# EDGAR Filing Document

**Accession Number:** 0000916053
**File Stem:** 0001133228-25-013336
**Filing Date:** 2025-12
**Character Count:** 691729
**Document Hash:** b92c73a0e2ad1574b4a8e385f35da0b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013336.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001133228-25-013336

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 209

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSMUTUAL SELECT FUNDS
- **CENTRAL INDEX KEY:** 0000916053

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08274
- **FILM NUMBER:** 251555344

**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:** MASSMUTUAL INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 19931213

## Series and Classes Contracts Data

### MassMutual Blue Chip Growth Fund (Series ID: S000003658)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010176 | Class A              | MBCGX           |
| C000010177 | Administrative Class | MBCLX           |
| C000010178 | Class R3             | MBCNX           |
| C000010179 | Class R5             | MBCSX           |
| C000010180 | Service Class        | MBCYX           |
| C000140351 | Class I              | MBCZX           |
| C000140352 | Class R4             | MBGFX           |
| C000240788 | Class Y              | MMZMX           |

### MM S&P 500 Index Fund (Series ID: S000003661)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010191 | Class R4             | MIEAX           |
| C000010193 | Class R3             | MMINX           |
| C000010194 | Service Class        | MMIEX           |
| C000010195 | Administrative Class | MIEYX           |
| C000010196 | Class R5             | MIEZX           |
| C000108421 | Class I              | MMIZX           |
| C000140354 | Class A              | MMFFX           |

### MassMutual Mid Cap Growth Fund (Series ID: S000003665)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010212 | Class A              | MEFAX           |
| C000010213 | Administrative Class | MMELX           |
| C000010214 | Class R3             | MEFNX           |
| C000010215 | Class R5             | MGRFX           |
| C000010216 | Service Class        | MEFYX           |
| C000093669 | Class I              | MEFZX           |
| C000140357 | Class R4             | MEFFX           |
| C000240790 | Class Y              | MMNGX           |

### MassMutual Overseas Fund (Series ID: S000003667)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010222 | Class A              | MOSAX           |
| C000010223 | Administrative Class | MOSLX           |
| C000010224 | Class R3             | MOSNX           |
| C000010225 | Class R5             | MOSSX           |
| C000010226 | Service Class        | MOSYX           |
| C000093670 | Class I              | MOSZX           |
| C000140360 | Class R4             | MOSFX           |
| C000240792 | Class Y              | MMOJX           |

### MassMutual Small Cap Growth Equity Fund (Series ID: S000003668)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010227 | Class A              | MMGEX           |
| C000010228 | Administrative Class | MSGLX           |
| C000010229 | Class R3             | MSGNX           |
| C000010230 | Class R5             | MSGSX           |
| C000010231 | Service Class        | MSCYX           |
| C000093671 | Class I              | MSGZX           |
| C000140361 | Class R4             | MSERX           |
| C000240793 | Class Y              | MMNJX           |

### MassMutual Diversified Value Fund (Series ID: S000003679)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010282 | Class A              | MDDAX           |
| C000010283 | Administrative Class | MDDLX           |
| C000010284 | Class R3             | MDVNX           |
| C000010285 | Class R5             | MDVSX           |
| C000010286 | Service Class        | MDVYX           |
| C000140383 | Class I              | MDDIX           |
| C000140384 | Class R4             | MDDRX           |
| C000240796 | Class Y              | MMNBX           |

?xml version='1.0' encoding='ASCII'? 2025-10-01IYFC_MassMutualDiversifiedValueFund_ClassI_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;811-08274 |
| MassMutual Select Funds | MassMutual Select Funds |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |

---

<u>1295 State Street, Springfield, MA</u> <u>01111</u> <br> (Address of principal executive offices) (Zip code) <br>

---

| | |
|:---|:---|
| Douglas Steele | Douglas Steele |
| 1295 State Street, Springfield, MA 01111 | 1295 State Street, Springfield, MA 01111 |
| (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | (413) 744-1000 |

---

Date of fiscal year end: <u>09/30/2025</u> <br>Date of reporting period: <u>09/30/2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Stockholders are attached herewith.

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MDDIX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $63 | 0.59% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to and stock selection within the financials sector

• Stock selection within the health care sector

• Stock selection within the materials sector

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the health care sector

• Stock selection within the communication services sector

• An underweight allocation to the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFCI

------

![image](ts5165img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 12.05 | 16.25 | 11.57 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Value Index**  | 9.44 | 13.88 | 10.72 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $452.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 232 |
| **Total Advisory Fees Paid During the Reporting Period** | $2133233 |
| **Portfolio Turnover Rate** | 68% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFCI

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.4% |
|  Johnson & Johnson  | 4.2% |
|  Exxon Mobil Corp.  | 3.0% |
|  Bank of America Corp.  | 2.9% |
|  Cisco Systems, Inc.  | 2.4% |
|  AT&T, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.3% |
|  Morgan Stanley  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.2% |
|  Verizon Communications, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.7% |
|  Health Care  | 16.5% |
|  Industrials  | 8.6% |
|  Communication Services  | 7.8% |
|  Consumer Discretionary  | 6.9% |
|  Information Technology  | 6.9% |
|  Energy  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Materials  | 4.2% |
|  Utilities  | 3.4% |
|  Exchange-Traded Funds | 0.5% |
|  Real Estate  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

On September 15, 2025, the MassMutual Equity Opportunities Fund was merged into the Fund and shareholders of the MassMutual Equity Opportunities Fund became shareholders of the Fund.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFCI

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MDVSX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $73 | 0.69% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to and stock selection within the financials sector

• Stock selection within the health care sector

• Stock selection within the materials sector

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the health care sector

• Stock selection within the communication services sector

• An underweight allocation to the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFC1

------

![image](ts5168img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 12.04 | 16.16 | 11.46 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Value Index**  | 9.44 | 13.88 | 10.72 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $452.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 232 |
| **Total Advisory Fees Paid During the Reporting Period** | $2133233 |
| **Portfolio Turnover Rate** | 68% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFC1

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.4% |
|  Johnson & Johnson  | 4.2% |
|  Exxon Mobil Corp.  | 3.0% |
|  Bank of America Corp.  | 2.9% |
|  Cisco Systems, Inc.  | 2.4% |
|  AT&T, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.3% |
|  Morgan Stanley  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.2% |
|  Verizon Communications, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.7% |
|  Health Care  | 16.5% |
|  Industrials  | 8.6% |
|  Communication Services  | 7.8% |
|  Consumer Discretionary  | 6.9% |
|  Information Technology  | 6.9% |
|  Energy  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Materials  | 4.2% |
|  Utilities  | 3.4% |
|  Exchange-Traded Funds | 0.5% |
|  Real Estate  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

On September 15, 2025, the MassMutual Equity Opportunities Fund was merged into the Fund and shareholders of the MassMutual Equity Opportunities Fund became shareholders of the Fund.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFC1

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MDVYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $84 | 0.79% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to and stock selection within the financials sector

• Stock selection within the health care sector

• Stock selection within the materials sector

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the health care sector

• Stock selection within the communication services sector

• An underweight allocation to the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFC3

------

![image](ts5169img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 11.98 | 16.06 | 11.36 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Value Index**  | 9.44 | 13.88 | 10.72 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $452.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 232 |
| **Total Advisory Fees Paid During the Reporting Period** | $2133233 |
| **Portfolio Turnover Rate** | 68% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFC3

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.4% |
|  Johnson & Johnson  | 4.2% |
|  Exxon Mobil Corp.  | 3.0% |
|  Bank of America Corp.  | 2.9% |
|  Cisco Systems, Inc.  | 2.4% |
|  AT&T, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.3% |
|  Morgan Stanley  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.2% |
|  Verizon Communications, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.7% |
|  Health Care  | 16.5% |
|  Industrials  | 8.6% |
|  Communication Services  | 7.8% |
|  Consumer Discretionary  | 6.9% |
|  Information Technology  | 6.9% |
|  Energy  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Materials  | 4.2% |
|  Utilities  | 3.4% |
|  Exchange-Traded Funds | 0.5% |
|  Real Estate  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

On September 15, 2025, the MassMutual Equity Opportunities Fund was merged into the Fund and shareholders of the MassMutual Equity Opportunities Fund became shareholders of the Fund.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFC3

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MDDLX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $94 | 0.89% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to and stock selection within the financials sector

• Stock selection within the health care sector

• Stock selection within the materials sector

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the health care sector

• Stock selection within the communication services sector

• An underweight allocation to the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFC4

------

![image](ts5163img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 11.92 | 15.96 | 11.26 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Value Index**  | 9.44 | 13.88 | 10.72 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $452.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 232 |
| **Total Advisory Fees Paid During the Reporting Period** | $2133233 |
| **Portfolio Turnover Rate** | 68% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFC4

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.4% |
|  Johnson & Johnson  | 4.2% |
|  Exxon Mobil Corp.  | 3.0% |
|  Bank of America Corp.  | 2.9% |
|  Cisco Systems, Inc.  | 2.4% |
|  AT&T, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.3% |
|  Morgan Stanley  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.2% |
|  Verizon Communications, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.7% |
|  Health Care  | 16.5% |
|  Industrials  | 8.6% |
|  Communication Services  | 7.8% |
|  Consumer Discretionary  | 6.9% |
|  Information Technology  | 6.9% |
|  Energy  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Materials  | 4.2% |
|  Utilities  | 3.4% |
|  Exchange-Traded Funds | 0.5% |
|  Real Estate  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

On September 15, 2025, the MassMutual Equity Opportunities Fund was merged into the Fund and shareholders of the MassMutual Equity Opportunities Fund became shareholders of the Fund.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFC4

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MDDRX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $110 | 1.04% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to and stock selection within the financials sector

• Stock selection within the health care sector

• Stock selection within the materials sector

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the health care sector

• Stock selection within the communication services sector

• An underweight allocation to the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFCK

------

![image](ts5167img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 11.62 | 15.77 | 11.08 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Value Index**  | 9.44 | 13.88 | 10.72 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $452.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 232 |
| **Total Advisory Fees Paid During the Reporting Period** | $2133233 |
| **Portfolio Turnover Rate** | 68% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFCK

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.4% |
|  Johnson & Johnson  | 4.2% |
|  Exxon Mobil Corp.  | 3.0% |
|  Bank of America Corp.  | 2.9% |
|  Cisco Systems, Inc.  | 2.4% |
|  AT&T, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.3% |
|  Morgan Stanley  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.2% |
|  Verizon Communications, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.7% |
|  Health Care  | 16.5% |
|  Industrials  | 8.6% |
|  Communication Services  | 7.8% |
|  Consumer Discretionary  | 6.9% |
|  Information Technology  | 6.9% |
|  Energy  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Materials  | 4.2% |
|  Utilities  | 3.4% |
|  Exchange-Traded Funds | 0.5% |
|  Real Estate  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

On September 15, 2025, the MassMutual Equity Opportunities Fund was merged into the Fund and shareholders of the MassMutual Equity Opportunities Fund became shareholders of the Fund.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFCK

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MDDAX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $115 | 1.09% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to and stock selection within the financials sector

• Stock selection within the health care sector

• Stock selection within the materials sector

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the health care sector

• Stock selection within the communication services sector

• An underweight allocation to the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFC2

------

![image](ts5164img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 11.66 | 15.68 | 10.99 |
| **Class A - with maximum sales charge**  | 5.51 | 14.38 | 10.36 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Value Index**  | 9.44 | 13.88 | 10.72 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $452.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 232 |
| **Total Advisory Fees Paid During the Reporting Period** | $2133233 |
| **Portfolio Turnover Rate** | 68% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.4% |
|  Johnson & Johnson  | 4.2% |
|  Exxon Mobil Corp.  | 3.0% |
|  Bank of America Corp.  | 2.9% |
|  Cisco Systems, Inc.  | 2.4% |
|  AT&T, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.3% |
|  Morgan Stanley  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.2% |
|  Verizon Communications, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.7% |
|  Health Care  | 16.5% |
|  Industrials  | 8.6% |
|  Communication Services  | 7.8% |
|  Consumer Discretionary  | 6.9% |
|  Information Technology  | 6.9% |
|  Energy  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Materials  | 4.2% |
|  Utilities  | 3.4% |
|  Exchange-Traded Funds | 0.5% |
|  Real Estate  | 0.2% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFC2

------

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

On September 15, 2025, the MassMutual Equity Opportunities Fund was merged into the Fund and shareholders of the MassMutual Equity Opportunities Fund became shareholders of the Fund.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFC2

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MDVNX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $136 | 1.29% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to and stock selection within the financials sector

• Stock selection within the health care sector

• Stock selection within the materials sector

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the health care sector

• Stock selection within the communication services sector

• An underweight allocation to the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFC5

------

![image](ts5166img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 11.38 | 15.50 | 10.81 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Value Index**  | 9.44 | 13.88 | 10.72 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $452.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 232 |
| **Total Advisory Fees Paid During the Reporting Period** | $2133233 |
| **Portfolio Turnover Rate** | 68% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFC5

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.4% |
|  Johnson & Johnson  | 4.2% |
|  Exxon Mobil Corp.  | 3.0% |
|  Bank of America Corp.  | 2.9% |
|  Cisco Systems, Inc.  | 2.4% |
|  AT&T, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.3% |
|  Morgan Stanley  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.2% |
|  Verizon Communications, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.7% |
|  Health Care  | 16.5% |
|  Industrials  | 8.6% |
|  Communication Services  | 7.8% |
|  Consumer Discretionary  | 6.9% |
|  Information Technology  | 6.9% |
|  Energy  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Materials  | 4.2% |
|  Utilities  | 3.4% |
|  Exchange-Traded Funds | 0.5% |
|  Real Estate  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

On September 15, 2025, the MassMutual Equity Opportunities Fund was merged into the Fund and shareholders of the MassMutual Equity Opportunities Fund became shareholders of the Fund.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFC5

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMNBX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $73 | 0.69% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to and stock selection within the financials sector

• Stock selection within the health care sector

• Stock selection within the materials sector

Top detractors to the Fund's performance relative to the Russell 1000 Value Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation to the health care sector

• Stock selection within the communication services sector

• An underweight allocation to the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (February 1, 2023 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-IYFCY

------

![image](ts5162img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (02/01/2023) |
| **Class Y - without sales charge**  | 12.03 | 12.60 |
| **Russell 3000 Index**  | 17.41 | 22.44 |
| **Russell 1000 Value Index**  | 9.44 | 15.75 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $452.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 232 |
| **Total Advisory Fees Paid During the Reporting Period** | $2133233 |
| **Portfolio Turnover Rate** | 68% |

---

MM202912-309770 PAGE 2 TSR-AR-IYFCY

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JP Morgan Chase & Co.  | 5.4% |
|  Johnson & Johnson  | 4.2% |
|  Exxon Mobil Corp.  | 3.0% |
|  Bank of America Corp.  | 2.9% |
|  Cisco Systems, Inc.  | 2.4% |
|  AT&T, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.3% |
|  Morgan Stanley  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.2% |
|  Verizon Communications, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.7% |
|  Health Care  | 16.5% |
|  Industrials  | 8.6% |
|  Communication Services  | 7.8% |
|  Consumer Discretionary  | 6.9% |
|  Information Technology  | 6.9% |
|  Energy  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Materials  | 4.2% |
|  Utilities  | 3.4% |
|  Exchange-Traded Funds | 0.5% |
|  Real Estate  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

On September 15, 2025, the MassMutual Equity Opportunities Fund was merged into the Fund and shareholders of the MassMutual Equity Opportunities Fund became shareholders of the Fund.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-IYFCY

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MMIZX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MM S&P 500® Index Fund\* (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $15 | 0.14% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance was largely driven by the performance of a small number of mega-capitalization stocks

• The performance from the technology sector was highly favorable to the Fund's returns

• The communication services and financials sectors were other strong positive contributors

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Detractors to Fund performance were mainly in the healthcare sector

• The materials and real estate sectors were other detractors

MM202912-309770 PAGE 1 TSR-AR-ITHW8

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5247img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 17.39 | 16.31 | 15.16 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2247.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Total Advisory Fees Paid During the Reporting Period** | $2252423 |
| **Portfolio Turnover Rate** | 5% |

---

MM202912-309770 PAGE 2 TSR-AR-ITHW8

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.0% |
|  Microsoft Corp.  | 6.7% |
|  Apple, Inc.  | 6.6% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc. Class A  | 2.8% |
|  Broadcom, Inc.  | 2.7% |
|  Alphabet, Inc. Class A  | 2.5% |
|  Tesla, Inc.  | 2.2% |
|  Alphabet, Inc. Class C  | 2.0% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.7% |
|  Financials  | 13.5% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 8.9% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 4.9% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 1.9% |
|  Materials  | 1.8% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows:

The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

*\* The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P*<sup>*®*</sup>*, S&P 500*<sup>*®*</sup>*, US 500, The 500, iBoxx*<sup>*®*</sup>*, iTraxx*<sup>*®*</sup> *and CDX*<sup>*®*</sup> *are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones*<sup>*®*</sup> *is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.*

MM202912-309770 PAGE 3 TSR-AR-ITHW8

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MIEZX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MM S&P 500® Index Fund\* (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $26 | 0.24% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance was largely driven by the performance of a small number of mega-capitalization stocks

• The performance from the technology sector was highly favorable to the Fund's returns

• The communication services and financials sectors were other strong positive contributors

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Detractors to Fund performance were mainly in the healthcare sector

• The materials and real estate sectors were other detractors

MM202912-309770 PAGE 1 TSR-AR-ITHW6

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5250img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 17.28 | 16.20 | 15.05 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2247.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Total Advisory Fees Paid During the Reporting Period** | $2252423 |
| **Portfolio Turnover Rate** | 5% |

---

MM202912-309770 PAGE 2 TSR-AR-ITHW6

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.0% |
|  Microsoft Corp.  | 6.7% |
|  Apple, Inc.  | 6.6% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc. Class A  | 2.8% |
|  Broadcom, Inc.  | 2.7% |
|  Alphabet, Inc. Class A  | 2.5% |
|  Tesla, Inc.  | 2.2% |
|  Alphabet, Inc. Class C  | 2.0% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.7% |
|  Financials  | 13.5% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 8.9% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 4.9% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 1.9% |
|  Materials  | 1.8% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows:

The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

*\* The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P*<sup>*®*</sup>*, S&P 500*<sup>*®*</sup>*, US 500, The 500, iBoxx*<sup>*®*</sup>*, iTraxx*<sup>*®*</sup> *and CDX*<sup>*®*</sup> *are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones*<sup>*®*</sup> *is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.*

MM202912-309770 PAGE 3 TSR-AR-ITHW6

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MMIEX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MM S&P 500® Index Fund\* (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $42 | 0.39% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance was largely driven by the performance of a small number of mega-capitalization stocks

• The performance from the technology sector was highly favorable to the Fund's returns

• The communication services and financials sectors were other strong positive contributors

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Detractors to Fund performance were mainly in the healthcare sector

• The materials and real estate sectors were other detractors

MM202912-309770 PAGE 1 TSR-AR-ITHW1

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5251img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 17.12 | 16.03 | 14.88 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2247.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Total Advisory Fees Paid During the Reporting Period** | $2252423 |
| **Portfolio Turnover Rate** | 5% |

---

MM202912-309770 PAGE 2 TSR-AR-ITHW1

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.0% |
|  Microsoft Corp.  | 6.7% |
|  Apple, Inc.  | 6.6% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc. Class A  | 2.8% |
|  Broadcom, Inc.  | 2.7% |
|  Alphabet, Inc. Class A  | 2.5% |
|  Tesla, Inc.  | 2.2% |
|  Alphabet, Inc. Class C  | 2.0% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.7% |
|  Financials  | 13.5% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 8.9% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 4.9% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 1.9% |
|  Materials  | 1.8% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows:

The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

*\* The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P*<sup>*®*</sup>*, S&P 500*<sup>*®*</sup>*, US 500, The 500, iBoxx*<sup>*®*</sup>*, iTraxx*<sup>*®*</sup> *and CDX*<sup>*®*</sup> *are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones*<sup>*®*</sup> *is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.*

MM202912-309770 PAGE 3 TSR-AR-ITHW1

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MIEYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MM S&P 500® Index Fund\* (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $53 | 0.49% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance was largely driven by the performance of a small number of mega-capitalization stocks

• The performance from the technology sector was highly favorable to the Fund's returns

• The communication services and financials sectors were other strong positive contributors

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Detractors to Fund performance were mainly in the healthcare sector

• The materials and real estate sectors were other detractors

MM202912-309770 PAGE 1 TSR-AR-ITHW3

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5245img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 16.96 | 15.91 | 14.77 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2247.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Total Advisory Fees Paid During the Reporting Period** | $2252423 |
| **Portfolio Turnover Rate** | 5% |

---

MM202912-309770 PAGE 2 TSR-AR-ITHW3

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.0% |
|  Microsoft Corp.  | 6.7% |
|  Apple, Inc.  | 6.6% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc. Class A  | 2.8% |
|  Broadcom, Inc.  | 2.7% |
|  Alphabet, Inc. Class A  | 2.5% |
|  Tesla, Inc.  | 2.2% |
|  Alphabet, Inc. Class C  | 2.0% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.7% |
|  Financials  | 13.5% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 8.9% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 4.9% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 1.9% |
|  Materials  | 1.8% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows:

The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

*\* The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P*<sup>*®*</sup>*, S&P 500*<sup>*®*</sup>*, US 500, The 500, iBoxx*<sup>*®*</sup>*, iTraxx*<sup>*®*</sup> *and CDX*<sup>*®*</sup> *are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones*<sup>*®*</sup> *is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.*

MM202912-309770 PAGE 3 TSR-AR-ITHW3

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MIEAX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MM S&P 500® Index Fund\* (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $69 | 0.64% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance was largely driven by the performance of a small number of mega-capitalization stocks

• The performance from the technology sector was highly favorable to the Fund's returns

• The communication services and financials sectors were other strong positive contributors

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Detractors to Fund performance were mainly in the healthcare sector

• The materials and real estate sectors were other detractors

MM202912-309770 PAGE 1 TSR-AR-ITHW2

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5249img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 16.78 | 15.73 | 14.59 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2247.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Total Advisory Fees Paid During the Reporting Period** | $2252423 |
| **Portfolio Turnover Rate** | 5% |

---

MM202912-309770 PAGE 2 TSR-AR-ITHW2

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.0% |
|  Microsoft Corp.  | 6.7% |
|  Apple, Inc.  | 6.6% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc. Class A  | 2.8% |
|  Broadcom, Inc.  | 2.7% |
|  Alphabet, Inc. Class A  | 2.5% |
|  Tesla, Inc.  | 2.2% |
|  Alphabet, Inc. Class C  | 2.0% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.7% |
|  Financials  | 13.5% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 8.9% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 4.9% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 1.9% |
|  Materials  | 1.8% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows:

The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

*\* The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P*<sup>*®*</sup>*, S&P 500*<sup>*®*</sup>*, US 500, The 500, iBoxx*<sup>*®*</sup>*, iTraxx*<sup>*®*</sup> *and CDX*<sup>*®*</sup> *are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones*<sup>*®*</sup> *is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.*

MM202912-309770 PAGE 3 TSR-AR-ITHW2

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MMFFX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MM S&P 500® Index Fund\* (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $80 | 0.74% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance was largely driven by the performance of a small number of mega-capitalization stocks

• The performance from the technology sector was highly favorable to the Fund's returns

• The communication services and financials sectors were other strong positive contributors

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Detractors to Fund performance were mainly in the healthcare sector

• The materials and real estate sectors were other detractors

MM202912-309770 PAGE 1 TSR-AR-ITHWH

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5246img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 16.72 | 15.62 | 14.48 |
| **Class A - with maximum sales charge**  | 10.30 | 14.32 | 13.83 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2247.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Total Advisory Fees Paid During the Reporting Period** | $2252423 |
| **Portfolio Turnover Rate** | 5% |

---

MM202912-309770 PAGE 2 TSR-AR-ITHWH

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.0% |
|  Microsoft Corp.  | 6.7% |
|  Apple, Inc.  | 6.6% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc. Class A  | 2.8% |
|  Broadcom, Inc.  | 2.7% |
|  Alphabet, Inc. Class A  | 2.5% |
|  Tesla, Inc.  | 2.2% |
|  Alphabet, Inc. Class C  | 2.0% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.7% |
|  Financials  | 13.5% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 8.9% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 4.9% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 1.9% |
|  Materials  | 1.8% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows:

The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

*\* The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P*<sup>*®*</sup>*, S&P 500*<sup>*®*</sup>*, US 500, The 500, iBoxx*<sup>*®*</sup>*, iTraxx*<sup>*®*</sup> *and CDX*<sup>*®*</sup> *are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones*<sup>*®*</sup> *is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.*

MM202912-309770 PAGE 3 TSR-AR-ITHWH

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MMINX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MM S&P 500® Index Fund\* (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $96 | 0.89% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the S&P 500® Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance was largely driven by the performance of a small number of mega-capitalization stocks

• The performance from the technology sector was highly favorable to the Fund's returns

• The communication services and financials sectors were other strong positive contributors

Top detractors to the Fund's performance relative to the S&P 500 Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Detractors to Fund performance were mainly in the healthcare sector

• The materials and real estate sectors were other detractors

MM202912-309770 PAGE 1 TSR-AR-ITHW5

------

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

![image](ts5248img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 16.49 | 15.43 | 14.30 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2247.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Total Advisory Fees Paid During the Reporting Period** | $2252423 |
| **Portfolio Turnover Rate** | 5% |

---

MM202912-309770 PAGE 2 TSR-AR-ITHW5

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 8.0% |
|  Microsoft Corp.  | 6.7% |
|  Apple, Inc.  | 6.6% |
|  Amazon.com, Inc.  | 3.7% |
|  Meta Platforms, Inc. Class A  | 2.8% |
|  Broadcom, Inc.  | 2.7% |
|  Alphabet, Inc. Class A  | 2.5% |
|  Tesla, Inc.  | 2.2% |
|  Alphabet, Inc. Class C  | 2.0% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.7% |
|  Financials  | 13.5% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 8.9% |
|  Industrials  | 8.3% |
|  Consumer Staples  | 4.9% |
|  Energy  | 2.9% |
|  Utilities  | 2.4% |
|  Real Estate  | 1.9% |
|  Materials  | 1.8% |

---

**HOW HAS THE FUND CHANGED?**

The following is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund. At the same time, the Fund's investment objective was updated as follows:

The Fund seeks to provide investment results that correspond to the total return performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

*\* The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P*<sup>*®*</sup>*, S&P 500*<sup>*®*</sup>*, US 500, The 500, iBoxx*<sup>*®*</sup>*, iTraxx*<sup>*®*</sup> *and CDX*<sup>*®*</sup> *are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones*<sup>*®*</sup> *is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.*

MM202912-309770 PAGE 3 TSR-AR-ITHW5

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MBCZX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $73 | 0.65% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer discretionary sector

• An overweight allocation to the communication services sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• An underweight allocation to the information technology sector

• An overweight allocation to the health care sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITOCI

------

![image](ts5173img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 24.23 | 14.70 | 17.22 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2184.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 90 |
| **Total Advisory Fees Paid During the Reporting Period** | $14428916 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.5% |
|  Microsoft Corp.  | 9.3% |
|  Meta Platforms, Inc. Class A  | 6.8% |
|  Amazon.com, Inc.  | 5.6% |
|  Tesla, Inc.  | 5.5% |
|  Apple, Inc.  | 4.9% |
|  Netflix, Inc.  | 4.4% |
|  Oracle Corp.  | 3.9% |
|  Visa, Inc. Class A  | 3.7% |
|  Alphabet, Inc. Class A  | 3.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 42.0% |
|  Communication Services  | 18.5% |
|  Consumer Discretionary  | 16.1% |
|  Financials  | 7.7% |
|  Health Care  | 7.4% |
|  Industrials  | 4.6% |
|  Consumer Staples  | 1.5% |
|  Exchange-Traded Funds  | 0.6% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITOCI

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITOCI

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MBCSX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $85 | 0.76% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer discretionary sector

• An overweight allocation to the communication services sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• An underweight allocation to the information technology sector

• An overweight allocation to the health care sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITOC1

------

![image](ts5176img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 24.11 | 14.59 | 17.10 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2184.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 90 |
| **Total Advisory Fees Paid During the Reporting Period** | $14428916 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.5% |
|  Microsoft Corp.  | 9.3% |
|  Meta Platforms, Inc. Class A  | 6.8% |
|  Amazon.com, Inc.  | 5.6% |
|  Tesla, Inc.  | 5.5% |
|  Apple, Inc.  | 4.9% |
|  Netflix, Inc.  | 4.4% |
|  Oracle Corp.  | 3.9% |
|  Visa, Inc. Class A  | 3.7% |
|  Alphabet, Inc. Class A  | 3.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 42.0% |
|  Communication Services  | 18.5% |
|  Consumer Discretionary  | 16.1% |
|  Financials  | 7.7% |
|  Health Care  | 7.4% |
|  Industrials  | 4.6% |
|  Consumer Staples  | 1.5% |
|  Exchange-Traded Funds  | 0.6% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITOC1

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITOC1

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MBCYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $96 | 0.86% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer discretionary sector

• An overweight allocation to the communication services sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• An underweight allocation to the information technology sector

• An overweight allocation to the health care sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITOC3

------

![image](ts5177img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 23.98 | 14.48 | 16.98 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2184.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 90 |
| **Total Advisory Fees Paid During the Reporting Period** | $14428916 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.5% |
|  Microsoft Corp.  | 9.3% |
|  Meta Platforms, Inc. Class A  | 6.8% |
|  Amazon.com, Inc.  | 5.6% |
|  Tesla, Inc.  | 5.5% |
|  Apple, Inc.  | 4.9% |
|  Netflix, Inc.  | 4.4% |
|  Oracle Corp.  | 3.9% |
|  Visa, Inc. Class A  | 3.7% |
|  Alphabet, Inc. Class A  | 3.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 42.0% |
|  Communication Services  | 18.5% |
|  Consumer Discretionary  | 16.1% |
|  Financials  | 7.7% |
|  Health Care  | 7.4% |
|  Industrials  | 4.6% |
|  Consumer Staples  | 1.5% |
|  Exchange-Traded Funds  | 0.6% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITOC3

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITOC3

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MBCLX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $107 | 0.96% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer discretionary sector

• An overweight allocation to the communication services sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• An underweight allocation to the information technology sector

• An overweight allocation to the health care sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITOC4

------

![image](ts5171img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 23.88 | 14.36 | 16.87 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2184.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 90 |
| **Total Advisory Fees Paid During the Reporting Period** | $14428916 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.5% |
|  Microsoft Corp.  | 9.3% |
|  Meta Platforms, Inc. Class A  | 6.8% |
|  Amazon.com, Inc.  | 5.6% |
|  Tesla, Inc.  | 5.5% |
|  Apple, Inc.  | 4.9% |
|  Netflix, Inc.  | 4.4% |
|  Oracle Corp.  | 3.9% |
|  Visa, Inc. Class A  | 3.7% |
|  Alphabet, Inc. Class A  | 3.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 42.0% |
|  Communication Services  | 18.5% |
|  Consumer Discretionary  | 16.1% |
|  Financials  | 7.7% |
|  Health Care  | 7.4% |
|  Industrials  | 4.6% |
|  Consumer Staples  | 1.5% |
|  Exchange-Traded Funds  | 0.6% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITOC4

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITOC4

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MBGFX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $124 | 1.11% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer discretionary sector

• An overweight allocation to the communication services sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• An underweight allocation to the information technology sector

• An overweight allocation to the health care sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITOCK

------

![image](ts5175img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 23.65 | 14.19 | 16.69 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2184.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 90 |
| **Total Advisory Fees Paid During the Reporting Period** | $14428916 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.5% |
|  Microsoft Corp.  | 9.3% |
|  Meta Platforms, Inc. Class A  | 6.8% |
|  Amazon.com, Inc.  | 5.6% |
|  Tesla, Inc.  | 5.5% |
|  Apple, Inc.  | 4.9% |
|  Netflix, Inc.  | 4.4% |
|  Oracle Corp.  | 3.9% |
|  Visa, Inc. Class A  | 3.7% |
|  Alphabet, Inc. Class A  | 3.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 42.0% |
|  Communication Services  | 18.5% |
|  Consumer Discretionary  | 16.1% |
|  Financials  | 7.7% |
|  Health Care  | 7.4% |
|  Industrials  | 4.6% |
|  Consumer Staples  | 1.5% |
|  Exchange-Traded Funds  | 0.6% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITOCK

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITOCK

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MBCGX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $130 | 1.16% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer discretionary sector

• An overweight allocation to the communication services sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• An underweight allocation to the information technology sector

• An overweight allocation to the health care sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITOC2

------

![image](ts5172img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 23.58 | 14.09 | 16.58 |
| **Class A - with maximum sales charge**  | 16.78 | 12.81 | 15.92 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2184.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 90 |
| **Total Advisory Fees Paid During the Reporting Period** | $14428916 |
| **Portfolio Turnover Rate** | 14% |

---

MM202912-309770 PAGE 2 TSR-AR-ITOC2

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.5% |
|  Microsoft Corp.  | 9.3% |
|  Meta Platforms, Inc. Class A  | 6.8% |
|  Amazon.com, Inc.  | 5.6% |
|  Tesla, Inc.  | 5.5% |
|  Apple, Inc.  | 4.9% |
|  Netflix, Inc.  | 4.4% |
|  Oracle Corp.  | 3.9% |
|  Visa, Inc. Class A  | 3.7% |
|  Alphabet, Inc. Class A  | 3.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 42.0% |
|  Communication Services  | 18.5% |
|  Consumer Discretionary  | 16.1% |
|  Financials  | 7.7% |
|  Health Care  | 7.4% |
|  Industrials  | 4.6% |
|  Consumer Staples  | 1.5% |
|  Exchange-Traded Funds  | 0.6% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITOC2

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MBCNX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $151 | 1.35% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer discretionary sector

• An overweight allocation to the communication services sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• An underweight allocation to the information technology sector

• An overweight allocation to the health care sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITOC5

------

![image](ts5174img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 23.31 | 13.90 | 16.40 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2184.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 90 |
| **Total Advisory Fees Paid During the Reporting Period** | $14428916 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.5% |
|  Microsoft Corp.  | 9.3% |
|  Meta Platforms, Inc. Class A  | 6.8% |
|  Amazon.com, Inc.  | 5.6% |
|  Tesla, Inc.  | 5.5% |
|  Apple, Inc.  | 4.9% |
|  Netflix, Inc.  | 4.4% |
|  Oracle Corp.  | 3.9% |
|  Visa, Inc. Class A  | 3.7% |
|  Alphabet, Inc. Class A  | 3.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 42.0% |
|  Communication Services  | 18.5% |
|  Consumer Discretionary  | 16.1% |
|  Financials  | 7.7% |
|  Health Care  | 7.4% |
|  Industrials  | 4.6% |
|  Consumer Staples  | 1.5% |
|  Exchange-Traded Funds  | 0.6% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITOC5

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITOC5

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMZMX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $85 | 0.76% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 1000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the consumer discretionary sector

• An overweight allocation to the communication services sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the Russell 1000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• An underweight allocation to the information technology sector

• An overweight allocation to the health care sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (February 1, 2023 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITOCY

------

![image](ts5170img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (02/01/2023) |
| **Class Y - without sales charge**  | 24.11 | 31.35 |
| **Russell 3000 Index**  | 17.41 | 22.44 |
| **Russell 1000 Growth Index**  | 25.53 | 28.88 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2184.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 90 |
| **Total Advisory Fees Paid During the Reporting Period** | $14428916 |
| **Portfolio Turnover Rate** | 14% |

---

MM202912-309770 PAGE 2 TSR-AR-ITOCY

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.5% |
|  Microsoft Corp.  | 9.3% |
|  Meta Platforms, Inc. Class A  | 6.8% |
|  Amazon.com, Inc.  | 5.6% |
|  Tesla, Inc.  | 5.5% |
|  Apple, Inc.  | 4.9% |
|  Netflix, Inc.  | 4.4% |
|  Oracle Corp.  | 3.9% |
|  Visa, Inc. Class A  | 3.7% |
|  Alphabet, Inc. Class A  | 3.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 42.0% |
|  Communication Services  | 18.5% |
|  Consumer Discretionary  | 16.1% |
|  Financials  | 7.7% |
|  Health Care  | 7.4% |
|  Industrials  | 4.6% |
|  Consumer Staples  | 1.5% |
|  Exchange-Traded Funds  | 0.6% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITOCY

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MEFZX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $67 | 0.66% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell MidCap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the energy sector

• Stock selection within the consumer staples sector

• An overweight allocation to the consumer discretionary sector

Top detractors to the Fund's performance relative to the Russell MidCap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• Stock selection within the information technology sector

• Stock selection within the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIK6

------

![image](ts5256img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 3.89 | 7.09 | 10.41 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell Midcap Growth Index**  | 22.02 | 11.26 | 13.37 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $3796.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Total Advisory Fees Paid During the Reporting Period** | $28508581 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.1% |
|  PTC, Inc.  | 1.7% |
|  Hologic, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Alnylam Pharmaceuticals, Inc.  | 1.6% |
|  Lattice Semiconductor Corp.  | 1.6% |
|  Monolithic Power Systems, Inc.  | 1.6% |
|  Hilton Worldwide Holdings, Inc.  | 1.5% |
|  Agilent Technologies, Inc.  | 1.5% |
|  Yum! Brands, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 21.7% |
|  Health Care  | 19.1% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 7.9% |
|  Communication Services  | 4.4% |
|  Energy  | 4.3% |
|  Consumer Staples  | 3.4% |
|  Materials  | 2.8% |
|  Real Estate  | 0.8% |
|  Utilities  | 0.7% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIK6

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIK6

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MGRFX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $77 | 0.76% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell MidCap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the energy sector

• Stock selection within the consumer staples sector

• An overweight allocation to the consumer discretionary sector

Top detractors to the Fund's performance relative to the Russell MidCap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• Stock selection within the information technology sector

• Stock selection within the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIK1

