# EDGAR Filing Document

**Accession Number:** 0000927972
**File Stem:** 0001133228-25-006135
**Filing Date:** 2025-6
**Character Count:** 890452
**Document Hash:** 855c94eff79060dacaeae4c53d319373
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006135.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001133228-25-006135

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 103

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSMUTUAL PREMIER FUNDS
- **CENTRAL INDEX KEY:** 0000927972

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08690
- **FILM NUMBER:** 251029408

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-03-24ITGN_MassMutualUSGovernmentMoneyMarketFund_ClassR5_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number | 811-08690 |
| MASSMUTUAL PREMIER FUNDS | MASSMUTUAL PREMIER 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>03/31/2025</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 U.S. Government Money Market Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MKSXX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual U.S. Government Money Market Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | 0.52% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $299.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 21 |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Discount Notes  | 52.2% |
|  U.S. Treasury Bills  | 38.9% |
|  Repurchase Agreement  | 8.9% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGN1

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MIPZX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Inflation-Protected and Income Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $25 | 0.49% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $220.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 158 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 45.8% |
|  Commercial Paper  | 24.5% |
|  U.S. Treasury Obligations  | 20.7% |
|  U.S. Government Agency Obligations and Instrumentalities  | 5.5% |
|  Repurchase Agreement  | 3.5% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGU6

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MIPSX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Inflation-Protected and Income Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $30 | 0.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $220.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 158 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 45.8% |
|  Commercial Paper  | 24.5% |
|  U.S. Treasury Obligations  | 20.7% |
|  U.S. Government Agency Obligations and Instrumentalities  | 5.5% |
|  Repurchase Agreement  | 3.5% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGU1

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| MIPYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Inflation-Protected and Income Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $35 | 0.69% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $220.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 158 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 45.8% |
|  Commercial Paper  | 24.5% |
|  U.S. Treasury Obligations  | 20.7% |
|  U.S. Government Agency Obligations and Instrumentalities  | 5.5% |
|  Repurchase Agreement  | 3.5% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGU3

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MIPLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Inflation-Protected and Income Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $40 | 0.79% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $220.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 158 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 45.8% |
|  Commercial Paper  | 24.5% |
|  U.S. Treasury Obligations  | 20.7% |
|  U.S. Government Agency Obligations and Instrumentalities  | 5.5% |
|  Repurchase Agreement  | 3.5% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGU4

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MIPRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Inflation-Protected and Income Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $47 | 0.94% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $220.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 158 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 45.8% |
|  Commercial Paper  | 24.5% |
|  U.S. Treasury Obligations  | 20.7% |
|  U.S. Government Agency Obligations and Instrumentalities  | 5.5% |
|  Repurchase Agreement  | 3.5% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGUK

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MPSAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Inflation-Protected and Income Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $50 | 0.99% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $220.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 158 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 45.8% |
|  Commercial Paper  | 24.5% |
|  U.S. Treasury Obligations  | 20.7% |
|  U.S. Government Agency Obligations and Instrumentalities  | 5.5% |
|  Repurchase Agreement  | 3.5% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGU2

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MIPNX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Inflation-Protected and Income Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $60 | 1.19% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $220.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 158 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 45.8% |
|  Commercial Paper  | 24.5% |
|  U.S. Treasury Obligations  | 20.7% |
|  U.S. Government Agency Obligations and Instrumentalities  | 5.5% |
|  Repurchase Agreement  | 3.5% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGU5

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMODX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Inflation-Protected and Income Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $30 | 0.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $220.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 158 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 45.8% |
|  Commercial Paper  | 24.5% |
|  U.S. Treasury Obligations  | 20.7% |
|  U.S. Government Agency Obligations and Instrumentalities  | 5.5% |
|  Repurchase Agreement  | 3.5% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGUY

------

---

| | |
|:---|:---|
| **MassMutual Core Bond Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MCZZX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Core Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $20 | 0.40% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $798.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 368 |
| **Portfolio Turnover Rate** | 116% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.5% |
|  Non-U.S. Government Agency Obligations  | 21.5% |
|  U.S. Treasury Obligations  | 5.7% |
|  Investment of Cash Collateral from Securities Loaned  | 1.4% |
|  Commercial Paper  | 1.1% |
|  Repurchase Agreement  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGM6

------

---

| | |
|:---|:---|
| **MassMutual Core Bond Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MCBDX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Core Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $24 | 0.49% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $798.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 368 |
| **Portfolio Turnover Rate** | 116% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.5% |
|  Non-U.S. Government Agency Obligations  | 21.5% |
|  U.S. Treasury Obligations  | 5.7% |
|  Investment of Cash Collateral from Securities Loaned  | 1.4% |
|  Commercial Paper  | 1.1% |
|  Repurchase Agreement  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGM1

------

---

| | |
|:---|:---|
| **MassMutual Core Bond Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| MCBYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Core Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $29 | 0.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $798.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 368 |
| **Portfolio Turnover Rate** | 116% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.5% |
|  Non-U.S. Government Agency Obligations  | 21.5% |
|  U.S. Treasury Obligations  | 5.7% |
|  Investment of Cash Collateral from Securities Loaned  | 1.4% |
|  Commercial Paper  | 1.1% |
|  Repurchase Agreement  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGM3

------

---

| | |
|:---|:---|
| **MassMutual Core Bond Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MCBLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Core Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $35 | 0.70% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $798.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 368 |
| **Portfolio Turnover Rate** | 116% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.5% |
|  Non-U.S. Government Agency Obligations  | 21.5% |
|  U.S. Treasury Obligations  | 5.7% |
|  Investment of Cash Collateral from Securities Loaned  | 1.4% |
|  Commercial Paper  | 1.1% |
|  Repurchase Agreement  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGM4

------

---

| | |
|:---|:---|
| **MassMutual Core Bond Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MCZRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Core Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $42 | 0.85% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $798.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 368 |
| **Portfolio Turnover Rate** | 116% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.5% |
|  Non-U.S. Government Agency Obligations  | 21.5% |
|  U.S. Treasury Obligations  | 5.7% |
|  Investment of Cash Collateral from Securities Loaned  | 1.4% |
|  Commercial Paper  | 1.1% |
|  Repurchase Agreement  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGMK

------

---

| | |
|:---|:---|
| **MassMutual Core Bond Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MMCBX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Core Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $44 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $798.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 368 |
| **Portfolio Turnover Rate** | 116% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.5% |
|  Non-U.S. Government Agency Obligations  | 21.5% |
|  U.S. Treasury Obligations  | 5.7% |
|  Investment of Cash Collateral from Securities Loaned  | 1.4% |
|  Commercial Paper  | 1.1% |
|  Repurchase Agreement  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGM2

------

---

| | |
|:---|:---|
| **MassMutual Core Bond Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MCBNX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Core Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $54 | 1.09% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $798.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 368 |
| **Portfolio Turnover Rate** | 116% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.5% |
|  Non-U.S. Government Agency Obligations  | 21.5% |
|  U.S. Treasury Obligations  | 5.7% |
|  Investment of Cash Collateral from Securities Loaned  | 1.4% |
|  Commercial Paper  | 1.1% |
|  Repurchase Agreement  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGM5

------

---

| | |
|:---|:---|
| **MassMutual Core Bond Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMNWX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Core Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $24 | 0.49% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $798.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 368 |
| **Portfolio Turnover Rate** | 116% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 30.5% |
|  Non-U.S. Government Agency Obligations  | 21.5% |
|  U.S. Treasury Obligations  | 5.7% |
|  Investment of Cash Collateral from Securities Loaned  | 1.4% |
|  Commercial Paper  | 1.1% |
|  Repurchase Agreement  | 0.4% |
|  Sovereign Debt Obligations  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGMY

------

---

| | |
|:---|:---|
| **MassMutual Diversified Bond Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MDBZX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $30 | 0.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $74.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 313 |
| **Portfolio Turnover Rate** | 193% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 39.9% |
|  Corporate Debt  | 26.7% |
|  Non-U.S. Government Agency Obligations  | 14.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 13.3% |
|  Repurchase Agreement  | 3.5% |
|  Investment of Cash Collateral from Securities Loaned  | 2.2% |
|  Sovereign Debt Obligations  | 0.1% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 81.5% |
|  Cayman Islands  | 5.7% |
|  Canada  | 1.6% |
|  United Kingdom  | 1.5% |
|  France  | 0.8% |
|  Germany  | 0.8% |
|  Ireland  | 0.4% |
|  Netherlands  | 0.4% |
|  Bermuda  | 0.3% |
|  South Africa  | 0.3% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGL6

------

---

| | |
|:---|:---|
| **MassMutual Diversified Bond Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MDBSX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $35 | 0.69% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $74.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 313 |
| **Portfolio Turnover Rate** | 193% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 39.9% |
|  Corporate Debt  | 26.7% |
|  Non-U.S. Government Agency Obligations  | 14.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 13.3% |
|  Repurchase Agreement  | 3.5% |
|  Investment of Cash Collateral from Securities Loaned  | 2.2% |
|  Sovereign Debt Obligations  | 0.1% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 81.5% |
|  Cayman Islands  | 5.7% |
|  Canada  | 1.6% |
|  United Kingdom  | 1.5% |
|  France  | 0.8% |
|  Germany  | 0.8% |
|  Ireland  | 0.4% |
|  Netherlands  | 0.4% |
|  Bermuda  | 0.3% |
|  South Africa  | 0.3% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGL1

------

---

| | |
|:---|:---|
| **MassMutual Diversified Bond Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| MDBYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $40 | 0.79% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $74.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 313 |
| **Portfolio Turnover Rate** | 193% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 39.9% |
|  Corporate Debt  | 26.7% |
|  Non-U.S. Government Agency Obligations  | 14.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 13.3% |
|  Repurchase Agreement  | 3.5% |
|  Investment of Cash Collateral from Securities Loaned  | 2.2% |
|  Sovereign Debt Obligations  | 0.1% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 81.5% |
|  Cayman Islands  | 5.7% |
|  Canada  | 1.6% |
|  United Kingdom  | 1.5% |
|  France  | 0.8% |
|  Germany  | 0.8% |
|  Ireland  | 0.4% |
|  Netherlands  | 0.4% |
|  Bermuda  | 0.3% |
|  South Africa  | 0.3% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGL3

------

---

| | |
|:---|:---|
| **MassMutual Diversified Bond Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MDBLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $45 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $74.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 313 |
| **Portfolio Turnover Rate** | 193% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 39.9% |
|  Corporate Debt  | 26.7% |
|  Non-U.S. Government Agency Obligations  | 14.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 13.3% |
|  Repurchase Agreement  | 3.5% |
|  Investment of Cash Collateral from Securities Loaned  | 2.2% |
|  Sovereign Debt Obligations  | 0.1% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 81.5% |
|  Cayman Islands  | 5.7% |
|  Canada  | 1.6% |
|  United Kingdom  | 1.5% |
|  France  | 0.8% |
|  Germany  | 0.8% |
|  Ireland  | 0.4% |
|  Netherlands  | 0.4% |
|  Bermuda  | 0.3% |
|  South Africa  | 0.3% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGL4

------

---

| | |
|:---|:---|
| **MassMutual Diversified Bond Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MDBFX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $52 | 1.04% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $74.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 313 |
| **Portfolio Turnover Rate** | 193% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 39.9% |
|  Corporate Debt  | 26.7% |
|  Non-U.S. Government Agency Obligations  | 14.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 13.3% |
|  Repurchase Agreement  | 3.5% |
|  Investment of Cash Collateral from Securities Loaned  | 2.2% |
|  Sovereign Debt Obligations  | 0.1% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 81.5% |
|  Cayman Islands  | 5.7% |
|  Canada  | 1.6% |
|  United Kingdom  | 1.5% |
|  France  | 0.8% |
|  Germany  | 0.8% |
|  Ireland  | 0.4% |
|  Netherlands  | 0.4% |
|  Bermuda  | 0.3% |
|  South Africa  | 0.3% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGLK

------

---

| | |
|:---|:---|
| **MassMutual Diversified Bond Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MDVAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $54 | 1.09% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $74.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 313 |
| **Portfolio Turnover Rate** | 193% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 39.9% |
|  Corporate Debt  | 26.7% |
|  Non-U.S. Government Agency Obligations  | 14.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 13.3% |
|  Repurchase Agreement  | 3.5% |
|  Investment of Cash Collateral from Securities Loaned  | 2.2% |
|  Sovereign Debt Obligations  | 0.1% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 81.5% |
|  Cayman Islands  | 5.7% |
|  Canada  | 1.6% |
|  United Kingdom  | 1.5% |
|  France  | 0.8% |
|  Germany  | 0.8% |
|  Ireland  | 0.4% |
|  Netherlands  | 0.4% |
|  Bermuda  | 0.3% |
|  South Africa  | 0.3% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGL2

------

---

| | |
|:---|:---|
| **MassMutual Diversified Bond Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MDBRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $64 | 1.29% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $74.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 313 |
| **Portfolio Turnover Rate** | 193% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 39.9% |
|  Corporate Debt  | 26.7% |
|  Non-U.S. Government Agency Obligations  | 14.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 13.3% |
|  Repurchase Agreement  | 3.5% |
|  Investment of Cash Collateral from Securities Loaned  | 2.2% |
|  Sovereign Debt Obligations  | 0.1% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 81.5% |
|  Cayman Islands  | 5.7% |
|  Canada  | 1.6% |
|  United Kingdom  | 1.5% |
|  France  | 0.8% |
|  Germany  | 0.8% |
|  Ireland  | 0.4% |
|  Netherlands  | 0.4% |
|  Bermuda  | 0.3% |
|  South Africa  | 0.3% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGLJ

------

---

| | |
|:---|:---|
| **MassMutual Diversified Bond Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMOBX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $35 | 0.69% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $74.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 313 |
| **Portfolio Turnover Rate** | 193% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Treasury Obligations  | 39.9% |
|  Corporate Debt  | 26.7% |
|  Non-U.S. Government Agency Obligations  | 14.3% |
|  U.S. Government Agency Obligations and Instrumentalities  | 13.3% |
|  Repurchase Agreement  | 3.5% |
|  Investment of Cash Collateral from Securities Loaned  | 2.2% |
|  Sovereign Debt Obligations  | 0.1% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 81.5% |
|  Cayman Islands  | 5.7% |
|  Canada  | 1.6% |
|  United Kingdom  | 1.5% |
|  France  | 0.8% |
|  Germany  | 0.8% |
|  Ireland  | 0.4% |
|  Netherlands  | 0.4% |
|  Bermuda  | 0.3% |
|  South Africa  | 0.3% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGLY

------

---

| | |
|:---|:---|
| **MassMutual Balanced Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MBBIX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $41 | 0.83% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $90.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 4.5% |
|  Microsoft Corp.  | 3.7% |
|  NVIDIA Corp.  | 3.4% |
|  Visa, Inc. Class A  | 1.5% |
|  U.S. Treasury Notes, 3.875%, due 03/15/28  | 1.4% |
|  Federal National Mortgage Association, 2.000%, due 10/01/51  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 02/15/35  | 1.3% |
|  Uniform Mortgage-Backed Security, TBA, 6.000%, due 04/01/55  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 09/30/30  | 1.3% |
|  Procter & Gamble Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Common Stock  | 62.2% |
|  Corporate Debt  | 11.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 11.1% |
|  U.S. Treasury Obligations  | 10.0% |
|  Non-U.S. Government Agency Obligations  | 3.7% |
|  Repurchase Agreement  | 1.7% |
|  U.S. Treasury Bills  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGCI

------

---

| | |
|:---|:---|
| **MassMutual Balanced Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MBLDX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $46 | 0.93% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $90.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 4.5% |
|  Microsoft Corp.  | 3.7% |
|  NVIDIA Corp.  | 3.4% |
|  Visa, Inc. Class A  | 1.5% |
|  U.S. Treasury Notes, 3.875%, due 03/15/28  | 1.4% |
|  Federal National Mortgage Association, 2.000%, due 10/01/51  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 02/15/35  | 1.3% |
|  Uniform Mortgage-Backed Security, TBA, 6.000%, due 04/01/55  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 09/30/30  | 1.3% |
|  Procter & Gamble Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Common Stock  | 62.2% |
|  Corporate Debt  | 11.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 11.1% |
|  U.S. Treasury Obligations  | 10.0% |
|  Non-U.S. Government Agency Obligations  | 3.7% |
|  Repurchase Agreement  | 1.7% |
|  U.S. Treasury Bills  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGC1

------

---

| | |
|:---|:---|
| **MassMutual Balanced Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| MBAYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $51 | 1.03% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $90.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 4.5% |
|  Microsoft Corp.  | 3.7% |
|  NVIDIA Corp.  | 3.4% |
|  Visa, Inc. Class A  | 1.5% |
|  U.S. Treasury Notes, 3.875%, due 03/15/28  | 1.4% |
|  Federal National Mortgage Association, 2.000%, due 10/01/51  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 02/15/35  | 1.3% |
|  Uniform Mortgage-Backed Security, TBA, 6.000%, due 04/01/55  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 09/30/30  | 1.3% |
|  Procter & Gamble Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Common Stock  | 62.2% |
|  Corporate Debt  | 11.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 11.1% |
|  U.S. Treasury Obligations  | 10.0% |
|  Non-U.S. Government Agency Obligations  | 3.7% |
|  Repurchase Agreement  | 1.7% |
|  U.S. Treasury Bills  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGC3

------

---

| | |
|:---|:---|
| **MassMutual Balanced Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MMBLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $56 | 1.13% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $90.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 4.5% |
|  Microsoft Corp.  | 3.7% |
|  NVIDIA Corp.  | 3.4% |
|  Visa, Inc. Class A  | 1.5% |
|  U.S. Treasury Notes, 3.875%, due 03/15/28  | 1.4% |
|  Federal National Mortgage Association, 2.000%, due 10/01/51  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 02/15/35  | 1.3% |
|  Uniform Mortgage-Backed Security, TBA, 6.000%, due 04/01/55  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 09/30/30  | 1.3% |
|  Procter & Gamble Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Common Stock  | 62.2% |
|  Corporate Debt  | 11.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 11.1% |
|  U.S. Treasury Obligations  | 10.0% |
|  Non-U.S. Government Agency Obligations  | 3.7% |
|  Repurchase Agreement  | 1.7% |
|  U.S. Treasury Bills  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGC4

------

---

| | |
|:---|:---|
| **MassMutual Balanced Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MBBRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $63 | 1.28% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $90.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 4.5% |
|  Microsoft Corp.  | 3.7% |
|  NVIDIA Corp.  | 3.4% |
|  Visa, Inc. Class A  | 1.5% |
|  U.S. Treasury Notes, 3.875%, due 03/15/28  | 1.4% |
|  Federal National Mortgage Association, 2.000%, due 10/01/51  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 02/15/35  | 1.3% |
|  Uniform Mortgage-Backed Security, TBA, 6.000%, due 04/01/55  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 09/30/30  | 1.3% |
|  Procter & Gamble Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Common Stock  | 62.2% |
|  Corporate Debt  | 11.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 11.1% |
|  U.S. Treasury Obligations  | 10.0% |
|  Non-U.S. Government Agency Obligations  | 3.7% |
|  Repurchase Agreement  | 1.7% |
|  U.S. Treasury Bills  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGCK

------

---

| | |
|:---|:---|
| **MassMutual Balanced Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MMBDX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $66 | 1.33% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $90.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 4.5% |
|  Microsoft Corp.  | 3.7% |
|  NVIDIA Corp.  | 3.4% |
|  Visa, Inc. Class A  | 1.5% |
|  U.S. Treasury Notes, 3.875%, due 03/15/28  | 1.4% |
|  Federal National Mortgage Association, 2.000%, due 10/01/51  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 02/15/35  | 1.3% |
|  Uniform Mortgage-Backed Security, TBA, 6.000%, due 04/01/55  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 09/30/30  | 1.3% |
|  Procter & Gamble Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Common Stock  | 62.2% |
|  Corporate Debt  | 11.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 11.1% |
|  U.S. Treasury Obligations  | 10.0% |
|  Non-U.S. Government Agency Obligations  | 3.7% |
|  Repurchase Agreement  | 1.7% |
|  U.S. Treasury Bills  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGC2

------

---

| | |
|:---|:---|
| **MassMutual Balanced Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MMBRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $75 | 1.53% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $90.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 4.5% |
|  Microsoft Corp.  | 3.7% |
|  NVIDIA Corp.  | 3.4% |
|  Visa, Inc. Class A  | 1.5% |
|  U.S. Treasury Notes, 3.875%, due 03/15/28  | 1.4% |
|  Federal National Mortgage Association, 2.000%, due 10/01/51  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 02/15/35  | 1.3% |
|  Uniform Mortgage-Backed Security, TBA, 6.000%, due 04/01/55  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 09/30/30  | 1.3% |
|  Procter & Gamble Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Common Stock  | 62.2% |
|  Corporate Debt  | 11.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 11.1% |
|  U.S. Treasury Obligations  | 10.0% |
|  Non-U.S. Government Agency Obligations  | 3.7% |
|  Repurchase Agreement  | 1.7% |
|  U.S. Treasury Bills  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGCJ

------

---

| | |
|:---|:---|
| **MassMutual Balanced Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMNVX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $46 | 0.93% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $90.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 526 |
| **Portfolio Turnover Rate** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 4.5% |
|  Microsoft Corp.  | 3.7% |
|  NVIDIA Corp.  | 3.4% |
|  Visa, Inc. Class A  | 1.5% |
|  U.S. Treasury Notes, 3.875%, due 03/15/28  | 1.4% |
|  Federal National Mortgage Association, 2.000%, due 10/01/51  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 02/15/35  | 1.3% |
|  Uniform Mortgage-Backed Security, TBA, 6.000%, due 04/01/55  | 1.3% |
|  U.S. Treasury Notes, 4.625%, due 09/30/30  | 1.3% |
|  Procter & Gamble Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Common Stock  | 62.2% |
|  Corporate Debt  | 11.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 11.1% |
|  U.S. Treasury Obligations  | 10.0% |
|  Non-U.S. Government Agency Obligations  | 3.7% |
|  Repurchase Agreement  | 1.7% |
|  U.S. Treasury Bills  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGCY

------

---

| | |
|:---|:---|
| **MassMutual Disciplined Growth Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MPDIX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Disciplined Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $29 | 0.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $176.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 85 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 11.8% |
|  Microsoft Corp.  | 10.4% |
|  NVIDIA Corp.  | 10.3% |
|  Amazon.com, Inc.  | 7.0% |
|  Meta Platforms, Inc. Class A  | 4.7% |
|  Alphabet, Inc. Class A  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Visa, Inc. Class A  | 3.4% |
|  Alphabet, Inc. Class C  | 3.4% |
|  Eli Lilly & Co.  | 2.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 44.8% |
|  Communication Services  | 13.6% |
|  Consumer Discretionary  | 13.2% |
|  Financials  | 10.9% |
|  Health Care  | 8.9% |
|  Industrials  | 4.3% |
|  Consumer Staples  | 3.1% |
|  Materials  | 0.1% |
|  Utilities  | 0.1% |
|  Energy  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITJQI

