run contrary to public policy and hence reimbursement by insurance.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "1933 Act") may be permitted to trustees, officers and controlling persons of the Trust pursuant to the foregoing provisions, or otherwise, the Trust has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Trust of expenses incurred or paid by a Trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the Trust will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

ITEM 31. BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Investment Adviser

MML Advisers is the investment adviser for the Trust. MML Advisers is responsible for providing all necessary investment management and administrative services to the Trust. MML Advisers, a Delaware limited liability company, was formed in 2013 and is a wholly-owned subsidiary of MassMutual. Founded in 1851, MassMutual is a mutual life insurance company that provides a broad range of insurance, money management, retirement, and asset accumulation products and services for individuals and businesses.

The directors and officers of MML Advisers, which is located at 1295 State Street, Springfield, Massachusetts 01111-0001, their positions with MML Advisers, and their other principal business affiliations and business experience for the past two years are as follows:

ANDREA ANASTASIO, Vice President (since 2021)

Head of Investment Management Solutions (since 2021), MassMutual; Head of Investment Strategy and Research, North America (2019-2021), State Street Global Advisors; Vice President (since 2021), MassMutual Select Funds (open-end investment company); Vice President (since 2021), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2021), MML Series Investment Fund (open-end investment company); Vice President (since 2021), MML Series Investment Fund II (open-end investment company).

PABLO CABRERA, Assistant Treasurer (since 2021)

Head of Cash Operations (since 2020), MassMutual; Assistant Vice President (2000-2020), FM Global; Assistant Treasurer (since 2021), MML Distributors, LLC; Assistant Treasurer (since 2021), C.M. Life Insurance Company; Assistant Treasurer (since 2021), MML Bay State Life Insurance Company; Assistant Treasurer (since 2021), Athens Fund Management LLC; Assistant Treasurer (since 2021), Berkshire Way LLC; Assistant Treasurer (since

2021), Blueprint Income LLC; Assistant Treasurer (since 2021), EM Opportunities LLC; Assistant Treasurer (since 2021), Fern Street LLC; Assistant Treasurer (since 2021), Glidepath Holdings Inc.; Assistant Treasurer (since 2021), HITPS LLC; Assistant Treasurer (since 2021), Insurance Road LLC; Assistant Treasurer (since 2021), ITPS Holding LLC; Assistant Treasurer (since 2021), MassMutual Capital Partners LLC; Assistant Treasurer (since 2021), MassMutual External Benefits Group LLC; Assistant Treasurer (since 2021), MassMutual Global Business Services India LLP; Assistant Treasurer (since 2021), MassMutual Global Business Services Romania S.R.L.; Assistant Treasurer (since 2021), MassMutual Holding LLC; Assistant Treasurer (since 2021), MassMutual Holding MSC, Inc.; Assistant Treasurer (since 2021), MassMutual Intellectual Property LLC; Assistant Treasurer (since 2021), MassMutual International Holding MSC, Inc.; Assistant Treasurer (since 2021), MassMutual International LLC; Assistant Treasurer (since 2021), MassMutual Mortgage Lending LLC; Assistant Treasurer (since 2021), MassMutual Private Equity Funds LLC; Assistant Treasurer (since 2021), MassMutual Private Equity Funds Subsidiary LLC; Assistant Treasurer (since 2021), MassMutual Ventures Holding LLC; Assistant Treasurer (since 2021), MassMutual Ventures Management LLC; Assistant Treasurer (since 2021), MassMutual Ventures SEA Management Private Limited; Assistant Treasurer (since 2021), MassMutual Ventures Southeast Asia I LLC; Assistant Treasurer (since 2021), MassMutual Ventures Southeast Asia II LLC; Assistant Treasurer (since 2021), MassMutual Ventures UK LLC; Assistant Treasurer (since 2021), MassMutual Ventures US I LLC; Assistant Treasurer (since 2021), MassMutual Ventures US II LLC; Assistant Treasurer (since 2021), MassMutual Ventures US III LLC; Assistant Treasurer (since 2021), MM Asset Management Holding LLC; Assistant Treasurer (since 2021), MM Catalyst Fund LLC; Assistant Treasurer (since 2021), MM Cooper Hill Road; Assistant Treasurer (since 2021), MM Global Capabilities I LLC; Assistant Treasurer (since 2021), MM Global Capabilities II LLC; Assistant Treasurer (since 2021), MM Global Capabilities III LLC; Assistant Treasurer (since 2021), MM Global Capabilities (Netherlands) BV; Assistant Treasurer (since 2021), MM Private Equity Intercontinental LLC; Assistant Treasurer (since 2021), MM Rothesay Holdco US LLC; Assistant Treasurer (since 2021), MML CM LLC; Assistant Treasurer (since 2021), MML Management Corporation; Assistant Treasurer (since 2021), Open Alternatives LLC; Assistant Treasurer (since 2021), Pioneers Gate LLC; Assistant Treasurer (since 2021), Sleeper Street LLC; Assistant Treasurer (since 2021), Trad Investments I LLC.

GEOFFREY CRADDOCK, Director (since 2017)

Chief Risk Officer, Enterprise Risk Management (since 2017), MassMutual; Director (since 2017), Barings LLC; Director (since 2017), Haven Life Insurance Agency, LLC; Director (since 2017), LifeScore Labs, LLC; Director (since 2018), MassMutual International LLC; Director (since 2017), MM Asset Management Holding LLC; Director (since 2017), MML Investors Services, LLC; Director (since 2018), MassMutual MCAM Insurance Company, Inc.; Director (since 2017), MML Strategic Distributors, LLC; Director (since 2022), Blueprint Income, LLC; Director (since 2021), Annuity Investors Life Insurance Company; Director (since 2021), Manhattan National Life Insurance Company; Director (since 2021), MM Ascend Life Insurance Company.

MICHAEL R. FANNING, Director (since 2016)

Head of MassMutual U.S. (since 2016), Member of MassMutual's Executive Leadership Team (since 2008), MassMutual; Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company); Trustee (since 2021), MML Series Investment Fund II (open-end investment company); GBH Board of Advisors (since 2018); MassChallenge Board of Directors (since 2020); FinTech Sandbox Board (since 2020); Member (since 2014), MassMutual Ventures LLC; Director (since 2009), C.M. Life Insurance Company; Director (since 2009), Member of Audit Committee (since 2009), MML Bay State Life Insurance Company; Member Representative (since 2009), MML Distributors, LLC; Director (since 2007), Member of Executive Committee (since 2008), Member of Audit Committee (since 2008), MML Investors Services, LLC.

BRIAN FINUCANE, Assistant Treasurer (since 2021)

Head of Debt Financing and Liquidity (since 2021), MassMutual; Assistant Treasurer (since 2021), C.M. Life Insurance Company; Assistant Treasurer (since 2021), MML Bay State Life Insurance Company; Assistant

Treasurer (since 2021), Athens Fund Management LLC; Assistant Treasurer (since 2021), Berkshire Way LLC; Assistant Treasurer (since 2021), Blueprint Income LLC; Assistant Treasurer (since 2021), EM Opportunities LLC; Assistant Treasurer (since 2021), Fern Street LLC; Assistant Treasurer (since 2021), Glidepath Holdings Inc.; Assistant Treasurer (since 2021), HITPS LLC; Assistant Treasurer (since 2021), Insurance Road LLC; Assistant Treasurer (since 2021), ITPS Holding LLC; Assistant Treasurer (since 2021), MassMutual Capital Partners LLC; Assistant Treasurer (since 2021), MassMutual External Benefits Group LLC; Assistant Treasurer (since 2021), MassMutual Global Business Services India LLP; Assistant Treasurer (since 2021), MassMutual Global Business Services Romania S.R.L.; Assistant Treasurer (since 2021), MassMutual Holding LLC; Assistant Treasurer (since 2021), MassMutual Holding MSC, Inc.; Assistant Treasurer (since 2021), MassMutual Intellectual Property LLC; Assistant Treasurer (since 2021), MassMutual International Holding MSC, Inc.; Assistant Treasurer (since 2021), MassMutual International LLC; Assistant Treasurer (since 2021), MassMutual Mortgage Lending LLC; Assistant Treasurer (since 2021), MassMutual Private Equity Funds LLC; Assistant Treasurer (since 2021), MassMutual Private Equity Funds Subsidiary LLC; Assistant Treasurer (since 2021), MassMutual Ventures Holding LLC; Assistant Treasurer (since 2021), MassMutual Ventures Management LLC; Assistant Treasurer (since 2021), MassMutual Ventures SEA Management Private Limited; Assistant Treasurer (since 2021), MassMutual Ventures Southeast Asia I LLC; Assistant Treasurer (since 2021), MassMutual Ventures Southeast Asia II LLC; Assistant Treasurer (since 2021), MassMutual Ventures UK LLC; Assistant Treasurer (since 2021), MassMutual Ventures US I LLC; Assistant Treasurer (since 2021), MassMutual Ventures US II LLC; Assistant Treasurer (since 2021), MassMutual Ventures US III LLC; Assistant Treasurer (since 2021), MM Asset Management Holding LLC; Assistant Treasurer (since 2021), MM Catalyst Fund LLC; Assistant Treasurer (since 2021), MM Cooper Hill Road; Assistant Treasurer (since 2021), MM Global Capabilities I LLC; Assistant Treasurer (since 2021), MM Global Capabilities II LLC; Assistant Treasurer (since 2021), MM Global Capabilities III LLC; Assistant Treasurer (since 2021), MM Global Capabilities (Netherlands) BV; Assistant Treasurer (since 2021), MM Private Equity Intercontinental LLC; Assistant Treasurer (since 2021), MM Rothesay Holdco US LLC; Assistant Treasurer (since 2021), MML CM LLC; Assistant Treasurer (since 2021), MML Management Corporation; Assistant Treasurer (since 2021), Open Alternatives LLC; Assistant Treasurer (since 2021), Pioneers Gate LLC; Assistant Treasurer (since 2021), Sleeper Street LLC; Assistant Treasurer (since 2021), Trad Investments I LLC.

ANDREW M. GOLDBERG, Secretary (since 2015)

Assistant Secretary (2013-2015), MML Advisers; Lead Counsel, Investment Adviser & Mutual Funds (since 2018), MassMutual; Vice President, Secretary, and Chief Legal Officer (since 2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary (formerly known as "Clerk"), and Chief Legal Officer (since 2008), MassMutual Premier Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary (formerly known as "Clerk"), and Chief Legal Officer (since 2008), MML Series Investment Fund II (open-end investment company); Vice President, Secretary, and Chief Legal Officer (2021-2022), MassMutual Access<sup>SM</sup> Pine Point Fund (closed-end investment company).

PAUL LAPIANA, President (since 2021)

Head of MassMutual U.S. Product (since 2019), MassMutual; President (since 2021), MassMutual Select Funds (open-end investment company); President (since 2021), MassMutual Premier Funds (open-end investment company); President (since 2021), MassMutual Advantage Funds (open-end investment company); President (since 2021), MML Series Investment Fund (open-end investment company); President (since 2021), MML Series Investment Fund II (open-end investment company); CEO & President (since 2020) MML Distributors, LLC.

JILL NAREAU ROBERT, Assistant Secretary (since 2015)

Lead Counsel, Investment Adviser & Mutual Funds (since 2018), MassMutual; Vice President and Assistant Secretary (since 2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), MassMutual Premier Funds (open-end investment company); Vice President and Assistant Secretary (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), MML Series Investment Fund II (open-end investment company); Vice President and Assistant Secretary (2021-2022), MassMutual Access<sup>SM</sup> Pine Point Fund (closed-end investment company).

SEAN NEWTH, Director (since 2021)

Corporate Controller (since 2017), MassMutual; Director (since 2021), MML Investor Services, LLC; Director (since 2021), MML Strategic Distributors, LLC; Director (since 2020), MassMutual Asset Finance, LLC; Senior Vice President (since 2019), MM Asset Management Holding LLC; Senior Vice President and Controller (since 2018), MassMutual Holding LLC; Senior Vice President and Controller (since 2018), MassMutual Holding MSC, Inc.; Senior Vice President and Controller (since 2018), MassMutual International Holding MSC, Inc.; Vice President and Controller (since 2018), MassMutual MCAM Insurance Company, Inc.; Director (since 2018), The MassMutual Trust Company; Senior Vice President and Controller (since 2017), C.M. Life Insurance Company; Senior Vice President and Controller (since 2017), MML Bay State Life Insurance Company.

FRANK RISPOLI, Chief Financial Officer and Treasurer (since 2022)

Head of Broker-Dealer Finance (since 2022), MassMutual; Chief Financial Officer and Treasurer (since 2022), MML Investors Services, LLC; Chief Financial Officer and Treasurer (since 2022), MML Distributors, LLC; Chief Financial Officer and Treasurer (since 2022), MML Strategic Distributors, LLC; Chief Financial Officer (since 2022), MML Insurance Agency, LLC; Chief Financial Officer (since 2022), Flourish Financial, LLC; Chief Financial Officer and Comptroller (since 2022), MassMutual Trust Company; Associate Partner (2022) and Director of Finance and Administration (2020-2021), Centinel Financial Group, LLC.

JULIETA SINISGALLI, Assistant Treasurer (since 2021)

Treasurer (since 2022), DPI-ACRES Capital LLC; Treasurer (since 2022), Flourish Holding Company LLC; Treasurer (since 2022), Flourish Insurance Agency LLC; Treasurer, Corporate-CFO Office (since 2021), MassMutual; Assistant Treasurer (since 2021), MML Distributors, LLC; VP and Treasurer (since 2021), C.M. Life Insurance Company; VP and Treasurer (since 2021), MML Bay State Life Insurance Company; Treasurer (since 2021), Athens Fund Management LLC; Treasurer (since 2021), Berkshire

Way LLC; Treasurer (since 2021), Blueprint Income LLC; Treasurer (since 2021), EM Opportunities LLC; Treasurer (since 2021), Fern Street LLC; VP and Treasurer (since 2021), Glidepath Holdings Inc.; VP and Treasurer (since 2021), Haven Life Insurance Agency, LLC; Treasurer (since 2021), HITPS LLC; Treasurer (since 2021), Insurance Road LLC; Treasurer (since 2021), ITPS Holding LLC; Treasurer (since 2021), LifeScore Labs, LLC; VP (since 2021), MassMutual Ascend Life Insurance Company; Treasurer (since 2021), MassMutual Assignment Company; Treasurer (since 2021), MassMutual Capital Partners LLC; Treasurer (since 2021), MassMutual External Benefits Group LLC; Treasurer (since 2021), MassMutual Global Business Services India LLP; Treasurer (since 2021), MassMutual Global Business Services Romania S.R.L.; VP and Treasurer (since 2021), MassMutual Holding LLC; VP and Treasurer (since 2021), MassMutual Holding MSC, Inc.; VP and Treasurer (since 2021), MassMutual Intellectual Property LLC; VP and Treasurer (since 2021), MassMutual International Holding MSC, Inc.; Treasurer (since 2021), MassMutual International LLC; Treasurer (since 2021), MassMutual Mortgage Lending LLC; Treasurer (since 2021), MassMutual Trad Private Equity LLC; Treasurer (since 2021), MassMutual Ventures Holding LLC; Treasurer (since 2021), MassMutual Ventures Management LLC; Treasurer (since 2021), MassMutual Ventures SEA Management Private Limited; Treasurer (since 2021), MassMutual Ventures Southeast Asia I LLC; Treasurer (since 2021), MassMutual Ventures Southeast Asia II LLC; Treasurer (since 2022), MassMutual Ventures Southeast Asia III LLC; Treasurer (since 2021), MassMutual Ventures UK LLC; Treasurer (since 2021), MassMutual Ventures US I LLC; Treasurer (since 2021), MassMutual Ventures US II LLC; Treasurer (since 2021), MassMutual Ventures US III LLC; Treasurer (since 2021), MassMutual Ventures US IV LLC; Treasurer (since 2021), MM Asset Management Holding LLC; Treasurer (since 2021), MM Catalyst Fund LLC; Treasurer (since 2021), MM Copper Hill Road; Treasurer (since 2021), MM Direct Private Investments Holding LLC; Treasurer (since 2021), MM Direct Private Investments UK Limited; Treasurer (since 2021), MM Global Capabilities I LLC; Treasurer (since 2021), MM Global Capabilities II LLC; Treasurer (since 2021), MM Global Capabilities III LLC; Treasurer (since 2021), MM Global Capabilities (Netherlands) B.V.; VP and Treasurer (since 2021), MM Private Equity Intercontinental LLC; VP and Treasurer (since 2021), MM Rothesay Holdco US LLC; Treasurer (since 2021), MML CM LLC; Assistant Treasurer (since 2021), MML Management Corporation; Treasurer (since 2022), MMV Digital I LLC; VP and Treasurer (since 2021), Pioneers Gate LLC; VP and Treasurer (since 2021), Sleeper Street LLC; Treasurer (since 2021), Trad Investments I LLC.

DOUGLAS STEELE, Vice President (since 2017) and Head of Product Management (since 2021)

Head of Manager Research (2021), Head of Investment Management (2017-2021), MML Advisers; Head of Product Management (since 2021), Head of Manager Research (2021), Head of Investment Management (2017-2021), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company).

PHILIP S. WELLMAN, Vice President and Chief Compliance Officer (since 2013)

Head of Mutual Funds & RIA Compliance (since 2018), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company); Vice President and Chief Compliance Officer (2021-2022), MassMutual Access<sup>SM</sup> Pine Point Fund (closed-end investment company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Investment Subadvisers

BARINGS LLC

("BARINGS")

Barings is the subadviser to certain series of the Trust. The members of the Board of Managers and the Senior Management team of Barings, their positions with Barings, and their other principal business affiliations and business experience for the past two years are listed below. The addresses of the offices of Barings, and unless otherwise stated, each Manager and member of the Senior Management Team, is 300 South Tryon Street, Charlotte, North Carolina 28202.

**<u>Board of Managers</u>**

**Susan M. Cicco, Member of the Board of Managers**

Ms. Cicco is Head of Human Resources (since January 2017) & Employee Experience of MassMutual. Previously, Ms. Cicco held the position of Chief of Staff to the Chief Executive Officer from July 2012 to January 2017. Ms. Cicco joined the Company in 1993.

**M. Timothy Corbett, Member of the Board of Managers**

Mr. Corbett is the Chief Investment Officer of MassMutual. He joined the Company in July 2011. Previously, Mr. Corbett was the Chief Investment Officer of the State of Connecticut. In that role, he was the head of the Pension Fund Management Division of the Office of the State Treasurer, directing policy and strategic planning, and implementation and supervision of the investment programs of the Connecticut Retirement Plans and Trust Funds.

**Geoffrey Craddock, Member of the Board of Managers**

Mr. Craddock joined MassMutual in October 2017 as the Chief Risk Officer. Previously, he was the leader of risk management and asset allocation at MassMutual's subsidiary, OppenheimerFunds, Inc. ("OFI"), having joined OFI in 2008. Prior to OFI, he oversaw global market risk management at the Canadian Imperial Bank of Commerce.

**Roger W. Crandall, Member of the Board of Managers**

Mr. Crandall is Chairman (since December 2010), President (since December 2008) and Chief Executive Officer (since January 2010) of Massachusetts Mutual Life Insurance Company in Springfield, Massachusetts. He has been with MassMutual since 1988 and previously held the titles of Chief Operating Officer and Chief Investment Officer. Mr. Crandall joined the Board in 2008 and presently serves as a member of the Investment and Technology & Governance Committees and is the Chair of the Executive Committee. He is a member of the Board of Directors of the Business Roundtable, the Federal Reserve Bank of Boston and the Financial Services Roundtable, and also serves on the Smithsonian National Board, American Council of Life Insurers Executive Committee, the Massachusetts Competitive Partnership, the Wharton Board of Leadership Advisors, the University of Vermont Foundation Leadership Council and the Lahey Hospital & Medical Center Board of Trustees.

**Michael Freno, Chairman, Member of the Board of Managers, and Chief Executive Officer**

Mr. Freno is Chairman and CEO of Barings LLC, a $387+ billion global financial services firm with offices across the U.S., Europe, Australia and Asia. He is also Chair of the Barings Board of Directors and a member of the MassMutual Executive Leadership Team. His experience canvasses two decades on the buy-side, focusing on both equity and debt investments. Previously, he was President overseeing Barings' investments, sales, operations and technology and Chairman of the Board of Barings BDC, Inc., (NYSE: BBDC), an external business development company managed by Barings. Mr. Freno holds a B.A. from Furman University and an M.B.A. from Wake Forest University.

**Sears Merritt, Member of the Board of Managers**

Mr. Merritt is the Head of Data, Strategy & Architecture – Enterprise Technology & Experience of MassMutual. He joined the company in 2013 and is responsible for leading the technology strategy, enterprise architecture, and data science functions throughout the organization. Mr. Merritt also leads LifeScore Labs, a wholly owned insurtech subsidiary focused on mortality risk.

**Michael O'Connor, Member of the Board of Managers**

Mr. O'Connor is the General Counsel of MassMutual, a role he assumed in February 2017. He joined the Company in 2005 as a member of the Law department and in 2008, assumed responsibility for the Corporate Law and Government Relations team. Following that role, he led the Company's corporate development function, served as President of MassMutual International, LLC, and was the prior Chief of Staff to the Chief Executive Officer.

**Elizabeth A. Ward, Member of the Board of Managers**

Ms. Ward has been the Company's Chief Financial Officer since June 2016. She also held the roles of Chief Actuary from May 2016 through October 20, 2019, and Chief Enterprise Risk Officer from 2007, when she joined the Company, through May 2016. Previously, Ms. Ward was a Managing Director in Babson Capital Management LLC's Quantitative Management Group.

**<u>Senior Management</u>**

**Michael Freno, Chairman, Member of the Board of Managers and Chief Executive Officer**

See above.

**Steve Boehm, Chief Operating Officer**

Steve Boehm is Barings' Chief Operating Officer and a member of Barings' Senior Leadership Team. He leads Barings' data, technology and operations teams, focused on end-to-end customer experience and growth. Mr. Boehm has more than two decades of experience in technology-driven businesses, financial services, global operations, digital payments and merger integration. Prior to joining the firm in 2020, Mr.Boehm was a Senior Vice President and Chief Operating Officer at AvidXchange, where he led the company's transformation through a period of hypergrowth and customer experience redesign. Previously, Mr. Boehm served for six years as Senior Vice President, Global Customer Experience at eBay. Earlier in his career, he was Senior Vice President, Global Product Management and Innovation at First Data Corp. and Executive Vice President, Merger Integration for the Wells Fargo/Wachovia merger. He held other senior leadership roles at Wachovia and at Visa. Mr. Boehm holds a B.B.A. from James Madison University and an M.B.A. from George Mason University.

**Chris Cary, Managing Director and Global Treasurer**

Chris Cary is a member of Barings' Finance Team and the firm's Global Treasurer responsible for Barings' financial risk management strategies, including foreign exchange, interest rate, and credit risk and liability management. Mr. Cary has worked in the industry since 2001. Prior to joining the firm in 2018, Mr. Cary worked for Regions Bank \| Regions Securities, where he sourced and underwrote nonbank credit facilities. Before that, Mr. Cary worked at S&P Global Ratings, NorOdin Investment Management LP, and at The Coca-Cola Company. He holds an Honorary Bachelor of Commerce degree in Accounting and Finance from the University of Johannesburg in South Africa and is a Chartered and Certified Public Accountant.

**Christopher DeFrancis, Chief Compliance Officer & Global Head of Compliance**

Christopher DeFrancis is Barings' Global Head of Compliance, responsible for overseeing the firm's global compliance program. Mr. DeFrancis has worked in the industry since 2001 and his experience has encompassed securities and investment advisory matters, hedge fund and CDO formation, derivatives trading and private finance

transactions. Prior to joining the firm in 2001, he worked for Hill & Barlow, where he concentrated his practice on commercial and securities litigation. Mr. DeFrancis began his legal career as a law clerk to The Honorable Sandra L. Lynch on the U.S. Court of Appeals for the First Circuit. He holds a B.A. from Dartmouth College and a J.D. from the University of Pennsylvania.

**Sheldon M. Francis, Chief Administration Officer**

Sheldon Francis is Barings' Chief Administrative Officer and Chief Legal Officer and a member of Barings' Senior Leadership Team. He is responsible for the general legal affairs, compliance, enterprise risk, internal audit, procurement and vendor management, and facilities. He is also the Chairman of Barings Europe. Prior to his current role, he served as a Co-General Counsel and lead in-house attorney for Babson Capital Management's U.S. Bank Loan, High Yield and Distressed Investments groups. Mr. Francis has more than 22 years of legal experience, encompassing all aspects of the investment management industry, corporate finance and corporate restructurings. Prior to joining the firm in 2006, he was a member of Helms Mulliss and Wicker (n/k/a McGuire Woods), and began his legal career as an associate at Bass, Berry and Sims PLC. Mr. Francis is a member of the Charlotte Sports Foundation, a 501c(3) dedicated to providing leadership for sports-based initiatives that result in a positive impact on the economy and quality of life in the Charlotte region. He is also an Executive Sponsor of the Barings Black Alliance employee resource group. Mr. Francis holds a B.A. from Duke University and a J.D. from the University of North Carolina at Chapel Hill School of Law.

**Patrick Hoefling, Chief Financial Officer**

Patrick Hoefling is Barings' Chief Financial Officer, providing oversight and direction for all of corporate finance functions, including, treasury, financial planning and analysis, corporate accounting/tax, public fund accounting, and corporate strategy. Mr. Hoefling is also a member of Barings' Senior Leadership Team. Prior to becoming CFO, Mr. Hoefling served as the client portfolio services liaison with MassMutual, covering their entire portfolio. He also held the title of Corporate Treasurer and Global Head of Financial Planning and Analysis. Those roles coordinated daily operational, cash and accounting needs for the firm's investment teams, sales function, and other operational and support areas. He helped develop Barings Social Impact, which oversees our community involvement and charitable spend. He is a board member and the Treasurer of Barings' Social Impact Fund. Prior to joining the firm in 2008, he worked in the Private Client Advisory Tax Group at Deloitte (then known as Deloitte & Touche) and a Charlotte-based hedge fund. Mr. Hoefling holds a B.S. in Accountancy from Villanova University and a Master of Accountancy from North Carolina State University.

**Eric Lloyd, President**

Eric Lloyd is President of Barings where he leads and manages cross-asset class investment teams, corporate strategy, business development, product management, investment business management, research analytics and quant, permanent capital, special situations, marketing and communications. He also works closely with all the investment teams. Prior to his current role, Mr. Lloyd served as Head of Private Assets. Mr. Lloyd is a member of Barings' Senior Leadership Team and serves as Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. (NYSE: BBDC). Mr. Lloyd is an Executive Sponsor of the Out & Allies employee resource group. Mr. Lloyd has worked in the industry since 1990 and his experience has encompassed leadership positions in investment management, investment banking, leveraged finance and risk management. Prior to joining Barings in 2013, he served as Head of Market and Institutional Risk for Wells Fargo, was on Wells Fargo's Management Committee and was a member of the Board of Directors of Wells Fargo Securities. Before the acquisition of Wachovia, Mr. Lloyd worked in Wachovia's Global Markets Investment Banking division and served on the division's Operating Committee, where he held various leadership positions, including Head of Wachovia's Global Leveraged Finance Group. Mr. Lloyd holds a B.S. in Finance from the University of Virginia, McIntire School of Commerce.

BARING INTERNATIONAL INVESTMENT LIMITED

("BIIL")

The following are the names, principal occupations and addresses of the principal executive officers and each director of BIIL. The business addresses of the principal officers are 300 South Tryon Street, Suite 2500 Charlotte, North Carolina 28202 and 20 Old Bailey London, EC4M 7BF, United Kingdom.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Address** |
| Jill Dinerman | Director | 300 South Tryon Street, Suite 2500<br> Charlotte, NC 28202 |
| Sheldon M. Francis | Director | 300 South Tryon Street, Suite 2500<br> Charlotte, NC 28202 |
| Patrick Hoefling | Director | 300 South Tryon Street, Suite 2500<br> Charlotte, NC 28202 |
| Alexander Campbell Sutherland | Director | 20 Old Bailey London, EC4M 7BF,<br> United Kingdom |
| Julian Timothy Swayne | Director | 20 Old Bailey London, EC4M 7BF,<br> United Kingdom |
| Rhian Williams | Secretary | 300 South Tryon Street, Suite 2500<br> Charlotte, NC 28202 |

---

INVESCO ADVISERS, INC.

("INVESCO ADVISERS")

The following table provides information with respect to the principal executive officers and the directors of Invesco Advisers. The business address of the principal executive officers and each director is Two Peachtree Pointe, 1555 Peachtree Street, N.E., Suite 1800, Atlanta, Georgia 30309.

---

| | |
|:---|:---|
| **Name** | **Position** |
| Gregory G. McGreevey | Director, Chairman and President |
| Laura Allison Dukes | Director |
| Andrew Schlossberg | Director |
| Kevin M. Carome | Director |
| Todd F. Kuehl | Chief Compliance Officer |
| Greg Ketron | Treasurer |
| Mark W. Gregson | Chief Accounting Officer and Controller |
| Jeffrey H. Kupor | Senior Vice President and Secretary |
| Crissie Wisdom | Anti-Money Laundering Compliance Officer |

---

INVESCO CAPITAL MANAGEMENT LLC

("ICM")

The following table provides information with respect to the principal executive officers and the directors of ICM. The business address of the principal executive officers and each director is 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515.

---

| | |
|:---|:---|
| **Board Positions** | |
| **Name** | **Position** |
| Krugman, Jordan | Managing Director |
| Paglia, Anna | Managing Director |
| Zerr, John M. | Managing Director |

---

---

| | |
|:---|:---|
| **Officers** | |
| **Name** | **Position** |
| Gallegos, Kelli K. | Principal Financial and Accounting Officer, Investments Pool |
| Henkel, Adam | Secretary and Head of Legal, US ETFs |
| Vacheron, Terry Gibson | Chief Financial Officer |
| Paglia, Anna | Chief Executive Officer and Principal Executive Officer |
| Reitmann, Rudolf E. | Global Head of UIT & ETF Services |
| Vataj, Zoje | Limited Signer – Proxy Documents |
| Zimdars, Melanie | Chief Compliance Officer |

---

THOMPSON, SIEGEL & WALMSLEY LLC

("TSW")

TSW is located at 6641 West Broad Street, Suite 600, Richmond, Virginia 23230.

**Executive Officers of TSW**

**John L. Reifsnider**

**Chief Executive Officer**

John Reifsnider is TSW's Chief Executive Officer. He is responsible for all channels of distribution and client service.

Prior to joining TSW, he was the Managing Director at Atlantic Capital Management, LLC and was responsible for business development and client service. John earned his BBA from the University of Toledo and is currently registered with FINRA and holds a Series 7.

&nbsp;&nbsp;&nbsp;&nbsp;.

**Brett P. Hawkins, CFA**

**Chief Investment Officer**

**Portfolio Manager- Mid Cap Value, SMID Cap Value**

Brett Hawkins is TSW's Chief Investment Officer. He is the Portfolio Manager for the TSW Mid Cap Value strategy and Co-Portfolio Manager for the TSW SMID Cap Value strategy. He is also a member of the Small Cap team.

Prior to joining TSW in 2001, he was an Assistant Vice President of Equity Research with First Union Securities having previously worked at Arthur Andersen LLP as an Audit and Business Advisory Senior Associate. Brett is a graduate of the University of Richmond and received his MBA from the University of Virginia, Darden School. In addition, he holds the Chartered Financial Analyst<sup>®</sup> designation.

**W. Winborne Boyles**

**Chief Compliance Officer**

Winborne Boyles is the Chief Compliance Officer and is responsible for overseeing the firm's compliance program.

Winborne began his career in the investment industry in 2010. Prior to joining TSW in 2018, he was a Senior Compliance Manager at Touchstone Investments. Previously, Winborne served in the Compliance Department at Fort Washington Investment Advisors, Inc. and as an attorney in private practice.

Winborne earned his undergraduate and law degrees from the University of North Carolina at Chapel Hill, and his MBA from the McDonough School of Business at Georgetown University. Winborne is currently registered with FINRA and holds a Series 7 and 24.

**Joseph M. VanCaster, CPA**

**Chief Financial Officer**

Mr. VanCaster graduated from James Madison University, BBA, Bs. Most recently he was employed at Owens & Minor, Inc. as Director of Accounting and Director of Internal Audit. Previously, he worked at Bowlmor AMF as Assistant Controller and KPMG LLP as an auditor.

**Pieter E. Van Saun, CFA, CIPM**

**Director of Operations**

Pieter Van Saun is the Director of Operations and oversees the daily activities of the Operations Department. His roles before becoming Director of Operations include Order Implementation Manager and Manager of Research Operations. He also assists in the management of high net worth and regional institutional accounts. In addition, he provides quantitative support to overall firm client service and communication efforts.

Pieter joined TSW in 2000 after beginning his career in the investment industry in 1999 as a Registered Representative with H&R Block. He is a graduate of the University of Richmond, earned his MBA from Virginia Commonwealth University, and holds the Chartered Financial Analyst<sup>®</sup> and the Certificate in Investment Performance Measurement™ designations.

**J. Shelton Horsley, IV, CFA**

**Senior Client Portfolio Manager**

Shelton Horsley is a Senior Client Portfolio Manager and is responsible for the firm's institutional client service functions and client relationship management. He is also the chairman of the Investment Policy Committee.