------

![image](ts5259img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 3.79 | 6.99 | 10.30 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell Midcap Growth Index**  | 22.02 | 11.26 | 13.37 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $3796.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Total Advisory Fees Paid During the Reporting Period** | $28508581 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.1% |
|  PTC, Inc.  | 1.7% |
|  Hologic, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Alnylam Pharmaceuticals, Inc.  | 1.6% |
|  Lattice Semiconductor Corp.  | 1.6% |
|  Monolithic Power Systems, Inc.  | 1.6% |
|  Hilton Worldwide Holdings, Inc.  | 1.5% |
|  Agilent Technologies, Inc.  | 1.5% |
|  Yum! Brands, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 21.7% |
|  Health Care  | 19.1% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 7.9% |
|  Communication Services  | 4.4% |
|  Energy  | 4.3% |
|  Consumer Staples  | 3.4% |
|  Materials  | 2.8% |
|  Real Estate  | 0.8% |
|  Utilities  | 0.7% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIK1

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIK1

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MEFYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $88 | 0.86% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell MidCap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the energy sector

• Stock selection within the consumer staples sector

• An overweight allocation to the consumer discretionary sector

Top detractors to the Fund's performance relative to the Russell MidCap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• Stock selection within the information technology sector

• Stock selection within the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIK3

------

![image](ts5253img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 3.67 | 6.88 | 10.20 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell Midcap Growth Index**  | 22.02 | 11.26 | 13.37 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $3796.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Total Advisory Fees Paid During the Reporting Period** | $28508581 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.1% |
|  PTC, Inc.  | 1.7% |
|  Hologic, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Alnylam Pharmaceuticals, Inc.  | 1.6% |
|  Lattice Semiconductor Corp.  | 1.6% |
|  Monolithic Power Systems, Inc.  | 1.6% |
|  Hilton Worldwide Holdings, Inc.  | 1.5% |
|  Agilent Technologies, Inc.  | 1.5% |
|  Yum! Brands, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 21.7% |
|  Health Care  | 19.1% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 7.9% |
|  Communication Services  | 4.4% |
|  Energy  | 4.3% |
|  Consumer Staples  | 3.4% |
|  Materials  | 2.8% |
|  Real Estate  | 0.8% |
|  Utilities  | 0.7% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIK3

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIK3

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MMELX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $98 | 0.96% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell MidCap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the energy sector

• Stock selection within the consumer staples sector

• An overweight allocation to the consumer discretionary sector

Top detractors to the Fund's performance relative to the Russell MidCap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• Stock selection within the information technology sector

• Stock selection within the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIK4

------

![image](ts5254img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 3.61 | 6.78 | 10.09 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell Midcap Growth Index**  | 22.02 | 11.26 | 13.37 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $3796.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Total Advisory Fees Paid During the Reporting Period** | $28508581 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.1% |
|  PTC, Inc.  | 1.7% |
|  Hologic, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Alnylam Pharmaceuticals, Inc.  | 1.6% |
|  Lattice Semiconductor Corp.  | 1.6% |
|  Monolithic Power Systems, Inc.  | 1.6% |
|  Hilton Worldwide Holdings, Inc.  | 1.5% |
|  Agilent Technologies, Inc.  | 1.5% |
|  Yum! Brands, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 21.7% |
|  Health Care  | 19.1% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 7.9% |
|  Communication Services  | 4.4% |
|  Energy  | 4.3% |
|  Consumer Staples  | 3.4% |
|  Materials  | 2.8% |
|  Real Estate  | 0.8% |
|  Utilities  | 0.7% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIK4

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIK4

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MEFFX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $113 | 1.11% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell MidCap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the energy sector

• Stock selection within the consumer staples sector

• An overweight allocation to the consumer discretionary sector

Top detractors to the Fund's performance relative to the Russell MidCap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• Stock selection within the information technology sector

• Stock selection within the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIKK

------

![image](ts5258img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 3.40 | 6.61 | 9.92 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell Midcap Growth Index**  | 22.02 | 11.26 | 13.37 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $3796.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Total Advisory Fees Paid During the Reporting Period** | $28508581 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.1% |
|  PTC, Inc.  | 1.7% |
|  Hologic, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Alnylam Pharmaceuticals, Inc.  | 1.6% |
|  Lattice Semiconductor Corp.  | 1.6% |
|  Monolithic Power Systems, Inc.  | 1.6% |
|  Hilton Worldwide Holdings, Inc.  | 1.5% |
|  Agilent Technologies, Inc.  | 1.5% |
|  Yum! Brands, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 21.7% |
|  Health Care  | 19.1% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 7.9% |
|  Communication Services  | 4.4% |
|  Energy  | 4.3% |
|  Consumer Staples  | 3.4% |
|  Materials  | 2.8% |
|  Real Estate  | 0.8% |
|  Utilities  | 0.7% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIKK

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIKK

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MEFAX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $118 | 1.16% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell MidCap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the energy sector

• Stock selection within the consumer staples sector

• An overweight allocation to the consumer discretionary sector

Top detractors to the Fund's performance relative to the Russell MidCap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• Stock selection within the information technology sector

• Stock selection within the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIK2

------

![image](ts5255img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 3.39 | 6.53 | 9.82 |
| **Class A - with maximum sales charge**  | -2.29 | 5.33 | 9.20 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell Midcap Growth Index**  | 22.02 | 11.26 | 13.37 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $3796.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Total Advisory Fees Paid During the Reporting Period** | $28508581 |
| **Portfolio Turnover Rate** | 38% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIK2

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.1% |
|  PTC, Inc.  | 1.7% |
|  Hologic, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Alnylam Pharmaceuticals, Inc.  | 1.6% |
|  Lattice Semiconductor Corp.  | 1.6% |
|  Monolithic Power Systems, Inc.  | 1.6% |
|  Hilton Worldwide Holdings, Inc.  | 1.5% |
|  Agilent Technologies, Inc.  | 1.5% |
|  Yum! Brands, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 21.7% |
|  Health Care  | 19.1% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 7.9% |
|  Communication Services  | 4.4% |
|  Energy  | 4.3% |
|  Consumer Staples  | 3.4% |
|  Materials  | 2.8% |
|  Real Estate  | 0.8% |
|  Utilities  | 0.7% |

---

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIK2

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MEFNX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $138 | 1.36% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell MidCap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the energy sector

• Stock selection within the consumer staples sector

• An overweight allocation to the consumer discretionary sector

Top detractors to the Fund's performance relative to the Russell MidCap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• Stock selection within the information technology sector

• Stock selection within the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIK5

------

![image](ts5257img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 3.17 | 6.35 | 9.65 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell Midcap Growth Index**  | 22.02 | 11.26 | 13.37 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $3796.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Total Advisory Fees Paid During the Reporting Period** | $28508581 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.1% |
|  PTC, Inc.  | 1.7% |
|  Hologic, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Alnylam Pharmaceuticals, Inc.  | 1.6% |
|  Lattice Semiconductor Corp.  | 1.6% |
|  Monolithic Power Systems, Inc.  | 1.6% |
|  Hilton Worldwide Holdings, Inc.  | 1.5% |
|  Agilent Technologies, Inc.  | 1.5% |
|  Yum! Brands, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 21.7% |
|  Health Care  | 19.1% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 7.9% |
|  Communication Services  | 4.4% |
|  Energy  | 4.3% |
|  Consumer Staples  | 3.4% |
|  Materials  | 2.8% |
|  Real Estate  | 0.8% |
|  Utilities  | 0.7% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIK5

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIK5

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMNGX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $77 | 0.76% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell MidCap® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the energy sector

• Stock selection within the consumer staples sector

• An overweight allocation to the consumer discretionary sector

Top detractors to the Fund's performance relative to the Russell MidCap Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the health care sector

• Stock selection within the information technology sector

• Stock selection within the industrials sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (February 1, 2023 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITIKY

------

![image](ts5252img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (02/01/2023) |
| **Class Y - without sales charge**  | 3.79 | 8.63 |
| **Russell 3000 Index**  | 17.41 | 22.44 |
| **Russell Midcap Growth Index**  | 22.02 | 21.62 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $3796.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Total Advisory Fees Paid During the Reporting Period** | $28508581 |
| **Portfolio Turnover Rate** | 38% |

---

MM202912-309770 PAGE 2 TSR-AR-ITIKY

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Veeva Systems, Inc. Class A  | 2.1% |
|  PTC, Inc.  | 1.7% |
|  Hologic, Inc.  | 1.7% |
|  Cheniere Energy, Inc.  | 1.7% |
|  Alnylam Pharmaceuticals, Inc.  | 1.6% |
|  Lattice Semiconductor Corp.  | 1.6% |
|  Monolithic Power Systems, Inc.  | 1.6% |
|  Hilton Worldwide Holdings, Inc.  | 1.5% |
|  Agilent Technologies, Inc.  | 1.5% |
|  Yum! Brands, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 21.7% |
|  Health Care  | 19.1% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 15.7% |
|  Financials  | 7.9% |
|  Communication Services  | 4.4% |
|  Energy  | 4.3% |
|  Consumer Staples  | 3.4% |
|  Materials  | 2.8% |
|  Real Estate  | 0.8% |
|  Utilities  | 0.7% |

---

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITIKY

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MSGZX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $91 | 0.88% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in the industrials sector

• An underweight allocation to the health care sector

• Strong stock selection in the utilities sector

• Strong stock selection in the energy sector

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector

• Stock selection within the consumer discretionary sector

• An overweight allocation to the real estate sector

• An underweight allocation to the information technology sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGK6

------

![image](ts5184img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 6.28 | 8.58 | 11.49 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Growth Index**  | 13.56 | 8.41 | 9.91 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $564.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 247 |
| **Total Advisory Fees Paid During the Reporting Period** | $5096792 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SiTime Corp.  | 1.7% |
|  Insmed, Inc.  | 1.4% |
|  Curtiss-Wright Corp.  | 1.3% |
|  StepStone Group, Inc. Class A  | 1.3% |
|  Verra Mobility Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.0% |
|  Fabrinet  | 1.0% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.0% |
|  Advanced Energy Industries, Inc.  | 1.0% |
|  PJT Partners, Inc. Class A  | 0.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.6% |
|  Health Care  | 18.7% |
|  Information Technology  | 18.2% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.7% |
|  Real Estate  | 2.9% |
|  Energy  | 2.7% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Consumer Staples  | 1.4% |
|  Communication Services  | 1.2% |
|  Exchange-Traded Funds  | 1.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGK6

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITGK6

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MSGSX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $101 | 0.98% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in the industrials sector

• An underweight allocation to the health care sector

• Strong stock selection in the utilities sector

• Strong stock selection in the energy sector

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector

• Stock selection within the consumer discretionary sector

• An overweight allocation to the real estate sector

• An underweight allocation to the information technology sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGK1

------

![image](ts5182img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 6.19 | 8.48 | 11.39 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Growth Index**  | 13.56 | 8.41 | 9.91 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $564.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 247 |
| **Total Advisory Fees Paid During the Reporting Period** | $5096792 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SiTime Corp.  | 1.7% |
|  Insmed, Inc.  | 1.4% |
|  Curtiss-Wright Corp.  | 1.3% |
|  StepStone Group, Inc. Class A  | 1.3% |
|  Verra Mobility Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.0% |
|  Fabrinet  | 1.0% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.0% |
|  Advanced Energy Industries, Inc.  | 1.0% |
|  PJT Partners, Inc. Class A  | 0.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.6% |
|  Health Care  | 18.7% |
|  Information Technology  | 18.2% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.7% |
|  Real Estate  | 2.9% |
|  Energy  | 2.7% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Consumer Staples  | 1.4% |
|  Communication Services  | 1.2% |
|  Exchange-Traded Funds  | 1.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGK1

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITGK1

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MSCYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $111 | 1.08% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in the industrials sector

• An underweight allocation to the health care sector

• Strong stock selection in the utilities sector

• Strong stock selection in the energy sector

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector

• Stock selection within the consumer discretionary sector

• An overweight allocation to the real estate sector

• An underweight allocation to the information technology sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGK3

------

![image](ts5183img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 6.08 | 8.37 | 11.28 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Growth Index**  | 13.56 | 8.41 | 9.91 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $564.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 247 |
| **Total Advisory Fees Paid During the Reporting Period** | $5096792 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SiTime Corp.  | 1.7% |
|  Insmed, Inc.  | 1.4% |
|  Curtiss-Wright Corp.  | 1.3% |
|  StepStone Group, Inc. Class A  | 1.3% |
|  Verra Mobility Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.0% |
|  Fabrinet  | 1.0% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.0% |
|  Advanced Energy Industries, Inc.  | 1.0% |
|  PJT Partners, Inc. Class A  | 0.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.6% |
|  Health Care  | 18.7% |
|  Information Technology  | 18.2% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.7% |
|  Real Estate  | 2.9% |
|  Energy  | 2.7% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Consumer Staples  | 1.4% |
|  Communication Services  | 1.2% |
|  Exchange-Traded Funds  | 1.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGK3

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITGK3

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MSGLX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $122 | 1.18% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in the industrials sector

• An underweight allocation to the health care sector

• Strong stock selection in the utilities sector

• Strong stock selection in the energy sector

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector

• Stock selection within the consumer discretionary sector

• An overweight allocation to the real estate sector

• An underweight allocation to the information technology sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGK4

------

![image](ts5179img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 5.98 | 8.26 | 11.16 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Growth Index**  | 13.56 | 8.41 | 9.91 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $564.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 247 |
| **Total Advisory Fees Paid During the Reporting Period** | $5096792 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SiTime Corp.  | 1.7% |
|  Insmed, Inc.  | 1.4% |
|  Curtiss-Wright Corp.  | 1.3% |
|  StepStone Group, Inc. Class A  | 1.3% |
|  Verra Mobility Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.0% |
|  Fabrinet  | 1.0% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.0% |
|  Advanced Energy Industries, Inc.  | 1.0% |
|  PJT Partners, Inc. Class A  | 0.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.6% |
|  Health Care  | 18.7% |
|  Information Technology  | 18.2% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.7% |
|  Real Estate  | 2.9% |
|  Energy  | 2.7% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Consumer Staples  | 1.4% |
|  Communication Services  | 1.2% |
|  Exchange-Traded Funds  | 1.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGK4

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITGK4

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MSERX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $137 | 1.33% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in the industrials sector

• An underweight allocation to the health care sector

• Strong stock selection in the utilities sector

• Strong stock selection in the energy sector

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector

• Stock selection within the consumer discretionary sector

• An overweight allocation to the real estate sector

• An underweight allocation to the information technology sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGKK

------

![image](ts5181img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 5.85 | 8.10 | 11.00 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Growth Index**  | 13.56 | 8.41 | 9.91 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $564.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 247 |
| **Total Advisory Fees Paid During the Reporting Period** | $5096792 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SiTime Corp.  | 1.7% |
|  Insmed, Inc.  | 1.4% |
|  Curtiss-Wright Corp.  | 1.3% |
|  StepStone Group, Inc. Class A  | 1.3% |
|  Verra Mobility Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.0% |
|  Fabrinet  | 1.0% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.0% |
|  Advanced Energy Industries, Inc.  | 1.0% |
|  PJT Partners, Inc. Class A  | 0.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.6% |
|  Health Care  | 18.7% |
|  Information Technology  | 18.2% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.7% |
|  Real Estate  | 2.9% |
|  Energy  | 2.7% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Consumer Staples  | 1.4% |
|  Communication Services  | 1.2% |
|  Exchange-Traded Funds  | 1.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGKK

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITGKK

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MMGEX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $142 | 1.38% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in the industrials sector

• An underweight allocation to the health care sector

• Strong stock selection in the utilities sector

• Strong stock selection in the energy sector

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector

• Stock selection within the consumer discretionary sector

• An overweight allocation to the real estate sector

• An underweight allocation to the information technology sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGK2

------

![image](ts5180img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 5.76 | 8.00 | 10.89 |
| **Class A - with maximum sales charge**  | -0.06 | 6.79 | 10.27 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Growth Index**  | 13.56 | 8.41 | 9.91 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $564.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 247 |
| **Total Advisory Fees Paid During the Reporting Period** | $5096792 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SiTime Corp.  | 1.7% |
|  Insmed, Inc.  | 1.4% |
|  Curtiss-Wright Corp.  | 1.3% |
|  StepStone Group, Inc. Class A  | 1.3% |
|  Verra Mobility Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.0% |
|  Fabrinet  | 1.0% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.0% |
|  Advanced Energy Industries, Inc.  | 1.0% |
|  PJT Partners, Inc. Class A  | 0.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.6% |
|  Health Care  | 18.7% |
|  Information Technology  | 18.2% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.7% |
|  Real Estate  | 2.9% |
|  Energy  | 2.7% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Consumer Staples  | 1.4% |
|  Communication Services  | 1.2% |
|  Exchange-Traded Funds  | 1.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGK2

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITGK2

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MSGNX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $162 | 1.58% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in the industrials sector

• An underweight allocation to the health care sector

• Strong stock selection in the utilities sector

• Strong stock selection in the energy sector

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector

• Stock selection within the consumer discretionary sector

• An overweight allocation to the real estate sector

• An underweight allocation to the information technology sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGK5

------

![image](ts5185img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 5.58 | 7.83 | 10.73 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Growth Index**  | 13.56 | 8.41 | 9.91 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $564.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 247 |
| **Total Advisory Fees Paid During the Reporting Period** | $5096792 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SiTime Corp.  | 1.7% |
|  Insmed, Inc.  | 1.4% |
|  Curtiss-Wright Corp.  | 1.3% |
|  StepStone Group, Inc. Class A  | 1.3% |
|  Verra Mobility Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.0% |
|  Fabrinet  | 1.0% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.0% |
|  Advanced Energy Industries, Inc.  | 1.0% |
|  PJT Partners, Inc. Class A  | 0.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.6% |
|  Health Care  | 18.7% |
|  Information Technology  | 18.2% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.7% |
|  Real Estate  | 2.9% |
|  Energy  | 2.7% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Consumer Staples  | 1.4% |
|  Communication Services  | 1.2% |
|  Exchange-Traded Funds  | 1.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGK5

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITGK5

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMNJX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $101 | 0.98% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the Russell 2000® Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight position in the industrials sector

• An underweight allocation to the health care sector

• Strong stock selection in the utilities sector

• Strong stock selection in the energy sector

Top detractors to the Fund's performance relative to the Russell 2000 Growth Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the industrials sector

• Stock selection within the consumer discretionary sector

• An overweight allocation to the real estate sector

• An underweight allocation to the information technology sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (February 1, 2023 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGKY

------

![image](ts5178img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (02/01/2023) |
| **Class Y - without sales charge**  | 6.26 | 10.63 |
| **Russell 3000 Index**  | 17.41 | 22.44 |
| **Russell 2000 Growth Index**  | 13.56 | 18.60 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $564.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 247 |
| **Total Advisory Fees Paid During the Reporting Period** | $5096792 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SiTime Corp.  | 1.7% |
|  Insmed, Inc.  | 1.4% |
|  Curtiss-Wright Corp.  | 1.3% |
|  StepStone Group, Inc. Class A  | 1.3% |
|  Verra Mobility Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.0% |
|  Fabrinet  | 1.0% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.0% |
|  Advanced Energy Industries, Inc.  | 1.0% |
|  PJT Partners, Inc. Class A  | 0.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.6% |
|  Health Care  | 18.7% |
|  Information Technology  | 18.2% |
|  Financials  | 12.6% |
|  Consumer Discretionary  | 10.7% |
|  Real Estate  | 2.9% |
|  Energy  | 2.7% |
|  Materials  | 1.9% |
|  Utilities  | 1.5% |
|  Consumer Staples  | 1.4% |
|  Communication Services  | 1.2% |
|  Exchange-Traded Funds  | 1.1% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGKY

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITGKY

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MOSZX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $83 | 0.79% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the consumer discretionary sector,

• Strong stock selection in the health care sector, and particularly Roche Holding AG

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an underweight allocation to the financials sector

• Stock selection within the consumer staples sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITLK6

------

![image](ts5263img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 11.24 | 11.01 | 8.10 |
| **MSCI EAFE Index**  | 14.99 | 11.15 | 8.17 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $327.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 131 |
| **Total Advisory Fees Paid During the Reporting Period** | $3201173 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.1% |
|  Cie Financiere Richemont SA Class A  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Rolls-Royce Holdings PLC  | 1.9% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.8% |
|  SAP SE  | 1.7% |
|  Capgemini SE  | 1.6% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.2% |
|  Financials  | 20.4% |
|  Consumer Discretionary  | 15.1% |
|  Health Care  | 10.4% |
|  Information Technology  | 9.8% |
|  Consumer Staples  | 9.6% |
|  Materials  | 5.3% |
|  Communication Services  | 2.9% |
|  Energy  | 1.8% |
|  Utilities  | 1.0% |
|  Real Estate  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.2% |
|  Japan  | 15.2% |
|  Germany  | 11.7% |
|  United Kingdom  | 10.8% |
|  United States  | 9.5% |
|  Switzerland  | 4.6% |
|  Italy  | 3.6% |
|  Netherlands  | 3.3% |
|  China  | 3.0% |
|  Canada  | 2.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITLK6

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITLK6

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MOSSX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $94 | 0.89% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the consumer discretionary sector,

• Strong stock selection in the health care sector, and particularly Roche Holding AG

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an underweight allocation to the financials sector

• Stock selection within the consumer staples sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITLK1

------

![image](ts5266img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 11.17 | 10.92 | 8.00 |
| **MSCI EAFE Index**  | 14.99 | 11.15 | 8.17 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $327.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 131 |
| **Total Advisory Fees Paid During the Reporting Period** | $3201173 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.1% |
|  Cie Financiere Richemont SA Class A  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Rolls-Royce Holdings PLC  | 1.9% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.8% |
|  SAP SE  | 1.7% |
|  Capgemini SE  | 1.6% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.2% |
|  Financials  | 20.4% |
|  Consumer Discretionary  | 15.1% |
|  Health Care  | 10.4% |
|  Information Technology  | 9.8% |
|  Consumer Staples  | 9.6% |
|  Materials  | 5.3% |
|  Communication Services  | 2.9% |
|  Energy  | 1.8% |
|  Utilities  | 1.0% |
|  Real Estate  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.2% |
|  Japan  | 15.2% |
|  Germany  | 11.7% |
|  United Kingdom  | 10.8% |
|  United States  | 9.5% |
|  Switzerland  | 4.6% |
|  Italy  | 3.6% |
|  Netherlands  | 3.3% |
|  China  | 3.0% |
|  Canada  | 2.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITLK1

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITLK1

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MOSYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $104 | 0.99% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the consumer discretionary sector,

• Strong stock selection in the health care sector, and particularly Roche Holding AG

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an underweight allocation to the financials sector

• Stock selection within the consumer staples sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITLK3

------

![image](ts5267img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 11.05 | 10.80 | 7.89 |
| **MSCI EAFE Index**  | 14.99 | 11.15 | 8.17 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $327.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 131 |
| **Total Advisory Fees Paid During the Reporting Period** | $3201173 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.1% |
|  Cie Financiere Richemont SA Class A  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Rolls-Royce Holdings PLC  | 1.9% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.8% |
|  SAP SE  | 1.7% |
|  Capgemini SE  | 1.6% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.2% |
|  Financials  | 20.4% |
|  Consumer Discretionary  | 15.1% |
|  Health Care  | 10.4% |
|  Information Technology  | 9.8% |
|  Consumer Staples  | 9.6% |
|  Materials  | 5.3% |
|  Communication Services  | 2.9% |
|  Energy  | 1.8% |
|  Utilities  | 1.0% |
|  Real Estate  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.2% |
|  Japan  | 15.2% |
|  Germany  | 11.7% |
|  United Kingdom  | 10.8% |
|  United States  | 9.5% |
|  Switzerland  | 4.6% |
|  Italy  | 3.6% |
|  Netherlands  | 3.3% |
|  China  | 3.0% |
|  Canada  | 2.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITLK3

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITLK3

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MOSLX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $115 | 1.09% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the consumer discretionary sector,

• Strong stock selection in the health care sector, and particularly Roche Holding AG

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an underweight allocation to the financials sector

• Stock selection within the consumer staples sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITLK4

------

![image](ts5261img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 10.86 | 10.67 | 7.77 |
| **MSCI EAFE Index**  | 14.99 | 11.15 | 8.17 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $327.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 131 |
| **Total Advisory Fees Paid During the Reporting Period** | $3201173 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.1% |
|  Cie Financiere Richemont SA Class A  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Rolls-Royce Holdings PLC  | 1.9% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.8% |
|  SAP SE  | 1.7% |
|  Capgemini SE  | 1.6% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.2% |
|  Financials  | 20.4% |
|  Consumer Discretionary  | 15.1% |
|  Health Care  | 10.4% |
|  Information Technology  | 9.8% |
|  Consumer Staples  | 9.6% |
|  Materials  | 5.3% |
|  Communication Services  | 2.9% |
|  Energy  | 1.8% |
|  Utilities  | 1.0% |
|  Real Estate  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.2% |
|  Japan  | 15.2% |
|  Germany  | 11.7% |
|  United Kingdom  | 10.8% |
|  United States  | 9.5% |
|  Switzerland  | 4.6% |
|  Italy  | 3.6% |
|  Netherlands  | 3.3% |
|  China  | 3.0% |
|  Canada  | 2.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITLK4

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITLK4

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MOSFX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $131 | 1.24% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the consumer discretionary sector,

• Strong stock selection in the health care sector, and particularly Roche Holding AG

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an underweight allocation to the financials sector

• Stock selection within the consumer staples sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITLKK

------

![image](ts5265img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 10.72 | 10.50 | 7.60 |
| **MSCI EAFE Index**  | 14.99 | 11.15 | 8.17 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $327.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 131 |
| **Total Advisory Fees Paid During the Reporting Period** | $3201173 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.1% |
|  Cie Financiere Richemont SA Class A  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Rolls-Royce Holdings PLC  | 1.9% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.8% |
|  SAP SE  | 1.7% |
|  Capgemini SE  | 1.6% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.2% |
|  Financials  | 20.4% |
|  Consumer Discretionary  | 15.1% |
|  Health Care  | 10.4% |
|  Information Technology  | 9.8% |
|  Consumer Staples  | 9.6% |
|  Materials  | 5.3% |
|  Communication Services  | 2.9% |
|  Energy  | 1.8% |
|  Utilities  | 1.0% |
|  Real Estate  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.2% |
|  Japan  | 15.2% |
|  Germany  | 11.7% |
|  United Kingdom  | 10.8% |
|  United States  | 9.5% |
|  Switzerland  | 4.6% |
|  Italy  | 3.6% |
|  Netherlands  | 3.3% |
|  China  | 3.0% |
|  Canada  | 2.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITLKK

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITLKK

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MOSAX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $136 | 1.29% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the consumer discretionary sector,

• Strong stock selection in the health care sector, and particularly Roche Holding AG

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an underweight allocation to the financials sector

• Stock selection within the consumer staples sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITLK2

------

![image](ts5262img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 10.58 | 10.42 | 7.51 |
| **Class A - with maximum sales charge**  | 4.50 | 9.18 | 6.90 |
| **MSCI EAFE Index**  | 14.99 | 11.15 | 8.17 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $327.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 131 |
| **Total Advisory Fees Paid During the Reporting Period** | $3201173 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.1% |
|  Cie Financiere Richemont SA Class A  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Rolls-Royce Holdings PLC  | 1.9% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.8% |
|  SAP SE  | 1.7% |
|  Capgemini SE  | 1.6% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.2% |
|  Financials  | 20.4% |
|  Consumer Discretionary  | 15.1% |
|  Health Care  | 10.4% |
|  Information Technology  | 9.8% |
|  Consumer Staples  | 9.6% |
|  Materials  | 5.3% |
|  Communication Services  | 2.9% |
|  Energy  | 1.8% |
|  Utilities  | 1.0% |
|  Real Estate  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.2% |
|  Japan  | 15.2% |
|  Germany  | 11.7% |
|  United Kingdom  | 10.8% |
|  United States  | 9.5% |
|  Switzerland  | 4.6% |
|  Italy  | 3.6% |
|  Netherlands  | 3.3% |
|  China  | 3.0% |
|  Canada  | 2.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITLK2

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITLK2

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MOSNX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $157 | 1.49% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the consumer discretionary sector,

• Strong stock selection in the health care sector, and particularly Roche Holding AG

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an underweight allocation to the financials sector

• Stock selection within the consumer staples sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITLK5

------

![image](ts5264img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 10.34 | 10.23 | 7.35 |
| **MSCI EAFE Index**  | 14.99 | 11.15 | 8.17 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $327.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 131 |
| **Total Advisory Fees Paid During the Reporting Period** | $3201173 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.1% |
|  Cie Financiere Richemont SA Class A  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Rolls-Royce Holdings PLC  | 1.9% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.8% |
|  SAP SE  | 1.7% |
|  Capgemini SE  | 1.6% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.2% |
|  Financials  | 20.4% |
|  Consumer Discretionary  | 15.1% |
|  Health Care  | 10.4% |
|  Information Technology  | 9.8% |
|  Consumer Staples  | 9.6% |
|  Materials  | 5.3% |
|  Communication Services  | 2.9% |
|  Energy  | 1.8% |
|  Utilities  | 1.0% |
|  Real Estate  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.2% |
|  Japan  | 15.2% |
|  Germany  | 11.7% |
|  United Kingdom  | 10.8% |
|  United States  | 9.5% |
|  Switzerland  | 4.6% |
|  Italy  | 3.6% |
|  Netherlands  | 3.3% |
|  China  | 3.0% |
|  Canada  | 2.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITLK5

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITLK5

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMOJX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $94 | 0.89% |

---

**HOW DID THE FUND PERFORM?**

Global equity markets delivered positive returns during the period, overcoming persistent geopolitical tensions, evolving trade policies, and shifting monetary conditions.

Conflicts in Ukraine and the Middle East continued to weigh on sentiment, while political developments and escalating tariff measures—particularly between the U.S. and China—added complexity to global trade dynamics. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. U.S. equities advanced, led by large-cap growth stocks levered to the artifical intelligence trade. Small- and mid-cap stocks posted more modest gains, reflecting the dominance of mega-cap growth stocks. Emerging markets outperformed non-U.S. developed markets, supported by strong returns within the information technology and communication services sectors. Despite ongoing macroeconomic and political headwinds, corporate earnings remained broadly stable, and innovation in areas such as artificial intelligence continued to support equity valuations across geographic regions.

Top contributors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection in the consumer discretionary sector,

• Strong stock selection in the health care sector, and particularly Roche Holding AG

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the MSCI EAFE Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an underweight allocation to the financials sector

• Stock selection within the consumer staples sector

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (February 1, 2023 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITLKY

------

![image](ts5260img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (02/01/2023) |
| **Class Y - without sales charge**  | 11.07 | 10.35 |
| **MSCI EAFE Index**  | 14.99 | 16.63 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $327.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 131 |
| **Total Advisory Fees Paid During the Reporting Period** | $3201173 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.1% |
|  Cie Financiere Richemont SA Class A  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Rolls-Royce Holdings PLC  | 1.9% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.8% |
|  SAP SE  | 1.7% |
|  Capgemini SE  | 1.6% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.2% |
|  Financials  | 20.4% |
|  Consumer Discretionary  | 15.1% |
|  Health Care  | 10.4% |
|  Information Technology  | 9.8% |
|  Consumer Staples  | 9.6% |
|  Materials  | 5.3% |
|  Communication Services  | 2.9% |
|  Energy  | 1.8% |
|  Utilities  | 1.0% |
|  Real Estate  | 0.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.2% |
|  Japan  | 15.2% |
|  Germany  | 11.7% |
|  United Kingdom  | 10.8% |
|  United States  | 9.5% |
|  Switzerland  | 4.6% |
|  Italy  | 3.6% |
|  Netherlands  | 3.3% |
|  China  | 3.0% |
|  Canada  | 2.2% |

---

MM202912-309770 PAGE 2 TSR-AR-ITLKY

------

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 3 TSR-AR-ITLKY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

As of September 30, 2025, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer, Principal Financial Officer, and other senior financial officers pursuant to the Sarbanes-Oxley Act of 2002. For the year ended September 30, 2025, there were no reportable amendments to any provision of the Code of Ethics and the Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that Nabil N. El-Hage, a member of the Audit Committee, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. El-Hage is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

**Item 4. Principal Accountant Fees and Services.**

References below to Deloitte & Touche LLP include its affiliates where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AUDIT FEES: The aggregate fees billed to the Registrant for professional
 services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant's annual financial statements
 for the fiscal years ended 2025 and 2024 were $1,317,634 and $1,595,084, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AUDIT-RELATED FEES: No such fees were billed to the Registrant by
 Deloitte & Touche LLP for the fiscal years ended 2025 and 2024. No such fees were billed to the Registrant's adviser and any
 entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte
 & Touche LLP\* for the fiscal years ended 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TAX FEES: No such fees were billed to the Registrant by Deloitte
 & Touche LLP for the fiscal years ended 2025 and 2024. No such fees were billed to the Registrant's adviser and any entity controlling,
 controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP\*
 for the fiscal years ended 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte
 & Touche LLP for the fiscal years ended 2025 and 2024. No such fees were billed to the Registrant's adviser and any entity controlling,
 controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP\*
 for the fiscal years ended 2025 and 2024.

(e) (1) AUDIT COMMITTEE PRE-APPROVAL POLICY: All services to be performed for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during the fiscal years ended 2025 and 2024 were pre-approved by the committee. <br>(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by Deloitte & Touche LLP
 for services rendered to the Registrant, the Registrant's adviser and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the Registrant, for the fiscal years ended 2025 and 2024 were $918,826 and $760,661,
 respectively.