------

---

| | |
|:---|:---|
| **MassMutual Disciplined Growth Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MPGSX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Disciplined Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $34 | 0.69% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $176.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 85 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 11.8% |
|  Microsoft Corp.  | 10.4% |
|  NVIDIA Corp.  | 10.3% |
|  Amazon.com, Inc.  | 7.0% |
|  Meta Platforms, Inc. Class A  | 4.7% |
|  Alphabet, Inc. Class A  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Visa, Inc. Class A  | 3.4% |
|  Alphabet, Inc. Class C  | 3.4% |
|  Eli Lilly & Co.  | 2.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 44.8% |
|  Communication Services  | 13.6% |
|  Consumer Discretionary  | 13.2% |
|  Financials  | 10.9% |
|  Health Care  | 8.9% |
|  Industrials  | 4.3% |
|  Consumer Staples  | 3.1% |
|  Materials  | 0.1% |
|  Utilities  | 0.1% |
|  Energy  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITJQ1

------

---

| | |
|:---|:---|
| **MassMutual Disciplined Growth Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| DEIGX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Disciplined Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $39 | 0.79% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $176.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 85 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 11.8% |
|  Microsoft Corp.  | 10.4% |
|  NVIDIA Corp.  | 10.3% |
|  Amazon.com, Inc.  | 7.0% |
|  Meta Platforms, Inc. Class A  | 4.7% |
|  Alphabet, Inc. Class A  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Visa, Inc. Class A  | 3.4% |
|  Alphabet, Inc. Class C  | 3.4% |
|  Eli Lilly & Co.  | 2.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 44.8% |
|  Communication Services  | 13.6% |
|  Consumer Discretionary  | 13.2% |
|  Financials  | 10.9% |
|  Health Care  | 8.9% |
|  Industrials  | 4.3% |
|  Consumer Staples  | 3.1% |
|  Materials  | 0.1% |
|  Utilities  | 0.1% |
|  Energy  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITJQ3

------

---

| | |
|:---|:---|
| **MassMutual Disciplined Growth Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MPGLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Disciplined Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $43 | 0.88% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $176.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 85 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 11.8% |
|  Microsoft Corp.  | 10.4% |
|  NVIDIA Corp.  | 10.3% |
|  Amazon.com, Inc.  | 7.0% |
|  Meta Platforms, Inc. Class A  | 4.7% |
|  Alphabet, Inc. Class A  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Visa, Inc. Class A  | 3.4% |
|  Alphabet, Inc. Class C  | 3.4% |
|  Eli Lilly & Co.  | 2.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 44.8% |
|  Communication Services  | 13.6% |
|  Consumer Discretionary  | 13.2% |
|  Financials  | 10.9% |
|  Health Care  | 8.9% |
|  Industrials  | 4.3% |
|  Consumer Staples  | 3.1% |
|  Materials  | 0.1% |
|  Utilities  | 0.1% |
|  Energy  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITJQ4

------

---

| | |
|:---|:---|
| **MassMutual Disciplined Growth Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MPDGX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Disciplined Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $51 | 1.04% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $176.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 85 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 11.8% |
|  Microsoft Corp.  | 10.4% |
|  NVIDIA Corp.  | 10.3% |
|  Amazon.com, Inc.  | 7.0% |
|  Meta Platforms, Inc. Class A  | 4.7% |
|  Alphabet, Inc. Class A  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Visa, Inc. Class A  | 3.4% |
|  Alphabet, Inc. Class C  | 3.4% |
|  Eli Lilly & Co.  | 2.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 44.8% |
|  Communication Services  | 13.6% |
|  Consumer Discretionary  | 13.2% |
|  Financials  | 10.9% |
|  Health Care  | 8.9% |
|  Industrials  | 4.3% |
|  Consumer Staples  | 3.1% |
|  Materials  | 0.1% |
|  Utilities  | 0.1% |
|  Energy  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITJQK

------

---

| | |
|:---|:---|
| **MassMutual Disciplined Growth Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MPGAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Disciplined Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $53 | 1.09% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $176.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 85 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 11.8% |
|  Microsoft Corp.  | 10.4% |
|  NVIDIA Corp.  | 10.3% |
|  Amazon.com, Inc.  | 7.0% |
|  Meta Platforms, Inc. Class A  | 4.7% |
|  Alphabet, Inc. Class A  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Visa, Inc. Class A  | 3.4% |
|  Alphabet, Inc. Class C  | 3.4% |
|  Eli Lilly & Co.  | 2.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 44.8% |
|  Communication Services  | 13.6% |
|  Consumer Discretionary  | 13.2% |
|  Financials  | 10.9% |
|  Health Care  | 8.9% |
|  Industrials  | 4.3% |
|  Consumer Staples  | 3.1% |
|  Materials  | 0.1% |
|  Utilities  | 0.1% |
|  Energy  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITJQ2

------

---

| | |
|:---|:---|
| **MassMutual Disciplined Growth Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MPDRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Disciplined Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $63 | 1.29% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $176.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 85 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 11.8% |
|  Microsoft Corp.  | 10.4% |
|  NVIDIA Corp.  | 10.3% |
|  Amazon.com, Inc.  | 7.0% |
|  Meta Platforms, Inc. Class A  | 4.7% |
|  Alphabet, Inc. Class A  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Visa, Inc. Class A  | 3.4% |
|  Alphabet, Inc. Class C  | 3.4% |
|  Eli Lilly & Co.  | 2.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 44.8% |
|  Communication Services  | 13.6% |
|  Consumer Discretionary  | 13.2% |
|  Financials  | 10.9% |
|  Health Care  | 8.9% |
|  Industrials  | 4.3% |
|  Consumer Staples  | 3.1% |
|  Materials  | 0.1% |
|  Utilities  | 0.1% |
|  Energy  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITJQJ

------

---

| | |
|:---|:---|
| **MassMutual Disciplined Growth Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMNYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Disciplined Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $34 | 0.69% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $176.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 85 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 11.8% |
|  Microsoft Corp.  | 10.4% |
|  NVIDIA Corp.  | 10.3% |
|  Amazon.com, Inc.  | 7.0% |
|  Meta Platforms, Inc. Class A  | 4.7% |
|  Alphabet, Inc. Class A  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Visa, Inc. Class A  | 3.4% |
|  Alphabet, Inc. Class C  | 3.4% |
|  Eli Lilly & Co.  | 2.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 44.8% |
|  Communication Services  | 13.6% |
|  Consumer Discretionary  | 13.2% |
|  Financials  | 10.9% |
|  Health Care  | 8.9% |
|  Industrials  | 4.3% |
|  Consumer Staples  | 3.1% |
|  Materials  | 0.1% |
|  Utilities  | 0.1% |
|  Energy  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITJQY

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MSOOX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $31 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $406.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  ADMA Biologics, Inc.  | 2.1% |
|  AutoNation, Inc.  | 1.9% |
|  Wintrust Financial Corp.  | 1.8% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.7% |
|  PennyMac Financial Services, Inc.  | 1.7% |
|  Itron, Inc.  | 1.7% |
|  Korn Ferry  | 1.7% |
|  Esab Corp.  | 1.7% |
|  Northern Oil & Gas, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 20.8% |
|  Financials  | 19.0% |
|  Health Care  | 14.8% |
|  Information Technology  | 13.8% |
|  Consumer Discretionary  | 9.5% |
|  Real Estate  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.8% |
|  Utilities  | 2.4% |
|  Consumer Staples  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGEI

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MSCDX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $36 | 0.74% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $406.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  ADMA Biologics, Inc.  | 2.1% |
|  AutoNation, Inc.  | 1.9% |
|  Wintrust Financial Corp.  | 1.8% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.7% |
|  PennyMac Financial Services, Inc.  | 1.7% |
|  Itron, Inc.  | 1.7% |
|  Korn Ferry  | 1.7% |
|  Esab Corp.  | 1.7% |
|  Northern Oil & Gas, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 20.8% |
|  Financials  | 19.0% |
|  Health Care  | 14.8% |
|  Information Technology  | 13.8% |
|  Consumer Discretionary  | 9.5% |
|  Real Estate  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.8% |
|  Utilities  | 2.4% |
|  Consumer Staples  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGE1

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| MSVYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $41 | 0.84% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $406.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  ADMA Biologics, Inc.  | 2.1% |
|  AutoNation, Inc.  | 1.9% |
|  Wintrust Financial Corp.  | 1.8% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.7% |
|  PennyMac Financial Services, Inc.  | 1.7% |
|  Itron, Inc.  | 1.7% |
|  Korn Ferry  | 1.7% |
|  Esab Corp.  | 1.7% |
|  Northern Oil & Gas, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 20.8% |
|  Financials  | 19.0% |
|  Health Care  | 14.8% |
|  Information Technology  | 13.8% |
|  Consumer Discretionary  | 9.5% |
|  Real Estate  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.8% |
|  Utilities  | 2.4% |
|  Consumer Staples  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGE3

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MSCLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $45 | 0.94% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $406.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  ADMA Biologics, Inc.  | 2.1% |
|  AutoNation, Inc.  | 1.9% |
|  Wintrust Financial Corp.  | 1.8% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.7% |
|  PennyMac Financial Services, Inc.  | 1.7% |
|  Itron, Inc.  | 1.7% |
|  Korn Ferry  | 1.7% |
|  Esab Corp.  | 1.7% |
|  Northern Oil & Gas, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 20.8% |
|  Financials  | 19.0% |
|  Health Care  | 14.8% |
|  Information Technology  | 13.8% |
|  Consumer Discretionary  | 9.5% |
|  Real Estate  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.8% |
|  Utilities  | 2.4% |
|  Consumer Staples  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGE4

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MOORX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $53 | 1.09% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $406.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  ADMA Biologics, Inc.  | 2.1% |
|  AutoNation, Inc.  | 1.9% |
|  Wintrust Financial Corp.  | 1.8% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.7% |
|  PennyMac Financial Services, Inc.  | 1.7% |
|  Itron, Inc.  | 1.7% |
|  Korn Ferry  | 1.7% |
|  Esab Corp.  | 1.7% |
|  Northern Oil & Gas, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 20.8% |
|  Financials  | 19.0% |
|  Health Care  | 14.8% |
|  Information Technology  | 13.8% |
|  Consumer Discretionary  | 9.5% |
|  Real Estate  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.8% |
|  Utilities  | 2.4% |
|  Consumer Staples  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGEK

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](i202407090944511.jpg) |
| Class A \| DLBMX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $55 | 1.14% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $406.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  ADMA Biologics, Inc.  | 2.1% |
|  AutoNation, Inc.  | 1.9% |
|  Wintrust Financial Corp.  | 1.8% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.7% |
|  PennyMac Financial Services, Inc.  | 1.7% |
|  Itron, Inc.  | 1.7% |
|  Korn Ferry  | 1.7% |
|  Esab Corp.  | 1.7% |
|  Northern Oil & Gas, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 20.8% |
|  Financials  | 19.0% |
|  Health Care  | 14.8% |
|  Information Technology  | 13.8% |
|  Consumer Discretionary  | 9.5% |
|  Real Estate  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.8% |
|  Utilities  | 2.4% |
|  Consumer Staples  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGE2

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MCCRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $65 | 1.34% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $406.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  ADMA Biologics, Inc.  | 2.1% |
|  AutoNation, Inc.  | 1.9% |
|  Wintrust Financial Corp.  | 1.8% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.7% |
|  PennyMac Financial Services, Inc.  | 1.7% |
|  Itron, Inc.  | 1.7% |
|  Korn Ferry  | 1.7% |
|  Esab Corp.  | 1.7% |
|  Northern Oil & Gas, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 20.8% |
|  Financials  | 19.0% |
|  Health Care  | 14.8% |
|  Information Technology  | 13.8% |
|  Consumer Discretionary  | 9.5% |
|  Real Estate  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.8% |
|  Utilities  | 2.4% |
|  Consumer Staples  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGEJ

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMOGX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $36 | 0.74% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $406.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  ADMA Biologics, Inc.  | 2.1% |
|  AutoNation, Inc.  | 1.9% |
|  Wintrust Financial Corp.  | 1.8% |
|  Casella Waste Systems, Inc. Class A  | 1.8% |
|  Zurn Elkay Water Solutions Corp. Class C  | 1.7% |
|  PennyMac Financial Services, Inc.  | 1.7% |
|  Itron, Inc.  | 1.7% |
|  Korn Ferry  | 1.7% |
|  Esab Corp.  | 1.7% |
|  Northern Oil & Gas, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 20.8% |
|  Financials  | 19.0% |
|  Health Care  | 14.8% |
|  Information Technology  | 13.8% |
|  Consumer Discretionary  | 9.5% |
|  Real Estate  | 7.4% |
|  Materials  | 5.5% |
|  Energy  | 3.8% |
|  Utilities  | 2.4% |
|  Consumer Staples  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGEY

------

---

| | |
|:---|:---|
| **MassMutual Global Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MGFZX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $44 | 0.92% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $151.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 8.8% |
|  S&P Global, Inc.  | 4.8% |
|  SAP SE  | 4.5% |
|  DLF Ltd.  | 3.9% |
|  Analog Devices, Inc.  | 3.9% |
|  Visa, Inc. Class A  | 3.6% |
|  Eli Lilly & Co.  | 3.4% |
|  NVIDIA Corp.  | 3.3% |
|  Airbus SE  | 3.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 28.0% |
|  Communication Services  | 21.7% |
|  Financials  | 12.9% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 9.2% |
|  Real Estate  | 3.9% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 59.0% |
|  France  | 7.1% |
|  India  | 6.3% |
|  Germany  | 5.3% |
|  Sweden  | 4.1% |
|  China  | 3.9% |
|  Japan  | 3.7% |
|  Netherlands  | 2.0% |
|  Italy  | 1.7% |
|  Spain  | 1.6% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGVI

------

---

| | |
|:---|:---|
| **MassMutual Global Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MGFSX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $49 | 1.02% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $151.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 8.8% |
|  S&P Global, Inc.  | 4.8% |
|  SAP SE  | 4.5% |
|  DLF Ltd.  | 3.9% |
|  Analog Devices, Inc.  | 3.9% |
|  Visa, Inc. Class A  | 3.6% |
|  Eli Lilly & Co.  | 3.4% |
|  NVIDIA Corp.  | 3.3% |
|  Airbus SE  | 3.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 28.0% |
|  Communication Services  | 21.7% |
|  Financials  | 12.9% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 9.2% |
|  Real Estate  | 3.9% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 59.0% |
|  France  | 7.1% |
|  India  | 6.3% |
|  Germany  | 5.3% |
|  Sweden  | 4.1% |
|  China  | 3.9% |
|  Japan  | 3.7% |
|  Netherlands  | 2.0% |
|  Italy  | 1.7% |
|  Spain  | 1.6% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGV1

------

---

| | |
|:---|:---|
| **MassMutual Global Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| MGFYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $54 | 1.12% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $151.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 8.8% |
|  S&P Global, Inc.  | 4.8% |
|  SAP SE  | 4.5% |
|  DLF Ltd.  | 3.9% |
|  Analog Devices, Inc.  | 3.9% |
|  Visa, Inc. Class A  | 3.6% |
|  Eli Lilly & Co.  | 3.4% |
|  NVIDIA Corp.  | 3.3% |
|  Airbus SE  | 3.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 28.0% |
|  Communication Services  | 21.7% |
|  Financials  | 12.9% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 9.2% |
|  Real Estate  | 3.9% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 59.0% |
|  France  | 7.1% |
|  India  | 6.3% |
|  Germany  | 5.3% |
|  Sweden  | 4.1% |
|  China  | 3.9% |
|  Japan  | 3.7% |
|  Netherlands  | 2.0% |
|  Italy  | 1.7% |
|  Spain  | 1.6% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGV3

------

---

| | |
|:---|:---|
| **MassMutual Global Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MGFLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $59 | 1.22% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $151.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 8.8% |
|  S&P Global, Inc.  | 4.8% |
|  SAP SE  | 4.5% |
|  DLF Ltd.  | 3.9% |
|  Analog Devices, Inc.  | 3.9% |
|  Visa, Inc. Class A  | 3.6% |
|  Eli Lilly & Co.  | 3.4% |
|  NVIDIA Corp.  | 3.3% |
|  Airbus SE  | 3.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 28.0% |
|  Communication Services  | 21.7% |
|  Financials  | 12.9% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 9.2% |
|  Real Estate  | 3.9% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 59.0% |
|  France  | 7.1% |
|  India  | 6.3% |
|  Germany  | 5.3% |
|  Sweden  | 4.1% |
|  China  | 3.9% |
|  Japan  | 3.7% |
|  Netherlands  | 2.0% |
|  Italy  | 1.7% |
|  Spain  | 1.6% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGV4

------

---

| | |
|:---|:---|
| **MassMutual Global Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MGFRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $66 | 1.37% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $151.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 8.8% |
|  S&P Global, Inc.  | 4.8% |
|  SAP SE  | 4.5% |
|  DLF Ltd.  | 3.9% |
|  Analog Devices, Inc.  | 3.9% |
|  Visa, Inc. Class A  | 3.6% |
|  Eli Lilly & Co.  | 3.4% |
|  NVIDIA Corp.  | 3.3% |
|  Airbus SE  | 3.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 28.0% |
|  Communication Services  | 21.7% |
|  Financials  | 12.9% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 9.2% |
|  Real Estate  | 3.9% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 59.0% |
|  France  | 7.1% |
|  India  | 6.3% |
|  Germany  | 5.3% |
|  Sweden  | 4.1% |
|  China  | 3.9% |
|  Japan  | 3.7% |
|  Netherlands  | 2.0% |
|  Italy  | 1.7% |
|  Spain  | 1.6% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGVK

------

---

| | |
|:---|:---|
| **MassMutual Global Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MGFAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $68 | 1.42% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $151.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 8.8% |
|  S&P Global, Inc.  | 4.8% |
|  SAP SE  | 4.5% |
|  DLF Ltd.  | 3.9% |
|  Analog Devices, Inc.  | 3.9% |
|  Visa, Inc. Class A  | 3.6% |
|  Eli Lilly & Co.  | 3.4% |
|  NVIDIA Corp.  | 3.3% |
|  Airbus SE  | 3.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 28.0% |
|  Communication Services  | 21.7% |
|  Financials  | 12.9% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 9.2% |
|  Real Estate  | 3.9% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 59.0% |
|  France  | 7.1% |
|  India  | 6.3% |
|  Germany  | 5.3% |
|  Sweden  | 4.1% |
|  China  | 3.9% |
|  Japan  | 3.7% |
|  Netherlands  | 2.0% |
|  Italy  | 1.7% |
|  Spain  | 1.6% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGV2

------

---

| | |
|:---|:---|
| **MassMutual Global Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MGFNX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Global Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $78 | 1.62% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $151.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 8.8% |
|  S&P Global, Inc.  | 4.8% |
|  SAP SE  | 4.5% |
|  DLF Ltd.  | 3.9% |
|  Analog Devices, Inc.  | 3.9% |
|  Visa, Inc. Class A  | 3.6% |
|  Eli Lilly & Co.  | 3.4% |
|  NVIDIA Corp.  | 3.3% |
|  Airbus SE  | 3.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 28.0% |
|  Communication Services  | 21.7% |
|  Financials  | 12.9% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 9.2% |
|  Real Estate  | 3.9% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 59.0% |
|  France  | 7.1% |
|  India  | 6.3% |
|  Germany  | 5.3% |
|  Sweden  | 4.1% |
|  China  | 3.9% |
|  Japan  | 3.7% |
|  Netherlands  | 2.0% |
|  Italy  | 1.7% |
|  Spain  | 1.6% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGV5

------

---

| | |
|:---|:---|
| **MassMutual International Equity Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MIZIX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual International Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $53 | 1.09% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $57.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Intact Financial Corp.  | 3.0% |
|  Linde PLC (LIN US)  | 2.8% |
|  Roche Holding AG  | 2.5% |
|  Merck KGaA  | 2.5% |
|  Chocoladefabriken Lindt & Spruengli AG  | 2.4% |
|  Capgemini SE  | 2.4% |
|  Symrise AG  | 2.4% |
|  Canadian National Railway Co.  | 2.3% |
|  Experian PLC  | 2.3% |
|  Nestle SA  | 2.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.9% |
|  Consumer Staples  | 16.1% |
|  Health Care  | 15.5% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 8.9% |
|  Information Technology  | 8.8% |
|  Materials  | 8.3% |
|  Energy  | 2.6% |
|  Utilities  | 2.3% |
|  Communication Services  | 1.7% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 16.4% |
|  Japan  | 16.4% |
|  United Kingdom  | 15.6% |
|  France  | 8.7% |
|  Germany  | 7.3% |
|  Canada  | 5.4% |
|  Switzerland  | 4.8% |
|  Netherlands  | 4.4% |
|  Spain  | 3.4% |
|  Hong Kong  | 3.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT2CI

------

---

| | |
|:---|:---|
| **MassMutual International Equity Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MIEDX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual International Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $57 | 1.19% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $57.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Intact Financial Corp.  | 3.0% |
|  Linde PLC (LIN US)  | 2.8% |
|  Roche Holding AG  | 2.5% |
|  Merck KGaA  | 2.5% |
|  Chocoladefabriken Lindt & Spruengli AG  | 2.4% |
|  Capgemini SE  | 2.4% |
|  Symrise AG  | 2.4% |
|  Canadian National Railway Co.  | 2.3% |
|  Experian PLC  | 2.3% |
|  Nestle SA  | 2.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.9% |
|  Consumer Staples  | 16.1% |
|  Health Care  | 15.5% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 8.9% |
|  Information Technology  | 8.8% |
|  Materials  | 8.3% |
|  Energy  | 2.6% |
|  Utilities  | 2.3% |
|  Communication Services  | 1.7% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 16.4% |
|  Japan  | 16.4% |
|  United Kingdom  | 15.6% |
|  France  | 8.7% |
|  Germany  | 7.3% |
|  Canada  | 5.4% |
|  Switzerland  | 4.8% |
|  Netherlands  | 4.4% |
|  Spain  | 3.4% |
|  Hong Kong  | 3.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT2C1

------

---

| | |
|:---|:---|
| **MassMutual International Equity Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| MYIEX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual International Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $62 | 1.29% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $57.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Intact Financial Corp.  | 3.0% |
|  Linde PLC (LIN US)  | 2.8% |
|  Roche Holding AG  | 2.5% |
|  Merck KGaA  | 2.5% |
|  Chocoladefabriken Lindt & Spruengli AG  | 2.4% |
|  Capgemini SE  | 2.4% |
|  Symrise AG  | 2.4% |
|  Canadian National Railway Co.  | 2.3% |
|  Experian PLC  | 2.3% |
|  Nestle SA  | 2.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.9% |
|  Consumer Staples  | 16.1% |
|  Health Care  | 15.5% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 8.9% |
|  Information Technology  | 8.8% |
|  Materials  | 8.3% |
|  Energy  | 2.6% |
|  Utilities  | 2.3% |
|  Communication Services  | 1.7% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 16.4% |
|  Japan  | 16.4% |
|  United Kingdom  | 15.6% |
|  France  | 8.7% |
|  Germany  | 7.3% |
|  Canada  | 5.4% |
|  Switzerland  | 4.8% |
|  Netherlands  | 4.4% |
|  Spain  | 3.4% |
|  Hong Kong  | 3.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT2C3