Shelton began his career in the investment industry in 1986. Prior to joining TSW in 1994, he worked as a Consultant for Bolton, Offutt Donovan, Inc. and for Aetna Life & Casualty as an Employee Benefits Representative. At TSW, he has been a research analyst and portfolio manager. Shelton is on the board of the Anna Julia Cooper Episcopal School and Church Schools in the Diocese of Virginia. He is a former President of the Board of Governors at William Byrd Community House and is a former member of the Board of Governors at St. Christopher's School. He attended the University of Virginia where he earned his BA and MBA, and he holds the Chartered Financial Analyst® designation.

**Bryan F. Durand**

**Co-Portfolio Manager/Research Analyst**

Bryan Durand is Co-Portfolio Manager for the TSW Large Cap Value strategy, and a dedicated Research Analyst for the TSW Mid Cap Value strategy.

Bryan began his career in the investment industry in 2005. Prior to rejoining TSW in 2017, he was a Partner at Private Advisors, LLC focused on sourcing, underwriting and monitoring long/short equity investments. Bryan previously worked for MFC Global Investment Management as a Senior Research Analyst. He began his career with TSW as an Equity Research Analyst. Bryan earned his undergraduate degree from the College of the Holy Cross and his MBA from The Fuqua School of Business at Duke University. He holds the Chartered Financial Analyst® designation.

WELLINGTON MANAGEMENT COMPANY LLP

("WELLINGTON MANAGEMENT")

The principal business address of Wellington Management is 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is an investment adviser registered under the Investment Advisers Act of 1940. During the last two fiscal years, no partner of Wellington Management, the Fund's investment subadviser, has engaged in any other business, profession, vocation or employment of a substantial nature other than that of the business of investment management.

The following persons are principal executive officers and control persons of Wellington Management:

PRINCIPAL EXECUTIVE OFFICERS

---

| | |
|:---|:---|
| **Name** | **Title** |
| Jean M. Hynes | Chief Executive Officer, Wellington Management Company LLP |
| Stephen Klar | President, Wellington Management Company LLP |
| Gregory S. Konzal | Managing Director, Counsel and Head of Legal, Americas, Wellington Management Company LLP |
| James S. Peterson | Managing Director and Chief Compliance Officer, Wellington Management Company LLP |
| Edward J. Steinborn | Senior Managing Director and Chief Financial Officer, Wellington Management Company LLP |

---

CONTROL PERSONS

Wellington Investment Advisors Holdings LLP, Managing Partner of Wellington Management Company LLP

Wellington Group Holdings LLP, Managing Partner of Wellington Investment Advisors Holdings LLP

Wellington Management Group LLP, Managing Partner of Wellington Group Holdings LLP

ITEM 32. PRINCIPAL UNDERWRITERS

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) MML Distributors, LLC, whose principal office is 1295 State Street, Springfield, MA 01111-0001, serves as principal
 underwriter to MassMutual Premier Funds (with the exception of MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund), MassMutual
 Select Funds, MML Series Investment Fund, and MML Series Investment Fund II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ALPS Distributors, Inc., whose principal office is 1290 Broadway, Suite 1000, Denver, CO
 80203, serves as principal underwriter to MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund. ALPS Distributors, Inc.
 also acts as the distributor for the following investment companies: 1WS Credit Income Fund, 1290 Funds, abrdn ETFs, Alpha Alternative
 Assets Fund, ALPS Series Trust, Alternative Credit Income Fund, Apollo Diversified Credit Fund (fka Griffin Institutional Access Credit
 Fund), Apollo Diversified Real Estate Fund (fka Griffin Institutional Access Real Estate Fund), The Arbitrage Funds, AQR Funds, Axonic
 Alternative Income Fund, Axonic Funds, BBH Trust, Bluerock High Income Institutional Credit Fund, Bluerock Total Income+ Real Estate Fund,
 Brandes Investment Trust, Bridge Builder Trust, Broadstone Real Estate Access Fund, Cambria ETF Trust, Centre Funds, CIM Real Assets &
 Credit Fund, CION Ares Diversified Credit Fund, Columbia ETF Trust, Columbia ETF Trust I, Columbia ETF Trust II, CRM Mutual Fund Trust,
 DBX ETF Trust, Emerge ETF Trust, ETF Series Solutions, Flat Rock Core Income Fund, Flat Rock Opportunity Fund, Financial Investors Trust,
 Firsthand Funds, FS Credit Income Fund, FS Energy Total Return Fund, FS Series Trust, FS Multi-Alternative Income Fund, Goehring &
 Rozencwajg Investment Funds, Goldman Sachs ETF Trust, Graniteshares ETF Trust, Hartford Funds Exchange-Traded Trust, Hartford Funds NextShares
 Trust, Heartland Group, Inc., IndexIQ Active ETF Trust, IndexIQ ETF Trust, Investment Managers Series Trust II (AXS-Advised Funds), Janus
 Detroit Street Trust, Lattice Strategies Trust, Litman Gregory Funds Trust, Longleaf Partners Funds Trust, Manager Directed Portfolios
 (Spyglass Growth Fund), MassMutual Advantage Funds, Meridian Fund, Inc., MVP Private Markets Fund, Natixis ETF Trust, Natixis ETF Trust
 II, Opportunistic Credit Interval Fund, PRIMECAP Odyssey Funds, Principal Exchange-Traded Funds, Reality Shares ETF Trust, RiverNorth
 Funds, RiverNorth Opportunities Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., SPDR Dow Jones Industrial Average
 ETF Trust, SPDR S&P 500 ETF Trust, SPDR S&P MidCap 400 ETF Trust, Sprott Funds Trust, Stone Harbor Investment Funds, Stone Ridge
 Trust, Stone Ridge Trust II, Stone Ridge Trust III, Stone Ridge Trust IV, Stone Ridge Trust V, Stone Ridge Trust VI, Stone Ridge Residential
 Real Estate Income Fund I, Inc., Thrivent ETF Trust, USCF ETF Trust, Valkyrie ETF Trust II, Wasatch Funds, WesMark Funds, Wilmington Funds,
 XAI Octagon Credit Trust, X-Square Balanced Fund, X-Square Series Trust, and YieldStreet Prism Fund.

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The following are the names and positions of the officers and directors of MML Distributors, LLC:

Paul LaPiana, Chief Executive Officer and President, MML Distributors, LLC. Mr. LaPiana serves as President of the Registrant.

Frank Rispoli, Chief Financial Officer and Treasurer, MML Distributors, LLC.

Edward K. Duch, III,Vice President, Chief Legal Officer, and Secretary, MML Distributors, LLC.

James P. Puhala, Chief Compliance Officer, MML Distributors, LLC.

Kelly Pirrota, AML Compliance Officer, MML Distributors, LLC.

Vincent Baggetta, Chief Risk Officer, MML Distributors, LLC.

Alyssa O'Connor, Assistant Secretary, MML Distributors, LLC.

Pablo Cabrera, Assistant Treasurer, MML Distributors, LLC.

Kevin Lacomb, Assistant Treasurer, MML Distributors, LLC.

Jeffrey Sajdak, Assistant Treasurer, MML Distributors, LLC.

Julieta Sinisgalli, Assistant Treasurer, MML Distributors, LLC.

Stephen Alibozek, Entity Contracting Officer, MML Distributors, LLC.

Mario Morton, Registration Manager and Continuing Education Officer, MML Distributors, LLC.

The business address for the officers and directors of MML Distributors, LLC is 1295 State Street, Springfield, MA 01111-0001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The following are the names and positions of the officers and directors of ALPS Distributors, Inc.:

Stephen J. Kyllo, President, Chief Operating Officer, Director, Chief Compliance Officer, ALPS Distributors, Inc.

Patrick J. Pedonti\*, Vice President, Treasurer and Assistant Secretary, ALPS Distributors, Inc.

Eric Parsons, Vice President, Controller and Assistant Treasurer, ALPS Distributors, Inc.

Jason White\*\*, Secretary, ALPS Distributors, Inc.

Richard C. Noyes, Senior Vice President, General Counsel, Assistant Secretary, ALPS Distributors, Inc.

Liza Orr, Vice President, Senior Counsel, ALPS Distributors, Inc.

Jed Stahl, Vice President, Senior Counsel, ALPS Distributors, Inc.

Terence Digan, Vice President, ALPS Distributors, Inc.

James Stegall, Vice President, ALPS Distributors, Inc.

Gary Ross, Senior Vice President, ALPS Distributors, Inc.

Hilary Quinn, Vice President, ALPS Distributors, Inc.

Except as otherwise noted, the principal business address for the officers and directors of ALPS Distributors, Inc. is 1290 Broadway, Suite 1000, Denver, CO 80203.

\* The principal business address for Mr. Pedonti is 333 W. 11<sup>th</sup> Street, 5<sup>th</sup> Floor, Kansas City, MO 64105.

\*\* The principal business address for Mr. White is 4 Times Square, New York, NY 10036.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable.

ITEM 33. LOCATION OF ACCOUNTS AND RECORDS

Each account, book, or other document required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 to 31a-3 thereunder are maintained as follows:

(Declaration of Trust and Bylaws)

MassMutual Premier Funds

1295 State Street

Springfield, Massachusetts 01111-0001

(With respect to its services as Sub-Administrator)

Massachusetts Mutual Life Insurance Company

1295 State Street

Springfield, Massachusetts 01111-0001

(With respect to its services as investment adviser and Administrator)

MML Investment Advisers, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

(With respect to its services as subadviser)

Barings LLC

300 South Tryon Street

Charlotte, North Carolina 28202

(With respect to its services as sub-subadviser)

Baring International Investment Limited

300 South Tryon Street, Suite 2500

Charlotte, North Carolina 28202; and

20 Old Bailey

London, EC4M 7BF, United Kingdom

(With respect to its services as subadviser)

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, Georgia 30309

(With respect to its services as sub-subadviser)

Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, Illinois 60515

(With respect to its services as subadviser)

Thompson, Siegel & Walmsley LLC

6641 West Broad Street, Suite 600

Richmond, Virginia 23230

(With respect to its services as subadviser)

Wellington Management Company LLP

280 Congress Street

Boston, Massachusetts 02210

(With respect to its services as Distributor)

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

(With respect to its services as Distributor)

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, Colorado 80203

(With respect to its services as Sub-Administrator, Transfer Agent, and Custodian)

State Street Bank and Trust Company

1 Iron Street

Boston, Massachusetts 02210

(With respect to its services as Transfer Agent)

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, Colorado 80203

(With respect to their services as counsel)

Ropes & Gray LLP

The Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199-3600

ITEM 34. MANAGEMENT SERVICES

There are no management-related service contracts not discussed in Part A or Part B.

ITEM 35. UNDERTAKINGS

Not applicable.

NOTICE

A copy of the Agreement and Declaration of Trust of the Trust, as amended, is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trust by an officer of the Trust as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually but are binding only upon the assets and property of the relevant series of the Trust.

**SIGNATURES**

**Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, and the Registrant has duly caused this Post-Effective Amendment No. 85 to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Springfield and the Commonwealth of Massachusetts as of the 31<sup>st</sup> day of January, 2023.**

---

| | |
|:---|:---|
| MASSMUTUAL PREMIER FUNDS | MASSMUTUAL PREMIER FUNDS |
| By: | /s/ PAUL LAPIANA |
|  | **Paul LaPiana** |
|  | **President** |

---

**Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 85 to the Registration Statement has been signed by the following persons in the capacities as indicated as of the 31<sup>st</sup> day of January, 2023.**

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ PAUL LAPIANA | President and Chief Executive Officer |
| **Paul LaPiana** | (Principal Executive Officer) |
| /s/ RENEE HITCHCOCK | Chief Financial Officer and Treasurer |
| **Renee Hitchcock** | (Principal Financial Officer) |
| \* | Chairperson and Trustee |
| **Susan B. Sweeney** |  |
| \* | Trustee |
| **Allan W. Blair** |  |
| \* | Trustee |
| **Nabil N. El-Hage** |  |
| \* | Trustee |
| **Michael R. Fanning** |  |
| \* | Trustee |
| **Maria D. Furman** |  |
| \* | Trustee |
| **R. Bradford Malt** |  |
| \* | Trustee |
| **C. Ann Merrifield** |  |
| \* | Trustee |
| **Clifford M. Noreen** |  |
| \* | Trustee |
| **Cynthia R. Plouché** |  |
| \* | Trustee |
| **Jason J. Price** |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ JILL NAREAU ROBERT |
|  | **Jill Nareau Robert** |
|  | **Attorney-in-Fact** |

---

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Title of Exhibit** |
| [(d)(74)](tm2230141d7_ex99-d74.htm) | [Investment Subadvisory Agreement between MML Advisers and TSW](tm2230141d7_ex99-d74.htm) |
| [(e)(2)](tm2230141d7_ex99-e2.htm) | [Schedule A to the Principal Underwriter Agreement between the Trust (with the exception of the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund) and MML Distributors, LLC](tm2230141d7_ex99-e2.htm) |
| [(g)(7)](tm2230141d7_ex99-g7.htm) | [Appendix A to the Custodian Agreement between the Trust and State Street](tm2230141d7_ex99-g7.htm) |
| [(g)(10)](tm2230141d7_ex99-g10.htm) | [Appendix A to the Delegation Agreement between the Trust and State Street](tm2230141d7_ex99-g10.htm) |
| [(h)(5)](tm2230141d7_ex99-h5.htm) | [Appendix A to the Transfer Agency Agreement between the Trust (with the exception of the MassMutual High Yield Fund and MassMutual Short-Duration Bond Fund) and State Street](tm2230141d7_ex99-h5.htm) |
| [(h)(11)](tm2230141d7_ex99-h11.htm) | [Amendment to the Amended and Restated Administrative and Shareholder Services Agreement between the Trust and MML Advisers](tm2230141d7_ex99-h11.htm) |
| [(h)(20)](tm2230141d7_ex99-h20.htm) | [Appendix A to the Sub-Administration Agreement between MML Advisers and State Street](tm2230141d7_ex99-h20.htm) |
| [(h)(22)](tm2230141d7_ex99-h22.htm) | [Amendment Five to the Sub-Administrative Services Agreement between MML Advisers and MassMutual](tm2230141d7_ex99-h22.htm) |
| [(h)(34)](tm2230141d7_ex99-h34.htm) | [Form of Schedule VII.A to the Master Repurchase Agreement between the Trust and State Street](tm2230141d7_ex99-h34.htm) |
| [(h)(39)](tm2230141d7_ex99-h39.htm) | [Appendix A to the FATCA Support Services Agreement between the Trust and State Street](tm2230141d7_ex99-h39.htm) |
| [(h)(44)](tm2230141d7_ex99-h44.htm) | [Expense Limitation Agreement between the Trust and MML Advisers with respect to the MassMutual International Equity Fund, MassMutual Short-Duration Bond Fund, and MassMutual Strategic Emerging Markets Fund](tm2230141d7_ex99-h44.htm) |
| [(i)(14)](tm2230141d7_ex99-i14.htm) | [Opinion and Consent of Ropes & Gray LLP](tm2230141d7_ex99-i14.htm) |
| [(j)(1)](tm2230141d7_ex99-j1.htm) | [Consent of Deloitte & Touche LLP](tm2230141d7_ex99-j1.htm) |
| [(m)(2)](tm2230141d7_ex99-m2.htm) | [Amended Exhibit A to the Amended and Restated Rule 12b-1 Plan](tm2230141d7_ex99-m2.htm) |
| [(n)(2)](tm2230141d7_ex99-n2.htm) | [Amended Appendix A to the Amended and Restated Rule 18f-3 Plan](tm2230141d7_ex99-n2.htm) |
| [(p)(4)](tm2230141d7_ex99-p4.htm) | [Code of Ethics for Invesco Advisers and ICM](tm2230141d7_ex99-p4.htm) |
| [(p)(5)](tm2230141d7_ex99-p5.htm) | [Code of Ethics for TSW](tm2230141d7_ex99-p5.htm) |
| [(p)(6)](tm2230141d7_ex99-p6.htm) | [Code of Ethics for Wellington Management](tm2230141d7_ex99-p6.htm) |
| XBRL | INSTANCE DOCUMENT EX-101.INS |
| XBRL | TAXONOMY EXTENSION SCHEMA DOCUMENT EX-101.SCH |
| XBRL | TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.DEF |
| XBRL | TAXONOMY EXTENSION LABELS LINKBASE EX-101.LAB |
| XBRL | TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.PRE |
| XBRL | TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.CAL |

---

## Ex-99.(D)(74)

**Exhibit (d)(74)**

**INVESTMENT SUBADVISORY AGREEMENT**

for MassMutual International Equity Fund

This Investment Subadvisory Agreement (this "Subadvisory Agreement"), is by and between Thompson, Siegel & Walmsley LLC (the "Subadviser") and MML Investment Advisers, LLC, a Delaware limited liability company ("MML Advisers"), for the MassMutual International Equity Fund (the "Fund"), a series of MassMutual Premier Funds (the "Trust"), a Massachusetts business trust which is an open-end management investment company registered as such with the Securities and Exchange Commission (the "Commission") pursuant to the Investment Company Act of 1940, as amended (the "Act"), effective as of the 23<sup>rd</sup> day of January, 2023.

WHEREAS, the Trust has appointed MML Advisers as the investment adviser for the Fund pursuant to the terms of an Investment Advisory Agreement (the "Advisory Agreement");

WHEREAS, the Advisory Agreement provides that MML Advisers may, at its option, subject to approval by the Trustees of the Trust and, to the extent necessary, the shareholders of the Fund, appoint a subadviser to assume certain responsibilities and obligations of MML Advisers under the Advisory Agreement;

WHEREAS, MML Advisers and the Subadviser are investment advisers registered with the Commission as such under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

WHEREAS, MML Advisers wishes to appoint the Subadviser to serve, and the Subadviser wishes to serve, as subadviser with respect to the Fund with responsibility for such portion of the Fund's assets as MML Advisers shall direct from time to time (the "Portfolio");

NOW THEREFORE, in consideration of the premises and of the mutual covenants herein contained, MML Advisers and the Subadviser, intending to be legally bound, hereby agree as follows:

1. <u>General Provision</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MML Advisers hereby appoints the Subadviser, and the Subadviser hereby undertakes to act, as investment subadviser to the Portfolio to provide investment advice and to perform for the Fund such other duties and functions as are hereinafter set forth. The Subadviser shall, in all matters, give to the Fund and the Trust's Board of Trustees, directly or through MML Advisers, the benefit of the Subadviser's best judgment, effort, advice and recommendations and shall at all times perform its obligations in compliance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the provisions of the Act and any rules or regulations thereunder and the Internal Revenue Code of 1986, as amended, as applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other provisions of state or federal law applicable to the operation of registered investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the provisions of the Agreement and Declaration of Trust and Bylaws of the Trust, as amended from time to time and provided to the Subadviser by MML Advisers (collectively referred to as the "Trust Documents");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) policies and determinations of the Board of Trustees of the Trust and MML Advisers, of which the Subadviser has been notified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the fundamental and non-fundamental policies and investment restrictions of the Fund as reflected in the Trust's registration statement under the Act from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Prospectus and Statement of Additional Information of the Fund in effect from time to time (collectively referred to as the "Disclosure Documents").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The officers and employees of the Subadviser responsible for providing the services of the Subadviser hereunder shall be available upon reasonable notice for consultation with respect to the provision of such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subadviser will comply with the applicable provisions of the Fund's pricing procedures which it has received and, upon request, will provide reasonable assistance to the Fund's pricing agent in valuing securities held by the Fund.

2. <u>Duties of the Subadviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subadviser shall, subject to the direction and control of the Trust's Board of Trustees and MML Advisers, (i) provide a continuing investment program for the Portfolio and determine what securities or other investments shall be purchased or sold by the Portfolio; (ii) arrange, subject to the provisions of Section 5 hereof, for the purchase and sale of securities and other investments for the Portfolio; and (iii) provide reports on the foregoing to the Board of Trustees of the Trust at each Board meeting. Unless MML Advisers gives the Subadviser written instructions to the contrary, the Subadviser shall vote or determine to abstain from voting all proxies solicited by or with respect to the issuers of securities in which assets of the Portfolio are invested. The Subadviser shall provide the Fund in a timely manner with such records of its proxy voting on behalf of the Fund as is necessary for the Fund to comply with the requirements of Form N-PX or any law, rule, regulation or Commission position.

Subject to the provisions of this Subadvisory Agreement, the Subadviser shall have the authority to buy, sell or otherwise effect investment transactions for and in the name of the Fund, including without limitation, the power to enter into swap, futures, options and other agreements with counterparties on the Fund's behalf as the Subadviser deems appropriate from time to time in order to carry out the Subadviser's responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser shall provide to MML Advisers such reports for the Portfolio, on a monthly, quarterly or annual basis, as MML Advisers or the Board of Trustees of the Trust shall reasonably request or as required by applicable law or regulation, including, but not limited to, compliance reports and those reports listed in Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser shall provide full and prompt disclosure to MML Advisers and the Fund regarding itself and its partners, officers, directors, shareholders, employees, affiliates or any person who controls any of the foregoing, including, but not limited to, information regarding any change in control of the Subadviser or any change in its personnel that could affect the services provided by the Subadviser to the Fund hereunder, information regarding any material adverse change in the condition (financial or otherwise) of the Subadviser or any person who controls the Subadviser, information regarding the investment performance and general investment methods of the Subadviser or its principals and affiliates relating to the Portfolio and other clients with the same or similar investment strategies as the Portfolio, information regarding the results of any examination conducted by the Commission or any other state or federal governmental agency or authority or any self-regulatory organization relating directly or indirectly to the services performed by the Subadviser hereunder with respect to the Fund, and, upon request, other information that MML Advisers reasonably deems necessary or desirable to enable MML Advisers to monitor the performance of the Subadviser and information that is required, in the reasonable judgment of

MML Advisers and upon prior written request, to be disclosed in any filings required by any governmental agency or by any applicable law, regulation, rule or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Subadviser (i) shall maintain such books and records as are required under the Act or other applicable law, based on the services provided by the Subadviser pursuant to this Subadvisory Agreement and as are necessary for MML Advisers or the Trust to meet its record keeping obligations generally set forth under Section 31 of the Act and rules thereunder; and (ii) shall meet with any persons at the request of MML Advisers or the Board of Trustees of the Trust for the purpose of reviewing the Subadviser's performance under this Subadvisory Agreement at reasonable times and upon reasonable advance written notice. The Subadviser shall provide the Fund and MML Advisers (or their agents or accountants), upon reasonable prior written request by MML Advisers to the Subadviser, with access to inspect at the Subadviser's office during normal business hours the books and records of the Subadviser relating to the Portfolio and the Subadviser's performance hereunder and such other books and records of the Subadviser as are necessary to confirm that the Subadviser has complied with its obligations and duties under this Subadvisory Agreement. The Subadviser agrees that all records which it maintains relating to the Fund are property of the Fund, and the Subadviser will promptly surrender to the Fund any of such records or copies thereof upon the Fund's request. The Subadviser further agrees to preserve for the periods prescribed under the Act any such records as are required to be maintained by it pursuant to this Subadvisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On each business day the Subadviser shall provide to the Fund's custodian information relating to all transactions concerning the Portfolio's assets and shall provide to the Fund's custodian, administrator and/or sub-administrator any such additional information as reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Subadviser agrees to reimburse MML Advisers and the Fund for any reasonable costs, upon evidence of invoices, bills, etc., associated with the production, printing and filing with the Commission (not including mailing costs) of supplements to the Disclosure Documents due to material changes caused by or relating to the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Subadviser shall not consult with any other subadviser to the Fund or any other subadviser to any other portfolio of the Trust or to any other investment company or investment company series for which MML Advisers serves as investment adviser concerning transactions for the Fund in securities or other assets, other than for purposes of complying with conditions of paragraphs (a) and (b) of Rule 12d3-1 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) As MML Advisers or the Board of Trustees of the Trust may request from time to time, the Subadviser shall timely provide to MML Advisers (i) information and commentary for the Fund's annual and semi-annual reports, in a format approved by MML Advisers, and shall (A) certify that such information and commentary discuss the factors that materially affected the performance of the Portfolio, including the relevant market conditions and the investment techniques and strategies used, and do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the information and commentary not misleading and (B) provide additional certifications related to the Subadviser's management of the Portfolio in order to support the Fund's filings on Form N-CSR, and the Fund's Principal Executive Officer's and Principal Financial Officer's certifications under Rule 30a-2 under the Act; (ii) a quarterly certification, as well as any requested sub-certifications, with respect to compliance matters related to the Subadviser and the Subadviser's management of the Portfolio, in formats reasonably requested by MML Advisers, as they may be amended from time to time; and (iii) an annual certification from the Subadviser's Chief Compliance Officer, appointed under Rule 206(4)-7 under the Advisers Act, with respect to the design and operation of the Subadviser's compliance program, in a format reasonably requested by MML Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the absence of willful misfeasance, bad faith, gross negligence or fraud on the part of the Subadviser, or reckless disregard of its obligations and duties hereunder, the Subadviser shall not be subject to any liability to MML Advisers, the Trust or the Fund, or to any shareholder, officer, director, partner or Trustee thereof, for any act or omission in the course of, or connected with, rendering services hereunder.

3. <u>Other Activities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in this Subadvisory Agreement shall prevent MML Advisers or the Subadviser from acting as investment adviser or subadviser for any other person, firm, corporation or other entity and shall not in any way limit or restrict MML Advisers or the Subadviser or any of their respective directors, officers, members, stockholders, partners or employees from buying, selling or trading any securities for its own account or for the account of others for whom it or they may be acting, provided that such activities are in compliance with U.S. federal and state securities laws, regulations and rules and will not adversely affect or otherwise impair the performance by any party of its duties and obligations under this Subadvisory Agreement. MML Advisers recognizes and agrees that the Subadviser may provide advice to or take action with respect to other clients, which advice or action, including the timing and nature of such action, may differ from or be identical to advice given or action taken with respect to the Portfolio. The Subadviser shall for all purposes hereof be deemed to be an independent contractor and shall, unless otherwise provided or authorized, have no authority to act for or represent the Fund or MML Advisers in any way or otherwise be deemed an agent of the Fund or MML Advisers except in connection with the investment management services provided by the Subadviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser agrees that it will not knowingly or deliberately favor any other account managed or controlled by it or any of its principals or affiliates over the Portfolio. The Subadviser, upon reasonable request, shall provide MML Advisers with an explanation of the differences, if any, in performance between the Portfolio and any other account with investment objectives and policies similar to the Portfolio for which the Subadviser, or any of its affiliates, acts as investment adviser. To the extent that a particular investment is suitable for both the Portfolio and the Subadviser's other clients, such investment will be allocated among the Portfolio and such other clients in a manner that is fair and equitable in the circumstances.

4. <u>Compensation of the Subadviser</u>.

The Subadviser will bear all expenses in connection with the performance of its services under this Subadvisory Agreement, which expenses shall not include brokerage fees or commissions in connection with the effectuation of securities transactions for the Portfolio. For the services provided and the expenses assumed pursuant to this Subadvisory Agreement, MML Advisers agrees to pay the Subadviser and the Subadviser agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to the provisions hereof, a fee paid monthly, in arrears, at the following rate: [ ].

5. <u>Portfolio Transactions and Brokerage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subadviser shall place orders with or through such brokers, dealers, futures commission merchants or other persons (including, but not limited to, broker-dealers that are affiliated with MML Advisers or the Subadviser) as may be selected by the Subadviser; provided, however, that such orders shall be consistent with the brokerage policy set forth in the Fund's Prospectus and Statement of Additional Information, or approved by the Board of Trustees of the Trust, conform with federal securities laws and be consistent with seeking best execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On occasions when the Subadviser deems the purchase or sale of a security or other investment to be in the best interest of the Portfolio as well as other clients of the Subadviser, the Subadviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or other investments to be sold or purchased in order to seek best execution. In such event, the Subadviser will make allocation of the securities or other investments so purchased or sold, as well as the expenses incurred in the transaction, in the manner the Subadviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to such other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser shall select broker-dealers to effect the Portfolio's portfolio transactions on the basis of its estimate of their ability to obtain best execution of particular and related portfolio transactions. The abilities of a broker-dealer to obtain best execution of particular portfolio transaction(s) will be judged by the Subadviser on the basis of all relevant factors and considerations including, insofar as feasible, the execution capabilities required by the transaction or transactions; the ability and willingness of the broker-dealer to facilitate the Portfolio's portfolio transactions by participating therein for its own account; the importance to the Fund of speed, efficiency or confidentiality; the broker-dealer's apparent familiarity with sources from or to whom particular securities might be purchased or sold; receipt of brokerage and research services available from or through the broker-dealer in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended; as well as any other matters relevant to the selection of a broker-dealer for particular and related transactions of the Portfolio; and any other considerations of which the Board of Trustees of the Trust or MML Advisers may notify the Subadviser from time to time.

6. <u>Representations and Warranties of the Subadviser</u>.

The Subadviser hereby represents and warrants to the Fund and MML Advisers that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Subadviser (i) is registered as an investment adviser under the Advisers Act and will
 continue to be so registered for so long as this Subadvisory Agreement remains in effect;
 (ii) is not prohibited by the Act or the Advisers Act from performing the services contemplated
 by this Subadvisory Agreement; (iii) has appointed a Chief Compliance Officer under Rule
 206(4)-7 under the Advisers Act; (iv) has adopted written policies and procedures that
 are reasonably designed to prevent violations of the Advisers Act from occurring, detect
 violations that have occurred and correct promptly any violations that have occurred,
 and will provide prompt notice of any material violations relating to the Fund to MML
 Advisers; (v) has met and will seek to continue to meet for so long as this Subadvisory
 Agreement remains in effect, any other applicable federal or state requirements, or the
 applicable requirements of any regulatory or industry self-regulatory agency; (vi) has
 the authority to enter into and perform the services contemplated by this Subadvisory
 Agreement; and (vii) will promptly notify MML Advisers of the occurrence of any event
 that would disqualify the Subadviser from serving as an investment adviser of an investment
 company pursuant to Section 9(a) of the Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Subadviser has adopted a written code of ethics complying with the requirements of Rule
 17j-1 under the Act and will provide MML Advisers with a copy of the code of ethics.
 Within 60 days of the end of the last calendar quarter of each year that this Subadvisory
 Agreement is in effect, a duly authorized officer of the Subadviser shall certify to
 MML Advisers that the Subadviser has complied with the requirements of Rule 17j-1 during
 the previous year and that there has been no material violation of the Subadviser's
 code of ethics or, if such a violation has occurred, that appropriate action was taken
 in response to such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Subadviser has provided MML Advisers with a copy of its Form ADV Part 2, which as of
 the date of this Subadvisory Agreement is its Form ADV Part 2 as most recently deemed
 to be filed with the Commission, and promptly will furnish a copy of all amendments thereto
 to MML Advisers.

The Subadviser will promptly notify MML Advisers of any changes in its Board of Managers or in the key personnel who are either the portfolio manager(s) responsible for the Portfolio or the Subadviser's Chief Executive Officer or President, or if there is otherwise an actual or expected change in control or management of the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
 is no pending, or to the best of its knowledge, threatened or contemplated action, suit
 or proceeding before or by any court, governmental, administrative or self-regulatory
 body or arbitration panel to which the Subadviser or any of its principals or affiliates
 is a party, or to which any of the assets of the Subadviser is subject, which reasonably
 might be expected to (i) result in any material adverse change in the Subadviser's
 condition (financial or otherwise), business or prospects; (ii) affect adversely in any
 material respect any of the Subadviser's assets; (iii) materially impair the Subadviser's
 ability to discharge its obligations under this Subadvisory Agreement; or (iv) result
 in a matter which would require an amendment to the Subadviser's Form ADV Part
 2; and the Subadviser has not received any notice of an investigation by the Commission
 or any state regarding U.S. federal or state securities laws, regulations or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 references in the Disclosure Documents concerning the Subadviser and its affiliates and
 the controlling persons, affiliates, stockholders, directors, officers and employees
 of any of the foregoing provided to MML Advisers by the Subadviser or approved by the
 Subadviser for use in the Disclosure Documents, as well as all performance information
 provided to MML Advisers by the Subadviser or approved by the Subadviser for use by MML
 Advisers, are accurate in all material respects and do not contain any untrue statement
 of a material fact or omit to state a material fact necessary in order to make such information
 not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Subadviser has supplied to, or made available for review by, MML Advisers (and if requested
 by MML Advisers to its designated auditor) all documents, statements, agreements and
 workpapers reasonably requested by it relating to accounts covered by the Subadviser's
 performance results and which are in the Subadviser's possession or to which it
 has access.

The foregoing representations and warranties shall be continuing and be deemed repeated at and as of all times during the term of this Subadvisory Agreement.

7. <u>Representations and Warranties of MML Advisers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MML
Advisers represents and warrants to the Subadviser the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) MML
 Advisers has all requisite corporate power and authority under applicable state law and
 federal securities laws and under the Advisory Agreement with the Fund to execute, deliver
 and perform this Subadvisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) MML
 Advisers is a registered investment adviser under the Advisers Act and is in material
 compliance with all other required registrations under applicable federal and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) MML
 Advisers has received a copy of Part 2 of Subadviser's Form ADV at least two (2)
 business days prior to the execution of this Subadvisory Agreement.

The foregoing representations and warranties shall be continuing during the term of this Subadvisory Agreement.