<sup>\*</sup> Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee considers whether the provision of non-audit
 services by Deloitte & Touche LLP to the Registrant's adviser and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see portfolio of investments
 contained in the financial statements filed under Item 7 of this form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

![](mmlsel_efp.jpg)

------

**Table of Contents** 

Please note the Annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| &nbsp;&nbsp;&nbsp; [Portfolios of Investments](#sch001) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Diversified Value Fund](#sch001) | &nbsp;&nbsp; **[1](#IYFC)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MM S&P 500<sup>®</sup> Index Fund](#ITHW) | &nbsp;&nbsp; **[5](#ITHW)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Blue Chip Growth Fund](#ITOC1) | &nbsp;&nbsp; **[12](#ITOC1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Mid Cap Growth Fund](#ITIK) | &nbsp;&nbsp; **[15](#ITIK)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Small Cap Growth Equity Fund](#ITGK) | &nbsp;&nbsp; **[19](#ITGK)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Overseas Fund](#ITLK) | &nbsp;&nbsp; **[23](#ITLK)** |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#sal) | &nbsp;&nbsp; **[26](#sal)** |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#sop) | &nbsp;&nbsp; **[30](#sop)** |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | &nbsp;&nbsp; **[34](#scna)** |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | &nbsp;&nbsp; **[38](#fihi)** |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#notes) | &nbsp;&nbsp; **[50](#notes)** |
| &nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#rep1) | &nbsp;&nbsp; **[72](#rep1)** |
| &nbsp;&nbsp;&nbsp; [Federal Tax Information (Unaudited)](#tax) | &nbsp;&nbsp; **[73](#tax)** |
| **[Item 8.](#chan)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#chan)**<br>| &nbsp;&nbsp; **[74](#chan)** |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies.](#prox)** | &nbsp;&nbsp; **[75](#prox)** |
| **[Item 10.](#remu)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#remu)**<br>| &nbsp;&nbsp; **[76](#remu)** |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.](#stat)** | &nbsp;&nbsp; **[77](#stat)** |

---

**This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the applicable MassMutual Funds. Investors should consider a Fund's investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.** 

------

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

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

 **MassMutual Diversified Value Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 99.1%**<br>|  |  |
| **Common Stock — 99.1%**<br>|  |  |
| **Communication Services — 7.8%**<br>|  |  |
| AT&T, Inc. | 362300 | $10231352  |
| Comcast Corp. Class A | 150000 | 4713000  |
| Fox Corp. Class A | 14400 | 908064  |
| Match Group, Inc. | 12300 | 434436  |
| News Corp. Class A | 19100 | 586561  |
| Verizon Communications, Inc. | 213500 | 9383325  |
| Walt Disney Co. | 78500 | 8988250  |
|  |  | 35244988  |
| **Consumer Discretionary — 6.9%**<br>|  |  |
| ADT, Inc. | 32900 | 286559  |
| AutoNation, Inc. (a) | 3500 | 765695  |
| BorgWarner, Inc. | 9500 | 417620  |
| Darden Restaurants, Inc. | 3300 | 628188  |
| Dillard's, Inc. Class A (b) | 320 | 196634  |
| DR Horton, Inc. | 8300 | 1406601  |
| eBay, Inc. | 23200 | 2110040  |
| Expedia Group, Inc. | 6100 | 1303875  |
| Ford Motor Co. | 198100 | 2369276  |
| Gap, Inc. | 17500 | 374325  |
| General Motors Co. | 49100 | 2993627  |
| Genuine Parts Co. | 7000 | 970200  |
| H&R Block, Inc. | 5900 | 298363  |
| Hasbro, Inc. | 5700 | 432345  |
| Lennar Corp. Class A | 6400 | 806656  |
| Lithia Motors, Inc. | 1320 | 417120  |
| LKQ Corp. | 12200 | 372588  |
| Lowe's Cos., Inc. | 31100 | 7815741  |
| MGM Resorts International (a) | 13600 | 471376  |
| Mohawk Industries, Inc. (a) | 700 | 90244  |
| NVR, Inc. (a) | 155 | 1245372  |
| Penske Automotive Group, Inc. | 3300 | 573903  |
| PulteGroup, Inc. | 11200 | 1479856  |
| Toll Brothers, Inc. | 4300 | 594002  |
| TopBuild Corp. (a) | 1430 | 558930  |
| Ulta Beauty, Inc. (a) | 2090 | 1142707  |
| Williams-Sonoma, Inc. | 5900 | 1153155  |
|  |  | 31274998  |
| **Consumer Staples — 6.4%**<br>|  |  |
|  Albertsons Cos., Inc. Series 2025-4, Class A | 28300 | 495533  |
| Altria Group, Inc. | 85000 | 5615100  |
| Coca-Cola Consolidated, Inc. | 3900 | 456924  |
| Dollar General Corp. | 6100 | 630435  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Dollar Tree, Inc. (a) | 8900 | $839893  |
| Hormel Foods Corp. | 4700 | 116278  |
| Ingredion, Inc. | 3200 | 390752  |
| J.M. Smucker Co. | 1200 | 130320  |
| Kenvue, Inc. | 61000 | 990030  |
| Keurig Dr. Pepper, Inc. | 68700 | 1752537  |
| Kimberly-Clark Corp. | 16800 | 2088912  |
| Kraft Heinz Co. | 50500 | 1315020  |
| Kroger Co. | 33500 | 2258235  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. <br>Class B | 8900 | 402725  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A | 56300 | 3517061  |
| PepsiCo, Inc. | 38200 | 5364808  |
| Sysco Corp. | 24600 | 2025564  |
| Tyson Foods, Inc. Class A | 14600 | 792780  |
|  |  | 29182907  |
| **Energy — 6.8%**<br>|  |  |
| Antero Midstream Corp. | 24100 | 468504  |
| Antero Resources Corp. (a) | 8600 | 288616  |
| APA Corp. | 10000 | 242800  |
| Baker Hughes Co. | 46300 | 2255736  |
| EOG Resources, Inc. | 27400 | 3072088  |
| Exxon Mobil Corp. | 119100 | 13428525  |
| HF Sinclair Corp. | 9500 | 497230  |
| Kinder Morgan, Inc. | 111400 | 3153734  |
| Ovintiv, Inc. | 12900 | 520902  |
| Phillips 66 | 20700 | 2815614  |
| Range Resources Corp. | 12100 | 455444  |
| TechnipFMC PLC | 18100 | 714045  |
| Valero Energy Corp. | 16000 | 2724160  |
|  |  | 30637398  |
| **Financials — 31.6%**<br>|  |  |
| Aflac, Inc. | 23100 | 2580270  |
| Allstate Corp. | 2600 | 558090  |
| Ally Financial, Inc. | 9500 | 372400  |
| American Financial Group, Inc. | 3100 | 451732  |
| American International Group, Inc. | 25000 | 1963500  |
| Ameriprise Financial, Inc. | 4010 | 1969913  |
| Apollo Global Management, Inc. | 19700 | 2625419  |
| Arch Capital Group Ltd. | 13000 | 1179490  |
| Assurant, Inc. | 2200 | 476520  |
| Axis Capital Holdings Ltd. | 3500 | 335300  |
| Bank of America Corp. | 254600 | 13134814  |
| Bank of New York Mellon Corp. | 29100 | 3170736  |
| Carlyle Group, Inc. | 15100 | 946770  |
| Chubb Ltd. | 16900 | 4770025  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **1**<br>|

---

------

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

 **MassMutual Diversified Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Cincinnati Financial Corp. | 6600 | $1043460  |
| Citigroup, Inc. | 62000 | 6293000  |
| Citizens Financial Group, Inc. | 15800 | 839928  |
| Comerica, Inc. | 3400 | 232968  |
| Commerce Bancshares, Inc. | 4700 | 280872  |
| Corebridge Financial, Inc. | 23600 | 756380  |
| Corpay, Inc. (a) | 2500 | 720150  |
| Cullen/Frost Bankers, Inc. | 1800 | 228186  |
| East West Bancorp, Inc. | 4800 | 510960  |
| Equitable Holdings, Inc. | 14400 | 731232  |
| Everest Group Ltd. | 1900 | 665437  |
| Fidelity National Financial, Inc. | 9400 | 568606  |
| Fifth Third Bancorp | 20200 | 899910  |
|  First Citizens BancShares, Inc. Class A | 540 | 966146  |
| First Horizon Corp. | 13500 | 305235  |
| Globe Life, Inc. | 900 | 128673  |
| Goldman Sachs Group, Inc. | 12390 | 9866777  |
| Hartford Insurance Group, Inc. | 12000 | 1600680  |
| Huntington Bancshares, Inc. | 50500 | 872135  |
| JP Morgan Chase & Co. | 77500 | 24445825  |
| Loews Corp. | 9000 | 903510  |
| M&T Bank Corp. | 4900 | 968338  |
| Markel Group, Inc. (a) | 465 | 888782  |
| MetLife, Inc. | 29800 | 2454626  |
| Morgan Stanley | 63600 | 10109856  |
| Northern Trust Corp. | 8300 | 1117180  |
| Old Republic International Corp. | 10500 | 445935  |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, <br>Inc. | 13900 | 2792927  |
| Popular, Inc. | 700 | 88907  |
| Primerica, Inc. | 1500 | 416385  |
| Principal Financial Group, Inc. | 9600 | 795936  |
| Progressive Corp. | 18500 | 4568575  |
| Prudential Financial, Inc. | 13200 | 1369368  |
| Raymond James Financial, Inc. | 8800 | 1518880  |
| Regions Financial Corp. | 31900 | 841203  |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, <br>Inc. | 2200 | 422686  |
| RenaissanceRe Holdings Ltd. | 2200 | 558646  |
| SEI Investments Co. | 5500 | 466675  |
| State Street Corp. | 12200 | 1415322  |
| Stifel Financial Corp. | 3700 | 419839  |
| Synchrony Financial | 16600 | 1179430  |
| T. Rowe Price Group, Inc. | 8000 | 821120  |
| Travelers Cos., Inc. | 15100 | 4216222  |
| Truist Financial Corp. | 34400 | 1572768  |
| Unum Group | 7100 | 552238  |
| US Bancorp | 41000 | 1981530  |
| Voya Financial, Inc. | 1900 | 142120  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| W. R. Berkley Corp. | 16300 | $1248906  |
| Webster Financial Corp. | 6200 | 368528  |
| Wells Fargo & Co. | 121500 | 10184130  |
| Western Alliance Bancorp | 1200 | 104064  |
| Willis Towers Watson PLC | 3840 | 1326528  |
| Zions Bancorp NA | 3200 | 181056  |
|  |  | 142933755  |
| **Health Care — 16.4%**<br>|  |  |
| AbbVie, Inc. | 35700 | 8265978  |
| Amgen, Inc. | 22000 | 6208400  |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. <br>Class A (a) (b) | 100 | 28039  |
| Cardinal Health, Inc. | 10100 | 1585296  |
| Cencora, Inc. | 9800 | 3062794  |
| Cigna Group | 13600 | 3920200  |
| CVS Health Corp. | 52900 | 3988131  |
| DaVita, Inc. (a) | 3800 | 504906  |
| Exelixis, Inc. (a) | 13700 | 565810  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 12800 | 961280  |
| Gilead Sciences, Inc. | 49700 | 5516700  |
| Halozyme Therapeutics, Inc. (a) | 5100 | 374034  |
| HCA Healthcare, Inc. | 14030 | 5979586  |
| Henry Schein, Inc. (a) (b) | 6100 | 404857  |
| Humana, Inc. | 3400 | 884578  |
| Jazz Pharmaceuticals PLC (a) | 2600 | 342680  |
| Johnson & Johnson | 102400 | 18987008  |
| Labcorp Holdings, Inc. | 4200 | 1205652  |
| Medtronic PLC | 65000 | 6190600  |
| Quest Diagnostics, Inc. | 6000 | 1143480  |
| Roivant Sciences Ltd. (a) | 31900 | 482647  |
| Royalty Pharma PLC | 12100 | 426888  |
| Tenet Healthcare Corp. (a) | 4700 | 954288  |
| United Therapeutics Corp. (a) | 1910 | 800691  |
|  Universal Health Services, Inc. Class B | 3300 | 674652  |
| Zimmer Biomet Holdings, Inc. | 10100 | 994850  |
|  |  | 74454025  |
| **Industrials — 8.6%**<br>|  |  |
| 3M Co. | 26700 | 4143306  |
| A.O. Smith Corp. | 5900 | 433119  |
| Acuity, Inc. | 1450 | 499366  |
| AGCO Corp. | 3800 | 406866  |
| Allegion PLC | 4100 | 727135  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. <br>Class A (a) | 1090 | 543670  |
| CNH Industrial NV | 58600 | 635810  |
| CSX Corp. | 88300 | 3135533  |
| Cummins, Inc. | 5770 | 2437075  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

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

 **MassMutual Diversified Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Delta Air Lines, Inc. | 25900 | $1469825  |
| Donaldson Co., Inc. | 6000 | 491100  |
| Dover Corp. | 4200 | 700686  |
|  Expeditors International of Washington, Inc. | 6900 | 845871  |
| General Dynamics Corp. | 11500 | 3921500  |
| Genpact Ltd. | 8800 | 368632  |
| Huntington Ingalls Industries, Inc. | 1900 | 547029  |
| Leidos Holdings, Inc. | 6500 | 1228240  |
| Masco Corp. | 10800 | 760212  |
| Middleby Corp. (a) | 2600 | 345618  |
| Mueller Industries, Inc. | 5500 | 556105  |
| Norfolk Southern Corp. | 9800 | 2944018  |
| Oshkosh Corp. | 3400 | 440980  |
| PACCAR, Inc. | 26300 | 2585816  |
| Regal Rexnord Corp. | 3200 | 459008  |
| Snap-on, Inc. | 2660 | 921770  |
| Southwest Airlines Co. (b) | 26800 | 855188  |
| Textron, Inc. | 9600 | 811104  |
| Toro Co. | 1000 | 76200  |
| &nbsp;&nbsp;&nbsp; U-Haul Holding Co. <br>(UHAL US) (a) (b) | 700 | 39949  |
| &nbsp;&nbsp;&nbsp; U-Haul Holding Co. <br>(UHAL/B US) | 8400 | 427560  |
| United Airlines Holdings, Inc. (a) | 16200 | 1563300  |
| United Rentals, Inc. | 3070 | 2930806  |
| WESCO International, Inc. | 2400 | 507600  |
|  |  | 38759997  |
| **Information Technology — 6.9%**<br>|  |  |
| Applied Materials, Inc. | 8000 | 1637920  |
| CDW Corp. | 3700 | 589336  |
| Cisco Systems, Inc. | 157300 | 10762466  |
|  Cognizant Technology Solutions Corp. Class A | 24900 | 1670043  |
| Dell Technologies, Inc. Class C | 16900 | 2395913  |
| Dropbox, Inc. Class A (a) | 10400 | 314184  |
| First Solar, Inc. (a) | 5400 | 1190862  |
| Gen Digital, Inc. | 31200 | 885768  |
| NetApp, Inc. | 9300 | 1101678  |
| QUALCOMM, Inc. | 55700 | 9266252  |
| Skyworks Solutions, Inc. | 1600 | 123168  |
| TD SYNNEX Corp. | 4100 | 671375  |
| Twilio, Inc. Class A (a) | 4300 | 430387  |
|  |  | 31039352  |
| **Materials — 4.2%**<br>|  |  |
| Albemarle Corp. | 3300 | 267564  |
| Ball Corp. | 13900 | 700838  |
| CF Industries Holdings, Inc. | 8100 | 726570  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Corteva, Inc. | 34300 | $2319709  |
| CRH PLC | 31600 | 3788840  |
| Crown Holdings, Inc. | 6000 | 579540  |
| Mosaic Co. | 14700 | 509796  |
| Newmont Corp. (NEM US) | 51800 | 4367258  |
| Nucor Corp. | 11500 | 1557445  |
| Packaging Corp. of America | 4200 | 915306  |
| PPG Industries, Inc. | 10600 | 1114166  |
| Reliance, Inc. | 2700 | 758241  |
| Steel Dynamics, Inc. | 9100 | 1268813  |
|  |  | 18874086  |
| **Real Estate — 0.1%**<br>|  |  |
| Jones Lang LaSalle, Inc. (a) | 2330 | 694992  |
| **Utilities — 3.4%**<br>|  |  |
| AES Corp. | 19900 | 261884  |
| DTE Energy Co. | 9600 | 1357728  |
| Duke Energy Corp. | 31200 | 3861000  |
| Evergy, Inc. | 11500 | 874230  |
| FirstEnergy Corp. | 25000 | 1145500  |
| National Fuel Gas Co. | 4200 | 387954  |
| NRG Energy, Inc. | 8600 | 1392770  |
| OGE Energy Corp. | 8100 | 374787  |
| PPL Corp. | 34600 | 1285736  |
|  Public Service Enterprise Group, Inc. | 22000 | 1836120  |
| Southern Co. | 20000 | 1895400  |
| WEC Energy Group, Inc. | 5800 | 664622  |
|  |  | 15337731  |
| **TOTAL COMMON STOCK** <br>**(Cost $401,224,132)** |  | **448434229**  |
| **TOTAL EQUITIES** <br>**(Cost $401,224,132)** |  | **448434229**  |
| **Exchange-Traded Funds — 0.5%** | **Exchange-Traded Funds — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Value <br>ETF (b) | 10700 | 2178413  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $2,156,965)**  |  | **2178413**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $403,381,097)** |  | **450612642**  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

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

 **MassMutual Diversified Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.1%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (c) | 176426 | $176426  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $176,426)** |  | **176426**  |
| **TOTAL INVESTMENTS — 99.7%** <br>**(Cost $403,557,523) (d)** |  | **450789068**  |
| **Other Assets/**<br>(Liabilities) — 0.3% |  | **1567623**  |
| **NET ASSETS — 100.0%** |  | **$452356691** |

---

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $3,201,629 or 0.71% of net assets. The Fund received $3,110,889
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 100.1%**<br>|  |  |
| **Common Stock — 100.1%**<br>|  |  |
| **Communication Services — 10.1%** | **Communication Services — 10.1%** |  |
| Alphabet, Inc. Class A | 229332 | $55750609  |
| Alphabet, Inc. Class C | 184104 | 44838529  |
| AT&T, Inc. | 281900 | 7960856  |
|  Charter Communications, Inc. Class A (a) | 3747 | 1030818  |
| Comcast Corp. Class A | 145191 | 4561901  |
| Electronic Arts, Inc. | 8885 | 1792105  |
| Fox Corp. Class A | 8307 | 523839  |
| Fox Corp. Class B | 5669 | 324777  |
| Interpublic Group of Cos., Inc. | 13680 | 381809  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) | 6115 | 999191  |
| Match Group, Inc. | 9357 | 330489  |
| Meta Platforms, Inc. Class A | 85510 | 62796834  |
| Netflix, Inc. (a) | 16752 | 20084308  |
| News Corp. Class A | 14252 | 437679  |
| News Corp. Class B | 5372 | 185603  |
| Omnicom Group, Inc. | 7770 | 633488  |
|  Paramount Skydance Corp. Class B (b) | 12749 | 241211  |
| T-Mobile US, Inc. | 19019 | 4552768  |
|  Take-Two Interactive Software, Inc. (a) | 6729 | 1738505  |
| TKO Group Holdings, Inc. | 2585 | 522067  |
| Trade Desk, Inc. Class A (a) | 17309 | 848314  |
| Verizon Communications, Inc. | 165494 | 7273461  |
| Walt Disney Co. | 70670 | 8091715  |
| Warner Bros Discovery, Inc. (a) | 97606 | 1906245  |
|  |  | 227807121  |
| **Consumer Discretionary — 10.5%** | **Consumer Discretionary — 10.5%** |  |
| Airbnb, Inc. Class A (a) | 17215 | 2090245  |
| Amazon.com, Inc. (a) | 382617 | 84011215  |
| Aptiv PLC (a) | 8425 | 726404  |
| AutoZone, Inc. (a) | 664 | 2848719  |
| Best Buy Co., Inc. | 7812 | 590743  |
| Booking Holdings, Inc. | 1272 | 6867871  |
| CarMax, Inc. (a) | 5597 | 251137  |
| Carnival Corp. (a) | 41760 | 1207282  |
| Chipotle Mexican Grill, Inc. (a) | 53088 | 2080519  |
| Darden Restaurants, Inc. | 4596 | 874895  |
| Deckers Outdoor Corp. (a) | 6085 | 616836  |
| Domino's Pizza, Inc. | 1231 | 531435  |
| DoorDash, Inc., Class A (a) | 14594 | 3969422  |
| DR Horton, Inc. | 10855 | 1839597  |
| eBay, Inc. | 18072 | 1643648  |
| Expedia Group, Inc. | 4522 | 966577  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Ford Motor Co. | 156010 | $1865880  |
| Garmin Ltd. | 6191 | 1524348  |
| General Motors Co. | 37621 | 2293752  |
| Genuine Parts Co. | 5585 | 774081  |
| Hasbro, Inc. | 5136 | 389566  |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, <br>Inc. | 9182 | 2382178  |
| Home Depot, Inc. | 39224 | 15893173  |
| Las Vegas Sands Corp. | 12178 | 655055  |
| Lennar Corp. Class A | 8823 | 1112051  |
| LKQ Corp. | 9287 | 283625  |
| Lowe's Cos., Inc. | 22183 | 5574810  |
| Lululemon Athletica, Inc. (a) | 4516 | 803532  |
|  Marriott International, Inc. Class A | 8919 | 2322864  |
| McDonald's Corp. | 28119 | 8545083  |
| MGM Resorts International (a) | 8202 | 284281  |
| Mohawk Industries, Inc. (a) | 1864 | 240307  |
| NIKE, Inc. Class B | 46655 | 3253253  |
|  Norwegian Cruise Line Holdings Ltd. (a) | 18828 | 463734  |
| NVR, Inc. (a) | 116 | 932021  |
| O'Reilly Automotive, Inc. (a) | 33451 | 3606352  |
| Pool Corp. | 1294 | 401231  |
| PulteGroup, Inc. | 7893 | 1042902  |
| Ralph Lauren Corp. | 1564 | 490408  |
| Ross Stores, Inc. | 12854 | 1958821  |
| Royal Caribbean Cruises Ltd. | 9937 | 3215414  |
| Starbucks Corp. | 44938 | 3801755  |
| Tapestry, Inc. | 8487 | 960898  |
| Tesla, Inc. (a) | 110630 | 49199374  |
| TJX Cos., Inc. | 43771 | 6326660  |
| Tractor Supply Co. | 21239 | 1207862  |
| Ulta Beauty, Inc. (a) | 1796 | 981963  |
| Williams-Sonoma, Inc. | 4771 | 932492  |
| Wynn Resorts Ltd. | 3334 | 427652  |
| Yum! Brands, Inc. | 11176 | 1698752  |
|  |  | 236962675  |
| **Consumer Staples — 4.9%**<br>|  |  |
| Altria Group, Inc. | 66553 | 4396491  |
| Archer-Daniels-Midland Co. | 19016 | 1136016  |
| Brown-Forman Corp. Class B | 8057 | 218184  |
| Bunge Global SA | 5172 | 420225  |
| Campbell's Co. | 8698 | 274683  |
| Church & Dwight Co., Inc. | 9457 | 828717  |
| Clorox Co. | 4948 | 610088  |
| Coca-Cola Co. | 152515 | 10114795  |
| Colgate-Palmolive Co. | 31522 | 2519869  |
| Conagra Brands, Inc. | 17698 | 324050  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
|  Constellation Brands, Inc. Class A | 5629 | $758057  |
| Costco Wholesale Corp. | 17484 | 16183715  |
| Dollar General Corp. | 8534 | 881989  |
| Dollar Tree, Inc. (a) | 7763 | 732594  |
| Estee Lauder Cos., Inc. Class A | 9552 | 841722  |
| General Mills, Inc. | 20906 | 1054080  |
| Hershey Co. | 5834 | 1091250  |
| Hormel Foods Corp. | 10237 | 253263  |
| J.M. Smucker Co. | 4051 | 439939  |
| Kellanova | 11050 | 906321  |
| Kenvue, Inc. | 76106 | 1235200  |
| Keurig Dr. Pepper, Inc. | 53615 | 1367719  |
| Kimberly-Clark Corp. | 13209 | 1642407  |
| Kraft Heinz Co. | 34178 | 889995  |
| Kroger Co. | 24356 | 1641838  |
| Lamb Weston Holdings, Inc. | 5178 | 300738  |
| McCormick & Co., Inc. | 10204 | 682750  |
|  Molson Coors Beverage Co. Class B | 6512 | 294668  |
|  Mondelez International, Inc. Class A | 51506 | 3217580  |
| Monster Beverage Corp. (a) | 28218 | 1899354  |
| PepsiCo, Inc. | 53863 | 7564520  |
| Philip Morris International, Inc. | 61280 | 9939616  |
| Procter & Gamble Co. | 92347 | 14189117  |
| Sysco Corp. | 19130 | 1575164  |
| Target Corp. | 17802 | 1596839  |
| Tyson Foods, Inc. Class A | 11354 | 616522  |
| Walmart, Inc. | 173043 | 17833812  |
|  |  | 110473887  |
| **Energy — 2.9%**<br>|  |  |
| APA Corp. (b) | 13535 | 328630  |
| Baker Hughes Co. | 39041 | 1902078  |
| Chevron Corp. | 76007 | 11803127  |
| ConocoPhillips | 49010 | 4635856  |
| Coterra Energy, Inc. | 30513 | 721633  |
| Devon Energy Corp. | 25447 | 892172  |
| Diamondback Energy, Inc. | 7410 | 1060371  |
| EOG Resources, Inc. | 21742 | 2437713  |
| EQT Corp. | 24009 | 1306810  |
| Expand Energy Corp. | 8830 | 938099  |
| Exxon Mobil Corp. | 168076 | 18950569  |
| Halliburton Co. | 32941 | 810349  |
| Kinder Morgan, Inc. | 76298 | 2159996  |
| Marathon Petroleum Corp. | 12044 | 2321361  |
| Occidental Petroleum Corp. | 28696 | 1355886  |
| ONEOK, Inc. | 25195 | 1838479  |
| Phillips 66 | 16117 | 2192234  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Schlumberger NV | 58567 | $2012948  |
| Targa Resources Corp. | 8510 | 1425765  |
| Texas Pacific Land Corp. | 724 | 675955  |
| Valero Energy Corp. | 12190 | 2075469  |
| Williams Cos., Inc. | 48600 | 3078810  |
|  |  | 64924310  |
| **Financials — 13.6%**<br>|  |  |
| Aflac, Inc. | 18736 | 2092811  |
| Allstate Corp. | 10413 | 2235150  |
| American Express Co. | 21399 | 7107892  |
|  American International Group, Inc. | 21841 | 1715392  |
| Ameriprise Financial, Inc. | 3745 | 1839731  |
| Aon PLC Class A | 8512 | 3035209  |
| Apollo Global Management, Inc. | 18066 | 2407656  |
| Arch Capital Group Ltd. | 14608 | 1325384  |
| Arthur J Gallagher & Co. | 10037 | 3108860  |
| Assurant, Inc. | 1976 | 428002  |
| Bank of America Corp. | 268653 | 13859808  |
| Bank of New York Mellon Corp. | 27804 | 3029524  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. <br>Class B (a) | 72294 | 36345086  |
| Blackrock, Inc. | 5678 | 6619810  |
| Blackstone, Inc. | 28784 | 4917746  |
| Block, Inc. (a) | 21476 | 1552071  |
| Brown & Brown, Inc. | 11055 | 1036848  |
| Capital One Financial Corp. | 25333 | 5385289  |
| Cboe Global Markets, Inc. | 4079 | 1000375  |
| Charles Schwab Corp. | 67270 | 6422267  |
| Chubb Ltd. | 14741 | 4160647  |
| Cincinnati Financial Corp. | 6157 | 973422  |
| Citigroup, Inc. | 72577 | 7366565  |
| Citizens Financial Group, Inc. | 16580 | 881393  |
| CME Group, Inc. | 14150 | 3823188  |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. <br>Class A (a) | 8916 | 3009061  |
| Corpay, Inc. (a) | 2718 | 782947  |
| Erie Indemnity Co. Class A | 1091 | 347113  |
| Everest Group Ltd. | 1730 | 605898  |
| FactSet Research Systems, Inc. | 1540 | 441195  |
|  Fidelity National Information Services, Inc. | 21113 | 1392191  |
| Fifth Third Bancorp | 26493 | 1180263  |
| Fiserv, Inc. (a) | 21431 | 2763099  |
| Franklin Resources, Inc. | 13652 | 315771  |
| Global Payments, Inc. | 9445 | 784691  |
| Globe Life, Inc. | 3266 | 466940  |
| Goldman Sachs Group, Inc. | 11935 | 9504437  |
| Hartford Insurance Group, Inc. | 11333 | 1511709  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Huntington Bancshares, Inc. | 56661 | $978535  |
| Interactive Brokers Group, Inc. | 17729 | 1219932  |
| Intercontinental Exchange, Inc. | 22713 | 3826686  |
| Invesco Ltd. | 19071 | 437489  |
| Jack Henry & Associates, Inc. | 2897 | 431450  |
| JP Morgan Chase & Co. | 108407 | 34194820  |
| KeyCorp. | 36745 | 686764  |
| KKR & Co., Inc. | 27045 | 3514498  |
| Loews Corp. | 6395 | 641994  |
| M&T Bank Corp. | 6305 | 1245994  |
| Marsh & McLennan Cos., Inc. | 19490 | 3927820  |
| Mastercard, Inc. Class A | 32545 | 18511921  |
| MetLife, Inc. | 22505 | 1853737  |
| Moody's Corp. | 6070 | 2892234  |
| Morgan Stanley | 47830 | 7603057  |
| MSCI, Inc. | 3015 | 1710741  |
| Nasdaq, Inc. | 17871 | 1580690  |
| Northern Trust Corp. | 7518 | 1011923  |
| PayPal Holdings, Inc. (a) | 37665 | 2525815  |
|  PNC Financial Services Group, Inc. | 15546 | 3123658  |
| Principal Financial Group, Inc. | 7591 | 629370  |
| Progressive Corp. | 23224 | 5735167  |
| Prudential Financial, Inc. | 13937 | 1445824  |
| Raymond James Financial, Inc. | 7031 | 1213551  |
| Regions Financial Corp. | 34593 | 912217  |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. <br>Class A (a) | 30513 | 4368851  |
| S&P Global, Inc. | 12317 | 5994807  |
| State Street Corp. | 11045 | 1281330  |
| Synchrony Financial | 14520 | 1031646  |
| T. Rowe Price Group, Inc. | 8489 | 871311  |
| Travelers Cos., Inc. | 8894 | 2483383  |
| Truist Financial Corp. | 50525 | 2310003  |
| US Bancorp | 61474 | 2971038  |
| Visa, Inc. Class A | 66970 | 22862219  |
| W. R. Berkley Corp. | 11578 | 887106  |
| Wells Fargo & Co. | 126294 | 10585963  |
| Willis Towers Watson PLC | 3810 | 1316165  |
|  |  | 304595150  |
| **Health Care — 8.9%**<br>|  |  |
| Abbott Laboratories | 68452 | 9168461  |
| AbbVie, Inc. | 69646 | 16125835  |
| Agilent Technologies, Inc. | 10957 | 1406331  |
| Align Technology, Inc. (a) | 2825 | 353747  |
| Amgen, Inc. | 21311 | 6013964  |
| Baxter International, Inc. | 20851 | 474777  |
| Becton Dickinson & Co. | 11257 | 2106973  |
| Bio-Techne Corp. | 5849 | 325380  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Biogen, Inc. (a) | 5568 | $779965  |
| Boston Scientific Corp. (a) | 58634 | 5724437  |
| Bristol-Myers Squibb Co. | 79960 | 3606196  |
| Cardinal Health, Inc. | 9455 | 1484057  |
| Cencora, Inc. | 7644 | 2388979  |
| Centene Corp. (a) | 19006 | 678134  |
|  Charles River Laboratories International, Inc. (a) | 1931 | 302124  |
| Cigna Group | 10588 | 3051991  |
| Cooper Cos., Inc. (a) | 7786 | 533808  |
| CVS Health Corp. | 50137 | 3779828  |
| Danaher Corp. | 25123 | 4980886  |
| DaVita, Inc. (a) | 1402 | 186284  |
| Dexcom, Inc. (a) | 15102 | 1016214  |
| Edwards Lifesciences Corp. (a) | 22949 | 1784744  |
| Elevance Health, Inc. | 8866 | 2864782  |
| Eli Lilly & Co. | 31343 | 23914709  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 17649 | 1325440  |
| Gilead Sciences, Inc. | 49282 | 5470302  |
| HCA Healthcare, Inc. | 6458 | 2752400  |
| Henry Schein, Inc. (a) (b) | 3822 | 253666  |
| Hologic, Inc. (a) | 8930 | 602686  |
| Humana, Inc. | 4838 | 1258702  |
| IDEXX Laboratories, Inc. (a) | 3169 | 2024642  |
| Incyte Corp. (a) | 6194 | 525313  |
| Insulet Corp. (a) | 2724 | 840981  |
| Intuitive Surgical, Inc. (a) | 14051 | 6284029  |
| IQVIA Holdings, Inc. (a) | 6688 | 1270319  |
| Johnson & Johnson | 94947 | 17605073  |
| Labcorp Holdings, Inc. | 3249 | 932658  |
| McKesson Corp. | 4895 | 3781583  |
| Medtronic PLC | 50358 | 4796096  |
| Merck & Co., Inc. | 98474 | 8264923  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 827 | 1015233  |
| Moderna, Inc. (a) | 13169 | 340155  |
| Molina Healthcare, Inc. (a) | 2256 | 431708  |
| Pfizer, Inc. | 225147 | 5736746  |
| Quest Diagnostics, Inc. | 4507 | 858944  |
| Regeneron Pharmaceuticals, Inc. | 3982 | 2238959  |
| ResMed, Inc. | 5787 | 1584076  |
| Revvity, Inc. (b) | 4686 | 410728  |
| Solventum Corp. (a) | 6167 | 450191  |
| STERIS PLC | 3880 | 960067  |
| Stryker Corp. | 13611 | 5031578  |
| Thermo Fisher Scientific, Inc. | 14925 | 7238923  |
| UnitedHealth Group, Inc. | 35706 | 12329282  |
|  Universal Health Services, Inc. Class B | 2230 | 455901  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Vertex Pharmaceuticals, Inc. (a) | 10149 | $3974754  |
| Viatris, Inc. | 44845 | 443966  |
| Waters Corp. (a) | 2453 | 735434  |
|  West Pharmaceutical Services, Inc. | 2893 | 758921  |
| Zimmer Biomet Holdings, Inc. | 8067 | 794599  |
| Zoetis, Inc. | 17733 | 2594693  |
|  |  | 199426277  |
| **Industrials — 8.3%**<br>|  |  |
| 3M Co. | 20963 | 3253038  |
| A.O. Smith Corp. | 4211 | 309129  |
| Allegion PLC | 3372 | 598024  |
| AMETEK, Inc. | 9104 | 1711552  |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, <br>Inc. | 16015 | 4700402  |
| Axon Enterprise, Inc. (a) | 2948 | 2115603  |
| Boeing Co. (a) | 29883 | 6449648  |
|  Broadridge Financial Solutions, Inc. | 4696 | 1118446  |
| Builders FirstSource, Inc. (a) | 4451 | 539684  |
| C.H. Robinson Worldwide, Inc. | 4630 | 613012  |
| Carrier Global Corp. | 31357 | 1872013  |
| Caterpillar, Inc. | 18470 | 8812960  |
| Cintas Corp. | 13543 | 2779836  |
| Copart, Inc. (a) | 35069 | 1577053  |
| CSX Corp. | 74629 | 2650076  |
| Cummins, Inc. | 5393 | 2277841  |
| Dayforce, Inc. (a) | 5877 | 404867  |
| Deere & Co. | 9940 | 4545164  |
| Delta Air Lines, Inc. | 26130 | 1482877  |
| Dover Corp. | 5283 | 881363  |
| Eaton Corp. PLC | 15315 | 5731639  |
| EMCOR Group, Inc. | 1765 | 1146438  |
| Emerson Electric Co. | 22049 | 2892388  |
| Equifax, Inc. | 4971 | 1275211  |
|  Expeditors International of Washington, Inc. | 5234 | 641636  |
| Fastenal Co. | 44792 | 2196600  |
| FedEx Corp. | 8652 | 2040228  |
| Fortive Corp. | 12911 | 632510  |
| GE Vernova, Inc. | 10788 | 6633541  |
| Generac Holdings, Inc. (a) | 2213 | 370456  |
| General Dynamics Corp. | 9984 | 3404544  |
| General Electric Co. | 41807 | 12576382  |
| Honeywell International, Inc. | 25030 | 5268815  |
| Howmet Aerospace, Inc. | 15760 | 3092585  |
| Hubbell, Inc. | 2063 | 887730  |
|  Huntington Ingalls Industries, Inc. | 1521 | 437911  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| IDEX Corp. | 3030 | $493163  |
| Illinois Tool Works, Inc. | 10371 | 2704342  |
| Ingersoll Rand, Inc. | 14259 | 1178079  |
| Jacobs Solutions, Inc. | 4947 | 741357  |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, <br>Inc. | 3086 | 414049  |
|  Johnson Controls International PLC | 25681 | 2823626  |
| L3Harris Technologies, Inc. | 7332 | 2239266  |
| Leidos Holdings, Inc. | 5051 | 954437  |
| Lennox International, Inc. | 1292 | 683933  |
| Lockheed Martin Corp. | 8100 | 4043601  |
| Masco Corp. | 8410 | 591980  |
| Nordson Corp. | 2136 | 484765  |
| Norfolk Southern Corp. | 8763 | 2632493  |
| Northrop Grumman Corp. | 5336 | 3251331  |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br>Inc. | 7417 | 1044165  |
| Otis Worldwide Corp. | 15632 | 1429234  |
| PACCAR, Inc. | 20630 | 2028342  |
| Parker-Hannifin Corp. | 5025 | 3809704  |
| Paychex, Inc. | 12977 | 1644964  |
| Paycom Software, Inc. | 1803 | 375276  |
| Pentair PLC | 6812 | 754497  |
| Quanta Services, Inc. | 5904 | 2446736  |
| Republic Services, Inc. | 7897 | 1812204  |
| Rockwell Automation, Inc. | 4409 | 1541078  |
| Rollins, Inc. | 11099 | 651955  |
| RTX Corp. | 52947 | 8859621  |
| Snap-on, Inc. | 2117 | 733604  |
| Southwest Airlines Co. (b) | 20343 | 649145  |
| Stanley Black & Decker, Inc. | 6114 | 454454  |
| Textron, Inc. | 7210 | 609173  |
| Trane Technologies PLC | 8748 | 3691306  |
| TransDigm Group, Inc. | 2204 | 2904916  |
| Uber Technologies, Inc. (a) | 82196 | 8052742  |
| Union Pacific Corp. | 23324 | 5513094  |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, <br>Inc. (a) | 13066 | 1260869  |
|  United Parcel Service, Inc. Class B | 29091 | 2429971  |
| United Rentals, Inc. | 2512 | 2398106  |
| Veralto Corp. | 9670 | 1030919  |
| Verisk Analytics, Inc. | 5590 | 1405941  |
| W.W. Grainger, Inc. | 1707 | 1626703  |
| Waste Management, Inc. | 14513 | 3204906  |
|  Westinghouse Air Brake Technologies Corp. | 6905 | 1384245  |
| Xylem, Inc. | 9772 | 1441370  |
|  |  | 186346864  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Information Technology — 34.8%** | **Information Technology — 34.8%** |  |
| Accenture PLC Class A | 24529 | $6048851  |
| Adobe, Inc. (a) | 16702 | 5891631  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br>Inc. (a) | 63844 | 10329321  |
| Akamai Technologies, Inc. (a) | 6002 | 454712  |
| Amphenol Corp. Class A | 47914 | 5929358  |
| Analog Devices, Inc. | 19507 | 4792870  |
| Apple, Inc. | 585074 | 148977393  |
| Applied Materials, Inc. | 31638 | 6477564  |
| AppLovin Corp. Class A (a) | 10673 | 7668977  |
| Arista Networks, Inc. (a) | 40816 | 5947299  |
| Autodesk, Inc. (a) | 8476 | 2692571  |
| Broadcom, Inc. | 185432 | 61175871  |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, <br>Inc. (a) | 10723 | 3766561  |
| CDW Corp. | 5217 | 830964  |
| Cisco Systems, Inc. | 156121 | 10681799  |
|  Cognizant Technology Solutions Corp. Class A | 19166 | 1285464  |
| Corning, Inc. | 30909 | 2535465  |
|  Crowdstrike Holdings, Inc. Class A (a) | 9871 | 4840541  |
| Datadog, Inc. Class A (a) | 12476 | 1776582  |
| Dell Technologies, Inc. Class C | 11684 | 1656441  |
| EPAM Systems, Inc. (a) | 2209 | 333095  |
| F5, Inc. (a) | 2322 | 750447  |
| Fair Isaac Corp. (a) | 931 | 1393269  |
| First Solar, Inc. (a) | 4319 | 952469  |
| Fortinet, Inc. (a) | 24880 | 2091910  |
| Gartner, Inc. (a) | 3009 | 790976  |
| Gen Digital, Inc. | 21668 | 615155  |
| GoDaddy, Inc. Class A (a) | 5490 | 751197  |
| Hewlett Packard Enterprise Co. | 52508 | 1289596  |
| HP, Inc. | 37290 | 1015407  |
| Intel Corp. | 171808 | 5764158  |
|  International Business Machines Corp. | 36834 | 10393081  |
| Intuit, Inc. | 10970 | 7491523  |
| Jabil, Inc. | 4203 | 912766  |
| Keysight Technologies, Inc. (a) | 6940 | 1213945  |
| KLA Corp. | 5212 | 5621663  |
| Lam Research Corp. | 49896 | 6681074  |
| Microchip Technology, Inc. | 21728 | 1395372  |
| Micron Technology, Inc. | 44292 | 7410937  |
| Microsoft Corp. | 293048 | 151784212  |
| Monolithic Power Systems, Inc. | 1864 | 1716073  |
| Motorola Solutions, Inc. | 6523 | 2982903  |
| NetApp, Inc. | 7901 | 935952  |
| NVIDIA Corp. | 961956 | 179481750  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| NXP Semiconductors NV | 10068 | $2292786  |
| ON Semiconductor Corp. (a) | 16178 | 797737  |
| Oracle Corp. | 65335 | 18374815  |
|  Palantir Technologies, Inc. Class A (a) | 89661 | 16355960  |
| Palo Alto Networks, Inc. (a) | 26166 | 5327921  |
| PTC, Inc. (a) | 4905 | 995813  |
| QUALCOMM, Inc. | 42520 | 7073627  |
| Roper Technologies, Inc. | 4287 | 2137884  |
| Salesforce, Inc. | 37690 | 8932530  |
|  Seagate Technology Holdings PLC | 8463 | 1997776  |
| ServiceNow, Inc. (a) | 8204 | 7549977  |
| Skyworks Solutions, Inc. | 5452 | 419695  |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, <br>Inc. (a) (b) | 19492 | 934446  |
| Synopsys, Inc. (a) | 7322 | 3612602  |
| TE Connectivity PLC | 11723 | 2573550  |
| Teledyne Technologies, Inc. (a) | 1838 | 1077142  |
| Teradyne, Inc. | 6009 | 827079  |
| Texas Instruments, Inc. | 35902 | 6596274  |
| Trimble, Inc. (a) | 9324 | 761305  |
| Tyler Technologies, Inc. (a) | 1658 | 867399  |
| VeriSign, Inc. | 3405 | 951936  |
| Western Digital Corp. | 13507 | 1621650  |
| Workday, Inc. Class A (a) | 8695 | 2093147  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. <br>Class A (a) | 1917 | 569656  |
|  |  | 782271872  |
| **Materials — 1.8%**<br>|  |  |
| Air Products & Chemicals, Inc. | 8794 | 2398300  |
| Albemarle Corp. | 4402 | 356914  |
| Amcor PLC | 88069 | 720404  |
| Avery Dennison Corp. | 3196 | 518295  |
| Ball Corp. | 10640 | 536469  |
| CF Industries Holdings, Inc. | 6448 | 578386  |
| Corteva, Inc. | 26653 | 1802542  |
| Dow, Inc. | 29203 | 669625  |
| DuPont de Nemours, Inc. | 16546 | 1288933  |
| Eastman Chemical Co. | 4378 | 276033  |
| Ecolab, Inc. | 10022 | 2744625  |
| Freeport-McMoRan, Inc. | 57355 | 2249463  |
|  International Flavors & Fragrances, Inc. | 10609 | 652878  |
| International Paper Co. | 20703 | 960619  |
| Linde PLC (LIN US) | 18487 | 8781325  |
|  LyondellBasell Industries NV Class A | 10313 | 505750  |
| Martin Marietta Materials, Inc. | 2375 | 1496915  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Mosaic Co. | 12016 | $416715  |
| Newmont Corp. (NEM US) | 43049 | 3629461  |
| Nucor Corp. | 9020 | 1221579  |
| Packaging Corp. of America | 3590 | 782369  |
| PPG Industries, Inc. | 9204 | 967432  |
| Sherwin-Williams Co. | 9137 | 3163778  |
| Smurfit WestRock PLC | 18979 | 807936  |
| Steel Dynamics, Inc. | 5366 | 748181  |
| Vulcan Materials Co. | 5176 | 1592241  |
|  |  | 39867168  |
| **Real Estate — 1.9%** <br>|  |  |
|  Alexandria Real Estate Equities, Inc. | 6029 | 502457  |
| American Tower Corp. | 18454 | 3549073  |
| AvalonBay Communities, Inc. | 5721 | 1105126  |
| BXP, Inc. | 5487 | 407904  |
| Camden Property Trust | 4213 | 449864  |
| CBRE Group, Inc. Class A (a) | 11754 | 1851960  |
| CoStar Group, Inc. (a) | 16349 | 1379365  |
| Crown Castle, Inc. | 17272 | 1666575  |
| Digital Realty Trust, Inc. | 12588 | 2176213  |
| Equinix, Inc. | 3909 | 3061685  |
| Equity Residential | 13017 | 842590  |
| Essex Property Trust, Inc. | 2602 | 696451  |
| Extra Space Storage, Inc. | 8596 | 1211520  |
| Federal Realty Investment Trust | 2856 | 289341  |
| Healthpeak Properties, Inc. | 27420 | 525093  |
| Host Hotels & Resorts, Inc. | 23744 | 404123  |
| Invitation Homes, Inc. | 21291 | 624465  |
| Iron Mountain, Inc. | 11759 | 1198713  |
| Kimco Realty Corp. | 26686 | 583089  |
|  Mid-America Apartment Communities, Inc. | 4806 | 671542  |
| Prologis, Inc. | 36580 | 4189142  |
| Public Storage | 6161 | 1779605  |
| Realty Income Corp. | 36400 | 2212756  |
| Regency Centers Corp. | 6368 | 464227  |
| SBA Communications Corp. | 4140 | 800469  |
| Simon Property Group, Inc. | 12871 | 2415501  |
| UDR, Inc. | 11993 | 446859  |
| Ventas, Inc. | 17611 | 1232594  |
| VICI Properties, Inc. | 42565 | 1388045  |
| Welltower, Inc. | 26368 | 4697196  |
| Weyerhaeuser Co. | 27652 | 685493  |
|  |  | 43509036  |
| **Utilities — 2.4%**<br>|  |  |
| AES Corp. | 25968 | 341739  |
| Alliant Energy Corp. | 10300 | 694323  |
| Ameren Corp. | 10511 | 1097138  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
|  American Electric Power Co., Inc. | 21291 | $2395237  |
| American Water Works Co., Inc. | 7822 | 1088744  |
| Atmos Energy Corp. | 6177 | 1054723  |
| CenterPoint Energy, Inc. | 25310 | 982028  |
| CMS Energy Corp. | 11515 | 843589  |
| Consolidated Edison, Inc. | 14247 | 1432108  |
| Constellation Energy Corp. | 12387 | 4076190  |
| Dominion Energy, Inc. | 33891 | 2073112  |
| DTE Energy Co. | 8231 | 1164110  |
| Duke Energy Corp. | 30524 | 3777345  |
| Edison International | 14660 | 810405  |
| Entergy Corp. | 17743 | 1653470  |
| Evergy, Inc. | 9303 | 707214  |
| Eversource Energy | 14091 | 1002434  |
| Exelon Corp. | 39907 | 1796214  |
| FirstEnergy Corp. | 19614 | 898713  |
| NextEra Energy, Inc. | 81589 | 6159154  |
| NiSource, Inc. | 19426 | 841146  |
| NRG Energy, Inc. | 7722 | 1250578  |
| PG&E Corp. | 88787 | 1338908  |
| Pinnacle West Capital Corp. | 4910 | 440231  |
| PPL Corp. | 29141 | 1082880  |
|  Public Service Enterprise Group, Inc. | 19659 | 1640740  |
| Sempra | 25609 | 2304298  |
| Southern Co. | 43479 | 4120505  |
| Vistra Corp. | 12556 | 2459972  |
| WEC Energy Group, Inc. | 12980 | 1487378  |
| Xcel Energy, Inc. | 22921 | 1848579  |
|  |  | 52863205  |
| **TOTAL COMMON STOCK** <br>**(Cost $997,137,539)** |  | **2249047565**  |
| **TOTAL EQUITIES** <br>**(Cost $997,137,539)** |  | **2249047565**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $997,137,539)** |  | **2249047565**  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.0%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (c) | 246110 | 246110 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**  |
| **Repurchase Agreement — 0.1%** | **Repurchase Agreement — 0.1%** |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (d) | $2227242 | $2227242  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,473,352)** |  | **2473352**  |
| **TOTAL INVESTMENTS — 100.2%** <br>**(Cost $999,610,891) (e)** |  | **2251520917**  |
| **Other Assets/**<br>(Liabilities) — (0.2)% |  | **(4254154)**  |
| **NET ASSETS — 100.0%** |  | **$2247266763** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $2,673,215 or 0.12% of net assets. The Fund received $2,536,315
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $2,227,396. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 4/15/27, and an aggregate market value, including accrued
 interest, of $2,271,898.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 6 for aggregate cost for federal
 tax purposes.