------

---

| | |
|:---|:---|
| **MassMutual International Equity Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MIELX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual International Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $67 | 1.39% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $57.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Intact Financial Corp.  | 3.0% |
|  Linde PLC (LIN US)  | 2.8% |
|  Roche Holding AG  | 2.5% |
|  Merck KGaA  | 2.5% |
|  Chocoladefabriken Lindt & Spruengli AG  | 2.4% |
|  Capgemini SE  | 2.4% |
|  Symrise AG  | 2.4% |
|  Canadian National Railway Co.  | 2.3% |
|  Experian PLC  | 2.3% |
|  Nestle SA  | 2.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.9% |
|  Consumer Staples  | 16.1% |
|  Health Care  | 15.5% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 8.9% |
|  Information Technology  | 8.8% |
|  Materials  | 8.3% |
|  Energy  | 2.6% |
|  Utilities  | 2.3% |
|  Communication Services  | 1.7% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 16.4% |
|  Japan  | 16.4% |
|  United Kingdom  | 15.6% |
|  France  | 8.7% |
|  Germany  | 7.3% |
|  Canada  | 5.4% |
|  Switzerland  | 4.8% |
|  Netherlands  | 4.4% |
|  Spain  | 3.4% |
|  Hong Kong  | 3.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT2C4

------

---

| | |
|:---|:---|
| **MassMutual International Equity Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MEIRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual International Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $74 | 1.54% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $57.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Intact Financial Corp.  | 3.0% |
|  Linde PLC (LIN US)  | 2.8% |
|  Roche Holding AG  | 2.5% |
|  Merck KGaA  | 2.5% |
|  Chocoladefabriken Lindt & Spruengli AG  | 2.4% |
|  Capgemini SE  | 2.4% |
|  Symrise AG  | 2.4% |
|  Canadian National Railway Co.  | 2.3% |
|  Experian PLC  | 2.3% |
|  Nestle SA  | 2.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.9% |
|  Consumer Staples  | 16.1% |
|  Health Care  | 15.5% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 8.9% |
|  Information Technology  | 8.8% |
|  Materials  | 8.3% |
|  Energy  | 2.6% |
|  Utilities  | 2.3% |
|  Communication Services  | 1.7% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 16.4% |
|  Japan  | 16.4% |
|  United Kingdom  | 15.6% |
|  France  | 8.7% |
|  Germany  | 7.3% |
|  Canada  | 5.4% |
|  Switzerland  | 4.8% |
|  Netherlands  | 4.4% |
|  Spain  | 3.4% |
|  Hong Kong  | 3.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT2CK

------

---

| | |
|:---|:---|
| **MassMutual International Equity Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MMIAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual International Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $77 | 1.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $57.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Intact Financial Corp.  | 3.0% |
|  Linde PLC (LIN US)  | 2.8% |
|  Roche Holding AG  | 2.5% |
|  Merck KGaA  | 2.5% |
|  Chocoladefabriken Lindt & Spruengli AG  | 2.4% |
|  Capgemini SE  | 2.4% |
|  Symrise AG  | 2.4% |
|  Canadian National Railway Co.  | 2.3% |
|  Experian PLC  | 2.3% |
|  Nestle SA  | 2.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.9% |
|  Consumer Staples  | 16.1% |
|  Health Care  | 15.5% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 8.9% |
|  Information Technology  | 8.8% |
|  Materials  | 8.3% |
|  Energy  | 2.6% |
|  Utilities  | 2.3% |
|  Communication Services  | 1.7% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 16.4% |
|  Japan  | 16.4% |
|  United Kingdom  | 15.6% |
|  France  | 8.7% |
|  Germany  | 7.3% |
|  Canada  | 5.4% |
|  Switzerland  | 4.8% |
|  Netherlands  | 4.4% |
|  Spain  | 3.4% |
|  Hong Kong  | 3.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT2C2

------

---

| | |
|:---|:---|
| **MassMutual International Equity Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MEERX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual International Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $86 | 1.79% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $57.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Intact Financial Corp.  | 3.0% |
|  Linde PLC (LIN US)  | 2.8% |
|  Roche Holding AG  | 2.5% |
|  Merck KGaA  | 2.5% |
|  Chocoladefabriken Lindt & Spruengli AG  | 2.4% |
|  Capgemini SE  | 2.4% |
|  Symrise AG  | 2.4% |
|  Canadian National Railway Co.  | 2.3% |
|  Experian PLC  | 2.3% |
|  Nestle SA  | 2.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.9% |
|  Consumer Staples  | 16.1% |
|  Health Care  | 15.5% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 8.9% |
|  Information Technology  | 8.8% |
|  Materials  | 8.3% |
|  Energy  | 2.6% |
|  Utilities  | 2.3% |
|  Communication Services  | 1.7% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 16.4% |
|  Japan  | 16.4% |
|  United Kingdom  | 15.6% |
|  France  | 8.7% |
|  Germany  | 7.3% |
|  Canada  | 5.4% |
|  Switzerland  | 4.8% |
|  Netherlands  | 4.4% |
|  Spain  | 3.4% |
|  Hong Kong  | 3.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT2CJ

------

---

| | |
|:---|:---|
| **MassMutual International Equity Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| MMOEX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual International Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $57 | 1.19% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $57.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Intact Financial Corp.  | 3.0% |
|  Linde PLC (LIN US)  | 2.8% |
|  Roche Holding AG  | 2.5% |
|  Merck KGaA  | 2.5% |
|  Chocoladefabriken Lindt & Spruengli AG  | 2.4% |
|  Capgemini SE  | 2.4% |
|  Symrise AG  | 2.4% |
|  Canadian National Railway Co.  | 2.3% |
|  Experian PLC  | 2.3% |
|  Nestle SA  | 2.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 16.9% |
|  Consumer Staples  | 16.1% |
|  Health Care  | 15.5% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 8.9% |
|  Information Technology  | 8.8% |
|  Materials  | 8.3% |
|  Energy  | 2.6% |
|  Utilities  | 2.3% |
|  Communication Services  | 1.7% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 16.4% |
|  Japan  | 16.4% |
|  United Kingdom  | 15.6% |
|  France  | 8.7% |
|  Germany  | 7.3% |
|  Canada  | 5.4% |
|  Switzerland  | 4.8% |
|  Netherlands  | 4.4% |
|  Spain  | 3.4% |
|  Hong Kong  | 3.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-IT2CY

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MSTZX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $23 | 0.46% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGS6

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MSTDX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $28 | 0.56% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGS1

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| MSBYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $33 | 0.66% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGS3

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MSTLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $38 | 0.76% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGS4

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MPSDX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $46 | 0.91% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGSK

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MSHAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $48 | 0.96% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGS2

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MSDNX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $58 | 1.16% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGS5

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| BXDYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $26 | 0.51% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGS7

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Class L \| BXDLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 L | $38 | 0.76% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGS9

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](i202407090944511.jpg) |
| Class C \| BXDCX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Short-Duration Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 C | $51 | 1.01% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $148.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 213 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 45.0% |
|  Non-U.S. Government Agency Obligations  | 34.4% |
|  Commercial Paper  | 17.8% |
|  Investment of Cash Collateral from Securities Loaned  | 1.6% |
|  Repurchase Agreement  | 1.2% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGS8

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](i202407090944511.jpg) |
| Class I \| MPHZX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $27 | 0.54% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $373.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 281 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 78.8% |
|  Investment of Cash Collateral from Securities Loaned  | 9.2% |
|  Bank Loans  | 9.0% |
|  Repurchase Agreement  | 1.6% |
|  Commercial Paper  | 1.4% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGF6

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](i202407090944511.jpg) |
| Class R5 \| MPHSX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $32 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $373.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 281 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 78.8% |
|  Investment of Cash Collateral from Securities Loaned  | 9.2% |
|  Bank Loans  | 9.0% |
|  Repurchase Agreement  | 1.6% |
|  Commercial Paper  | 1.4% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGF1

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](i202407090944511.jpg) |
| Service Class \| DLHYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $37 | 0.74% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $373.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 281 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 78.8% |
|  Investment of Cash Collateral from Securities Loaned  | 9.2% |
|  Bank Loans  | 9.0% |
|  Repurchase Agreement  | 1.6% |
|  Commercial Paper  | 1.4% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGF3

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](i202407090944511.jpg) |
| Administrative Class \| MPHLX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $42 | 0.84% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $373.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 281 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 78.8% |
|  Investment of Cash Collateral from Securities Loaned  | 9.2% |
|  Bank Loans  | 9.0% |
|  Repurchase Agreement  | 1.6% |
|  Commercial Paper  | 1.4% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGF4

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](i202407090944511.jpg) |
| Class R4 \| MPHRX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $50 | 0.99% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $373.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 281 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 78.8% |
|  Investment of Cash Collateral from Securities Loaned  | 9.2% |
|  Bank Loans  | 9.0% |
|  Repurchase Agreement  | 1.6% |
|  Commercial Paper  | 1.4% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGFK

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](i202407090944511.jpg) |
| Class A \| MPHAX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $52 | 1.04% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $373.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 281 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 78.8% |
|  Investment of Cash Collateral from Securities Loaned  | 9.2% |
|  Bank Loans  | 9.0% |
|  Repurchase Agreement  | 1.6% |
|  Commercial Paper  | 1.4% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGF2

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](i202407090944511.jpg) |
| Class R3 \| MPHNX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $62 | 1.24% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $373.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 281 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 78.8% |
|  Investment of Cash Collateral from Securities Loaned  | 9.2% |
|  Bank Loans  | 9.0% |
|  Repurchase Agreement  | 1.6% |
|  Commercial Paper  | 1.4% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGF5

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](i202407090944511.jpg) |
| Class Y \| BXHYX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 | $30 | 0.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $373.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 281 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 78.8% |
|  Investment of Cash Collateral from Securities Loaned  | 9.2% |
|  Bank Loans  | 9.0% |
|  Repurchase Agreement  | 1.6% |
|  Commercial Paper  | 1.4% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGF7

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](i202407090944511.jpg) |
| Class C \| BXHCX  | ![image](i202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](i202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to March 31, 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 SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, 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 C | $77 | 1.54% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $373.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 281 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 78.8% |
|  Investment of Cash Collateral from Securities Loaned  | 9.2% |
|  Bank Loans  | 9.0% |
|  Repurchase Agreement  | 1.6% |
|  Commercial Paper  | 1.4% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](i202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202504241059510.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. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGF8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

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.

![](mml03_fc_02.jpg)

------

**Table of Contents** 

Please note the Semi-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 (Unaudited)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual U.S. Government Money Market Fund](#ITGN) | &nbsp;&nbsp; [1](#ITGN) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Short-Duration Bond Fund](#MML0003001_Premier_AR25_103_ITGS_POI_pg1) | &nbsp;&nbsp; [2](#MML0003001_Premier_AR25_103_ITGS_POI_pg1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Inflation-Protected and Income Fund](#ITGU) | &nbsp;&nbsp; [10](#ITGU) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Core Bond Fund](#ITGM) | &nbsp;&nbsp; [17](#ITGM) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Diversified Bond Fund](#ITGL) | &nbsp;&nbsp; [28](#ITGL) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual High Yield Fund](#MML0003001_Premier_AR25_107_ITGF_POI_pg1) | &nbsp;&nbsp; [39](#MML0003001_Premier_AR25_107_ITGF_POI_pg1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Balanced Fund](#MML0003001_Premier_AR25_108_ITGC_POI_pg1) | &nbsp;&nbsp; [48](#MML0003001_Premier_AR25_108_ITGC_POI_pg1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Disciplined Growth Fund](#ITJQ) | &nbsp;&nbsp; [59](#ITJQ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Small Cap Opportunities Fund](#ITGE) | &nbsp;&nbsp; [61](#ITGE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Global Fund](#ITGV) | &nbsp;&nbsp; [63](#ITGV) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual International Equity Fund](#IT2C) | &nbsp;&nbsp; [65](#IT2C) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities (Unaudited)](#MML0003001_Premier_AR25_113-FS_pg1) | &nbsp;&nbsp; [68](#MML0003001_Premier_AR25_113-FS_pg1) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations (Unaudited)](#sop) | &nbsp;&nbsp; [76](#sop) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | &nbsp;&nbsp; [84](#scna) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | &nbsp;&nbsp; [92](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements (Unaudited)](#notes) | &nbsp;&nbsp; [113](#notes) |
| **[Item 8.](#it1)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies. ](#it1)**<br>| &nbsp;&nbsp; [150](#it1) |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies. ](#it2)** | &nbsp;&nbsp; [151](#it2) |
| **[Item 10.](#it3)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. ](#it3)**<br>| &nbsp;&nbsp; [152](#it3) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. ](#it4)** | &nbsp;&nbsp; [153](#it4) |

---

**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 U.S. Government Money Market Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 100.0%**<br>|  |  |
| **Discount Notes — 52.2%**<br>|  |  |
| Federal Home Loan Banks<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.000% 4.340% FRN 4/01/25, <br>9/18/25 (a) (b) | $20000000 | $20000000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.005% 4.345% FRN 4/01/25, <br>6/23/25 (a) (b) | 12000000 | 12000000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.005% 4.345% FRN 4/01/25, <br>8/07/25 (a) (b) | 20000000 | 20000000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.010% 4.350% FRN 4/01/25, <br>7/16/25 (a) (b) | 13500000 | 13500000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.015% 4.355% FRN 4/01/25, <br>10/06/25 (a) (b) | 12500000 | 12500000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.025% 4.365% FRN 4/01/25, <br>7/11/25 (a) (b) | 13500000 | 13500000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.025% 4.365% FRN 4/01/25, <br>7/18/25 (a) (b) | 13500000 | 13500000  |
| 4.220% 4/09/25, 4/09/25 (a) | 22000000 | 21979222  |
| 4.220% 4/30/25, 4/30/25 (a) | 9200000 | 9168651  |
| 4.335% 4/01/25, 9/09/25 (a) | 20000000 | 20000000  |
|  |  | 156147873  |
| **Repurchase Agreement — 8.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (c) | 1588609 | 1588609  |
| &nbsp;&nbsp;&nbsp; HSBC Securities (USA) Inc., <br>Tri-Party Repurchase Agreement, dated 3/31/25, 4.290%, <br>due 4/01/25 (d) | 25000000 | 25000000  |
|  |  | 26588609  |
| **U.S. Treasury Bill — 38.9%**<br>|  |  |
| U.S. Treasury Bill<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.246% 8/21/25 (e) | 6000000 | 5901274  |
| &nbsp;&nbsp;&nbsp; 4.289% 6/12/25 (e) | 10000000 | 9916077  |
| &nbsp;&nbsp;&nbsp; 4.299% 4/03/25 (e) | 12000000 | 11997177  |
| &nbsp;&nbsp;&nbsp; 4.310% 5/01/25 (e) | 28000000 | 27901319  |
| &nbsp;&nbsp;&nbsp; 4.311% 5/01/25 (e) | 10000000 | 9964746  |
| &nbsp;&nbsp;&nbsp; 4.314% 4/01/25 (e) | 15000000 | 15000000  |
| &nbsp;&nbsp;&nbsp; 4.318% 5/06/25 (e) | 14000000 | 13942616  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; 4.319% 4/01/25 (e) | $15000000 | $15000000  |
| &nbsp;&nbsp;&nbsp; 4.325% 4/03/25 (e) | 7000000 | 6998349  |
|  |  | 116621558  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>|  |  |
| **(Cost $299,358,040)** |  | **299358040**  |
| **TOTAL INVESTMENTS — 100.0%** |  |  |
| **(Cost $299,358,040) (f)** |  | **299358040**  |
| **Other Assets/(Liabilities) — 0.0%** |  | **14310**  |
| **NET ASSETS — 100.0%** |  | **$299372350** |

---

**Abbreviation Legend**

---

| | |
|:---|:---|
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The stated maturity dates reflect reset date
 and final maturity date, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $1,588,730. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $1,620,467.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $25,002,979. Collateralized
 by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 8/15/50, and an aggregate market value, including accrued
 interest, of $25,500,007.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents yield-to-maturity.

&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. |  |
|  | **1**<br>|

---

------

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

 **MassMutual Short-Duration Bond Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Bonds & Notes — 80.5%**<br>|  |  |
| **Corporate Debt — 45.6%**<br>|  |  |
| **Aerospace & Defense — 0.5%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.298% 5/01/29 | $717000 | $751912  |
| **Auto Manufacturers — 1.7%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.303% 9/06/29 | 630000 | 610742  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/07/29 | 390000 | 385747  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 1/07/29 | 366000 | 372807  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 9/21/28 (a) | 356000 | 368978  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.850% 9/16/26 (a) | 815000 | 773610  |
|  |  | 2511884  |
| **Banks — 8.6%**<br>|  |  |
| ABN AMRO Bank NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 7/28/25 (a) | 1585000 | 1581607  |
| ABQ Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.000% 7/06/26 (a) | 1200000 | 1159335  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 5/12/26 | 440000 | 441407  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.740% <br>5.690% VRN 3/12/30 (b) | 445000 | 456249  |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.281% 5/30/29 (a) | 430000 | 437523  |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA 1 day USD <br>SOFR + 1.860%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.316% VRN 10/03/29 (a) (b) | 596000 | 622969  |
| Danske Bank AS 1 yr. CMT + 0.930%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.019% VRN 3/04/31 (a) (b) | 390000 | 390874  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG 1 day USD <br>SOFR + 1.210%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.373% VRN 1/10/29 (b) | 380000 | 384197  |
|  Discover Bank 5 yr. USD SOFR ICE Swap + 1.730%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.974% VRN 8/09/28 (b) | 625000 | 638526  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.030% <br>4.899% VRN 3/03/29 (b) | 390000 | 390915  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 3.350% <br>7.390% VRN 11/03/28 (b) | 350000 | 371975  |
| &nbsp;&nbsp;&nbsp; ING Groep NV 1 day USD <br>SOFR + 1.440%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.335% VRN 3/19/30 (b) (c) | 445000 | 453267  |
|  JP Morgan Chase & Co. 3 mo. USD Term SOFR + 1.522%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.203% VRN 7/23/29 (b) | 450000 | 444001  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC 1 yr. <br>CMT + 0.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.087% VRN 11/26/28 (b) | $238000 | $240360  |
|  Macquarie Group Ltd. 1 day USD SOFR + 1.069%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.340% VRN 1/12/27 (a) (b) | 804000 | 783640  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley 1 day USD <br>SOFR + 1.630%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.449% VRN 7/20/29 (b) | 739000 | 755835  |
|  Santander UK Group Holdings PLC 1 day USD SOFR Index + 1.554%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.858% VRN 9/11/30 (b) | 700000 | 693314  |
| &nbsp;&nbsp;&nbsp; Societe Generale SA 1 yr. <br>CMT + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.797% VRN 1/19/28 (a) (b) | 807000 | 776984  |
| Synovus Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 2/15/28 | 653000 | 656097  |
|  Synovus Financial Corp. 1 day USD SOFR + 2.347%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.168% VRN 11/01/30 (b) | 300000 | 303795  |
|  Truist Financial Corp. 1 day USD SOFR + 2.446%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.161% VRN 10/30/29 (b) | 415000 | 446866  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. 1 day USD <br>SOFR + 1.740%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.574% VRN 7/25/29 (b) | 369000 | 379033  |
|  |  | 12808769  |
| **Beverages — 0.3%**<br>|  |  |
| JDE Peet's NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.375% 1/15/27 (a) | 510000 | 479281  |
| **Chemicals — 1.9%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.415% STEP 7/15/27 | 196000 | 199242  |
| &nbsp;&nbsp;&nbsp; 6.600% STEP 11/15/28 | 735000 | 758129  |
| Huntsman International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/01/29 | 400000 | 383657  |
| MEGlobal Canada ULC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 5/18/25 (a) (c) | 1050000 | 1050525  |
| Yara International ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 6/01/28 (a) | 389000 | 385719  |
|  |  | 2777272  |
| **Commercial Services — 0.9%**<br>|  |  |
| Element Fleet Management Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.037% 3/25/30 (a) | 385000 | 385086  |
| Triton Container International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.050% 4/15/26 (a) | 1040000 | 1009137  |
|  |  | 1394223  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

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

 **MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Computers — 0.3%**<br>|  |  |
|  Genpact Luxembourg SARL/Genpact USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/04/29 | $363000 | $375991  |
| **Diversified Financial Services — 2.7%**<br>|  |  |
| Aircastle Ltd./Aircastle Ireland DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 3/15/30 (a) | 390000 | 388726  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. 1 day USD <br>SOFR + 3.260%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.992% VRN 6/13/29 (b) | 375000 | 391150  |
| Aviation Capital Group LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 4/10/30 (a) | 385000 | 382887  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 5/30/30 (a) (c) | 151000 | 151205  |
| &nbsp;&nbsp;&nbsp; 5.750% 11/15/29 (a) | 430000 | 438364  |
| BGC Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.150% 4/02/30 (a) (d) | 300000 | 298717  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 3/27/28 (a) | 200000 | 200134  |
| &nbsp;&nbsp;&nbsp; 6.400% 3/26/29 (a) | 438000 | 452727  |
| REC Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 9/01/26 (a) | 800000 | 771351  |
| &nbsp;&nbsp;&nbsp; Synchrony Financial 1 day USD <br>SOFR + 1.680%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% VRN 3/06/31 (b) (c) | 600000 | 595700  |
|  |  | 4070961  |
| **Electric — 2.2%**<br>|  |  |
| Adani Transmission Step-One Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 8/03/26 (a) | 500000 | 480441  |
| Alliant Energy Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.400% 3/15/26 (a) | 1630000 | 1576149  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 11/15/28 | 250000 | 246507  |
| Engie SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 4/10/29 (a) (c) | 395000 | 402403  |
| Pacific Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/15/29 | 605000 | 613258  |
|  |  | 3318758  |
| **Entertainment — 0.7%**<br>|  |  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.054% 3/15/29 | 1075000 | 1012385  |
| **Food — 1.2%**<br>|  |  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% 1/15/27 | 805000 | 774121  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/01/27 (a) | 995000 | 979928  |
|  |  | 1754049  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Hand & Machine Tools — 0.3%**<br>|  |  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.050% 4/15/28 | $385000 | $394962  |
| **Health Care - Services — 0.5%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.450% 7/15/28 | 425000 | 387807  |
| &nbsp;&nbsp;&nbsp; 3.000% 10/15/30 | 450000 | 393583  |
|  |  | 781390  |
| **Home Furnishing — 0.4%**<br>|  |  |
| LG Electronics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 4/24/27 (a) | 250000 | 254636  |
| &nbsp;&nbsp;&nbsp; 5.625% 4/24/29 (a) | 288000 | 296550  |
|  |  | 551186  |
| **Housewares — 0.3%**<br>|  |  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 9/15/27 (c) | 369000 | 370366  |
| **Insurance — 2.9%**<br>|  |  |
| Brighthouse Financial Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.650% 6/10/29 (a) | 375000 | 381119  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.650% 1/06/29 (a) | 475000 | 439288  |
| Corebridge Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% 12/03/29 (a) | 405000 | 405059  |
| Enstar Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 6/01/29 | 400000 | 397736  |
| Fortitude Group Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/30 (a) | 358000 | 361919  |
| GA Global Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/08/29 (a) | 740000 | 754902  |
|  Lincoln National Corp., (Acquired 4/19/23, Cost $731,429),<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% 3/01/28 (c) (e) | 825000 | 806026  |
| Mercury General Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 3/15/27 | 375000 | 368951  |
| Sammons Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.450% 5/12/27 (a) | 379000 | 376468  |
|  |  | 4291468  |
| **Internet — 0.8%**<br>|  |  |
| Prosus NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.257% 1/19/27 (a) | 1250000 | 1210226  |
| **Investment Companies — 6.1%**<br>|  |  |
| Antares Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 1/15/27 (a) | 485000 | 461561  |
| &nbsp;&nbsp;&nbsp; 3.950% 7/15/26 (a) | 880000 | 863329  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