8. <u>Covenants of the Subadviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time during the term of this Subadvisory Agreement, the Subadviser discovers any fact or omission, or any event or change of circumstances occurs, which would make the Subadviser's representations and warranties in Section 6 inaccurate or incomplete in any material respect, or which might render the Disclosure Documents untrue or misleading in any material respect, the Subadviser will provide prompt written notification to the Fund and MML Advisers of any such fact, omission, event or change of circumstances, and the facts related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser agrees that, during the term of this Subadvisory Agreement, and for so long as investment in the Fund is being offered for sale, it will provide the Fund and MML Advisers with updated information relating to the Subadviser's performance results with respect to the Portfolio and other clients with the same or similar investment strategies as the Portfolio (subject to applicable restrictions on the release of client confidential information) as may be reasonably requested from time to time by the Fund and MML Advisers. The Subadviser shall provide such information within a reasonable period of time after the end of the month to which such updated information relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser agrees that neither it nor any of its affiliates will in any way refer directly or indirectly to its relationship with the Fund or MML Advisers, or any of their respective affiliates in offering, marketing or other promotional materials without the prior written consent of MML Advisers.

9. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subadviser agrees that it shall exercise the same standard of care that it uses to protect its own confidential and proprietary information, but no less than reasonable care, to protect the confidentiality of the Portfolio Information. As used herein "Portfolio Information" means confidential and proprietary information of the Fund or MML Advisers that is received by the Subadviser in connection with this Subadvisory Agreement, including information with regard to the portfolio holdings and characteristics of the Fund. The Subadviser will restrict access to the Portfolio Information to those employees or service providers of the Subadviser who will use it only for the purpose of managing or providing services to the portion of the Fund managed by the Subadviser. Notwithstanding the foregoing, access to Portfolio Information shall only be granted to service providers in accordance with the Fund's policy regarding the disclosure of portfolio holdings and under terms of confidentiality that are as restrictive as the terms of this Agreement. The foregoing shall not prevent the Subadviser from disclosing Portfolio Information that is (1) publicly known or becomes publicly known through no unauthorized act, (2) rightfully received from a third party without obligation of confidentiality, (3) approved in writing by MML Advisers for disclosure, or (4) required to be disclosed pursuant to a requirement of a governmental agency or law so long as the Subadviser provides MML Advisers with prompt written notice of such requirement prior to any such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) MML Advisers agrees that it shall exercise the same standard of care that it uses to protect its own confidential and proprietary information, but no less than reasonable care, to protect the confidentiality of Subadviser's confidential and proprietary information. MML Advisers will restrict access to the Subadviser's confidential and proprietary information to the Board of Trustees of the Trust and to those employees of MML Advisers and of service providers to the Fund and MML Advisers who will use it only for the purpose of managing and/or providing services to the Fund. The foregoing shall not prevent MML Advisers from disclosing Subadviser's confidential and proprietary information that is (1) publicly known or becomes publicly known through no unauthorized act, (2) rightfully received from a third party without obligation of confidentiality, (3) approved in writing by Subadviser for disclosure, or (4) required to be disclosed pursuant to a requirement of a governmental agency or law so long as MML Advisers provides Subadviser with prompt written notice of such requirement prior to any such disclosure.

10. <u>Use of Names</u>.

The names of both MML Advisers and any affiliates of MML Advisers and of the Trust and Fund and any derivative or logo or trademark or service mark or trade name are the valuable property of MML Advisers and such affiliates and the Trust and Fund. The Subadviser shall have the right to use such name(s), derivatives, logos, trademarks or service marks or trade names only with the prior written approval of MML Advisers or the Trust, as the case may be. The Subadviser acknowledges and agrees that, if it makes any unauthorized use of any such names, derivatives, logos, trademarks or service marks or trade names, MML Advisers and/or such affiliates or the Trust and Fund shall suffer irreparable harm for which monetary damages are inadequate and thus, such entities shall be entitled to injunctive relief without the necessity of posting bond.

11. <u>Duration</u>.

Unless terminated earlier pursuant to Section 12 hereof, this Subadvisory Agreement shall remain in effect for a period of two years from the date hereof. Thereafter it shall continue in effect from year to year, unless terminated pursuant to Section 12 hereof, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of the members of the Board of Trustees of the Trust who are not parties to this Subadvisory Agreement or interested persons (as defined in the Act) of any such party, and (ii) by the Board of Trustees of the Trust or by a vote of the holders of a majority of the outstanding voting securities (as defined in the Act) of the Fund.

12. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Subadvisory Agreement shall terminate automatically upon its assignment (within the meaning of the Act), the termination of the Advisory Agreement or the dissolution of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadvisory Agreement may be terminated by MML Advisers or the Board of Trustees of the Trust: (i) by written notice to the Subadviser with immediate effect, if the Subadviser's registration under the Advisers Act is suspended, terminated, lapsed or not renewed; (ii) by written notice to the Subadviser with immediate effect, if the Subadviser is bankrupt or insolvent, seeks an arrangement with creditors, is dissolved or terminated or ceases to exist; (iii) by written notice to the Subadviser with immediate effect, if MML Advisers or the Board of Trustees of the Trust determines for any reason, that such termination is appropriate for the protection of the Fund, including without limitation a determination by MML Advisers or the Board of Trustees of the Trust that the Subadviser has breached an obligation or duty under this Subadvisory Agreement; or (iv) in its sole discretion, without penalty, upon sixty days prior written notice to Subadviser. This Subadvisory Agreement also may be terminated

at any time, without penalty, by the vote of the holders of a "majority" of the outstanding voting securities of the Fund (as defined in the Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadvisory Agreement may be terminated by the Subadviser, without penalty at any time, upon sixty days prior written notice, to MML Advisers and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of termination of this Subadvisory Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid promptly after the next succeeding month's end.

13. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In any action in which MML Advisers or the Fund or any of its or their affiliated persons (within the meaning of Section 2(a)(3) of the Act), controlling persons (as defined in Section 15 of the Securities Act of 1933, as amended), or any shareholders, partners, directors, officers and/or employees of any of the foregoing, are parties, the Subadviser agrees to indemnify and hold harmless the foregoing persons against any loss, claim, settlement, damage, charge, liability, cost or expense (including, without limitation, reasonable attorneys' and accountants' fees) to which such persons may be held liable, insofar as such loss, claim, settlement, damage, charge, liability, cost or expense arises out of or is based upon (i) Subadviser's reckless disregard, willful misfeasance, bad faith, gross negligence, fraud or willful misconduct in the performance of its duties under this Subadvisory Agreement or (ii) any untrue statement of a material fact regarding the Subadviser contained in the Prospectus or Statement of Additional Information, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund or the omission to state therein a material fact regarding the Subadviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon written information furnished to MML Advisers or the Fund by or on behalf of the Subadviser; or (iii) any violation of federal or state statutes or regulations by the Subadviser. The federal securities laws impose liabilities in certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver of limitation of any rights which MML Advisers or the Fund may have under any securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after receipt by an indemnified party under this Section 13 of notice of any claim or dispute or commencement of any action or litigation, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 13, notify the indemnifying party of the commencement thereof; but the omission to notify the indemnifying party will not relieve the indemnifying party from any liability which it may have to any indemnified party under this Section 13 except to the extent, if any, that such failure or delay prejudiced the other party in defending against the claim. In case any such claim, dispute, action or litigation is brought or asserted against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, to assume the defense thereof, with counsel specially approved in writing by such indemnified party, such approval not to be unreasonably withheld, following notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof; in which event, the indemnifying party will not be liable to such indemnified party under this Section 13 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof, but shall continue to be liable to the indemnified party in all other respects as heretofore set forth in this Section 13.

Notwithstanding the foregoing, an indemnified party will have the option to select and retain its own counsel, in the indemnified party's reasonable discretion, if (i) the indemnified party reasonably determines (A) such counsel to be necessary to protect the interests of the indemnified party; (B) that there may be a conflict between the positions of the indemnified party and the positions of any other

indemnified party, or other parties to a claim, dispute, action or litigation not represented by separate counsel; (C) that representation of both the indemnified party and any such other indemnified party or other parties by the same counsel would not be appropriate; or (D) to withhold or withdraw his or her consent to being represented by counsel selected by the Subadviser or (ii) the Subadviser fails to assume the defense of a claim, dispute, action or litigation or an anticipated claim, dispute, action or litigation. The Subadviser shall fully indemnify and hold harmless the indemnified party against, and shall advance to the indemnified party on a current and as-incurred basis, the full amount of expenses of counsel selected by the indemnified party as permitted pursuant to the preceding sentence. If the Subadviser shall not have elected to assume the defense of any claim, dispute, action or litigation for an indemnified party within thirty days after receiving written notice thereof from the indemnified party, the Subadviser shall be deemed to have waived any right it might otherwise have to assume such defense.

14. <u>Notice</u>.

Any notice under this Subadvisory Agreement shall be in writing, addressed and delivered or mailed, postage prepaid, to the other party, with a copy to the Trust, at the addresses below or such other address as such other party may designate for the receipt of such notice.

---

| | | |
|:---|:---|:---|
| If to MML Advisers: | MML Investment Advisers, LLC | MML Investment Advisers, LLC |
|  | 1295 State Street | 1295 State Street |
|  | Springfield, MA 01111 | Springfield, MA 01111 |
|  | Attention: | Douglas Steele |
|  |  | Vice President |
| If to the Subadviser: | Thompson, Siegel & Walmsley LLC | Thompson, Siegel & Walmsley LLC |
|  | 6641 West Broad Street, Suite 600 | 6641 West Broad Street, Suite 600 |
|  | Richmond, VA 23230 | Richmond, VA 23230 |
|  | Attention: | Sarah Gray Innes, CFA |
|  |  | Business Development Director |
| With a copy to: | Thompson, Siegel & Walmsley LLC | Thompson, Siegel & Walmsley LLC |
|  | 6641 West Broad Street, Suite 600 | 6641 West Broad Street, Suite 600 |
|  | Richmond, VA 23230 | Richmond, VA 23230 |
|  | Attention: | Department Compliance |

---

If to either MML Advisers or the Subadviser, copies to:

---

| | |
|:---|:---|
| MassMutual Premier Funds | MassMutual Premier Funds |
| 1295 State Street | 1295 State Street |
| Springfield, MA 01111 | Springfield, MA 01111 |
| Attention: | Andrew M. Goldberg |
|  | Vice President, Secretary, and Chief Legal Officer |

---

15. <u>Amendments to this Subadvisory Agreement</u>.

This Subadvisory Agreement may be amended by mutual agreement in writing, subject to approval by the Board of Trustees of the Trust and the Fund's shareholders to the extent required by the Act.

16. <u>Governing Law</u>.

This Subadvisory Agreement shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without giving effect to principles of conflict of laws.

17. <u>Survival</u>.

The provisions of this Subadvisory Agreement shall survive the termination or other expiration of this Subadvisory Agreement with respect to any matter arising while this Subadvisory Agreement was in effect.

18. <u>Assignment; Successors</u>.

No assignment of this Subadvisory Agreement (as defined in the Act) shall be made by the Subadviser without the prior written consent of the Fund and MML Advisers. This Subadvisory Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors and permitted assigns.

19. <u>Entire Agreement</u>.

This Subadvisory Agreement constitutes the entire agreement among the parties hereto with respect to the matters referred to herein, and no other agreement, oral or otherwise, shall be binding on the parties hereto.

20. <u>No Waiver</u>.

No failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver granted hereunder must be in writing and shall be valid only in the specific instance in which given.

21. <u>Severability</u>.

If any one or more provisions in this Subadvisory Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Subadvisory Agreement, but this Subadvisory Agreement shall be construed so as to effectuate the intent of the parties hereto as nearly as possible without giving effect to such invalid, illegal or unenforceable provision as if such provision had never been contained herein.

22. <u>Third-party Beneficiaries</u>.

The Trust and the Fund are third-party beneficiaries of this Subadvisory Agreement and shall be entitled to enforce any and all provisions of this Agreement to the full extent as if they were parties to this Agreement.

23. <u>Counterparts</u>.

This Subadvisory Agreement may be executed in any number of counterparts, each of which shall constitute an original, but all of which when taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the Fund, MML Advisers and the Subadviser have caused this Subadvisory Agreement to be executed as of the day and year first above written.

---

| | |
|:---|:---|
| MML INVESTMENT ADVISERS, LLC | MML INVESTMENT ADVISERS, LLC |
| By: | /s/ Douglas Steele |
| Name: Douglas Steele | Name: Douglas Steele |
| Title: Vice President | Title: Vice President |
| THOMPSON, SIEGEL & WALMSLEY LLC | THOMPSON, SIEGEL & WALMSLEY LLC |
| By: | /s/ W. Winborne Boyles |
| Name: W. Winborne Boyles | Name: W. Winborne Boyles |
| Title: Chief Compliance Officer | Title: Chief Compliance Officer |

---

Acknowledged and Agreed:

MASSMUTUAL PREMIER FUNDS

on behalf of MassMutual International Equity Fund

---

| | |
|:---|:---|
| By: | /s/ Renee Hitchcock |
| Name: Renee Hitchcock | Name: Renee Hitchcock |
| Title: CFO and Treasurer | Title: CFO and Treasurer |

---

Appendix A

The Subadviser shall provide to MML Advisers the following:

1. Quarterly
 Portfolio Data Sheets (due on the 10<sup>th</sup> business day after the end of every
 quarter):

The data sheets should include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Portfolio Characteristics for the Portfolio, standard and best fit market index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Portfolio Sector Weights for the Portfolio, standard and best fit market index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Top 10 Equity Holdings (% of equities) for the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Top 5 contributors and detractors by performance based on contribution to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Purchases (New) and Sales (Eliminated) during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Performance of the Portfolio vs. standard and best fit market index and peer group.

2. Portfolio
Manager Commentary (due on the 10<sup>th</sup> business day after the end of every quarter): The commentary should include information
on the following topics (there is no limit to the number of words used):

a. Qualitative
assessment by manager: list three factors that were the major influences on performance – both positive and negative.

b. Performance
attribution:

- The industry weightings that had the largest contribution to performance during the most recent quarter.

- The industry weightings that had the largest detraction from performance during the most recent quarter.

- The five holdings that contributed the most to performance during the most recent quarter.

- The five holdings that detracted the most from performance during the most recent quarter.

c. The
manager's market outlook.

d. How
he/she has positioned the Portfolio for the near term.

3. Third
party portfolio attribution analysis of the Portfolio: Performance attribution should demonstrate the impact of portfolio management
decisions including Asset Allocation Effects and Security Selection Effects.

4. Quarterly
Conference Calls: The purpose of this contact will be to obtain a greater understanding of the performance of the Portfolio, the
reasons for that performance, and to gain valuable insights into the Portfolio provided by the manager.

5. Annual
On-Site Meeting - As part of MML Advisers' due diligence process, members of MML Advisers' Investment Group arrange
an "on site" meeting with each of the managers in MML Advisers' Investment Program. Typically, these meetings
include a general overview of the firm as well as separate meetings with each of the portfolio managers to discuss their long-term
and short-term strategies, modifications to their investment strategy or style and any other relevant information.

## Ex-99.(E)(2)

**Exhibit (e)(2)**

Schedule A

As of February 1, 2023, this Schedule A forms a part of the Principal Underwriter Agreement dated as of February 23, 2006 (the "Agreement") between MassMutual Premier Funds and MML Distributors, LLC. As of February 1, 2023, this Schedule A supersedes any previous versions of said Schedule A.

<u>Name of Series</u> <u>Classes of Shares</u>

---

| | |
|:---|:---|
| MassMutual Balanced Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Core Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Disciplined Growth Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Disciplined Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Diversified Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Global Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Inflation-Protected and Income Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual International Equity Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Main Street Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Small Cap Opportunities Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Strategic Emerging Markets Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual U.S. Government Money Market Fund | R5 |

---

---

| | |
|:---|:---|
| **MASSMUTUAL PREMIER FUNDS** | **MML DISTRIBUTORS, LLC** |
| By: <u>/s/ Renee Hitchcock</u> | By: <u>/s/ Paul LaPiana</u> |
| Name: Renee Hitchcock | Name: Paul LaPiana |
| Title: CFO and Treasurer | Title: President |

---

## Ex-99.(G)(7)

**Exhibit (g)(7)**

**<u>Appendix A</u>**

As of February 1, 2023, this Appendix A forms a part of the Amended, Restated and Consolidated Custodian Agreement dated as of January 1, 2008, as amended (the "Consolidated Agreement") between State Street Bank and Trust Company and each of the MassMutual Select Funds, MassMutual Premier Funds, MassMutual Advantage Funds, MML Series Investment Fund, and MML Series Investment Fund II. As of February 1, 2023, this Appendix A supersedes any previous versions of said Appendix.

---

| | |
|:---|:---|
| **<u>MassMutual Select Funds</u>** |  |
| **<u>Portfolios</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Classes</u>** |
| &nbsp;&nbsp;MassMutual Blue Chip Growth Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Diversified Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Equity Opportunities Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Fundamental Growth Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Fundamental Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Growth Opportunities Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Mid Cap Growth Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Mid Cap Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Overseas Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Small Cap Growth Equity Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Small Cap Value Equity Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Small Company Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Strategic Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Total Return Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MM S&P 500<sup>®</sup> Index Fund | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual 20/80 Allocation Fund\* | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual 40/60 Allocation Fund\* | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual 60/40 Allocation Fund\* | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual 80/20 Allocation Fund\* | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2020 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2025 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2030 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2035 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2040 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2045 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2050 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2055 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2060 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2065 Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan In Retirement Fund\* | I, R5, Service, Administrative, R4, A, R3 |
| &nbsp;&nbsp;MM Equity Asset Fund | I |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2005 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2010 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2015 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2020 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2025 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2030 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2035 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2040 Fund\* | I, M5, M4, M3 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2045 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2050 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2055 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2060 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2065 Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement Balanced Fund\* | I, M5, M4, M3 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Bond Asset Fund | I |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Emerging Markets Bond Fund | I |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price International Equity Fund | I |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Large Cap Blend Fund | I |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund | I |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Real Assets Fund | I |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund | I |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price U. S. Treasury Long-Term Index Fund | I |

---

\*Each a "fund of funds" for purposes of the Fee Schedule.

---

| | |
|:---|:---|
| **<u>MassMutual Premier Funds</u>** |  |
| **<u>Portfolios</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Classes</u>** |
| &nbsp;&nbsp;MassMutual Balanced Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Core Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Disciplined Growth Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Disciplined Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Diversified Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Global Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual High Yield Fund | I, R5, Service, Administrative, R4, A, R3, Y, C |
| &nbsp;&nbsp;MassMutual Inflation-Protected and Income Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual International Equity Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Main Street Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Short-Duration Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y, L, C |
| &nbsp;&nbsp;MassMutual Small Cap Opportunities Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual Strategic Emerging Markets Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| &nbsp;&nbsp;MassMutual U.S. Government Money Market Fund | R5 |

---

---

| | |
|:---|:---|
| **<u>MassMutual Advantage Funds</u>** |  |
| **<u>Portfolios</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Classes</u>** |
| &nbsp;&nbsp;MassMutual Emerging Markets Debt Blended Total Return Fund | I, Y, L, C |
| &nbsp;&nbsp;MassMutual Global Credit Income Opportunities Fund | I, Y, L, C |
| &nbsp;&nbsp;MassMutual Global Emerging Markets Equity Fund | I, Y, L, C |
| &nbsp;&nbsp;MassMutual Global Floating Rate Fund | I, Y, L, C |

---

---

| | |
|:---|:---|
| **<u>MML Series Investment Fund</u>** |  |
| **<u>Portfolios</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Classes</u>** |
| &nbsp;&nbsp;MML Aggressive Allocation Fund\* | Initial, Service |
| &nbsp;&nbsp;MML American Funds Core Allocation Fund\* | Service I |
| &nbsp;&nbsp;MML American Funds Growth Fund† | Service I |
| &nbsp;&nbsp;MML Balanced Allocation Fund\* | Initial, Service |
| &nbsp;&nbsp;MML Blue Chip Growth Fund | Initial, Service |
| &nbsp;&nbsp;MML Conservative Allocation Fund\* | Initial, Service |
| &nbsp;&nbsp;MML Equity Income Fund | Initial, Service |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;MML Equity Index Fund | I, II, III, Service I |
| &nbsp;&nbsp;MML Focused Equity Fund | II, Service I |
| &nbsp;&nbsp;MML Foreign Fund | Initial, Service |
| &nbsp;&nbsp;MML Fundamental Equity Fund | II, Service I |
| &nbsp;&nbsp;MML Fundamental Value Fund | II, Service I |
| &nbsp;&nbsp;MML Global Fund | I, II, Service I |
| &nbsp;&nbsp;MML Growth Allocation Fund\* | Initial, Service |
| &nbsp;&nbsp;MML Income & Growth Fund | Initial, Service |
| &nbsp;&nbsp;MML International Equity Fund | II, Service I |
| &nbsp;&nbsp;MML Large Cap Growth Fund | Initial, Service |
| &nbsp;&nbsp;MML Managed Volatility Fund | Initial, Service |
| &nbsp;&nbsp;MML Mid Cap Growth Fund | Initial, Service |
| &nbsp;&nbsp;MML Mid Cap Value Fund | Initial, Service |
| &nbsp;&nbsp;MML Moderate Allocation Fund\* | Initial, Service |
| &nbsp;&nbsp;MML Small Cap Growth Equity Fund | Initial, Service |
| &nbsp;&nbsp;MML Small Company Value Fund | II, Service I |
| &nbsp;&nbsp;MML Small/Mid Cap Value Fund | Initial, Service |
| &nbsp;&nbsp;MML Sustainable Equity Fund | Initial, Service |
| &nbsp;&nbsp;MML Total Return Bond Fund | II, Service I |

---

\*Each a "fund of funds" for purposes of the Fee Schedule.

†Each a "feeder fund" for purposes of the Fee Schedule.

---

| | |
|:---|:---|
| **<u>MML Series Investment Fund II</u>** |  |
| **<u>Portfolios</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Classes</u>** |
| &nbsp;&nbsp;MML Blend Fund | Initial, Service |
| &nbsp;&nbsp;MML Dynamic Bond Fund | II, Service I |
| &nbsp;&nbsp;MML Equity Fund | Initial, Service |
| &nbsp;&nbsp;MML Equity Rotation Fund | II, Service I |
| &nbsp;&nbsp;MML High Yield Fund | II, Service I |
| &nbsp;&nbsp;MML Inflation-Protected and Income Fund | Initial, Service |
| &nbsp;&nbsp;MML iShares<sup>®</sup> 60/40 Allocation Fund | II, Service I |
| &nbsp;&nbsp;MML iShares<sup>®</sup> 80/20 Allocation Fund | II, Service I |
| &nbsp;&nbsp;MML Managed Bond Fund | Initial, Service |
| &nbsp;&nbsp;MML Short-Duration Bond Fund | II, Service I |
| &nbsp;&nbsp;MML Small Cap Equity Fund | Initial, Service |
| &nbsp;&nbsp;MML Strategic Emerging Markets Fund | II, Service I |
| &nbsp;&nbsp;MML U.S. Government Money Market Fund | Initial, Service |

---

---

| | | | |
|:---|:---|:---|:---|
| MassMutual Select Funds | MassMutual Select Funds | State Street Bank and Trust Company | State Street Bank and Trust Company |
| By: | /s/ Renee Hitchock | By: | /s/ Kevin Murphy |
| Name: Renee Hitchcock | Name: Renee Hitchcock | Name: Kevin Murphy | Name: Kevin Murphy |
| Title: CFO and Treasurer | Title: CFO and Treasurer | Title: Managing Director | Title: Managing Director |
| MassMutual Premier Funds | MassMutual Premier Funds |  |  |
| By: | /s/ Renee Hitchock |  |  |
| Name: Renee Hitchcock | Name: Renee Hitchcock |  |  |
| Title: CFO and Treasurer | Title: CFO and Treasurer |  |  |

---

---

| | |
|:---|:---|
| MASSMUTUAL ADVANTAGE FUNDS | MASSMUTUAL ADVANTAGE FUNDS |
| By: | /s/ Renee Hitchock |
| Name: Renee Hitchcock | Name: Renee Hitchcock |
| Title: CFO and Treasurer | Title: CFO and Treasurer |
| MML Series Investment Fund | MML Series Investment Fund |
| By: | /s/ Renee Hitchock |
| Name: Renee Hitchcock | Name: Renee Hitchcock |
| Title: CFO and Treasurer | Title: CFO and Treasurer |
| MML Series Investment Fund II | MML Series Investment Fund II |
| By: | /s/ Renee Hitchock |
| Name: Renee Hitchcock | Name: Renee Hitchcock |
| Title: CFO and Treasurer | Title: CFO and Treasurer |

---

## Ex-99.(G)(10)

**Exhibit (g)(10)**

**Appendix A**

As of February 1, 2023, this Appendix A forms a part of the Amended, Restated, and Consolidated Delegation Agreement dated as of January 1, 2008, as amended (the "Consolidated Agreement") between State Street Bank and Trust Company and each of the MassMutual Select Funds, MassMutual Premier Funds, MassMutual Advantage Funds, MML Series Investment Fund, and MML Series Investment Fund II. As of February 1, 2023, this Appendix A supersedes any previous versions of said Appendix.

<u>MASSMUTUAL SELECT FUNDS</u>

---

| |
|:---|
| &nbsp;&nbsp;MassMutual Blue Chip Growth Fund |
| &nbsp;&nbsp;MassMutual Diversified Value Fund |
| &nbsp;&nbsp;MassMutual Equity Opportunities Fund |
| &nbsp;&nbsp;MassMutual Fundamental Growth Fund |
| &nbsp;&nbsp;MassMutual Fundamental Value Fund |
| &nbsp;&nbsp;MassMutual Growth Opportunities Fund |
| &nbsp;&nbsp;MassMutual Mid Cap Growth Fund |
| &nbsp;&nbsp;MassMutual Mid Cap Value Fund |
| &nbsp;&nbsp;MassMutual Overseas Fund |
| &nbsp;&nbsp;MassMutual Small Cap Growth Equity Fund |
| &nbsp;&nbsp;MassMutual Small Cap Value Equity Fund |
| &nbsp;&nbsp;MassMutual Small Company Value Fund |
| &nbsp;&nbsp;MassMutual Strategic Bond Fund |
| &nbsp;&nbsp;MassMutual Total Return Bond Fund |
| &nbsp;&nbsp;MM S&P 500<sup>®</sup> Index Fund |
| &nbsp;&nbsp;MassMutual 20/80 Allocation Fund |
| &nbsp;&nbsp;MassMutual 40/60 Allocation Fund |
| &nbsp;&nbsp;MassMutual 60/40 Allocation Fund |
| &nbsp;&nbsp;MassMutual 80/20 Allocation Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2020 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2025 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2030 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2035 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2040 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2045 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2050 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2055 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2060 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2065 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan In Retirement Fund |
| &nbsp;&nbsp;MM Equity Asset Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2005 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2010 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2015 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2020 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2025 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2030 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2035 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2040 Fund |

---

---

| |
|:---|
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2045 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2050 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2055 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2060 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2065 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement Balanced Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Bond Asset Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Emerging Markets Bond Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price International Equity Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Large Cap Blend Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Real Assets Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund |

---

<u>MASSMUTUAL PREMIER FUNDS</u>

---

| |
|:---|
| &nbsp;&nbsp;MassMutual Balanced Fund |
| &nbsp;&nbsp;MassMutual Core Bond Fund |
| &nbsp;&nbsp;MassMutual Disciplined Growth Fund |
| &nbsp;&nbsp;MassMutual Disciplined Value Fund |
| &nbsp;&nbsp;MassMutual Diversified Bond Fund |
| &nbsp;&nbsp;MassMutual Global Fund |
| &nbsp;&nbsp;MassMutual High Yield Fund |
| &nbsp;&nbsp;MassMutual Inflation-Protected and Income Fund |
| &nbsp;&nbsp;MassMutual International Equity Fund |
| &nbsp;&nbsp;MassMutual Main Street Fund |
| &nbsp;&nbsp;MassMutual Short-Duration Bond Fund |
| &nbsp;&nbsp;MassMutual Small Cap Opportunities Fund |
| &nbsp;&nbsp;MassMutual Strategic Emerging Markets Fund |
| &nbsp;&nbsp;MassMutual U.S. Government Money Market Fund |

---

<u>MASSMUTUAL ADVANTAGE FUNDS</u>

---

| |
|:---|
| &nbsp;&nbsp;MassMutual Emerging Markets Debt Blended Total Return Fund |
| &nbsp;&nbsp;MassMutual Global Credit Income Opportunities Fund |
| &nbsp;&nbsp;MassMutual Global Emerging Markets Equity Fund |
| &nbsp;&nbsp;MassMutual Global Floating Rate Fund |

---

<u>MML SERIES INVESTMENT FUND</u>

---

| |
|:---|
| &nbsp;&nbsp;MML Aggressive Allocation Fund |
| &nbsp;&nbsp;MML American Funds Core Allocation Fund |
| &nbsp;&nbsp;MML American Funds Growth Fund |
| &nbsp;&nbsp;MML Balanced Allocation Fund |
| &nbsp;&nbsp;MML Blue Chip Growth Fund |
| &nbsp;&nbsp;MML Conservative Allocation Fund |
| &nbsp;&nbsp;MML Equity Income Fund |
| &nbsp;&nbsp;MML Equity Index Fund |
| &nbsp;&nbsp;MML Focused Equity Fund |
| &nbsp;&nbsp;MML Foreign Fund |

---

---

| |
|:---|
| &nbsp;&nbsp;MML Fundamental Equity Fund |
| &nbsp;&nbsp;MML Fundamental Value Fund |
| &nbsp;&nbsp;MML Global Fund |
| &nbsp;&nbsp;MML Growth Allocation Fund |
| &nbsp;&nbsp;MML Income & Growth Fund |
| &nbsp;&nbsp;MML International Equity Fund |
| &nbsp;&nbsp;MML Large Cap Growth Fund |
| &nbsp;&nbsp;MML Managed Volatility Fund |
| &nbsp;&nbsp;MML Mid Cap Growth Fund |
| &nbsp;&nbsp;MML Mid Cap Value Fund |
| &nbsp;&nbsp;MML Moderate Allocation Fund |
| &nbsp;&nbsp;MML Small Cap Growth Equity Fund |
| &nbsp;&nbsp;MML Small Company Value Fund |
| &nbsp;&nbsp;MML Small/Mid Cap Value Fund |
| &nbsp;&nbsp;MML Sustainable Equity Fund |
| &nbsp;&nbsp;MML Total Return Bond Fund |

---

<u>MML SERIES INVESTMENT FUND II</u>

---

| |
|:---|
| &nbsp;&nbsp;MML Blend Fund |
| &nbsp;&nbsp;MML Dynamic Bond Fund |
| &nbsp;&nbsp;MML Equity Fund |
| &nbsp;&nbsp;MML Equity Rotation Fund |
| &nbsp;&nbsp;MML High Yield Fund |
| &nbsp;&nbsp;MML Inflation-Protected and Income Fund |
| &nbsp;&nbsp;MML iShares<sup>®</sup> 60/40 Allocation Fund |
| &nbsp;&nbsp;MML iShares<sup>®</sup> 80/20 Allocation Fund |
| &nbsp;&nbsp;MML Managed Bond Fund |
| &nbsp;&nbsp;MML Short-Duration Bond Fund |
| &nbsp;&nbsp;MML Small Cap Equity Fund |
| &nbsp;&nbsp;MML Strategic Emerging Markets Fund |
| &nbsp;&nbsp;MML U.S. Government Money Market Fund |

---

---

| | | | |
|:---|:---|:---|:---|
| MassMutual Select Funds | MassMutual Select Funds | State Street Bank and Trust Company | State Street Bank and Trust Company |
| By: | /s/ Renee Hitchock | By: | /s/ Kevin Murphy |
| Name: Renee Hitchcock | Name: Renee Hitchcock | Name: Kevin Murphy | Name: Kevin Murphy |
| Title: CFO and Treasurer | Title: CFO and Treasurer | Title: Managing Director | Title: Managing Director |
| MassMutual Premier Funds | MassMutual Premier Funds |  |  |
| By: | /s/ Renee Hitchock |  |  |
| Name: Renee Hitchcock | Name: Renee Hitchcock |  |  |
| Title: CFO and Treasurer | Title: CFO and Treasurer |  |  |

---

---

| | |
|:---|:---|
| MASSMUTUAL ADVANTAGE FUNDS | MASSMUTUAL ADVANTAGE FUNDS |
| By: | /s/ Renee Hitchock |
| Name: Renee Hitchcock | Name: Renee Hitchcock |
| Title: CFO and Treasurer | Title: CFO and Treasurer |
| MML Series Investment Fund | MML Series Investment Fund |
| By: | /s/ Renee Hitchock |
| Name: Renee Hitchcock | Name: Renee Hitchcock |
| Title: CFO and Treasurer | Title: CFO and Treasurer |
| MML Series Investment Fund II | MML Series Investment Fund II |
| By: | /s/ Renee Hitchock |
| Name: Renee Hitchcock | Name: Renee Hitchcock |
| Title: CFO and Treasurer | Title: CFO and Treasurer |

---

## Ex-99.(H)(5)

**Exhibit (h)(5)**

**Executive Summary Letter**

February 1, 2023

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attn: Fund Administration Department

Ladies and Gentlemen:

Reference is made to the Second Amended, Restated and Consolidated Transfer Agency and Service Agreement between us dated as of April 1, 2014, including Appendix A as amended and restated most recently on October 16, 2021 (the "Agreement").