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net** <br>**Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long** | **Long** | **Long** | **Long** | **Long** |
| S&P 500 E Mini Index<br>| 12/19/25 | 7 | $2333780 | $24783 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

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

 **MassMutual Blue Chip Growth Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 98.6%**<br>|  |  |
| **Common Stock — 98.6%**<br>|  |  |
| **Communication Services — 18.5%** | **Communication Services — 18.5%** |  |
| Alphabet, Inc. Class A | 328456 | $79847654  |
| Alphabet, Inc. Class C | 183400 | 44667070  |
| Meta Platforms, Inc. Class A | 202903 | 149007905  |
| Netflix, Inc. (a) | 80999 | 97111321  |
| T-Mobile US, Inc. | 45292 | 10841999  |
| Walt Disney Co. | 202744 | 23214188  |
|  |  | 404690137  |
| **Consumer Discretionary — 16.1%** | **Consumer Discretionary — 16.1%** |  |
|  Alibaba Group Holding Ltd. Sponsored ADR | 4032 | 720639  |
| Amazon.com, Inc. (a) | 556970 | 122293903  |
| Booking Holdings, Inc. | 2094 | 11306072  |
| Carvana Co. (a) | 103229 | 38942108  |
| Chipotle Mexican Grill, Inc. (a) | 143668 | 5630349  |
| DoorDash, Inc., Class A (a) | 24878 | 6766567  |
| NIKE, Inc. Class B | 97510 | 6799372  |
| Ross Stores, Inc. | 29161 | 4443845  |
| Sea Ltd. ADR (a) | 31948 | 5710066  |
| Starbucks Corp. | 134555 | 11383353  |
| Tesla, Inc. (a) | 271921 | 120928707  |
| TJX Cos., Inc. | 38358 | 5544265  |
| Yum China Holdings, Inc. | 50386 | 2162567  |
| Yum! Brands, Inc. | 55227 | 8394504  |
|  |  | 351026317  |
| **Consumer Staples — 1.5%**<br>|  |  |
| Colgate-Palmolive Co. | 42541 | 3400727  |
|  Mondelez International, Inc. Class A | 34542 | 2157839  |
| Monster Beverage Corp. (a) | 360926 | 24293929  |
| Procter & Gamble Co. | 18820 | 2891693  |
|  |  | 32744188  |
| **Financials — 7.7%**<br>|  |  |
| Adyen NV (a) (b) | 1345 | 2158523  |
| Adyen NV ADR (a) | 27 | 432  |
| Block, Inc. (a) | 101413 | 7329118  |
| Charles Schwab Corp. | 36641 | 3498116  |
| Chubb Ltd. | 34879 | 9844598  |
| FactSet Research Systems, Inc. | 21019 | 6021733  |
| Goldman Sachs Group, Inc. | 5669 | 4514508  |
| Marsh & McLennan Cos., Inc. | 19329 | 3895373  |
| Mastercard, Inc. Class A | 47779 | 27177173  |
| Morgan Stanley | 30464 | 4842557  |
| PayPal Holdings, Inc. (a) | 91967 | 6167307  |
| S&P Global, Inc. | 7124 | 3467322  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| SEI Investments Co. | 119735 | $10159515  |
| Visa, Inc. Class A | 234517 | 80059414  |
|  |  | 169135689  |
| **Health Care — 7.4%**<br>|  |  |
| Danaher Corp. | 29377 | 5824284  |
| Eli Lilly & Co. | 35340 | 26964420  |
| Illumina, Inc. (a) | 59275 | 5629347  |
| Intuitive Surgical, Inc. (a) | 56002 | 25045774  |
| Novartis AG Sponsored ADR | 79786 | 10231757  |
| &nbsp;&nbsp;&nbsp; Novo Nordisk AS Sponsored <br>ADR | 233020 | 12930280  |
| Regeneron Pharmaceuticals, Inc. | 27402 | 15407323  |
| &nbsp;&nbsp;&nbsp; Roche Holding AG Sponsored <br>ADR (c) | 181482 | 7587762  |
| Stryker Corp. | 14533 | 5372414  |
| Thermo Fisher Scientific, Inc. | 33187 | 16096359  |
| UnitedHealth Group, Inc. | 24731 | 8539614  |
| Vertex Pharmaceuticals, Inc. (a) | 57909 | 22679481  |
|  |  | 162308815  |
| **Industrials — 4.6%**<br>|  |  |
| Boeing Co. (a) | 208240 | 44944439  |
| Cintas Corp. | 13721 | 2816372  |
| Deere & Co. | 19071 | 8720405  |
|  Expeditors International of Washington, Inc. | 79774 | 9779495  |
| GE Vernova, Inc. | 12630 | 7766187  |
| General Electric Co. | 71987 | 21655129  |
| Old Dominion Freight Line, Inc. | 14829 | 2087627  |
| TransDigm Group, Inc. | 2274 | 2997178  |
| Veralto Corp. | 6047 | 644671  |
|  |  | 101411503  |
| **Information Technology — 42.1%**<br>|  |  |
| Apple, Inc. | 417568 | 106325340  |
| ASML Holding NV | 9331 | 9033248  |
| Autodesk, Inc. (a) | 80452 | 25557187  |
| Broadcom, Inc. | 171739 | 56658413  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 9404 | 4611533  |
| Datadog, Inc. Class A (a) | 12941 | 1842798  |
| Microsoft Corp. | 393242 | 203679694  |
| Monolithic Power Systems, Inc. | 6396 | 5888413  |
| NVIDIA Corp. | 1578253 | 294470445  |
| Oracle Corp. | 299711 | 84290722  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 18942 | 3455400  |
| QUALCOMM, Inc. | 64303 | 10697447  |
| Roper Technologies, Inc. | 9786 | 4880180  |
| Salesforce, Inc. | 80772 | 19142964  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

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

 **MassMutual Blue Chip Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| ServiceNow, Inc. (a) | 22038 | $20281131  |
| Shopify, Inc. Class A (a) | 267899 | 39812470  |
| Synopsys, Inc. (a) | 12864 | 6346969  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 23972 | 6695140  |
| TE Connectivity PLC | 24803 | 5445003  |
| Texas Instruments, Inc. | 16722 | 3072333  |
| Workday, Inc. Class A (a) | 28027 | 6746940  |
|  |  | 918933770  |
| **Materials — 0.4%**<br>|  |  |
| Linde PLC (LIN US) | 8255 | 3921125  |
| Sherwin-Williams Co. | 12126 | 4198749  |
|  |  | 8119874  |
| **Utilities — 0.3%**<br>|  |  |
| Constellation Energy Corp. | 19184 | 6312879  |
| **TOTAL COMMON STOCK** <br>**(Cost $1,080,832,688)** |  | **2154683172**  |
| **TOTAL EQUITIES** <br>**(Cost $1,080,832,688)** |  | **2154683172** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Bonds & Notes — 0.1%**<br>|  |  |
| **Corporate Debt — 0.1%**<br>|  |  |
| **Retail — 0.1%**<br>|  |  |
| Carvana Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/30 (b)  | $1054922 | 1103677  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/31 (b) | 1410488 | 1596994  |
|  |  | 2700671  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $2,701,651)** |  | **2700671**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $2,701,651)** |  | **2700671** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value** |
| **Exchange-Traded Funds — 0.6%** | **Exchange-Traded Funds — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth <br>ETF | 9000 | $4215690  |
| SPDR S&P 500 ETF Trust | 12000 | 7994160  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $12,124,352)** |  | **12209850**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $1,095,658,691)** |  | **2169593693**  |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.1%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (d) | 2467188 | 2467188  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 1.142% (e) | 101 | 101 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.7%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (f) | $15027087 | 15027087  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $17,494,376)** |  | **17494376**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $1,113,153,067) (g)** |  | **2187088069**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(2988594)**  |
| **NET ASSETS — 100.0%** |  | **$2184099475** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

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

 **MassMutual Blue Chip Growth Fund — Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

ADR American Depositary Receipt

ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At September 30, 2025, the aggregate market value of these securities amounted to $4,859,194 or 0.22% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $6,848,938 or 0.31% of net assets. The Fund received $4,379,901
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate disclosed is the 7-day net yield as of September 30,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Maturity value of $15,028,130. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 4/15/27, and an aggregate market value, including accrued
 interest, of $15,327,911.

&nbsp;&nbsp;&nbsp;&nbsp;(g) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **14**<br>|  |

---

------

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

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 98.5%**<br>|  |  |
| **Common Stock — 98.5%**<br>|  |  |
| **Communication Services — 4.4%** | **Communication Services — 4.4%** |  |
|  Liberty Media Corp-Liberty Formula One Class C (a) | 440024 | $45960507  |
|  Liberty Media Corp-Liberty Live Class C (a) | 193900 | 18802483  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) | 37500 | 6127500  |
| Match Group, Inc. | 234916 | 8297233  |
| New York Times Co. Class A | 435800 | 25014920  |
| Reddit, Inc. Class A (a) | 100576 | 23131474  |
| ROBLOX Corp. Class A (a) | 150755 | 20882583  |
| Trade Desk, Inc. Class A (a) | 403787 | 19789601  |
|  |  | 168006301  |
| **Consumer Discretionary — 15.8%** | **Consumer Discretionary — 15.8%** |  |
| Birkenstock Holding PLC (a) | 412058 | 18645624  |
|  Bright Horizons Family Solutions, Inc. (a) | 92300 | 10021011  |
| Burlington Stores, Inc. (a) | 164036 | 41747162  |
| Chipotle Mexican Grill, Inc. (a) | 201474 | 7895766  |
| Domino's Pizza, Inc. | 113861 | 49154932  |
| DraftKings, Inc. Class A (a) | 1263895 | 47269673  |
| Duolingo, Inc. (a) | 60000 | 19310400  |
|  Floor & Decor Holdings, Inc. Class A (a) | 87892 | 6477640  |
| Hilton Worldwide Holdings, Inc. | 226100 | 58659384  |
| Lithia Motors, Inc. | 13544 | 4279904  |
| Mattel, Inc. (a) | 270007 | 4544218  |
| McGraw Hill, Inc. (a) | 354781 | 4452502  |
| On Holding AG, Class A (a) | 387836 | 16424855  |
| Planet Fitness, Inc. Class A (a) | 339100 | 35198580  |
| Ross Stores, Inc. | 237411 | 36179062  |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises <br>Ltd. (b) | 85488 | 27662207  |
| Service Corp. International | 97700 | 8130594  |
| &nbsp;&nbsp;&nbsp; Sportradar Group AG <br>Class A (a) | 338000 | 9092200  |
| Texas Roadhouse, Inc. | 112200 | 18642030  |
| TopBuild Corp. (a) (b) | 28800 | 11256768  |
| Tractor Supply Co. | 244657 | 13913644  |
| Ulta Beauty, Inc. (a) | 49503 | 27065765  |
| Viking Holdings Ltd. (a) | 645768 | 40140939  |
| Wingstop, Inc. (b) | 66281 | 16681602  |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, <br>Inc. | 158800 | 12688120  |
| Yum! Brands, Inc. | 347259 | 52783368  |
|  |  | 598317950  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Consumer Staples — 3.4%**<br>|  |  |
| Casey's General Stores, Inc. | 46764 | $26436624  |
| Celsius Holdings, Inc. (a) | 307280 | 17665527  |
| Church & Dwight Co., Inc. | 72359 | 6340819  |
| Dollar Tree, Inc. (a) | 407600 | 38465212  |
| Lamb Weston Holdings, Inc. | 136097 | 7904514  |
| Maplebear, Inc. (a) (b) | 299900 | 11024324  |
| McCormick & Co., Inc. | 313600 | 20982976  |
|  |  | 128819996  |
| **Energy — 4.3%**<br>|  |  |
| Cheniere Energy, Inc. | 270478 | 63556920  |
| DT Midstream, Inc. (a) | 27100 | 3063926  |
| EQT Corp. | 482500 | 26262475  |
| Expand Energy Corp. | 184400 | 19590656  |
| Permian Resources Corp. (b) | 547961 | 7013901  |
| TechnipFMC PLC | 1075534 | 42429816  |
|  |  | 161917694  |
| **Financials — 8.0%**<br>|  |  |
| Aon PLC Class A | 33359 | 11895152  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br>Inc. | 28839 | 3843373  |
| Assurant, Inc. | 198400 | 42973440  |
| Axis Capital Holdings Ltd. | 95500 | 9148900  |
| Block, Inc. (a) | 162565 | 11748573  |
| Bullish (a) | 35200 | 2239072  |
| Carlyle Group, Inc. (b) | 225468 | 14136844  |
| Cboe Global Markets, Inc. | 94300 | 23127075  |
| Corpay, Inc. (a) | 63345 | 18247161  |
| KKR & Co., Inc. | 37863 | 4920297  |
| Klarna Group PLC (a) | 74623 | 2734933  |
| Markel Group, Inc. (a) | 8100 | 15482016  |
| MarketAxess Holdings, Inc. | 65000 | 11326250  |
| MSCI, Inc. | 71323 | 40469383  |
| Nasdaq, Inc. | 82694 | 7314284  |
| Raymond James Financial, Inc. | 184600 | 31861960  |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, <br>Inc. (b) | 139100 | 7839676  |
| Toast, Inc., Class A (a) | 546200 | 19941762  |
| TPG, Inc. | 179878 | 10333991  |
| Tradeweb Markets, Inc. Class A | 117100 | 12995758  |
|  |  | 302579900  |
| **Health Care — 19.2%**<br>|  |  |
| Agilent Technologies, Inc. | 456314 | 58567902  |
| Alcon AG (b) | 315995 | 23544788  |
| Align Technology, Inc. (a) | 186292 | 23327484  |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, <br>Inc. (a) | 138050 | 62950800  |
| Arcellx, Inc. (a) | 86700 | 7118070  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

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

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Ascendis Pharma AS ADR (a) | 109600 | $21789576  |
| Avantor, Inc. (a) | 1664900 | 20777952  |
| Biogen, Inc. (a) | 54500 | 7634360  |
| BioNTech SE ADR (a) | 110100 | 10858062  |
| Bruker Corp. | 303248 | 9852528  |
| Caris Life Sciences, Inc. (a) | 245864 | 7437386  |
| Cooper Cos., Inc. (a) | 503900 | 34547384  |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics <br>AG (a) (b) | 127114 | 8238258  |
| Cytokinetics, Inc. (a) (b) | 283500 | 15581160  |
| Dexcom, Inc. (a) | 150594 | 10133470  |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, <br>Inc. (a) (b) | 506834 | 10207637  |
| Encompass Health Corp. | 108800 | 13819776  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 90454 | 6793095  |
| Hologic, Inc. (a) | 968400 | 65357316  |
| IDEXX Laboratories, Inc. (a) | 25953 | 16581112  |
| Insmed, Inc. (a) | 44521 | 6411469  |
| Ionis Pharmaceuticals, Inc. (a) | 581216 | 38023151  |
| Masimo Corp. (a) | 43000 | 6344650  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 42078 | 51655374  |
| Molina Healthcare, Inc. (a) | 67900 | 12993344  |
| Natera, Inc. (a) | 54031 | 8697370  |
| Quidelortho Corp. (a) (b) | 258100 | 7601045  |
| ResMed, Inc. | 37380 | 10232027  |
| Revolution Medicines, Inc. (a) | 151500 | 7075050  |
| Steris PLC | 38389 | 9498974  |
| Teleflex, Inc. | 234900 | 28742364  |
| United Therapeutics Corp. (a) | 30271 | 12689906  |
| Vaxcyte, Inc. (a) | 198371 | 7145324  |
| Veeva Systems, Inc. Class A (a) | 263642 | 78541588  |
|  West Pharmaceutical Services, Inc. | 36900 | 9679977  |
|  |  | 730449729  |
| **Industrials — 17.3%**<br>|  |  |
| AGCO Corp. (b) | 60008 | 6425057  |
| API Group Corp. (a) | 263912 | 9070655  |
| ATI, Inc. (a) | 146287 | 11898985  |
|  Booz Allen Hamilton Holding Corp. | 220500 | 22038975  |
|  Broadridge Financial Solutions, Inc. | 45300 | 10789101  |
| Builders FirstSource, Inc. (a) | 157629 | 19112516  |
| BWX Technologies, Inc. | 165957 | 30597492  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. <br>Class A (a) (b) | 13229 | 6598361  |
| Cintas Corp. | 33152 | 6804780  |
| Equifax, Inc. | 115853 | 29719770  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Esab Corp. | 271166 | $30300089  |
| Ferguson Enterprises, Inc. | 139900 | 31418742  |
| Firefly Aerospace, Inc. (a) | 45054 | 1320983  |
| Fortive Corp. | 197975 | 9698795  |
| FTAI Aviation Ltd. | 156740 | 26153636  |
| IDEX Corp. | 31400 | 5110664  |
| Ingersoll Rand, Inc. | 448100 | 37022022  |
| ITT, Inc. | 103300 | 18465908  |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, <br>Inc. | 52743 | 7076528  |
|  Knight-Swift Transportation Holdings, Inc. | 59318 | 2343654  |
| L3Harris Technologies, Inc. | 33268 | 10160380  |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br>Inc. | 172000 | 24214160  |
| Paylocity Holding Corp. (a) | 192625 | 30679384  |
| Quanta Services, Inc. | 73468 | 30446609  |
| QXO, Inc. (a) (b) | 346994 | 6613706  |
| RBC Bearings, Inc. (a) | 23830 | 9300611  |
| Rocket Lab Corp. (a) (b) | 170932 | 8189352  |
| Rollins, Inc. | 206862 | 12151074  |
| StandardAero, Inc. (a) | 462018 | 12608471  |
| Textron, Inc. | 422000 | 35654780  |
| TransUnion | 475704 | 39854481  |
| Trex Co., Inc. (a) | 100515 | 5193610  |
| UL Solutions, Inc. Class A (b) | 209783 | 14865223  |
| Veralto Corp. | 174700 | 18624767  |
| Vertiv Holdings Co. Class A | 132718 | 20021837  |
| Waste Connections, Inc. | 62977 | 11071357  |
| XPO, Inc. (a) (b) | 352718 | 45595856  |
|  |  | 657212371  |
| **Information Technology — 21.8%** | **Information Technology — 21.8%** |  |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, <br>Inc. (a) (b) | 213590 | 6236828  |
| Amphenol Corp. Class A | 417736 | 51694830  |
| AppLovin Corp. Class A (a) | 34206 | 24578379  |
| Arista Networks, Inc. (a) | 50278 | 7326007  |
| Atlassian Corp. Class A (a) | 104005 | 16609599  |
| Aurora Innovation, Inc. (a) | 750022 | 4042619  |
|  CCC Intelligent Solutions Holdings, Inc. (a) (b) | 3007214 | 27395720  |
| CDW Corp. | 36365 | 5792217  |
| Cloudflare, Inc. Class A (a) | 72933 | 15650693  |
| Corning, Inc. | 216400 | 17751292  |
| Datadog, Inc. Class A (a) | 45945 | 6542568  |
| &nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc. <br>Class A | 84566 | 6120041  |
| EPAM Systems, Inc. (a) | 18412 | 2776346  |
| Fair Isaac Corp. (a) | 4518 | 6761323  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

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

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Fortinet, Inc. (a) | 73592 | $6187615  |
| Guidewire Software, Inc. (a) | 56227 | 12924338  |
| HubSpot, Inc. (a) | 35948 | 16816474  |
| Keysight Technologies, Inc. (a) | 171100 | 29928812  |
| KLA Corp. | 6199 | 6686241  |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor <br>Corp. (a) (b) | 833389 | 61104082  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 163500 | 20354115  |
| Manhattan Associates, Inc. (a) | 96900 | 19862562  |
| Marvell Technology, Inc. | 191495 | 16098985  |
| Microchip Technology, Inc. | 484700 | 31127434  |
| Monday.com Ltd. (a) | 54300 | 10517367  |
| MongoDB, Inc. (a) | 55372 | 17186361  |
| Monolithic Power Systems, Inc. | 64706 | 59570932  |
| Netskope, Inc. Class A (a) | 157377 | 3577179  |
| NXP Semiconductors NV | 89300 | 20336289  |
| Onestream, Inc. (a) | 309819 | 5709964  |
| PTC, Inc. (a) | 322106 | 65393960  |
| Pure Storage, Inc. Class A (a) | 436795 | 36607789  |
| Ralliant Corp. | 140871 | 6160289  |
| Snowflake, Inc. Class A (a) | 41166 | 9284991  |
| Teradyne, Inc. | 285791 | 39336273  |
| Twilio, Inc. Class A (a) | 45441 | 4548190  |
| Tyler Technologies, Inc. (a) | 95100 | 49752516  |
| Unity Software, Inc. (a) | 375352 | 15029094  |
| &nbsp;&nbsp;&nbsp; Zoom Communications, <br>Inc. (a) | 212000 | 17490000  |
| Zscaler, Inc. (a) | 160267 | 48025609  |
|  |  | 828895923  |
| **Materials — 2.8%**<br>|  |  |
| Avery Dennison Corp. | 169000 | 27406730  |
| Ball Corp. | 355500 | 17924310  |
| Eagle Materials, Inc. | 57741 | 13455963  |
| Martin Marietta Materials, Inc. | 53800 | 33909064  |
| Sealed Air Corp. (b) | 391500 | 13839525  |
|  |  | 106535592  |
| **Real Estate — 0.8%**<br>|  |  |
| CoStar Group, Inc. (a) | 273458 | 23071652  |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, <br>Inc. | 133958 | 6894818  |
|  |  | 29966470  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Utilities — 0.7%**<br>|  |  |
| Vistra Corp. | 130236 | $25515837  |
| **TOTAL COMMON STOCK** <br>**(Cost $3,067,765,878)** |  | **3738217763**  |
| **TOTAL EQUITIES** <br>**(Cost $3,067,765,878)** |  | **3738217763**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $3,067,765,878)** |  | **3738217763**  |
| **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.0%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (c) | 828133 | 828133  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Treasury Reserve Fund, 1.148% (d) | 383 | 383 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 2.0%** | **Repurchase Agreement — 2.0%** |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (e) | $77321206 | 77321206  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $78,149,722)** |  | **78149722**  |
| **TOTAL INVESTMENTS — 100.5%**<br>**(Cost $3,145,915,600) (f)** |  | **3816367485**  |
| **Other Assets/**<br>(Liabilities) — (0.5)% |  | **(20082858)**  |
| **NET ASSETS — 100.0%** |  | **$3796284627** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

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

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued)**<br>

**Abbreviation Legend**

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $169,053,227 or 4.45% of net assets. The Fund received $173,398,995
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate disclosed is the 7-day net yield as of September 30,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $77,326,576. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 4/15/27, and an aggregate market value, including accrued
 interest, of $78,867,754.

&nbsp;&nbsp;&nbsp;&nbsp;(f) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

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

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 98.5%**<br>|  |  |
| **Common Stock — 98.5%**<br>|  |  |
| **Communication Services — 1.2%**<br>|  |  |
| Cargurus, Inc. (a) | 107184 | $3990460  |
| Cinemark Holdings, Inc. | 63208 | 1771088  |
| Criteo SA Sponsored ADR (a) | 27094 | 612325  |
| MNTN, Inc. Class A (a) | 16951 | 314441  |
|  |  | 6688314  |
| **Consumer Discretionary — 10.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. <br>Class A (a) | 17585 | 1504397  |
| &nbsp;&nbsp;&nbsp; Black Rock Coffee Bar, Inc. <br>Class A (a) | 28994 | 691797  |
| Boot Barn Holdings, Inc. (a) (b) | 29786 | 4936136  |
| Century Communities, Inc. | 24930 | 1579814  |
| Champion Homes, Inc. (a) | 55183 | 4214326  |
| Cheesecake Factory, Inc. | 28481 | 1556202  |
| Duolingo, Inc. (a) | 5113 | 1645568  |
| Dutch Bros, Inc. Class A (a) | 33858 | 1772128  |
| Five Below, Inc. (a) | 12063 | 1866146  |
| Genius Sports Ltd. (a) | 240982 | 2983357  |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber <br>Co. (a) (b) | 137974 | 1032045  |
| H&R Block, Inc. | 32582 | 1647672  |
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings, <br>Inc. (a) | 67501 | 1863028  |
| Modine Manufacturing Co. (a) (b) | 36274 | 5156712  |
| National Vision Holdings, Inc. (a) | 68211 | 1991079  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc. (a) | 43381 | 5570120  |
| Patrick Industries, Inc. | 23223 | 2401955  |
| Planet Fitness, Inc. Class A (a) | 26020 | 2700876  |
| Shake Shack, Inc. Class A (a) | 34587 | 3237689  |
| Sportradar Group AG Class A (a) | 95909 | 2579952  |
| Stride, Inc. (a) (b) | 27455 | 4089148  |
| Sweetgreen, Inc. Class A (a) (b) | 25480 | 203330  |
| Valvoline, Inc. (a) | 34154 | 1226470  |
| Visteon Corp. | 11232 | 1346267  |
| Wingstop, Inc. (b) | 6716 | 1690283  |
| YETI Holdings, Inc. (a) | 47277 | 1568651  |
|  |  | 61055148  |
| **Consumer Staples — 1.4%**<br>|  |  |
| BellRing Brands, Inc. (a) | 25275 | 918746  |
| Chefs' Warehouse, Inc. (a) | 26535 | 1547786  |
| Freshpet, Inc. (a) | 21524 | 1186188  |
|  Guardian Pharmacy Services, Inc. Class A (a) | 42495 | 1114644  |
| Oddity Tech Ltd. Class A (a) | 14267 | 888834  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Vita Coco Co., Inc. (a) | 31028 | $1317759  |
| Vital Farms, Inc. (a) | 24131 | 992991  |
|  |  | 7966948  |
| **Energy — 2.7%**<br>|  |  |
| Archrock, Inc. | 73071 | 1922498  |
| Cactus, Inc. Class A | 60242 | 2377752  |
| Gulfport Energy Corp. (a) | 14157 | 2562134  |
| Magnolia Oil & Gas Corp. Class A | 68802 | 1642304  |
| TechnipFMC PLC | 82909 | 3270760  |
| Viper Energy, Inc. Class A | 95102 | 3634798  |
|  |  | 15410246  |
| **Financials — 12.7%**<br>|  |  |
| Accelerant Holdings Class A (a) | 28005 | 416994  |
| Ameris Bancorp | 31506 | 2309705  |
| Assured Guaranty Ltd. | 15898 | 1345766  |
| Bancorp, Inc. (a) | 36684 | 2747265  |
| Banner Corp. | 32556 | 2132418  |
| Beazley PLC | 52115 | 637563  |
| Bullish (a) | 8356 | 531525  |
| Cadence Bank | 131309 | 4929340  |
| Dave, Inc. (a) | 3083 | 614596  |
| Enova International, Inc. (a) | 14264 | 1641644  |
| Evercore, Inc. Class A | 11465 | 3867374  |
|  Figure Technology Solutions, Inc. Class A (a) | 11200 | 407344  |
|  HA Sustainable Infrastructure Capital, Inc. (b) | 124999 | 3837469  |
|  Hamilton Insurance Group Ltd. Class B (a) | 52437 | 1300438  |
| Hamilton Lane, Inc. Class A | 38345 | 5168522  |
| Hancock Whitney Corp. | 37421 | 2342929  |
| Kemper Corp. | 22355 | 1152400  |
| Marex Group PLC | 41380 | 1391196  |
| Mr. Cooper Group, Inc. | 2674 | 563652  |
|  National Bank Holdings Corp. Class A | 28744 | 1110668  |
| Palomar Holdings, Inc. (a) | 10663 | 1244905  |
| &nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc. <br>Class A (a) | 59681 | 1826239  |
| Perella Weinberg Partners | 90938 | 1938798  |
| Piper Sandler Cos. | 6706 | 2326915  |
| PJT Partners, Inc. Class A | 30366 | 5396949  |
| Seacoast Banking Corp. of Florida | 150652 | 4584340  |
|  Simmons First National Corp. Class A | 70170 | 1345159  |
| SiriusPoint Ltd. (a) | 142490 | 2577644  |
| StepStone Group, Inc. Class A | 109487 | 7150596  |
| UMB Financial Corp. | 22593 | 2673882  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