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

 **MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| ARES Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.875% 6/15/28 | $475000 | $442113  |
| &nbsp;&nbsp;&nbsp; 5.950% 7/15/29 | 430000 | 436977  |
| ARES Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.350% 8/15/29 (a) | 770000 | 781769  |
| Blackstone Private Credit Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 12/15/26 | 813000 | 778595  |
| Blackstone Secured Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 9/16/26 | 525000 | 507045  |
| &nbsp;&nbsp;&nbsp; 5.300% 6/30/30 | 400000 | 392920  |
| Blue Owl Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.450% 11/15/26 | 375000 | 393087  |
| Blue Owl Credit Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% 2/08/27 | 783000 | 773312  |
| Blue Owl Technology Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/04/29 | 881000 | 892977  |
| Golub Capital BDC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% 8/24/26 | 1115000 | 1074081  |
| HPS Corporate Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 9/30/29 | 425000 | 430982  |
| &nbsp;&nbsp;&nbsp; 6.750% 1/30/29 | 522000 | 537710  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/27 | 400000 | 380285  |
|  |  | 9146743  |
| **Lodging — 0.5%**<br>|  |  |
| Las Vegas Sands Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 8/15/29 | 735000 | 751249  |
| **Machinery - Construction & Mining — 0.7%**<br>|  |  |
| Weir Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.200% 5/13/26 (a) | 1036000 | 1006003  |
| **Media — 1.1%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 1/15/29 | 385000 | 346740  |
| News Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 5/15/29 (a) | 575000 | 542089  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 7/30/30 | 675000 | 741529  |
|  |  | 1630358  |
| **Mining — 0.1%**<br>|  |  |
| Glencore Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.186% 4/01/30 (a) (d) | 215000 | 216386  |
| **Office & Business Equipment — 0.3%**<br>|  |  |
| CDW LLC/CDW Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.100% 3/01/30 | 420000 | 419277  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Oil & Gas — 2.1%**<br>|  |  |
| Helmerich & Payne, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.850% 12/01/29 (a) (c) | $760000 | $738231  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 8/01/29 | 425000 | 424716  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 9/15/30 | 325000 | 368776  |
| Parkland Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 7/15/27 (a) | 455000 | 453392  |
| Patterson-UTI Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 2/01/28 | 1220000 | 1186605  |
|  |  | 3171720  |
| **Packaging & Containers — 0.1%**<br>|  |  |
| Amcor Flexibles North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.100% 3/17/30 (a) | 133000 | 134066  |
| **Pharmaceuticals — 2.1%**<br>|  |  |
| AbbVie, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 3/15/30 | 390000 | 395621  |
| Bayer US Finance II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 12/15/28 (a) | 800000 | 779297  |
| Hikma Finance USA LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 7/09/25 (a) | 1150000 | 1144027  |
| Mylan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 4/15/28 | 375000 | 367294  |
| Viatris, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.300% 6/22/27 | 416000 | 391682  |
|  |  | 3077921  |
| **Pipelines — 0.5%**<br>|  |  |
| Columbia Pipelines Holding Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.055% 8/15/26 (a) | 385000 | 390562  |
| Harvest Midstream I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 9/01/28 (a) | 391000 | 394911  |
|  |  | 785473  |
| **Real Estate Investment Trusts (REITS) — 3.4%**<br>|  |  |
| EPR Properties<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 8/15/29 | 175000 | 164064  |
| &nbsp;&nbsp;&nbsp; 4.500% 6/01/27 | 600000 | 592015  |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/15/27 (a) | 1125000 | 1058840  |
| GLP Capital LP/GLP Financing II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 4/15/26 | 450000 | 451413  |
| Piedmont Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 7/20/28 | 800000 | 881507  |
| Store Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 11/18/30 | 300000 | 262981  |
| &nbsp;&nbsp;&nbsp; 4.500% 3/15/28 | 925000 | 909839  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

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

 **MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| VICI Properties LP/VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 2/15/27 (a) | $395000 | $386459  |
| Vornado Realty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.150% 6/01/26 | 403000 | 388698  |
|  |  | 5095816  |
| **Retail — 0.5%**<br>|  |  |
| Advance Auto Parts, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.750% 10/01/27 | 475000 | 427705  |
| &nbsp;&nbsp;&nbsp; 5.900% 3/09/26 | 343000 | 342374  |
|  |  | 770079  |
| **Semiconductors — 1.0%**<br>|  |  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 4/15/30 | 380000 | 385048  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/25/31 (a) | 770000 | 782400  |
| SK Hynix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/16/27 (a) | 300000 | 303877  |
|  |  | 1471325  |
| **Software — 0.3%**<br>|  |  |
| AppLovin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 12/01/29 | 390000 | 391511  |
| **Venture Capital — 0.6%**<br>|  |  |
| Hercules Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/16/26 | 966000 | 929035  |
| **TOTAL CORPORATE DEBT** <br>|  |  |
| **(Cost $67,651,551)** |  | **67852045**  |
|  **Non-U.S. Government Agency Obligations — 34.9%**<br>|  |  |
| **Automobile Asset-Backed Securities — 2.4%**<br>|  |  |
|  Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.022% 5/17/32 (a) | 558215 | 566704  |
|  AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.490% 9/18/26 | 339000 | 338422  |
|  FCCU Auto Receivables Trust, Series 2024-1A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.460% 4/15/30 (a) | 500000 | 508976  |
|  LAD Auto Receivables Trust, Series 2023-3A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.430% 12/15/28 (a) | 1000000 | 1028796  |
|  PenFed Auto Receivables Owner Trust, Series 2024-A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 9/16/30 (a) | 400000 | 403240  |
|  Westlake Automobile Receivables Trust, Series 2022-2A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.480% 9/15/27 (a) | 700000 | 704656  |
|  |  | 3550794  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Commercial Mortgage-Backed Securities — 2.2%**<br>|  |  |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class C,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.958% VRN 4/15/46 (b) (f) | $1015000 | $614058  |
| One New York Plaza Trust<br>|  |  |
|  Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 6.635% FRN 1/15/36 (a) (b) | 2106000 | 1960428  |
|  Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 7.185% FRN 1/15/36 (a) (b) | 760000 | 702162  |
|  |  | 3276648  |
| **Credit Card Asset-Backed Securities — 1.0%**<br>|  |  |
|  Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.050% 7/15/27 (a) | 1000000 | 1010396  |
|  Mission Lane Credit Card Master Trust, Series 2025-A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 5/15/30 (a) | 500000 | 499998  |
|  |  | 1510394  |
|  **Home Equity Asset-Backed Securities — 0.0%**<br>|  |  |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.260% FRN 10/25/34 (b) | 37688 | 35212  |
| **Other Asset-Backed Securities — 19.9%**<br>|  |  |
|  321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.634% FRN 9/15/41 (a) (b) | 23453 | 23267  |
|  522 Funding CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD Term SOFR + 1.812%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.105% FRN 10/20/31 (a) (b) | 2352000 | 2355998  |
| Affirm Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A, <br>4.620% 9/15/29 (a) | 1000000 | 1000054  |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class B, <br>5.330% 12/17/29 (a) | 700000 | 702838  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXX Ltd., Series XXXA, Class A2R, 3 mo. USD Term <br>SOFR + 1.500% <br>5.793% FRN 10/18/31 (a) (b) | 500000 | 499482  |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD Term <br>SOFR + 1.812% <br>6.105% FRN 10/20/31 (a) (b) | 3700000 | 3701976  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

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

 **MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; BHG Securitization Trust, <br>Series 2021-B, Class C <br>2.240% 10/17/34 (a) | $3736000 | $3537620  |
| &nbsp;&nbsp;&nbsp; BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B <br>3.780% 9/26/33 (a) | 405734 | 397115  |
| &nbsp;&nbsp;&nbsp; Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600% <br>5.902% FRN 10/15/31 (a) (b) | 1000000 | 997514  |
| &nbsp;&nbsp;&nbsp; Castlelake Aircraft Structured Trust, Series 2019-1A, Class B <br>5.095% 4/15/39 (a) | 707996 | 566451  |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC, <br>Series 2020-1, Class B1 <br>2.280% 7/15/60 (a) | 577448 | 568295  |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC, Series 2019-A, Class C <br>3.450% 1/25/34 (a) | 842769 | 817971  |
| &nbsp;&nbsp;&nbsp; Equify ABS LLC, Series 2024-1A, Class A <br>5.430% 4/18/33 (a) | 596719 | 596319  |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 20 Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.380% <br>5.702% FRN 5/20/36 (a) (b) | 1000000 | 1000224  |
| Goodgreen Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, <br>2.760% 4/15/55 (a) | 1699958 | 1457581  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class A, <br>3.230% 10/15/52 (a) | 640697 | 583339  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A, <br>3.860% 10/15/54 (a) | 1349854 | 1237387  |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Trust, Series 2024-1, Class A4 <br>5.670% 6/25/59 (a) | 539060 | 546464  |
| Hero Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, <br>3.190% 9/20/48 (a) | 451449 | 396683  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A1, <br>3.280% 9/20/48 (a) | 88419 | 78257  |
| &nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.570% 9/20/47 (a) | 213875 | 193535  |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class A, <br>3.840% 9/21/40 (a) | 138701 | 128272  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A2, <br>4.070% 9/20/48 (a) | 71841 | 65189  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, <br>4.670% 9/20/48 (a) | 586053 | 544975  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2019-AA, Class C <br>2.840% 7/25/33 (a) | 377851 | 367940  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Horizon Aircraft Finance III Ltd., Series 2019-2, Class B <br>4.458% 11/15/39 (a)  | $1757143 | $1357393  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, <br>Series 2018-2GS, Class A <br>4.200% 2/22/44 (a) | 466831 | 429097  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loans LLC, <br>Series 2017-1A, Class A <br>4.450% 6/20/42 (a) | 72398 | 69602  |
| &nbsp;&nbsp;&nbsp; Newark BSL CLO 2 Ltd., <br>Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662% <br>5.962% FRN 7/25/30 (a) (b) | 1375000 | 1371677  |
| &nbsp;&nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1 <br>1.850% 11/20/50 (a) | 990715 | 960543  |
| &nbsp;&nbsp;&nbsp; PVONE 2023-1 LLC, Series 2023-2A, Class A <br>7.670% 9/17/35 (a) | 486244 | 486609  |
| &nbsp;&nbsp;&nbsp; RR 8 Ltd., Series 2020-8A, Class A1R, 3 mo. USD Term SOFR + 1.350% <br>5.652% FRN 7/15/37 (a) (b) | 1000000 | 999972  |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C <br>3.510% 7/20/37 (a) | 88222 | 87621  |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXII Ltd., Series 2020-22A, Class BR, <br>3 mo. USD Term SOFR + 1.680% <br>5.973% FRN 4/18/33 (a) (b) | 750000 | 748511  |
| &nbsp;&nbsp;&nbsp; Whitebox CLO III Ltd., <br>Series 2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270% <br>5.572% FRN 10/15/35 (a) (b) | 750000 | 749980  |
|  |  | 29625751  |
| **Student Loans Asset-Backed Securities — 4.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chase Education Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.482% <br>4.842% FRN 3/28/68 (b) | 271638 | 250803  |
| &nbsp;&nbsp;&nbsp; College Avenue Student Loans LLC, Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% <br>6.085% FRN 11/26/46 (a) (b) | 257799 | 258052  |
| Commonbond Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-AGS, Class B, <br>3.470% 5/25/41 (a) | 219039 | 194167  |
| &nbsp;&nbsp;&nbsp; Series 2018-AGS, Class C, <br>3.820% 2/25/44 (a) | 98680 | 80073  |
| &nbsp;&nbsp;&nbsp; Series 2018-BGS, Class C, <br>4.120% 9/25/45 (a) | 80965 | 69121  |
| &nbsp;&nbsp;&nbsp; Series 2018-CGS, Class C, <br>4.350% 2/25/46 (a) | 37950 | 33241  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

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

 **MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2017-AGS, Class C, <br>5.280% 5/25/41 (a) | $149221 | $137826  |
| Laurel Road Prime Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class BFX, <br>3.000% 10/25/48 (a) | 1210820 | 1169725  |
| &nbsp;&nbsp;&nbsp; Series 2017-B, Class CFX, <br>3.610% 8/25/42 (a) | 688402 | 680916  |
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2018-5A, Class B, 1 mo. USD Term SOFR + 1.564% <br>5.885% FRN 2/25/67 (a) (b) | 1000000 | 943583  |
| SLM Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class B, 90 day USD SOFR Average + 0.442% <br>4.999% FRN 7/25/55 (b) | 357091 | 335692  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% <br>5.029% FRN 10/25/40 (b) | 388896 | 367825  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class B, 90 day USD SOFR Average + 0.512% <br>5.069% FRN 10/25/40 (b) | 380784 | 349159  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% <br>5.129% FRN 1/25/55 (b) | 257332 | 245822  |
| &nbsp;&nbsp;&nbsp; Series 2003-4, Class B, 90 day USD SOFR Average + 0.912% <br>5.295% FRN 6/15/38 (b) | 146104 | 139325  |
| &nbsp;&nbsp;&nbsp; Series 2004-1, Class B, 90 day USD SOFR Average + 0.762% <br>5.319% FRN 7/25/39 (b) | 227360 | 216895  |
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% <br>5.999% FRN 9/15/53 (a) (b) | 808557 | 819499  |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, Series 2019-A, Class BFX <br>4.110% 6/15/48 (a) | 870000 | 796442  |
| &nbsp;&nbsp;&nbsp; Wachovia Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.562% <br>5.119% FRN 10/25/40 (b) | 214610 | 186496  |
|  |  | 7274662  |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 4.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust, Series 2004-G, Class 2A7, <br>6.548% VRN 8/25/34 (b) (f) | 3902 | 3875  |
| Ellington Financial Mortgage Trust<br>|  |  |
|  Series 2024-INV2, Class A2, 5.289% STEP 10/25/69 (a) | 730020 | 725170  |
|  Series 2024-INV2, Class A3, 5.441% STEP 10/25/69 (a) | 730020 | 724564  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, <br>6.501% VRN 2/25/34 (b) (f) | $23465 | $22403  |
| &nbsp;&nbsp;&nbsp; TRK Trust, Series 2021-INV1, Class M1, <br>2.585% VRN 7/25/56 (a) (b) (f) | 1222000 | 957122  |
| Verus Securitization Trust<br>|  |  |
|  Series 2021-1, Class M1, 1.968% VRN 1/25/66 (a) (b) (f) | 2247000 | 1690554  |
|  Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (b) (f) | 2129000 | 2014623  |
|  Series 2024-8, Class A1, 5.364% VRN 10/25/69 (a) (b) (f) | 468508 | 467778  |
|  |  | 6606089  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>|  |  |
| **(Cost $55,018,135)** |  | **51879550**  |
| **U.S. Government Agency Obligations and Instrumentalities (g) — 0.0%**<br>|  |  |
| **Pass-Through Securities — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br>Pool #1Q0239 1 yr. CMT + 2.144% 6.494% FRN 3/01/37 (b) | 37989 | 38786  |
| **TOTAL BONDS & NOTES** <br>|  |  |
| **(Cost $122,708,398)** |  | **119770381**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>|  |  |
| **(Cost $122,708,398)** |  | **119770381**  |
| **Short-Term Investments — 20.9%**<br>|  |  |
| **Commercial Paper — 18.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. <br>4.663% 6/27/25 (a) | 2000000 | 1977557  |
| &nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada <br>4.631% 4/02/25 (a) | 2000000 | 1999509  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.671% 5/13/25 (a) | 2000000 | 1989011  |
| &nbsp;&nbsp;&nbsp; Eversource Energy <br>4.834% 4/24/25 (a) | 1000000 | 996908  |
| &nbsp;&nbsp;&nbsp; 4.835% 4/24/25 (a) | 2000000 | 1993817  |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. <br>4.702% 4/23/25 (a) | 1000000 | 997085  |
| &nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. <br>4.767% 4/25/25 (a) | 4000000 | 3987333  |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. <br>4.708% 6/03/25 | 3000000 | 2975620  |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP <br>4.625% 4/28/25 | 3000000 | 2989034  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

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

 **MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; TELUS Corp. <br>4.665% 6/13/25 (a) | $4000000 | $3962216  |
| &nbsp;&nbsp;&nbsp; VW Credit, Inc. <br>4.632% 4/04/25 (a) | 3000000 | 2998469  |
|  |  | 26866559 |

---

---

| | |
|:---|:---|
|  | **Number of** <br>**Shares**  |
| **Investment of Cash Collateral from Securities Loaned — 1.6%**<br>|  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (h) | 2395130 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 1.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (i) | $1817965 | 1817965  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>|  |  |
| **(Cost $31,083,932)** |  | **31079654**  |
| **TOTAL INVESTMENTS — 101.4%**<br>|  |  |
| **(Cost $153,792,330) (j)** |  | **150850035**  |
| **Other Assets/**<br>(Liabilities) — (1.4)% |  | **(2045589)**  |
| **NET ASSETS — 100.0%** |  | **$148804446** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO  | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation |
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| ICE  | &nbsp;&nbsp;&nbsp; Inter-Continental Exchange |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 March 31, 2025, the aggregate market value of these securities amounted to $101,321,134 or 68.09% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $2,540,698 or 1.71% of net assets. The Fund received $199,258 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) A portion of this security is purchased on a
 when-issued, delayed-delivery or forward commitment basis. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $806,026 or 0.54% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) May contain securities that are issued by a
 U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(i) Maturity value of $1,818,104. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 10/15/26, and an aggregate market value, including accrued
 interest, of $1,854,353.

&nbsp;&nbsp;&nbsp;&nbsp;(j) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

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

 **MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued)**<br>

Country weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| United States | 56.1%  |
| Cayman Islands | 9.1%  |
| United Kingdom | 2.9%  |
| Netherlands | 1.7%  |
| France | 1.5%  |
| Canada | 1.5%  |
| India | 0.8%  |
| China | 0.8%  |
| Germany | 0.8%  |
| Qatar | 0.8%  |
| Jordan | 0.8%  |
| Kuwait | 0.7%  |
| Bermuda | 0.7%  |
| Australia | 0.7%  |
| Republic of Korea | 0.6%  |
| Ireland | 0.4%  |
| Denmark | 0.3%  |
| Brazil | 0.3%  |
| Total Long-Term Investments | 80.5%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 19.5%  |
| Net Assets | 100.0% |

---

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration** <br>**Date** | **Number of** <br>**Contracts** | **Notional** <br>**Amount** | **Value/Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Note 2 Year | 6/30/25 | 345 | $71127678 | $346619  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Note 10 Year | 6/18/25 | 18 | $(1975199) | $(26739)  |
| U.S. Treasury Note 5 Year | 6/30/25 | 240 | (25668236) | (289264)  |
|  |  |  |  | $(316003) |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

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

 **MassMutual Inflation-Protected and Income Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Bonds & Notes — 71.4%**<br>|  |  |
| **Non-U.S. Government Agency Obligations — 45.4%**<br>|  |  |
| **Automobile Asset-Backed Securities — 11.6%**<br>|  |  |
|  American Credit Acceptance Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, <br>5.630% 1/14/30 (a) | $3000000 | $3014980  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, <br>6.240% 4/12/30 (a) | 2800000 | 2838945  |
| &nbsp;&nbsp;&nbsp; BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2 <br>5.542% 10/27/31 (a) | 1126361 | 1134483  |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-N3, Class B <br>0.660% 6/12/28 | 677604 | 646327  |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series 2021-1, Class D <br>1.450% 1/16/29 | 2243053 | 2231488  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, <br>1.400% 4/15/27 | 1246516 | 1218381  |
| &nbsp;&nbsp;&nbsp; Series 2020-3A, Class E, <br>3.440% 8/17/26 (a) | 2141828 | 2133569  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, <br>4.560% 7/17/28 | 1000000 | 993204  |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, Series 2021-2, Class C <br>1.270% 6/15/27 (a) | 2335331 | 2314627  |
| &nbsp;&nbsp;&nbsp; Onemain Direct Auto Receivables Trust, Series 2022-1A, Class C <br>5.310% 6/14/29 (a) | 1100000 | 1098691  |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, Series 2021-2, Class D <br>1.350% 7/15/27 | 1271502 | 1262846  |
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, <br>Series 2023-B, Class B <br>6.570% 8/20/27 (a) | 3000000 | 3037326  |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust <br>Series 2022-2A, Class D, <br>5.480% 9/15/27 (a) | 3000000 | 3019953  |
|  Series 2023-4A, Class A2, 6.230% 1/15/27 (a) | 582790 | 584914  |
|  |  | 25529734  |
| **Commercial Mortgage-Backed Securities — 3.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% <br>6.116% FRN 7/15/35 (a) (b) | 1150000 | 1141833  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 2.047% <br>6.367% FRN 12/15/37 (a) (b) | $250836 | $250366  |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2015-LC19, Class D <br>2.867% 2/10/48 (a) | 2457000 | 2222907  |
| Extended Stay America Trust<br>|  |  |
|  Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% 6.684% FRN 7/15/38 (a) (b) | 1125996 | 1125996  |
|  Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814% 8.134% FRN 7/15/38 (a) (b) | 1559071 | 1551278  |
| &nbsp;&nbsp;&nbsp; KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term <br>SOFR + 2.314% <br>6.634% FRN 2/15/39 (a) (b) | 900000 | 887621  |
| &nbsp;&nbsp;&nbsp; Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335% <br>6.655% FRN 5/25/38 (a) (b) | 896830 | 895710  |
|  |  | 8075711  |
| **Home Equity Asset-Backed Securities — 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729% <br>5.050% FRN 4/25/36 (b) | 719956 | 709598  |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374% <br>4.695% FRN 3/25/37 (b) | 165679 | 162906  |
| &nbsp;&nbsp;&nbsp; Point Securitization Trust, Series 2024-1, Class A1 <br>6.500% 6/25/54 (a) | 1556276 | 1549716  |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% <br>4.605% FRN 1/25/37 (b) | 40936 | 40587  |
|  |  | 2462807  |
| **Other Asset-Backed Securities — 17.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% <br>4.634% FRN 9/15/41 (a) (b) | 25212 | 25012  |
| &nbsp;&nbsp;&nbsp; ACHV ABS Trust, Series 2024-1PL, Class A <br>5.900% 4/25/31 (a) | 883598 | 890799  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