Pursuant to the Agreement, this letter is to provide written notice of the addition of two funds, the termination of four funds, and the addition of one share class to 29 funds, collectively, the "Fund Changes." The additional funds are as follows: MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2065 Fund and MassMutual Select T. Rowe Price Retirement 2065 Fund. The terminated funds are as follows: MassMutual Select BlackRock Global Allocation Fund, MM MSCI EAFE<sup>®</sup> International Index Fund, MM Russell 2000<sup>®</sup> Small Cap Index Fund, and MM S&P<sup>®</sup> Mid Cap Index Fund. The additional share class is as follows: Class Y is being added to the MassMutual Blue Chip Growth Fund, MassMutual Diversified Value Fund, MassMutual Equity Opportunities Fund, MassMutual Fundamental Growth Fund, MassMutual Fundamental Value Fund, MassMutual Growth Opportunities Fund, MassMutual Mid Cap Growth Fund, MassMutual Mid Cap Value Fund, MassMutual Overseas Fund, MassMutual Small Cap Growth Equity Fund, MassMutual Small Cap Value Equity Fund, MassMutual Small Company Value Fund, MassMutual Strategic Bond Fund, MassMutual Total Return Bond Fund, MassMutual 20/80 Allocation Fund, MassMutual 40/60 Allocation Fund, MassMutual 60/40 Allocation Fund, MassMutual 80/20 Allocation Fund, MassMutual Balanced Fund, MassMutual Core Bond Fund, MassMutual Disciplined Growth Fund, MassMutual Disciplined Value Fund, MassMutual Diversified Bond Fund, MassMutual Global Fund, MassMutual Inflation-Protected and Income Fund, MassMutual International Equity Fund, MassMutual Main Street Fund, MassMutual Small Cap Opportunities Fund, and MassMutual Strategic Emerging Markets Fund. In accordance with the appointment provision of Section 1 of the Agreement, we request that you confirm that you have acted since their respective formation, and will act, as Transfer Agent with respect to the Fund Changes and that Appendix A to the Agreement be amended in its entirety and replaced with a new Appendix A annexed hereto.

Please indicate your acceptance of the foregoing by executing two copies of this letter, returning one to us and retaining one copy for your records.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| &nbsp;&nbsp;Massmutual select funds and massmutual premier funds, severally and not jointly | &nbsp;&nbsp;Massmutual select funds and massmutual premier funds, severally and not jointly |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Renee Hitchock |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Renee Hitchcock |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;CFO and Treasurer |
| &nbsp;&nbsp;Accepted: |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Kevin Murphy |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Kevin Murphy |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Director |

---

Appendix A

As of February 1, 2023, this Appendix A forms a part of the Second Amended, Restated and Consolidated Transfer Agency and Service Agreement dated as of April 1, 2014 (the "Consolidated Agreement"), between State Street Bank and Trust Company, MassMutual Select Funds, and MassMutual Premier Funds. As of February 1, 2023, this Appendix A supersedes any previous versions of said Appendix.

<u>Series or Portfolios</u>

---

| | |
|:---|:---|
| <u>Portfolios</u> | <u>Classes</u> |
| **MassMutual Select Funds** |  |
| MassMutual Blue Chip Growth Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Diversified Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Equity Opportunities Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Fundamental Growth Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Fundamental Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Growth Opportunities Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Mid Cap Growth Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Mid Cap Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Overseas Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Small Cap Growth Equity Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Small Cap Value Equity Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Small Company Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Strategic Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Total Return Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MM S&P 500<sup>®</sup> Index Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual 20/80 Allocation Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual 40/60 Allocation Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual 60/40 Allocation Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual 80/20 Allocation Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2020 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2025 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2035 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2040 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2045 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2050 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2055 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2060 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2065 Fund | I, R5, Service, Administrative, R4, A, R3 |
| MassMutual RetireSMART<sup>SM</sup> by JPMorgan In Retirement Fund | I, R5, Service, Administrative, R4, A, R3 |
| MM Equity Asset Fund | I |
| MassMutual Select T. Rowe Price Retirement 2005 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2010 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2015 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2020 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2025 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2030 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2035 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2040 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2045 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2050 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2055 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2060 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement 2065 Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Retirement Balanced Fund | I, M5, M4, M3 |
| MassMutual Select T. Rowe Price Bond Asset Fund | I |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund | I |
| MassMutual Select T. Rowe Price International Equity Fund | I |
| MassMutual Select T. Rowe Price Large Cap Blend Fund | I |

---

---

| | |
|:---|:---|
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund | I |
| MassMutual Select T. Rowe Price Real Assets Fund | I |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund | I |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund | I |

---

---

| | |
|:---|:---|
| **MassMutual Premier Funds** |  |
| MassMutual Balanced Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Core Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Disciplined Growth Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Disciplined Value Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Diversified Bond Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Global Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Inflation-Protected and Income Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual International Equity Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Main Street Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Small Cap Opportunities Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual Strategic Emerging Markets Fund | I, R5, Service, Administrative, R4, A, R3, Y |
| MassMutual U.S. Government Money Market Fund | R5 |

---

## Ex-99.(H)(11)

**Exhibit (h)(11)** 

**amendment**

**dated** **FEBRUARY 1, 2023 to**

**amended and restated**

**administrative and shareholder services agreement**

for MassMutual Premier Funds

 **WHEREAS, MassMutual Premier Funds** (the "Trust") on behalf of each of its series listed on Exhibit B thereto (each a "Fund") and **MML Investment Advisers, LLC** (the "Manager") have entered into an Amended and Restated Administrative and Shareholder Services Agreement dated as of April 1, 2014 (the "Agreement").

**WHEREAS,** the Trust, on behalf of each Fund, and the Manager wish to amend the Agreement as follows, pursuant to Article V, Section C:

The following hereby replaces, in its entirety, Exhibit B:

**<u>EXHIBIT B</u>**

**<u>COMPENSATION</u>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class<br> I** | &nbsp;&nbsp;**Class<br> R5** | &nbsp;&nbsp;**Service<br> Class** | &nbsp;&nbsp;**Administrative<br> Class** | &nbsp;&nbsp;**Class<br> R4** | &nbsp;&nbsp;**Class<br> A** | &nbsp;&nbsp;**Class<br> R3** | &nbsp;&nbsp;**Class<br> Y** | &nbsp;&nbsp;**Class<br> L** | &nbsp;&nbsp;**Class<br> C** |
| &nbsp;&nbsp;MassMutual Balanced Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Core Bond Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Disciplined Growth Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Disciplined Value Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Diversified Bond Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Global Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual High Yield Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.05% | &nbsp;&nbsp;N/A |  |
| &nbsp;&nbsp;MassMutual Inflation-Protected and Income Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;MassMutual International Equity Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Main Street Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Short-Duration Bond Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.05% | &nbsp;&nbsp;0.05% |
| &nbsp;&nbsp;MassMutual Small Cap Opportunities Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Strategic Emerging Markets Fund |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual U.S. Government Money Market Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp;0.10% | &nbsp;&nbsp; N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

**WITNESS WHEREOF,** the parties hereto have caused this Administrative and Shareholder Services Agreement to be executed as of the day and year first above written.

**MASSMUTUAL PREMIER FUNDS**

**on behalf of its series identified on Exhibit B hereto, as the same may from time to time be amended**

**By:** <u>/s/ Renee Hitchcock</u> 

Renee Hitchcock

CFO and Treasurer

**MML INVESTMENT ADVISERS, LLC**

**By:** <u>/s/ Douglas Steele</u> 

Douglas Steele

Vice President

## Ex-99.(H)(20)

**Exhibit (h)(20)**

**Executive Summary Letter**

February 1, 2023

State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

Attn: Fund Administration Department

Ladies and Gentlemen:

Reference is made to the Sub-Administration Agreement between us dated as of April 1, 2014, including Appendix A, as amended (the "Agreement").

Pursuant to the Agreement, this letter is to provide written notice of the addition of two funds, the termination of seven funds, and the name change for one fund. The additional funds are as follows: MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2065 Fund and MassMutual Select T. Rowe Price Retirement 2065 Fund. The terminated funds are as follows: MassMutual Select BlackRock Global Allocation Fund, MM MSCI EAFE<sup>®</sup> International Index Fund, MM Russell 2000<sup>®</sup> Small Cap Index Fund, MM S&P<sup>®</sup> Mid Cap Index Fund, MML American Funds International Fund, MML Equity Momentum Fund, and MML Special Situations Fund. The name change is as follows: MML Growth & Income Fund to MML Sustainable Equity Fund.

In accordance with the appointment provision of Section 1 of the Agreement, effective February 1, 2023, Appendix A to the Agreement is amended and restated in its entirety and replaced with a new Appendix A annexed hereto.

Please indicate your acceptance of the foregoing by executing two copies of this letter, returning one to MML Investment Advisers, LLC and retaining one copy for your records.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| &nbsp;&nbsp;MML Investment Advisers, LLC | &nbsp;&nbsp;MML Investment Advisers, LLC |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Douglas Steele |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Douglas Steele |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Accepted: |  |
| &nbsp;&nbsp;MassMutual Select Funds | &nbsp;&nbsp;MassMutual Select Funds |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Renee Hitchock |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Renee Hitchcock |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;CFO and Treasurer |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Accepted: |  |
| &nbsp;&nbsp;<br>MassMutual Premier Funds | &nbsp;&nbsp;<br>MassMutual Premier Funds |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Renee Hitchock |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Renee Hitchcock |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;CFO and Treasurer |
| &nbsp;&nbsp;Accepted: |  |
| &nbsp;&nbsp;MASSMUTUAL ADVANTAGE FUNDS | &nbsp;&nbsp;MASSMUTUAL ADVANTAGE FUNDS |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Renee Hitchock |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Renee Hitchcock |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;CFO and Treasurer |
| &nbsp;&nbsp;Accepted: |  |
| &nbsp;&nbsp;MML Series Investment Fund | &nbsp;&nbsp;MML Series Investment Fund |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Renee Hitchock |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Renee Hitchcock |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;CFO and Treasurer |
| &nbsp;&nbsp;Accepted: |  |
| &nbsp;&nbsp;MML Series Investment Fund II | &nbsp;&nbsp;MML Series Investment Fund II |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Renee Hitchock |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Renee Hitchcock |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;CFO and Treasurer |
| &nbsp;&nbsp;Accepted: |  |
| &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY | &nbsp;&nbsp;STATE STREET BANK AND TRUST COMPANY |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Kevin Murphy |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Kevin Murphy |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Managing Director |

---

**<u>Appendix A</u>**

**<u>MassMutual Select Funds</u>**

**<u>Portfolios</u>**

---

| |
|:---|
| &nbsp;&nbsp;MassMutual Blue Chip Growth Fund |
| &nbsp;&nbsp;MassMutual Diversified Value Fund |
| &nbsp;&nbsp;MassMutual Equity Opportunities Fund |
| &nbsp;&nbsp;MassMutual Fundamental Growth Fund |
| &nbsp;&nbsp;MassMutual Fundamental Value Fund |
| &nbsp;&nbsp;MassMutual Growth Opportunities Fund |
| &nbsp;&nbsp;MassMutual Mid Cap Growth Fund |
| &nbsp;&nbsp;MassMutual Mid Cap Value Fund |
| &nbsp;&nbsp;MassMutual Overseas Fund |
| &nbsp;&nbsp;MassMutual Small Cap Growth Equity Fund |
| &nbsp;&nbsp;MassMutual Small Cap Value Equity Fund |
| &nbsp;&nbsp;MassMutual Small Company Value Fund |
| &nbsp;&nbsp;MassMutual Strategic Bond Fund |
| &nbsp;&nbsp;MassMutual Total Return Bond Fund |
| &nbsp;&nbsp;MM S&P 500<sup>®</sup> Index Fund |
| &nbsp;&nbsp;MassMutual 20/80 Allocation Fund |
| &nbsp;&nbsp;MassMutual 40/60 Allocation Fund |
| &nbsp;&nbsp;MassMutual 60/40 Allocation Fund |
| &nbsp;&nbsp;MassMutual 80/20 Allocation Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2020 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2025 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2030 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2035 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2040 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2045 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2050 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2055 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2060 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2065 Fund |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan In Retirement Fund |
| &nbsp;&nbsp;MM Equity Asset Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2005 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2010 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2015 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2020 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2025 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2030 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2035 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2040 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2045 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2050 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2055 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2060 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2065 Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement Balanced Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Bond Asset Fund |

---

---

| |
|:---|
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Emerging Markets Bond Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price International Equity Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Large Cap Blend Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Real Assets Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund |

---

**<u>MassMutual Premier Funds</u>**

**<u>Portfolios</u>**

---

| |
|:---|
| &nbsp;&nbsp;MassMutual Balanced Fund |
| &nbsp;&nbsp;MassMutual Core Bond Fund |
| &nbsp;&nbsp;MassMutual Disciplined Growth Fund |
| &nbsp;&nbsp;MassMutual Disciplined Value Fund |
| &nbsp;&nbsp;MassMutual Diversified Bond Fund |
| &nbsp;&nbsp;MassMutual Global Fund |
| &nbsp;&nbsp;MassMutual High Yield Fund |
| &nbsp;&nbsp;MassMutual Inflation-Protected and Income Fund |
| &nbsp;&nbsp;MassMutual International Equity Fund |
| &nbsp;&nbsp;MassMutual Main Street Fund |
| &nbsp;&nbsp;MassMutual Short-Duration Bond Fund |
| &nbsp;&nbsp;MassMutual Small Cap Opportunities Fund |
| &nbsp;&nbsp;MassMutual Strategic Emerging Markets Fund |
| &nbsp;&nbsp;MassMutual U.S. Government Money Market Fund |

---

**<u>MassMutual Advantage Funds</u>**

**<u>Portfolios</u>**

---

| |
|:---|
| &nbsp;&nbsp;MassMutual Emerging Markets Debt Blended Total Return Fund |
| &nbsp;&nbsp;MassMutual Global Credit Income Opportunities Fund |
| &nbsp;&nbsp;MassMutual Global Emerging Markets Equity Fund |
| &nbsp;&nbsp;MassMutual Global Floating Rate Fund |

---

**<u>MML Series Investment Fund</u>**

**<u>Portfolios</u>**

---

| |
|:---|
| &nbsp;&nbsp;MML Aggressive Allocation Fund |
| &nbsp;&nbsp;MML American Funds Core Allocation Fund |
| &nbsp;&nbsp;MML American Funds Growth Fund |
| &nbsp;&nbsp;MML Balanced Allocation Fund |
| &nbsp;&nbsp;MML Blue Chip Growth Fund |
| &nbsp;&nbsp;MML Conservative Allocation Fund |
| &nbsp;&nbsp;MML Equity Income Fund |
| &nbsp;&nbsp;MML Equity Index Fund |
| &nbsp;&nbsp;MML Focused Equity Fund |
| &nbsp;&nbsp;MML Foreign Fund |
| &nbsp;&nbsp;MML Fundamental Equity Fund |
| &nbsp;&nbsp;MML Fundamental Value Fund |
| &nbsp;&nbsp;MML Global Fund |
| &nbsp;&nbsp;MML Growth Allocation Fund |
| &nbsp;&nbsp;MML Income & Growth Fund |
| &nbsp;&nbsp;MML International Equity Fund |
| &nbsp;&nbsp;MML Large Cap Growth Fund |
| &nbsp;&nbsp;MML Managed Volatility Fund |

---

---

| |
|:---|
| &nbsp;&nbsp;MML Mid Cap Growth Fund |
| &nbsp;&nbsp;MML Mid Cap Value Fund |
| &nbsp;&nbsp;MML Moderate Allocation Fund |
| &nbsp;&nbsp;MML Small Cap Growth Equity Fund |
| &nbsp;&nbsp;MML Small Company Value Fund |
| &nbsp;&nbsp;MML Small/Mid Cap Value Fund |
| &nbsp;&nbsp;MML Sustainable Equity Fund |
| &nbsp;&nbsp;MML Total Return Bond Fund |

---

**<u>MML Series Investment Fund II</u>**

**<u>Portfolios</u>**

---

| |
|:---|
| &nbsp;&nbsp;MML Blend Fund |
| &nbsp;&nbsp;MML Dynamic Bond Fund |
| &nbsp;&nbsp;MML Equity Fund |
| &nbsp;&nbsp;MML Equity Rotation Fund |
| &nbsp;&nbsp;MML High Yield Fund |
| &nbsp;&nbsp;MML Inflation-Protected and Income Fund |
| &nbsp;&nbsp;MML iShares<sup>®</sup> 60/40 Allocation Fund |
| &nbsp;&nbsp;MML iShares<sup>®</sup> 80/20 Allocation Fund |
| &nbsp;&nbsp;MML Managed Bond Fund |
| &nbsp;&nbsp;MML Short-Duration Bond Fund |
| &nbsp;&nbsp;MML Small Cap Equity Fund |
| &nbsp;&nbsp;MML Strategic Emerging Markets Fund |
| &nbsp;&nbsp;MML U.S. Government Money Market Fund |

---

## Ex-99.(H)(22)

**Exhibit (h)(22)**

**AMENDMENT FIVE**

**DATED FEBRUARY 1, 2023 TO** 

**SUB-ADMINISTRATIVE SERVICES AGREEMENT** 

**WHEREAS, Massachusetts Mutual Life Insurance Company**, a mutual life insurance company organized and existing under the laws of the Commonwealth of Massachusetts ("MassMutual"), and **MML Investment Advisers, LLC**, a Delaware limited liability company ("MML Advisers"), have entered into a Sub-Administrative Services Agreement dated as of April 1, 2014 (the "Agreement").

**WHEREAS,** MassMutual and MML Advisers wish to amend the Agreement as follows:

Pursuant to Section 14, the following hereby replaces, in its entirety, Appendix A:

**APPENDIX A** 

**MassMutual Select Funds** 

MassMutual Blue Chip Growth Fund

MassMutual Diversified Value Fund

MassMutual Equity Opportunities Fund

MassMutual Fundamental Growth Fund

MassMutual Fundamental Value Fund

MassMutual Growth Opportunities Fund

MassMutual Mid Cap Growth Fund

MassMutual Mid Cap Value Fund

MassMutual Overseas Fund

MassMutual Small Cap Growth Equity Fund

MassMutual Small Cap Value Equity Fund

MassMutual Small Company Value Fund

MassMutual Strategic Bond Fund

MassMutual Total Return Bond Fund

MM S&P 500<sup>®</sup> Index Fund

MassMutual 20/80 Allocation Fund

MassMutual 40/60 Allocation Fund

MassMutual 60/40 Allocation Fund

MassMutual 80/20 Allocation Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2020 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2025 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2035 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2040 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2045 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2050 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2055 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2060 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2065 Fund

MassMutual RetireSMART<sup>SM</sup> by JPMorgan In Retirement Fund

MM Equity Asset Fund

MassMutual Select T. Rowe Price Retirement 2005 Fund

MassMutual Select T. Rowe Price Retirement 2010 Fund

MassMutual Select T. Rowe Price Retirement 2015 Fund

MassMutual Select T. Rowe Price Retirement 2020 Fund

MassMutual Select T. Rowe Price Retirement 2025 Fund

MassMutual Select T. Rowe Price Retirement 2030 Fund

MassMutual Select T. Rowe Price Retirement 2035 Fund

MassMutual Select T. Rowe Price Retirement 2040 Fund

MassMutual Select T. Rowe Price Retirement 2045 Fund

MassMutual Select T. Rowe Price Retirement 2050 Fund

MassMutual Select T. Rowe Price Retirement 2055 Fund

MassMutual Select T. Rowe Price Retirement 2060 Fund

MassMutual Select T. Rowe Price Retirement 2065 Fund

MassMutual Select T. Rowe Price Retirement Balanced Fund

MassMutual Select T. Rowe Price Bond Asset Fund

MassMutual Select T. Rowe Price Emerging Markets Bond Fund

MassMutual Select T. Rowe Price International Equity Fund

MassMutual Select T. Rowe Price Large Cap Blend Fund

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund

MassMutual Select T. Rowe Price Real Assets Fund

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund

MassMutual Select T. Rowe Price U. S. Treasury Long-Term Index Fund

**MassMutual Premier Funds** 

MassMutual Balanced Fund

MassMutual Core Bond Fund

MassMutual Disciplined Growth Fund

MassMutual Disciplined Value Fund

MassMutual Diversified Bond Fund

MassMutual Global Fund

MassMutual High Yield Fund

MassMutual Inflation-Protected and Income Fund

MassMutual International Equity Fund

MassMutual Main Street Fund

MassMutual Short-Duration Bond Fund

MassMutual Small Cap Opportunities Fund

MassMutual Strategic Emerging Markets Fund

MassMutual U.S. Government Money Market Fund

**MassMutual Advantage Funds**

MassMutual Emerging Markets Debt Blended Total Return Fund

MassMutual Global Credit Income Opportunities Fund

MassMutual Global Emerging Markets Equity Fund

MassMutual Global Floating Rate Fund

IN WITNESS WHEREOF, this Agreement has been signed by the parties as of the date first above written.

---

| |
|:---|
| **MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY** |
| /s/ Paul LaPiana |
| Paul LaPiana |
| Head of MMUS Product |
| **MML INVESTMENT ADVISERS, LLC** |
| /s/ Douglas Steele |
| Douglas Steele |
| Vice President |

---

## Ex-99.(H)(34)

**Exhibit (h)(34)**

**Form of**

**Schedule VII.A**

As of February 1, 2023 this Schedule VII.A forms a part of Annex VII to the Master Repurchase Agreement dated as of January 1, 2008, as amended (the "Agreement"), between State Street Bank and Trust Company ("State Street") and each investment company identified on Schedule VII.A to the Agreement (as such schedule may be amended from time to time), acting on behalf of its respective series or portfolios, or in the case of those investment companies for which no separate series or portfolios are identified on such Schedule VII.A, acting for and on behalf of itself. Capitalized terms used but not defined in this Schedule VII.A shall have the meaning ascribed to them in Annex VII.

This Schedule VII.A is effective as of February 1, 2023 and shall supersede any previous version of Schedule VII.A executed by the parties hereto in relation to the Agreement and shall form part of Annex VII to the Agreement as a new Schedule VII.A.

Each Fund represents and warrants, which representation and warranty shall be deemed to be repeated on each day any Transaction is outstanding, that the legal entity identifier ("LEI") listed below (or as updated pursuant to this paragraph) is its true and correct LEI. Each Fund further covenants that it will notify State Street promptly in the event that the LEI below ceases to be its current LEI, and will provide its new LEI to State Street promptly so that State Street will have the Fund's current LEI at all times.

Each Fund acknowledges and agrees that (1) State Street may provide its LEI to the Fixed Income Clearing Corporation ("FICC"), (2) State Street may be required to indemnify FICC to the extent that State Street fails to have the Fund's current LEI on file with FICC, and (3) to the extent the Fund fails to keep its LEI on file with State Street current at all times, the Fund shall reimburse State Street for any loss or expense that State Street incurs in connection with such indemnification of FICC (which obligation to reimburse State Street shall constitute an "Obligation" under the Reimbursement and Security Agreement between State Street and the Fund).