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

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Virtu Financial, Inc. Class A | 26534 | $941957  |
| WisdomTree, Inc. (b) | 101928 | 1416799  |
|  |  | 71872991  |
| **Health Care — 18.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adaptive Biotechnologies <br>Corp. (a) | 46755 | 699455  |
| ADMA Biologics, Inc. (a) | 43669 | 640188  |
| Akero Therapeutics, Inc. (a) | 37843 | 1796786  |
| Alignment Healthcare, Inc. (a) | 226601 | 3954187  |
| Amicus Therapeutics, Inc. (a) | 82515 | 650218  |
| Apellis Pharmaceuticals, Inc. (a) | 40332 | 912713  |
| Apogee Therapeutics, Inc. (a) | 29795 | 1183755  |
| AtriCure, Inc. (a) | 47115 | 1660804  |
| Avidity Biosciences, Inc. (a) (b) | 57464 | 2503707  |
| Axsome Therapeutics, Inc. (a) | 33854 | 4111568  |
| Bridgebio Pharma, Inc. (a) | 64085 | 3328575  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br>Inc. (a) | 130746 | 3864852  |
| Caris Life Sciences, Inc. (a) | 17066 | 516247  |
| Celldex Therapeutics, Inc. (a) | 35170 | 909848  |
| CG oncology, Inc. (a) (b) | 45987 | 1852356  |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, <br>Inc. (a) (b) | 55838 | 2325653  |
| Cytokinetics, Inc. (a) (b) | 41293 | 2269463  |
| Disc Medicine, Inc. (a) (b) | 30237 | 1998061  |
| Encompass Health Corp. | 39458 | 5011955  |
| Ensign Group, Inc. | 10978 | 1896669  |
| GeneDx Holdings Corp. (a) | 29932 | 3224874  |
| Glaukos Corp. (a) | 44365 | 3617966  |
| Guardant Health, Inc. (a) | 48931 | 3057209  |
| Halozyme Therapeutics, Inc. (a) | 29072 | 2132140  |
| HealthEquity, Inc. (a) | 47056 | 4459497  |
| Hims & Hers Health, Inc. (a) (b) | 10406 | 590228  |
| Insmed, Inc. (a) | 55893 | 8049151  |
| Integer Holdings Corp. (a) | 6243 | 645089  |
| iRhythm Technologies, Inc. (a) | 10267 | 1765821  |
| Kymera Therapeutics, Inc. (a) | 34607 | 1958756  |
| Lantheus Holdings, Inc. (a) | 26301 | 1348978  |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, <br>Inc. (a) (b) | 4705 | 833444  |
| Madrigal Pharmaceuticals, Inc. (a) | 3458 | 1586046  |
| Merit Medical Systems, Inc. (a) | 37422 | 3114633  |
| Merus NV (a) | 20120 | 1894298  |
| Mineralys Therapeutics, Inc. (a) | 20072 | 761130  |
| Mirum Pharmaceuticals, Inc. (a) | 9727 | 713086  |
| Nuvalent, Inc., Class A (a) | 9653 | 834791  |
| Option Care Health, Inc. (a) | 54680 | 1517917  |
| PACS Group, Inc. (a) | 55246 | 758528  |
| &nbsp;&nbsp;&nbsp; PROCEPT BioRobotics <br>Corp. (a) (b) | 27410 | 978263  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Protagonist Therapeutics, Inc. (a) | 31367 | $2083710  |
| PTC Therapeutics, Inc. (a) | 36152 | 2218648  |
| RadNet, Inc. (a) (b) | 32359 | 2466079  |
| Repligen Corp. (a) | 4484 | 599376  |
| Revolution Medicines, Inc. (a) | 60513 | 2825957  |
| Scholar Rock Holding Corp. (a) | 40546 | 1509933  |
| Soleno Therapeutics, Inc. (a) | 24852 | 1679995  |
| Spyre Therapeutics, Inc. (a) (b) | 22517 | 377385  |
| &nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. <br>ADR (a) (b) | 28092 | 786576  |
| TransMedics Group, Inc. (a) (b) | 9897 | 1110443  |
| Twist Bioscience Corp. (a) | 17612 | 495602  |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, <br>Inc. (a) | 14432 | 434115  |
| Vaxcyte, Inc. (a) | 22635 | 815313  |
| Veracyte, Inc. (a) (b) | 31844 | 1093205  |
| Waystar Holding Corp. (a) | 57918 | 2196251  |
|  |  | 106621493  |
| **Industrials — 25.9%**<br>|  |  |
| AAON, Inc. (b) | 18333 | 1713035  |
| AAR Corp. (a) | 25413 | 2278784  |
| Acuity, Inc. | 8753 | 3014446  |
| AeroVironment, Inc. (a) (b) | 9655 | 3040263  |
| Alight, Inc. Class A | 167225 | 545153  |
| Ameresco, Inc. Class A (a) | 97278 | 3266595  |
|  Applied Industrial Technologies, Inc. | 17508 | 4570463  |
| &nbsp;&nbsp;&nbsp; Archer Aviation, Inc. <br>Class A (a) (b) | 105992 | 1015403  |
| Argan, Inc. | 8604 | 2323510  |
| ATI, Inc. (a) | 31926 | 2596861  |
| Atmus Filtration Technologies, Inc. | 42218 | 1903610  |
| Bloom Energy Corp. (a) (b) | 14759 | 1248169  |
| Boise Cascade Co. | 16818 | 1300368  |
| Carpenter Technology Corp. | 19283 | 4734748  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) | 47164 | 4474920  |
| Comfort Systems USA, Inc. | 1492 | 1231169  |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. <br>Class A (a) (b) | 27320 | 3469640  |
| Crane Co. | 20032 | 3688692  |
| Curtiss-Wright Corp. | 13790 | 7487143  |
| DXP Enterprises, Inc. (a) | 37966 | 4520612  |
| Embraer SA Sponsored ADR | 57304 | 3464027  |
| Enpro, Inc. | 11056 | 2498656  |
| Esab Corp. | 17062 | 1906508  |
| ESCO Technologies, Inc. | 26604 | 5616370  |
| &nbsp;&nbsp;&nbsp; Everus Construction Group, <br>Inc. (a) | 13943 | 1195612  |
| Exlservice Holdings, Inc. (a) | 67838 | 2986907  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

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

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Federal Signal Corp. | 19384 | $2306502  |
| Fluor Corp. (a) | 37947 | 1596430  |
| GATX Corp. | 12599 | 2202305  |
| GEO Group, Inc. (a) | 3540 | 72535  |
| Karman Holdings, Inc. (a) | 45109 | 3256870  |
| Kirby Corp. (a) | 21620 | 1804189  |
| Korn Ferry | 29974 | 2097580  |
| Leonardo DRS, Inc. | 34367 | 1560262  |
| Lyft, Inc. (a) | 51767 | 1139392  |
| McGrath RentCorp | 14126 | 1656980  |
| Mercury Systems, Inc. (a) | 22874 | 1770448  |
|  Mueller Water Products, Inc. Class A | 45679 | 1165728  |
| MYR Group, Inc. (a) | 10293 | 2141253  |
| NEXTracker, Inc. Class A (a) | 39413 | 2916168  |
| OPENLANE, Inc. (a) | 50363 | 1449447  |
| Powell Industries, Inc. (b) | 5034 | 1534413  |
| Primoris Services Corp. | 30726 | 4219602  |
| Rocket Lab Corp. (a) (b) | 70153 | 3361030  |
| Rush Enterprises, Inc. Class A | 60570 | 3238678  |
| RXO, Inc. (a) | 95129 | 1463084  |
| Ryder System, Inc. | 13104 | 2471939  |
| SPX Technologies, Inc. (a) | 20652 | 3857381  |
| StandardAero, Inc. (a) | 44053 | 1202206  |
| Sterling Infrastructure, Inc. (a) (b) | 13559 | 4605721  |
| Terex Corp. (b) | 36974 | 1896766  |
| TriNet Group, Inc. | 15020 | 1004688  |
| Verra Mobility Corp. (a) | 243724 | 6019983  |
| &nbsp;&nbsp;&nbsp; Voyager Technologies, Inc. <br>Class A (a) | 33130 | 986611  |
| WNS Holdings Ltd. (a) | 19541 | 1490392  |
| Xometry, Inc. Class A (a) (b) | 33444 | 1821695  |
| Zurn Elkay Water Solutions Corp. | 82845 | 3896200  |
|  |  | 146298142  |
| **Information Technology — 18.4%**<br>|  |  |
| Advanced Energy Industries, Inc. | 32019 | 5447713  |
| Agilysys, Inc. (a) | 27213 | 2864168  |
| Allegro MicroSystems, Inc. (a) | 56365 | 1645858  |
| Amplitude, Inc. Class A (a) | 121911 | 1306886  |
| Appfolio, Inc. Class A (a) | 8209 | 2262893  |
| AvePoint, Inc. (a) | 334367 | 5018849  |
| Badger Meter, Inc. | 6644 | 1186486  |
| Belden, Inc. | 19945 | 2398785  |
| Calix, Inc. (a) | 41279 | 2533292  |
| Cellebrite DI Ltd. (a) | 123921 | 2296256  |
| Cirrus Logic, Inc. (a) | 14544 | 1822218  |
|  Clearwater Analytics Holdings, Inc. Class A (a) | 57057 | 1028167  |
| Commvault Systems, Inc. (a) | 17823 | 3364626  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Crane NXT Co. (b) | 29920 | $2006734  |
|  Credo Technology Group Holding Ltd. (a) | 26286 | 3827504  |
| CyberArk Software Ltd. (a) | 7634 | 3688367  |
| Fabrinet (a) | 15372 | 5604939  |
| Freshworks, Inc. Class A (a) | 244875 | 2882179  |
| Impinj, Inc. (a) (b) | 11409 | 2062177  |
| Intapp, Inc. (a) | 79352 | 3245497  |
| Itron, Inc. (a) | 13758 | 1713696  |
| Lattice Semiconductor Corp. (a) | 43196 | 3167131  |
| Life360, Inc. (a) (b) | 11108 | 1180780  |
| Lumentum Holdings, Inc. (a) (b) | 15033 | 2446019  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 29356 | 3654528  |
| MKS, Inc. (b) | 17314 | 2142954  |
| Netskope, Inc. Class A (a) | 9351 | 212548  |
| Nova Ltd. (a) (b) | 9747 | 3115726  |
| Pegasystems, Inc. | 41598 | 2391885  |
| Power Integrations, Inc. | 21108 | 848753  |
| Rubrik, Inc. Class A (a) | 9634 | 792397  |
| Sanmina Corp. (a) | 13252 | 1525438  |
| Semtech Corp. (a) | 31410 | 2244244  |
| ServiceTitan, Inc. Class A (a) | 22276 | 2246089  |
|  Silicon Motion Technology Corp. Sponsored ADR | 18606 | 1764035  |
| SiTime Corp. (a) (b) | 31997 | 9641016  |
| Tower Semiconductor Ltd. (a) | 44984 | 3252343  |
| TTM Technologies, Inc. (a) | 53565 | 3085344  |
| Universal Display Corp. | 4705 | 675779  |
| Viavi Solutions, Inc. (a) | 122027 | 1548523  |
|  |  | 104142822  |
| **Materials — 2.0%**<br>|  |  |
| Cabot Corp. | 63630 | 4839062  |
| Graphic Packaging Holding Co. | 70865 | 1386828  |
| James Hardie Industries PLC (a) | 126439 | 2428893  |
| MP Materials Corp. (a) | 34073 | 2285276  |
|  |  | 10940059  |
| **Real Estate — 3.0%**<br>|  |  |
| American Healthcare REIT, Inc. | 123125 | 5172481  |
| Douglas Emmett, Inc. | 84719 | 1319075  |
|  Essential Properties Realty Trust, Inc. | 52221 | 1554097  |
| Highwoods Properties, Inc. | 35967 | 1144470  |
| Independence Realty Trust, Inc. | 85980 | 1409212  |
| Phillips Edison & Co., Inc. | 116968 | 4015511  |
| Terreno Realty Corp. | 29118 | 1652447  |
| Xenia Hotels & Resorts, Inc. | 37018 | 507887  |
|  |  | 16775180  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

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

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Utilities — 1.5%**<br>|  |  |
| IDACORP, Inc. | 19867 | $2625424  |
| ONE Gas, Inc. | 26099 | 2112453  |
| Talen Energy Corp. (a) | 9009 | 3832249  |
|  |  | 8570126  |
| **TOTAL COMMON STOCK** <br>**(Cost $452,105,007)** |  | **556341469**  |
| **TOTAL EQUITIES** <br>**(Cost $452,105,007)** |  | **556341469**  |
| **Exchange-Traded Funds — 1.1%** | **Exchange-Traded Funds — 1.1%** |  |
| iShares Russell 2000 ETF | 20722 | 5013895  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Growth <br>ETF (b) |  |  |
|  | 3224 | 1031809  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $5,999,049)** |  | **6045704**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $458,104,056)** |  | **562387173**  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |  |
| **Investment of Cash Collateral from Securities Loaned — 1.1%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (c) | 6444678 | 6444678 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  |  |
| **Repurchase Agreement — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., Repurchase Agreement, dated <br>9/30/25, 2.500%, due 10/01/25 (d) | $2092322 | 2092322  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,537,000)** |  | **8537000**  |
| **TOTAL INVESTMENTS — 101.1%**<br>**(Cost $466,641,056) (e)** |  | **570924173**  |
| **Other Assets/**<br>(Liabilities) — (1.1)% |  | **(6029135)**  |
| **NET ASSETS — 100.0%** |  | **$564895038** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $65,443,777 or 11.59% of net assets. The Fund received $60,157,480
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $2,092,467. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 4/15/27, and an aggregate market value, including accrued
 interest, of $2,134,593.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

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

 **MassMutual Overseas Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 98.5%**<br>|  |  |
| **Common Stock — 97.9%**<br>|  |  |
| **Australia — 1.3%**<br>|  |  |
| Glencore PLC | 593300 | $2741787  |
| Rio Tinto PLC | 22513 | 1483611  |
|  |  | 4225398  |
| **Canada — 2.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Canadian National Railway <br>Co. (a) | 19888 | 1875438  |
| Intact Financial Corp. | 7176 | 1396167  |
| Suncor Energy, Inc. (SU CN) | 39128 | 1637433  |
| Toronto-Dominion Bank | 28475 | 2276854  |
|  |  | 7185892  |
| **China — 3.0%**<br>|  |  |
| Alibaba Group Holding Ltd. | 100240 | 2246957  |
| NetEase, Inc. | 84500 | 2569119  |
| Prosus NV (PRX NA) | 24699 | 1751622  |
| Tencent Holdings Ltd. | 39700 | 3382273  |
|  |  | 9949971  |
| **Denmark — 2.1%**<br>|  |  |
| Carlsberg AS Class B | 20931 | 2433366  |
| DSV AS | 11360 | 2267922  |
| Novo Nordisk AS Class B | 37425 | 2065700  |
|  |  | 6766988  |
| **Finland — 0.8%**<br>|  |  |
| Kone OYJ Class B | 36432 | 2485663  |
| **France — 17.3%**<br>|  |  |
| Accor SA | 41570 | 1969377  |
| Air Liquide SA | 29845 | 6211086  |
| Airbus SE | 9345 | 2184537  |
| BNP Paribas SA | 77193 | 7036776  |
| Capgemini SE | 37216 | 5415565  |
| Cie de Saint-Gobain SA | 32372 | 3526628  |
|  Cie Generale des Etablissements Michelin SCA | 42213 | 1516263  |
| Danone SA | 17200 | 1498539  |
| Dassault Systemes SE | 94972 | 3194764  |
| Edenred SE | 112911 | 2690424  |
| Engie SA | 157118 | 3370272  |
| EssilorLuxottica SA | 4364 | 1423432  |
| Kering SA | 7535 | 2511011  |
| Legrand SA | 14875 | 2481319  |
|  LVMH Moet Hennessy Louis Vuitton SE | 8189 | 5010719  |
| Pernod Ricard SA | 48462 | 4765040  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Publicis Groupe SA | 17069 | $1638402  |
| Worldline SA (a) (b) (c) | 49966 | 161489  |
|  |  | 56605643  |
| **Germany — 11.8%**<br>|  |  |
| adidas AG | 13905 | 2932863  |
| Allianz SE Registered | 2990 | 1256824  |
| Aumovio SE (b) | 12950 | 533942  |
| Bayer AG Registered | 70325 | 2331724  |
| Bayerische Motoren Werke AG | 23005 | 2308409  |
| Beiersdorf AG | 23328 | 2440636  |
| Brenntag SE | 38000 | 2277244  |
| Continental AG | 25899 | 1707496  |
| Daimler Truck Holding AG | 43861 | 1807286  |
| Deutsche Boerse AG | 14774 | 3959308  |
| Fresenius Medical Care AG | 29212 | 1532803  |
| Fresenius SE & Co. KGaA | 31900 | 1776542  |
| Mercedes Benz Group AG | 15073 | 947079  |
| Merck KGaA | 22869 | 2941634  |
| MTU Aero Engines AG | 4246 | 1948796  |
| SAP SE | 20975 | 5623222  |
| Siemens Healthineers AG (c) | 17600 | 952150  |
| thyssenkrupp AG | 101817 | 1396391  |
|  |  | 38674349  |
| **Hong Kong — 2.0%**<br>|  |  |
| AIA Group Ltd. | 336800 | 3228308  |
| Prudential PLC | 236782 | 3333071  |
|  |  | 6561379  |
| **India — 0.9%**<br>|  |  |
| Axis Bank Ltd. | 104905 | 1336746  |
| HDFC Bank Ltd. | 100658 | 1080145  |
| Tata Consultancy Services Ltd. | 17227 | 561013  |
|  |  | 2977904  |
| **Indonesia — 0.5%**<br>|  |  |
| Bank Mandiri Persero Tbk. PT | 6466000 | 1712470  |
| **Ireland — 1.0%**<br>|  |  |
| AIB Group PLC | 347025 | 3149331  |
| **Israel — 0.9%**<br>|  |  |
|  Check Point Software Technologies Ltd. (b) | 15009 | 3105512  |
| **Italy — 3.7%**<br>|  |  |
| Eni SpA | 138368 | 2416149  |
| Intesa Sanpaolo SpA | 747747 | 4944936  |
|  Ryanair Holdings PLC Sponsored ADR | 76310 | 4595388  |
|  |  | 11956473  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

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

 **MassMutual Overseas Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Japan — 15.3%**<br>|  |  |
| Asahi Group Holdings Ltd. | 121800 | $1461392  |
| Daikin Industries Ltd. (a) | 20200 | 2324050  |
| Denso Corp. | 168700 | 2429380  |
| FUJIFILM Holdings Corp. | 93800 | 2337359  |
| Fujitsu Ltd. | 52500 | 1234398  |
| Hitachi Ltd. | 199700 | 5244123  |
| Hoya Corp. | 8400 | 1160379  |
| Komatsu Ltd. | 37900 | 1318784  |
| Kose Corp. | 18700 | 750750  |
| LY Corp. | 646000 | 2083260  |
| Mitsubishi Electric Corp. | 149300 | 3886793  |
| Mitsubishi Estate Co. Ltd. | 48400 | 1114585  |
| Olympus Corp. | 141900 | 1797829  |
| Seven & i Holdings Co. Ltd. | 168200 | 2262169  |
| Shin-Etsu Chemical Co. Ltd. | 95200 | 3115196  |
| SMC Corp. (a) | 5900 | 1805451  |
| Sompo Holdings, Inc. | 80300 | 2480043  |
| Sony Financial Group, Inc. (b) | 40976 | 45441  |
| Sony Group Corp. | 160600 | 4608451  |
|  Sumitomo Mitsui Financial Group, Inc. | 114600 | 3208049  |
| Suzuki Motor Corp. | 145700 | 2123830  |
| Terumo Corp. | 99400 | 1640476  |
| ZOZO, Inc. (a) | 170100 | 1562574  |
|  |  | 49994762  |
| **Luxembourg — 0.4%**<br>|  |  |
| Eurofins Scientific SE | 19955 | 1452753  |
| **Mexico — 0.5%**<br>|  |  |
|  Fomento Economico Mexicano SAB de CV Sponsored ADR | 15000 | 1479450  |
| **Netherlands — 3.3%**<br>|  |  |
| Akzo Nobel NV | 28625 | 2038983  |
| ASML Holding NV | 1805 | 1747403  |
| ASR Nederland NV | 24500 | 1667369  |
| EXOR NV | 1579 | 155034  |
| ING Groep NV | 151926 | 3959349  |
| Koninklijke Ahold Delhaize NV | 29100 | 1177273  |
|  |  | 10745411  |
| **Portugal — 0.5%**<br>|  |  |
| Galp Energia SGPS SA | 90459 | 1715231  |
| **Republic of Korea — 0.7%**<br>|  |  |
| KB Financial Group, Inc. | 26500 | 2188572  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Singapore — 0.7%**<br>|  |  |
| DBS Group Holdings Ltd. | 62050 | $2457485  |
| **Spain — 1.1%**<br>|  |  |
| Amadeus IT Group SA | 44401 | 3514198  |
| **Sweden — 1.3%**<br>|  |  |
| Hexagon AB Class A | 135300 | 1622993  |
| Sandvik AB | 44300 | 1240579  |
| SKF AB Class B | 9875 | 246417  |
| Volvo AB Class B | 40100 | 1156429  |
|  |  | 4266418  |
| **Switzerland — 4.6%**<br>|  |  |
|  Cie Financiere Richemont SA Registered Class A | 34750 | 6667791  |
| Sonova Holding AG Registered | 4215 | 1154924  |
| UBS Group AG Registered | 95228 | 3914690  |
| Zurich Insurance Group AG | 4808 | 3431820  |
|  |  | 15169225  |
| **Taiwan — 1.6%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 18865 | 5268806  |
| **United Kingdom — 10.9%**<br>|  |  |
| Ashtead Group PLC | 41064 | 2759515  |
| British American Tobacco PLC | 54602 | 2897520  |
| Bunzl PLC | 27500 | 868160  |
| Compass Group PLC | 127342 | 4338484  |
| Diageo PLC | 52300 | 1245044  |
| Flutter Entertainment PLC (b) | 4417 | 1121918  |
| Intertek Group PLC | 5900 | 377160  |
|  London Stock Exchange Group PLC | 20741 | 2381732  |
| NatWest Group PLC | 433681 | 3044043  |
| Reckitt Benckiser Group PLC | 33965 | 2623141  |
| RELX PLC | 69109 | 3300798  |
| Rentokil Initial PLC | 215738 | 1090175  |
| Rolls-Royce Holdings PLC | 391909 | 6274382  |
| Schroders PLC | 171381 | 868154  |
| Tesco PLC | 415157 | 2488556  |
|  |  | 35678782  |
| **United States — 9.5%**<br>|  |  |
| CNH Industrial NV | 247597 | 2686428  |
| Experian PLC | 71075 | 3579497  |
| Linde PLC (LIN US) | 1359 | 645525  |
| Nestle SA Registered | 43447 | 3990963  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

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

 **MassMutual Overseas Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Novartis AG Registered | 45685 | $5874658  |
| Qiagen NV | 34583 | 1535968  |
| Roche Holding AG | 20252 | 6665566  |
| Schneider Electric SE | 22229 | 6275369  |
|  |  | 31253974  |
| **TOTAL COMMON STOCK** <br>**(Cost $247,694,610)** |  | **320542040**  |
| **Preferred Stock — 0.6%**<br>|  |  |
| **Republic of Korea — 0.6%**<br>|  |  |
|  Samsung Electronics Co. Ltd. 2.194% | 42450 | 2018127  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $1,857,497)** |  | **2018127**  |
| **TOTAL EQUITIES** <br>**(Cost $249,552,107)** |  | **322560167**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $249,552,107)** |  | **322560167**  |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |  |
| **Investment of Cash Collateral from Securities Loaned — 1.1%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (d) | 3609505 | 3609505 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  |  |
| **Repurchase Agreement — 1.1%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (e) | $3600462 | 3600462  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,209,967)** |  | **7209967**  |
| **TOTAL INVESTMENTS — 100.7%**<br>**(Cost $256,762,074) (f)** |  | **329770134**  |
| **Other Assets/**<br>(Liabilities) — (0.7)% |  | **(2366621)**  |
| **NET ASSETS — 100.0%** |  | **$327403513** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $5,498,481 or 1.68% of net assets. The Fund received $2,127,305
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At September 30, 2025, the aggregate market value of these securities amounted to $1,113,639 or 0.34% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $3,600,712. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 4/15/27, and an aggregate market value, including accrued
 interest, of $3,672,814.

&nbsp;&nbsp;&nbsp;&nbsp;(f) See Note 6 for aggregate cost for federal
 tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| Industrials | 21.3%  |
| Financials | 20.6%  |
| Consumer Discretionary | 15.2%  |
| Health Care | 10.5%  |
| Information Technology | 9.8%  |
| Consumer Staples | 9.6%  |
| Materials | 5.4%  |
| Communication Services | 3.0%  |
| Energy | 1.8%  |
| Utilities | 1.0%  |
| Real Estate | 0.3%  |
| Total Long-Term Investments | 98.5%  |
| Short-Term Investments and Other Assets and Liabilities | 1.5%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

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

 **MassMutual Funds**<br>

Statements of Assets and Liabilities

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Diversified** <br>**Value Fund** | **MM S&P 500** <br>**Index Fund**  |
| Assets: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $450789068 | $2249293675  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) |  | 2227242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 450789068 | 2251520917  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 12190  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 3101894 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 90923 | 1252586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | 5388  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 362974 | 936549  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 231496 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)* |  | 280000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 56779 | 46446  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 454633134 | 2254054076  |
| Liabilities: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 497903 | 4761124  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 261335 | 392924  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3):* <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 81708 | 367292  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 248773 | 196410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 68737 | 467764  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 5963 | 226068  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | 176426 | 246110  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 703653 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger fees  | 110002  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 121943 | 129621  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2276443 | 6787313  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$452356691** | **$2247266763**  |
| Net assets consist of: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $400314785 | $689807188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 52041906 | 1557459575  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$452356691** | **$2247266763**  |
| (a) Cost of investments: | $403557523 | $997383649  |
| (b) Cost of repurchase agreements: | $— | $2227242  |
| (c) Securities on loan with market value of: | $3201629 | $2673215  |
| (d) Cost of foreign currency: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Blue Chip** <br>**Growth Fund** | **MassMutual** <br>**Mid Cap** <br>**Growth Fund** | **MassMutual** <br>**Small Cap** <br>**Growth** <br>**Equity Fund** | **MassMutual** <br>**Overseas Fund**  |
| $2172060982 | $3739046279 | &nbsp;&nbsp; $568831851 | &nbsp;&nbsp; $326169672  |
| 15027087 | 77321206 | &nbsp;&nbsp; 2092322 | &nbsp;&nbsp; 3600462  |
| 2187088069 | 3816367485 | &nbsp;&nbsp; 570924173 | &nbsp;&nbsp; 329770134  |
| 671762 |  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 10782  |
| 1 |  | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 218659  |
|  | 12022049 | &nbsp;&nbsp; 2681331 | &nbsp;&nbsp; 669634  |
| 831136 | 1992294 | &nbsp;&nbsp; 470112 | &nbsp;&nbsp; 159380  |
| 318292 | 813197 | &nbsp;&nbsp; 254847 | &nbsp;&nbsp; 685306  |
| 2130780 | 27052 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3535758  |
| 44344 | 52298 | &nbsp;&nbsp; 54224 | &nbsp;&nbsp; 48726  |
| 2191084384 | 3831274375 | &nbsp;&nbsp; 574384702 | &nbsp;&nbsp; 335098379  |
|  | 2331503 | &nbsp;&nbsp; 1224223 | &nbsp;&nbsp; 643645  |
| 2511892 | 28054714 | &nbsp;&nbsp; 1178463 | &nbsp;&nbsp; 2929177  |
| 354093 | 590973 | &nbsp;&nbsp; 102829 | &nbsp;&nbsp; 83526  |
| 173843 | 163833 | &nbsp;&nbsp; 33069 | &nbsp;&nbsp; 32520  |
| 1179437 | 2109222 | &nbsp;&nbsp; 389060 | &nbsp;&nbsp; 137815  |
| 121840 | 73652 | &nbsp;&nbsp; 23262 | &nbsp;&nbsp; 22107  |
| 26439 | 9859 | &nbsp;&nbsp; 3356 | &nbsp;&nbsp; 3396  |
| 2467188 | 828133 | &nbsp;&nbsp; 6444678 | &nbsp;&nbsp; 3609505  |
|  | 536796 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| 150177 | 291063 | &nbsp;&nbsp; 90724 | &nbsp;&nbsp; 233175  |
| 6984909 | 34989748 | &nbsp;&nbsp; 9489664 | &nbsp;&nbsp; 7694866  |
| **$2184099475** | **$3796284627** | &nbsp;&nbsp; **$564895038** | &nbsp;&nbsp; **$327403513**  |
| $511100889 | $2621474435 | &nbsp;&nbsp; $371590087 | &nbsp;&nbsp; $210307637  |
| 1672998586 | 1174810192 | &nbsp;&nbsp; 193304951 | &nbsp;&nbsp; 117095876  |
| **$2184099475** | **$3796284627** | &nbsp;&nbsp; **$564895038** | &nbsp;&nbsp; **$327403513**  |
| $1098125980 | $3068594394 | &nbsp;&nbsp; $464548734 | &nbsp;&nbsp; $253161612  |
| $15027087 | $77321206 | &nbsp;&nbsp; $2092322 | &nbsp;&nbsp; $3600462  |
| $6848938 | $169053227 | &nbsp;&nbsp; $65443777 | &nbsp;&nbsp; $5498481  |
| $1 | $— | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $218621 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Diversified** <br>**Value Fund** | **MM S&P 500** <br>**Index Fund**  |
| Class I shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $93376143 | $519069952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 11516519 | 31221826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.11 | $16.63  |
| Class R5 shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $140690230 | $403951001  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 17195155 | 24046237  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.18 | $16.80  |
| Service Class shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $42740472 | $305928407  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 5219225 | 18106487  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.19 | $16.90  |
| Administrative Class shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $65100496 | $256710932  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 7800140 | 16008562  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.35 | $16.04  |
| Class R4 shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $16387381 | $355844223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 2086824 | 23003431  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $7.85 | $15.47  |
| Class A shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $84261889 | $32920971  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 10304082 | 2170599  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $8.18 | $15.17  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum Offering price per share (100/[100-maximum sales charge] of net asset value) | $8.66 | $16.05  |
| Class R3 shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9593387 | $372841277  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1192221 | 26305260  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.05 | $14.17  |
| Class Y shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $206693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 25264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.18 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Authorized unlimited number of shares with no par
 value.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Blue Chip** <br>**Growth Fund** | **MassMutual** <br>**Mid Cap** <br>**Growth Fund** | **MassMutual** <br>**Small Cap Growth** <br>**Equity Fund** | **MassMutual** <br>**Overseas Fund**  |
| &nbsp;&nbsp; $1297133112 | &nbsp;&nbsp; $2777304878 | &nbsp;&nbsp;&nbsp; $394329710 | &nbsp;&nbsp;&nbsp; $172289966  |
| &nbsp;&nbsp; 47665950 | &nbsp;&nbsp; 139045931 | &nbsp;&nbsp;&nbsp; 22962489 | &nbsp;&nbsp;&nbsp; 17281919  |
| &nbsp;&nbsp; $27.21 | &nbsp;&nbsp; $19.97 | &nbsp;&nbsp;&nbsp; $17.17 | &nbsp;&nbsp;&nbsp; $9.97  |
| &nbsp;&nbsp; $280015795 | &nbsp;&nbsp; $691272836 | &nbsp;&nbsp;&nbsp; $103258190 | &nbsp;&nbsp;&nbsp; $73377892  |
| &nbsp;&nbsp; 10386445 | &nbsp;&nbsp; 35571112 | &nbsp;&nbsp;&nbsp; 6201298 | &nbsp;&nbsp;&nbsp; 7319253  |
| &nbsp;&nbsp; $26.96 | &nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $16.65 | &nbsp;&nbsp;&nbsp; $10.03  |
| &nbsp;&nbsp; $203177792 | &nbsp;&nbsp; $118295645 | &nbsp;&nbsp;&nbsp; $11728085 | &nbsp;&nbsp;&nbsp; $32886004  |
| &nbsp;&nbsp; 7740256 | &nbsp;&nbsp; 6463237 | &nbsp;&nbsp;&nbsp; 789750 | &nbsp;&nbsp;&nbsp; 3309754  |
| &nbsp;&nbsp; $26.25 | &nbsp;&nbsp; $18.30 | &nbsp;&nbsp;&nbsp; $14.85 | &nbsp;&nbsp;&nbsp; $9.94  |
| &nbsp;&nbsp; $206627941 | &nbsp;&nbsp; $94917999 | &nbsp;&nbsp;&nbsp; $17831470 | &nbsp;&nbsp;&nbsp; $13488845  |
| &nbsp;&nbsp; 8204087 | &nbsp;&nbsp; 5774093 | &nbsp;&nbsp;&nbsp; 1375779 | &nbsp;&nbsp;&nbsp; 1339462  |
| &nbsp;&nbsp; $25.19 | &nbsp;&nbsp; $16.44 | &nbsp;&nbsp;&nbsp; $12.96 | &nbsp;&nbsp;&nbsp; $10.07  |
| &nbsp;&nbsp; $64504546 | &nbsp;&nbsp; $32234879 | &nbsp;&nbsp;&nbsp; $15947266 | &nbsp;&nbsp;&nbsp; $13331457  |
| &nbsp;&nbsp; 2905239 | &nbsp;&nbsp; 2364372 | &nbsp;&nbsp;&nbsp; 1599423 | &nbsp;&nbsp;&nbsp; 1410963  |
| &nbsp;&nbsp; $22.20 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp; $9.45  |
| &nbsp;&nbsp; $89743652 | &nbsp;&nbsp; $66325404 | &nbsp;&nbsp;&nbsp; $16254479 | &nbsp;&nbsp;&nbsp; $16413673  |
| &nbsp;&nbsp; 4060425 | &nbsp;&nbsp; 4991482 | &nbsp;&nbsp;&nbsp; 1667363 | &nbsp;&nbsp;&nbsp; 1679444  |
| &nbsp;&nbsp; $22.10 | &nbsp;&nbsp; $13.29 | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.77  |
| &nbsp;&nbsp; $23.39 | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp;&nbsp; $10.32 | &nbsp;&nbsp;&nbsp; $10.34  |
| &nbsp;&nbsp; $42564837 | &nbsp;&nbsp; $15829848 | &nbsp;&nbsp;&nbsp; $5342843 | &nbsp;&nbsp;&nbsp; $5496564  |
| &nbsp;&nbsp; 2374692 | &nbsp;&nbsp; 1505057 | &nbsp;&nbsp;&nbsp; 781204 | &nbsp;&nbsp;&nbsp; 573574  |
| &nbsp;&nbsp; $17.92 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp;&nbsp; $6.84 | &nbsp;&nbsp;&nbsp; $9.58  |
| &nbsp;&nbsp; $331800 | &nbsp;&nbsp; $103138 | &nbsp;&nbsp;&nbsp; $202995 | &nbsp;&nbsp;&nbsp; $119112  |
| &nbsp;&nbsp; 12305 | &nbsp;&nbsp; 5308 | &nbsp;&nbsp;&nbsp; 12194 | &nbsp;&nbsp;&nbsp; 11891  |
| &nbsp;&nbsp; $26.96 | &nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $16.65 | &nbsp;&nbsp;&nbsp; $10.02 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** <br>**MassMutual** <br>**Diversified** <br>**Value Fund+** | **MM S&P 500** <br>**Index Fund**  |
| Investment income (Note 2): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $10712430 | $29207613  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 61281 | 289407  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 2854 | 4137  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 10776565 | 29501157  |
| Expenses (Note 3): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2133233 | 2252423  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 41646 | 156608  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 25930 | 59136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 30904 | 97665  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1758 | 1917  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 32510 | 80738  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 35963 | 118819  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 49584 | 262958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 163530 | 117393  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 1882 | 1444  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger fees | 15000 | —  |
|  | 2531940 | 3149101  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 94263 | 397801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 85564 | 748069  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 116399 | 882988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 24362 | 858075  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 131163 | 98732  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 7159 | 839962  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 181 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 30452 | 858075  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 131163 | 70523  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 17898 | 1679924  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3170544 | 9583250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3):*<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 3170544 | 9583250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **7606021** | **19917907** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Blue Chip** <br>**Growth Fund** | **MassMutual** <br>**Mid Cap** <br>**Growth Fund** | **MassMutual** <br>**Small Cap** <br>**Growth** <br>**Equity Fund** | **MassMutual** <br>**Overseas Fund**  |
| $11632240 | $23516837 | $3826581 | $9909251  |
| 733776 | 2822283 | 257469 | 544218  |
| 56637 | 304947 | 118187 | 43490  |
| 12422653 | 26644067 | 4202237 | 10496959  |
| 14428916 | 28508581 | 5096792 | 3201173  |
| 127703 | 247941 | 86455 | 122977  |
| 57501 | 61971 | 55564 | 96371  |
| 127194 | 223675 | 32581 | 20555  |
| 1711 | 1917 | 1917 | 1917  |
| 85279 | 141674 | 37263 | 31496  |
| 104176 | 287495 | 69695 | 48997  |
| 279085 | 517677 | 68988 | 47004  |
| 123671 | 134794 | 126388 | 121028  |
| 1970 | 1444 | 1444 | 1444  |
| 15337206 | 30127169 | 5577087 | 3692962  |
| 292574 | 768092 | 94045 | 109932  |
| 369128 | 254267 | 23071 | 62736  |
| 594750 | 310292 | 51385 | 38971  |
| 116872 | 73562 | 30347 | 27500  |
| 222933 | 175496 | 40339 | 38164  |
| 84331 | 32303 | 9282 | 10334  |
| 271 | 102 | 192 | 109  |
| 146090 | 91952 | 37933 | 34375  |
| 222933 | 175496 | 40339 | 38165  |
| 210828 | 80758 | 23204 | 25834  |
| 17597916 | 32089489 | 5927224 | 4079082  |
|  — | (629902) |  | (281509)  |
|  — | (145268) |  | (144345)  |
|  — | (24643) |  | (42304)  |
|  — | (20023) |  | (17530)  |
|  — | (7079) |  | (18448)  |
|  — | (13736) |  | (20603)  |
|  — | (3167) |  | (6920)  |
|  — | (23) |  | (144)  |
| 17597916 | 31245648 | 5927224 | 3547279  |
| **(5175263)** | **(4601581)** | **(1724987)** | **6949680** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** <br>**MassMutual** <br>**Diversified** <br>**Value Fund+**  | **MM S&P 500** <br>**Index Fund**  |
| Realized and unrealized gain (loss): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | $81574084 | $345637448  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 1936552  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 57 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **81574141** | **347574000**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (38862014) | (16779881)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (131011)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | 12185 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **(38849829)** | **(16910892)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **42724312** | **330663108**  |
| **Net increase (decrease) in net assets resulting from operations** | **$50330333** | **$350581015**  |
| (a) Net of foreign withholding tax of: | $45 | $6731  |
| \* Net of increase (decrease) in accrued foreign capital gains tax of: | $— | $— |

---

---

| | |
|:---|:---|
| +<br>| Effective September 15, 2025, the MassMutual Equity Opportunities Fund reorganized into the MassMutual Diversified Value Fund. Prior to September 15, 2025, information provided reflects MassMutual Diversified Value Fund, which was the accounting and performance survivor of the reorganization. Please reference Note 7 "Acquisition of MassMutual Equity Opportunities Fund" in the Notes to the Financial Statements for additional information.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Blue Chip** <br>**Growth Fund**  | **MassMutual** <br>**Mid Cap** <br>**Growth Fund**  | **MassMutual** <br>**Small Cap** <br>**Growth** <br>**Equity Fund**  | **MassMutual** <br>**Overseas Fund** |
| $715240775 | $659788564 | $112021847 | $54314679  |
| (210) | 26 | 429 | (9574)  |
| **715240565** | **659788590** | **112022276** | **54305105**  |
| (177236898) | (502199248) | (70523858) | (30320905) \*  |
|  — |  |  | 159799  |
| **(177236898)** | **(502199248)** | **(70523858)** | **(30161106)**  |
| **538003667** | **157589342** | **41498418** | **24143999**  |
| **$532828404** | **$152987761** | **$39773431** | **$31093679**  |
| $19846 | $104876 | $2406 | $1247832  |
|  $— | $— | $— | $190118 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Diversified Value Fund+**  | **MassMutual** <br>**Diversified Value Fund+**  |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets: <br>|  |  |
| Operations: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $7606021 | &nbsp;&nbsp; $4554752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 81574141 | &nbsp;&nbsp; 47477835  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (38849829) | &nbsp;&nbsp; 14994262  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **50330333** | &nbsp;&nbsp; **67026849**  |
| Distributions to shareholders (Note 2): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; (51431579) | &nbsp;&nbsp; (30192742)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp; (30833153) | &nbsp;&nbsp; (11632806)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (11758224) | &nbsp;&nbsp; (3628326)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp; (13864161) | &nbsp;&nbsp; (5871193)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp; (3880486) | &nbsp;&nbsp; (2738796)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; (16843140) | &nbsp;&nbsp; (6693237)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp; (1162665) | &nbsp;&nbsp; (320627)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp; (62044) | &nbsp;&nbsp; (30775)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; **(129835452)** | &nbsp;&nbsp; **(61108502)**  |
| Net fund share transactions (Note 5): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; (273304334) | &nbsp;&nbsp; 213839406  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp; 73013747 | &nbsp;&nbsp; 41734075  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; 5215757 | &nbsp;&nbsp; 33326181  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp; 33572269 | &nbsp;&nbsp; 23933906  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp; 4879566 | &nbsp;&nbsp; 4483777  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; 46678941 | &nbsp;&nbsp; 26761117  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp; 7609064 | &nbsp;&nbsp; 2157536  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp; 59578 | &nbsp;&nbsp; 97246  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; **(102275412)** | &nbsp;&nbsp; **346333244**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(181780531)** | &nbsp;&nbsp; **352251591**  |
| Net assets <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 634137222 | &nbsp;&nbsp; 281885631  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp; **$452356691** | &nbsp;&nbsp; **$634137222** |

---

---

| | |
|:---|:---|
| +<br>| Effective September 15, 2025, the MassMutual Equity Opportunities Fund reorganized into the MassMutual Diversified Value Fund. Prior to September 15, 2025, information provided reflects MassMutual Diversified Value Fund, which was the accounting and performance survivor of the reorganization. Please reference Note 7 "Acquisition of MassMutual Equity Opportunities Fund" in the Notes to the Financial Statements for additional information.  |

---

Effective September 23, 2024, the MassMutual Fundamental Value Fund reorganized into the MassMutual Diversified Value Fund. Prior to September 23, 2024, information provided reflects MassMutual Diversified Value Fund, which was the accounting and performance survivor of the reorganization. Please reference Note 8 "Prior Year Acquisition of MassMutual Fundamental Value Fund and MassMutual Growth Opportunities Fund" in the Notes to the Financial Statements for additional information.