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

 **MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Affirm Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-Z2, Class A, <br>1.170% 11/16/26 (a) | $20769 | $20639  |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class A, <br>5.220% 12/17/29 (a) | 722520 | 722511  |
| &nbsp;&nbsp;&nbsp; Series 2023-X1, Class B, <br>7.770% 11/15/28 (a) | 2203329 | 2209370  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class D, <br>8.780% 9/15/28 (a) | 2800000 | 2848344  |
| Alterna Funding III LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br>6.260% 5/16/39 (a) | 2039929 | 2056755  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, <br>7.136% 5/16/39 (a) | 1149468 | 1156883  |
| BHG Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>1.420% 11/17/33 (a) | 1039882 | 1016510  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.550% 4/17/36 (a) | 1210778 | 1213863  |
| &nbsp;&nbsp;&nbsp; DataBank Issuer LLC, Series 2021-1A, Class A2 <br>2.060% 2/27/51 (a) | 1500000 | 1457947  |
| &nbsp;&nbsp;&nbsp; FCI Funding LLC, Series 2024-1A, Class A <br>5.440% 8/15/36 (a) | 940369 | 940685  |
| &nbsp;&nbsp;&nbsp; FNA VI LLC, Series 2021-1A, Class A <br>1.350% 1/10/32 (a) | 1510000 | 1393117  |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Trust, Series 2024-1, Class A2 <br>5.880% 6/25/59 (a) | 2065682 | 2084807  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2022-2A, Class C <br>5.570% 1/25/37 (a) | 670089 | 673387  |
| &nbsp;&nbsp;&nbsp; MCA Fund Holding LLC, Series 2020-1, Class A <br>3.250% 11/15/35 (a) | 300323 | 294645  |
| &nbsp;&nbsp;&nbsp; NP SPE IX LP, Series 2019-1A, Class A1 <br>2.574% 9/20/49 (a) | 92703 | 90456  |
| &nbsp;&nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund <br>Series 2021-1A, Class A1, 1.480% 1/20/51 (a) | 4056986 | 3899954  |
|  Series 2020-1A, Class A1, 1.850% 11/20/50 (a) | 2293321 | 2223478  |
| Pagaya AI Debt Grantor Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A, <br>5.183% 6/15/32 (a) | 2163696 | 2170694  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A, <br>5.331% 1/15/32 (a) | 2199221 | 2212469  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A, <br>6.278% 10/15/31 (a) | $967006 | $974840  |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust, Series 2024-4, Class B <br>6.539% 8/15/31 (a) | 4489828 | 4531656  |
| &nbsp;&nbsp;&nbsp; PVONE 2023-1 LLC, Series 2023-2A, Class A <br>7.670% 9/17/35 (a) | 570231 | 570660  |
| &nbsp;&nbsp;&nbsp; RAM LLC, Series 2024-1, Class A<br>6.669% 2/15/39 (a) | 2201785 | 2216062  |
| &nbsp;&nbsp;&nbsp; Reach ABS Trust, Series 2024-1A, Class A <br>6.300% 2/18/31 (a) | 406859 | 408820  |
|  |  | 38304363  |
| **Student Loans Asset-Backed Securities — 5.3%**<br>|  |  |
| Commonbond Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AGS, Class B, <br>1.400% 3/25/52 (a) | 111495 | 83774  |
| &nbsp;&nbsp;&nbsp; Series 2018-CGS, Class C, <br>4.350% 2/25/46 (a) | 9831 | 8611  |
|  Series 2019-AGS, Class A2, 1 mo. USD Term SOFR + 1.014% 5.335% FRN 1/25/47 (a) (b) | 104332 | 100178  |
| &nbsp;&nbsp;&nbsp; JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612% <br>5.163% FRN 6/28/39 (a) (b) | 142407 | 127169  |
| &nbsp;&nbsp;&nbsp; Laurel Road Prime Student Loan Trust, Series 2019-A, Class A1FX <br>2.340% 10/25/48 (a) | 18711 | 18486  |
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust <br>Series 2021-A, Class A, 0.840% 5/15/69 (a) | 3258395 | 2943164  |
|  Series 2020-HA, Class A, 1.310% 1/15/69 (a) | 645850 | 605643  |
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, Series 2016-7A, Class A, 30 day USD SOFR Average + 1.264% <br>5.604% FRN 3/25/66 (a) (b) | 926563 | 934746  |
| Nelnet Student Loan Trust<br>|  |  |
|  Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 4.794% FRN 3/23/37 (b) | 523365 | 507293  |
|  Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 4.874% FRN 6/25/41 (b) | 112706 | 101566  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class B, 90 day USD SOFR Average + 0.462% <br>5.019% FRN 1/25/38 (b) | 269434 | 232117  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

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

 **MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% <br>5.169% FRN 10/25/40 (b) | $545845 | $540296  |
|  Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 5.954% FRN 6/25/41 (a) (b) | 295000 | 288112  |
| SLC Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% <br>4.875% FRN 12/15/39 (b) | 147126 | 130947  |
|  Series 2005-2, Class B, 90 day USD SOFR Average + 0.542% 4.925% FRN 3/15/40 (b) | 459483 | 423235  |
| SLM Student Loan Trust<br>|  |  |
|  Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.019% FRN 1/25/70 (b) | 100683 | 94744  |
|  Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.029% FRN 10/25/40 (b) | 200789 | 189910  |
|  Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 5.039% FRN 1/25/41 (b) | 184492 | 173414  |
|  Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.129% FRN 1/25/55 (b) | 154399 | 147493  |
|  Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 5.289% FRN 10/25/64 (b) | 96406 | 91242  |
| SMB Private Education Loan Trust<br>|  |  |
|  Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 5.304% FRN 7/15/36 (a) (b) | 397836 | 397393  |
|  Series 2024-R1, Class M, 6.000% 9/15/54 (a) | 3206544 | 3202097  |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX <br>3.600% 2/25/48 (a) | 301097 | 296174  |
|  |  | 11637804  |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 6.4%** | **Whole Loan Collateral Collateralized Mortgage Obligations — 6.4%** |  |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series 2022-2, Class A1, <br>3.353% VRN 1/25/67 (a) (b) (c) | 1814586 | 1705014  |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3, <br>1.435% VRN 3/25/60 (a) (b) (c) | 365327 | 350854  |
| &nbsp;&nbsp;&nbsp; CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% <br>5.404% FRN 8/25/49 (a) (b) | 583080 | 556805  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, Series 2022-1, Class A1, <br>2.284% VRN 12/27/66 (a) (b) (c) | $6608524 | $6017623  |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, <br>1.128% VRN 5/25/65 (a) (b) (c) | 237372 | 224656  |
| &nbsp;&nbsp;&nbsp; First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274% <br>4.595% FRN 11/25/36 (b) | 108947 | 108169  |
| OBX Trust<br>|  |  |
|  Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) (c) | 517823 | 426228  |
|  Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 5.385% FRN 2/25/60 (a) (b) | 207492 | 201887  |
| &nbsp;&nbsp;&nbsp; PSMC Trust, Series 2020-2, Class A2, <br>3.000% VRN 5/25/50 (a) (b) (c) | 634128 | 555760  |
| &nbsp;&nbsp;&nbsp; STAR Trust, Series 2021-1, Class A3, <br>1.528% VRN 5/25/65 (a) (b) (c) | 2297522 | 2062486  |
|  Starwood Mortgage Residential Trust<br>|  |  |
|  Series 2020-1, Class M1, 2.878% VRN 2/25/50 (a) (b) (c) | 1000000 | 870149  |
|  Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b) (c) | 473579 | 464937  |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, Series 2021-3, Class A3, <br>1.437% VRN 6/25/66 (a) (b) (c) | 738652 | 631179  |
|  |  | 14175747  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $101,411,862)** |  | **100186166**  |
| **U.S. Government Agency Obligations and Instrumentalities (d) — 5.4%**<br>|  |  |
| **Whole Loans — 5.4%**<br>|  |  |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 5.190% <br>FRN 11/25/41 (a) (b) | 773906 | 772888  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 5.640% FRN <br>2/25/42 (a) (b) | 1245315 | 1247250  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

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

 **MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 6.154% FRN <br>1/25/50 (a) (b) | $155426 | $155704  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 6.340% FRN <br>4/25/42 (a) (b) | 1708571 | 1728378  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 7.290% FRN <br>6/25/42 (a) (b) | 1749971 | 1787604  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 6.236% FRN <br>6/25/43 (a) (b) | 873850 | 880074  |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 6.240% FRN <br>4/25/42 (a) (b) | 347916 | 350211  |
| &nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 6.840% FRN <br>4/25/43 (a) (b) | 1775205 | 1798511  |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 7.286% FRN <br>6/25/42 (a) (b) | 3152726 | 3229529  |
|  |  | 11950149  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES**<br>|  |  |
| **(Cost $11,886,423)** |  | **11950149**  |
| **U.S. Treasury Obligations — 20.6%**<br>|  |  |
| **U.S. Treasury Bonds & Notes — 20.6%**<br>|  |  |
|  U.S. Treasury Inflation-Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.125% 2/15/51 | 792942 | 455650  |
| &nbsp;&nbsp;&nbsp; 0.125% 2/15/52 | 1026828 | 581124  |
| &nbsp;&nbsp;&nbsp; 0.250% 2/15/50 | 741216 | 452228  |
| &nbsp;&nbsp;&nbsp; 0.625% 2/15/43 | 207213 | 159299  |
| &nbsp;&nbsp;&nbsp; 0.750% 2/15/42 | 983899 | 790223  |
| &nbsp;&nbsp;&nbsp; 0.750% 2/15/45 | 1267816 | 961658  |
| &nbsp;&nbsp;&nbsp; 0.875% 2/15/47 | 789432 | 597177  |
| &nbsp;&nbsp;&nbsp; 1.000% 2/15/46 | 670210 | 528450  |
| &nbsp;&nbsp;&nbsp; 1.000% 2/15/48 | 450783 | 346243  |
| &nbsp;&nbsp;&nbsp; 1.000% 2/15/49 | 511175 | 388766  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; 1.375% 2/15/44 | $681380 | $593012  |
| &nbsp;&nbsp;&nbsp; 1.500% 2/15/53 | 747922 | 622108  |
| &nbsp;&nbsp;&nbsp; 1.750% 1/15/28 | 1212832 | 1232742  |
| &nbsp;&nbsp;&nbsp; 2.125% 2/15/40 | 514304 | 519646  |
| &nbsp;&nbsp;&nbsp; 2.125% 2/15/41 | 667143 | 672731  |
| &nbsp;&nbsp;&nbsp; 2.125% 2/15/54 | 517435 | 496443  |
| &nbsp;&nbsp;&nbsp; 2.500% 1/15/29 | 961545 | 1004820  |
| &nbsp;&nbsp;&nbsp; 3.375% 4/15/32 | 357864 | 399878  |
| &nbsp;&nbsp;&nbsp; 3.875% 4/15/29 | 482995 | 530724  |
| U.S. Treasury Inflation-Indexed Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.125% 4/15/25 | 2459180 | 2461582  |
| &nbsp;&nbsp;&nbsp; 0.125% 1/15/30 | 2345455 | 2206527  |
| &nbsp;&nbsp;&nbsp; 0.125% 7/15/31 | 2133000 | 1958443  |
| &nbsp;&nbsp;&nbsp; 0.250% 7/15/29 | 1489968 | 1427093  |
| &nbsp;&nbsp;&nbsp; 0.500% 1/15/28 | 1931385 | 1896901  |
| &nbsp;&nbsp;&nbsp; 0.625% 7/15/32 | 2623488 | 2448859  |
| &nbsp;&nbsp;&nbsp; 0.750% 7/15/28 (e) | 1543629 | 1525426  |
| &nbsp;&nbsp;&nbsp; 0.875% 1/15/29 | 754698 | 742881  |
| &nbsp;&nbsp;&nbsp; 1.125% 1/15/33 | 2558952 | 2451327  |
| &nbsp;&nbsp;&nbsp; 1.250% 4/15/28 | 2117720 | 2118234  |
| &nbsp;&nbsp;&nbsp; 1.375% 7/15/33 | 2896755 | 2825478  |
| &nbsp;&nbsp;&nbsp; 1.625% 10/15/29 | 4087949 | 4146101  |
| &nbsp;&nbsp;&nbsp; 1.750% 1/15/34 | 1756491 | 1753452  |
| &nbsp;&nbsp;&nbsp; 1.875% 7/15/34 | 809744 | 817270  |
| &nbsp;&nbsp;&nbsp; 2.125% 4/15/29 | 2104981 | 2167618  |
| &nbsp;&nbsp;&nbsp; 2.375% 10/15/28 | 3007097 | 3132722  |
|  |  | 45412836  |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br>|  |  |
| **(Cost $47,182,722)** |  | **45412836**  |
| **TOTAL BONDS & NOTES**<br>|  |  |
| **(Cost $160,481,007)** |  | **157549151**  |
| **TOTAL LONG-TERM INVESTMENTS**<br>|  |  |
| **(Cost $160,481,007)** |  | **157549151**  |
| **Short-Term Investments — 27.8%**<br>|  |  |
| **Commercial Paper — 24.4%**<br>|  |  |
| American Electric Power Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.720% 5/28/25 (a) | 5000000 | 4962950  |
| American Honda Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.648% 5/12/25 | 5000000 | 4973167  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.622% 4/08/25 (a) | 3000000 | 2996986  |
| eBay, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.695% 7/22/25 (a) | 5000000 | 4928962  |
| Entergy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.687% 6/05/25 (a) | 4000000 | 3966281  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

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

 **MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Equifax, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.638% 4/08/25 (a) | $5000000 | $4994964  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.832% 4/11/25 (a) | 4000000 | 3994450  |
| Northrop Grumman Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.704% 5/08/25 | 5000000 | 4975880  |
| NXP BV/NXP Funding LLC/NXP <br>USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.676% 5/20/25 (a) | 5000000 | 4967801  |
| Penske Truck Leasing Co. LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.687% 4/02/25 | 4000000 | 3998979  |
| TELUS Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.816% 5/21/25 (a) | 5000000 | 4967438  |
| WPP CP LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.874% 6/10/25 (a) | 4000000 | 3963740  |
|  |  | 53691598  |
| **Repurchase Agreement — 3.4%**<br>|  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (f) | 7594673 | 7594673  |
| **TOTAL SHORT-TERM INVESTMENTS**<br>|  |  |
| **(Cost $61,291,975)** |  | **61286271** |
| **TOTAL INVESTMENTS — 99.2%**<br>|  |  |
| **(Cost $221,772,982) (g)** |  | **218835422** |
| **Other Assets/(Liabilities) — 0.8%** |  | **1697492** |
| **NET ASSETS — 100.0%** |  | **$220532914** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| REMICS  | &nbsp;&nbsp;&nbsp; Real Estate Mortgage Investment Conduits |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 March 31, 2025, the aggregate market value of these securities amounted to $141,874,124 or 64.33% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or

agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) May contain securities that are issued by a
 U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of this security is pledged/held
 as collateral for open derivatives. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Maturity value of $7,595,253. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 10/15/26, and an aggregate market value, including accrued
 interest, of $7,746,616.

&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 Inflation-Protected and Income Fund — Portfolio of Investments (Continued)**<br>

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of** <br>**Contracts** | **Notional** <br>**Amount** | **Value/Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Note 10 Year | 6/18/25 | 3 | $327548 | $6108  |
| U.S. Treasury Ultra 10 Year | 6/18/25 | 9 | 1012881 | 14244  |
| U.S. Treasury Ultra Bond | 6/18/25 | 2 | 247688 | (3188)  |
|  |  |  |  | $17164  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 6/18/25 | 6 | $(706043) | $2355  |
| U.S. Treasury Note 2 Year | 6/30/25 | 194 | (39995223) | (196121)  |
| U.S. Treasury Note 5 Year | 6/30/25 | 16 | (1710700) | (19800)  |
|  |  |  |  | $(213566) |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** |  |  |  | | | |
| **Rate/Reference** | **Frequency** | **Rate/Reference** | **Frequency** | **Termination Date** | **Notional** <br>**Amount** | **Notional** <br>**Amount** | <br>**Value** | <br>**Upfront Premium Paid/ (Received)** | <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Fixed 2.490%<br>| Maturity | U.S. Consumer Price Index | Maturity | 7/31/26 | USD | 1500000 | $28734 | $— | $28734  |
| Fixed 2.482%<br>| Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 3000000 | 54584 |  | 54584  |
| Fixed 2.164%<br>| Maturity | U.S. Consumer Price Index | Maturity | 9/19/26 | USD | 7000000 | 134587 |  | 134587  |
| Fixed 2.599%<br>| Maturity | U.S. Consumer Price Index | Maturity | 1/10/27 | USD | 9100000 | 95975 |  | 95975  |
|  |  |  |  |  |  |  | $313880 | $— | $313880 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

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

 **MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued)**<br>

**OTC Total Return Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | **Received by the Fund** | **Received by the Fund** |  |  | | | |
| **Rate/**<br>**Reference** | **Frequency** | **Rate/**<br>**Reference** | **Frequency** | **Counterparty** | **Termination** <br>**Date** | **No. of** <br>**Contracts/**<br>**Notional** | **No. of** <br>**Contracts/**<br>**Notional** | <br>**Value** | <br>**Upfront** <br>**Premium** <br>**Paid/**<br>(Received) | <br>**Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| Fed Funds + 29.1 BP | Maturity | Bloomberg <br>US <br>Treasury <br>Inflation <br>Notes TR <br>Index | Maturity | BNP <br>Paribas SA\* | 5/29/25 | USD | 64532093 | $2020326 | $— | $2020326  |
| Fed Funds + 20.1 BP | Maturity | Bloomberg <br>US <br>Treasury <br>Inflation <br>Notes TR <br>Index | Maturity | BNP <br>Paribas SA\* | 7/31/25 | USD | 48205406 | 1472680 |  | 1472680  |
| Fed Funds + 28.0 BP | Maturity | Bloomberg <br>US <br>Treasury <br>Inflation <br>Notes TR <br>Index | Maturity | Goldman <br>Sachs <br>International\* | 4/30/25 | USD | 33000001 | 994973 |  | 994973  |
| Fed Funds + 23.0 BP | Maturity | Bloomberg <br>US <br>Treasury <br>Inflation <br>Notes TR <br>Index | Maturity | Goldman <br>Sachs <br>International\* | 8/29/25 | USD | 14305886 | 91721 |  | 91721  |
|  |  |  |  |  |  |  |  | $4579700 | $— | $4579700 |

---

\* Contracts are subject to a master netting agreement or similar agreement.