The Agreement was entered into by or on behalf of the following Funds, and unless otherwise indicated by the appropriate Fund in connection with a Transaction, State Street is designated to receive transfers of Purchased Securities on behalf of such Funds for credit to the appropriate Fund's custodial account. The deposit account(s) associated with such Funds for purposes of transferring or receiving cash in connection with Transactions under the Agreement are identified below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit<br> Account<br> Number** | &nbsp;&nbsp;**Custody<br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
| &nbsp;&nbsp;**<u>MassMutual Select Funds</u>** |  |  |  |  |
| &nbsp;&nbsp;MassMutual Blue Chip Growth Fund | &nbsp;&nbsp;Series of a MA business trust<br>&nbsp;&nbsp;MA | &nbsp;&nbsp;0034-767-4 | &nbsp;&nbsp;ITI0 | &nbsp;&nbsp;549300BPPFERTZCUPZ87 |
|  |  | &nbsp;&nbsp;1054-361-9 | &nbsp;&nbsp;ITOV |  |
| &nbsp;&nbsp;MassMutual Diversified Value Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-727-8 | &nbsp;&nbsp;ITG2 | &nbsp;&nbsp;549300U0DJIT6OQPYF70 |
|  |  | &nbsp;&nbsp;0055-930-2 | &nbsp;&nbsp;IYFA |  |
| &nbsp;&nbsp;MassMutual Equity Opportunities Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1085-314-1 | &nbsp;&nbsp;ITSU | &nbsp;&nbsp;549300EU85WTLR8V6U34 |
|  |  | &nbsp;&nbsp;1085-313-3 | &nbsp;&nbsp;ITSV |  |
| &nbsp;&nbsp;MassMutual Fundamental Growth Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-754-2 | &nbsp;&nbsp;ITHQ | &nbsp;&nbsp;5493001X2CXO2NCCWO46 |
|  |  | &nbsp;&nbsp;1135-753-0 | &nbsp;&nbsp;IT23 |  |
| &nbsp;&nbsp;MassMutual Fundamental Value Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-768-2 | &nbsp;&nbsp;ITI1 | &nbsp;&nbsp;549300KVPK2RZW6Y4C91 |
|  |  | &nbsp;&nbsp;1091-402-6 | &nbsp;&nbsp;IYG7 |  |
|  |  | &nbsp;&nbsp;1120-313-0 | &nbsp;&nbsp;IYLD |  |
| &nbsp;&nbsp;MassMutual Growth Opportunities Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-752-6 | &nbsp;&nbsp;ITHO | &nbsp;&nbsp;549300B6PINPSEC9ND74 |
|  |  | &nbsp;&nbsp;0034-753-4 | &nbsp;&nbsp;ITHP |  |
| &nbsp;&nbsp;MassMutual Mid Cap Growth Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-760-9 | &nbsp;&nbsp;ITHU | &nbsp;&nbsp;549300LPDVDBGPODUD56 |
|  |  | &nbsp;&nbsp;0034-761-7 | &nbsp;&nbsp;ITHV |  |
| &nbsp;&nbsp;MassMutual Mid Cap Value Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-773-2 | &nbsp;&nbsp;ITI6 | &nbsp;&nbsp;549300IIX63KTQHRGE14 |
|  |  | &nbsp;&nbsp;1172-030-7 | &nbsp;&nbsp;IT27 |  |
|  |  | &nbsp;&nbsp;1172-029-9 | &nbsp;&nbsp;IT28 |  |
| &nbsp;&nbsp;MassMutual Overseas Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-765-8 | &nbsp;&nbsp;ITHY | &nbsp;&nbsp;RFO5LMPC4ZPVN8YRTC66 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit<br> Account<br> Number** | &nbsp;&nbsp;**Custody<br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
|  |  | &nbsp;&nbsp;0034-766-6 | &nbsp;&nbsp;ITHZ |  |
| &nbsp;&nbsp;MassMutual Small Cap Growth Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1023-209-8 | &nbsp;&nbsp;ITH3 | &nbsp;&nbsp;9T0957ZK0MF24NE45C35 |
|  |  | &nbsp;&nbsp;0034-732-8 | &nbsp;&nbsp;ITG6 |  |
|  |  | &nbsp;&nbsp;0034-733-6 | &nbsp;&nbsp;ITG7 |  |
| &nbsp;&nbsp;MassMutual Small Cap Value Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0053-421-4 | &nbsp;&nbsp;TIM8 | &nbsp;&nbsp;549300BN7CXS1EJMX342 |
|  |  | &nbsp;&nbsp;0053-422-2 | &nbsp;&nbsp;TIM9 |  |
| &nbsp;&nbsp;MassMutual Small Company Value Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-741-9 | &nbsp;&nbsp;ITHF | &nbsp;&nbsp;5493004WRTVMEPRE8R29 |
|  |  | &nbsp;&nbsp;0034-742-7 | &nbsp;&nbsp;ITHG |  |
| &nbsp;&nbsp;MassMutual Strategic Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-749-2 | &nbsp;&nbsp;ITHM | &nbsp;&nbsp;761OL3UHRIX25W4KQ497 |
|  |  | &nbsp;&nbsp;1174-436-4 | &nbsp;&nbsp;IT29 |  |
| &nbsp;&nbsp;MassMutual Total Return Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0059-626-2 | &nbsp;&nbsp;IYFB | &nbsp;&nbsp;5SN68FW6WBKEUI82IP46 |
| &nbsp;&nbsp;MM S&P 500<sup>®</sup> Index Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-762-5 | &nbsp;&nbsp;ITHW | &nbsp;&nbsp;549300NGQN254H8OC594 |
| &nbsp;&nbsp;MassMutual 20/80 Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1009-065-2 | &nbsp;&nbsp;ITKA | &nbsp;&nbsp;549300PHTJ111YBBMB04 |
| &nbsp;&nbsp;MassMutual 40/60 Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1009-066-0 | &nbsp;&nbsp;ITKB | &nbsp;&nbsp;5493002L9MG0YB4N2V81 |
| &nbsp;&nbsp;MassMutual 60/40 Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1009-067-8 | &nbsp;&nbsp;ITKD | &nbsp;&nbsp;549300SMZ9P9YO3QH639 |
| &nbsp;&nbsp;MassMutual 80/20 Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1009-068-6 | &nbsp;&nbsp;ITKE | &nbsp;&nbsp;549300VEQM8N57BJ0Z29 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2020 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-735-1 | &nbsp;&nbsp;ITG9 | &nbsp;&nbsp;549300KKTI7TU7LB2P61 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2025 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0058-167-8 | &nbsp;&nbsp;IYFE | &nbsp;&nbsp;549300PKCZN8S4PBEE68 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-736-9 | &nbsp;&nbsp;ITHA | &nbsp;&nbsp;549300S9GG243D6BM180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit<br> Account<br> Number** | &nbsp;&nbsp;**Custody<br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2035 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0058-168-6 | &nbsp;&nbsp;IYFG | &nbsp;&nbsp;549300QZGCYGCXDYBM97 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2040 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-737-7 | &nbsp;&nbsp;ITHB | &nbsp;&nbsp;549300136XT7L3KZO037 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2045 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0058-169-4 | &nbsp;&nbsp;IYFH | &nbsp;&nbsp;549300NOBICFG5BJ2C97 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2050 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0039-601-0 | &nbsp;&nbsp;IZDX | &nbsp;&nbsp;549300FUSSZFQK3D3N38 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2055 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1031-591-9 | &nbsp;&nbsp;IYF0 | &nbsp;&nbsp;5493006S1WW3NDUWK906 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2060 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1068-545-1 | &nbsp;&nbsp;IYF5 | &nbsp;&nbsp;549300V2HKBN68BJH291 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2065 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1160-703-3 | &nbsp;&nbsp;IYW1 | &nbsp;&nbsp;54930061SEHVBPF7SY52 |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JPMorgan In Retirement Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-738-5 | &nbsp;&nbsp;ITHD | &nbsp;&nbsp;5493008W57F28OJIH571 |
| &nbsp;&nbsp;MM Equity Asset Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1082-132-0 | &nbsp;&nbsp;IYBS | &nbsp;&nbsp;549300J2QYXGVT738886 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2005 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-519-7 | &nbsp;&nbsp;IZ4A | &nbsp;&nbsp;549300N246O8CYJHV523 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2010 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-518-9 | &nbsp;&nbsp;IZ4B | &nbsp;&nbsp;549300SQ04KGXZGHRO49 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2015 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-517-1 | &nbsp;&nbsp;IZ4D | &nbsp;&nbsp;549300SBMGJ3PR1B4O88 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2020 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-516-3 | &nbsp;&nbsp;IZ4E | &nbsp;&nbsp;549300T6NLLCLJB1C217 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2025 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-515-5 | &nbsp;&nbsp;IZ4G | &nbsp;&nbsp;549300AYH5JG1SL4NW10 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2030 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-514-8 | &nbsp;&nbsp;IZ4H | &nbsp;&nbsp;549300L9UBJ2YUP1MN40 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2035 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-520-5 | &nbsp;&nbsp;IZ4I | &nbsp;&nbsp;549300OLK134FZS3IA21 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2040 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-513-0 | &nbsp;&nbsp;IZ4J | &nbsp;&nbsp;549300N5B4IU7SW59114 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit<br> Account<br> Number** | &nbsp;&nbsp;**Custody<br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2045 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-521-3 | &nbsp;&nbsp;IZ4L | &nbsp;&nbsp;549300NXKI25DP9RXC52 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2050 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-512-2 | &nbsp;&nbsp;IZ4M | &nbsp;&nbsp;549300B5I3YUWY4V5R90 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2055 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-522-1 | &nbsp;&nbsp;IZ4N | &nbsp;&nbsp;549300OWDDXLF19T9W92 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2060 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-511-4 | &nbsp;&nbsp;IZ4O | &nbsp;&nbsp;5493000HESL4DO1JY635 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2065 Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1160-694-4 | &nbsp;&nbsp;IYX1 | &nbsp;&nbsp;5493009KXBHPO7E4AV93 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement Balanced Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-523-9 | &nbsp;&nbsp;IZ4P | &nbsp;&nbsp;549300WPHITDZSQ27Q19 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Bond Asset Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-720-1 | &nbsp;&nbsp;ITYP | &nbsp;&nbsp;549300ZYD6UDFIBN9232 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Emerging Markets Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-727-6 | &nbsp;&nbsp;ITYO | &nbsp;&nbsp;549300FAJHVKSSWV1H94 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price International Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-726-8 | &nbsp;&nbsp;ITYQ | &nbsp;&nbsp;549300G89FEBNQ8XDD49 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Large Cap Blend Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-722-7 | &nbsp;&nbsp;ITYS | &nbsp;&nbsp;549300WGVLPVDK9JM094 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-723-5 | &nbsp;&nbsp;ITYV | &nbsp;&nbsp;5493005KHVBRE2FUQT77 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Real Assets Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-721-9 | &nbsp;&nbsp;ITYR | &nbsp;&nbsp;549300R72Z32F8UXRK48 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-725-0 | &nbsp;&nbsp;ITYU | &nbsp;&nbsp;549300L58VJ4KHW6WP52 |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1141-724-3 | &nbsp;&nbsp;ITYW | &nbsp;&nbsp;549300WQ076P2231LE15 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit <br> Account<br> Number** | &nbsp;&nbsp;**Custody<br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
| &nbsp;&nbsp;**<u>MassMutual Premier Funds</u>** |  |  |  |  |
| &nbsp;&nbsp;MassMutual Balanced Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-715-3 | &nbsp;&nbsp;ITGP | &nbsp;&nbsp; ZL6NTH7YJ33MI0NPGN95 |
| &nbsp;&nbsp;MassMutual Core Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-711-2 | &nbsp;&nbsp;ITGM | &nbsp;&nbsp;70SJ1002V7C8MQRNZW38 |
| &nbsp;&nbsp;MassMutual Disciplined Growth Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-706-2 | &nbsp;&nbsp;ITJQ | &nbsp;&nbsp;549300TKDI1UP06CD602 |
| &nbsp;&nbsp;MassMutual Disciplined Value Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-707-0 | &nbsp;&nbsp;ITGH | &nbsp;&nbsp;549300I4K3SN8IEH7Y51 |
| &nbsp;&nbsp;MassMutual Diversified Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-710-4 | &nbsp;&nbsp;ITGL | &nbsp;&nbsp;K54W1APUVXN0HB558035 |
| &nbsp;&nbsp;MassMutual Global Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-720-3 | &nbsp;&nbsp;ITGV | &nbsp;&nbsp;DFX2KARY28LJDTQQ7D06 |
| &nbsp;&nbsp;MassMutual High Yield Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-705-4 | &nbsp;&nbsp;ITGF | &nbsp;&nbsp;AQDRLVGKF0IT8SWIC757 |
| &nbsp;&nbsp;MassMutual Inflation-Protected and Income Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-719-5 | &nbsp;&nbsp;ITGU | &nbsp;&nbsp;JQG9N9TODI6PZUOH8555 |
| &nbsp;&nbsp;MassMutual International Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-717-9 | &nbsp;&nbsp;ITGR | &nbsp;&nbsp;ENGTSN31R0IYS7T1NX07 |
|  |  | &nbsp;&nbsp;1164-290-7 | &nbsp;&nbsp;IT21 |  |
| &nbsp;&nbsp;MassMutual Main Street Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-721-1 | &nbsp;&nbsp;ITGW | &nbsp;&nbsp;Q1RMR38JBKBCMLT7CQ22 |
| &nbsp;&nbsp;MassMutual Short-Duration Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-718-7 | &nbsp;&nbsp;ITGS | &nbsp;&nbsp;NNLE6FS63R3BZM6U5B10 |
| &nbsp;&nbsp;MassMutual Small Cap Opportunities Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-704-7 | &nbsp;&nbsp;ITGE | &nbsp;&nbsp;549300I3W2SOGFY4T343 |
| &nbsp;&nbsp;MassMutual Strategic Emerging Markets Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0047-181-3 | &nbsp;&nbsp;ITJV | &nbsp;&nbsp;KOMUWLUQJ7K4VJJHJI24 |
| &nbsp;&nbsp;MassMutual U.S. Government Money Market Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-712-0 | &nbsp;&nbsp;ITGN | &nbsp;&nbsp;549300S2IC9FJC400O88 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit <br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
| &nbsp;&nbsp;**<u>MassMutual Advantage Funds</u>** |  |  |  |
| &nbsp;&nbsp;MassMutual Emerging Markets Debt Blended Total Return Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1062-605-9 &nbsp;&nbsp;2BCE | &nbsp;&nbsp;5493004FKPYNW7148287 |
| &nbsp;&nbsp;MassMutual Global Credit Income Opportunities Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1030-191-9 &nbsp;&nbsp;2BCB | &nbsp;&nbsp;5493003NSCR9BZO1UC68 |
| &nbsp;&nbsp;MassMutual Global Emerging Markets Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1113-073-9 &nbsp;&nbsp;2BCM | &nbsp;&nbsp;549300JRY28EYLRSUV33 |
| &nbsp;&nbsp;MassMutual Global Floating Rate Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1030-190-1 &nbsp;&nbsp;2BCA | &nbsp;&nbsp;549300EON6LPNI7VIP36 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit <br> Account<br> Number** | &nbsp;&nbsp;**Custody <br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
| &nbsp;&nbsp;**<u>MML Series Investment Fund</u>** |  |  |  |  |
| &nbsp;&nbsp;MML Aggressive Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0039-617-6 | &nbsp;&nbsp;IZDS | &nbsp;&nbsp;5493003T8B2GZGNIXN89 |
| &nbsp;&nbsp;MML American Funds Core Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0045-631-9 | &nbsp;&nbsp;TIM4 | &nbsp;&nbsp;549300RK1R4479LIXQ81 |
| &nbsp;&nbsp;MML American Funds Growth Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0045-629-3 | &nbsp;&nbsp;TIM2 | &nbsp;&nbsp;549300HWJPEIS398JS44 |
| &nbsp;&nbsp;MML Balanced Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0039-614-3 | &nbsp;&nbsp;IZDP | &nbsp;&nbsp;54930063OMLROMEWP985 |
| &nbsp;&nbsp;MML Blue Chip Growth Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-792-2 | &nbsp;&nbsp;ITIO | &nbsp;&nbsp;5493005CPH29995E7509 |
| &nbsp;&nbsp;MML Conservative Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0039-613-5 | &nbsp;&nbsp;IZDO | &nbsp;&nbsp;549300ECGZJZ32K8KC30 |
| &nbsp;&nbsp;MML Equity Income Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-788-0 | &nbsp;&nbsp;ITIJ | &nbsp;&nbsp;549300NLQECK0VBFCG40 |
| &nbsp;&nbsp;MML Equity Index Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-778-1 | &nbsp;&nbsp;ITI9 | &nbsp;&nbsp;5493001NMT2KO2VY5J10 |
| &nbsp;&nbsp;MML Focused Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1014-735-3 | &nbsp;&nbsp;IYFS | &nbsp;&nbsp;549300SLRZRGITT1HD33 |
| &nbsp;&nbsp;MML Foreign Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-794-8 | &nbsp;&nbsp;ITIQ | &nbsp;&nbsp;KUU66DUKIL2JQ2M4M983 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit <br> Account<br> Number** | &nbsp;&nbsp;**Custody <br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
| &nbsp;&nbsp;MML Fundamental Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1014-940-9 | &nbsp;&nbsp;IYFU | &nbsp;&nbsp;5493004SX3XV4PR5XZ31 |
| &nbsp;&nbsp;MML Fundamental Value Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1002-090-7 | &nbsp;&nbsp;IYFN | &nbsp;&nbsp;549300C6NIUE0KC40C89 |
| &nbsp;&nbsp;MML Global Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-797-1 | &nbsp;&nbsp;ITIS | &nbsp;&nbsp;8T9HINFCQAU4P1AO8856 |
| &nbsp;&nbsp;MML Growth Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0039-616-8 | &nbsp;&nbsp;IZDR | &nbsp;&nbsp;549300OHEZTGTW6ANP74 |
| &nbsp;&nbsp;MML Income & Growth Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-791-4 | &nbsp;&nbsp;ITIN | &nbsp;&nbsp;UQWC7R69CJ01IKYBPI08 |
|  |  | &nbsp;&nbsp;1094-432-0 | &nbsp;&nbsp;IT0F |  |
| &nbsp;&nbsp;MML International Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1038-111-9 | &nbsp;&nbsp;ITKY | &nbsp;&nbsp;549300H6NY8A0TMQJW78 |
|  | &nbsp;&nbsp; &nbsp;&nbsp;MA | &nbsp;&nbsp;1177-516-0 | &nbsp;&nbsp;IB17 |  |
| &nbsp;&nbsp;MML Large Cap Growth Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-786-4 | &nbsp;&nbsp;ITIH | &nbsp;&nbsp;5493005JIDUT7TI47C17 |
| &nbsp;&nbsp;MML Managed Volatility Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-779-9 | &nbsp;&nbsp;ITIA | &nbsp;&nbsp;4VL5GQK3JZW0G6TX4145 |
| &nbsp;&nbsp;MML Mid Cap Growth Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-800-3 | &nbsp;&nbsp;ITIV | &nbsp;&nbsp;5493005302W8XSI8PO73 |
|  |  | &nbsp;&nbsp;1135-748-0 | &nbsp;&nbsp;IT22 |  |
| &nbsp;&nbsp;MML Mid Cap Value Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-790-6 | &nbsp;&nbsp;ITIM | &nbsp;&nbsp;OTUI2C89WJJ8N9HWQ618 |
| &nbsp;&nbsp;MML Moderate Allocation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0039-615-0 | &nbsp;&nbsp;IZDQ | &nbsp;&nbsp;549300K83VW6FJ00TG70 |
| &nbsp;&nbsp;MML Small Cap Growth Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-784-9 | &nbsp;&nbsp;ITIF | &nbsp;&nbsp;HQ4SSOSDU7DRRXL6HW28 |
|  |  | &nbsp;&nbsp;0034-785-6 | &nbsp;&nbsp;ITIG |  |
| &nbsp;&nbsp;MML Small Company Value Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0000-261-8 | &nbsp;&nbsp;ITJY | &nbsp;&nbsp;549300QHTZT44DQGZI95 |
| &nbsp;&nbsp;MML Small/Mid Cap Value Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0039-603-6 | &nbsp;&nbsp;IZDE | &nbsp;&nbsp;5493001OCN5BF7GVLF58 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit <br> Account<br> Number** | &nbsp;&nbsp;**Custody <br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
| &nbsp;&nbsp;MML Sustainable Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-787-2 | &nbsp;&nbsp;ITJR | &nbsp;&nbsp;34YU5PUBJV2V3T2JOS94 |
| &nbsp;&nbsp;MML Total Return Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1001-745-7 | &nbsp;&nbsp;IYFI | &nbsp;&nbsp;E6C49Z35RNRPSZ4OIX81 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Entity Type** | &nbsp;&nbsp;**Deposit <br> Account<br> Number** | &nbsp;&nbsp;**Custody <br> Account<br> Number** | &nbsp;&nbsp;**Legal Entity Identifier** |
| &nbsp;&nbsp;**<u>MML Series Investment Fund II</u>** |  |  |  |  |
| &nbsp;&nbsp;MML Blend Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-804-5 | &nbsp;&nbsp;ITJA | &nbsp;&nbsp;EDH5O9E8SOUF6NJ80G11 |
| &nbsp;&nbsp;MML Dynamic Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1061-215-8 | &nbsp;&nbsp;ITLM | &nbsp;&nbsp;549300NGRYJ7PDBF2R17 |
| &nbsp;&nbsp;MML Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-809-4 | &nbsp;&nbsp;ITJF | &nbsp;&nbsp;KPVOHPXZ162SHYE9KS12 |
|  |  | &nbsp;&nbsp;0034-810-2 | &nbsp;&nbsp;ITJG |  |
| &nbsp;&nbsp;MML Equity Rotation Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1061-193-7 | &nbsp;&nbsp;ITLN | &nbsp;&nbsp;5493001SQRQCWO2M5A55 |
| &nbsp;&nbsp;MML High Yield Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0058-941-6 | &nbsp;&nbsp;IYFM | &nbsp;&nbsp;OY83G6ZQVMBD0GRMDD62 |
| &nbsp;&nbsp;MML Inflation-Protected and Income Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-816-9 | &nbsp;&nbsp;ITJL | &nbsp;&nbsp;6GN6GDL3K7U3DFNZ8J62 |
| &nbsp;&nbsp; MML iShares<sup>®</sup> 60/40 Allocation Fund<br>| &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1174-686-4 | &nbsp;&nbsp;IT25 | &nbsp;&nbsp;549300W7UJYWRGTSEC85 |
| &nbsp;&nbsp; MML iShares<sup>®</sup> 80/20 Allocation Fund<br>| &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;1174-685-6 | &nbsp;&nbsp;IT26 | &nbsp;&nbsp;549300BTMU34MTW07Y04 |
| &nbsp;&nbsp;MML Managed Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-811-0 | &nbsp;&nbsp;ITIY | &nbsp;&nbsp;P1YXM1SSOECE52ITGE86 |
| &nbsp;&nbsp;MML Short-Duration Bond Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0058-940-8 | &nbsp;&nbsp;IYFL | &nbsp;&nbsp;XL07OZJZFFLZ255H7071 |
| &nbsp;&nbsp;MML Small Cap Equity Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0034-813-6 | &nbsp;&nbsp;ITJH | &nbsp;&nbsp;549300SNK5436N5J0M50 |
| &nbsp;&nbsp;MML Strategic Emerging Markets Fund | &nbsp;&nbsp;Series of a MA business trust &nbsp;&nbsp;MA | &nbsp;&nbsp;0045-627-7 | &nbsp;&nbsp;TIM0 | &nbsp;&nbsp;UUQILHQK9J5HZYCT1J23 |

---

MML U.S. Government Money Market Fund <u>Series of a MA business trust</u> <u>MA</u> <u>0034-812-8</u> <u>ITIZ</u> <u>54930080JS98DQHKPB49</u>

---

| | | | |
|:---|:---|:---|:---|
| State Street Bank and Trust Company | State Street Bank and Trust Company | MassMutual Select Funds | MassMutual Select Funds |
| By: | ___________________________ | By: | ___________________________ |
|  |  | Renee Hitchcock | Renee Hitchcock |
|  |  | CFO and Treasurer | CFO and Treasurer |
| MassMutual Premier Funds | MassMutual Premier Funds | MASSMUTUAL ADVANTAGE FundS | MASSMUTUAL ADVANTAGE FundS |
| By: | ___________________________ | By: | ___________________________ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renee Hitchcock |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renee Hitchcock |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO and Treasurer |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO and Treasurer |
| MML Series Investment Fund | MML Series Investment Fund | MML Series Investment Fund II | MML Series Investment Fund II |
| By: | ___________________________ | By: | ___________________________ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renee Hitchcock |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renee Hitchcock |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO and Treasurer |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO and Treasurer |

---

## Ex-99.(H)(39)

**Exhibit (h)(39)**

**<u>Appendix A</u>**

As of February 1, 2023, this Appendix A forms a part of the FATCA Support Services Agreement dated as of March 2, 2015 (the "Agreement"), between State Street Bank and Trust Company, MassMutual Select Funds, and MassMutual Premier Funds. As of February 1, 2023, this Appendix A supersedes any previous versions of said Appendix.

**List of Funds**

**<u>MassMutual Select Funds</u>**

---

| |
|:---|
| **<u>Portfolios</u>** |
| &nbsp;&nbsp;MassMutual Blue Chip Growth Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Diversified Value Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Equity Opportunities Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Fundamental Growth Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Fundamental Value Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Growth Opportunities Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Mid Cap Growth Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Mid Cap Value Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Overseas Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Small Cap Growth Equity Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Small Cap Value Equity Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Small Company Value Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Strategic Bond Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Total Return Bond Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MM S&P 500<sup>®</sup> Index Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual 20/80 Allocation Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual 40/60 Allocation Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual 60/40 Allocation Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual 80/20 Allocation Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2020 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2025 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2030 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2035 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2040 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2045 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2050 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2055 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2060 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan 2065 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual RetireSMART<sup>SM</sup> by JP Morgan In Retirement Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MM Equity Asset Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2005 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2010 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2015 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2020 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2025 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2030 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2035 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2040 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2045 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2050 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2055 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2060 Fund &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement 2065 Fund &nbsp;&nbsp;MA |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Retirement Balanced Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Bond Asset Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Emerging Markets Bond Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price International Equity Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Large Cap Blend Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Real Assets Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Select T. Rowe Price U. S. Treasury Long-Term Index Fund | &nbsp;&nbsp;MA |

---

**<u>MassMutual Premier Funds</u>**

---

| | |
|:---|:---|
| **<u>Portfolios</u>** | &nbsp;&nbsp;**<u>Jurisdiction of Formation</u>** |
| &nbsp;&nbsp;MassMutual Balanced Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Core Bond Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Disciplined Growth Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Disciplined Value Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Diversified Bond Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Global Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Inflation-Protected and Income Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual International Equity Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Main Street Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Small Cap Opportunities Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual Strategic Emerging Markets Fund | &nbsp;&nbsp;MA |
| &nbsp;&nbsp;MassMutual U.S. Government Money Market Fund | &nbsp;&nbsp;MA |

---

---

| | |
|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | /s/ Kevin Murphy |
| Name: Kevin Murphy | Name: Kevin Murphy |
| Title: Managing Director | Title: Managing Director |
| MassMutual SELECT Funds | MassMutual SELECT Funds |
| By: | /s/ Renee Hitchock |
| Name: Renee Hitchcock | Name: Renee Hitchcock |
| Title: CFO and Treasurer | Title: CFO and Treasurer |

---

---

| | |
|:---|:---|
| MASSMUTUAL PREMIER FUNDS | MASSMUTUAL PREMIER FUNDS |
| By: | /s/ Renee Hitchock |
| Name: Renee Hitchcock | Name: Renee Hitchcock |
| Title: CFO and Treasurer | Title: CFO and Treasurer |

---

## Ex-99.(H)(44)

**Exhibit (h)(44)**

**EXPENSE LIMITATION AGREEMENT**

This EXPENSE LIMITATION AGREEMENT (the "Agreement") is between MML Investment Advisers, LLC, a Delaware limited liability company (the "Manager"), and MassMutual Premier Funds, a Massachusetts business trust (the "Trust"), effective as of the 1<sup>st</sup> 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 International Equity Fund, MassMutual Short-Duration Bond Fund, and MassMutual Strategic Emerging Markets 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 0.05% of the management fees of the MassMutual International Equity Fund through January 31, 2024.

(ii) 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:

<u>MassMutual Short-Duration Bond Fund</u>

---

| | |
|:---|:---|
|  | Expense Cap |
| Class I shares | 0.40% |
| Class Y shares | 0.40% |
| Class L shares | 0.65% |
| Class C shares | 0.90% |

---

<u>MassMutual Strategic Emerging Markets Fund</u>

---

| | |
|:---|:---|
|  | Expense Cap |
| Class I shares | 1.15% |
| Class R5 shares | 1.25% |
| Service Class shares | 1.35% |
| Administrative Class shares | 1.45% |
| Class R4 shares | 1.60% |
| Class A shares | 1.70% |
| Class R3 shares | 1.85% |
| Class Y shares | 1.25% |

---

IN WITNESS WHEREOF, the Trust and the Manager have caused this Agreement to be executed on the 31<sup>st</sup> day of January, 2023.

---

| | |
|:---|:---|
| MML INVESTMENT ADVISERS, LLC | MML INVESTMENT ADVISERS, LLC |
| By: | /s/ Douglas Steele |
|  | Douglas Steele, Vice President |
| MASSMUTUAL PREMIER FUNDS<br> on behalf of each of the Funds | MASSMUTUAL PREMIER FUNDS<br> on behalf of each of the Funds |
| By: | /s/ Renee Hitchcock |
|  | Renee Hitchcock, CFO and Treasurer |

---

## Ex-99.(I)(14)

**Exhibit (i)(14)**

---

| | |
|:---|:---|
| ![Logo](tm2230141d7_ex99-i14img01.jpg) | ROPES & GRAY LLP |
| ![Logo](tm2230141d7_ex99-i14img01.jpg) | PRUDENTIAL TOWER |
| ![Logo](tm2230141d7_ex99-i14img01.jpg) | 800 BOYLSTON STREET |
| ![Logo](tm2230141d7_ex99-i14img01.jpg) | BOSTON, MA 02199-3600 |
| ![Logo](tm2230141d7_ex99-i14img01.jpg) | WWW.ROPESGRAY.COM |

---

January 27, 2023

MassMutual Select Funds

MassMutual Premier Funds

1295 State Street

Springfield, MA 01111-0001

Re: <u>Class Y Shares of Certain Series of MassMutual Select Funds and MassMutual Premier Funds</u>

Ladies and Gentlemen:

We are furnishing this opinion in connection with the filing of Post-Effective Amendment No. 113 (the "Select Amendment") to the Registration Statement on Form N-1A (the "Select Registration Statement") under the Securities Act of 1933, as amended (the "1933 Act"), by MassMutual Select Funds (the "Select Trust") and Post-Effective Amendment No. 85 (the "Premier Amendment") to the Registration Statement on Form N-1A (the "Premier Registration Statement") under the 1933 Act, by MassMutual Premier Funds (the "Premier Trust" and together with the Select Trust, the "Trusts") for the registration of an indefinite number of Class Y shares of beneficial interest (the "Shares") of the series of the Trusts noted below (each a "Fund" and, collectively, the "Funds").

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; *<u>Select Funds</u>*<br>MassMutual Total Return Bond Fund<br> MassMutual Strategic Bond Fund<br> MassMutual Diversified Value Fund<br> MassMutual Fundamental Value Fund<br> MassMutual Equity Opportunities Fund<br> MassMutual Fundamental Growth Fund<br> MassMutual Blue Chip Growth Fund<br> MassMutual Growth Opportunities Fund<br> MassMutual Mid Cap Value Fund<br> MassMutual Small Cap Value Equity Fund<br> MassMutual Small Company Value Fund<br> MassMutual Mid Cap Growth Fund<br> MassMutual Small Cap Growth Equity Fund<br> MassMutual Overseas Fund<br> MassMutual 20/80 Allocation Fund<br> MassMutual 40/60 Allocation Fund<br> MassMutual 60/40 Allocation Fund<br> MassMutual 80/20 Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<u>Premier Funds</u>*<br>MassMutual Inflation-Protected and Income Fund<br> MassMutual Core Bond Fund<br> MassMutual Diversified Bond Fund<br> MassMutual Balanced Fund<br> MassMutual Disciplined Value Fund<br> MassMutual Main Street Fund<br> MassMutual Disciplined Growth Fund<br> MassMutual Small Cap Opportunities Fund<br> MassMutual Global Fund<br> MassMutual International Equity Fund<br> MassMutual Strategic Emerging Markets Fund |

---

We have examined copies of votes of each Trust's Trustees relating to the authorization and issuance of the Shares, each Trust's Amended and Restated Bylaws, and each Trust's Amended and Restated Agreement and Declaration of Trust, each as certified to us by an Assistant Secretary of the Trust. We have also examined such other documents as we deem necessary for the purpose of this opinion. We understand that all of the Funds were duly established by action of their respective Boards of Trustees at various times in the past.

We assume that upon sale of the Shares the applicable Trust will receive the net asset value thereof.

Each Trust's Amended and Restated Agreement and Declaration of Trust permits the Trustees to cause each shareholder, or each shareholder of any particular series or class, to pay directly, in advance or arrears, for charges of the Trust's custodian or transfer, shareholder servicing, or similar agent, an amount fixed from time to time by the Trustees, by setting off such charges due from such shareholder from declared but unpaid dividends owed such shareholder and/or by reducing the number of Shares in the account of such shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such shareholder. In addition, each Amended and Restated Agreement and Declaration of Trust provides that, if, for any reason, the net income of any series or class determined at any time is a negative amount, in the discretion of the Trustees the pro rata share of such negative amount allocable to each shareholder of such series or class may constitute a liability of such shareholder to that series or class which shall be paid out of such shareholder's account at such times and in such manner as the Trustees may from time to time determine (x) out of the accrued dividend account of such shareholder, (y) by reducing the number of Shares of that series or class in the account of such shareholder, or (z) otherwise.

Based on and subject to the foregoing, we are of the opinion that each Trust is authorized to issue an unlimited number of Class Y Shares of each Fund that is a series of that Trust, and that, when such Shares are duly issued and sold, they will be validly issued, fully paid, and nonassessable by the applicable Trust.

Each Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of a Trust could, under certain circumstances, be held personally liable for the obligations of the Trust. However, the Amended and Restated Agreement and Declaration of Trust of each Trust disclaims shareholder liability for obligations of the Trust and requires that notice of such disclaimer be given in every note, bond, contract, instrument, certificate, or undertaking made or issued on behalf of the Trust by the Trustees, by any officer or officers or otherwise. The Amended and Restated Agreement and Declaration of Trust of each Trust provides for allocation of the assets and liabilities of the Trust among its portfolio series, and further provides that, in the event that any shareholder or former shareholder is held to be personally liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason, the shareholder or former shareholder (or his or her heirs, executors, administrators, or other legal representatives or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified against all loss and expense arising from such liability, but only out of the assets of the particular series of shares of which he or she is or was a shareholder. Thus, the risk of a shareholder's incurring financial loss on account of shareholder liability should be limited to circumstances in which the particular series itself would be unable to meet its obligations.

We consent to the filing of this opinion as an exhibit to the Select Registration Statement and to the Premier Registration Statement.

Very truly yours,

---

| |
|:---|
| /s/ Ropes & Gray LLP |
| Ropes & Gray LLP |

---

## Ex-99.(J)(1)

**Exhibit (j)(1)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 33-82366 on Form N-1A of our report dated November 28, 2022 (December 13, 2022, as to the effects the restatement of MassMutual Global Fund discussed in Note 13 to the financial statements), relating to the financial statements and financial highlights of MassMutual U.S. Government Money Market Fund, MassMutual Short-Duration Bond Fund, MassMutual Inflation-Protected and Income Fund, MassMutual Core Bond Fund, MassMutual Diversified Bond Fund, MassMutual High Yield Fund, MassMutual Balanced Fund, MassMutual Disciplined Value Fund, MassMutual Main Street Fund, MassMutual Disciplined Growth Fund, MassMutual Small Cap Opportunities Fund, MassMutual Global Fund, MassMutual International Equity Fund, and MassMutual Strategic Emerging Markets Fund, each a series of MassMutual Premier Funds, appearing in the Annual Report on Form N-CSR of MassMutual Premier Funds for the year ended September 30, 2022, and to the references to us under the headings "Financial Highlights" in the Prospectuses and "Independent Registered Public Accounting Firm," and "Experts" in the Statements of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 31, 2023

## Ex-99.(M)(2)

**Exhibit (m)(2)**

**AMENDED EXHIBIT A**

**(effective as of February 1, 2023)**

**to the**

**MassMutual Premier Funds**

**Amended and Restated Rule 12b-1 Plan**

**Adopted February 13, 2014**

A Designated Fund may pay fees under this Plan with respect to any class of Shares of that Designated Fund at an annual rate up to the rate shown below, of the average daily net assets attributable to that class.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Class I<sup>\*</sup> | Class R5<sup>\*</sup> | Service<br> Class<sup>\*</sup> | Administrative<br> Class<sup>\*</sup> | Class R4 | Class A | Class R3 | Class Y<sup>\*</sup> | Class L | Class C |
| &nbsp;&nbsp;MassMutual Balanced Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Core Bond Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Disciplined Growth Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Disciplined Value Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Diversified Bond Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Global Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual High Yield Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;MassMutual Inflation-Protected and Income Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual International Equity Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Main Street Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Short-Duration Bond Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;MassMutual Small Cap Opportunities Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual Strategic Emerging Markets Fund |  |  |  |  | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.50% |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;MassMutual U. S. Government Money Market Fund | &nbsp;&nbsp;N/A |  | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

\* *Note regarding Class I, Class R5, Service Class, Administrative Class, and Class Y shares* – Payments made out of the assets attributable to a share class that may be deemed to be indirect financing of any activity primarily intended to result in the sale of shares of the class shall be deemed to be authorized by this Plan.

## Ex-99.(N)(2)

**Exhibit (n)(2)**

**AMENDED APPENDIX A**

**(effective as of February 1, 2023)**

**to the**

**MassMutual Premier Funds**

**Amended and Restated Rule 18f-3 Plan**

**Adopted June 17, 2020**

**(as amended May 19, 2021)**

**Administrative Service Fees**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class R5** | **Service<br> Class** | **Administrative <br> Class** | **Class R4** | **Class A** | **Class R3** | **Class Y** | **Class L** | **Class C** |
| MassMutual Balanced Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual Core Bond Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual Disciplined Growth Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual Disciplined Value Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual Diversified Bond Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual Global Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual High Yield Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.05% | N/A |  |
| MassMutual Inflation-Protected and Income Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual International Equity Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual Main Street Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual Short-Duration Bond Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | 0.05% | 0.05% |
| MassMutual Small Cap Opportunities Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual Strategic Emerging Markets Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.30% | 0.20% | 0.10% | N/A | N/A |
| MassMutual U.S. Government Money Market Fund | N/A | 0.10% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

## Ex-99.(P)(4)

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

**Exhibit (p)(4)**

**CODE OF ETHICS AND PERSONAL TRADING POLICY FOR NORTH AMERICA**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Applicable To** | ● All Covered Persons (as defined below)<br>● All Invesco NA entities  |
| &nbsp;&nbsp;**Departments Impacted** | &nbsp;&nbsp;Global Ethics Office ("GEO") |
| &nbsp;&nbsp;**Risk Addressed by Policy** | &nbsp;&nbsp;Clients are harmed because of a Covered Person's conflict of interest, violation of fiduciary duties or fraudulent/deceptive personal trading activities. |
| &nbsp;&nbsp;**Relevant Law & Related Resources** | ● Rule 17j-1 under the Investment Company Act ("Rule 17j-1")<br>● Rule 204A-1 under the Investment Advisers Act ("Rule 204A-1")<br>● Ontario Securities Commission: National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103")  |
| &nbsp;&nbsp;**Approved By** | ● Invesco Mutual Funds Board:<br>● Invesco ETF Board:<br>● Invesco Canada Limited ("ICL") Board:  |
| &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;January 2023 |

---

**<u>GLOSSARY</u>**

**<u>Background.</u>** Invesco is required to adopt and enforce a written code of ethics as well as to establish, maintain and apply policies and procedures that establish a system of controls to comply with securities laws and regulations, including, but not limited to, the management of conflicts of interest matters, which may include personal trading activities.

This Code of Ethics and Personal Trading Policy for North America (the "Code") requires that Covered Persons (as defined below) adhere to high standards of ethical conduct and act with integrity in accordance with their fiduciary duties. The Code is intended to comply with the requirements of Rule 204A-1, Rule 17j-1 and NI 31-103.

**<u>Definitions.</u>**

*"Client Account"* means an Invesco Fund (with respect to Covered Persons other than Independent Directors/Trustees), a separately managed account, a personal trust or estate, an Employee benefit trust or any other account for which an Invesco NA Adviser provides investment advisory or sub-advisory services. For Independent Directors/Trustees, "Client Account" shall mean the Invesco funds they oversee.

*"Compliance Reporting System"* means any third party, web-based application utilized by Covered Persons, *excluding Independent Directors/Trustees*, for compliance reporting (i.e., personal securities transactions, investment accounts, outside activities, etc.)

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

*"Contingent Worker"* means any Invesco consultant or contractor with access to the firm's internal network systems.

"Covered Person" means any of the following:

● Employee (interns, part-time or full-time);

● Contingent Worker;

● Director or Officer of Invesco Ltd.;

● Independent Director/Trustee;

● any individual who is conducting business on behalf of an Invesco Adviser or affiliate, and has access to the firm's internal network systems or offices;

● any person meeting the definition of "*Access Person*" as defined in Rule 17j-1 or Rule 204A-1; or

● anyone who, at the discretion of GEO, is deemed to be a Covered Person subject to the requirements of this Code.

*"Covered Security"* generally means, investment instruments or assets (public or private), unless otherwise *exempt* from the definition, are as follows:

● Stocks/shares (e.g., common, preferred or restricted) or bonds (e.g., corporate or municipal);

● Exchange Traded Products (defined below);

● Closed-end Funds and REITs;

● Instruments that are convertible or exchangeable into a Covered Security;

● Derivatives (e.g., options, futures, forwards, ADRs (American Depository Receipts)/GDRs (Global Depositary Receipts), swaps, commodities, warrants/rights), or other obligation whose value is derived or based on any of the above;

● Limited Offerings/Limited Liability Company interests (defined below);

● Invesco Open-end Mutual Funds; and

● any security/instrument that can be traded by an Invesco Adviser or an affiliate on behalf of a client.

The following securities are exempt from the definition of "*Covered Security:*"

● Direct obligations of the U.S. government, the Canadian government, or direct obligations of a Sovereign Government and their respective agencies;

● Bankers' acceptances, bank certificates of deposit, commercial paper or high-quality short-term debt instruments (including repurchase agreements);

● Shares of an open-end mutual fund for which Invesco does not serve as an investment adviser, subadviser or principal underwriter;

● Money market equivalent funds;

● Investment trusts that invest exclusively in open-end mutual funds for which Invesco does not serve as an investment adviser, subadviser or principal underwriter;

● Any unit investment trust (including those advised or sub-advised by an Invesco NA Adviser);

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

● Principal-protected or linked-note investment products; and

● Physical commodities (including foreign currencies).

*"Delegated Discretionary Account"* means an account for which a Covered Person has written evidence that decision-making authority has been completely relinquished to a professional money manager who is not a family member or not otherwise subject to this Code and over which the Covered Person has no direct or indirect influence or control.

*"Employee"* means an individual who serves as a director or officer of an Invesco NA entity or who is employed on a full-time or part-time basis by an Invesco NA entity or subsidiary thereof. For purposes of this Code, the term Employee also includes the Employee's Immediate Family Members.

"*ETP Access Person*" means a Covered Person who has access to Material Non-public Information attached to Invesco ETPs including but not limited to any client's purchase or sale of Invesco ETPs and/or the holdings of an Invesco ETP or anyone else determined as such and as notified by Compliance.

"*Exchange-Traded Product*" or "*ETP*" means a security traded on an exchange that: (i) tracks an underlying security, index or financial instrument; or (ii) uses a benchmark index but whose manager(s) may change sector allocations, market-time trades, or deviate from the index. The term "*ETP*" includes, among other things, exchange-traded funds ("ETFs"), exchange-traded notes ("ETNs") and exchange-traded commodities ("ETCs").