---

| | |
|:---|:---|
| ++<br>| Effective September 23, 2024, the MassMutual Growth Opportunities Fund reorganized into the MassMutual Blue Chip Growth Fund. Prior to September 23, 2024, information provided reflects MassMutual Blue Chip Growth Fund, which was the accounting and performance survivor of the reorganization. Please reference Note 8 "Prior Year Acquisition of MassMutual Fundamental Value Fund and MassMutual Growth Opportunities Fund" in the Notes to the Financial Statements for additional information.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MM S&P 500 Index Fund** | **MM S&P 500 Index Fund** | **MassMutual** <br>**Blue Chip Growth Fund++**  | **MassMutual** <br>**Blue Chip Growth Fund++**  |
| **Year Ended September 30, 2025** | **Year Ended** <br>**September 30, 2024**<br>| **Year Ended September 30, 2025**<br>| **Year Ended** <br>**September 30, 2024** <br>|
| &nbsp;&nbsp; $19917907 | &nbsp;&nbsp; $27474308 | &nbsp;&nbsp; $(5175263) | &nbsp;&nbsp; $(4591798)  |
| &nbsp;&nbsp; 347574000 | &nbsp;&nbsp; 523916328 | &nbsp;&nbsp; 715240565 | &nbsp;&nbsp; 343693826  |
| &nbsp;&nbsp; (16910892) | &nbsp;&nbsp; 224028002 | &nbsp;&nbsp; (177236898) | &nbsp;&nbsp; 538507391  |
| &nbsp;&nbsp; **350581015** | &nbsp;&nbsp; **775418638** | &nbsp;&nbsp; **532828404** | &nbsp;&nbsp; **877609419**  |
| &nbsp;&nbsp; (148284004) | &nbsp;&nbsp; (75923338) | &nbsp;&nbsp; (32879931) | &nbsp;&nbsp; (493688703)  |
| &nbsp;&nbsp; (97033866) | &nbsp;&nbsp; (23681312) | &nbsp;&nbsp; (5610550) | &nbsp;&nbsp; (88358553)  |
| &nbsp;&nbsp; (78582408) | &nbsp;&nbsp; (18546365) | &nbsp;&nbsp; (3308492) | &nbsp;&nbsp; (46294080)  |
| &nbsp;&nbsp; (65752921) | &nbsp;&nbsp; (15664233) | &nbsp;&nbsp; (3748973) | &nbsp;&nbsp; (52610505)  |
| &nbsp;&nbsp; (89255126) | &nbsp;&nbsp; (26460689) | &nbsp;&nbsp; (1294320) | &nbsp;&nbsp; (17758272)  |
| &nbsp;&nbsp; (6920657) | &nbsp;&nbsp; (1142914) | &nbsp;&nbsp; (2047474) | &nbsp;&nbsp; (28985829)  |
| &nbsp;&nbsp; (90177969) | &nbsp;&nbsp; (18550171) | &nbsp;&nbsp; (1139715) | &nbsp;&nbsp; (15868729)  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4664) | &nbsp;&nbsp; (39125)  |
| &nbsp;&nbsp; **(576006951)** | &nbsp;&nbsp; **(179969022)** | &nbsp;&nbsp; **(50034119)** | &nbsp;&nbsp; **(743603796)**  |
| &nbsp;&nbsp; (75832367) | &nbsp;&nbsp; (551108202) | &nbsp;&nbsp; (874867251) | &nbsp;&nbsp; 315902918  |
| &nbsp;&nbsp; 42585720 | &nbsp;&nbsp; (10216742) | &nbsp;&nbsp; (91649231) | &nbsp;&nbsp; 31786833  |
| &nbsp;&nbsp; 12927493 | &nbsp;&nbsp; (8948713) | &nbsp;&nbsp; (9191111) | &nbsp;&nbsp; 34280597  |
| &nbsp;&nbsp; 14424662 | &nbsp;&nbsp; (9895062) | &nbsp;&nbsp; (35722523) | &nbsp;&nbsp; 42495134  |
| &nbsp;&nbsp; 8438899 | &nbsp;&nbsp; (68637453) | &nbsp;&nbsp; (5682797) | &nbsp;&nbsp; 12394743  |
| &nbsp;&nbsp; 10514978 | &nbsp;&nbsp; 5486683 | &nbsp;&nbsp; (20950158) | &nbsp;&nbsp; 9821162  |
| &nbsp;&nbsp; 84274152 | &nbsp;&nbsp; 16804542 | &nbsp;&nbsp; (9156384) | &nbsp;&nbsp; 11801082  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30380 | &nbsp;&nbsp; 121749  |
| &nbsp;&nbsp; **97333537** | &nbsp;&nbsp; **(626514947)** | &nbsp;&nbsp; **(1047189075)** | &nbsp;&nbsp; **458604218**  |
| &nbsp;&nbsp; **(128092399)** | &nbsp;&nbsp; **(31065331)** | &nbsp;&nbsp; **(564394790)** | &nbsp;&nbsp; **592609841**  |
| &nbsp;&nbsp; 2375359162 | &nbsp;&nbsp; 2406424493 | &nbsp;&nbsp; 2748494265 | &nbsp;&nbsp; 2155884424  |
| &nbsp;&nbsp; **$2247266763** | &nbsp;&nbsp; **$2375359162** | &nbsp;&nbsp; **$2184099475** | &nbsp;&nbsp; **$2748494265** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Mid Cap Growth Fund**  | **MassMutual** <br>**Mid Cap Growth Fund**  |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets: <br>|  |  |
| Operations: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(4601581) | &nbsp;&nbsp; $(3622151)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 659788590 | &nbsp;&nbsp; 569398482  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (502199248) | &nbsp;&nbsp; 515835529  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **152987761** | &nbsp;&nbsp; **1081611860**  |
| Distributions to shareholders (Note 2): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; (478913090) | &nbsp;&nbsp; (206910371)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp; (107689368) | &nbsp;&nbsp; (46174720)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (18529441) | &nbsp;&nbsp; (8101965)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp; (17063745) | &nbsp;&nbsp; (7794010)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp; (7370190) | &nbsp;&nbsp; (3438451)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; (12990153) | &nbsp;&nbsp; (6552141)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp; (3576753) | &nbsp;&nbsp; (1457171)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp; (15029) | &nbsp;&nbsp; (5670)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; **(646147769)** | &nbsp;&nbsp; **(280434499)**  |
| Net fund share transactions (Note 5): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; (720634635) | &nbsp;&nbsp; (480095622)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp; (71626358) | &nbsp;&nbsp; (133806065)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; (12647422) | &nbsp;&nbsp; (15419008)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp; (8968820) | &nbsp;&nbsp; (23797061)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp; (7417113) | &nbsp;&nbsp; (6963994)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; 1490195 | &nbsp;&nbsp; (19509408)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp; 1340730 | &nbsp;&nbsp; (2797009)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | &nbsp;&nbsp; **(818463423)** | &nbsp;&nbsp; **(682388167)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(1311623431)** | &nbsp;&nbsp; **118789194**  |
| Net assets <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 5107908058 | &nbsp;&nbsp; 4989118864  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | &nbsp;&nbsp; **$3796284627** | &nbsp;&nbsp; **$5107908058** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Small Cap Growth Equity Fund** | **MassMutual** <br>**Small Cap Growth Equity Fund** | **MassMutual Overseas Fund**  | **MassMutual Overseas Fund**  |
| **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp;&nbsp; $(1724987) | &nbsp;&nbsp;&nbsp; $(645677) | &nbsp;&nbsp;&nbsp; $6949680 | &nbsp;&nbsp;&nbsp; $7699602  |
| &nbsp;&nbsp;&nbsp; 112022276 | &nbsp;&nbsp;&nbsp; 62290704 | &nbsp;&nbsp;&nbsp; 54305105 | &nbsp;&nbsp;&nbsp; 18259386  |
| &nbsp;&nbsp;&nbsp; (70523858) | &nbsp;&nbsp;&nbsp; 144712832 | &nbsp;&nbsp;&nbsp; (30161106) | &nbsp;&nbsp;&nbsp; 68050112  |
| &nbsp;&nbsp;&nbsp; **39773431** | &nbsp;&nbsp;&nbsp; **206357859** | &nbsp;&nbsp;&nbsp; **31093679** | &nbsp;&nbsp;&nbsp; **94009100**  |
| &nbsp;&nbsp;&nbsp; (30026132) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15329648) | &nbsp;&nbsp;&nbsp; (8024763)  |
| &nbsp;&nbsp;&nbsp; (4992496) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6546674) | &nbsp;&nbsp;&nbsp; (2570505)  |
| &nbsp;&nbsp;&nbsp; (624408) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1751931) | &nbsp;&nbsp;&nbsp; (721463)  |
| &nbsp;&nbsp;&nbsp; (1122350) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (710106) | &nbsp;&nbsp;&nbsp; (356111)  |
| &nbsp;&nbsp;&nbsp; (1262806) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (842804) | &nbsp;&nbsp;&nbsp; (467372)  |
| &nbsp;&nbsp;&nbsp; (1378424) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (728185) | &nbsp;&nbsp;&nbsp; (350355)  |
| &nbsp;&nbsp;&nbsp; (471231) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (269229) | &nbsp;&nbsp;&nbsp; (120130)  |
| &nbsp;&nbsp;&nbsp; (10015) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6271) | &nbsp;&nbsp;&nbsp; (2749)  |
| &nbsp;&nbsp;&nbsp; **(39887862)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(26184848)** | &nbsp;&nbsp;&nbsp; **(12613448)**  |
| &nbsp;&nbsp;&nbsp; (208104820) | &nbsp;&nbsp;&nbsp; (118492297) | &nbsp;&nbsp;&nbsp; (128444158) | &nbsp;&nbsp;&nbsp; (12963518)  |
| &nbsp;&nbsp;&nbsp; 1424086 | &nbsp;&nbsp;&nbsp; (65806720) | &nbsp;&nbsp;&nbsp; (50273408) | &nbsp;&nbsp;&nbsp; 5743386  |
| &nbsp;&nbsp;&nbsp; (1106657) | &nbsp;&nbsp;&nbsp; (3810612) | &nbsp;&nbsp;&nbsp; (815320) | &nbsp;&nbsp;&nbsp; 687725  |
| &nbsp;&nbsp;&nbsp; 31904 | &nbsp;&nbsp;&nbsp; (2820194) | &nbsp;&nbsp;&nbsp; (762472) | &nbsp;&nbsp;&nbsp; (2401565)  |
| &nbsp;&nbsp;&nbsp; 29815 | &nbsp;&nbsp;&nbsp; 366176 | &nbsp;&nbsp;&nbsp; (6777504) | &nbsp;&nbsp;&nbsp; (2072350)  |
| &nbsp;&nbsp;&nbsp; (685750) | &nbsp;&nbsp;&nbsp; (2669996) | &nbsp;&nbsp;&nbsp; (3344) | &nbsp;&nbsp;&nbsp; (1766090)  |
| &nbsp;&nbsp;&nbsp; 1122158 | &nbsp;&nbsp;&nbsp; (608421) | &nbsp;&nbsp;&nbsp; (295511) | &nbsp;&nbsp;&nbsp; (418511)  |
| &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 71099 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(207289072)** | &nbsp;&nbsp;&nbsp; **(193770965)** | &nbsp;&nbsp;&nbsp; **(187371717)** | &nbsp;&nbsp;&nbsp; **(13190923)**  |
| &nbsp;&nbsp;&nbsp; **(207403503)** | &nbsp;&nbsp;&nbsp; **12586894** | &nbsp;&nbsp;&nbsp; **(182462886)** | &nbsp;&nbsp;&nbsp; **68204729**  |
| &nbsp;&nbsp;&nbsp; 772298541 | &nbsp;&nbsp;&nbsp; 759711647 | &nbsp;&nbsp;&nbsp; 509866399 | &nbsp;&nbsp;&nbsp; 441661670  |
| &nbsp;&nbsp;&nbsp; **$564895038** | &nbsp;&nbsp;&nbsp; **$772298541** | &nbsp;&nbsp;&nbsp; **$327403513** | &nbsp;&nbsp;&nbsp; **$509866399** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Diversified Value Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$10.46** | $0.20 | $0.93 | $1.13 | $(0.23) | $(3.25) | $(3.48) | **$8.11** | 12.05% | $93376 | 0.59% | 1.99%  |
| 9/30/24 | 11.03 | 0.23 | 2.80 | 3.03 | (0.44) | (3.16) | (3.60) | 10.46 | 29.01% | 395525 | 0.64% | 1.96% |
| 9/30/23 | 10.87 | 0.26 | 1.39 | 1.65 | (0.26) | (1.23) | (1.49) | 11.03 | 14.93% | 174006 | 0.61% | 2.31%  |
| 9/30/22 | 13.48 | 0.25 | (1.15) | (0.90) | (0.26) | (1.45) | (1.71) | 10.87 | (8.47%) | 168929 | 0.58% | 1.97%  |
| 9/30/21 | 9.87 | 0.23 | 3.62 | 3.85 | (0.24) |  | (0.24) | 13.48 | 39.59% | 230230 | 0.57% | 1.84%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$10.51** | $0.17 | $0.96 | $1.13 | $(0.21) | $(3.25) | $(3.46) | **$8.18** | 12.04% | $140690 | 0.69% | 1.76%  |
| 9/30/24 | 11.06 | 0.22 | 2.82 | 3.04 | (0.43) | (3.16) | (3.59) | 10.51 | 28.97% | 87691 | 0.75% | 1.85% |
| 9/30/23 | 10.90 | 0.25 | 1.39 | 1.64 | (0.25) | (1.23) | (1.48) | 11.06 | 14.76% | 46196 | 0.71% | 2.21%  |
| 9/30/22 | 13.50 | 0.24 | (1.15) | (0.91) | (0.24) | (1.45) | (1.69) | 10.90 | (8.48%) | 48259 | 0.68% | 1.86%  |
| 9/30/21 | 9.89 | 0.22 | 3.62 | 3.84 | (0.23) |  | (0.23) | 13.50 | 39.38% | 70251 | 0.67% | 1.74%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 9/30/25 | **$10.51** | $0.17 | $0.96 | $1.13 | $(0.20) | $(3.25) | $(3.45) | **$8.19** | 11.98% | $42740 | 0.79% | 1.67%  |
| 9/30/24 | 11.06 | 0.20 | 2.83 | 3.03 | (0.42) | (3.16) | (3.58) | 10.51 | 28.86% | 44521 | 0.85% | 1.74%  |
| 9/30/23 | 10.90 | 0.24 | 1.38 | 1.62 | (0.23) | (1.23) | (1.46) | 11.06 | 14.60% | 11363 | 0.81% | 2.10%  |
| 9/30/22 | 13.50 | 0.23 | (1.15) | (0.92) | (0.23) | (1.45) | (1.68) | 10.90 | (8.57%) | 11979 | 0.78% | 1.77%  |
| 9/30/21 | 9.89 | 0.20 | 3.63 | 3.83 | (0.22) |  | (0.22) | 13.50 | 39.28% | 15170 | 0.77% | 1.65% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 68% | 46% | 45% | 43% | 60% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| 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 February 1, 2023 (commencement of operations) through September 30, 2023.

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| aa<br>| 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.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 9/30/25  | **$10.65** | $0.16 | $0.98 | $1.14 | $(0.19) | $(3.25) | $(3.44) | **$8.35** | 11.92% | $65100 | 0.89% | 1.57%  |
| 9/30/24 | 11.17 | 0.20 | 2.85 | 3.05 | (0.41) | (3.16) | (3.57) | 10.65 | 28.74% | 41046 | 0.95% | 1.64%  |
| 9/30/23 | 10.99 | 0.23 | 1.40 | 1.63 | (0.22) | (1.23) | (1.45) | 11.17 | 14.56% | 17730 | 0.91% | 2.01%  |
| 9/30/22 | 13.61 | 0.21 | (1.17) | (0.96) | (0.21) | (1.45) | (1.66) | 10.99 | (8.76%) | 16695 | 0.88% | 1.66%  |
| 9/30/21 | 9.96 | 0.19 | 3.67 | 3.86 | (0.21) |  | (0.21) | 13.61 | 39.24% | 21354 | 0.87% | 1.54%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$10.19** | $0.13 | $0.93 | $1.06 | $(0.15) | $(3.25) | $(3.40) | **$7.85** | 11.62% | $16387 | 1.04% | 1.41%  |
| 9/30/24 | 10.79 | 0.17 | 2.75 | 2.92 | (0.36) | (3.16) | (3.52) | 10.19 | 28.57% | 13949 | 1.09% | 1.50%  |
| 9/30/23 | 10.66 | 0.21 | 1.35 | 1.56 | (0.20) | (1.23) | (1.43) | 10.79 | 14.35% | 9562 | 1.06% | 1.87%  |
| 9/30/22 | 13.24 | 0.19 | (1.12) | (0.93) | (0.20) | (1.45) | (1.65) | 10.66 | (8.83%) | 8853 | 1.03% | 1.51%  |
| 9/30/21 | 9.70 | 0.17 | 3.57 | 3.74 | (0.20) |  | (0.20) | 13.24 | 39.00% | 12608 | 1.02% | 1.39%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$10.49** | $0.13 | $0.97 | $1.10 | $(0.16) | $(3.25) | $(3.41) | **$8.18** | 11.66% | $84262 | 1.09% | 1.35%  |
| 9/30/24 | 11.02 | 0.17 | 2.81 | 2.98 | (0.35) | (3.16) | (3.51) | 10.49 | 28.45% | 48480 | 1.16% | 1.43% |
| 9/30/23 | 10.86 | 0.20 | 1.38 | 1.58 | (0.19) | (1.23) | (1.42) | 11.02 | 14.25% | 22250 | 1.16% | 1.77%  |
| 9/30/22 | 13.45 | 0.18 | (1.15) | (0.97) | (0.17) | (1.45) | (1.62) | 10.86 | (8.93%) | 21805 | 1.13% | 1.42%  |
| 9/30/21 | 9.85 | 0.16 | 3.63 | 3.79 | (0.19) |  | (0.19) | 13.45 | 38.84% | 26835 | 1.12% | 1.29%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$10.39** | $0.11 | $0.95 | $1.06 | $(0.15) | $(3.25) | $(3.40) | **$8.05** | 11.38% | $9593 | 1.29% | 1.14%  |
| 9/30/24 | 10.91 | 0.15 | 2.79 | 2.94 | (0.30) | (3.16) | (3.46) | 10.39 | 28.30% | 2737 | 1.35% | 1.25%  |
| 9/30/23 | 10.78 | 0.18 | 1.37 | 1.55 | (0.19) | (1.23) | (1.42) | 10.91 | 14.07% | 684 | 1.31% | 1.60%  |
| 9/30/22 | 13.35 | 0.16 | (1.14) | (0.98) | (0.14) | (1.45) | (1.59) | 10.78 | (9.09%) | 1395 | 1.28% | 1.31%  |
| 9/30/21 | 9.77 | 0.14 | 3.61 | 3.75 | (0.17) |  | (0.17) | 13.35 | 38.73% | 1082 | 1.27% | 1.14%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$10.51** | $0.18 | $0.95 | $1.13 | $(0.21) | $(3.25) | $(3.46) | **$8.18** | 12.03% | $207 | 0.69% | 1.77% |
| 9/30/24 | 11.06 | 0.22 | 2.82 | 3.04 | (0.43) | (3.16) | (3.59) | 10.51 | 29.02% | 188 | 0.75% | 1.85% |
| 9/30/23<sup>g</sup> | 11.66 | 0.17 | (0.77)<sup>aa</sup> | (0.60) |  |  |  | 11.06 | (5.15%)<sup>b</sup> | 95 | 0.71%<sup>a</sup> | 2.26%<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MM S&P 500</u><sup><u>®</u></sup> <u>Index Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$18.61** | $0.18 | $2.52 | $2.70 | $(0.25) | $(4.43) | $(4.68) | **$16.63** | 17.39% | $519070 | 0.14% | 1.17%  |
| 9/30/24 | 14.69 | 0.22 | 4.81 | 5.03 | (0.22) | (0.89) | (1.11) | 18.61 | 36.07% | 653044 | 0.14% | 1.34% |
| 9/30/23 | 15.93 | 0.23 | 2.82 | 3.05 | (0.28) | (4.01) | (4.29) | 14.69 | 21.49% | 985761 | 0.14% | 1.54%  |
| 9/30/22 | 21.46 | 0.27 | (2.98) | (2.71) | (0.29) | (2.53) | (2.82) | 15.93 | (15.56%) | 900471 | 0.12% | 1.36%  |
| 9/30/21 | 19.31 | 0.28 | 4.91 | 5.19 | (0.39) | (2.65) | (3.04) | 21.46 | 29.93% | 1495161 | 0.12% | 1.36%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$18.75** | $0.17 | $2.54 | $2.71 | $(0.23) | $(4.43) | $(4.66) | **$16.80** | 17.28% | $403951 | 0.24% | 1.07%  |
| 9/30/24 | 14.79 | 0.20 | 4.86 | 5.06 | (0.21) | (0.89) | (1.10) | 18.75 | 35.96% | 395100 | 0.24% | 1.23%  |
| 9/30/23 | 16.00 | 0.21 | 2.85 | 3.06 | (0.26) | (4.01) | (4.27) | 14.79 | 21.40% | 320371 | 0.24% | 1.44%  |
| 9/30/22 | 21.55 | 0.25 | (3.01) | (2.76) | (0.26) | (2.53) | (2.79) | 16.00 | (15.68%) | 300070 | 0.22% | 1.27%  |
| 9/30/21 | 19.38 | 0.26 | 4.93 | 5.19 | (0.37) | (2.65) | (3.02) | 21.55 | 29.78% | 471641 | 0.22% | 1.26%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 9/30/25 | **$18.83** | $0.15 | $2.55 | $2.70 | $(0.20) | $(4.43) | $(4.63) | **$16.90** | 17.12% | $305928 | 0.39% | 0.92%  |
| 9/30/24 | 14.85 | 0.18 | 4.87 | 5.05 | (0.18) | (0.89) | (1.07) | 18.83 | 35.74% | 326017 | 0.39% | 1.08%  |
| 9/30/23 | 16.04 | 0.19 | 2.86 | 3.05 | (0.23) | (4.01) | (4.24) | 14.85 | 21.24% | 263472 | 0.39% | 1.29%  |
| 9/30/22 | 21.60 | 0.22 | (3.02) | (2.80) | (0.23) | (2.53) | (2.76) | 16.04 | (15.84%) | 244212 | 0.37% | 1.12%  |
| 9/30/21 | 19.41 | 0.23 | 4.95 | 5.18 | (0.34) | (2.65) | (2.99) | 21.60 | 29.63% | 371149 | 0.37% | 1.11% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 5% | 4% | 2% | 2% | 4% |

---

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.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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 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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 9/30/25  | **$18.10** | $0.12 | $2.43 | $2.55 | $(0.18) | $(4.43) | $(4.61) | **$16.04** | 16.96% | $256711 | 0.49% | 0.82%  |
| 9/30/24 | 14.30 | 0.16 | 4.70 | 4.86 | (0.17) | (0.89) | (1.06) | 18.10 | 35.72% | 268409 | 0.49% | 0.98% |
| 9/30/23 | 15.59 | 0.17 | 2.76 | 2.93 | (0.21) | (4.01) | (4.22) | 14.30 | 21.04% | 219664 | 0.49% | 1.19%  |
| 9/30/22 | 21.05 | 0.19 | (2.92) | (2.73) | (0.20) | (2.53) | (2.73) | 15.59 | (15.88%) | 213739 | 0.47% | 1.01%  |
| 9/30/21 | 18.99 | 0.20 | 4.83 | 5.03 | (0.32) | (2.65) | (2.97) | 21.05 | 29.45% | 368149 | 0.47% | 1.01%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$17.60** | $0.10 | $2.35 | $2.45 | $(0.15) | $(4.43) | $(4.58) | **$15.47** | 16.78% | 355844 | 0.64% | 0.67%  |
| 9/30/24 | 13.94 | 0.13 | 4.57 | 4.70 | (0.15) | (0.89) | (1.04) | 17.60 | 35.46% | 382613 | 0.64% | 0.84%  |
| 9/30/23 | 15.29 | 0.15 | 2.70 | 2.85 | (0.19) | (4.01) | (4.20) | 13.94 | 20.87% | 360408 | 0.64% | 1.04%  |
| 9/30/22 | 20.69 | 0.16 | (2.87) | (2.71) | (0.16) | (2.53) | (2.69) | 15.29 | (16.01%) | 333263 | 0.62% | 0.87%  |
| 9/30/21 | 18.71 | 0.17 | 4.75 | 4.92 | (0.29) | (2.65) | (2.94) | 20.69 | 29.26% | 494937 | 0.62% | 0.87%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$17.36** | $0.08 | $2.32 | $2.40 | $(0.16) | $(4.43) | $(4.59) | **$15.17** | 16.72% | $32921 | 0.74% | 0.57%  |
| 9/30/24 | 13.76 | 0.11 | 4.51 | 4.62 | (0.13) | (0.89) | (1.02) | 17.36 | 35.29% | 24688 | 0.74% | 0.72% |
| 9/30/23 | 15.15 | 0.13 | 2.67 | 2.80 | (0.18) | (4.01) | (4.19) | 13.76 | 20.73% | 14603 | 0.74% | 0.95%  |
| 9/30/22 | 20.51 | 0.14 | (2.83) | (2.69) | (0.14) | (2.53) | (2.67) | 15.15 | (16.06%) | 18172 | 0.72% | 0.77%  |
| 9/30/21 | 18.57 | 0.15 | 4.72 | 4.87 | (0.28) | (2.65) | (2.93) | 20.51 | 29.14% | 25655 | 0.72% | 0.76%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$16.50** | $0.06 | $2.17 | $2.23 | $(0.13) | $(4.43) | $(4.56) | **$14.17** | 16.49% | $372841 | 0.89% | 0.42%  |
| 9/30/24 | 13.14 | 0.08 | 4.29 | 4.37 | (0.12) | (0.89) | (1.01) | 16.50 | 35.06% | 325488 | 0.89% | 0.58% |
| 9/30/23 | 14.62 | 0.10 | 2.58 | 2.68 | (0.15) | (4.01) | (4.16) | 13.14 | 20.62% | 242145 | 0.89% | 0.78%  |
| 9/30/22 | 19.92 | 0.11 | (2.74) | (2.63) | (0.14) | (2.53) | (2.67) | 14.62 | (16.25%) | 212307 | 0.87% | 0.63%  |
| 9/30/21 | 18.12 | 0.11 | 4.60 | 4.71 | (0.26) | (2.65) | (2.91) | 19.92 | 28.96% | 271678 | 0.87% | 0.60% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Blue Chip Growth Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment 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 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 investment income** | **From net** <br>**realized** <br>**gains** | **Total distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Total** <br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>** | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$22.27** | $(0.03) | $5.38 | $5.35 | $— | $(0.41) | $(0.41) | **$27.21** | 24.23% | $1297133 | 0.65% | (0.13%)  |
| 9/30/24 | 21.48 | (0.02) | 8.01 | 7.99 |  | (7.20) | (7.20) | 22.27 | 43.54% | 1853589 | 0.65% | (0.10%)  |
| 9/30/23 | 18.74 | (0.02) | 5.76 | 5.74 | (0.09) | (2.91) | (3.00) | 21.48 | 34.60% | 1436141 | 0.65% | (0.09%)  |
| 9/30/22 | 33.66 | (0.04) | (8.56) | (8.60) |  | (6.32) | (6.32) | 18.74 | (31.96%) | 1748402 | 0.64% | (0.15%)  |
| 9/30/21 | 28.98 | (0.05) | 6.11 | 6.06 |  | (1.38) | (1.38) | 33.66 | 21.60% | 2790281 | 0.63% | (0.15%)  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$22.09** | $(0.05) | $5.33 | $5.28 | $— | $(0.41) | $(0.41) | **$26.96** | 24.11% | $280016 | 0.76% | (0.22%)  |
| 9/30/24 | 21.37 | (0.04) | 7.96 | 7.92 |  | (7.20) | (7.20) | 22.09 | 43.42% | 319891 | 0.75% | (0.20%) |
| 9/30/23 | 18.65 | (0.04) | 5.74 | 5.70 | (0.07) | (2.91) | (2.98) | 21.37 | 34.48% | 272965 | 0.75% | (0.19%)  |
| 9/30/22 | 33.56 | (0.06) | (8.53) | (8.59) |  | (6.32) | (6.32) | 18.65 | (32.04%) | 333396 | 0.74% | (0.25%)  |
| 9/30/21 | 28.93 | (0.08) | 6.09 | 6.01 |  | (1.38) | (1.38) | 33.56 | 21.46% | 616307 | 0.73% | (0.25%)  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 9/30/25 | **$21.54** | $(0.07) | $5.19 | $5.12 | $— | $(0.41) | $(0.41) | **$26.25** | 23.98% | $203178 | 0.86% | (0.32%)  |
| 9/30/24 | 21.00 | (0.07) | 7.81 | 7.74 |  | (7.20) | (7.20) | 21.54 | 43.30% | 175054 | 0.85% | (0.30%) |
| 9/30/23 | 18.37 | (0.06) | 5.65 | 5.59 | (0.05) | (2.91) | (2.96) | 21.00 | 34.34% | 132292 | 0.85% | (0.29%)  |
| 9/30/22 | 33.18 | (0.09) | (8.40) | (8.49) |  | (6.32) | (6.32) | 18.37 | (32.12%) | 121094 | 0.84% | (0.35%)  |
| 9/30/21 | 28.64 | (0.11) | 6.03 | 5.92 |  | (1.38) | (1.38) | 33.18 | 21.36% | 207565 | 0.83% | (0.35%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 14% | 11% | 16% | 16% | 20% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| 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 February 1, 2023 (commencement of operations) through September 30, 2023.