**Currency Legend** 

<br> USD U.S. Dollar <br>

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 98.3%**<br>|  |  |
| **Corporate Debt — 39.7%**<br>|  |  |
| **Aerospace & Defense — 0.3%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.930% 5/01/60 | $1470000 | $1382766  |
| &nbsp;&nbsp;&nbsp; 6.858% 5/01/54 | 718000 | 779889  |
|  |  | 2162655  |
| **Agriculture — 0.2%**<br>|  |  |
|  JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.950% 4/20/35 (a) | 1287000 | 1322779  |
| **Airlines — 0.1%**<br>|  |  |
| United Airlines Pass-Through Trust<br>|  |  |
|  Series 2018-1, Class B, 4.600% 9/01/27 | 214934 | 212102  |
|  Series 2024-1, Class AA, 5.450% 8/15/38 | 845577 | 852158  |
|  |  | 1064260  |
| **Auto Manufacturers — 0.7%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/17/27 | 800000 | 772835  |
| &nbsp;&nbsp;&nbsp; 5.303% 9/06/29 | 1535000 | 1488078  |
| General Motors Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 4/01/38 | 1295000 | 1172236  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.300% 9/13/27 (a) (b) | 2025000 | 2009744  |
|  |  | 5442893  |
| **Banks — 7.2%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
|  5 yr. CMT + 1.200% 2.482% VRN 9/21/36 (c) | 2235000 | 1863933  |
|  5 yr. CMT + 2.000% 3.846% VRN 3/08/37 (c) | 2025000 | 1817532  |
|  Bank of Montreal, (Acquired 1/29/25, Cost $1,191,927), 5 yr. CMT + 1.400%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.088% VRN 1/10/37 (c) (d) | 1425000 | 1203452  |
|  Bank of Nova Scotia 5 yr. CMT + 2.903%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.350% VRN 4/27/85 (c) | 1856000 | 1838802  |
| Barclays PLC<br>|  |  |
|  5 yr. CMT + 5.867% 6.125% VRN (c) (e) | 1500000 | 1498842  |
|  5 yr. CMT + 5.431% 8.000% VRN (c) (e) | 2648000 | 2729990  |
|  BNP Paribas SA 5 yr. CMT + 3.196%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% VRN (a) (c) (e) | 2275000 | 2182461  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  BPCE SA 1 day USD SOFR + 1.730%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.116% VRN 10/19/32 (a) (c) | $1830000 | $1559718  |
| Citigroup, Inc.<br>|  |  |
|  5 yr. CMT + 2.572% 6.750% VRN (c) (e) | 2110000 | 2086423  |
|  10 yr. CMT + 2.757% 7.000% VRN (c) (e) | 1904000 | 1974001  |
|  Cooperatieve Rabobank UA 1 yr. CMT + 1.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.710% VRN 1/21/33 (a) (c) | 1505000 | 1547555  |
|  Goldman Sachs Group, Inc. 5 yr. CMT + 2.461%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% VRN (c) (e) | 1976000 | 2000694  |
| HSBC Holdings PLC<br>|  |  |
|  1 day USD SOFR + 1.560% 5.450% VRN 3/03/36 (c) | 1990000 | 1982669  |
|  1 day USD SOFR + 1.520% 5.733% VRN 5/17/32 (c) | 1985000 | 2044422  |
|  5 yr. CMT + 3.298% 6.875% VRN (b) (c) (e) | 1269000 | 1269614  |
|  ING Groep NV 5 yr. USD Swap + 4.446%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% VRN (c) (e) | 1925000 | 1923751  |
|  JP Morgan Chase & Co. 5 yr. CMT + 2.152%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% VRN (c) (e) | 1142000 | 1168772  |
| Lloyds Banking Group PLC<br>|  |  |
|  5 yr. USD ICE Swap + 4.496% 7.500% VRN (c) (e) | 1775000 | 1781021  |
|  5 yr. CMT + 3.913% 8.000% VRN (b) (c) (e) | 2050000 | 2127437  |
|  Macquarie Bank Ltd. 5 yr. CMT + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.052% VRN 3/03/36 (a) (c) | 2900000 | 2536789  |
| Morgan Stanley<br>|  |  |
|  1 day USD SOFR + 1.360% 2.484% VRN 9/16/36 (c) | 3010000 | 2495559  |
|  1 day USD SOFR + 2.620% 5.297% VRN 4/20/37 (c) | 2435000 | 2388502  |
| NatWest Group PLC<br>|  |  |
|  5 yr. CMT + 5.625% 6.000% VRN (c) (e) | 1950000 | 1946874  |
|  5 yr. CMT + 2.937% 7.300% VRN (c) (e) | 2375000 | 2345178  |
|  Nordea Bank Abp 5 yr. CMT + 2.660%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.300% VRN (a) (c) (e) | 2777000 | 2676929  |
|  Societe Generale SA 5 yr. USD ICE Swap + 5.873%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% VRN (a) (c) (e) | 1975000 | 1986293  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Toronto-Dominion Bank 5 yr. CMT + 4.075%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% VRN 10/31/82 (c) | $3722000 | $3850055  |
|  UBS Group AG 5 yr. USD SOFR ICE Swap + 3.077%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% VRN (a) (c) (e) | 873000 | 859757  |
|  Wells Fargo & Co. 5 yr. CMT + 2.767%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% VRN (c) (e) | 1695000 | 1758920  |
|  |  | 57445945  |
| **Beverages — 0.1%**<br>|  |  |
| Bacardi Ltd./Bacardi-Martini BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 6/15/43 (a) | 697000 | 668286  |
| **Chemicals — 0.7%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.600% STEP 11/15/28 | 2635000 | 2717917  |
| Dow Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% 2/15/54 | 1121000 | 1037377  |
| Huntsman International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.950% 6/15/31 | 1750000 | 1485335  |
|  |  | 5240629  |
| **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br>Global Aviation Trust | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br>Global Aviation Trust | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br>Global Aviation Trust |
|  5 yr. CMT + 2.441% 6.500% VRN 1/31/56 (c) (f) | 1100000 | 1089814  |
|  5 yr. CMT + 2.720% 6.950% VRN 3/10/55 (c) | 364000 | 372567  |
| Ally Financial, Inc.<br>|  |  |
|  1 day USD SOFR Index + 1.730% 5.543% VRN 1/17/31 (c) | 401000 | 398971  |
|  1 day USD SOFR + 3.260% 6.992% VRN 6/13/29 (c) | 1150000 | 1199529  |
| Apollo Global Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 5/21/54 | 1949000 | 1925739  |
|  ARES Finance Co. III LLC 5 yr. CMT + 3.237%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN 6/30/51 (a) (c) | 2335000 | 2252166  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 5/30/30 (a) (b) | 757000 | 758029  |
| &nbsp;&nbsp;&nbsp; 5.750% 11/15/29 (a) | 2060000 | 2100069  |
| BGC Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.150% 4/02/30 (a) | 1275000 | 1269546  |
| &nbsp;&nbsp;&nbsp; 6.600% 6/10/29 | 2645000 | 2717469  |
| Blue Owl Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.125% 6/10/31 | 2400000 | 2107387  |
|  Charles Schwab Corp. 5 yr. CMT + 3.168%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% VRN (c) (e) | 2820000 | 2748755  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 3/27/28 (a) | $1000000 | $1000669  |
|  |  | 19940710  |
| **Electric — 1.5%**<br>|  |  |
| AES Corp. 5 yr. CMT + 3.201%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.600% VRN 1/15/55 (c) | 2598000 | 2621665  |
| Cleveland Electric Illuminating Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.950% 12/15/36 | 864000 | 893797  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 11/15/28 | 1325000 | 1306487  |
| MidAmerican Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.300% 2/01/55 | 777000 | 737828  |
|  NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% VRN 3/15/82 (c) | 1865000 | 1754670  |
| Pacific Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/15/29 | 1175000 | 1191039  |
| Sempra<br>|  |  |
|  5 yr. CMT + 2.868% 4.125% VRN 4/01/52 (c) | 2163000 | 2032503  |
|  5 yr. CMT + 4.550% 4.875% VRN (c) (e) | 1690000 | 1673834  |
|  |  | 12211823  |
| **Entertainment — 0.5%**<br>|  |  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.279% 3/15/32 | 3120000 | 2748843  |
| &nbsp;&nbsp;&nbsp; 5.141% 3/15/52 | 1370000 | 998726  |
|  |  | 3747569  |
| **Food — 0.5%**<br>|  |  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.650% 5/01/45 (a) | 2000000 | 2004353  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/13/31 (a) | 2735000 | 2325542  |
|  |  | 4329895  |
| **Gas — 0.5%**<br>|  |  |
| CenterPoint Energy Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 11/01/37 | 2190000 | 2379147  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.850% 4/01/55 | 1269000 | 1261419  |
|  |  | 3640566  |
| **Health Care - Services — 1.1%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.000% 10/15/30 | 2445000 | 2138468  |
| Cigna Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 7/15/46 | 1615000 | 1408300  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 6/01/53 | 2215000 | 2116878  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/15/54 | $2055000 | $1909222  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/15/64 | 1021000 | 1004188  |
|  |  | 8577056  |
| **Insurance — 8.8%**<br>|  |  |
| 200 Park Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.740% 2/15/55 (a) | 1342000 | 1331658  |
| Allianz SE 5 yr. CMT + 2.973%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% VRN (a) (c) (e) | 3800000 | 3667312  |
|  Allstate Corp., 3 mo. USD Term SOFR + 3.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.523% VRN 8/15/53 (c) | 2220000 | 2222600  |
| Ascot Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 12/15/30 (a) | 2025000 | 1737810  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.673% 6/07/31 (a) | 2635000 | 2278210  |
|  Athene Holding Ltd. 5 yr. CMT + 2.607%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% VRN 10/15/54 (c) | 2270000 | 2247847  |
|  AXIS Specialty Finance LLC 5 yr. CMT + 3.186%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% VRN 1/15/40 (c) | 2450000 | 2307030  |
| Beacon Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.266% 8/15/54 (a) | 3145000 | 3134849  |
| CNO Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.450% 6/15/34 | 2113000 | 2203509  |
|  Corebridge Financial, Inc. 5 yr. CMT + 3.846%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% VRN 12/15/52 (c) | 4384000 | 4480218  |
| Enstar Finance LLC<br>|  |  |
|  5 yr. CMT + 4.006% 5.500% VRN 1/15/42 (c) | 3219000 | 3138297  |
|  5 yr. CMT + 5.468% 5.750% VRN 9/01/40 (c) | 2040000 | 2031826  |
|  Equitable Holdings, Inc. 5 yr. CMT + 4.736%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% VRN (c) (e) | 1480000 | 1474276  |
| Fairfax Financial Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 3/15/55 (a) | 1380000 | 1357602  |
|  Fidus Re Ltd. 1 mo. U.S. T-Bill Rate + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.782% FRN 1/08/42 (a) (c) | 6000000 | 5999338  |
| Fortitude Group Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/30 (a) | 1925000 | 1946074  |
| Global Atlantic Fin Co.<br>|  |  |
|  5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) (c) | 3660000 | 3527182  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/54 (a) | 2379000 | 2415033  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  5 yr. CMT + 3.608% 7.950% VRN 10/15/54 (a) (c) | $596000 | $618468  |
| High Street Funding Trust III<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.807% 2/15/55 (a) (b) | 2000000 | 1972156  |
| Kemper Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% 2/23/32 | 1440000 | 1295623  |
|  Liberty Mutual Group, Inc. 5 yr. CMT + 3.315%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN 12/15/51 (a) (c) | 2070000 | 1981992  |
| MetLife Capital Trust IV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 12/15/67 (a) | 1520000 | 1665301  |
| Pine Street Trust III<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.223% 5/15/54 (a) | 2255000 | 2308835  |
|  Reinsurance Group of America, Inc. 5 yr. CMT + 2.392%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.650% VRN 9/15/55 (c) | 1437000 | 1414942  |
| RenaissanceRe Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 4/01/35 | 940000 | 962721  |
| Sammons Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 4/08/32 (a) | 90000 | 84268  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/15/34 (a) | 3556000 | 3790655  |
| Selective Insurance Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 4/15/35 | 2339000 | 2358612  |
| USF&G Capital I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 12/15/45 (a) | 1015000 | 1084689  |
| &nbsp;&nbsp;&nbsp; Vitality Re XV Ltd. 3 mo. U.S. <br>T-Bill Rate + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.782% FRN 1/08/29 (a) (c) | 3276000 | 3340210  |
|  |  | 70379143  |
| **Internet — 0.2%**<br>|  |  |
| Expedia Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 2/15/35 | 1997000 | 1988902  |
| **Investment Companies — 2.6%**<br>|  |  |
| Antares Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 1/15/27 (a) | 985000 | 937397  |
| &nbsp;&nbsp;&nbsp; 3.950% 7/15/26 (a) | 3600000 | 3531800  |
| &nbsp;&nbsp;&nbsp; 8.500% 5/18/25 (a) | 1185000 | 1186667  |
| ARES Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 3/01/29 | 1572000 | 1595950  |
| ARES Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.350% 8/15/29 (a) | 2661000 | 2701672  |
| Blackstone Secured Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 9/16/26 | 1950000 | 1883308  |
| Blue Owl Credit Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 3/15/30 (a) | 2720000 | 2667182  |
| Blue Owl Technology Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/04/29 | 2083000 | 2111318  |
| Golub Capital BDC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 7/15/29 | 1961000 | 1968958  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| HPS Corporate Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 9/30/29 | $1815000 | $1840548  |
|  |  | 20424800  |
| **Media — 1.1%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.300% 2/01/32 (b) | 1015000 | 821799  |
| &nbsp;&nbsp;&nbsp; 6.484% 10/23/45 | 1925000 | 1830050  |
| News Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 5/15/29 (a) | 825000 | 777780  |
| &nbsp;&nbsp;&nbsp; 5.125% 2/15/32 (a) | 2800000 | 2670268  |
| Paramount Global<br>|  |  |
|  5 yr. CMT + 3.999% 6.375% VRN 3/30/62 (c) | 1337000 | 1304473  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/30/36 | 1760000 | 1805608  |
|  |  | 9209978  |
| **Oil & Gas — 2.9%**<br>|  |  |
| BP Capital Markets PLC<br>|  |  |
|  5 yr. CMT + 1.924% 6.125% VRN (b) (c) (e) | 2205000 | 2169938  |
|  5 yr. CMT + 2.153% 6.450% VRN (b) (c) (e) | 1150000 | 1173345  |
| Continental Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/31 (a) | 1925000 | 1939838  |
| Expand Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 1/15/35 | 1334000 | 1338778  |
| Helmerich & Payne, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 12/01/34 (a) (b) | 4060000 | 3842409  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 1/01/32 | 1250000 | 1231378  |
| &nbsp;&nbsp;&nbsp; 6.050% 10/01/54 | 2221000 | 2079096  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 8/15/34 | 885000 | 922564  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/01/38 | 1380000 | 1423136  |
| &nbsp;&nbsp;&nbsp; 7.100% 7/15/53 | 1709000 | 1805359  |
| Patterson-UTI Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.150% 10/01/33 | 1825000 | 1923087  |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.350% 2/12/28 | 845000 | 782832  |
| &nbsp;&nbsp;&nbsp; 6.375% 1/23/45 | 585000 | 393974  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/13/27 | 295000 | 288615  |
| &nbsp;&nbsp;&nbsp; 6.625% 6/15/38 | 202000 | 150429  |
| Santos Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 9/19/33 (a) | 1825000 | 1955396  |
|  |  | 23420174  |
| **Oil & Gas Services — 0.2%**<br>|  |  |
| NOV, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 12/01/42 | 2603000 | 1935239  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Pharmaceuticals — 1.4%**<br>|  |  |
| AbbVie, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 3/15/35 | $821000 | $834074  |
| Bayer US Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 11/21/33 (a) | 2445000 | 2569106  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 3/25/48 | 1650000 | 1408018  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/01/53 | 675000 | 637215  |
|  5 yr. CMT + 2.886% 7.000% VRN 3/10/55 (c) | 2520000 | 2539881  |
| CVS Pass-Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.926% 1/10/34 (a) | 1340761 | 1350242  |
| Utah Acquisition Sub, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/15/46 | 2115000 | 1691934  |
|  |  | 11030470  |
| **Pipelines — 1.4%**<br>|  |  |
| Enbridge, Inc. 5 yr. CMT + 3.708%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% VRN 1/15/83 (b) (c) | 1049000 | 1066697  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.950% 5/15/54 | 1041000 | 994136  |
|  5 yr. CMT + 5.306% 7.125% VRN (c) (e) | 1585000 | 1603817  |
|  Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% VRN 8/16/77 (c) | 2000000 | 1969145  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 6/01/47 | 2215000 | 2006868  |
|  Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.695% VRN (c) (e) | 2590000 | 2584336  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 11/15/34 | 1380000 | 1348295  |
|  |  | 11573294  |
| **Private Equity — 0.4%**<br>|  |  |
| Brookfield Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.968% 3/04/54 | 1386000 | 1394185  |
| KKR Group Finance Co. X LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 12/15/51 (a) | 2442000 | 1552540  |
|  |  | 2946725  |
| **Real Estate Investment Trusts (REITS) — 2.2%** | **Real Estate Investment Trusts (REITS) — 2.2%** | **Real Estate Investment Trusts (REITS) — 2.2%** |
| Broadstone Net Lease LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.600% 9/15/31 | 2141000 | 1812866  |
| EPR Properties<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.600% 11/15/31 | 880000 | 785262  |
| &nbsp;&nbsp;&nbsp; 3.750% 8/15/29 | 1650000 | 1546886  |
| &nbsp;&nbsp;&nbsp; 4.500% 6/01/27 | 1675000 | 1652709  |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/15/27 (a) | 3580000 | 3369464  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Piedmont Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 7/15/29 | $1325000 | $1376266  |
| &nbsp;&nbsp;&nbsp; 9.250% 7/20/28 (b) | 1872000 | 2062726  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 10/01/29 (b) | 1320000 | 1090037  |
| Store Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 3/15/29 | 3940000 | 3851533  |
|  |  | 17547749  |
| **Semiconductors — 0.3%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 1/25/36 (a) | 1247000 | 1276670  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% 2/21/54 (b) | 1455000 | 1323172  |
|  |  | 2599842  |
| **Software — 0.8%**<br>|  |  |
| AppLovin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 12/01/31 | 2080000 | 2090552  |
| Electronic Arts, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.950% 2/15/51 | 1680000 | 1065608  |
| Microsoft Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.921% 3/17/52 | 2307000 | 1547045  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 9/27/54 | 2075000 | 1892277  |
|  |  | 6595482  |
| **Telecommunications — 0.7%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.550% 9/15/55 | 3193000 | 2163912  |
| Sprint Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 3/15/32 | 1290000 | 1551475  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/15/54 | 1477000 | 1507623  |
|  |  | 5223010  |
| **Trucking & Leasing — 0.1%**<br>|  |  |
|  AerCap Global Aviation Trust 3 mo. USD Term SOFR + 4.562%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% VRN 6/15/45 (a) (c) | 1175000 | 1174532  |
| **Venture Capital — 0.7%**<br>|  |  |
| Hercules Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/16/26 | 2352000 | 2261998  |
| &nbsp;&nbsp;&nbsp; 3.375% 1/20/27 | 3080000 | 2969296  |
|  |  | 5231294  |
| **TOTAL CORPORATE DEBT (Cost $323,509,282)**  |  | **317075700**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Non-U.S. Government Agency Obligations — 21.8%** | **Non-U.S. Government Agency Obligations — 21.8%** | **Non-U.S. Government Agency Obligations — 21.8%** |
| **Automobile Asset-Backed Securities — 1.7%** | **Automobile Asset-Backed Securities — 1.7%** | **Automobile Asset-Backed Securities — 1.7%** |
|  Exeter Automobile Receivables Trust, Series 2024-5A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.640% 1/15/30 | $2000000 | $1997467  |
|  Hyundai Auto Receivables Trust, Series 2024-C, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.860% 2/17/32 | 3000000 | 2979760  |
|  LAD Auto Receivables Trust, Series 2024-3A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.930% 3/15/30 (a) | 3000000 | 2976045  |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.746% 7/25/31 (a) | 1534971 | 1564434  |
|  SFS Auto Receivables Securitization Trust, Series 2024-3A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.980% 10/20/32 (a) | 3700000 | 3678459  |
|  |  | 13196165  |
| **Commercial Mortgage-Backed Securities — 6.5%** | **Commercial Mortgage-Backed Securities — 6.5%** | **Commercial Mortgage-Backed Securities — 6.5%** |
|  Bank, Series 2020-BN30, Class MCDF,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.918% VRN 12/15/53 (c) (g) | 3165000 | 1748264  |
| Benchmark Mortgage Trust<br>|  |  |
|  Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (c) (g) | 3150000 | 2435714  |
|  Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (c) (g) | 4800000 | 3482181  |
|  Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (c) (g) | 3100000 | 1986419  |
| BGME Trust<br>|  |  |
|  Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (c) (g) | 11548000 | 8286847  |
|  Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (c) (g) | 3290000 | 2223553  |
|  BMO Mortgage Trust, Series 2023-C4, Class A5,<br>|  |  |
| 5.117% VRN 2/15/56 (c) (g) | 1300000 | 1289337  |
| BX Trust, Series 2023-LIFE, Class C<br>|  |  |
| 5.884% 2/15/28 (a) | 600000 | 571728  |
|  Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C<br>|  |  |