*"Global Ethics Office"* or *"GEO"* means the team within Compliance that is responsible for monitoring conflicts in connection with a Covered Person's personal trading, political contributions, outside business activities and gifts and entertainment.

*"Immediate Family Member"* means a Covered Person's spouse (including a domestic partner or equivalent) a fiancée, child, stepchild, parent, stepparent, sibling, mother-in-law, father-in-law, daughter-in-law, brother-in-law or sister-in-law who share the Covered Person's household. For questions relating to whether a family member is or should be excluded from this definition, Covered Persons shall contact GEO.

*"Independent Director/Trustee"* means any; (i) director or trustee of an Invesco Mutual Fund who is not an "interested person" (as defined in Section 2(a)(19) of the Investment Company Act) of an Invesco Mutual Fund; (ii) director or trustee of an Invesco ETP who is not an "interested person" (as defined in Section 2(a)(19) of the Investment Company Act) of an Invesco ETP; or (iii) member of the Invesco Canada Independent Review Committee, Invesco Canada Funds Advisory Board or Board of Directors of Invesco Corporate Class Inc. who has no other executive responsibilities or engagement in an Invesco Canada Fund or Invesco NA's day-to-day activities beyond the scope of their duties as director/trustee.

*"Initial Public Offering"* or *"IPO"* means: (i) any Covered Security which is being offered for the first time on a recognized stock exchange; or (ii) an offering of securities registered under the Securities Act, the issuer of which immediately before such

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

registration was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended or foreign regulatory equivalents thereof.

*"Investment Person"* generally means a Covered Person (excluding Independent Directors/Trustees) who:

● as part of their regular functions or duties makes or participates in making recommendations regarding the purchase or sale of securities in a Client Account (e.g., portfolio managers, securities analysts or traders); or

● works directly with or is in the same department/investment team as a portfolio manager and is likely to be exposed to sensitive information relating to those Client Accounts for which the portfolio manager has responsibility (including those who serve an administrative function).

*"Limited Offering or Private Placement"* means an offering that is exempt from registration under the Securities Act of 1933 ("33 Act"), including but not limited to those offered according to Sections 4(a)(2), 4(a)5, 4(a)6 or pursuant to Rules 504 or 506 under the 33 Act (e.g., Special Purpose Acquisition Company (SPAC), private equity fund or hedge fund, crowdfunding, private real estate investments such as Real Investment Trusts (REITs) or LLCs/LPs).

*"MNPI" or "Material Non-public Information"* means information not known to the public that may, if disclosed, have a significant impact on the price of a financial instrument and that a reasonable investor would likely consider relevant or important when making an investment decision.

*"Rights Issue"* or *"Rights Offer"* means a dividend of subscription rights to buy additional securities in a company made to the company's existing security holders.

"*Robo-Advisor Account*" means a Covered Person's account that holds, or can hold, Covered Securities that is maintained on a digital platform offered by a broker on the Designated/Approved Broker List to provide automated, algorithm-driven investment decisions with little to no human intervention.

"*Special Purpose Acquisition Company*" or "*SPAC*" is a company without commercial operations and formed specifically to raise capital through an IPO for the purpose of acquiring or merging with an existing company.

&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>POLICY</u>** 

Each Invesco NA Adviser has a fiduciary relationship with respect to each of their Client Accounts. As such, Invesco NA and Covered Persons shall:

● place the interests of clients ahead of their personal interests (or, in the case of Independent Directors/Trustees, the funds they oversee);

● conduct their personal trading in a manner consistent with this Code and other applicable policies to avoid any actual or potential conflicts of interest or any abuse of position of trust and responsibility;

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

● comply with applicable laws, rules and regulations; and

● keep all MNPI (as defined above) confidential.

Invesco NA and all Covered Persons are prohibited from:

● profiting personally by using MNPI and disclosing MNPI to any person (except as may be permitted by law and in accordance with Invesco's insider trading policies);

● employing any device, scheme or artifice to defraud any Client Account;

● making an untrue statement of a material fact or omitting to state a material fact to a client that, in light of the circumstances under which they are made, are necessary to make the statement non-misleading;

● engaging in any act, practice or course of business that operates or would operate as a fraud or deceit to a Client Account; or

● engaging in any manipulative practice with respect to a Client Account or securities (including price manipulation).

Invesco NA maintains other compliance policies that may be directly applicable to a Covered Person's specific responsibilities and duties and that address additional standards of conduct for Employees. These policies are available on the Invesco Ltd. intranet site and include, but are not limited to:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●<u>Global Code of Conduct</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●<u>Global Insider Trading</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●<u>Global Fraud Escalation</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● <u>Global Political Contributions</u>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●<u>Global Outside Business Activities</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●<u>Global Gifts and Entertainment</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●<u>Gifts and Entertainment (U.S.)</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●<u>Gifts and Entertainment (ICL)</u><br>|

---

Violations of any of the policies listed above may result in increased escalation. For further detail, refer to Section C regarding violations and sanctions.

Please see Exhibit B for requirements applicable to Independent Directors/Trustees.

**B. <u>PERSONAL TRADING REQUIREMENTS</u>**

References to Covered Persons in this Section B shall exclude Independent Directors/Trustees. Personal trading requirements and pre-clearance requirements (if any) for Independent Directors/Trustees are set forth in Exhibit B.

**1. <u>Covered Account Requirements for Covered Persons</u>**<u>.</u>

Covered Persons are required to report all investment accounts (i.e., Covered Accounts) with which they, or an Immediate Family Member, have beneficial ownership in which they maintain discretion, control or interests (i.e., either directly or indirectly, through a contract, arrangement, understanding, relationship or otherwise, to have or share at any time in any economic interest or profit derived from ownership of, or a transaction in Covered Securities). It is presumed that a Covered Person can control accounts held by Immediate Family Members living in the same household.

Covered Accounts must be held with a regulated financial institution listed on the

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

<u>Designated/Approved Broker List</u><sup>1</sup>.

<u>Covered Accounts include but are not limited to the following</u>:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Brokerage Accounts | &nbsp;&nbsp;Discretionary/Robo-Advisor <br> Accounts<sup>2</sup> | &nbsp;&nbsp;Employee Stock Plans (e.g., <br> ESPPs, ESOPs or ISOs) |
| &nbsp;&nbsp;Retirement Accounts (e.g., IRAs, SIPPs, Superannuation, iDeCo, RRSP, TFSA or any other local equivalent) | &nbsp;&nbsp;Transfer Agent Accounts that hold reportable Covered Securities (e.g., Invesco open-end mutual fund account) | &nbsp;&nbsp;Mutual Fund, Collective Investment or WRAP Accounts, which hold Invesco open-end funds |
| &nbsp;&nbsp;Pension Plans, which hold Covered Securities *(excluding Invesco open-end funds)* | &nbsp;&nbsp;Stock and Shares ISAs (i.e., Investment ISA) | &nbsp;&nbsp;UTMAs and UGMAs |
| &nbsp;&nbsp;Invesco 401k, and the separate Schwab Personal Choice Retirement Account ("PCRA") | &nbsp;&nbsp;529 Accounts that hold Covered Securities and the Invesco CollegeBound 529 plan |  |

---

<sup>1</sup> The Designated/Approved Broker List is accessible through the Compliance Reporting System.

<sup>2</sup> Discretionary and Robo-Advisor Accounts must be disclosed. New and existing Discretionary and Robo-Advisor accounts must be approved by GEO. The Covered Person must provide supporting documentation (e.g., managed account agreement) and other required information to GEO, including duplicate statements.

Covered Persons are required to ensure that:

● *<u>Covered Accounts held with a broker located in the U.S. or India are maintained:</u>* 

○ with a financial institution on the Designated/Approved Broker List (which may be accessed via the Compliance Reporting System);

○ in a qualified retirement plan that a Covered Person is not legally or unilaterally able to transfer; or

○ for the U.S. only, with any full-service broker-dealer.

● *<u>Invesco Open-End Mutual Funds are held:</u>* 

○ in an account maintained with a financial institution (or broker on the Designated/Approved Broker List);

○ in a qualified retirement plan that a Covered Person is not legally or unilaterally able to transfer;

○ in the Covered Person's Invesco 401(k) or Invesco CollegeBound 529 plan; or

○ directly with Invesco's Mutual Funds' transfer agent.

Covered Persons may not purchase or hold Invesco affiliated open-end mutual funds beyond the above restrictions. This requirement does not apply to other Invesco securities.

● *<u>All other Covered Accounts</u>* <u>(e.g., external retirement plans, stock plans through third-party administrators)</u>:

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

○ Covered Persons shall direct their financial institution to submit statements and confirmations to the GEO;

○ If the financial institution is unable to provide transactional statements (or contract notes) to GEO through a link or hard copy, the Covered Person shall be personally responsible for submitting statements directly or upon request through the GEO Support Portal in a timely manner;

○ Trade confirmations (or contract notes) must be provided no later than 15 calendar days from the date of execution; and

○ Transactional statements must be provided within 15 calendar days of receipt.

**2. <u>Statements (Transactions) and Trade Confirmations (or Contract Notes)</u>**<u>.</u>

● Employees shall maintain a Covered Account with a financial institution that provides electronic trade confirmations (or contract notes) and statements directly to GEO.

● If the financial institution fails or is unable to provide an electronic link or a hard copy, the Covered Person shall be personally responsible for providing transactional statements and trade confirmations (or contract notes) for the Covered Account(s) to GEO through the GEO Support Portal or where applicable, to their local Compliance upon request.

● <u>All Covered Accounts must be reported in the</u> <u>Compliance Reporting System</u> <u>before trading begins or upon hire.</u> Statements are not required for accounts that do not meet the Covered Accounts definition, such as accounts that are only able to invest in unaffiliated Open-end Mutual Funds.

**3. <u>Pre-Clearance of Personal Trades</u><u>.</u>**

*Covered Persons and their Immediate Family Members* are required to pre-clear Covered Securities transactions through the Compliance Reporting System as illustrated in Exhibit A.

**Covered Persons are prohibited from executing a security transaction (trade) in a Covered Account until they are notified by GEO that the trade was approved. Covered Persons must carefully read the automated alert from the Compliance Reporting System, which includes the request status (i.e., approved or denied).**

Covered Accounts in which a Covered Person has beneficial interest but does not exercise control (e.g., accounts for Immediate Family Members), all trade requests are required to be submitted through the Covered Person.

GEO will notify the Covered Person if the trade request was approved or denied.

**<u>Trade Authorization (i.e., Market Orders).</u>** Trade requests which have been submitted and approved within the Compliance Reporting System prior to market close

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

are only valid for the current business day, unless the approval is granted after the close of the trading day (e.g., trading on a foreign market or OTC), then approval will not expire until the end of the next trading day.

If the trade is not executed within the approval window, a Covered Person shall be required to submit a new pre-clearance request and *must receive* approval if the Covered Person intends to trade in that security.

**<u>Prohibited Trade Orders.</u>** Covered Persons are required to avoid executing transactions outside of the approval window. Good 'Til Canceled (GTC), Limit Orders and Stop-Limit Orders among other orders beyond the same trading day are prohibited.

**<u>Pre-clearance of Limited Offerings and Private Placements</u>**<u>.</u> Covered Persons and their Immediate Family Members must:

● Pre-clear investments in Limited Offerings and Private Placements and receive approval from GEO before investing and allow a minimum of three to five business days before the intended investment date to allow ample time for review.

● Submit a Private Placement pre-clearance request through the Compliance Reporting System and include a detailed description of the investment and relevant documentation (e.g., offering deck, offering/private placement memorandum and term sheet).

Invesco Limited Offerings made to any Covered Person do not require pre-clearance approval *unless otherwise directed* in the offer.

**<u>Exemptions from Pre-Clearance</u>**. Purchases or sales of the following are exempt from the pre-clearance requirement:

● Covered Securities in an approved Delegated Discretionary/Robo-Advisor Account;

● Invesco Mutual Funds and Invesco Canada Funds (excluding closed-end Invesco Mutual Funds and closed-end Invesco Canada Funds);

● Invesco ETPs **(this Invesco ETP pre-clearance exemption does not apply to ETP Access Persons)**;

● Unaffiliated broad-based ETPs **(this pre-clearance exemption does not apply to single stock ETPs)** 

● Currencies, cryptocurrencies, and commodities, including trusts invested entirely in a currency, cryptocurrency or commodity;

● Derivatives of an index of securities, currencies, cryptocurrencies or commodities;

● Invesco Mutual Fund grants awarded (Long-Term Fund Awards); and

● Securities held in Invesco CollegeBound 529 Plans, Invesco Core U.S. 401(k) Plans (excluding elections in the personal choice retirement account) and registered group retirement savings plans offered by an Invesco Ltd. affiliate.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

**<u>Pre-clearance of Employee Share Purchase Plans and Long-Term Incentive Plans</u>.** The acquisition or deposit of shares, including IVZ shares through an Employee Share Purchase Plan or Equity Awards Program is exempt from pre-clearance. However, pre-clearance is required if Covered Persons wish to sell these shares, including IVZ shares. Please refer to Exhibit A.

**4. <u>Trading Restrictions/Prohibitions</u>**<u>.</u>

**<u>Blackout Period</u>***.* Covered Persons are prohibited from trading any Covered Security in a personal account on a day during which a Client Account has a pending "buy" or "sell" order in the same Covered Security.

<u>In addition</u>:

● *Investment Persons* with knowledge of trading in a Covered Security for a Client Account are prohibited from personal trading within three trading days before and three trading days after such Client Account transaction; and

● *All other Covered Persons* with knowledge of trading in a Covered Security for a Client Account are prohibited from personal trading in the same Covered Security within two trading days after such Client Account transaction.

The Blackout Period restrictions shall not apply to purchases and sales of a Covered Security that comply with certain specifications (e.g., large market capitalization) as may be determined from time to time by the GEO.

**<u>Other Prohibitions</u>***.* Covered Persons shall be prohibited from:

● trading a Covered Security of an issuer on the applicable Restricted List(s);

● purchasing a Covered Security in an IPO or secondary offering;

● purchasing a publicly listed SPAC when the targeted company is known;

● participating in an investment club;

● excessive short-term trading of any Invesco Open-end Mutual Funds (excluding money market funds) and/or cash-in-lieu Invesco ETPs according to the various limitations outlined in the respective prospectus or other fund disclosure documents;

● engaging in personal trading of Covered Securities that is excessive, or that compromises Invesco NA's fiduciary duty to Client Accounts, as determined by the GEO in its discretion;

● for Investment Personnel, effecting short sales of a Covered Security in a Covered Account if a Client Account for which the Investment Person has investment management responsibility has a long position in such Covered Security; and

● trading options on common stock, single stock ETPs, or Invesco ETPs when the underlying security is either not held or has been held fewer than 60 days. For

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

the sake of clarity, trading naked options is prohibited and only covered calls and protective puts are permitted.

**<u>Short-Term Trading Restriction for all Covered Persons</u>**<u>.</u>

● Covered Persons cannot profit from the purchase and sale of a Covered Security (or a short sale and cover of the same Covered Security) within 60 calendar days of the trade date of the same Covered Security. Gains are calculated on a first-in, first-out (FIFO) method.

● Transactions in Invesco Canada Funds are subject to the short-term trading requirements outlined in the applicable prospectus.

● This restriction shall apply to all Covered Securities, including those which are exempt from pre-clearance (e.g., Invesco Funds). Transactions in unaffiliated ETPs (except for single stock ETPs), currencies, cryptocurrencies, commodities, trusts invested entirely in a currency, cryptocurrency or commodity, and derivatives (e.g., options and futures) based on an index of securities, currencies, cryptocurrencies and commodities are exempt from the 60-day holding period. This exemption shall not apply to derivatives of individual securities, single stock ETPs, or Invesco ETPs.

● If a Covered Security is traded within the applicable holding period, the full amount of any profit from the trade, which has not been adjusted to account for applicable taxes or related fees, shall be disgorged to a charity of Invesco Ltd.'s choice.

● Covered Persons are exempt from the 60-day holding period if the trade transaction is executed at a loss.

**5. <u>Special Requirements for Transactions in Invesco Ltd. Stock.</u>**

Transactions in Invesco Ltd. stock are subject to the pre-clearance and reporting requirements set forth above. Covered Persons are prohibited from engaging in transactions in publicly traded options such as puts, calls and other derivative securities relating to Invesco Ltd.'s securities, on an exchange or any other organized market. Covered Persons should refer to the Global Insider Trading policy whenever they wish to transact in Invesco Ltd. securities in a Covered Account.

**6. <u>Covered Persons Reporting and Certification Requirements.</u>**

**<u>Certification Requirements</u>.** All Covered Persons are required to complete a Code of Ethics acknowledgment on their start date with Invesco, and annually thereafter, to acknowledge and certify that they have received, reviewed, understand, and shall comply with the Code. In addition, Covered Persons will be required to acknowledge receipt and understanding of any material amendments or new interpretations of the Code.

**<u>Reporting Requirements</u>.** All Covered Persons are subject to initial (upon joining Invesco) and ongoing reporting requirements. These reports will be reviewed by GEO

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

and are intended solely for internal use and are confidential unless required to be disclosed to a regulatory or government agency.

**<u>Summary of Reporting Obligations</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>New Hires</u>**<u><sup>3</sup></u> | &nbsp;&nbsp;**<u>Covered Persons</u>** | &nbsp;&nbsp;**<u>Covered Persons</u>** |
| &nbsp;&nbsp;&nbsp;**<u>Upon joining the firm</u>**<br>(due in 10 calendar days)<br>| &nbsp;&nbsp;&nbsp;**<u>Quarterly</u>**<br>(due no later than 30 calendar days after the calendar quarter-end)<br>| &nbsp;&nbsp;&nbsp;**<u>Annual</u>**<br>(due no later than 30 calendar days from distribution)<br>|
| &nbsp;&nbsp;&nbsp;<u>Covered Accounts/</u><br><u>Initial Holdings Report</u><br>(*including a list of all Covered Securities and private/limited holdings. All holdings must be as of the Covered Person's employment start date*) | &nbsp;&nbsp;&nbsp;<u>Quarterly Transaction Report</u><br>(*excluding dividends reinvested, private/limited offering transactions previously disclosed, auto investment plans, payroll deductions, transactions executed in an approved Discretionary/Robo-Advisor Account*) | &nbsp;&nbsp;&nbsp;<u>Annual Holdings & Private Investments Report</u><br>(*excluding holdings in an approved Discretionary Account, and any holdings designated as non-reportable on Exhibit A*) |
| <u>Initial Compliance Policies Certification</u> |  | <u>Annual Compliance Policies Certification</u> |

---

<sup>3</sup>Any New Hire who fails to submit the Covered Accounts/Initial Holdings Report (IHR) within the (10) calendar days of their employment start date will be prohibited from engaging in any personal securities transactions until such report is submitted and may be issued a violation and subject to other sanctions.

In addition, the Quarterly Transaction Report can exclude the following transactions executed in Covered Securities that are either:

● transacted directly with an affiliated transfer agent; or

● in the Covered Person's registered group retirement savings plan (including transactions made on behalf of the Covered Person in the ICL sponsored GWL Group Retirement Savings Plan) or Invesco Core US 401(k) Plan.

**<u>New Covered Accounts</u>.** All Covered Persons must report any new Covered Account for themselves or any Immediate Family Member within 30 calendar days of opening. Unless the account has been reported, no personal securities transactions can occur within the account.

**<u>Exhibit A</u>.** Attached as Exhibit A is an Overview of Personal Trading Requirements that provides a summary of certain requirements set forth under this Code which are applicable to Covered Persons (excluding Independent Directors/Trustees). The Overview is not meant to serve as a replacement for reading the Code.

*Individuals who meet the definition of a Covered Person and are on a formal leave of absence or garden leave without access to Invesco systems are not considered Covered*

 

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

*Persons during the time they are on leave.*

**C. <u>VIOLATIONS AND SANCTIONS</u>**

Covered Persons shall report violations and potential violations of this Code to the GEO. Violations and potential violations of the Code are investigated by GEO. Independent Directors/Trustees may report violations and potential violations to the applicable CCO (or their delegate).

If a determination is made that a Covered Person (excluding Independent Directors/Trustees) has violated the Code, a sanction may be imposed in accordance with the escalation procedure. Sanctions vary based on the severity of the violation(s) and include, but are not limited to:

● a letter of education, a letter of warning or letter of reprimand;

● reversal of trades processed in violation of the Code;

● disgorgement of profits earned in the Code violation;

● prohibition of personal trading abilities;

● suspension, demotion or change in the Covered Person's responsibilities;

● termination of employment;

● referral to civil or criminal authorities, where appropriate; or

● any other sanction, as may be determined by the GEO, CCO and/or applicable governance committee.

The GEO maintains internal procedures regarding the violation investigation, sanction determination and sanction enforcement process.

In mitigating or eliminating certain conflicts of interest that arise in connection with a Covered Person's personal trading, a Covered Person may be required to sell a Covered Security that was previously approved. In the event the sale results in a loss, the Covered Person will not be entitled to reimbursement for such loss. In the event of a gain, the Covered Person may be required to disgorge any profit.

**D. <u>CODE ADMINISTRATION</u>**

In general, the GEO shall be responsible for the administration and oversight of the Code and shall be responsible for:

● identifying Covered Persons, providing Covered Persons with the Code and notifying them of their reporting obligations under the Code, and ensuring that Covered Persons submit the required certifications and reports required under the Code;

● reviewing the personal trading activities of Covered Persons to identify potential or actual violations of the Code and promptly investigating such matters to resolve and make the appropriate remediations, if needed; and

● promptly report any violations of the Code in writing to the applicable CCO.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

In very limited circumstances, certain exceptions to any provision of the Code may be granted on a case-by-case basis by the applicable CCO or their delegate. Such exceptions shall be documented in writing by the GEO.

Any questions regarding this Code should be directed to the GEO, which may be contacted using the GEO Support Portal via the intranet.

**E. <u>REPORTING.</u>**

<u>ICL Boards/Committees</u>. At least quarterly, the CCO shall inform the Invesco Canada Funds Independent Review Committee of violations, sanctions imposed, material changes and any other information as may be requested from time to time relating to the Code and for the relevant review period.

<u>Invesco Mutual Funds Board and Invesco ETF Board.</u>

● <u>Quarterly</u>: At least quarterly, each applicable CCO shall furnish a written report to the applicable Board regarding material violations of the Code by Covered Persons.

● <u>Annually</u>: No less frequently than annually, each applicable CCO shall furnish a written report to the applicable Board that describes significant issues arising under the Code since the last report to the Board, including information about material violations of the Code and sanctions imposed in response to material violations. The CCO shall certify that the applicable Invesco NA Adviser to the Invesco Mutual Funds and Invesco ETFs has adopted procedures reasonably designed to prevent Covered Persons from violating the Code. At this time, the Board shall also review the current Code.

● <u>Material Changes to Code</u>. The applicable Committee/Boards mentioned in this Code shall approve any material changes made to the Code either before implementing such change or no later than six months after the change is implemented.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

**EXHIBIT A**

**<u>OVERVIEW OF PERSONAL TRADING REQUIREMENTS</u>**

Below are some, but not all, of the common investment instruments and key actions required of Covered Persons (excluding Independent Directors/Trustees) under the Code.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Pre-Clearance** | &nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;**60-Day Profit<br> Limit Restriction** |
| ***Equities*** | ***Equities*** | ***Equities*** | ***Equities*** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;IPOs | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | N/A |
| &nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Rights Issue or Rights Offer<sup>141</sup> | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| &nbsp;&nbsp; Trusts invested entirely in a currency or commodity | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| ***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** | ***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** | ***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** | ***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** |
| &nbsp;&nbsp;Invesco ETPs **(except for ETP Access Persons)** | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Invesco ETPs **(ETP Access Persons)** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Unaffiliated broad-based ETPs (apart from single stock ETPs) | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| &nbsp;&nbsp;Single-stock ETPs and unaffiliated ETPs with a limited number of underlying securities (20 or less) that include Covered Securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes |
| ***Cryptocurrencies<sup>2</sup>*** | ***Cryptocurrencies<sup>2</sup>*** | ***Cryptocurrencies<sup>2</sup>*** | ***Cryptocurrencies<sup>2</sup>*** |
| &nbsp;&nbsp;Cryptocurrencies | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Trusts invested entirely in a cryptocurrency | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Futures, Swaps and Options based on a cryptocurrency | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| ***Derivatives*** | ***Derivatives*** | ***Derivatives*** | ***Derivatives*** |
| &nbsp;&nbsp;Futures, Swaps and Options based on common stock and affiliated ETPs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Naked options | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | N/A |

---

<sup>1</sup> Pre-clearance is required on the day of electing to participate in the Rights issue or Offer.

<sup>2</sup> Cryptocurrency exemptions are subject to change and requirements may be applied to certain Employees upon notification by Compliance. Some digital assets claiming to be cryptocurrency could be deemed securities by regulators. Please contact the Global Ethics Office if you have questions regarding the requirements of your digital assets under the Code.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Pre-Clearance** | &nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;&nbsp;&nbsp;**60-Day Profit<br> Limit Restriction** |
| &nbsp;&nbsp;Futures, Swaps and Options Based on an index, currencies, commodities, and unaffiliated ETPs | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| ***Mutual Funds*** | ***Mutual Funds*** | ***Mutual Funds*** | ***Mutual Funds*** |
| &nbsp;&nbsp;Invesco Open-end Mutual Funds | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Invesco Closed-end Mutual Funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Invesco Canada Open-end Mutual Funds | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Prospectus Requirements |
| &nbsp;&nbsp;Invesco Canada Closed-end Mutual Funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Unaffiliated Open-end Mutual Funds | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
| &nbsp;&nbsp;Unaffiliated Closed-end Mutual Funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| ***Fixed Income/Bonds*** | ***Fixed Income/Bonds*** | ***Fixed Income/Bonds*** | ***Fixed Income/Bonds*** |
| &nbsp;&nbsp;US Treasury | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
| &nbsp;&nbsp;Certificates of Deposit | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Structured products linked to indices | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| ***Invesco Ltd. Corporate Securities*** | ***Invesco Ltd. Corporate Securities*** | ***Invesco Ltd. Corporate Securities*** | ***Invesco Ltd. Corporate Securities*** |
| &nbsp;&nbsp;Open Market IVZ shares | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Sale of IVZ shares acquired through ESPP, RSA and LTA | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| &nbsp;&nbsp;Derivatives on IVZ, short sells of IVZ or IVZ share transactions in Professionally Managed Accounts | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | N/A |
| &nbsp;&nbsp;IVR shares | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |
| ***Long-Term Fund Awards*** | ***Long-Term Fund Awards*** | ***Long-Term Fund Awards*** | ***Long-Term Fund Awards*** |
| &nbsp;&nbsp;Invesco Mutual Fund grants awarded | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No | No |
| ***Invesco CollegeBound 529 Plan*** | &nbsp;&nbsp;No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | No |
| ***Limited Offerings\**** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes | Yes |

---

*\*Covered Persons may not engage in a Limited Offering without first: (a) giving the GEO a detailed written notification describing the transaction and indicating whether or not they will receive compensation; and (b) obtaining prior written permission from the GEO.*

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

**EXHIBIT B**

**<u>INDEPENDENT DIRECTORS/TRUSTEES</u>**

Independent Directors/Trustees on the Invesco Mutual Funds, Invesco Canada Fund and the Invesco ETP Boards shall refrain from beneficially owning Invesco Ltd. stock.

Independent Directors/Trustees who have questions, need to report a potential or actual violation, may report such matters to the applicable Chief Compliance Officer, or their delegate.

**<u>OVERVIEW</u>**

&nbsp;&nbsp;&nbsp;&nbsp;A. Independent Directors/Trustees of the Invesco Mutual Funds:

● are subject to and must comply with the pre-clearance requirements for certain transactions involving Invesco Mutual Funds that are closed-end Funds under the Independent Directors/Trustees policies and guidelines;

● shall complete a Quarterly Transaction Report only if the Independent Director/Trustee knew or, or in the ordinary course of fulfilling their official duties as an Independent Director/Trustee, should have known, that during the 15-days immediately preceding or following the date of the Independent Director/Trustee's transaction in a Covered Security:

○ an Invesco Mutual Fund purchased or sold the Covered Security; or

○ an Invesco Mutual Fund, Invesco Advisers, Inc. or any sub-adviser to such Invesco Mutual Fund considered purchasing or selling the Covered Security.

● Independent Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement per the above bullet, shall request the Quarterly Transaction Report and complete the report with the following information for each transaction during the quarter:

○ the date of the transaction , the Covered Security name, number of shares (for equity securities), or the interest rate and maturity date (if applicable) and the principal amount (for debt securities) for each Covered Security;

○ the nature of the transaction (e.g., buy or sell);

○ the Covered Security identifier (i.e., CUSIP or symbol);

○ the execution price of the Covered Security;

○ the name of the broker-dealer or bank executing the transaction; and

○ the date that the report was submitted to the applicable Chief Compliance Officer.

● are subject to the short-term trading restrictions (e.g., profit restriction) with respect to Invesco Mutual Funds that are closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;B. Independent Directors/Trustees on the Invesco ETPs Board:

● shall complete a Quarterly Transaction Report only if the Independent Director/Trustee knew, or in the ordinary course of fulfilling their official duties as an Independent Director/Trustee, should have known, that during the 15-days immediately preceding or following the date of the Independent Director/Trustee's transaction in a Covered Security:

○ an Invesco ETP purchased or sold the Covered Security; or

○ an Invesco ETP, Invesco Capital Management, LLC. or any sub-adviser to such Invesco ETP considered purchasing or selling the Covered Security.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![(GRAPHIC)](tm2230141d7_ex99-p4img001.jpg)

● Independent Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement, shall request the Quarterly Transaction Report and complete the report with the following information for each transaction during the quarter:

○ the date of the transaction, the Covered Security name, number of shares (for equity securities), or the interest rate and maturity date (if applicable) and the principal amount (for debt securities) for each Covered Security;

○ the nature of the transaction (e.g., buy or sell);

○ the Covered Security identifier (i.e., CUSIP or symbol);

○ the execution price of the Covered Security;

○ the name of the broker-dealer or bank executing the transaction; and

○ the date that the report was submitted to the applicable Chief Compliance Officer.

● Independent Directors/Trustees on the Invesco ETPs Board, <u>are not</u> subject to:

○ pre-clearance requirements;

○ providing account statements or trade confirmations;

○ Covered Account or Annual Holdings reporting requirements; or

○ short-term trading restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;C. Independent Directors/Trustees on the Invesco Canada Fund Board:

● shall complete a Quarterly Transaction Report only if the Independent Director/Trustee knew or, or in the ordinary course of fulfilling their official duties as an Independent Director/Trustee, should have known, that during the 15-days immediately preceding or following the date of the Independent Director/Trustee's transaction in a Covered Security:

○ an Invesco Canada Fund purchased or sold the Covered Security; or

○ an Invesco Canada Fund, Invesco Canada Ltd. or any sub-adviser to such Invesco Canada Fund considered purchasing or selling the Covered Security.

● Independent Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement, shall request the Quarterly Transaction Report and complete the report with the following information for each transaction during the quarter:

○ the date of the transaction, the Covered Security name, number of shares (for equity securities), or the interest rate and maturity date (if applicable) and the principal amount (for debt securities) for each Covered Security;

○ the nature of the transaction (e.g., buy or sell);

○ the Covered Security identifier (i.e., CUSIP or symbol);

○ the execution price of the Covered Security;

○ the name of the broker-dealer or bank executing the transaction; and

○ the date that the report was submitted to the applicable Chief Compliance Officer.

● Independent Directors/Trustees on the Invesco Canada Fund Board, <u>are not</u> subject to:

○ pre-clearance requirements;

○ providing account statements or trade confirmations;

○ Covered Account or Annual Holdings reporting requirements; or

○ short-term trading restrictions.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

## Ex-99.(P)(5)

**Exhibit (p)(5)**

CODE OF ETHICS

Thompson, Siegel & Walmsley LLC

I. PREAMBLE

This Code of Ethics ("COE") is adopted in compliance with requirements adopted by the United States Securities and Exchange Commission (the "SEC") under Rule 17j-1 of the Investment Company Act of 1940, as amended (the "Company Act"), and Section 204A and Rules 204-2 and 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), to effectuate the purposes and objectives of the provisions contained therein. Rule 17j-1 of the Company Act requires that investment advisers to mutual funds adopt written codes of ethics; Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material non-public information by investment advisers; Rule 204-2 of the Advisers Act imposes recordkeeping requirements with respect to Personal Securities Transactions of Advisory Representatives (Capitalized terms are generally defined in Section IX); and Rule 204A-1 requires SEC registered investment advisers to adopt codes of ethics prescribing ethical standards under which they operate and also imposes recording and recordkeeping requirements with respect to Personal Securities Transactions of Access Persons. This COE of Thompson, Siegel & Walmsley LLC (the "Firm" or "TSW") is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Protect
 the Firm's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Educate
 Supervised Persons regarding the Firm's expectations and the laws governing their
 conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Remind
 Supervised Persons that they are in a position of trust and must always act with complete
 propriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Protect
 the reputation of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Guard
 against violation of the Federal Securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Establish
 procedures for Supervised Persons to follow so that the Firm may determine whether Supervised
 Persons are complying with its ethical principles.