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment 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 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 investment income** | **From net** <br>**realized** <br>**gains** | **Total distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Total** <br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>** | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 9/30/25  | **$20.70** | $(0.09) | $4.99 | $4.90 | $— | $(0.41) | $(0.41) | **$25.19** | 23.88% | $206628 | 0.96% | (0.42%)  |
| 9/30/24 | 20.43 | (0.08) | 7.55 | 7.47 |  | (7.20) | (7.20) | 20.70 | 43.17% | 203151 | 0.95% | (0.40%) |
| 9/30/23 | 17.95 | (0.07) | 5.48 | 5.41 | (0.02) | (2.91) | (2.93) | 20.43 | 34.14% | 152817 | 0.95% | (0.39%)  |
| 9/30/22 | 32.58 | (0.11) | (8.20) | (8.31) |  | (6.32) | (6.32) | 17.95 | (32.16%) | 171168 | 0.94% | (0.46%)  |
| 9/30/21 | 28.18 | (0.14) | 5.92 | 5.78 |  | (1.38) | (1.38) | 32.58 | 21.21% | 347256 | 0.93% | (0.45%)  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$18.32** | $(0.11) | $4.40 | $4.29 | $— | $(0.41) | $(0.41) | **$22.20** | 23.65% | $64505 | 1.11% | (0.57%)  |
| 9/30/24 | 18.79 | (0.11) | 6.84 | 6.73 |  | (7.20) | (7.20) | 18.32 | 42.97% | 58530 | 1.10% | (0.55%) |
| 9/30/23 | 16.73 | (0.09) | 5.06 | 4.97 |  | (2.91) | (2.91) | 18.79 | 33.92% | 45784 | 1.10% | (0.54%)  |
| 9/30/22 | 30.82 | (0.14) | (7.63) | (7.77) |  | (6.32) | (6.32) | 16.73 | (32.26%) | 48674 | 1.08% | (0.59%)  |
| 9/30/21 | 26.76 | (0.17) | 5.61 | 5.44 |  | (1.38) | (1.38) | 30.82 | 21.05% | 128730 | 1.08% | (0.60%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$18.25** | $(0.12) | $4.38 | $4.26 | $— | $(0.41) | $(0.41) | **$22.10** | 23.58% | $89744 | 1.16% | (0.62%)  |
| 9/30/24 | 18.75 | (0.12) | 6.82 | 6.70 |  | (7.20) | (7.20) | 18.25 | 42.90% | 93830 | 1.17% | (0.62%)  |
| 9/30/23 | 16.71 | (0.11) | 5.06 | 4.95 |  | (2.91) | (2.91) | 18.75 | 33.82% | 81524 | 1.20% | (0.64%)  |
| 9/30/22 | 30.82 | (0.16) | (7.63) | (7.79) |  | (6.32) | (6.32) | 16.71 | (32.34%) | 80084 | 1.19% | (0.70%)  |
| 9/30/21 | 26.79 | (0.20) | 5.61 | 5.41 |  | (1.38) | (1.38) | 30.82 | 20.91% | 142265 | 1.18% | (0.69%)  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$14.90** | $(0.13) | $3.56 | $3.43 | $— | $(0.41) | $(0.41) | **$17.92** | 23.31% | $42565 | 1.35% | (0.82%) |
| 9/30/24 | 16.43 | (0.13) | 5.80 | 5.67 |  | (7.20) | (7.20) | 14.90 | 42.63% | 44207 | 1.35% | (0.80%) |
| 9/30/23 | 15.00 | (0.12) | 4.46 | 4.34 |  | (2.91) | (2.91) | 16.43 | 33.59% | 34246 | 1.35% | (0.80%)  |
| 9/30/22 | 28.32 | (0.18) | (6.82) | (7.00) |  | (6.32) | (6.32) | 15.00 | (32.41%) | 30331 | 1.34% | (0.85%)  |
| 9/30/21 | 24.76 | (0.23) | 5.17 | 4.94 |  | (1.38) | (1.38) | 28.32 | 20.72% | 55690 | 1.33% | (0.85%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25 | **$22.09** | $(0.05) | $5.33 | $5.28 | $— | $(0.41) | $(0.41) | **$26.96** | 24.11% | $332 | 0.76% | (0.22%)  |
| 9/30/24 | 21.37 | (0.05) | 7.97 | 7.92 |  | (7.20) | (7.20) | 22.09 | 43.40% | 243 | 0.75% | (0.20%) |
| 9/30/23<sup>g</sup> | 18.41 | (0.03) | 2.99 | 2.96 |  |  |  | 21.37 | 16.08%<sup>b</sup> | 116 | 0.76%<sup>a</sup> | (0.20%)<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Mid Cap Growth Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 9/30/25  | **$21.93**  | $(0.01)  | $0.91  | $0.90  | $(0.15)  | $(2.71)  | $(2.86)  | **$19.97**  | 3.89%  | $2777305  | 0.68%  | 0.66%  | (0.06%) |
| 9/30/24 | 18.72 | (0.01) | 4.29 | 4.28 |  | (1.07) | (1.07) | 21.93 | 23.63% | 3860412 | 0.67% | 0.66% | (0.03%)  |
| 9/30/23  | 18.55  | 0.01  | 2.79  | 2.80  | —  | (2.63)  | (2.63)  | 18.72  | 15.49%  | 3729654  | 0.72%  | 0.68%  | 0.05%  |
| 9/30/22 | 31.23 | (0.05) | (6.68) | (6.73) |  | (5.95) | (5.95) | 18.55 | (26.70%) | 3824988 | 0.71% | 0.69% | (0.19%)  |
| 9/30/21 | 25.51 | (0.08) | 7.39 | 7.31 |  | (1.59) | (1.59) | 31.23 | 29.56% | 6514823 | 0.70% | N/A | (0.26%)  |
| **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  |
| 9/30/25  | **$21.41**  | $(0.03)  | $0.88  | $0.85  | $(0.12)  | $(2.71)  | $(2.83)  | **$19.43**  | 3.79%  | $691273  | 0.78%  | 0.76%  | (0.16%)  |
| 9/30/24 | 18.32 | (0.02) | 4.18 | 4.16 |  | (1.07) | (1.07) | 21.41 | 23.48% | 846108 | 0.77% | 0.76% | (0.12%) |
| 9/30/23  | 18.22  | (0.01)<sup>bb</sup>  | 2.74  | 2.73  | —  | (2.63)  | (2.63)  | 18.32  | 15.38%  | 848344  | 0.82%  | 0.78%  | (0.05%)  |
| 9/30/22 | 30.80 | (0.07) | (6.56) | (6.63) |  | (5.95) | (5.95) | 18.22 | (26.76%) | 834945 | 0.81% | 0.79% | (0.30%)  |
| 9/30/21 | 25.20 | (0.11) | 7.30 | 7.19 |  | (1.59) | (1.59) | 30.80 | 29.44% | 1668653 | 0.80% | N/A | (0.36%)  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 9/30/25  | **$20.32**  | $(0.05)  | $0.84  | $0.79  | $(0.10)  | $(2.71)  | $(2.81)  | **$18.30**  | 3.67%  | $118296  | 0.88%  | 0.86%  | (0.26%)  |
| 9/30/24 | 17.45 | (0.04) | 3.98 | 3.94 |  | (1.07) | (1.07) | 20.32 | 23.39% | 144867 | 0.87% | 0.86% | (0.22%) |
| 9/30/23  | 17.48  | (0.03)<sup>bb</sup>  | 2.63  | 2.60  | —  | (2.63)  | (2.63)  | 17.45  | 15.27%  | 138437  | 0.92%  | 0.88%  | (0.15%)  |
| 9/30/22 | 29.82 | (0.09) | (6.30) | (6.39) |  | (5.95) | (5.95) | 17.48 | (26.85%) | 158487 | 0.91% | 0.89% | (0.39%)  |
| 9/30/21 | 24.47 | (0.13) | 7.07 | 6.94 |  | (1.59) | (1.59) | 29.82 | 29.29% | 325714 | 0.90% | N/A | (0.46%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate**  | 38% | 32% | 32% | 22% | 29% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| 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. |

---

---

| | |
|:---|:---|
| bb<br>| 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.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 9/30/25  | **$18.52**  | $(0.06)  | $0.77  | $0.71  | $(0.08)  | $(2.71)  | $(2.79)  | **$16.44**  | 3.61%  | $94918  | 0.98%  | 0.96%  | (0.36%)  |
| 9/30/24 | 16.01 | (0.06) | 3.64 | 3.58 |  | (1.07) | (1.07) | 18.52 | 23.24% | 117654 | 0.97% | 0.96% | (0.33%)  |
| 9/30/23  | 16.24  | (0.04)<sup>bb</sup>  | 2.44  | 2.40  | —  | (2.63)  | (2.63)  | 16.01  | 15.19%  | 123684  | 1.02%  | 0.98%  | (0.25%)  |
| 9/30/22 | 28.15 | (0.10) | (5.86) | (5.96) |  | (5.95) | (5.95) | 16.24 | (26.93%) | 136292 | 1.01% | 0.99% | (0.49%)  |
| 9/30/21 | 23.20 | (0.15) | 6.69 | 6.54 |  | (1.59) | (1.59) | 28.15 | 29.16% | 246666 | 1.00% | N/A | (0.56%)  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$15.82** | $(0.07) | $0.66 | $0.59 | $(0.07) | $(2.71) | $(2.78) | **$13.63** | 3.40% | $32235 | 1.13% | 1.11% | (0.51%)  |
| 9/30/24 | 13.83 | (0.07) | 3.13 | 3.06 |  | (1.07) | (1.07) | 15.82 | 23.13% | 45671 | 1.12% | 1.11% | (0.48%) |
| 9/30/23 | 14.37 | (0.06)<sup>bb</sup> | 2.15 | 2.09 |  | (2.63) | (2.63) | 13.83 | 14.99% | 46605 | 1.17% | 1.13% | (0.40%)  |
| 9/30/22 | 25.63 | (0.13) | (5.18) | (5.31) |  | (5.95) | (5.95) | 14.37 | (27.06%) | 59611 | 1.16% | 1.14% | (0.66%)  |
| 9/30/21 | 21.28 | (0.17) | 6.11 | 5.94 |  | (1.59) | (1.59) | 25.63 | 28.97% | 155374 | 1.15% | N/A | (0.72%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$15.48** | $(0.07) | $0.64 | $0.57 | $(0.05) | $(2.71) | $(2.76) | **$13.29** | 3.39% | $66325 | 1.18% | 1.16% | (0.56%)  |
| 9/30/24 | 13.57 | (0.08) | 3.06 | 2.98 |  | (1.07) | (1.07) | 15.48 | 22.98% | 75519 | 1.18% | 1.17% | (0.54%)  |
| 9/30/23 | 14.15 | (0.07)<sup>bb</sup> | 2.12 | 2.05 |  | (2.63) | (2.63) | 13.57 | 14.94% | 84046 | 1.27% | 1.23% | (0.50%)  |
| 9/30/22 | 25.35 | (0.14) | (5.11) | (5.25) |  | (5.95) | (5.95) | 14.15 | (27.14%) | 87758 | 1.26% | 1.24% | (0.74%)  |
| 9/30/21 | 21.08 | (0.20) | 6.06 | 5.86 |  | (1.59) | (1.59) | 25.35 | 28.86% | 167114 | 1.25% | N/A | (0.81%)  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$12.82** | $(0.08) | $0.54 | $0.46 | $(0.05) | $(2.71) | $(2.76) | **$10.52** | 3.17% | $15830 | 1.38% | 1.36% | (0.75%)  |
| 9/30/24 | 11.42 | (0.09) | 2.56 | 2.47 |  | (1.07) | (1.07) | 12.82 | 22.83% | 17564 | 1.37% | 1.36% | (0.72%) |
| 9/30/23 | 12.30 | (0.08)<sup>bb</sup> | 1.83 | 1.75 |  | (2.63) | (2.63) | 11.42 | 14.70% | 18253 | 1.42% | 1.38% | (0.65%)  |
| 9/30/22 | 22.84 | (0.14) | (4.45) | (4.59) |  | (5.95) | (5.95) | 12.30 | (27.25%) | 19336 | 1.41% | 1.39% | (0.89%)  |
| 9/30/21 | 19.16 | (0.21) | 5.48 | 5.27 |  | (1.59) | (1.59) | 22.84 | 28.65% | 31715 | 1.40% | N/A | (0.96%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$21.41** | $(0.03) | $0.88 | $0.85 | $(0.12) | $(2.71) | $(2.83) | **$19.43** | 3.79% | $103 | 0.78% | 0.76% | (0.15%)  |
| 9/30/24 | 18.32 | (0.02) | 4.18 | 4.16 |  | (1.07) | (1.07) | 21.41 | 23.48% | 114 | 0.77% | 0.76% | (0.12%)  |
| 9/30/23<sup>g</sup> | 18.84 | (0.00)<sup>d,bb</sup> | (0.52)<sup>aa</sup> | (0.52) |  |  |  | 18.32 | (2.76%)<sup>b</sup> | 97 | 0.82%<sup>a</sup> | 0.79%<sup>a</sup> | (0.04%)<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Small Cap Growth Equity Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$16.94**  | $(0.04)  | $1.09  | $1.05  | $(0.00)<sup>d</sup> | $(0.82)  | $(0.82)  | **$17.17**  | 6.28%  | $394330  | 0.88%  | (0.22%)  |
| 9/30/24 | 13.05 | (0.01) | 3.90 | 3.89 |  |  |  | 16.94 | 29.81% | 601905 | 0.85% | (0.03%)  |
| 9/30/23 | 11.96 | 0.01 | 1.08 | 1.09 | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | 13.05 | 9.15% | 562807 | 0.86% | 0.07%  |
| 9/30/22 | 20.88 | (0.02) | (4.41) | (4.43) |  | (4.49) | (4.49) | 11.96 | (26.63%) | 368199 | 0.87% | (0.12%)  |
| 9/30/21 | 16.42 | (0.07) | 5.93 | 5.86 |  | (1.40) | (1.40) | 20.88 | 36.62% | 487031 | 0.86% | (0.37%)  |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| 9/30/25  | **$16.46** | $(0.05) | $1.06 | $1.01 | $— | $(0.82) | $(0.82) | **$16.65** | 6.19% | $103258 | 0.98% | (0.31%)  |
| 9/30/24 | 12.69 | (0.02) | 3.79 | 3.77 |  |  |  | 16.46 | 29.71% | 101773 | 0.95% | (0.13%)  |
| 9/30/23 | 11.64 | (0.00)<sup>d,bb</sup> | 1.05 | 1.05 |  |  |  | 12.69 | 9.02% | 135631 | 0.96% | (0.02%)  |
| 9/30/22 | 20.47 | (0.04) | (4.30) | (4.34) |  | (4.49) | (4.49) | 11.64 | (26.73%) | 88121 | 0.97% | (0.24%)  |
| 9/30/21 | 16.13 | (0.09) | 5.83 | 5.74 |  | (1.40) | (1.40) | 20.47 | 36.53% | 155912 | 0.96% | (0.47%)  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 9/30/25  | **$14.78** | $(0.06) | $0.95 | $0.89 | $— | $(0.82) | $(0.82) | **$14.85** | 6.08% | $11728 | 1.08% | (0.41%)  |
| 9/30/24 | 11.41 | (0.03) | 3.40 | 3.37 |  |  |  | 14.78 | 29.54% | 12621 | 1.05% | (0.23%)  |
| 9/30/23 | 10.47 | (0.01)<sup>bb</sup> | 0.95 | 0.94 |  |  |  | 11.41 | 8.98% | 13031 | 1.06% | (0.13%)  |
| 9/30/22 | 18.89 | (0.05) | (3.88) | (3.93) |  | (4.49) | (4.49) | 10.47 | (26.82%) | 17932 | 1.06% | (0.34%)  |
| 9/30/21 | 14.99 | (0.10) | 5.40 | 5.30 |  | (1.40) | (1.40) | 18.89 | 36.36% | 36258 | 1.06% | (0.57%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate**  | 76% | 54% | 64% | 75% | 81% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

---

| | |
|:---|:---|
| e<br>| Amount is less than 0.005%. |

---

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| 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. |

---

---

| | |
|:---|:---|
| bb<br>| 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.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 9/30/25  | **$13.01**  | $(0.06)  | $0.83  | $0.77  | $—  | $(0.82)  | $(0.82)  | **$12.96**  | 5.98%  | $17831  | 1.18%  | (0.51%) |
| 9/30/24 | 10.05 | (0.04) | 3.00 | 2.96 |  |  |  | 13.01 | 29.45% | 17985 | 1.15% | (0.33%)  |
| 9/30/23 | 9.24 | (0.02)<sup>bb</sup> | 0.83 | 0.81 |  |  |  | 10.05 | 8.77% | 16287 | 1.17% | (0.23%)  |
| 9/30/22 | 17.21 | (0.05) | (3.43) | (3.48) |  | (4.49) | (4.49) | 9.24 | (26.83%) | 18393 | 1.17% | (0.43%)  |
| 9/30/21 | 13.77 | (0.11) | 4.95 | 4.84 |  | (1.40) | (1.40) | 17.21 | 36.23% | 29715 | 1.16% | (0.67%)  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$10.20** | $(0.06) | $0.65 | $0.59 | $— | $(0.82) | $(0.82) | **$9.97** | 5.85% | $15947 | 1.33% | (0.65%)  |
| 9/30/24 | 7.90 | (0.04) | 2.34 | 2.30 |  |  |  | 10.20 | 29.11% | 16166 | 1.30% | (0.48%)  |
| 9/30/23 | 7.27 | (0.03)<sup>bb</sup> | 0.66 | 0.63 |  |  |  | 7.90 | 8.67% | 12210 | 1.32% | (0.38%)  |
| 9/30/22 | 14.53 | (0.05) | (2.72) | (2.77) |  | (4.49) | (4.49) | 7.27 | (26.91%) | 11840 | 1.32% | (0.58%)  |
| 9/30/21 | 11.82 | (0.12) | 4.23 | 4.11 |  | (1.40) | (1.40) | 14.53 | 36.02% | 17129 | 1.31% | (0.82%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$10.00** | $(0.07) | $0.64 | $0.57 | $— | $(0.82) | $(0.82) | **$9.75** | 5.76% | 16254 | 1.38% | (0.71%)  |
| 9/30/24 | 7.74 | (0.05) | 2.31 | 2.26 |  |  |  | 10.00 | 29.20% | 17445 | 1.37% | (0.55%)  |
| 9/30/23 | 7.13 | (0.04)<sup>bb</sup> | 0.65 | 0.61 |  |  |  | 7.74 | 8.56% | 15900 | 1.42% | (0.48%)  |
| 9/30/22 | 14.36 | (0.06) | (2.68) | (2.74) |  | (4.49) | (4.49) | 7.13 | (27.06%) | 18688 | 1.42% | (0.69%)  |
| 9/30/21 | 11.71 | (0.13) | 4.18 | 4.05 |  | (1.40) | (1.40) | 14.36 | 35.83% | 31656 | 1.41% | (0.91%)  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$7.26** | $(0.06) | $0.46 | $0.40 | $— | $(0.82) | $(0.82) | **$6.84** | 5.58% | $5343 | 1.58% | (0.90%)  |
| 9/30/24 | 5.63 | (0.05) | 1.68 | 1.63 |  |  |  | 7.26 | 28.95% | 4202 | 1.55% | (0.72%)  |
| 9/30/23 | 5.20 | (0.04)<sup>bb</sup> | 0.47 | 0.43 |  |  |  | 5.63 | 8.27% | 3751 | 1.56% | (0.63%)  |
| 9/30/22 | 11.72 | (0.06) | (1.97) | (2.03) |  | (4.49) | (4.49) | 5.20 | (27.10%) | 3408 | 1.57% | (0.83%)  |
| 9/30/21 | 9.78 | (0.12) | 3.46 | 3.34 |  | (1.40) | (1.40) | 11.72 | 35.63% | 4813 | 1.56% | (1.07%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$16.45** | $(0.05) | $1.07 | $1.02 | $— | $(0.82) | $(0.82) | **$16.65** | 6.26% | 203 | 0.98% | (0.31%)  |
| 9/30/24 | 12.69 | (0.02) | 3.78 | 3.76 |  |  |  | 16.45 | 29.63% | 201 | 0.95% | (0.13%)  |
| 9/30/23<sup>g</sup> | 13.36 | (0.00)<sup>d,bb</sup> | (0.67)<sup>aa</sup> | (0.67) |  |  |  | 12.69 | (5.01%)<sup>b</sup> | 95 | 0.97%<sup>a</sup> | (0.00%)<sup>a,e</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Overseas Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 9/30/25  | **$9.53**  | $0.16  | $0.82  | $0.98  | $(0.16)  | $(0.38)  | $(0.54)  | **$9.97**  | 11.24%  | $172290  | 0.92%  | 0.79%  | 1.73% |
| 9/30/24 | 8.03 | 0.15 | 1.59 | 1.74 | (0.15) | (0.09) | (0.24) | 9.53 | 22.03% | 304638 | 0.92% | 0.79% | 1.69% |
| 9/30/23 | 6.94 | 0.14 | 1.69 | 1.83 | (0.17) | (0.57) | (0.74) | 8.03 | 26.64% | 268465 | 0.91% | 0.79% | 1.71%  |
| 9/30/22 | 10.17 | 0.16 | (2.40) | (2.24) | (0.15) | (0.84) | (0.99) | 6.94 | (24.66%) | 232441 | 0.91% | 0.79% | 1.75%  |
| 9/30/21 | 7.99 | 0.12 | 2.27 | 2.39 | (0.05) | (0.16) | (0.21) | 10.17 | 30.17% | 383223 | 0.88% | 0.79% | 1.23%  |
| **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  |
| 9/30/25  | **$9.58** | $0.17 | $0.81 | $0.98 | $(0.15) | $(0.38) | $(0.53) | **$10.03** | 11.17% | $73378 | 1.02% | 0.89% | 1.85%  |
| 9/30/24 | 8.07 | 0.14 | 1.60 | 1.74 | (0.14) | (0.09) | (0.23) | 9.58 | 21.91% | 118322 | 1.02% | 0.89% | 1.62% |
| 9/30/23 | 6.97 | 0.14 | 1.69 | 1.83 | (0.16) | (0.57) | (0.73) | 8.07 | 26.54% | 94523 | 1.01% | 0.89% | 1.64%  |
| 9/30/22 | 10.21 | 0.15 | (2.42) | (2.27) | (0.13) | (0.84) | (0.97) | 6.97 | (24.74%) | 86220 | 1.00% | 0.89% | 1.64%  |
| 9/30/21 | 8.02 | 0.11 | 2.28 | 2.39 | (0.04) | (0.16) | (0.20) | 10.21 | 30.07% | 158046 | 0.98% | 0.89% | 1.11%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 9/30/25  | **$9.50** | $0.16 | $0.80 | $0.96 | $(0.14) | $(0.38) | $(0.52) | **$9.94** | 11.05% | $32886 | 1.12% | 0.99% | 1.77%  |
| 9/30/24 | 8.01 | 0.13 | 1.58 | 1.71 | (0.13) | (0.09) | (0.22) | 9.50 | 21.71% | 32118 | 1.12% | 0.99% | 1.50%  |
| 9/30/23 | 6.92 | 0.11 | 1.70 | 1.81 | (0.15) | (0.57) | (0.72) | 8.01 | 26.45% | 26462 | 1.11% | 0.99% | 1.31%  |
| 9/30/22 | 10.14 | 0.14 | (2.40) | (2.26) | (0.12) | (0.84) | (0.96) | 6.92 | (24.79%) | 30651 | 1.10% | 0.99% | 1.61%  |
| 9/30/21 | 7.97 | 0.10 | 2.26 | 2.36 | (0.03) | (0.16) | (0.19) | 10.14 | 29.91% | 45454 | 1.08% | 0.99% | 1.02% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate**  | 25% | 21% | 16% | 17% | 27% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| 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 February 1, 2023 (commencement of operations) through September 30, 2023.

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| 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.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  |
| 9/30/25  | **$9.62**  | $0.15  | $0.81  | $0.96  | $(0.13)  | $(0.38)  | $(0.51)  | **$10.07**  | 10.86%  | $13489  | 1.22%  | 1.09%  | 1.67%  |
| 9/30/24 | 8.10 | 0.12 | 1.61 | 1.73 | (0.12) | (0.09) | (0.21) | 9.62 | 21.70% | 13616 | 1.22% | 1.09% | 1.37%  |
| 9/30/23 | 6.99 | 0.12 | 1.70 | 1.82 | (0.14) | (0.57) | (0.71) | 8.10 | 26.34% | 13549 | 1.21% | 1.09% | 1.44%  |
| 9/30/22 | 10.24 | 0.13 | (2.43) | (2.30) | (0.11) | (0.84) | (0.95) | 6.99 | (24.93%) | 13633 | 1.20% | 1.09% | 1.47%  |
| 9/30/21 | 8.05 | 0.08 | 2.30 | 2.38 | (0.03) | (0.16) | (0.19) | 10.24 | 29.72% | 19735 | 1.18% | 1.09% | 0.81%  |
| **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  |
| 9/30/25  | **$9.05** | $0.11 | $0.78 | $0.89 | $(0.11) | $(0.38) | $(0.49) | **$9.45** | 10.72% | $13331 | 1.37% | 1.24% | 1.29%  |
| 9/30/24 | 7.64 | 0.11 | 1.50 | 1.61 | (0.11) | (0.09) | (0.20) | 9.05 | 21.40% | 20001 | 1.37% | 1.24% | 1.28%  |
| 9/30/23 | 6.63 | 0.10 | 1.61 | 1.71 | (0.13) | (0.57) | (0.70) | 7.64 | 26.11% | 18860 | 1.36% | 1.24% | 1.27%  |
| 9/30/22 | 9.75 | 0.11 | (2.29) | (2.18) | (0.10) | (0.84) | (0.94) | 6.63 | (24.94%) | 16144 | 1.35% | 1.24% | 1.34%  |
| 9/30/21 | 7.68 | 0.07 | 2.18 | 2.25 | (0.02) | (0.16) | (0.18) | 9.75 | 29.46% | 20875 | 1.33% | 1.24% | 0.70%  |
| **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  |
| 9/30/25  | **$9.35** | $0.14 | $0.77 | $0.91 | $(0.11) | $(0.38) | $(0.49) | **$9.77** | 10.58% | $16414 | 1.42% | 1.29% | 1.58%  |
| 9/30/24 | 7.88 | 0.10 | 1.56 | 1.66 | (0.10) | (0.09) | (0.19) | 9.35 | 21.38% | 15496 | 1.44% | 1.31% | 1.17%  |
| 9/30/23 | 6.81 | 0.10 | 1.66 | 1.76 | (0.12) | (0.57) | (0.69) | 7.88 | 26.07% | 14642 | 1.46% | 1.34% | 1.21%  |
| 9/30/22 | 9.98 | 0.11 | (2.36) | (2.25) | (0.08) | (0.84) | (0.92) | 6.81 | (25.07%) | 12858 | 1.45% | 1.34% | 1.22%  |
| 9/30/21 | 7.85 | 0.06 | 2.24 | 2.30 | (0.01) | (0.16) | (0.17) | 9.98 | 29.45% | 24231 | 1.43% | 1.34% | 0.59%  |
| **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  |
| 9/30/25  | **$9.18** | $0.11 | $0.76 | $0.87 | $(0.09) | $(0.38) | $(0.47) | **$9.58** | 10.34% | $5497 | 1.62% | 1.49% | 1.27%  |
| 9/30/24 | 7.74 | 0.08 | 1.54 | 1.62 | (0.09) | (0.09) | (0.18) | 9.18 | 21.26% | 5562 | 1.62% | 1.49% | 0.97%  |
| 9/30/23 | 6.70 | 0.08 | 1.64 | 1.72 | (0.11) | (0.57) | (0.68) | 7.74 | 25.83% | 5064 | 1.61% | 1.49% | 1.01%  |
| 9/30/22 | 9.85 | 0.10 | (2.34) | (2.24) | (0.07) | (0.84) | (0.91) | 6.70 | (25.23%) | 4036 | 1.61% | 1.49% | 1.16%  |
| 9/30/21 | 7.76 | 0.05 | 2.21 | 2.26 | (0.01) | (0.16) | (0.17) | 9.85 | 29.29% | 6971 | 1.58% | 1.49% | 0.51%  |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 9/30/25  | **$9.58** | $0.17 | $0.80 | $0.97 | $(0.15) | $(0.38) | $(0.53) | **$10.02** | 11.07% | $119 | 1.02% | 0.89% | 1.88%  |
| 9/30/24  | 8.07 | 0.14 | 1.60 | 1.74 | (0.14) | (0.09) | (0.23) | 9.58 | 21.94% | 114 | 1.02% | 0.89% | 1.60% |
| 9/30/23<sup>g</sup> | 8.41 | 0.13 | (0.47)<sup>aa</sup> | (0.34) |  |  |  | 8.07 | (4.04%)<sup>b</sup> | 96 | 1.01%<sup>a</sup> | 0.89%<sup>a</sup> | 2.40%<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

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

 **Notes to Financial Statements**<br>

1. The Funds

MassMutual Select Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. 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 May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

MassMutual Diversified Value Fund ("Diversified Value Fund")

MM S&P 500<sup>®</sup> Index Fund ("S&P 500 Index Fund")

MassMutual Blue Chip Growth Fund ("Blue Chip Growth Fund")

MassMutual Mid Cap Growth Fund ("Mid Cap Growth Fund")

MassMutual Small Cap Growth Equity Fund ("Small Cap Growth Equity Fund")

MassMutual Overseas Fund ("Overseas Fund")

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds' Prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Effective October 1, 2024, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. MML Investment Advisers, LLC ("MML Advisers") acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmark(s) and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

Investment Valuation

The net asset value of each Fund's shares is determined once daily as of the close of regular trading on the New York Stock Exchange ("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. On holidays and other days when the NYSE is closed, each Fund's net asset value 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.

**50**<br>

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

 **Notes to Financial Statements (Continued)**<br>

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 over-the-counter ("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 net asset values 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 of Trustees ("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 net asset values. 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.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized

**51**<br>

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

 **Notes to Financial Statements (Continued)**<br>

in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

Level 2 – other significant observable inputs (including fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

The Diversified Value Fund characterized all investments at Level 1, as of September 30, 2025. For the Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of September 30, 2025, for the remaining Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **S&P 500 Index Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $2249047565 | $— | $— | $2249047565 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 246110 | 2227242 |  | 2473352 |
| Total Investments | $2249293675 | $2227242 | $— | $2251520917 |
| **Asset Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $24783 | $— | $— | $24783 |
| **Blue Chip Growth Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $2152524217 | $2158955<sup>\*</sup> | $— | $2154683172 |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 2700671 |  | 2700671 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 12209850 |  |  | 12209850 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2467289 | 15027087 |  | 17494376 |
| Total Investments | $2167201356 | $19886713 | $— | $2187088069 |
| **Mid Cap Growth Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $3738217763 | $— | $— | $3738217763 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 828516 | 77321206 |  | 78149722 |
| Total Investments | $3739046279 | $77321206 | $— | $3816367485 |

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**52**<br>

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

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Small Cap Growth Equity Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $555703906 | $637563<sup>\*</sup> | $— | $556341469 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 6045704 |  |  | 6045704 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 6444678 | 2092322 |  | 8537000 |
| Total Investments | $568194288 | $2729885 | $— | $570924173 |
| **Overseas Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock<sup>\*</sup><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $4225398 | $— | $4225398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 7185892 |  |  | 7185892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 9949971 |  | 9949971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 6766988 |  | 6766988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 2485663 |  | 2485663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 56605643 |  | 56605643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 533942 | 38140407 |  | 38674349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 6561379 |  | 6561379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 2977904 |  | 2977904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1712470 |  | 1712470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland  | —  | 3149331  | —  | 3149331  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 3105512 | —  | —  | 3105512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 4595388 | 7361085 |  | 11956473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 45441 | 49949321 |  | 49994762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 1452753 |  | 1452753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1479450 |  |  | 1479450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1747403 | 8998008 |  | 10745411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1715231 |  | 1715231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 2188572 |  | 2188572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 2457485 |  | 2457485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 3514198 |  | 3514198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 4266418 |  | 4266418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 15169225 |  | 15169225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 5268806 |  |  | 5268806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1121918 | 34556864 |  | 35678782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 3331953 | 27922021 |  | 31253974 |
| &nbsp;&nbsp;&nbsp; Preferred Stock<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 2018127 |  | 2018127 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 3609505 | 3600462 |  | 7209967 |
| Total Investments | $32025210 | $297744924 | $— | $329770134 |

---

\* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

For certain Funds the Statement of Assets and Liabilities shows liabilities for amounts due to custodian. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of September 30, 2025.

The Funds had no Level 3 transfers during the year ended September 30, 2025.

**53**<br>

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

 **Notes to Financial Statements (Continued)**<br>

Derivative Instruments

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.

At September 30, 2025, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk** | **Total**  |
| **S&P 500 Index Fund**<br>|  |  |
| **Asset Derivatives**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup><br>| $24783 | $24783  |
| **Realized Gain (Loss)<sup>#</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| $1936552 | $1936552  |
| **Change in Appreciation (Depreciation)<sup>##</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| $(131011) | $(131011) |

---

^^ Cumulative appreciation (depreciation) on futures contracts is reported in "Futures Contracts" in each applicable Fund's Portfolio of Investments. Only current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.

# Statements of Operations location: Amounts are included in net realized gain (loss) on futures contracts.

---

| | |
|:---|:---|
| ##<br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on futures contracts.  |

---

For the year ended September 30, 2025, the average balances for each derivative type were as follows:

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| | |
|:---|:---|
|  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  | **S&P 500 Index Fund**  |
| **Futures Contracts:**<br>|  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long | 38 |

---

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of 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 futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing

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 **Notes to Financial Statements (Continued)**<br>

transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements 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. Due to the short-term nature of repurchase agreements, face value approximates fair value.

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 2025, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower ("Borrowing Agreement"), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the year ended September 30, 2025, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the

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 **Notes to Financial Statements (Continued)**<br>

form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

Foreign Securities

The Overseas Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund's shares. 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.

Market Risk

The value of a 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. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

Federal Income Tax

It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.

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 **Notes to Financial Statements (Continued)**<br>

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives investment advisory fees, based upon each Fund's average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for each Fund with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

The Funds' subadvisory fees, if applicable, are paid monthly by MML Advisers out of the investment advisory fees.

---

| | | |
|:---|:---|:---|
| **Fund**  | **Investment Advisory Fee**  | **Investment Subadviser(s)**  |
| Diversified Value Fund  | 0.50% on the first $400 million; and <br>0.475% on any excess over $400 million  | Brandywine Global Investment Management, LLC  |
| S&P 500 Index Fund\*  | 0.10% on the first $2.5 billion; <br>0.08% on the next $2.5 billion; and <br>0.05% on any excess over $5 billion  | BlackRock Investment Management, LLC  |
| Blue Chip Growth Fund  | 0.65% on the first $750 million; and <br>0.60% on any excess over $750 million  | Loomis, Sayles & Company, L.P.; and <br>T. Rowe Price Associates, Inc.  |
| Mid Cap Growth Fund\*\*  | 0.67% on the first $2 billion; and <br>0.62% on any excess over $2 billion  | Frontier Capital Management Company, LLC; <br>and T. Rowe Price Associates, Inc.  |
| Small Cap Growth Equity Fund  | 0.80% on the first $1 billion; and <br>0.78% on any excess over $1 billion  | Invesco Advisers, Inc.; and Wellington Management Company LLP  |
| Overseas Fund  | 0.80% on the first $750 million; <br>0.775% on the next $500 million; and 0.75% on any excess over $1.25 billion  | Harris Associates L.P.; and <br>Massachusetts Financial Services Company |

---

\* Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund.

\*\* T. Rowe Price Investment Management, Inc. serves as a sub-subadviser of the Fund.

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Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class R5**  | **Service** <br>**Class**  | **Administrative** <br>**Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Diversified Value Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| S&P 500 Index Fund  |  | 0.10%  | 0.25%  | 0.35%  | 0.25%  | 0.35%  | 0.25%  | N/A  |
| Blue Chip Growth Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Mid Cap Growth Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Small Cap Growth Equity Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Overseas Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10% |

---

Distribution and Service Fees

MML Distributors, LLC (the "Distributor") acts as distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class R4 shares and Class A shares of each Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares of each Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments 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 each Fund's shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Sales Charges

Unless waived, purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. The Distributor retained the following amounts during the year ended September 30, 2025:

---

| | |
|:---|:---|
|  | **Front-End** <br>**Sales Charges** <br>**Retained by** <br>**Distributor**  |
| Blue Chip Growth Fund  | $1669 |

---

Unless waived, redemptions of Class A shares made within 18 months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1.00% of the amount redeemed. The Distributor receives all contingent deferred sales charges. For the year ended September 30, 2025, no amounts have been retained by the Distributor.

With respect to Class A shares, the Distributor may pay an up-front concession to financial intermediaries through which sales are made as described in the Funds' Prospectus.

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Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, 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, 2026, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class R5**  | **Service** <br>**Class**  | **Administrative** <br>**Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Mid Cap Growth Fund  | 0.66%  | 0.76%  | 0.86%  | 0.96%  | 1.11%  | 1.16%  | 1.36%  | 0.76%  |
| Overseas Fund  | 0.79%  | 0.89%  | 0.99%  | 1.09%  | 1.24%  | 1.29%  | 1.49%  | 0.89% |

---

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Affiliated Brokerage Commissions

The Fund(s) listed below had portfolio transactions that were placed with brokerage firms which are affiliates of the Fund's investment adviser or subadviser. Brokerage commissions are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Affiliated** <br>**Brokerage** <br>**Commissions**  |
| Blue Chip Growth Fund  | $398 |
| Mid Cap Growth Fund  | 35333  |
| Small Cap Growth Equity Fund  | 7515 |

---

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the year ended September 30, 2025, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated** <br>**Commissions**  |
| Diversified Value Fund | $13158 |
| Blue Chip Growth Fund | 33427 |
| Mid Cap Growth Fund | 107749 |
| Small Cap Growth Equity Fund | 21166 |

---

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and are included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

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Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds' shares by related parties at September 30, 2025:

---

| | |
|:---|:---|
|  | **Total % Ownership** <br>**by Related Party**  |
| Diversified Value Fund | 94.4% |
| S&P 500 Index Fund | 89.3% |
| Blue Chip Growth Fund | 91.7% |
| Mid Cap Growth Fund | 87.0%  |
| Small Cap Growth Equity Fund | 75.1%  |
| Overseas Fund | 84.6% |

---

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the year ended September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S.** <br>**Government** <br>**Securities** | **Other Long-Term** <br>**Securities** | **Long-Term U.S.** <br>**Government** <br>**Securities** | **Other Long-Term** <br>**Securities**  |
| Diversified Value Fund | $— | $293226354 | $— | $662867077  |
| S&P 500 Index Fund |  | 116338957 |  | 564206846  |
| Blue Chip Growth Fund |  | 314581519 |  | 1416989432  |
| Mid Cap Growth Fund |  | 1641211120 |  | 2994267259  |
| Small Cap Growth Equity Fund |  | 474978796 |  | 711209519  |
| Overseas Fund |  | 98157631 |  | 301431696 |

---

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized** <br>**Gains (Losses)** |
| Mid Cap Growth Fund  | $—  | $263904  | $(164672) |
| Small Cap Growth Equity Fund  | 537327  | 3581796  | 1962967  |
| Overseas Fund | —  | 304298  | 117634 |

---

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 **Notes to Financial Statements (Continued)**<br>

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Diversified Value Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2101846 | $20578756 | 1379312 | $15898298  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 3469370 | 27859039 | 28843318 | 299105049  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5674906 | 51431579 | 2858889 | 30192742  |
| &nbsp;&nbsp;&nbsp; Redeemed | (37544556) | (373173708) | (11048940) | (131356683)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (26298434) | $(273304334) | 22032579 | $213839406  |
| **Diversified Value Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2152350 | $21520591 | 226426 | $2696164  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 5402686 | 43761746 | 4371126 | 45547135  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3666348 | 30833153 | 1107450 | 11632806  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2368758) | (23101743) | (1539188) | (18142030)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 8852626 | $73013747 | 4165814 | $41734075  |
| **Diversified Value Fund Service Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1000678 | $9820745 | 145297 | $1667995  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 1129156 | 9157455 | 2915026 | 30374561  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1375345 | 11758224 | 346119 | 3628326  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2522023) | (25520667) | (197575) | (2344701)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 983156 | $5215757 | 3208867 | $33326181  |
| **Diversified Value Fund Administrative Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1264768 | $13048891 | 245315 | $2992424  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 2507619 | 20738005 | 1718910 | 18151693  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1615939 | 13864161 | 553817 | 5871193  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1441770) | (14078788) | (251558) | (3081404)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 3946556 | $33572269 | 2266484 | $23933906  |
| **Diversified Value Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 143437 | $1336210 | 73234 | $859659  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 600025 | 4668191 | 386549 | 3904151  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 478044 | 3880486 | 269050 | 2738796  |
| &nbsp;&nbsp;&nbsp; Redeemed | (503832) | (5005321) | (245888) | (3018829)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 717674 | $4879566 | 482945 | $4483777  |
| **Diversified Value Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1040792 | $10284497 | 216742 | $2648448  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 3803579 | 30809010 | 2305876 | 23981098  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2002722 | 16829831 | 639483 | 6687395  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1164522) | (11244397) | (559566) | (6555824)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 5682571 | $46678941 | 2602535 | $26761117  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Diversified Value Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 120456 | $1239312 | 67306 | $830276  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 731330 | 5828696 | 139481 | 1436650  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 140443 | 1162665 | 31139 | 320627  |
| &nbsp;&nbsp;&nbsp; Redeemed | (63557) | (621609) | (37082) | (430017)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 928672 | $7609064 | 200844 | $2157536  |
| **Diversified Value Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 7355 | 59578 | 9333 | 97246  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 7355 | $59578 | 9333 | $97246  |
| **S&P 500 Index Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12889916 | $197421949 | 17881796 | $283203856  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 9945272 | 148284004 | 5044740 | 75923338  |
| &nbsp;&nbsp;&nbsp; Redeemed | (26706988) | (421538320) | (54954470) | (910235396)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3871800) | $(75832367) | (32027934) | $(551108202)  |
| **S&P 500 Index Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 5827695 | $91338832 | 4011720 | $66394274  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 6434607 | 97033866 | 1560034 | 23681312  |
| &nbsp;&nbsp;&nbsp; Redeemed | (9283148) | (145786978) | (6166700) | (100292328)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2979154 | $42585720 | (594946) | $(10216742)  |
| **S&P 500 Index Fund Service Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2983739 | $46783303 | 3587299 | $60401878  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5176707 | 78582408 | 1215358 | 18546365  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7364037) | (112438218) | (5237405) | (87896956)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 796409 | $12927493 | (434748) | $(8948713)  |
| **S&P 500 Index Fund Administrative Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 3096037 | $46235012 | 3247800 | $52005941  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4559842 | 65752921 | 1067046 | 15664233  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6479372) | (97563271) | (4838903) | (77565236)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1176507 | $14424662 | (524057) | $(9895062)  |
| **S&P 500 Index Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 4241117 | $61381681 | 4440701 | $68560137  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 6406078 | 89236664 | 1851384 | 26456272  |
| &nbsp;&nbsp;&nbsp; Redeemed | (9384239) | (142179446) | (10403529) | (163653862)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1262956 | $8438899 | (4111444) | $(68637453)  |
| **S&P 500 Index Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 674557 | $9664297 | 535359 | $8326840  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 506210 | 6919897 | 80988 | 1142745  |
| &nbsp;&nbsp;&nbsp; Redeemed | (431919) | (6069216) | (255847) | (3982902)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 748848 | $10514978 | 360500 | $5486683  |