| 3.502% 8/10/56 | 1259000 | 1046519  |
|  COLEM Mortgage Trust, Series 2022-HLNE, Class D,<br>|  |  |
| 2.461% VRN 4/12/42 (a) (c) (g) | 1900000 | 1480129  |
| COMM Mortgage Trust<br>|  |  |
|  Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (c) (g) | 1200000 | 1175557  |
|  Series 2015-CR23, Class C, 4.492% VRN 5/10/48 (c) (g) | 1050000 | 1003211  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| DROP Mortgage Trust<br>|  |  |
|  Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 6.684% FRN 10/15/43 (a) (c) | $3365000 | $3009981  |
|  Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 7.184% FRN 10/15/43 (a) (c) | 1162000 | 976057  |
|  GS Mortgage Securities Trust, Series 2019-GC39, Class C,<br>|  |  |
| 4.005% VRN 5/10/52 (c) (g) | 1357000 | 1062665  |
| KREF Ltd.<br>|  |  |
|  Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 6.084% FRN 2/15/39 (a) (c) | 3500000 | 3418289  |
|  Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 6.434% FRN 2/15/39 (a) (c) | 5800000 | 5756678  |
|  Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 6.634% FRN 2/15/39 (a) (c) | 3200000 | 3155986  |
|  LEX Mortgage Trust, Series 2024-BBG, Class A,<br>|  |  |
| 4.874% VRN 10/13/33 (a) (c) (g) | 3300000 | 3265958  |
|  Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%<br>|  |  |
| 6.184% FRN 3/15/38 (a) (c) | 1784300 | 1752300  |
| MFT Mortgage Trust<br>|  |  |
|  Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 1185000 | 912070  |
|  Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (c) (g) | 1278000 | 903515  |
|  US Bank NA, Series 2025-SUP1, Class B<br>|  |  |
| 5.582% 2/25/32 (a) | 1000000 | 1001488  |
|  Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B<br>|  |  |
| 4.556% 6/16/51 | 390000 | 364297  |
|  |  | 52308743  |
| **Home Equity Asset-Backed Securities — 0.3%** | **Home Equity Asset-Backed Securities — 0.3%** | **Home Equity Asset-Backed Securities — 0.3%** |
|  Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A3B, 1 mo. USD Term SOFR + 1.074%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.395% FRN 11/25/33 (c) | 1121600 | 1122482  |
|  Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.635% FRN 11/25/35 (a) (c) | 97181 | 96720  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Unlock HEA Trust, Series 2024-1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 4/25/39 (a) | $1370684 | $1356678  |
|  |  | 2575880  |
| **Other Asset-Backed Securities — 9.8%** | **Other Asset-Backed Securities — 9.8%** | **Other Asset-Backed Securities — 9.8%** |
|  Apidos CLO XLVIII Ltd., Series 2024-48A, Class A1, 3 mo. USD Term SOFR + 1.440%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.740% FRN 7/25/37 (a) (c) | 2000000 | 2002488  |
|  Apidos CLO XXXII Ltd., Series 2019-32A, Class B1R, 3 mo. USD Term SOFR + 1.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.790% FRN 1/20/33 (a) (c) | 1750000 | 1749935  |
|  ARES Loan Funding VI Ltd., Series 2024-ALF6A, Class A1, 3 mo. USD Term SOFR + 1.470%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.759% FRN 7/10/37 (a) (c) | 1000000 | 1001500  |
|  Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.613% FRN 4/18/35 (a) (c) | 1000000 | 999000  |
|  Ballyrock CLO 26 Ltd., Series 2024-26A, Class A1A, 3 mo. USD Term SOFR + 1.510%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.810% FRN 7/25/37 (a) (c) | 1700000 | 1701481  |
|  Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1R, 3 mo. USD Term SOFR + 1.530%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.823% FRN 7/20/37 (a) (c) | 2000000 | 2000488  |
|  Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.902% FRN 10/15/31 (a) (c) | 2000000 | 1995028  |
|  Capital Automotive REIT, Series 2024-3A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 10/15/54 (a) | 2450000 | 2352416  |
| CIFC Funding Ltd.<br>|  |  |
|  Series 2018-2A, Class A1R, 3 mo. USD Term SOFR + 1.370% 5.663% FRN 10/20/37 (a) (c) | 3350000 | 3351625  |
|  Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% 5.758% FRN 7/16/37 (a) (c) | 2650000 | 2654619  |
|  Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, 3 mo. USD Term SOFR + 1.520%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.813% FRN 4/20/37 (a) (c) | 3000000 | 3004500  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, 3 mo. USD Term SOFR + 1.920%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.242% FRN 5/20/36 (a) (c) | $500000 | $500000  |
|  Galaxy XXVI CLO Ltd., Series 2018-26A, Class BR, 3 mo. USD Term SOFR + 1.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.929% FRN 11/22/31 (a) (c) | 1000000 | 999000  |
|  GoldenTree Loan Management US CLO 8 Ltd., Series 2020-8A, Class BRR, 3 mo. USD Term SOFR + 1.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.843% FRN 10/20/34 (a) (c) | 3000000 | 2989215  |
|  Harbor Park CLO 18-1 Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.993% FRN 1/20/31 (a) (c) | 1300000 | 1300004  |
| Hero Funding Trust<br>|  |  |
|  Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 275416 | 247126  |
|  Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 315396 | 277134  |
|  Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 93945 | 83149  |
|  Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 289021 | 261534  |
|  Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 75525 | 68532  |
|  Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 557303 | 518240  |
|  HPS Loan Management Ltd., Series 2023-18A, Class B, 3 mo. USD Term SOFR + 2.950%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.243% FRN 7/20/36 (a) (c) | 1000000 | 1002405  |
|  Juniper Valley Park CLO Ltd., Series 2023-1A, Class BR, 3 mo. USD Term SOFR + 1.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.843% FRN 7/20/36 (a) (c) | 1350000 | 1340213  |
|  Labrador Aviation Finance Ltd., Series 2016-1A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.300% 1/15/42 (a) | 1295656 | 1259998  |
|  Marble Point CLO XIX Ltd., Series 2020-3A, Class AR, 3 mo. USD Term SOFR + 1.400%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.693% FRN 1/19/34 (a) (c) | 2250000 | 2248420  |
| Mariner Finance Issuance Trust<br>|  |  |
|  Series 2021-AA, Class B, 2.330% 3/20/36 (a) | 1771000 | 1702837  |
|  Series 2021-AA, Class C, 2.960% 3/20/36 (a) | 835000 | 805553  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.743% FRN 4/18/36 (a) (c) | $700000 | $700678  |
|  MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.882% FRN 4/15/37 (a) (c) | 2000000 | 2001538  |
|  Mosaic Solar Loan Trust, Series 2018-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.010% 6/22/43 (a) | 111445 | 105731  |
| Mosaic Solar Loans LLC<br>|  |  |
|  Series 2017-2A, Class A, 3.820% 6/22/43 (a) | 241530 | 229679  |
|  Series 2017-1A, Class A, 4.450% 6/20/42 (a) | 98352 | 94554  |
|  OCP CLO Ltd., Series 2023-27A, Class BR, 3 mo. USD Term SOFR + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.008% FRN 7/16/35 (a) (c) | 2500000 | 2500100  |
|  OHA Credit Funding 5 Ltd., Series 2020-5A, Class AR, 3 mo. USD Term SOFR + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.643% FRN 10/18/37 (a) (c) | 5000000 | 4990550  |
|  Orion CLO Ltd., Series 2024-3A, Class A, 3 mo. USD Term SOFR + 1.560%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.860% FRN 7/25/37 (a) (c) | 1500000 | 1501632  |
|  Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.405% FRN 10/20/34 (a) (c) | 550000 | 550000  |
|  Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.719% FRN 10/30/34 (a) (c) | 2000000 | 2000052  |
|  Rad CLO 4 Ltd., Series 2019-4A, Class B1R, 3 mo. USD Term SOFR + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.050% FRN 4/25/32 (a) (c) | 1100000 | 1098419  |
|  Rad CLO 6 Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.390%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.683% FRN 10/20/37 (a) (c) | 4000000 | 3997772  |
|  RR 29 Ltd., Series 2024-29RA, Class A1R, 3 mo. USD Term SOFR + 1.390%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.692% FRN 7/15/39 (a) (c) | 2000000 | 2000540  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.152% FRN 1/15/37 (a) (c) | $750000 | $749626  |
|  Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.170% 11/20/37 (a) | 355287 | 344118  |
|  Structured Receivables Finance LLC, Series 2010-B, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.730% 8/15/36 (a) | 16941 | 16871  |
|  Sunnova Helios II Issuer LLC, Series 2018-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.870% 7/20/48 (a) | 518423 | 491261  |
|  Sunnova Hestia II Issuer LLC, Series 2024-GRID1, Class 1A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.630% 7/20/51 (a) | 1134243 | 1139179  |
|  Tesla Sustainable Energy Trust, Series 2024-1A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.290% 6/20/50 (a) | 4500000 | 4509161  |
|  THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.255% FRN 1/20/31 (a) (c) | 2440000 | 2440268  |
| Thrust Engine Leasing DAC<br>|  |  |
|  Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1436511 | 1408739  |
|  Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 437282 | 422339  |
|  Vivint Solar Financing V LLC, Series 2018-1A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.370% 4/30/48 (a) | 1108740 | 1049556  |
|  Voya CLO Ltd., Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.155% FRN 1/20/35 (a) (c) | 500000 | 499250  |
|  Whitebox CLO III Ltd., Series 2021-3A, Class A1R, 3 mo. USD Term SOFR + 1.270%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.572% FRN 10/15/35 (a) (c) | 4750000 | 4749872  |
|  |  | 78007925  |
| **Real Estate Investment Trusts (REITS) — 0.4%** | **Real Estate Investment Trusts (REITS) — 0.4%** | **Real Estate Investment Trusts (REITS) — 0.4%** |
| SBA Tower Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.831% 10/15/29 (a) | 3250000 | 3222288  |
| **Student Loans Asset-Backed Securities — 1.9%** | **Student Loans Asset-Backed Securities — 1.9%** | **Student Loans Asset-Backed Securities — 1.9%** |
| College Avenue Student Loans LLC<br>|  |  |
|  Series 2019-A, Class B, 3.810% 12/28/48 (a) | 1061115 | 1010833  |
|  Series 2019-A, Class C, 4.460% 12/28/48 (a) | 709310 | 689427  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Education Loan Asset-Backed Trust I<br>|  |  |
|  Series 2003-1, Class A2, 4.403% FRN 2/01/43 (a) (c) (g) | $1300000 | $1202826  |
|  Series 2003-2, Class 2A1, 5.089% FRN 8/01/43 (a) (c) (g) | 1950000 | 1817726  |
|  Series 2013-1, Class B1, 30 day USD SOFR Average + 1.114% 5.454% FRN 11/25/33 (a) (c) | 399558 | 392617  |
|  Navient Student Loan Trust, Series 2018-EA, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.440% 12/15/59 (a) | 730000 | 712334  |
| Nelnet Student Loan Trust<br>|  |  |
|  Series 2019-5, Class B, 3.450% 10/25/67 (a) | 2850000 | 2227171  |
|  Series 2014-3A, Class B, 30 day USD SOFR Average + 1.614% 5.954% FRN 10/25/50 (a) (c) | 975000 | 935499  |
|  Series 2015-2A, Class B, 30 day USD SOFR Average + 1.614% 5.954% FRN 5/26/54 (a) (c) | 1130000 | 1106469  |
|  SLC Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.462%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.923% FRN 2/15/45 (c) | 642652 | 603984  |
| SLM Student Loan Trust<br>|  |  |
|  Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.029% FRN 10/25/40 (c) | 1409044 | 1332700  |
|  Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.129% FRN 1/25/55 (c) | 748602 | 715118  |
|  SMB Private Education Loan Trust, Series 2024-E, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.710% 10/16/56 (a) | 2500000 | 2486503  |
|  |  | 15233207  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 1.2%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 1.2%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 1.2%** |
|  Banc of America Mortgage Trust, Series 2004-G, Class 2A7,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.548% VRN 8/25/34 (c) (g) | 13530 | 13436  |
| Ellington Financial Mortgage Trust<br>|  |  |
|  Series 2024-INV2, Class A2, 5.289% STEP 10/25/69 (a) | 1946719 | 1933787  |
|  Series 2024-INV2, Class A3, 5.441% STEP 10/25/69 (a) | 1946719 | 1932169  |
|  Flagstar Mortgage Trust, Series 2021-6INV, Class A18,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 8/25/51 (a) (c) (g) | 4106997 | 3318326  |
|  New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 6/25/51 (a) (c) (g) | 2444686 | 1973702  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.921% VRN 11/25/48 (a) (c) (g) | $18295 | $17257  |
|  |  | 9188677  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $186,730,628)**  |  | **173732885**  |
| **Sovereign Debt Obligations — 0.2%** | **Sovereign Debt Obligations — 0.2%** | **Sovereign Debt Obligations — 0.2%** |
|  Mexico Government International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 3/08/44 | 1778000 | 1376172  |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br>**(Cost $1,788,757)**  |  | **1376172**  |
| **U.S. Government Agency Obligations and Instrumentalities (h) — 30.9%** | **U.S. Government Agency Obligations and Instrumentalities (h) — 30.9%** | **U.S. Government Agency Obligations and Instrumentalities (h) — 30.9%** |
| **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** |
|  Federal Home Loan Mortgage Corp. REMICS <br>|  |  |
|  Series 2178, Class PB 7.000% 8/15/29  | 29358 | 30387  |
| **Pass-Through Securities — 30.9%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #RA4245 2.000% 12/01/50 | 3904815 | 3149264  |
| &nbsp;&nbsp;&nbsp; Pool #RA4255 2.000% 1/01/51 | 7884668 | 6366437  |
| &nbsp;&nbsp;&nbsp; Pool #RA5576 2.500% 7/01/51 | 6423437 | 5416905  |
| &nbsp;&nbsp;&nbsp; Pool #SD7226 2.500% 5/01/52 | 22257812 | 18679662  |
| &nbsp;&nbsp;&nbsp; Pool #SD0905 3.000% 3/01/52 | 3047736 | 2669096  |
| &nbsp;&nbsp;&nbsp; Pool #RA2483 3.500% 6/01/50 | 4325112 | 3934317  |
| &nbsp;&nbsp;&nbsp; Pool #Z40047 4.000% 10/01/41 | 56846 | 54782  |
| &nbsp;&nbsp;&nbsp; Pool #SD1523 4.000% 8/01/52 | 4378357 | 4123093  |
| &nbsp;&nbsp;&nbsp; Pool #SD1603 4.000% 9/01/52 | 2825027 | 2637150  |
| &nbsp;&nbsp;&nbsp; Pool #SD8245 4.500% 9/01/52 | 2515020 | 2412129  |
| &nbsp;&nbsp;&nbsp; Pool #SD8257 4.500% 10/01/52 | 1768844 | 1696480  |
| &nbsp;&nbsp;&nbsp; Pool #SD8266 4.500% 11/01/52 | 6493418 | 6227769  |
| &nbsp;&nbsp;&nbsp; Pool #SD7323 5.000% 12/01/54 | 10224003 | 10022911  |
| &nbsp;&nbsp;&nbsp; Pool #SD8268 5.500% 11/01/52 | 4176470 | 4189076  |
| &nbsp;&nbsp;&nbsp; Pool #SD4364 5.500% 10/01/53 | 4722854 | 4757771  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA4577 2.000% 4/01/52 | 6147418 | 4898387  |
| &nbsp;&nbsp;&nbsp; Pool #CB0414 2.500% 5/01/51 | 5725905 | 4803623  |
| &nbsp;&nbsp;&nbsp; Pool #FM8596 2.500% 9/01/51 | 1991479 | 1679421  |
| &nbsp;&nbsp;&nbsp; Pool #FS3035 2.500% 4/01/52 | 7135731 | 6026504  |
| &nbsp;&nbsp;&nbsp; Pool #MA3029 3.000% 6/01/32 | 1120801 | 1085057  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #MA3090 3.000% 8/01/32 | $387642 | $374960  |
| &nbsp;&nbsp;&nbsp; Pool #FS1075 3.000% 3/01/52 | 3134384 | 2753795  |
| &nbsp;&nbsp;&nbsp; Pool #CB3304 3.000% 4/01/52 | 4901041 | 4305938  |
| &nbsp;&nbsp;&nbsp; Pool #CB3305 3.000% 4/01/52 | 5807567 | 5084241  |
| &nbsp;&nbsp;&nbsp; Pool #AS1304 3.500% 12/01/28 | 228053 | 225101  |
| &nbsp;&nbsp;&nbsp; Pool #MA1356 3.500% 2/01/43 | 2807993 | 2620045  |
| &nbsp;&nbsp;&nbsp; Pool #CA6096 3.500% 6/01/50 | 5811827 | 5257641  |
| &nbsp;&nbsp;&nbsp; Pool #FM4017 3.500% 8/01/50 | 289261 | 263124  |
| &nbsp;&nbsp;&nbsp; Pool #CB3842 3.500% 6/01/52 | 9303842 | 8469009  |
| &nbsp;&nbsp;&nbsp; Pool #MA4626 4.000% 6/01/52 | 9499901 | 8868858  |
| &nbsp;&nbsp;&nbsp; Pool #CA1909 4.500% 6/01/48 | 1791812 | 1739786  |
| &nbsp;&nbsp;&nbsp; Pool #CB3866 4.500% 6/01/52 | 4888912 | 4714876  |
| &nbsp;&nbsp;&nbsp; Pool #CB4129 4.500% 7/01/52 | 4440339 | 4258682  |
| &nbsp;&nbsp;&nbsp; Pool #MA4733 4.500% 9/01/52 | 3576218 | 3429913  |
| &nbsp;&nbsp;&nbsp; Pool #AD6437 5.000% 6/01/40 | 151008 | 152994  |
| &nbsp;&nbsp;&nbsp; Pool #AD6996 5.000% 7/01/40 | 981152 | 994130  |
| &nbsp;&nbsp;&nbsp; Pool #AL8173 5.000% 2/01/44 | 367212 | 371691  |
| &nbsp;&nbsp;&nbsp; Pool #MA4785 5.000% 10/01/52 | 1319452 | 1297706  |
| &nbsp;&nbsp;&nbsp; Pool #MA4806 5.000% 11/01/52 | 4184626 | 4120628  |
| &nbsp;&nbsp;&nbsp; Pool #CB9465 5.000% 11/01/54 | 10215114 | 10090810  |
| &nbsp;&nbsp;&nbsp; Pool #MA4842 5.500% 12/01/52 | 14595533 | 14630463  |
| &nbsp;&nbsp;&nbsp; Pool #MA5215 5.500% 12/01/53 | 4464809 | 4468518  |
| &nbsp;&nbsp;&nbsp; Pool #FA0095 6.000% 12/01/54 | 10124985 | 10374249  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #781038 6.500% 5/15/29 | 9396 | 9619  |
| &nbsp;&nbsp;&nbsp; Pool #781468 6.500% 7/15/32 | 1017 | 1046  |
| &nbsp;&nbsp;&nbsp; Pool #781496 6.500% 9/15/32 | 4294 | 4405  |
| &nbsp;&nbsp;&nbsp; Pool #781124 7.000% 12/15/29 | 1527 | 1557  |
| &nbsp;&nbsp;&nbsp; Pool #781319 7.000% 7/15/31 | 32315 | 33169  |
| &nbsp;&nbsp;&nbsp; Pool #565982 7.000% 7/15/32 | 9183 | 9492  |
| &nbsp;&nbsp;&nbsp; Pool #522777 8.000% 12/15/29 | 1895 | 1928  |
| &nbsp;&nbsp;&nbsp; Pool #523043 8.000% 3/15/30 | 75 | 77  |
| &nbsp;&nbsp;&nbsp; Pool #529134 8.000% 3/15/30 | 883 | 908  |
| &nbsp;&nbsp;&nbsp; Pool #477036 8.000% 4/15/30 | 83 | 85  |
| &nbsp;&nbsp;&nbsp; Pool #503157 8.000% 4/15/30 | 7511 | 7725  |
| &nbsp;&nbsp;&nbsp; Pool #528714 8.000% 4/15/30 | 709 | 730  |
| &nbsp;&nbsp;&nbsp; Pool #544640 8.000% 11/15/30 | 6323 | 6517  |
| &nbsp;&nbsp;&nbsp; Pool #531298 8.500% 8/15/30 | 148 | 150  |
|  Government National Mortgage Association II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA6038 3.000% 7/20/49 | 2245857 | 2003887  |
| &nbsp;&nbsp;&nbsp; Pool #MA6283 3.000% 11/20/49 | 4072181 | 3623579  |
| &nbsp;&nbsp;&nbsp; Pool #MA6409 3.000% 1/20/50 | 4244438 | 3779181  |
| &nbsp;&nbsp;&nbsp; Pool #MA4321 3.500% 3/20/47 | 2532032 | 2341841  |
| &nbsp;&nbsp;&nbsp; Pool #MA9722 4.000% 6/20/54 | 2718971 | 2549350  |
| &nbsp;&nbsp;&nbsp; Pool #MA8647 5.000% 2/20/53 | 3530846 | 3484615  |
| &nbsp;&nbsp;&nbsp; Pool #MA8725 5.000% 3/20/53 | 3573044 | 3519561  |
| &nbsp;&nbsp;&nbsp; Pool #MA8947 5.000% 6/20/53 | 1987471 | 1961448  |
| &nbsp;&nbsp;&nbsp; Pool #MB0025 5.000% 11/20/54 | 1982732 | 1951040  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #MB0091 5.000% 12/20/54 | $2284231 | $2247720  |
| &nbsp;&nbsp;&nbsp; Pool #MA8429 5.500% 11/20/52 | 5430312 | 5471698  |
| &nbsp;&nbsp;&nbsp; Pool #MA8648 5.500% 2/20/53 | 1364342 | 1373888  |
| &nbsp;&nbsp;&nbsp; Pool #MA8801 5.500% 4/20/53 | 4318221 | 4345734  |
| &nbsp;&nbsp;&nbsp; Pool #MA8879 5.500% 5/20/53 | 3840867 | 3865338  |
| &nbsp;&nbsp;&nbsp; Pool #MA8948 5.500% 6/20/53 | 1225426 | 1233234  |
| &nbsp;&nbsp;&nbsp; Pool #MA9171 5.500% 9/20/53 | 3543964 | 3567652  |
| &nbsp;&nbsp;&nbsp; Pool #MA9241 5.500% 10/20/53 | 3161782 | 3178962  |
| &nbsp;&nbsp;&nbsp; Pool #MA9488 5.500% 2/20/54 | 2176134 | 2181839  |
|  |  | 246454967  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $256,360,528)**  |  | **246485354**  |
| **U.S. Treasury Obligations — 5.7%** | **U.S. Treasury Obligations — 5.7%** | **U.S. Treasury Obligations — 5.7%** |
| **U.S. Treasury Bonds & Notes — 5.7%** | **U.S. Treasury Bonds & Notes — 5.7%** | **U.S. Treasury Bonds & Notes — 5.7%** |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 8/15/49 (i) | 30650000 | 19758615  |
| &nbsp;&nbsp;&nbsp; 4.625% 11/15/44 | 19000000 | 19023750  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/28/31 | 7000000 | 7079844  |
|  |  | 45862209  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $44,365,287)**  |  | **45862209**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $812,754,482)**  |  | **784532320**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $812,754,482)**  |  | **784532320**  |
| **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** |
| **Commercial Paper — 1.1%**<br>|  |  |
|  Fidelity National Information Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.628% 4/08/25 (a) | 5000000 | 4994976  |
| Mosaic Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.693% 4/08/25 (a) | 4000000 | 3995963  |
|  |  | 8990939  |
|  | **Number of**<br>**Shares** |  |
| **Investment of Cash Collateral from Securities Loaned — 1.4%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (j)  | 11512578 | 11512578  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Repurchase Agreement — 0.4%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (k) | $3575834 | $3575834  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $24,080,385)**  |  | **24079351**  |
| **TOTAL INVESTMENTS — 101.2%**<br>**(Cost $836,834,867) (l)**  |  | **808611671**  |
| **Other Assets/**<br>(Liabilities) — (1.2)%  |  | **(9773593)**  |
| **NET ASSETS — 100.0%**  |  | **$798838078** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO  | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation |
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| ICE  | &nbsp;&nbsp;&nbsp; Inter-Continental Exchange |
| REMICS  | &nbsp;&nbsp;&nbsp; Real Estate Mortgage Investment Conduits |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 March 31, 2025, the aggregate market value of these securities amounted to $273,074,317 or 34.18% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $18,480,401 or 2.31% of net assets. The Fund received $7,359,519
 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) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $1,203,452 or 0.15% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