II. STANDARDS
 OF BUSINESS CONDUCT

TSW's Senior Management adopted the COE which sets forth standards of business conduct and fiduciary obligations that the Firm requires of its Supervised Persons. Supervised Persons are required to maintain the highest ethical standards in carrying out the Firm's business activities. The Firm's reputation is one of its most important assets and maintaining the trust and confidence of clients is a vital responsibility. This section sets forth the Firm's business conduct standards.

*Compliance Review: February 25, 2022*

*Last Update: March 25, 2022*

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General Principles

Our principles and philosophy regarding ethics stress the Firm's fiduciary duty to its clients and the obligation of Firm personnel to uphold that fundamental duty. In recognition of the trust and confidence placed in the Firm by its clients and to give effect to the belief that the Firm's operations should be directed to benefit its clients, the Firm has adopted the following general principles to guide the actions of its Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 interests of clients are paramount. All Supervised Persons must conduct themselves and
 their operations to give maximum effect to this belief by at all times placing the interests
 of clients before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
 personal transactions in Securities by Supervised Persons must be accomplished so as
 to avoid even the appearance of a conflict of interest on the part of such Supervised
 Persons with the interests of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All
 Supervised Persons must avoid actions or activities that allow (or appear to allow) a
 Person to profit or benefit from his or her position with respect to a client, or that
 otherwise bring into question the Supervised Person's independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All
 information concerning the specific Security holdings and financial circumstances of
 any client is strictly confidential. Supervised Persons are expected to maintain such
 confidentiality, secure such information and disclose it only to other Supervised Persons
 with a need to know that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All
 Supervised Persons will conduct themselves honestly, with integrity and in a professional
 manner to preserve and protect the Firm's reputation.

Supervised Persons must comply with applicable Federal Securities laws and are prohibited from engaging in any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To
 employ a device, scheme or artifice to defraud a client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To
 make to a client or prospective client any untrue statement of a material fact or omit
 to state a material fact necessary in order to make the statements made, in light of
 the circumstances in which they are made, not misleading;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To
 engage in any act, practice or course of conduct which operates or would operate as a
 fraud or deceit upon a client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To
 act as principal for his/her own account, knowingly to sell any Security to or purchase
 any Security from a client, or acting as a broker for a Person other than such client,
 knowingly to effect any sale or purchase of any Security for the account of such client,
 without disclosing to such client in writing before the completion of such transaction
 the capacity in which he/she is acting and obtaining the consent of the client to such
 transaction. The prohibitions of this paragraph shall not apply to any transaction with
 a customer of a bank, broker or dealer if such broker or dealer is not acting as an investment
 adviser in relation to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To
 engage in any act, practice or course of business which is fraudulent, deceptive or manipulative,
 including with respect to Securities (i.e., price manipulation); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To
 originate or circulate, except as permitted below, in any manner a false or misleading
 rumor about a security or its issuer for the purpose of influencing the market price
 of the security. Where a legitimate business reason exists for discussing a rumor, for
 example, where a client is seeking an explanation for an irregular share price movement
 which could be explained by the rumor, care should be taken to ensure that the rumor
 is communicated in a manner that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Sources
 the origin of the information (where possible);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Gives
 it no additional credibility or embellishment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Makes
 clear that the information is a rumor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Makes
 clear that the information has not been verified.

This formulation has the benefit of allowing discussions of a rumor for legitimate purposes while including some safeguards against building to the rumor's credibility and effect on the market. These guidelines would permit, for example, a money manager to call an analyst or trader at another firm to report a rumor that the manager thinks are untrue and to ask if the analyst or trader has heard the rumor and has any relevant information. These conversations should be conducted with care, in a professional manner and without exaggeration.

This COE contains provisions reasonably necessary to prevent Supervised Persons of the Firm from engaging in acts in violation of the above standards and procedures reasonably necessary to prevent violations of the COE.

Federal law requires that this COE not only be adopted but that it will also be enforced with reasonable diligence. Failure to comply with the COE may result in disciplinary action, including termination of employment. Noncompliance with the COE has severe ramifications, including enforcement actions by regulatory authorities, criminal fines,

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civil injunctions and penalties, disgorgement of profits and sanctions on your ability to be employed in an investment advisory business or in a related capacity. This COE is based upon the principle that the Supervised Persons of the Firm, and certain Affiliated Persons of the Firm, owe a fiduciary duty to, among others, the clients of the Firm to conduct their affairs, including their Personal Securities Transactions, in such a manner as to avoid: (i) serving their own personal interests ahead of clients; (ii) taking inappropriate advantage of their position with the Firm; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of the Review Officer of the Firm to report material violations of this COE to the TSW Executive Committee and to the Board of Directors of any U.S. registered investment company client advised or sub-advised by the Firm and of the actions taken as a result of such violations.

III. POLICY
 STATEMENT ON INSIDER TRADING

The Firm forbids any Supervised Person from trading, either personally or on behalf of others, including accounts managed by the Firm, on material non-public information or communicating material non-public information to others in violation of the law. This conduct is frequently referred to as "insider trading." The Firm's policy applies to every Supervised Person and extends to activities within and outside their duties at the Firm. Any questions regarding the Firm's policy and procedures should be referred to the Review Officer. Trading Securities while in possession of material non-public information or improperly communicating that information to others may expose you to severe penalties. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee", and criminal fines of up to $5,000,000. In addition, if it is found that TSW failed to take appropriate steps to prevent insider trading, TSW or Pendal USA Inc. ("Pendal-US") may be subject to significant criminal fines and civil penalties not to exceed the greater of $1,000,000 or three times the profit gained (or loss avoided) as a result of the insider trading. Regardless of whether a government inquiry occurs, the Firm views seriously any violation of its insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal.

The term "material non-public information" relates not only to issuers but also to the Firm's Securities recommendations and client Securities holdings and transactions. The term "insider trading" is not defined in the Federal Securities laws, but generally is used to refer to the use of material non-public information to trade in Securities (whether or not one is an "insider") or to communications of material non-public information to others. Information about a significant order to purchase or sell Securities may, in some contexts, be deemed material. Similarly, prepublication information regarding reports in the financial press also may be deemed material.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading
 by an insider while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading
 by a non-insider, while in possession of material non-public information, where the information
 either was disclosed to the non-insider in violation of an insider's duty to keep it
 confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicating
 material non-public information to others.

The concept of "insider" is broad. It includes officers, directors and associated persons of a company. In addition, a Person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers and the associated persons of such entities. The Firm's Review Officer will make the determination if a Person is to be deemed a "temporary insider." In addition, the Firm may become a temporary insider of a company it advises or for which it performs other services. For that to occur the company must expect the Firm to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the Firm will be considered an insider.

Trading on inside information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's Securities. Information that officers, directors and associated persons should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Information is non-public until it has been effectively communicated to the marketplace. Tangible evidence of such dissemination is the best indication that the information is public. One must be able to point to some publicly available fact to show that the information is generally public. For example, information found in a report filed with the SEC or some other governmental agency, appearing in Dow Jones publications, Reuters, The Wall Street Journal, and other publications of general circulation, media broadcasts, over public internet websites and after sufficient time has passed so that the information has been disseminated widely would be considered public.

Before trading for yourself or others in the Securities of a company about which you may have potential inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is
the information material? Is this information that an investor would consider important in making his or her investment decisions?
Is this information that

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would substantially affect the market price of the Securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is
 the information non-public? To whom has this information been provided? Has the information
 been effectively communicated to the marketplace?

If, after consideration of the above, you believe that the information is material and non-public, or if you have questions as to whether the information is material and non-public, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report
 the matter immediately to a member of the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do
 not purchase or sell the Securities on behalf of yourself or others, including clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do
 not communicate the information inside or outside the Firm, other than to the Firm's
 Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. After
 the Firm's Review Officer has reviewed the issue, you will be instructed to continue
 the prohibitions against trading and communication, or you will be allowed to trade and
 communicate the information.

Information in your possession that you identify as material and non-public may not be communicated to anyone, including Supervised Persons within the Firm, except as provided above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed, access to computer files containing material non-public information should be restricted and conversations containing or related to such information, if appropriate at all, should be conducted in private to avoid potential interception.

The role of the Firm's Review Officer is critical to the implementation and maintenance of the Firm's policy and procedures against insider trading. The Firm enforces prevention of insider trading and detection of insider trading.

To prevent insider trading, the Firm will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide,
 an educational program to familiarize Supervised Persons with the Firm's policy and procedures,
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When
 it has been determined that a Supervised Person of the Firm has material non-public information,
 the Firm will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) implement
 measures to prevent dissemination of such information, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) if
 necessary, restrict Supervised Persons from trading the Securities.

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To detect insider trading, the Compliance Department will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review
 the trading activity reports filed by each Supervised Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review
 the trading activity of accounts managed by the Firm.

IV. POLICY
 STATEMENT ON THE PAY-TO-PLAY RULE

TSW requires pre-approval by Compliance of all Political Contributions, political fundraising activities, and political volunteer activities by all Firm employees. However, many such activities may be approved if they are allowable or represent exemptions under the Pay-to-Play Rule as described below, and in the related policy in the Firm's Policy & Procedures Manual or "PPM" under the policies for Solicitor Arrangements and Pay-to-Play Rule. This policy is necessary to prevent the result of the Firm not being compensated for certain investment advisory services for two years if such rules are violated. See Appendix for definitions and further clarifications under the Pay-to-Play Rule.

Notwithstanding this policy, it is never permitted for TSW and its employees to make, or direct or solicit any other person to make, any Political Contribution or provide anything else of value for the purpose of influencing or inducing the obtaining or retaining of investment advisory services business.

TSW has adopted various procedures and internal controls to review, monitor and ensure the Firm's Solicitor Arrangements and Pay-to-Play policies are observed, implemented properly and amended or updated, as appropriate, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Political
 Contributions: All employees are required to obtain approval from Compliance prior to
 making any Political Contribution of any value. Employees may obtain such pre-approval
 from Compliance by completing and submitting a "Political Contribution Request Form"
 via Schwab Compliance Technologies ("SCT"), the Firm's automated personal
 trading and compliance system. Compliance will review and evaluate each completed and
 submitted form to determine whether the Contribution is permissible based upon the requirements
 of Rule 206(4)-5 and Firm policy. Employees and their immediate supervisor(s) will be
 notified in writing and/or via the SCT system of Compliance's final determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Coordinating
or Soliciting Political Contributions, and Political Fundraising: In addition, all employees need to obtain approval from Compliance
prior to engaging in Coordinating or Soliciting Political Contributions or engaging in any other political fundraising efforts.
Employees should use the "Political Volunteering/Solicitation/Fundraising Form" via SCT to request pre-approval

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for such activities. Coordinating or Soliciting Political Contributions, or political fundraising, may even include, for example, merely having one's name appear in the letterhead or any other portion of a political fundraising letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Indirect
 Political Contributions: Employees are forbidden from performing any act which would
 result in a violation of Rule 206(4)-5 and/or the provisions of the Code, whether directly
 or indirectly, or through or by any other person or means. Employees may not use other
 persons or entities, including family members or friends or any other conduits to circumvent
 Rule 206(4)-5 and/or the Code. Activities conducted at the direction or suggestion of
 a Firm employee are considered to be made by the employee in the context of political
 contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Annual
 Political Contributions Certification Form: At the end of each year, Compliance will
 distribute to all Firm employees an Annual Political Contributions Certification Form
 also via SCT. This Form is intended to capture information regarding any Political Contribution
 made by each such employee, both directly and indirectly, during that calendar year.

Employees return the forms either (1) acknowledging that no Political Contributions were made, or (2) disclosing all Political Contributions made, including Contributions for which the employee received pre-clearance. In order to protect the privacy of employees, the records shall be treated as confidential and may only be accessed and/or reviewed by person(s) with a "need to know" or for purposes of making necessary disclosures to the SEC, if required.

In addition, a question is included on the quarterly reporting forms via SCT as well to be certain all such contributions and fundraising efforts are properly pre-cleared and reported.

Please consult TSW's PPM for definitions or more details on this issue.

V. PROHIBITED
 TRANSACTIONS AND ACTIVITIES

The following prohibitions apply to all Access Persons, unless indicated otherwise and unless exempted under Section VI. In addition to these prohibitions, the Review Officer may prohibit transactions other than those specifically indicated below if they determine that a proposed transaction presents a potential conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access
Persons are prohibited from directly or indirectly using any act, device, scheme, artifice, practice or course of conduct to defraud,
mislead or manipulate a client in connection with the Purchase or Sale of a Security held or to be acquired by the client. Access
Persons are also prohibited from making any untrue statement of material fact to a client and from omitting to state a

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material fact necessary in order to make the statement made to the client, under the circumstances, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Access
 Persons are generally prohibited from purchasing or selling, directly or indirectly,
 any Security (excluding ETFs and other Securities excluded from pre-clearance under the
 Firm's COE) in which he/she has, or by reason of time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) is
 on the Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) is
 being purchased or sold by any Portfolio (Firm managed accounts, including WPS strategies,
 but excluding any WPS limit orders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) was
 purchased or sold by any Portfolio during the previous trading day or the day following
 (thus violating the 3-day black-out period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) is
 less than $3.0 billion in market capitalization and held in a TSW Primary Product (or
 Primary Strategy which includes any long-only equity strategy and fixed income strategies
 (and thus excludes long/short strategies) offered to outside clients and described in
 TSW's Form ADV).

Exemptions from the black-out period may be permitted in certain circumstances where the Chief Compliance Officer or their designee has determined there is no conflict of interest or appearance of impropriety. In such cases, this will not be considered a violation of the Firm's COE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless
 exempted under Section VI or otherwise above, Access Persons are prohibited from purchasing
 or selling a Reportable Security without prior approval through the SCT automated system.
 However, even if exempted for prior approval/pre-clearance, all Securities will be reported
 on transactions statements or otherwise as dictated under Section VIII Reporting Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access
 Persons are prohibited from acquiring a beneficial interest in any Securities in a Limited
 Offering commonly referred to as a private placement, without prior approval of the CCO.
 The CCO (or designee) will maintain a record of any decision, and the reasons supporting
 the decision to approve the Access Person's acquisition of a private placement.

Before granting such approval, the CCO should carefully evaluate such investment to determine that the investment could create no material conflict between the Access Person and any Portfolio. The Review Officer may make such determination by looking at, among other things, the nature of the offering and the particular facts surrounding the purchase. For example, the CCO may

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consider approving the transaction if he or she can determine that: (i) the investment did not result from directing Portfolio or Firm business to the underwriter or issuer of the Security; (ii) the Access Person is not misappropriating an opportunity that should have been offered to any Portfolio; and (iii) the Access Person's investment decisions for a Portfolio would not be unduly influenced by his or her personal holdings, and investment decisions are based solely on the best interests of that Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Access
 Persons are prohibited from acquiring Beneficial Ownership of a Security, excluding new
 issues of tax-exempt Securities or corporate bonds, as part of an Initial Public Offering.
 However, such new issues of tax-exempt Securities or corporate bonds, if purchased, should
 be pre-cleared and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Access
 Persons and their family members are discouraged from accepting or giving any gift, favor,
 service, special accommodation or other thing of more than de minimis material value
 from or to any Person or entity that does business with or seeks to do business with
 or on behalf of the Firm. Such gifts may be prohibited where they could be viewed as
 overly generous or reasonably could be expected to compromise an Access Person's
 or another's independence and objectivity. For Gifts and Entertainment purposes
 under this COE, "de minimis" shall be considered to be the annual receipt/provision
 of gifts from or to the same source valued at $100 or less per individual recipient/source,
 when the gifts are in relation to the Firm's business. Gifts do not include business
 entertainment; however, entertainment, and the pre-clearance process for gifts and business
 entertainment, is addressed in more detail below in the next section. Any exceptions
 to this policy need to be approved by the Firm's Review Officer or CEO. Access
 Persons will acknowledge, quarterly, the receipt or gift of any business-related gifts,
 services or other things of material value via the SCT system. In addition, a gift log
 for all gifts, even those of de minimis value, will be maintained by the Review Officer
 or their designee via SCT. Finally, Political Contributions, discussed separately, are
 not considered gifts.

**<u>Exception</u>: Promotional gifts of little intrinsic value such as coffee mugs, calendars, plaques, trophies or similar items solely for the purpose of presentation and display of a company's logo, where the estimated value of the item is under $10, are not required to be logged or reported quarterly, as such items are not included in the calculation of the aggregate value of gifts required to be reported by the DOL.** That said, this exception does not cover a gift that clearly has a value in excess of $10—for example, a $400 golf club embossed with a company logo would likely be prohibited, but should be pre-cleared and reported; a pen valued at $75 and embossed with a company logo would likely not be prohibited, but should be reported.

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For accounts related to ERISA plans (involving increased fiduciary responsibility) or Taft-Hartley plans (involving union officials or labor unions) or for gifts to elected officials, any gifts considered at all value levels need to be pre- approved, logged and reported. Access persons should bear in mind that for Taft-Hartley plans, the DOL has established a $250 per person annual aggregate limit which should not be exceeded. This limit will be applied to ERISA plans as well due to the increased fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Access
 Persons may host or attend a business entertainment event of reasonable value, such as
 a dinner or sporting event that serves a legitimate and appropriate business purpose.
 Such business entertainment may be prohibited where it could be viewed as overly generous
 or reasonably could be expected to compromise an Access Person's or another's
 independence and objectivity. Access Persons should seek prior approval or pre-clearance
 from the Firm's Review Officer or a CEO in cases where they are unsure of whether
 the entertainment (or a gift as described above) may be viewed as overly generous, or
 in any case where a proposed gift is over $100 or business entertainment is over $250
 in estimated value. What may constitute "overly generous" gifts or entertainment
 may be determined on a case-by-case basis by the Review Officer or CEO. In cases where
 pre-approval is necessary, it will occur automatically via the SCT system.

It is acknowledged that such pre-clearances (as described above) will only be submitted and reviewed in cases where the entertainment event or gift is prospective in nature, quantifiable, and can be properly analyzed. In other cases, an approval may be obtained and reported after the gift is received or the event has taken place. **<u>Exceptions</u>: Where an entertainment event or gift is included as part of an educational conference, seminar, research conference or similar event which may entail multiple meals and entertainment events. In such cases, the employee will log the event and it must always be approved, but on the log and approval form, it is not necessary to include the value or estimated cost--just a description of the event and other details.**

**Business entertainment of little intrinsic value, such as group lunches where the estimated value of the expense is under $10 per person, is not required to be logged or reported quarterly. However, this exception does not apply in cases involving ERISA plans or Taft-Hartley plans where any gifts or entertainment provided at all value levels need to be pre-approved, logged and reported.**

Except for the exemptions described above, all business entertainment events (either hosted or attended by Access Persons) will be acknowledged and reported quarterly via the SCT system. Finally, an entertainment log for all business entertainment events (either hosted or attended) will also be maintained by the Review Officer or their designee via SCT.

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For accounts related to ERISA plans (involving increased fiduciary responsibility) or Taft-Hartley plans (involving union officials or labor unions) or for business entertainment provided to elected officials, any entertainment considered at all value levels must be pre-approved, logged and reported. Access persons should bear in mind that for Taft-Hartley plans, the DOL has established a $250 per person annual aggregate limit which should not be exceeded. This limit will be applied to ERISA plans as well due to the increased fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Access
 Persons are prohibited from profiting in the purchase and sale, or sale and purchase,
 of the same (or equivalent) Reportable Securities, including Firm Managed Funds, within
 30 calendar days. Trades made in violation of this prohibition should be unwound, if
 possible.

**<u>Exception</u>:** The Review Officer may allow exceptions to this policy on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present and the equity of the situation strongly supports an exemption. An example is the involuntary sale of Securities due to unforeseen corporate activity such as a merger. The ban on short-term trading profits is specifically designed to deter potential conflicts of interest and front running transactions, which typically involve a quick trading pattern to capitalize on a short-lived market impact of a trade by one of the Portfolios. The Review Officer shall consider the policy reasons for the ban on short-term trades, as stated herein, in determining when an exception to the prohibition is permissible. The Review Officer may consider granting an exception to this prohibition if the Securities involved in the transaction are not being considered for purchase or sale by a Portfolio. The Review Officer shall retain a record in SCT of any exceptions granted and the reasons supporting the decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Access
 Persons are prohibited from serving on the Board of Directors of any publicly traded
 company without prior authorization of the Review Officer of the Firm. Any such authorization
 shall be based upon a determination that the board service would be consistent with the
 interests of the Firm and any Portfolios. Authorization of board service shall be subject
 to the implementation by the Firm of "Chinese Wall" or other procedures to
 isolate such Access Persons from making decisions about trading in that company's Securities.

VI. EXEMPTED
 TRANSACTIONS

Prohibited transactions described in Section V above, which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Portfolio may be permitted within the discretion of the Review Officer on a case-by-case basis. Such

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exempted transactions may include the following, and even if not required to be pre-cleared, should be reported as dictated under Section VIII Reporting Requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases
 or sales of securities which are not held by a Portfolio and which are not related economically
 to Reportable Securities held by a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other
 exemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) purchase
 or sale that is non-volitional on the part of the Access Person, including (i) a purchase
 or sale upon the exercise of puts or calls written by the Access Person, (ii) sales from
 a margin account, pursuant to a bona fide margin call and (iii) a purchase or sale performed
 by an independent financial professional acting with sole discretion and performed pursuant
 to an arrangement previously approved by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) purchase
 that is part of an automatic dividend reinvestment plan or other similar program, including
 any sale through a systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) purchase
 effected upon the exercise of rights issued by an issuer pro rata to all holders of the
 Security, to the extent such rights were acquired from the issuer, and sales of such
 rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) an
 acquisition of a Security through a gift or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) a
 disposition of Security through gift.

The CCO may, on a case-by-case basis, exempt Reportable Accounts which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Portfolio from pre-clearance requirements.

VII. COMPLIANCE
 PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Pre-Clearance Procedures for Personal Trading** 

Unless exempted under Section VI above or otherwise, all Access Persons need to receive prior approval from the Firm's Review Officer via SCT before purchasing or selling Reportable Securities in an account for which such Access Person has Beneficial Ownership. The Access Person should request pre-clearance by completing and submitting a personal trading Pre-Clearance Form via the SCT system to the Review Officer.

Pre-clearance approval will expire at the close of business on the trading date on which authorization is received. If the trade is not completed before such

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pre-clearance expires, the Access Person is required to again obtain pre-clearance for the trade. No Review Officer may pre-clear their own trades. In addition, if an Access Person becomes aware of any additional information with respect to a transaction that was pre-cleared, such Person is obligated to disclose such information to the Review Officer prior to executing the pre-cleared transaction.

Access Persons are excluded from pre-clearing Reportable Securities purchased, sold, acquired or disposed in the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. purchase
 or sale that is non-volitional on the part of the Access Person, including (i) a purchase
 or sale upon the exercise of puts or calls written by the Access Person, (ii) sales from
 a margin account, pursuant to a bona fide margin call and (iii) a purchase or sale performed
 by an independent financial professional acting with sole discretion and performed pursuant
 to an arrangement previously approved by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. purchase
 that is part of an automatic dividend reinvestment plan or other similar program, including
 any sale through a systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. purchase
 effected upon the exercise of rights issued by an issuer pro rata to all holders of the
 Reportable Security, to the extent such rights were acquired from the issuer, and sales
 of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. an
 acquisition of a Reportable Security through a gift or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a
 disposition of Reportable Security through a gift;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. purchase
 or sale of Exchange Traded Funds ("ETFs"), options on ETFs, indexes, commodities
 and currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. entry
 into futures contracts on ETFs, indexes, commodities and currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. purchase
 or sale of tax-exempt and corporate bonds (unless they are new issues);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. purchase
 or sale of shares of foreign unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. purchase
 or sale of shares of open- and/or closed-end funds except Firm Managed Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Pre-Clearance Procedures for Political Contributions, Fundraising Efforts, and Other Similar Actions** 

Political Contributions or Fundraising Efforts: All employees are required to obtain approval from Compliance prior to making any Political Contribution of any value or prior to participating in any fundraising efforts or similar actions.

Employees may obtain such pre-approval from Compliance by completing and submitting a "Political Contribution Request Form" or "Political Volunteering/Solicitation/Fundraising Form" via the SCT system. Compliance will review and evaluate each completed and submitted form to determine whether the Contribution is permissible based upon the requirements of Rule 206(4)-5 and Firm policy. Employees will be notified in writing and/or via the SCT system of Compliance's final determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Logging and Pre-Clearance Procedures for Gifts and Entertainment** 

All employees are required to obtain approval from the Firm's Review Officer or CEO prior to giving/receiving a gift valued at more than $100 or business entertainment valued at more than $250 per person (unless it is exempted from approval or reporting as described above). Employees may obtain pre-approval by completing and submitting a "Gift Request" or "Entertainment Request" via SCT. Employees will be notified in writing of the Review Officer or CEO final determination. Please note that for virtual events, consumable items provided or received in advance for use/consumption during the virtual event may, if used/consumed during the virtual event, be considered as part of a 'virtual' entertainment event. Non-consumable items provided or received in connection with a virtual event are deemed gifts. TSW Associates are encouraged to reach out to members of the Compliance Department with questions concerning virtual events.

All employees are required to log all gifts (except those described as promotional gifts under $10 as described above) and all business entertainment (except that which is exempted as described above), either given or received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Excessive Trading/Market Timing** 

The Firm understands that it is appropriate for Access Persons to participate in the public Securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that minimizes potential conflicts with the interests of any Portfolio. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades or other measures, as deemed appropriate by the Review Officer or senior management at the Firm, may compromise the best interests of any Portfolios if such excessive trading is conducted during work-time or using Firm

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resources. Accordingly, if personal trading rises to such a level as to create an environment that is not consistent with the COE, such personal transactions may not be approved or may be limited by the Review Officer of the Firm.

Each Firm Managed Fund is intended for long-term investment purposes only and does not permit "market timing" or other types of excessive short-term trading by Access Persons and other shareholders. Excessive short-term trading into and out of the Firm Managed Funds can disrupt Portfolio investment strategies and may increase fund expenses for all shareholders, including long-term shareholders who do not generate these costs. Each Firm Managed Fund reserves the right to reject any purchase request (including purchases by exchange) by any investor or group of investors for any reason without prior notice, including, in particular, if the fund reasonably believes that the trading activity would be disruptive to the fund. Access Persons shall not be permitted to make a "round trip" trade in any Firm Managed Fund within 30 calendar days without the direct approval of the Review Officer of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Conflicts of Interest** 

Every Supervised Person shall notify the Review Officer of the Firm of any personal conflict of interest relationship which may involve a Portfolio, such as the existence of any economic relationship between their transactions and Securities held or to be acquired by any Portfolio. Such notification shall occur in the pre-clearance process.

VIII. REPORTING
 REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Disclosure of Personal Holdings & Outside Business Activities** 

All Access Persons shall submit to the Review Officer:

A holdings report that includes: (1) information regarding all holdings in Securities in which Access Persons have Beneficial Ownership; and (2) the name of any broker, dealer, bank or other entity for any Reportable Account. All Securities accounts which hold or could hold Securities should be reported—those are all considered Reportable Accounts. New employees should submit these reports within 10 days of employment with the Firm. Information contained in the initial reports should be current as of a date not more than 45 days before the employee became an Access Person or prior to the date the report is submitted for annual reports.

In addition to reporting Securities holdings, every Access Person shall certify in their initial report that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They
 have received, read, and understand the COE and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They
 have no knowledge of the existence of any personal conflict of interest relationship
 which may involve a Portfolio, such as any economic relationship between their transactions
 and Securities held or to be acquired by a Portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. They
 do not serve on the Board of Directors of any publicly traded company.

The initial report shall be made through affirmations via the SCT system and shall be delivered to the Review Officer/Compliance via SCT.

**Outside Business Activities**

In accordance with Firm policy, employees must disclose and provide prior written notice of reportable Outside Business Activities ("OBAs"). An outside business activity is defined as any business activity outside the scope of the relationship with TSW. These include any activities that a Supervised Person may be engaged in outside of their employment with the Firm, including, but not limited to, service as an officer, director, partner, employee, consultant or independent contractor with any for profit or non-profit organization. A person may be engaged in an OBA if they are a) employed by any other person or entity; b) receiving compensation from any other person or entity; c) serving as an officer, director, or partner of another entity; or d) serving in a fiduciary capacity (e.g. trustee, executor or power of attorney) for someone other than a family member.

Prior approval from the CCO or designee is required prior to engaging in the activity. Associates are not permitted to participate in an OBA that would interfere with or otherwise compromise their responsibilities to TSW. No OBA will be allowed unless approved by the CCO. The Firm expects employees to devote their business day to the work of the Firm, and employees are expected to avoid any outside activity, employment, position, or association that might interfere or appear to interfere with the independent exercise of the employee's judgment regarding the best interests of the Firm and its clients. Violations of OBA protocols will result in disciplinary action which may include termination.

The initial and subsequent disclosure(s) shall be made through SCT and shall be delivered to the Review Officer/Compliance via SCT for review and pre-approval. In the event an existing activity changes or ceases, an updated disclosure is required in SCT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Quarterly Reporting Requirements** 

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All Access Person shall disclose to the Review Officer/Compliance all transactions in Reportable Securities conducted during the period as of the calendar quarter ended within 30 calendar days after quarter-end. Access Persons do not need to pre-clear Personal Securities Transactions effected in any account over which the Access Person has no direct or indirect influence or Control; however, custodian statements in any such accounts must be sent to the Review Officer via SCT not less than quarterly.

In addition, on a quarterly basis via SCT, with respect to all Reportable Accounts, the Access Person must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. not
 less than quarterly, a custodian statement disclosing the transactions for any Reportable
 Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 name of the broker, dealer, bank or other entity that acts as custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. if
 a new Reportable Account, the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the
 date the report is submitted by the Access Person.

This quarterly report shall be made through affirmations via the SCT system and shall be delivered to the Review Officer/Compliance via SCT. This quarterly affirmation also includes a section for Pay-to-Play Rule reporting and Gifts and Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Report Certification of Compliance with Code of Ethics** 

All Access Persons shall disclose to the Review Officer via the SCT system all holdings in Reportable Securities as of the calendar year ended within 30 calendar days after year end. In addition to reporting Reportable Securities holdings, every Access Person shall certify annually via SCT that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. they
 have read and understand the COE and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. they
 have complied with the requirements of the COE and that they have reported all Personal
 Securities Transactions required to be reported pursuant to the requirements of the COE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. they
 do not serve on the Board of Directors of any publicly traded company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. they
have not disclosed pending "buy" or "sell" orders for a Portfolio to any associate of any other Management
Company, except where the

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disclosure occurred subsequent to the execution or withdrawal of an order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. they
 have disclosed all Reportable Accounts-all Securities accounts which hold or could hold
 Securities should be reported—those are all considered Reportable Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. they
 have no knowledge of the existence of any personal conflict of interest relationship
 which may involve any Portfolio, such as any economic relationship between their transactions
 and Securities held or to be acquired by a Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. they
 have not received any gift or other thing valued at more than $100 or $250 for business
 entertainment (de minimis amount) in relation to the Firm's business and have disclosed
 all gifts and entertainment both given and received via the Firm's Gift and Entertainment
 Log; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. they
 have or have not made or previously pre-cleared any political contributions or fundraising
 activities.

These annual reports shall be made via affirmations on the SCT system and shall be delivered to the Review Officer/Compliance via SCT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Confidentiality of Reports** 

Reports submitted pursuant to this COE shall be confidential and shall be provided only to those Supervised Persons of the Firm with a need to know and, upon appropriate request, Compliance Departments of Pendal Group Ltd. ("Pendal", TSW's parent company) and any registered investment company the Firm advises or sub-advises, counsel, and/or regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Acknowledgement of Receipt of Code of Ethics** 

Each Supervised Person shall be provided with a copy of this COE or access to it, and any amendments, and Supervised Persons shall submit a written acknowledgment of their receipt of this Code and any amendments to this COE. Written acknowledgement of the Code will be made via affirmations on the SCT system, both initially and annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Review of Reports** 

The Review Officer shall review reports submitted under this COE. The Review Officer shall not review his/her own reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Duplicate Confirmation and Statements** 

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The Review Officer of the Firm may require Access Persons to provide duplicate copies of confirmation of each disclosable transaction in their accounts and will require duplicate copies of account statements, all provided via the SCT system where possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Reporting of Violations to the TSW Executive Committee and Sanctions** 

Supervised Persons are required to report any violations of this COE promptly to the Review Officer. The Review Officer of the Firm shall report all violations (including non-material, technical violations) to the Compliance Committee and shall report material violations of this COE to the TSW Executive Committee. The TSW Executive Committee, and outside counsel, if deemed appropriate, shall consider reports made to it and shall determine whether or not there has been a violation of the Firm's COE and what sanctions, if any, should be imposed, including, among other things, a letter of censure or suspension, fines, or termination of the employment of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Annual Reporting** 

The Review Officer of the Firm shall prepare an annual report relating to this COE to TSW Executive Committee and of any U.S. registered investment company client advised or sub-advised by the Firm that request such reporting. Such annual report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. summarize
 existing procedures concerning personal investing and any changes in the procedures made
 during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. identify
 any violations during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. identify
 any recommended changes in the existing restrictions or procedures based upon the Firm's
 experience under its COE, evolving industry practices or developments in applicable laws
 or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. state
 that the Firm had adopted procedures reasonably necessary to prevent Access Persons from
 violating the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Retention of Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Firm shall maintain the following records via the SCT system as required under Rule 17j-1
 under the Investment Company Act and Rule 204A-1 under the Advisers Act:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a
 copy of any Code of Ethics in effect within the most recent five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a
 list of all Supervised Persons required to make reports hereunder within the most recent
 five years and a list of all Supervised Persons who were responsible for reviewing the
 reports, as shall be updated by the Review Officer of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a
 copy of each report made by an Access Person hereunder and submitted to the Firm's
 Review Officer for a period of five years from the end of the fiscal year in which it
 was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. each
 memorandum made by the Review Officer of the Firm hereunder for a period of five years
 from the end of the fiscal year in which it was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a
 record of any violation under the Code of Ethics and any action taken as a result of
 such violation for a period of five years following the end of the fiscal year in which
 the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. a
 record of all written acknowledgements as required by Rule 204A-1(a)(5) for each Person
 who is currently, or in the past five years was, a Supervised Person of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. a
 record of any decision, and the reasons supporting the decision, to approve the acquisition
 of securities by Access Persons under Rule 204A-1(c), for at least five years after the
 end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. a
 copy of every report provided to TSW's Executive Committee or a fund's Board
 which describes any issues arising under the Code of Ethics and certifies that the Firm
 has adopted procedures reasonably necessary to prevent Access Persons from violating
 the Code of Ethics.