---

**62**<br>

------

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

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **S&P 500 Index Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 7340202 | $98369752 | 6957541 | $101770611  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 7050662 | 90177969 | 1381249 | 18550171  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7807229) | (104273569) | (7047528) | (103516240)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 6583635 | $84274152 | 1291262 | $16804542  |
| **Blue Chip Growth Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 8250583 | $194297978 | 14506581 | $322293260  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 1912245 | 42145849  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1350159 | 32876382 | 23747709 | 482233203  |
| &nbsp;&nbsp;&nbsp; Redeemed | (45161884) | (1102041611) | (23806459) | (530769394)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (35561142) | $(874867251) | 16360076 | $315902918  |
| **Blue Chip Growth Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2786142 | $63967939 | 2384807 | $52685981  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 688894 | 15059203  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 232417 | 5610550 | 4396715 | 88358553  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7114357) | (161227720) | (5762219) | (124316904)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (4095798) | $(91649231) | 1708197 | $31786833  |
| **Blue Chip Growth Fund Service Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1178051 | $26742767 | 802339 | $17379214  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 381628 | 8132475  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 140667 | 3308492 | 2350517 | 46294080  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1706594) | (39242370) | (1705743) | (37525172)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (387876) | $(9191111) | 1828741 | $34280597  |
| **Blue Chip Growth Fund Administrative Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1764790 | $38954777 | 942796 | $19743940  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 1062235 | 21765214  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 165957 | 3748973 | 2769750 | 52610505  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3540978) | (78426273) | (2439240) | (51624525)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1610231) | $(35722523) | 2335541 | $42495134  |
| **Blue Chip Growth Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 422294 | $8195538 | 562666 | $10895305  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 57555 | 1043472  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 64911 | 1294320 | 1045216 | 17758272  |
| &nbsp;&nbsp;&nbsp; Redeemed | (777179) | (15172655) | (906206) | (17302306)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (289974) | $(5682797) | 759231 | $12394743  |
| **Blue Chip Growth Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 580944 | $11039173 | 861648 | $16135931  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 629713 | 11372657  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 103056 | 2045665 | 1715998 | 28958359  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1766069) | (34034996) | (2411742) | (46645785)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1082069) | $(20950158) | 795617 | $9821162  |

---

**63**<br>

------

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

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Blue Chip Growth Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 537788 | $8428147 | 705624 | $11199066  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 106722 | 1573096  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 70658 | 1139715 | 1126805 | 15868729  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1201584) | (18724246) | (1055463) | (16839809)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (593138) | $(9156384) | 883688 | $11801082  |
| **Blue Chip Growth Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1755 | $40900 |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 5569 | 121749  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 8 | 184 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (459) | (10704) |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1304 | $30380 | 5569 | $121749  |
| **Mid Cap Growth Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 13634393 | $269734320 | 25331257 | $521232799  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 23447633 | 474814572 | 10621771 | 205106388  |
| &nbsp;&nbsp;&nbsp; Redeemed | (74074039) | (1465183527) | (59133882) | (1206434809)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (36992013) | $(720634635) | (23180854) | $(480095622)  |
| **Mid Cap Growth Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 7978282 | $151935586 | 4750225 | $93936863  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5463692 | 107689368 | 2446975 | 46174419  |
| &nbsp;&nbsp;&nbsp; Redeemed | (17392400) | (331251312) | (13988989) | (273917347)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3950426) | $(71626358) | (6791789) | $(133806065)  |
| **Mid Cap Growth Fund Service Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 744762 | $13267489 | 726026 | $13624163  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 997279 | 18529441 | 452119 | 8101965  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2409307) | (44444352) | (1981195) | (37145136)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (667266) | $(12647422) | (803050) | $(15419008)  |
| **Mid Cap Growth Fund Administrative Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 657861 | $10665617 | 661045 | $11360613  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1021781 | 17063745 | 476698 | 7794010  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2258443) | (36698182) | (2510953) | (42951684)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (578801) | $(8968820) | (1373210) | $(23797061)  |
| **Mid Cap Growth Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 343289 | $4494484 | 514890 | $7702603  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 531376 | 7370190 | 245955 | 3438451  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1397931) | (19281787) | (1242139) | (18105048)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (523266) | $(7417113) | (481294) | $(6963994)  |
| **Mid Cap Growth Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 498050 | $6649525 | 721901 | $10278268  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 960411 | 12984755 | 478424 | 6549619  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1346441) | (18144085) | (2515639) | (36337295)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 112020 | $1490195 | (1315314) | $(19509408)  |

---

**64**<br>

------

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

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Mid Cap Growth Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 258692 | $2731833 | 234390 | $2801988  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 333652 | 3576753 | 128385 | 1457171  |
| &nbsp;&nbsp;&nbsp; Redeemed | (457838) | (4967856) | (590206) | (7056168)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 134506 | $1340730 | (227431) | $(2797009)  |
| **Mid Cap Growth Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $—  |
| **Small Cap Growth Equity Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 7681255 | $124952020 | 9126799 | $135388712  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1765122 | 30024725 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (22018094) | (363081565) | (16715625) | (253881009)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (12571717) | $(208104820) | (7588826) | $(118492297)  |
| **Small Cap Growth Equity Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2891397 | $45925329 | 1763219 | $25492664  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 302392 | 4992496 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3176065) | (49493739) | (6263728) | (91299384)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 17724 | $1424086 | (4500509) | $(65806720)  |
| **Small Cap Growth Equity Fund Service Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 156211 | $2121380 | 106760 | $1395315  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 42390 | 624408 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (262948) | (3852445) | (394807) | (5205927)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (64347) | $(1106657) | (288047) | $(3810612)  |
| **Small Cap Growth Equity Fund Administrative Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 185259 | $2278995 | 199561 | $2308294  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 87207 | 1122350 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (279201) | (3369441) | (437139) | (5128488)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (6735) | $31904 | (237578) | $(2820194)  |
| **Small Cap Growth Equity Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 293242 | $2689467 | 427153 | $3931136  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 127427 | 1262806 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (405868) | (3922458) | (388948) | (3564960)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 14801 | $29815 | 38205 | $366176  |
| **Small Cap Growth Equity Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 137564 | $1276315 | 257664 | $2292429  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 141928 | 1376700 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (357246) | (3338765) | (566254) | (4962425)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (77754) | $(685750) | (308590) | $(2669996)  |
| **Small Cap Growth Equity Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 343399 | $2012241 | 183703 | $1196568  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 69197 | 471231 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (210198) | (1361314) | (270726) | (1804989)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 202398 | $1122158 | (87023) | $(608421)  |

---

**65**<br>

------

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

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Small Cap Growth Equity Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 19 | $297 | 5023 | $75821  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 234 | 3863 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (252) | (3968) | (315) | (4722)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1 | $192 | 4708 | $71099  |
| **Overseas Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 4027601 | $36182381 | 9775179 | $83758456  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1809114 | 15323195 | 949009 | 8019124  |
| &nbsp;&nbsp;&nbsp; Redeemed | (20509437) | (179949734) | (12188077) | (104741098)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (14672722) | $(128444158) | (1463889) | $(12963518)  |
| **Overseas Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2118775 | $19292901 | 2940601 | $25741768  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 767488 | 6546674 | 302057 | 2570505  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7914148) | (76112983) | (2604259) | (22568887)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (5027885) | $(50273408) | 638399 | $5743386  |
| **Overseas Fund Service Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 448899 | $4064268 | 415812 | $3629239  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 207084 | 1751931 | 85481 | 721463  |
| &nbsp;&nbsp;&nbsp; Redeemed | (725946) | (6631519) | (426145) | (3662977)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (69963) | $(815320) | 75148 | $687725  |
| **Overseas Fund Administrative Class**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 126249 | $1163274 | 196998 | $1708302  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 82763 | 710106 | 41650 | 356111  |
| &nbsp;&nbsp;&nbsp; Redeemed | (284948) | (2635852) | (495505) | (4465978)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (75936) | $(762472) | (256857) | $(2401565)  |
| **Overseas Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 407024 | $3584534 | 387048 | $3187726  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 104566 | 842804 | 57987 | 467372  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1310213) | (11204842) | (704963) | (5727448)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (798623) | $(6777504) | (259928) | $(2072350)  |
| **Overseas Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 492398 | $4353032 | 237801 | $2033363  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 87306 | 728130 | 42107 | 350333  |
| &nbsp;&nbsp;&nbsp; Redeemed | (557795) | (5084506) | (481071) | (4149786)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 21909 | $(3344) | (201163) | $(1766090)  |
| **Overseas Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 104510 | $918677 | 156468 | $1312199  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 32873 | 269229 | 14686 | 120130  |
| &nbsp;&nbsp;&nbsp; Redeemed | (169883) | (1483417) | (219162) | (1850840)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (32500) | $(295511) | (48008) | $(418511)  |
| **Overseas Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $— |

---

**66**<br>

------

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

 **Notes to Financial Statements (Continued)**<br>

6. Federal Income Tax Information

At September 30, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal** <br>**Income Tax** <br>**Cost** | **Tax Basis** <br>**Unrealized** <br>**Appreciation** | **Tax Basis** <br>**Unrealized** <br>(Depreciation) | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Diversified Value Fund  | $404400025  | $52730592  | $(6341549)  | $46389043  |
| S&P 500 Index Fund  | 1016601468  | 1275002466  | (40058234)  | 1234944232  |
| Blue Chip Growth Fund  | 1158681820  | 1052869918  | (24463669)  | 1028406249  |
| Mid Cap Growth Fund  | 3188980405  | 803032166  | (175645086)  | 627387080  |
| Small Cap Growth Equity Fund  | 471191821  | 119572434  | (19840082)  | 99732352  |
| Overseas Fund  | 264782862  | 75379018  | (10391746)  | 64987272 |

---

At September 30, 2025, for federal income tax purposes, there were no unused capital losses.

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2025, late year ordinary losses:

---

| | |
|:---|:---|
|  | **Amount** |
| Blue Chip Growth Fund | $3853603  |
| Mid Cap Growth Fund | 3072645 |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gain** |
| Diversified Value Fund | $18971139 | $110864313  |
| S&P 500 Index Fund | 27238055 | 548768896  |
| Blue Chip Growth Fund |  | 50034119  |
| Mid Cap Growth Fund | 30752611 | 615395158  |
| Small Cap Growth Equity Fund | 1848634 | 38039228  |
| Overseas Fund | 8106180 | 18078668 |

---

**67**<br>

------

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

 **Notes to Financial Statements (Continued)**<br>

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain**  |
| Diversified Value Fund | $13508689 | $47599813  |
| S&P 500 Index Fund | 31998778 | 147970244  |
| Blue Chip Growth Fund |  | 743603796  |
| Mid Cap Growth Fund |  | 280434499 |
| Overseas Fund | 7593369 | 5020079 |

---

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2025:

---

| | |
|:---|:---|
|  | **Amount** |
| Overseas Fund | $1109912 |

---

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2025, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred trustee compensation, and other temporary basis adjustments.

At September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**  | **Undistributed** <br>**Long Term** <br>**Capital Gain** <br>**(Capital Loss)** <br>**Carryover**  | **Other** <br>**Temporary** <br>**Differences**  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Total** |
| Diversified Value Fund | $2147558 | $3729127 | $(238219) | $46403440 | $52041906  |
| S&P 500 Index Fund | 14755043 | 308033695 | (273395) | 1234944232 | 1557459575  |
| Blue Chip Growth Fund | 15247933 | 629572439 | (228035) | 1028406249 | 1672998586  |
| Mid Cap Growth Fund | 40946198 | 506832501 | (355587) | 627387080 | 1174810192  |
| Small Cap Growth Equity Fund | 6370803 | 87270897 | (69100) | 99732351 | 193304951  |
| Overseas Fund | 10522684 | 41521974 | (61203) | 65112421 | 117095876 |

---

The Funds did not have any unrecognized tax benefits at September 30, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended September 30, 2025, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Acquisition of MassMutual Equity Opportunities Fund

Effective September 15, 2025, the MassMutual Equity Opportunities Fund ("Equity Opportunities Fund") reorganized into the Diversified Value Fund, pursuant to the terms of an Agreement and Plan of Reorganization.

The Equity Opportunities Fund's assets and liabilities were transferred to the Diversified Value Fund in return for shares of the Diversified Value Fund. The Reorganization of the Equity Opportunities Fund into the Diversified Value Fund was intended to enable shareholders of the Equity Opportunities Fund to invest in a larger, potentially more efficient portfolio while continuing

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 **Notes to Financial Statements (Continued)**<br>

to pursue a substantially similar investment objective. The acquisition was accomplished by a tax-free exchange of the shares of the Diversified Value Fund in the following amounts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Equity Opportunities Fund** <br>**Share Class**  | **Shares of the** <br>**Equity Opportunities** <br>**Fund as of the** <br>**Reorganization Date**  | **Conversion** <br>**Rate**  | **Value of Shares** <br>**of the** <br>**Equity Opportunities** <br>**Fund**  | **Diversified** <br>**Value Fund** <br>**Share Class**  | **Shares Issued by** <br>**the Diversified** <br>**Value Fund**  |
| Class I  | 2829764  | 1.226028  | $27859039  | Class I  | 3469370 |
| Class R5  | 4371197  | 1.235974  | 43761746  | Class R5  | 5402686 |
| Service Class  | 978809  | 1.153602  | 9157455  | Service Class  | 1129156 |
| Administrative Class  | 2344391  | 1.069625  | 20738005  | Administrative Class  | 2507619 |
| Class R4  | 695988  | 0.862120  | 4668191  | Class R4  | 600025 |
| Class A  | 4238916  | 0.897300  | 30809010  | Class A  | 3803579 |
| Class R3  | 1213618  | 0.602603  | 5828696  | Class R3  | 731330 |
| Class Y  | 5963  | 1.233492  | 59578  | Class Y  | 7355 |
|  | 16678646 |  | $142881720 |  | 17651120 |

---

The investment portfolio of the Equity Opportunities Fund, with a value of $146,596,101 in investments and a cost basis of $141,871,153 at September 12, 2025, was the principal asset acquired by the Diversified Value Fund.

For financial reporting purposes, assets received and shares issued by the Diversified Value Fund were recorded at fair value; however, the cost basis of the investments received from the Equity Opportunities Fund was carried forward to align ongoing reporting of the Diversified Value Fund's realized and unrealized gains and losses with amounts distributable to shareholders for U.S. federal income tax purposes. Immediately prior to the acquisition, the Diversified Value Fund's net assets were $309,273,223.

Assuming the acquisition had been completed on October 1, 2024, the beginning of the annual reporting period of the Diversified Value Fund, the Diversified Value Fund's pro forma results of operations for the twelve month period ended September 30, 2025, would have been as follows:

---

| | |
|:---|:---|
|  | **Diversified** <br>**Value Fund**  |
| Net investment income (loss)  | $11581822  |
| Net realized and unrealized gain (loss) on investments  | 35040833  |
| Net increase (decrease) in net assets resulting from operations  | 46622655 |

---

Because the Equity Opportunities Fund and the Diversified Value Fund continuously sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolio has been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Equity Opportunities Fund that have been included in the Diversified Value Fund's Statement of Operations since September 15, 2025.

See Note 5. Capital Share Transactions, for the changes in shares outstanding for the Diversified Value Fund during the period.

8. Prior Year Acquisition of MassMutual Fundamental Value Fund and MassMutual Growth Opportunities Fund

Effective September 23, 2024, the MassMutual Fundamental Value Fund ("Fundamental Value Fund") and the MassMutual Growth Opportunities Fund ("Growth Opportunities Fund") reorganized into the Diversified Value Fund and the Blue Chip Growth Fund, respectively, pursuant to the terms of an Agreement and Plan of Reorganization.

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 **Notes to Financial Statements (Continued)**<br>

The Fundamental Value Fund's assets and liabilities were transferred to the Diversified Value Fund in return for shares of the Diversified Value Fund. The Reorganization of the Fundamental Value Fund into the Diversified Value Fund was intended to enable shareholders of the Fundamental Value Fund to invest in a larger, potentially more efficient portfolio while continuing to pursue a substantially similar investment objective. The acquisition was accomplished by a tax-free exchange of the shares of Diversified Value Fund in the following amounts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fundamental Value Fund** <br>**Share Class** | **Shares of the**<br>**Fundamental Value**<br>**Fund as of the**<br>**Reorganization Date** | **Conversion**<br>**Rate** | **Value of Shares**<br>**of the**<br>**Fundamental** <br>**Value Fund** | **Diversified** <br>**Value Fund** <br>**Share Class** | **Shares Issued by**<br>**the Diversified**<br>**Value Fund**  |
| Class I | 35452823 | 0.813569 | $299105049 | Class I | 28843318  |
| Class R5 | 5323695 | 0.821070 | 45547135 | Class R5 | 4371126  |
| Service Class | 3589765 | 0.812038 | 30374561 | Service Class | 2915026  |
| Administrative Class | 2105411 | 0.816425 | 18151693 | Administrative Class | 1718910  |
| Class R4 | 482361 | 0.801370 | 3904151 | Class R4 | 386549  |
| Class A | 2857620 | 0.806922 | 23981098 | Class A | 2305876  |
| Class R3 | 178909 | 0.779619 | 1436650 | Class R3 | 139481  |
| Class Y | 11377 | 0.820338 | 97246 | Class Y | 9333  |
|  | 50001961 |  | $422597583 |  | 40689619 |

---

The investment portfolio of the Fundamental Value Fund, with a value of $419,879,979 in investments and a cost basis of $388,636,708 at September 20, 2024, was the principal asset acquired by the Diversified Value Fund.

The Growth Opportunities Fund's assets and liabilities were transferred to the Blue Chip Growth Fund in return for shares of the Blue Chip Growth Fund. The Reorganization of the Growth Opportunities Fund into the Blue Chip Growth Fund was intended to enable shareholders of the Growth Opportunities Fund to invest in a larger, potentially more efficient portfolio while continuing to pursue a substantially similar investment objective. The acquisition was accomplished by a tax-free exchange of the shares of Blue Chip Growth Fund in the following amounts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Growth Opportunities Fund** <br>**Share Class** | **Shares of the Growth**<br>**Opportunities** <br>**Fund as of the** <br>**Reorganization Date** | **Conversion** <br>**Rate** | **Value of Shares**<br>**of the Growth Opportunities Fund** | **Blue Chip Growth Fund** <br>**Share Class** | **Shares Issued by**<br>**the Blue Chip**<br>**Growth Fund**  |
| Class I | 7148152 | 0.267516 | $42145849 | Class I | 1912245  |
| Class R5 | 2689333 | 0.256158 | 15059203 | Class R5 | 688894  |
| Service Class | 1657062 | 0.230304 | 8132475 | Service Class | 381628  |
| Administrative Class | 5384515 | 0.197276 | 21765214 | Administrative Class | 1062235  |
| Class R4 | 404578 | 0.142259 | 1043472 | Class R4 | 57555  |
| Class A | 4708031 | 0.133753 | 11372657 | Class A | 629713  |
| Class R3 | 1882391 | 0.056695 | 1573096 | Class R3 | 106722  |
| Class Y | 21739 | 0.256197 | 121749 | Class Y | 5569  |
|  | 23895801 |  | $101213715 |  | 4844561 |

---

The investment portfolio of the Growth Opportunities Fund, with a value of $100,125,254 in investments and a cost basis of $79,491,492 at September 20, 2024, was the principal asset acquired by the Blue Chip Growth Fund.

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 **Notes to Financial Statements (Continued)**<br>

For financial reporting purposes, assets received and shares issued by each of the Diversified Value Fund and the Blue Chip Growth Fund were recorded at fair value; however, the cost basis of the investments received from each of the Fundamental Value Fund and the Growth Opportunities Fund was carried forward to align ongoing reporting of the Diversified Value Fund's and the Blue Chip Growth Fund's realized and unrealized gains and losses with amounts distributable to shareholders for U.S. federal income tax purposes. Immediately prior to the acquisition, the Diversified Value Fund's and the Blue Chip Growth Fund's net assets were $208,518,387 and $2,630,649,590, respectively.

Assuming the acquisitions had been completed on October 1, 2023, the beginning of the annual reporting period of each of the Diversified Value Fund and the Blue Chip Growth Fund, the Diversified Value Fund's and the Blue Chip Growth Fund's pro forma results of operations for the twelve month period ended September 30, 2024, would have been as follows:

---

| | | |
|:---|:---|:---|
|  | **Diversified**<br>**Value Fund** | **Blue Chip**<br>**Growth Fund**  |
| Net investment income (loss) | $10378568 | $(5566456)  |
| Net realized and unrealized gain (loss) on investments | 158976406 | 928143431  |
| Net increase (decrease) in net assets resulting from operations | 169354974 | 922576975 |

---

Because the Fundamental Value Fund, the Diversified Value Fund, the Growth Opportunities Fund, and the Blue Chip Growth Fund continuously sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because each of the combined investment portfolios has been managed as a single integrated portfolio since the acquisitions were completed, it is also not practicable to separate the amounts of revenue and earnings of the Fundamental Value Fund and Growth Opportunities Fund that have been included in the Diversified Value Fund's and the Blue Chip Growth Fund's Statements of Operations since September 23, 2024.

See Note 5. Capital Share Transactions, for the changes in shares outstanding for the Diversified Value Fund and the Blue Chip Growth Fund during the period.

9. Indemnifications

Under the Funds' organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

10. New Accounting Pronouncements

In December 2023, FASB issued Accounting Standards Update 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and allows for early adoption. Management is currently evaluating the impact of applying this update.

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 **Report of Independent Registered Public Accounting Firm**<br>

**To the Board of Trustees of MassMutual Select Funds and Shareholders of MassMutual Diversified Value Fund, MM S&P 500<sup>®</sup> Index Fund, MassMutual Blue Chip Growth Fund, MassMutual Mid Cap Growth Fund, MassMutual Small Cap Growth Equity Fund, and MassMutual Overseas Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of MassMutual Diversified Value Fund, MM S&P 500<sup>®</sup> Index Fund, MassMutual Blue Chip Growth Fund, MassMutual Mid Cap Growth Fund, MassMutual Small Cap Growth Equity Fund, and MassMutual Overseas Fund (the "Funds"), each a fund of MassMutual Select Funds, including the portfolios of investments, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds, as of September 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, brokers, and transfer agents; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 21, 2025

We have served as the auditor of one or more MassMutual investment companies since 1995.

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 **Federal Tax Information (Unaudited)**<br>

For the year ended September 30, 2025, the following Fund(s) earned the following foreign sources of income:

---

| | |
|:---|:---|
|  | **Amount** |
| Overseas Fund | $8234087 |

---

**Dividends Received Deduction** 

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

**Qualified Dividend Income** 

Under Section 854(b)(2) of the Code, the Fund(s) hereby designate the maximum amounts as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended September 30, 2025.

The Fund(s) intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in the Treasury Regulations §1.163(j)-1(b).

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

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**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

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**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Trustees' Approval of Investment Advisory Contracts

At their meetings in May and June 2025, the Contract Committee (the "Committee") and the Trustees, including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the "Independent Trustees"), considered and re-approved the existing advisory and subadvisory agreements (collectively, the "Contracts") for each of the Diversified Value Fund, S&P 500 Index Fund, Blue Chip Growth Fund, Mid Cap Growth Fund, Small Cap Growth Equity Fund, and Overseas Fund, as applicable. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the "Meeting Materials"). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the "Third-Party Report") with respect to each Fund prepared by an independent third-party vendor (the "Third-Party"). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers and each of the subadvisers.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers' ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services. The Committee noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MML Advisers' ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about the subadvisers and their personnel with responsibility for providing services to the Funds, as applicable, and the fees payable to each subadviser by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services.

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund's net advisory fee and total net expense ratio against peer funds; and (ii) the Fund's relative performance (over various time periods against funds in its "category" and a benchmark index). In connection with the Committee's review, MML Advisers provided commentary and analysis regarding each Fund's expenses and performance and a recommendation as to the action to be taken by the Committee. Throughout the discussion, MML Advisers responded to Committee members' questions and provided additional information concerning each Fund.

The Committee reviewed the expense and performance information for each Fund. (References to any performance periods are to periods ended December 31, 2024, except as otherwise noted. In all cases, the comparative expense information is that of a Fund's "peer group" and the comparative performance information is that of a Fund's "performance category.")

The Committee considered that the total net expense ratios for all of the Funds were in the top fifty percent of their peer groups, and in most cases in the top twenty percent. All of the Funds had net advisory fees at or below the medians of their peer groups, or below the 66<sup>th</sup> percentile of their peer groups, except the Overseas Fund. As to the Overseas Fund, the Committee considered MML Advisers' statements that, although the Fund's net advisory fee was in the 82<sup>nd</sup> percentile, the Fund's net advisory fee was within two basis points of the Fund's peer group median, the Fund's total net expense ratio was at the 46<sup>th</sup> percentile, and the Fund had achieved investment performance in the 55<sup>th</sup> percentile compared to its performance category for the three-year period.

The Committee determined on the basis of these factors that the levels of the Funds' net advisory fees, in light of the total net expenses of the Funds generally, were consistent with the continuation of the Contracts.

The Committee considered that all of the Funds achieved three-year investment performance above the medians of their performance categories, or within the top two thirds of their performance categories.

The Committee determined on the basis of these factors and on other factors and information considered by the Committee that the Funds' performance, for the various periods presented were generally consistent with the continuation of the Contracts.

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers' advisory relationship with the various Funds, including: (i) a description of MML Advisers' revenues from the Funds (including advisory fees and administrative

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and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information with respect to each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called "fallout benefits" to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers (including sub-subadvisers, as applicable) due to so-called "soft-dollar arrangements."

Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers' oversight of each Fund and the subadvisory process; (ii) MML Advisers' levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the advisory agreements and each Fund's total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadvisers appear well suited to the Funds, as applicable, given their investment objectives and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MML Advisers has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund's shareholders.

At their meeting in September 2025, the Trustees, including the Independent Trustees, reviewed and approved a proposal to make changes to the existing subadvisory agreement with Massachusetts Financial Services Company ("MFS") for the Overseas Fund (the "Amended Subadvisory Agreement") intended to lower the fees payable under the agreement.

In arriving at their decision, the Trustees discussed the fees payable to MFS by MML Advisers under the Amended Subadvisory Agreement and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers' projected levels of profitability due to the Amended Subadvisory Agreement is not excessive and the subadvisory fee amount under the Amended Subadvisory Agreement is fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

Prior to the vote being taken to approve the Amended Subadvisory Agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The Amended Subadvisory Agreement became effective on October 1, 2025.

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**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)© 2025 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics (Item 2) – Attached.](msf-efp17727_ex99code.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 (17 CFR 240.10D-1) – Not applicable.

[(a)(3) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.](msf-efp17727_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) –Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.](msf-efp17727_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | MassMutual Select Funds |
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>11/21/25</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>11/21/25</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

---

Date <u>11/21/25</u>

## Ex-99.Code

**MassMutual Select Funds**

**MassMutual Premier Funds**

**MassMutual Advantage Funds**

**MML Series Investment Fund**

**MML Series Investment Fund II**

Section 7 – Corporate Governance

**<u>Code of Ethics for Principal Executive and Senior Financial Officers</u>**

This Code of Ethics (the "Code") for Principal Executive and Senior Financial Officers has been adopted by those investment companies identified above (individually, a "Fund" and collectively, the "Funds") to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. The Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers for each Fund is attached as Exhibit A.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purposes of the Code</u> 

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full,
 fair, accurate, timely, and understandable disclosure in reports and documents that the Funds
 file with, or submit to, the Securities and Exchange Commission ("SEC") and in
 other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 prompt internal reporting of violations of this Code to an appropriate person identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability
 for adherence to this Code.

It is acknowledged that, as a result of each Covered Officer being employed by one of the Funds' service providers, each Covered Officer will, in the normal course of his or her duties, be involved in establishing policies and implementing decisions that may have different effects on the Funds and the applicable service provider. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the relationship between each Fund and its service provider and is consistent with the expectations of each Fund's Board of Trustees with respect to the performance by the Covered Officers of their duties as officers of the Funds.

<sup>1</sup> The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as covered persons under the Code of Ethics adopted by the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and, accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a financial officer, controller, accountant or principal executive officer of a Fund, to place the interests of the Fund ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that each Fund's financial statements and reports to shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Fund's business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Prohibitions</u> 

The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest between personal and professional relationships.

No Covered Officer may use information concerning the business and affairs of a Fund (including the investment intentions of a Fund), or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.

No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.

No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ
 any device, scheme or artifice to defraud a Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) intentionally
 cause a Fund to make 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 under
 which they are made, not misleading in its official documents, regulatory filings, financial
 statements or communications to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage
 in any act, practice, or course of business which operates or would operate as a fraud or
 deceit upon any Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage
 in any manipulative practice with respect to any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) intentionally
 cause a Fund to fail to comply with applicable laws, rules and regulations, including failure
 to comply with the requirement of full, fair, accurate, understandable and timely disclosure
 in reports and documents that a Fund files with, or submits to, the SEC and in other public
 communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intentionally
 mislead or omit to provide material information to the Fund's independent auditors
 or to the Board of Trustees or the officers of the Fund or its investment adviser in connection
 with Fund related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) fail
 to notify the Code Administrator (as defined in Section 7 below) promptly if he or she becomes
 aware of any existing or potential violations of this Code or applicable laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) retaliate
 against others for, or otherwise discourage, the reporting of actual or apparent violations
 of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reports of Conflicts of Interests</u> 

If a Covered Officer becomes aware of an actual or apparent conflict of interest under this Code, he or she must immediately report the matter to the Code Administrator. Upon receipt of such report, the Code Administrator will take prompt steps to determine whether an actual conflict of interest exists or appears to exist, and if so, will take steps (if possible) to resolve the conflict or remedy the appearance thereof. If the Code Administrator determines that no actual or apparent conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the affected Fund's Board of Trustees or any committee appointed by the Board to deal with such information.

If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to Massachusetts Mutual Life Insurance Company's ("MassMutual") General Counsel or Chief Compliance & Ethics Officer, who shall take the same action as described above with respect to resolving the matter.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Waivers</u> 

Any Covered Officer requesting a waiver of any provision of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed action:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 prohibited by this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 consistent with honest and ethical conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will
 result in a conflict of interest between the Covered Officer's personal and professional
 obligations to a Fund.

In lieu of determining whether to waive any provision of this Code, the Code Administrator may in his or her discretion refer the matter to the affected Fund's Board of Trustees or any committee appointed by the Board to deal with such information.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reporting Requirements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Covered Officer shall, upon becoming subject to this Code, be presented with a copy of this
 Code by the Code Administrator, and shall certify to the Code Administrator that he or she
 has received, read, understands and shall adhere to this Code. (See Exhibit B.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 least annually, all Covered Officers shall be provided with a copy of the current Code by
 the Code Administrator, and shall certify that they (i) have read and understand the Code
 and shall adhere to the Code, (ii) have complied with the requirements of the Code, (iii)
 have disclosed or reported any violations of this Code to the Code Administrator, and (iv)
 will cooperate fully with any investigation or inquiry as to whether a possible violation
 of the Code has occurred. (See Exhibit C.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 the event that a Covered Officer ceases to be a Principal Executive or Senior Financial Officer
 during a given year, to the extent possible, Compliance will obtain from the former Covered
 Officer a certification that the Covered Officer (i) has read and understands the Code, (ii)
 has complied with the requirements of the Code during the relevant period, (iii) has disclosed
 or reported any violations of the Code to the Code Administrator, and (iv) will cooperate
 fully with any investigation or inquiry as to whether a possible violation of the Code has
 occurred. (See Exhibit D.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Code Administrator shall submit a quarterly report to the Board of Trustees or any committee
 appointed by the Board to deal with such information, containing (i) a description of any
 report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a
 description of any request for a waiver from this Code and the disposition thereof; (iii)
 any violation of the Code that has been reported or found and the sanction imposed; and (iv)
 any other significant information arising in connection with the Code, including any proposed
 amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each
 Covered Officer shall notify the Code Administrator promptly if he or she knows of or has
 a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure
 to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any
 changes to or waivers of this Code, including "implicit" waivers as defined in
 applicable SEC rules, will, to the extent required, be disclosed by the Funds as provided
 by applicable SEC rules.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Sanctions</u> 

Any violations of this Code shall be subject to the imposition of such sanctions by the Adviser or the appropriate affiliate of the Adviser, as may be deemed appropriate under the circumstances to achieve the purpose of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of the Adviser or the appropriate affiliate of the Adviser, and/or removal as an officer of the Fund, in the sole discretion of the Fund's Board of Trustees or any committee appointed by the Board to deal with such matters.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Administration and Construction</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 administration of this Code of Ethics shall be the responsibility of the Code Administrator
 of this Code, acting under the terms of this Code and the oversight of the Board of Trustees
 of the Fund or any committee appointed by the Board to deal with such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Code Administrator shall be the Chief Compliance Officer of the Funds or his or her designee.

<sup>2</sup> An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Code Administrator, MassMutual's General Counsel or Chief Compliance & Ethics Officer, or an executive officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 duties of the Code Administrator will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintaining
 a current list of the names of all Covered Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) furnishing
 all Covered Officers a copy of this Code and initially and periodically informing them of
 their duties and obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintaining
 or supervising the maintenance of all records required by this Code, including records of
 waivers granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issuing
 interpretations of this Code which appear to the Code Administrator to be consistent with
 the objectives of this Code and any applicable laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) conducting
 such inspections or investigations as shall reasonably be required to detect and report any
 violations of this Code, with his or her recommendations to MassMutual's General Counsel
 and Chief Compliance & Ethics Officer and to the Board of Trustees of the affected Fund(s)
 or any committee appointed by them to deal with such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) conducting
 educational training programs as needed to explain and reinforce the terms of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 carrying out the duties and responsibilities described under this Code, the Code Administrator
 may consult with such other persons as the Code Administrator shall deem necessary or desirable,
 including legal counsel to the Trust, legal counsel to the Trustees who are not "interested
 persons," as that term is defined in the Investment Company Act of 1940, as amended
 (the "Disinterested Trustees"), legal counsel to the Trust's investment
 adviser, and the Trust's Chief Legal Officer.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Required Records</u> 

The Code Administrator shall maintain and cause to be maintained in an easily accessible place the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of the Fund in which the applicable event or report occurred):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 copy of any Code which has been in effect during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 copy of each certification pursuant to the Code made by a Covered Officer during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 copy of each report made by the Code Administrator pursuant to this Code during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 list of all Covered Officers who are or have been required to make reports pursuant to this
 Code during the period, plus those person(s) who are or were responsible for reviewing these
 reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 record of any request to waive any requirement of this Code, the decision thereon and the
 reasons supporting the decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a
 record of any report of any conflict of interest or appearance of a conflict of interest
 received by the Code Administrator or discovered by the Code Administrator during the period,
 the decision thereon and the reasons supporting the decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a
 record of any violation of any such Code and of any action taken as a result of such violation,
 during the period.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendments and Modifications</u> 

This Code (other than Exhibits A and E and the names of the Funds identified on the first page that have adopted the Code) may not be amended or modified except by a writing that is approved or ratified by a majority vote of the Board of Trustees and the Disinterested Trustees. The Code Administrator must approve any permitted amendments or modifications not requiring Board of Trustees approval or ratification.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u> 

This Code is for the internal use of the Funds. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise authorized by law or this Code, such matters shall not be disclosed to anyone other than the Trustees and their counsel, Fund counsel, Fund officers, the Funds' Chief Legal Officer, the independent auditors of the Funds, and MassMutual or its counsel, except as such disclosure may be required pursuant to applicable judicial or regulatory process. This provision does not preclude Covered Officers or others from reporting such matters to the Securities and Exchange Commission or other regulatory authorities.

**EXHIBIT A**

**Positions Covered by this Code of Ethics**

<u>The following officers of the Funds</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal
 Executive Officer (President);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal
 Financial Officer (Chief Financial Officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comptroller
 or Principal Accounting Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasurer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assistant
 Treasurer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other
 persons performing similar functions as the Principal Executive Officer, Principal Financial
 Officer, Comptroller, or Principal Accounting Officer

**EXHIBIT B**

**INITIAL CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal <br> Executive and Senior Financial Officers of the Funds (the "Code") and will adhere to the Code's requirements.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

---

| |
|:---|
| Signature (may be electronic) |
| Date |

---

**EXHIBIT C**

**ANNUAL CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and will adhere to the Code's requirements.

I certify that I have complied with the requirements of the Code and have disclosed or reported any violations of the Code to the Code Administrator during the prior year.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

---

| |
|:---|
| Signature (may be electronic) |
| Date |

---

**EXHIBIT D**

**PARTIAL YEAR CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers (the "Code").

I certify that I have complied with the requirements of the Code and have disclosed or reported any violations of the Code to the Code Administrator during the current year, up to and including the date on which I ceased to be a Covered Officer.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

---

| |
|:---|
| Signature (may be electronic) |
| Date |

---

**EXHIBIT E**

**ADOPTION AND AMENDMENT DATES for Code of Ethics for Principal**

**Executive and Senior Financial Officers of the Funds**

<u>THE MASSMUTUAL SELECT FUNDS</u>

Adopted November 3, 2003, Amended May 13, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MASSMUTUAL PREMIER FUNDS</u>

Adopted December 12, 2003, Amended November 1, 2004, Amended May 21, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MML SERIES INVESTMENT FUND</u>

Adopted November 3, 2003, Amended May 13, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MML SERIES INVESTMENT FUND II</u>

Adopted April 27, 2005, Amended May 21, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MASSMUTUAL ADVANTAGE FUNDS</u>

Adopted September 29, 2021, Amended September 27, 2022.

## Ex-99.Cert

**<u>EX-99.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Douglas Steele, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Select Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/21/25 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Select Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/21/25 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**<u>EX-99.906.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Select Funds(the "Trust") on Form N-CSR for the period ending September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 11/21/25 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Select Funds(the "Trust") on Form N-CSR for the period ending September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 11/21/25 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.