IX. DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *"Access Person"* means any Manager, officer, general partner or Advisory Representative
 of the Firm. As the nature and philosophy of the Firm tends to expose a large range of
 Supervised Persons to client information, all Supervised Persons are treated as Access
 Persons. Supervised Persons that are subject to another code of ethics that has been
 reviewed and approved by the Review Officer are not subject to the Access Person requirements
 of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *"Advisory Representative"* means any Supervised Person, who in connection with his or her regular functions or duties, normally
makes, participates in, or

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otherwise obtains current information regarding the Purchase or Sale of a Security by the Firm, or whose functions relate to the making of any recommendations with respect to such purchases or sales, and any natural Person in a Control relationship to the Firm who obtains information concerning recommendations made concerning a Purchase or Sale of a Security. This definition includes but is not limited to the following: partner, officer, Manager, investment person, Portfolio Manager and any other Supervised Person of the Firm designated as an "Advisory Representative" from time to time by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *"Affiliated Person"* of another Person means (a) any Person directly or indirectly owning,
 Controlling, or holding with power to vote, five percent (5%) or more of the outstanding
 voting securities of such other person; (b) any Person five percent (5%) or more of whose
 outstanding voting securities are directly or indirectly owned, Controlled, or held with
 power to vote, by such other person; (c) any Person directly or indirectly Controlling,
 Controlled by, or under common Control with, such other person; (d) any officer, director,
 partner, copartner, or associate of such other person; (e) if such other Person is an
 investment company, any investment adviser thereof or any member of an advisory board
 thereof; and (f) if such other Person is an unincorporated investment company not having
 a board of directors, the depositor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *"Affiliated Fund"* means any investment vehicle registered under the Investment Company
 Act which the Firm or an Affiliated Person acts as manager, adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *"Beneficial Ownership"* shall be interpreted in the same manner as it would be under Rule
 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the "1934 Act"),
 in determining whether a Person is the beneficial owner of a Security for purposes of
 Section 16 of the 1934 Act and the rules and regulations thereunder, that, generally
 speaking, encompasses those situations where the beneficial owner has the right to enjoy
 a direct or indirect economic benefit from the ownership of the Security. A Person is
 normally regarded as the beneficial owner of securities held in (i) the name of his or
 her spouse, domestic partner, minor children, or other relatives living in his or her
 household; (ii) a trust, estate or other account in which he/she has a present or future
 interest in the income, principal or right to obtain title to the securities; or (iii)
 the name of another Person or entity by reason of any contract, understanding, relationship,
 agreement or other arrangement whereby he or she obtains benefits substantially equivalent
 to those of ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *"Control"* means the power to exercise a Controlling influence over the management or policies of a company, unless such power is solely
the result of an official position with such company. Any Person who owns beneficially, either directly or through one or more
Controlled companies, more than twenty-five

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percent (25%) of the voting securities of a company shall be presumed to Control such company. Any Person who does not so own more than twenty-five percent (25%) of the voting securities of any company shall be presumed not to Control such company. A natural Person shall be presumed not to be a Control person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *"Exchange Traded Fund ("ETF")" means a portfolio of securities that trades throughout the day on an exchange. A closed-end fund* is not an ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *"Firm" means* TSW, an investment adviser registered with the SEC under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *"Firm Managed Fund"* means any investment company registered under the Investment
 Company Act or pooled investment vehicle for which the Firm acts as investment adviser
 or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *"Initial Public Offering"* means an offering of securities registered under the Securities
 Act of 1933, as amended (the "Securities Act"), the issuer of which, immediately
 before the registration, was not subject to the reporting requirements of Sections 13
 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *"Investment Personnel"* means (a) any Portfolio Manager of the Firm; (b) any associate of
 the Firm (or of any company in a Control relationship to a fund or the Firm) who, in
 connection with his regular functions or duties, makes or participates in making recommendations
 regarding the purchase or sale of securities by the Firm, including securities analysts,
 traders and marketing Supervised Persons; or (c) any Person who Controls a fund or the
 Firm and who obtains information concerning recommendations made to any Portfolio regarding
 the purchase or sale of securities by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *"Limited Offering"* means an offering that is exempt from registration under the Securities
 Act pursuant to Section 4(2) or Section 4(6) or Rules 504, 505 or 506 under the Securities
 Act. Limited offerings are commonly referred to as private placements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *"Maintenance Trades"* (also called "*Non-Rotational Trades*") refer to any
 trades effected by Portfolio Managers for specific accounts including those in "SMA"
 accounts. Maintenance trades typically occur to get Portfolios in line with guidelines,
 raise cash for specific purposes, etc. These are not to be confused with Firm-wide block
 trades (also called "Rotational Trades" which affect large numbers of accounts
 at one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *"Management Company"* refers to investment advisers that are subsidiaries of, or organizations
 otherwise affiliated with, Pendal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *"Manager"* refers to individual member of the TSW Executive Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *"Person"* means a natural Person or a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *"Personal Securities Transactions"* means any transaction in a Security pursuant to which
 an Access Person would have a Beneficial Ownership interest with the exception of obligations
 of the U.S. Government, bankers' acceptances, bank certificates of deposit, money
 market fund shares, commercial paper, high quality short-term debt instruments and registered
 open-end investment companies, none of which are funds advised or sub-advised by the
 Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *"Portfolio"* means any account, trust or other investment vehicle over which the Firm has investment
 management discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. *"Portfolio Manager"* means an associate of the Firm entrusted with the direct responsibility
 and authority to make investment decisions affecting the Portfolios or Firm Managed Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. *"Primary Product"* or *"Primary Strategy"* means any long-only equity
 strategy and fixed income strategy (and thus excludes long/short strategies) offered
 to outside clients and described in TSW's Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. *"Purchase or Sale of a Security"* includes, among other things, the writing of an option
 to purchase or sell a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. *"Reportable Account"* means any account held at a broker, dealer or bank with which an Access
 Person maintains Beneficial Ownership in any Security and for any account held at a broker,
 dealer, bank or other entity for which an Access Person has the ability to obtain Beneficial
 Ownership of any Security. All Securities accounts which hold or could hold Securities
 should be reported—those are all considered Reportable Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. *"Reportable Security"* shall include any Firm Managed Fund and commodities contracts as defined
 in Section 2(a)(1)(A) of the Commodity Exchange Act. This definition includes but is
 not limited to futures contracts on equity indices.

*"Reportable Security"* means any stock, bond, future, investment contract or any other instrument that is considered a "Reportable Security" or "Covered Security" under the Investment Company Act. The term "Reportable Security" is very broad and includes items you might not ordinarily think of as "Reportable Securities," including:

● Options on securities, on indexes and on currencies (options on securities defined as one option contract covering 100 shares of stock);

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● All kinds of limited partnerships;

● Foreign unit trusts and foreign mutual funds;

● Private investment funds, hedge funds, and investment clubs;

● ETF's, iShares and unit investment trusts; and

● Closed-end Funds.

*"Reportable Security"* specifically does not include:

● Direct obligations of the U.S. Government;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt obligations (including repurchase agreements);

● Shares issued by money market funds; and

● Shares of open-end funds, none of which are Affiliated Funds or Firm Managed Funds.

Any question as to whether a particular investment constitutes a "Reportable Security" should be referred to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. *"Restricted List"* is an actively monitored list of Securities being considered for purchase
 or sale by any equity and/or international Portfolios or funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. *"Review Officer"* refers to the personnel, appointed and approved by the TSW Executive
 Committee to oversee its COE, or a designee appointed by the Chief Compliance Officer.
 In most cases, the Review Officer will be the CCO or a designee but will vary based on
 the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. "*Security(ies)*" means a security as defined in Section 2(a)(36) of the Investment Company Act and includes any note, stock, treasury stock, security
future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust
certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate
of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option,
or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest
therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities
exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security",
or any certificate of

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interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. "*Supervised Person"* means:

● Any Manager or officer of the Firm (or other Person occupying a similar status or performing a similar function);

● Any other associate of the Firm;

● Any other Person who provides advice on behalf of the Firm and is subject to the Firm's supervision and Control; and

● Any temporary worker, consultant, independent contractor, certain Supervised Persons of affiliates of the Firm or any particular Person designated by the Review Officer.

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## Ex-99.(P)(6)

**Exhibit (p)(6)**

![(GRAPHIC)](tm2230141d7_ex99-p6img001.jpg)

---

| | |
|:---|:---|
|  | *The reputation of a thousand years may be determined by the conduct of one hour.* |
|  | – Ancient proverb |
|  | A message from our CEO |
| ![](tm2230141d7_ex99-p6img002.jpg)**Jean M. Hynes**<br>Chief Executive Officer<br>| Our ability to thrive as an organization is driven by our shared values, and integrity is at the top of the list. This is reflected in our commitment to the "Client, Firm, Self" framework, through which all of our decisions should be viewed if we are to earn and maintain the trust of our clients.<br>Each and every one of us has a role to play in sustaining our clients' trust. We must test every decision we make, no matter how small, against our fiduciary obligations and our high ethical standards. If there is the slightest doubt about <br> whether a decision is in the best interests of our clients, then bring it to someone's attention — your manager, the Legal and Compliance team, or any of my direct reports. But don't just let it go. This is what it means to be a fiduciary: complete dedication to conscientious stewardship of client assets.<br>To support this mandate, our Code of Ethics sets out standards for our personal conduct, including personal investing, acceptance of gifts and entertainment, outside activities, and client confidentiality. Please take the time to read the Code, familiarize yourself with the rules, and determine what you need to do to comply with them. <br> Remember, too, that while our Code of Ethics is reviewed and updated regularly, no set of rules can address every possible circumstance. And so I ask you to remain vigilant, exercise good judgment, ask for help when you need it, consider <br> not just the letter but the spirit of the laws that govern our industry, and do your part to safeguard our clients' trust.<br>Sincerely,<br>![](tm2230141d7_ex99-p6img003.jpg) <br>Jean M. Hynes<br>Chief Executive Officer  |

---

Contents

---

| | |
|:---|:---|
| **Standards of conduct** | 1 |
| **Who is subject to the Code of Ethics?** | 1 |
| **Personal investing** | 2 |
| Which types of investments and related activities are prohibited? | 2 |
| Which investment accounts must be reported? | 3 |
| What are the reporting responsibilities for all personnel? | 4 |
| What are the preclearance responsibilities for all personnel? | 5 |
| What are the additional requirements for investment professionals? | 6 |
| **Gifts and entertainment** | 7 |
| **Outside activities** | 8 |
| **Client confidentiality** | 8 |
| **How we enforce our Code of Ethics** | 8 |
| **Exceptions from the Code of Ethics** | 9 |
| **Closing** | 9 |

---

Wellington Management Code of Ethics 1

Standards of conduct

Our standards of conduct are straightforward and essential. Any transaction or activity that violates either of the standards of conduct below is prohibited, regardless of whether it meets the technical rules found elsewhere in the Code of Ethics.

1. **We act as fiduciaries to our clients** **.** Each of us must put our clients'
 interests above our own and must not take advantage of our management of clients'
 assets for our own benefit. Our firm's policies and procedures implement these
 principles with respect to our conduct of the firm's business. This Code of Ethics
 implements the same principles with respect to our personal conduct. The procedures set
 forth in the Code govern specific transactions, but each of us must be mindful at all
 times that our behavior, including our personal investing activity, must meet our fiduciary
 obligations to our clients.

2. **We act with integrity and in accordance with both the letter and the spirit of the law .** 

Our business is highly regulated, and we are committed as a firm to compliance with those regulations. Each of us must also recognize our obligations as individuals to understand and obey the laws that apply to us in the conduct of our duties. They include laws and regulations that apply specifically to investment advisors, as well as more broadly applicable laws ranging from the prohibition against trading on material nonpublic information and other forms of market abuse to anticorruption statutes such as the US Foreign Corrupt Practices Act and the UK Bribery Act. The firm provides training on their requirements. Each of us must take advantage of these resources to ensure that our own conduct complies with the law.

Who is subject to the Code of Ethics?

Our Code of Ethics applies to all employees of Wellington Management and its affiliates around the world. Its restrictions on personal investing also apply to temporary personnel (including co-ops and interns) and consultants whose tenure with Wellington Management exceeds 90 days and who are deemed by the Chief Compliance Officer to have access to nonpublic investment research, client holdings, or trade information.

All Wellington Management personnel receive a copy of the Code of Ethics (and any amendments) and must certify, upon joining the firm and annually thereafter, that they have read and understood it and have complied with its requirements.

**Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment.**

If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee. You also have the right to report violations of law or regulation directly to relevant governmental agencies. You do not need the firm's prior authorization to make any such report or disclosures and are not required to notify the firm that you have done so.

For additional information regarding our **Code of Ethics Policy** refer to the **Guide to Our Policy** document available on the firm's Intranet.

Wellington Management Code of Ethics 2

Personal investing

As fiduciaries, each of us must avoid taking personal advantage of our knowledge of investment activity in client accounts. Although our Code of Ethics sets out a number of specific restrictions on personal investing designed to reflect this principle, no set of rules can anticipate every situation. Each of us must adhere to the spirit, and not just the letter, of our Code in meeting this fiduciary obligation to our clients.

**Which types of investments and related activities are prohibited?**

Our Code of Ethics prohibits the following personal investments and investment-related activities:

&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling the following:

– Initial public offerings (IPOs) of any securities

– Securities of an issuer being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled

– Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation

– Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting

– Securities that are the subject of a firmwide restriction

– Single-stock futures

– Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single-Stock ETFs)

– Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures)

– Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs))

– Securities of broker/dealers (or their affiliates) that the firm has approved for execution of client trades

– Securities of any securities market or exchange on which the firm trades on behalf of clients

&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05%
of the total shares outstanding of the issuer

&nbsp;&nbsp;&nbsp;&nbsp;• Taking
a profit from any trading activity within a 60-calendar day window

&nbsp;&nbsp;&nbsp;&nbsp;• Using a derivative instrument to circumvent a restriction in the Code of Ethics

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Short-term trading** |
| &nbsp;&nbsp;&nbsp;You are prohibited from taking a profit from any trading activity within a 60-calendar day window on any security that requires preclearance. For example, if you buy shares of stock (or options on such shares) and then sell those shares within 60 days at a profit, an exception will be identified and any gain from the transactions must be surrendered. Gains are calculated based on a last in, first out (LIFO) method for purposes of this restriction. This short-term trading rule does not apply to securities exempt from the Code's preclearance requirements. |

---

Wellington Management Code of Ethics 3

**WHICH INVESTMENT ACCOUNTS MUST BE REPORTED?**

You are required to report any investment account over which you exercise investment discretion or from which any of the following individuals enjoy economic benefits: (i) your spouse, domestic partner, or minor children, and (ii) any other dependents living in your household,

**AND**

that holds or is capable of holding any of the following *covered investments*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of stocks, ADRs, or other equity securities (including any security convertible into
equity securities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds or notes (other than sovereign government bonds issued by Canada,
France, Germany, Italy, Japan, the United Kingdom, or the United States, as well as bankers' acceptances, CDs, commercial
paper, and high-quality, short-term debt instruments)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest in a variable annuity product in which the underlying assets are held in a subaccount
managed by Wellington Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of exchange-traded funds(ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities futures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest in private placement securities (other than Wellington Management sponsored products)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of funds managed by Wellington Management (other
than money market funds) Please see **Appendix A** for a detailed summary of reporting requirements by security type.

For purposes of the Code of Ethics, these investment accounts are referred to as *reportable accounts*. Examples of common account types include brokerage accounts, retirement accounts, employee stock compensation plans, and transfer agent accounts. Reportable accounts also include those from which you or an immediate family member may benefit indirectly, such as a family trust or family partnership, and accounts in which you have a joint ownership interest, such as a joint brokerage account.

**Accounts not requiring reporting** 

You do not need to report the following accounts via the Code of Ethics System since the administrator will provide the Code of Ethics Team with access to relevant holdings and transaction information:

• Accounts maintained within the Wellington Retirement and Pension Plan or similar firm-sponsored
retirement or benefit plans identified by the Ethics Committee

• Accounts maintained directly with Wellington Trust Company or other Wellington Management Sponsored
Products

Although these accounts do not need to be reported, your investment activities in these accounts must comply with the standards of conduct embodied in our Code of Ethics.

Wellington Management Code of Ethics 4

**Managed account exemptions**

An account from which you or immediate family members could benefit financially, but over which neither you nor they have any investment discretion or influence (a *managed account*), may be exempted from the Code of Ethics' personal investing requirements upon written request and approval. An example of a managed account would be a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to their execution.

**Designated Brokers for US Reportable Accounts**

US-based reportable accounts must be held at one or more of the brokers on the Designated Brokers List. This requirement does not apply to managed accounts that are exempt from certain provisions of the Code of Ethics, employee stock purchase and stock option plans and other accounts (including pension, retirement and compensation accounts) required to be held at a specific broker.

New employees must transfer all reportable accounts to a Designated Broker within 45 days from the start of their employment.

**WHAT ARE THE REPORTING RESPONSIBILITIES FOR ALL PERSONNEL?**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Non-volitional transactions include: |
| &nbsp;&nbsp;&nbsp;Investments made through automatic dividend reinvestment or rebalancing plans and stock purchase plan acquisitions |
| &nbsp;&nbsp;&nbsp;Transactions that result from corporate actions applicable to all similar security holders (such as splits, tender offers, mergers, and stock dividends) |

---

**Initial and annual holdings reports**

You must disclose all reportable accounts and all covered investments you hold within 10 calendar days after you begin employment at or association with Wellington Management. You will be required to review and update your holdings and securities account information annually thereafter.

For initial holdings reports, holdings information must be current as of a date no more than 45 days prior to the date you became covered by the Code of Ethics. *Please note that you cannot make personal trades until you have filed an initial holdings report via the Code of Ethics System on the Intranet.*

For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. *Please note that your annual holdings report must account for both volitional and non-volitional transactions.*

At the time you file your initial and annual reports, you will be asked to confirm that you have read and understood the Code of Ethics and any amendments.

**Quarterly transactions reports**

You must submit a quarterly transaction report no later than 30 calendar days after quarter-end via the Code of Ethics System on the Intranet, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide information regarding all volitional transactions in covered investments.

**Duplicate statements and trade confirmations**

For each of your reportable accounts, you are required to provide duplicate statements and duplicate trade confirmations to Wellington Management.

Wellington Management Code of Ethics 5

**WHAT ARE THE PRECLEARANCE RESPONSIBILITIES FOR ALL PERSONNEL?**

**Preclearance of publicly traded securities**

You must receive clearance before buying or selling stocks, bonds, options, and most other publicly traded securities in any reportable account. A full list of the categories of publicly traded securities requiring preclearance, and of certain exceptions to this requirement, is included in **Appendix A**. Transactions in accounts that are not reportable accounts do not require preclearance or reporting.

Preclearance requests must be submitted online via the Code of Ethics System, which is accessible through the Intranet. If clearance is granted, the approval will be effective for a period of 24 hours. If you preclear a transaction and then place a limit order with your broker, that limit order must either be executed or expire at the end of the 24-hour period. *If you want to execute the order after the 24-hour period expires, you must resubmit your preclearance request.*

**Please note that preclearance approval does not alter your responsibility to ensure that each personal securities transaction complies with the general standards of conduct, the reporting requirements, the restrictions on short-term trading, or the special rules for investment professionals set out in our Code of Ethics.**

**Caution on short sales, margin transactions, and options**

You may engage in short sales and margin transactions and may purchase or sell options (excluding options on ETFs) provided you receive preclearance and meet all other applicable requirements under our Code of Ethics (including the additional rules for investment professionals described on page 7). *Please note, however, that these types of transactions can have unintended consequences.* For example, any sale by your broker to cover a margin call or to buy in a short position will be in violation of the Code unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code unless precleared. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code.

**Preclearance of private placement securities**

You cannot invest in securities offered to potential investors in a private placement without first obtaining prior approval. Approval maybe granted after a review of the facts and circumstances, including whether:

• an investment in the securities is likely to result in future conflicts with client accounts
(e.g., upon a future public offering), and

• you are being offered the opportunity due to your employment at or association with Wellington Management.

Investments in our own privately offered investment vehicles (our *Sponsored Products*), including collective investment funds and common trust funds maintained by Wellington Trust Company, na, our hedge funds, and our non-US domiciled funds, have been approved under the Code and therefore do not require the submission of a Private Placement Approval Form.

Wellington Management Code of Ethics 6

**WHAT ARE THE ADDITIONAL REQUIREMENTS FOR INVESTMENT PROFESSIONALS?**

If you are a portfolio manager, research analyst, or other investment professional who has portfolio management responsibilities for a client account (e.g., designated portfolio manager, backup portfolio manager, investment team member), or who otherwise has direct authority to make decisions to buy or sell securities in a client account (referred to here as an investment professional), you are required to adhere to additional rules and restrictions on your personal securities transactions. However, as no set of rules can anticipate every situation, you must remember to place our clients' interests first whenever you transact in securities that are also held in client accounts you manage.

The following provisions of the code are intended to allow investment professionals to make long-term investments in securities. However, you may not be able to sell personal investments for extended periods of time and therefore should consider the liquidity, tax planning, market, and similar risks associated with making personal investments in securities of an issuer that are or may be held in client accounts.

• **INVESTMENT PROFESSIONAL BLACKOUT PERIODS** — You cannot
 buy or sell a security (excluding shares of exchange-traded funds (ETFs)) for a period
 of **14 calendar days before or after** any transaction in the same issuer by a client account for which
 you serve as an investment professional. In addition, you may not sell personal holdings
 in a security of the same issuer that is held by a client account for which you serve
 as an investment professional until the **later of** the following periods: (i) **one calendar year** from the date of your last purchase and (ii) **90 calendar days** after all of your client accounts liquidate all holdings of
 the same issuer.

If you anticipate receiving a cash flow or redemption request in a client portfolio that will result in the purchase or sale of securities that you also hold in your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time, and a personal trade made in the prior 14 days should never prevent you from buying or selling a security in a client account if the trade would be in the client's best interest. If you find yourself in that situation and need to buy or sell a security in a client account within the 14 calendar days following your personal transaction in a security of the same issuer, you should attempt to notify the Code of Ethics Team or your local Compliance Officer in advance of placing the trade. If you are unable to reach any of those individuals and the trade is time sensitive, you should proceed with the client trade and notify the Code of Ethics Team promptly after submitting it.

• **SHORT SALES BY AN INVESTMENT PROFESSIONAL** — An
 investment professional may not personally take a short position in a security of an
 issuer in which he or she holds a long position in a client account.

Wellington Management Code of Ethics 7

Gifts and entertainment

Our guiding principle of "client, firm, self" also governs the receipt of gifts and entertainment from clients, consultants, brokers/dealers, research providers, vendors, companies in which we may invest, and others with whom the firm does business. As fiduciaries to our clients, we must always place our clients' interests first and cannot allow gifts or entertainment opportunities to influence the actions we take on behalf of our clients. In keeping with this standard, you must follow several specific requirements:

**ACCEPTING GIFTS** — You may only accept gifts of nominal value, which include logoed items, flower arrangements, gift baskets, and food, as well as other gifts with an approximate value of less than US$100 or the local equivalent per year from a single source. You may not accept a gift of cash, including a cash equivalent such as a gift card, regardless of the amount. If you receive a gift that violates the Code, you must return the gift or consult with the Chief Compliance Officer to determine appropriate action under the circumstances.

**ACCEPTING BUSINESS MEALS** — Business meals are permitted provided that neither the cost nor the frequency is excessive and there is a legitimate business purpose. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of your proportionate share of the total cost of the meal if the approximate value of the meal is more than US$100 or the local equivalent.

**ACCEPTING ENTERTAINMENT OPPORTUNITIES** — The firm recognizes that participation in entertainment opportunities with representatives from organizations with which the firm does business, such as consultants, broker/dealers, research providers, vendors, and companies in which we may invest, can help to further legitimate business interests. However, participation in such entertainment opportunities should be infrequent and is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;1. A representative of the hosting organization must be present;

&nbsp;&nbsp;&nbsp;&nbsp;2. The primary purpose of the event must be to discuss business or to build a business relationship;

&nbsp;&nbsp;&nbsp;&nbsp;3. You must receive prior approval from your business manager;

&nbsp;&nbsp;&nbsp;&nbsp;4. If the host is a broker/dealer or research provider, the host must be reimbursed for the full
amount of the entertainment opportunity; and

&nbsp;&nbsp;&nbsp;&nbsp;5. For all other entertainment opportunities, the host must be reimbursed for the full face value
of any entertainment ticket(s) if:

&nbsp;&nbsp;&nbsp;&nbsp;• the entertainment opportunity requires a ticket with a face value of more than US$200 or the local
equivalent, or is a high-profile event (e.g., a major sporting event),

&nbsp;&nbsp;&nbsp;&nbsp;• you wish to accept more than one ticket, or

&nbsp;&nbsp;&nbsp;&nbsp;• the host has invited numerous Wellington Management representatives.

Business managers must clear their own participation under the circumstances described above with the Chief Compliance Officer or Chair of the Ethics Committee.

Please note that even if you pay for the full face value of a ticket, you may attend the event *only if the host is present*.

**LODGING AND AIR TRAVEL** — You may not accept a gift of lodging or air travel in connection with any entertainment opportunity. If you participate in an entertainment opportunity for which lodging or air travel is paid for by the host, you must reimburse the host for the equivalent cost, as determined by Wellington Management's travel manager.

Wellington Management Code of Ethics 8

**SOLICITING GIFTS, ENTERTAINMENT OPPORTUNITIES, OR CONTRIBUTIONS** — In your capacity as an employee of the firm, you may not solicit gifts, entertainment opportunities, or charitable or political contributions for yourself, or on behalf of clients, prospects, or others, from brokers, vendors, clients, or consultants with whom the firm conducts business or from companies in which the firm may invest.

**SOURCING ENTERTAINMENT OPPORTUNITIES** — You may not request tickets to entertainment events from the firm's Trading department or any other Wellington Management department, or employee, nor from any broker, vendor, company in which we may invest, or other organization with which the firm conducts business.

Outside activities

While the firm recognizes that you may engage in business or charitable activities in your personal time, you must take steps to avoid conflicts of interest between your private interests and our clients' interests. As a result, all significant outside business or charitable activities (e.g., additional employment, consulting work, directorships or officerships) must be approved by your business manager and by the Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee prior to the acceptance of such a position (or if you are new, upon joining the firm). Approval will be granted only if it is determined that the activity does not present a significant conflict of interest. Directorships in public companies (or companies reasonably expected to become public companies) will generally not be authorized, while service with charitable organizations generally will be permitted.

Client confidentiality

Any nonpublic information concerning our clients that you acquire in connection with your employment at the firm is confidential. This includes information regarding actual or contemplated investment decisions, portfolio composition, research recommendations, and client interests. You should not discuss client business, including the existence of a client relationship, with outsiders unless it is a necessary part of your job responsibilities.

How we enforce our Code of Ethics

Legal and Compliance is responsible for monitoring compliance with the Code of Ethics. Members of Legal and Compliance will periodically request certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports.

It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reporting requirements described in this Code of Ethics, you have a responsibility to report any violations of the Code. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee.

Wellington Management Code of Ethics 9

Potential violations of the Code of Ethics will be investigated and considered by representatives of Legal and Compliance and/or the Ethics Committee. All violations of the Code of Ethics will be reported to the Chief Compliance Officer. Violations are taken seriously and may result in sanctions or other consequences, including:

• a warning

• referral to your business manager and/or senior management

• reversal of a trade or the return of a gift

• disgorgement of profits or of the value of a gift

• a limitation or restriction on personal investing

• termination of employment

• referral to civil or criminal authorities

If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer, the General Counsel, or the manager of the Code of Ethics Team.

Exceptions from the Code of Ethics

The Chief Compliance Officer may grant an exception from the Code, including preclearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

Closing

As a firm, we seek excellence in the people we employ, the products and services we offer, the way we meet our ethical and fiduciary responsibilities, and the working environment we create for ourselves. Our Code of Ethics embodies that commitment. Accordingly, each of us must take care that our actions fully meet the high standards of conduct and professional behavior we have adopted. Most importantly, we must all remember "client, firm, self" is our most fundamental guiding principle.

Wellington Management Code of Ethics 10

APPENDIX A

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| |
|:---|
| &nbsp;&nbsp;**No Preclearance or Reporting Required:** |
| &nbsp;&nbsp;Open-end investment funds not managed by Wellington Management<sup>1</sup> |
| &nbsp;&nbsp;Interests in a variable annuity product in which the underlying assets are held in a fund not managed by Wellington Management |
| &nbsp;&nbsp;Direct obligations of the US government (including obligations issued by GNMA and PEFCO) or the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom |
| &nbsp;&nbsp;Cash |
| &nbsp;&nbsp;Money market instruments or other short-term debt instruments rated P-1 or P-2, A-1 or A-2, or their equivalents<sup>2</sup> |
| &nbsp;&nbsp;Bankers' acceptances, CDs, commercial paper |
| &nbsp;&nbsp;Wellington Trust Company Pools |
| &nbsp;&nbsp;Wellington Sponsored Hedge Funds |
| &nbsp;&nbsp;Securities futures and options on direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom, and associated derivatives |
| &nbsp;&nbsp;Options, forwards, and futures on commodities and foreign exchange, and associated derivatives |
| &nbsp;&nbsp;Transactions in approved managed accounts |

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| |
|:---|
| &nbsp;&nbsp;**Reporting of Securities Transactions Required (no need to preclear and not subject to the 60-day holding period):** |
| &nbsp;&nbsp;Open-end investment funds managed by Wellington Management1 (other than money market funds) |
| &nbsp;&nbsp;Interests in a variable annuity or insurance product in which the underlying assets are held in a fund managed by Wellington Management |
| &nbsp;&nbsp;Futures and options on securities indices |
| &nbsp;&nbsp;Shares of exchange-traded funds (ETFs)  |
| &nbsp;&nbsp;Gifts of securities to you or a reportable account |
| &nbsp;&nbsp;Gifts of securities from you or a reportable account |
| &nbsp;&nbsp;Non-volitional transactions (splits, tender offers, mergers, stock dividends, dividend reinvestments, etc.) |

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| |
|:---|
| &nbsp;&nbsp;**Preclearance and Reporting of Securities Transactions Required:** |
| &nbsp;&nbsp;Bonds and notes (other than direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom, as well as bankers' acceptances, CDs, commercial paper, and high-quality, short-term debt instruments) |
| &nbsp;&nbsp;Stock (common and preferred) or other equity securities, including any security convertible into equity securities |
| &nbsp;&nbsp;All Closed-end funds |
| &nbsp;&nbsp;Unit investment trusts |
| &nbsp;&nbsp;American Depositary Receipts |
| &nbsp;&nbsp;Options on securities (but not their non-volitional exercise or expiration), excluding ETFs |
| &nbsp;&nbsp;Warrants |
| &nbsp;&nbsp;Rights |

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| |
|:---|
| &nbsp;&nbsp;**Prohibited Investments and Activities:** |
| &nbsp;&nbsp;Initial public offerings (IPOs) of any securities |
| &nbsp;&nbsp;Single-stock futures |
| &nbsp;&nbsp;Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single-Stock ETFs) |
| &nbsp;&nbsp;Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures) |
| &nbsp;&nbsp;Options expiring within 60 days of purchase, |
| &nbsp;&nbsp;Securities being bought or sold on beha lf of c lients until one trading day after suc h buy ing or selling is completed or canceled |
| &nbsp;&nbsp;Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation |
| &nbsp;&nbsp;Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting |
| &nbsp;&nbsp;Securities on the firmwide restricted list |
| &nbsp;&nbsp;Profiting from any short-term (i.e., within 60 days) trading activity |
| &nbsp;&nbsp;Securities of broker/dealers or their affiliates with which the firm conducts business |
| &nbsp;&nbsp;Securities of any securities market or exchange on which the firm trades |
| &nbsp;&nbsp;Using a derivative instrument to circumvent the requirements of the Code of Ethics |
| &nbsp;&nbsp;Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer, |

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This appendix is current as of 21 September 2022 and may be amended at the discretion of the Ethics Committee.

<sup>1</sup>A list of funds advised or subadvised by Wellington Management ("Welling ton-Ma nag ed Funds") is available online via the Code of Ethics System. However, you remain responsible for confirming whether any particular investment represents a Wellington-Managed Fund.

<sup>2</sup>If the instrument is unrated, it must be of equivalent duration and comparable quality.

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