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

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is perpetual and has no stated maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A portion of this security is purchased on a
 when-issued, delayed-delivery or forward commitment basis. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) May contain securities that are issued by a
 U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;(i) All or a portion of this security is pledged/held
 as collateral for open derivatives. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Maturity value of $3,576,107. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 10/15/26, and an aggregate market value, including accrued
 interest, of $3,647,435.

&nbsp;&nbsp;&nbsp;&nbsp;(l) See Note 6 for aggregate cost for federal
 tax purposes.

Country weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| United States | 81.2%  |
| Cayman Islands | 7.5%  |
| United Kingdom | 3.0%  |
| Canada | 2.2%  |
| Germany | 0.8%  |
| France | 0.7%  |
| Ireland | 0.7%  |
| Australia | 0.6%  |
| Netherlands | 0.4%  |
| Bermuda | 0.4%  |
| Mexico | 0.4%  |
| Finland | 0.3%  |
| Switzerland | 0.1%  |
| Total Long-Term Investments | 98.3%  |
|  Short-Term Investments and Other Assets and Liabilities | 1.7%  |
| Net Assets | 100.0% |

---

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 6/18/25 | 205 | $23808948 | $233708  |
| U.S. Treasury Ultra Bond | 6/18/25 | 88 | 10721692 | 36308  |
| U.S. Treasury Note 2 Year | 6/30/25 | 350 | 72158514 | 351643  |
| U.S. Treasury Note 5 Year | 6/30/25 | 60 | 6461805 | 27570  |
|  |  |  |  | $649229 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 162.7%**<br>|  |  |
| **Corporate Debt — 46.1%**<br>|  |  |
| **Aerospace & Defense — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Boeing Co. <br>6.858% 5/01/54 | $142000 | $154240  |
| **Airlines — 0.3%**<br>|  |  |
| United Airlines Pass-Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1, Class B, <br>4.600% 9/01/27 | 39437 | 38918  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class AA, <br>5.450% 8/15/38 | 161581 | 162839  |
|  |  | 201757  |
| **Auto Manufacturers — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>5.303% 9/06/29 | 115000 | 111485  |
| &nbsp;&nbsp;&nbsp; General Motors Co. <br>5.200% 4/01/45 | 100000 | 83919  |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc. <br>6.375% 9/12/32 (a) | 350000 | 353791  |
|  |  | 549195  |
| **Banks — 8.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. 5 yr. <br>CMT + 2.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.846% VRN 3/08/37 (b) | 345000 | 309653  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia 5 yr. <br>CMT + 2.903%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.350% VRN 4/27/85 (b) | 320000 | 317035  |
| Barclays PLC 5 yr. CMT + 3.410%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% VRN (b) (c) | 375000 | 337893  |
| BNP Paribas SA 5 yr. CMT + 3.340%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% VRN (a) (b) (c) | 375000 | 322799  |
| &nbsp;&nbsp;&nbsp; BPCE SA 1 day USD <br>SOFR + 1.730%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.116% VRN 10/19/32 (a) (b) | 450000 | 383537  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.572% <br>6.750% VRN (b) (c) | 140000 | 138436  |
| &nbsp;&nbsp;&nbsp; 10 yr. CMT + 2.757% <br>7.000% VRN (b) (c) | 101000 | 104713  |
|  Citizens Financial Group, Inc. 1 day USD SOFR + 2.325%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.645% VRN 4/25/35 (b) | 156000 | 165993  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.265% <br>5.727% VRN 4/25/30 (b) | 175000 | 180529  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.461% <br>6.850% VRN (b) (c) | 285000 | 288562  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 9/15/37 | 125000 | 129231  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.635% <br>6.950% VRN (b) (c) | $300000 | $298712  |
|  Huntington Bancshares, Inc. 5 yr. CMT + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.141% VRN 11/18/39 (b) | 140000 | 140983  |
| &nbsp;&nbsp;&nbsp; ING Groep NV 5 yr. USD <br>Swap + 4.446%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% VRN (b) (c) | 475000 | 474692  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co. 5 yr. <br>CMT + 2.152%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% VRN (b) (c) | 200000 | 204689  |
|  Lloyds Banking Group PLC 5 yr. CMT + 3.913%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% VRN (b) (c) (d) | 205000 | 212744  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley 1 day USD <br>SOFR + 1.360%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.484% VRN 9/16/36 (b) | 210000 | 174109  |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC 5 yr. <br>CMT + 2.937% <br>7.300% VRN (b) (c) | 375000 | 370291  |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp 5 yr. <br>CMT + 2.660% <br>6.300% VRN (a) (b) (c) | 300000 | 289189  |
| &nbsp;&nbsp;&nbsp; Societe Generale SA 5 yr. USD ICE Swap + 5.873% <br>8.000% VRN (a) (b) (c) | 325000 | 326858  |
| &nbsp;&nbsp;&nbsp; State Street Corp. 5 yr. <br>CMT + 2.135% <br>6.450% VRN (b) (c) | 185000 | 184837  |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. 1 day USD SOFR + 2.347% <br>6.168% VRN 11/01/30 (b) | 405000 | 410123  |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank 5 yr. <br>CMT + 4.075% <br>8.125% VRN 10/31/82 (b) | 358000 | 370317  |
| &nbsp;&nbsp;&nbsp; UBS Group AG 5 yr. USD SOFR ICE Swap + 3.077% <br>7.000% VRN (a) (b) (c) | 254000 | 250147  |
|  |  | 6386072  |
| **Beverages — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bacardi Ltd. <br>5.150% 5/15/38 (a) | 100000 | 91821  |
| **Chemicals — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC<br>6.600% STEP 11/15/28 | 160000 | 165035  |
| &nbsp;&nbsp;&nbsp; Dow Chemical Co. <br>5.600% 2/15/54 | 67000 | 62002  |
| &nbsp;&nbsp;&nbsp; Huntsman International LLC<br>2.950% 6/15/31 | 325000 | 275848  |
|  |  | 502885  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Diversified Financial Services — 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust 5 yr. <br>CMT + 2.441% <br>6.500% VRN 1/31/56 (b) (e) | $150000 | $148611  |
| Ally Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7 yr. CMT + 3.481% <br>4.700% VRN (b) (c) | 120000 | 103199  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 3.260% <br>6.992% VRN 6/13/29 (b) | 65000 | 67800  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. <br>5.800% 5/21/54 | 106000 | 104735  |
| &nbsp;&nbsp;&nbsp; ARES Finance Co. III LLC 5 yr. CMT + 3.237% <br>4.125% VRN 6/30/51 (a) (b) | 370000 | 356874  |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. <br>5.375% 5/30/30 (a) (d) | 114000 | 114155  |
| &nbsp;&nbsp;&nbsp; BGC Group, Inc. <br>6.600% 6/10/29 | 425000 | 436644  |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. 5 yr. <br>CMT + 3.168%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% VRN (b) (c) | 190000 | 185200  |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br>5.200% 3/27/28 (a) | 150000 | 150100  |
|  |  | 1667318  |
| **Electric — 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AES Corp. 5 yr. CMT + 2.890% <br>6.950% VRN 7/15/55 (b) | 67000 | 63846  |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <br>6.375% 2/15/32 (a) | 417000 | 404347  |
| &nbsp;&nbsp;&nbsp; Cleveland Electric Illuminating Co. <br>5.950% 12/15/36 | 65000 | 67242  |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. 5 yr. <br>CMT + 3.195%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.350% VRN (b) (c) | 175000 | 170073  |
| &nbsp;&nbsp;&nbsp; Edison International <br>5.250% 11/15/28 | 75000 | 73952  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.864% <br>8.125% VRN 6/15/53 (b) (d) | 120000 | 117024  |
| &nbsp;&nbsp;&nbsp; Elwood Energy LLC<br>8.159% 7/05/26 | 18108 | 18588  |
|  NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% VRN 3/15/82 (b) | 210000 | 197577  |
| &nbsp;&nbsp;&nbsp; Pacific Gas & Electric Co. <br>4.300% 3/15/45 | 70000 | 54782  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/15/29 | 105000 | 106433  |
| &nbsp;&nbsp;&nbsp; Sempra 5 yr. CMT + 2.789% <br>6.875% VRN 10/01/54 (b) | 147000 | 145557  |
|  |  | 1419421  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Entertainment — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.<br>4.279% 3/15/32 | $120000 | $105725  |
| &nbsp;&nbsp;&nbsp; 5.141% 3/15/52 | 65000 | 47385  |
|  |  | 153110  |
| **Food — 0.6%**<br>|  |  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 11/15/53 | 115000 | 129666  |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>6.250% 7/01/33  | 105000 | 108689  |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. <br>2.625% 9/13/31 (a) | 165000 | 140298  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/01/27 (a) | 50000 | 49243  |
|  |  | 427896  |
| **Gas — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Boston Gas Co. <br>5.843% 1/10/35 (a) | 170000 | 174325  |
| **Health Care - Services — 1.0%**<br>|  |  |
|  CHS/Community Health Systems, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 2/15/31 (a) | 445000 | 351762  |
|  Radiology Partners, Inc. PIK 3.500%, Cash 4.275% 1/31/29 (a) (f) | 326617 | 323351  |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>5.750% 7/15/64 | 53000 | 52127  |
|  |  | 727240  |
| **Insurance — 9.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allianz SE 5 yr. CMT + 2.973% <br>3.500% VRN (a) (b) (c) | 576000 | 555887  |
|  Allstate Corp. 3 mo. USD Term SOFR + 3.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.523% VRN 8/15/53 (b) | 380000 | 380445  |
| &nbsp;&nbsp;&nbsp; Ascot Group Ltd. <br>4.250% 12/15/30 (a) | 200000 | 171635  |
|  Athene Holding Ltd. 5 yr. CMT + 2.607%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% VRN 10/15/54 (b) | 145000 | 143585  |
|  AXIS Specialty Finance LLC 5 yr. CMT + 3.186%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% VRN 1/15/40 (b) | 175000 | 164788  |
| &nbsp;&nbsp;&nbsp; Beacon Funding Trust <br>6.266% 8/15/54 (a) (d) | 275000 | 274112  |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc. <br>3.850% 12/22/51 | 255000 | 165031  |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 5 yr. <br>CMT + 3.846%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% VRN 12/15/52 (b) | 265000 | 270816  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Enstar Finance LLC <br>5 yr. CMT + 4.006% <br>5.500% VRN 1/15/42 (b) | $125000 | $121866  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.468% <br>5.750% VRN 9/01/40 (b) | 680000 | 677275  |
|  Equitable Holdings, Inc. 5 yr. CMT + 4.736%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% VRN (b) (c) | 180000 | 179304  |
| &nbsp;&nbsp;&nbsp; Fidus Re Ltd. 1 mo. U.S. T-Bill <br>Rate + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.782% FRN 1/08/42 (a) (b) | 900000 | 899901  |
| &nbsp;&nbsp;&nbsp; Fortitude Group Holdings LLC <br>6.250% 4/01/30 (a) | 169000 | 170850  |
| Global Atlantic Fin Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.796% <br>4.700% VRN 10/15/51 (a) (b) | 420000 | 404759  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/54 (a) | 36000 | 36545  |
| &nbsp;&nbsp;&nbsp; High Street Funding Trust III <br>5.807% 2/15/55 (a) (d) | 175000 | 172564  |
|  Liberty Mutual Group, Inc. 5 yr. CMT + 3.315%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN 12/15/51 (a) (b) | 365000 | 349482  |
|  Lincoln National Corp., (Acquired 11/15/22, Cost $169,000), 5 yr. CMT + 5.318%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% VRN (b) (c) (g) | 169000 | 181606  |
| &nbsp;&nbsp;&nbsp; Mercury General Corp. <br>4.400% 3/15/27 | 175000 | 172177  |
| &nbsp;&nbsp;&nbsp; MetLife Capital Trust IV <br>7.875% 12/15/67 (a) | 225000 | 246508  |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. <br>5 yr. CMT + 2.392%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.650% VRN 9/15/55 (b) | 255000 | 251086  |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. <br>5.800% 4/01/35 | 85000 | 87055  |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc. <br>4.750% 4/08/32 (a) | 350000 | 327708  |
| Selective Insurance Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 4/15/35 | 206000 | 207727  |
| USF&G Capital I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 12/15/45 (a) | 95000 | 101523  |
| &nbsp;&nbsp;&nbsp; Vitality Re XVI Ltd. 3 mo. U.S. <br>T-Bill Rate + 1.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.042% FRN 1/08/30 (a) (b) | 302000 | 301970  |
|  |  | 7016205  |
| **Investment Companies — 3.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Antares Holdings LP <br>2.750% 1/15/27 (a) | 595000 | 566245  |
| &nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC <br>6.550% 3/15/32 (a) | 98000 | 99297  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; ARES Capital Corp. <br>5.875% 3/01/29 | $92000 | $93402  |
| &nbsp;&nbsp;&nbsp; ARES Strategic Income Fund <br>6.350% 8/15/29 (a) | 250000 | 253821  |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund <br>4.950% 9/26/27 (a) | 92000 | 91123  |
| &nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund <br>5.300% 6/30/30 | 300000 | 294690  |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp. <br>8.450% 11/15/26 | 280000 | 293505  |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp. <br>5.800% 3/15/30 (a) | 160000 | 156893  |
| &nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp. <br>6.750% 4/04/29 | 112000 | 113523  |
| &nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc. <br>6.000% 7/15/29 | 258000 | 259047  |
| &nbsp;&nbsp;&nbsp; HPS Corporate Lending Fund <br>5.450% 1/14/28 (a) | 290000 | 289811  |
| &nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending, Inc. <br>6.125% 3/01/29 | 79000 | 79974  |
|  |  | 2591331  |
| **Leisure Time — 1.3%**<br>|  |  |
| Sabre GLBL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 6/01/27 (a) (d) | 401000 | 396823  |
| &nbsp;&nbsp;&nbsp; 10.750% 11/15/29 (a) (d) | 530000 | 533857  |
|  |  | 930680  |
| **Lodging — 0.7%**<br>|  |  |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 1/15/32 (a) | 562000 | 556868  |
| **Media — 1.4%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.300% 2/01/32 (d) | 195000 | 157883  |
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC<br>4.125% 5/15/29 | 225000 | 212311  |
| &nbsp;&nbsp;&nbsp; News Corp. <br>3.875% 5/15/29 (a) | 295000 | 278115  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.999% <br>6.375% VRN 3/30/62 (b) | 179000 | 174645  |
| &nbsp;&nbsp;&nbsp; 7.875% 7/30/30 | 145000 | 159291  |
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC<br>4.500% 9/15/42 | 80000 | 60940  |
|  |  | 1043185  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Mining — 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC<br>6.000% 4/05/54 (a) | $330000 | $327213  |
| &nbsp;&nbsp;&nbsp; Novelis Corp.<br>3.875% 8/15/31 (a) | 360000 | 312987  |
|  |  | 640200  |
| **Oil & Gas — 4.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. <br>7.625% 2/01/29 (a) | 74000 | 75860  |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC 5 yr. <br>CMT + 1.924%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% VRN (b) (c) (d) | 240000 | 236184  |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc.<br>5.750% 1/15/31 (a) | 265000 | 267043  |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. <br>5.700% 1/15/35 | 76000 | 76272  |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. <br>5.500% 12/01/34 (a) (d) | 355000 | 335974  |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp<br>Finance Co. <br>7.250% 2/15/35 (a) | 593000 | 566313  |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>6.050% 10/01/54 | 137000 | 128247  |
| &nbsp;&nbsp;&nbsp; 7.875% 9/15/31 | 250000 | 280854  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 7/15/33 | 230000 | 237567  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/01/38 | 120000 | 123751  |
| &nbsp;&nbsp;&nbsp; 7.100% 7/15/53 | 195000 | 205995  |
| &nbsp;&nbsp;&nbsp; Parkland Corp. <br>6.625% 8/15/32 (a) | 315000 | 314820  |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. <br>7.150% 10/01/33 (d) | 135000 | 142256  |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos <br>5.350% 2/12/28 | 150000 | 138964  |
| &nbsp;&nbsp;&nbsp; 6.375% 1/23/45 | 35000 | 23571  |
| &nbsp;&nbsp;&nbsp; Santos Finance Ltd. <br>6.875% 9/19/33 (a) | 225000 | 241076  |
|  |  | 3394747  |
| **Oil & Gas Services — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; NOV, Inc. <br>3.950% 12/01/42 | 114000 | 84755  |
| **Pharmaceuticals — 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bayer US Finance LLC <br>6.500% 11/21/33 (a) | 450000 | 472842  |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>5.050% 3/25/48 | 85000 | 72534  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.886% <br>7.000% VRN 3/10/55 (b) | 146000 | 147152  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust <br>5.926% 1/10/34 (a) | $139663 | $140650  |
| &nbsp;&nbsp;&nbsp; 7.507% 1/10/32 (a) | 9571 | 10200  |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc. <br>5.250% 6/15/46 | 180000 | 143994  |
|  |  | 987372  |
| **Pipelines — 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. 5 yr. CMT + 3.708% <br>7.375% VRN 1/15/83 (b) (d) | 335000 | 340651  |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP <br>5.950% 5/15/54 | 63000 | 60164  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.134% <br>6.750% VRN (b) (c) | 270000 | 269969  |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP <br>5.950% 6/15/35 | 170000 | 173269  |
| &nbsp;&nbsp;&nbsp; 3 mo. USD Term SOFR + <br>4.372% 8.695% VRN (b) (c) | 120000 | 119738  |
|  |  | 963791  |
| **Private Equity — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co. X LLC <br>3.250% 12/15/51 (a) | 68000 | 43232  |
| **Real Estate Investment Trusts (REITS) — 1.9%** | **Real Estate Investment Trusts (REITS) — 1.9%** | **Real Estate Investment Trusts (REITS) — 1.9%** |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease LLC <br>2.600% 9/15/31 | 200000 | 169348  |
| &nbsp;&nbsp;&nbsp; EPR Properties <br>3.600% 11/15/31 | 215000 | 191854  |
| &nbsp;&nbsp;&nbsp; 3.750% 8/15/29 | 95000 | 89063  |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership LP <br>9.250% 7/20/28 (d) | 223000 | 245720  |
| &nbsp;&nbsp;&nbsp; Service Properties Trust <br>4.950% 10/01/29 (d) | 590000 | 487213  |
| &nbsp;&nbsp;&nbsp; Store Capital LLC <br>4.625% 3/15/29 | 235000 | 229723  |
|  |  | 1412921  |
| **Semiconductors — 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>5.200% 4/15/32 | 170000 | 172499  |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC <br>6.200% 1/25/37 (a) | 335000 | 345265  |
|  |  | 517764  |
| **Telecommunications — 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. <br>3.550% 9/15/55 | 219000 | 148418  |
| &nbsp;&nbsp;&nbsp; Consolidated Communications, Inc. <br>6.500% 10/01/28 (a) | 261000 | 251659  |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. <br>5.300% 2/15/34 | 175000 | 171784  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Sable International Finance Ltd. <br>7.125% 10/15/32 (a) | $322000 | $308684  |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>6.000% 6/15/54 | 85000 | 86762  |
|  |  | 967307  |
| **Trucking & Leasing — 0.3%**<br>|  |  |
|  AerCap Global Aviation Trust 3 mo. USD Term SOFR + 4.562%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% VRN 6/15/45 (a) (b) | 225000 | 224910  |
| **Venture Capital — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Hercules Capital, Inc. <br>2.625% 9/16/26 | 293000 | 281788  |
| **TOTAL CORPORATE DEBT** <br>|  |  |
| **(Cost $34,606,159)** |  | **34112336**  |
| **Non-U.S. Government Agency Obligations — 24.6%**<br>|  |  |
| **Commercial Mortgage-Backed Securities — 7.6%**<br>|  |  |
| Bank<br>|  |  |
|  Series 2020-BN30, Class MCDF, 2.918% VRN 12/15/53 (b) (h) | 500000 | 276187  |
|  Series 2019-BN17, Class C, 4.508% VRN 4/15/52 (b) (h) | 331000 | 283935  |
|  Benchmark Mortgage Trust, Series 2021-B25, Class 300C,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.994% VRN 4/15/54 (a) (b) (h) | 500000 | 320390  |
| &nbsp;&nbsp;&nbsp; BGME Trust, Series 2021-VR, Class D, <br>2.995% VRN 1/10/43 (a) (b) (h) | 700000 | 473097  |
| &nbsp;&nbsp;&nbsp; CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD Term SOFR + 2.447% <br>6.767% FRN 12/15/37 (a) (b) | 572453 | 571380  |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C <br>3.502% 8/10/56 | 222000 | 184533  |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2015-CR23, Class C, <br>4.492% VRN 5/10/48 (b) (h) | 110000 | 105098  |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2018-GS10, Class D <br>3.000% 7/10/51 (a) | 599000 | 436985  |
|  Harvest Commercial Capital Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M2, <br>6.735% VRN 6/25/57 (b) (h) | 199820 | 196694  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M3, <br>7.129% VRN 6/25/57 (b) (h) | 199820 | 202111  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M4, <br>9.044% VRN 6/25/57 (b) (h) | 399639 | 395265  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series 2019-30HY, Class E, <br>3.443% VRN 7/10/39 (a) (b) (h) | $630000 | $556656  |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class C, <br>4.535% VRN 8/15/47 (b) (h) | 116922 | 116625  |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% <br>6.184% FRN 3/15/38 (a) (b) | 302400 | 296977  |
| &nbsp;&nbsp;&nbsp; RFR Trust, Series 2025-SGRM, Class C, <br>6.013% VRN 3/11/41 (a) (b) (h) | 300000 | 300100  |
| &nbsp;&nbsp;&nbsp; US Bank NA, Series 2025-SUP1, Class C, 30 day USD SOFR Average + 1.900% <br>6.252% FRN 2/25/32 (a) (b) | 300000 | 299973  |
|  Wells Fargo Commercial Mortgage Trust<br>|  |  |
|  Series 2015-NXS1, Class C, 3.848% VRN 5/15/48 (b) (h) | 140000 | 134566  |
|  Series 2021-FCMT, Class C, 1 mo. USD Term SOFR + 2.514% 6.835% FRN 5/15/31 (a) (b) | 461000 | 455239  |
|  |  | 5605811  |
| **Home Equity Asset-Backed Securities — 0.1%** | **Home Equity Asset-Backed Securities — 0.1%** | **Home Equity Asset-Backed Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp; Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014% <br>4.260% FRN 10/25/34 (b) | 49748 | 46480  |
| **Other Asset-Backed Securities — 12.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AIMCO CLO 15 Ltd., Series 2021-15A, Class AR, 3 mo. USD Term SOFR + 1.200% <br>5.503% FRN 4/17/38 (a) (b) | 500000 | 499777  |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% <br>5.758% FRN 7/16/37 (a) (b) | 500000 | 500871  |
| &nbsp;&nbsp;&nbsp; Goldentree Loan Management US CLO 1 Ltd., Series 2017-1A, Class B1R3, 3 mo. USD Term SOFR + 1.350% <br>5.654% FRN 4/20/34 (a) (b) | 500000 | 495404  |
| Goodgreen Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class A, <br>3.230% 10/15/52 (a) | 114577 | 104320  |
| &nbsp;&nbsp;&nbsp; Series 2017-1A, Class A, <br>3.740% 10/15/52 (a) | 61668 | 56919  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class B, <br>3.860% 4/15/55 (a) | $75221 | $63582  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, <br>5.740% 10/15/56 (a) | 338478 | 280946  |
| Hero Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1, <br>3.080% 9/20/42 (a) | 37447 | 33600  |
| &nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, <br>3.190% 9/20/48 (a) | 53597 | 47095  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A1, <br>3.280% 9/20/48 (a) | 20263 | 17934  |
| &nbsp;&nbsp;&nbsp; Series 2016-4A, Class A2, <br>4.290% 9/20/47 (a) | 39018 | 36025  |
| &nbsp;&nbsp;&nbsp; HINNT LLC, Series 2025-A, Class D<br>8.220% 3/15/44 (a) | 750000 | 753404  |
| &nbsp;&nbsp;&nbsp; Horizon Aircraft Finance I Ltd., Series 2018-1, Class B <br>5.270% 12/15/38 (a) | 225200 | 173404  |
| &nbsp;&nbsp;&nbsp; Horizon Aircraft Finance II Ltd., Series 2019-1, Class B <br>4.703% 7/15/39 (a) | 271486 | 228053  |
| &nbsp;&nbsp;&nbsp; JG Wentworth XLIII LLC, Series 2019-1A, Class B <br>4.510% 8/15/73 (a) | 119527 | 104493  |
| &nbsp;&nbsp;&nbsp; Magnetite XXVI Ltd., Series 2020-26A, Class AR2, 3 mo. USD Term SOFR + 1.150% <br>5.416% FRN 1/25/38 (a) (b) | 500000 | 497368  |
| &nbsp;&nbsp;&nbsp; MCA Fund Holding LLC, Series 2020-1, Class A <br>3.250% 11/15/35 (a) | 161712 | 158655  |
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450% <br>6.743% FRN 4/18/36 (a) (b) | 250000 | 250242  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loans LLC, Series 2017-1A, Class A <br>4.450% 6/20/42 (a) | 16392 | 15759  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 44 Ltd., Series 2021-44A, Class BR, 3 mo. USD Term <br>SOFR + 1.500% <br>5.798% FRN 10/16/35 (a) (b) | 500000 | 497605  |
| &nbsp;&nbsp;&nbsp; Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class AR2, 3 mo. USD Term SOFR + 1.130% <br>5.447% FRN 4/20/38 (a) (b) | 500000 | 497624  |
| OCP CLO Ltd.<br>|  |  |
|  Series 2015-9A, Class AR3, 3 mo. USD Term SOFR + 1.100% 5.418% FRN 1/15/37 (a) (b) | 500000 | 495748  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Series 2015-9A, Class BR3, 3 mo. USD Term SOFR + 1.450% 5.768% FRN 1/15/37 (a) (b) | $500000 | $493357  |
| &nbsp;&nbsp;&nbsp; Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term <br>SOFR + 2.112%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.405% FRN 10/20/34 (a) (b) | 250000 | 250000  |
| &nbsp;&nbsp;&nbsp; Pioneer Aircraft Finance Ltd., Series 2019-1, Class B<br>4.948% 6/15/44 (a) | 341661 | 310057  |
| &nbsp;&nbsp;&nbsp; Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term <br>SOFR + 1.432% <br>5.719% FRN 10/30/34 (a) (b) | 500000 | 500013  |
| &nbsp;&nbsp;&nbsp; Rad CLO 4 Ltd., Series 2019-4A, Class B1R, 3 mo. USD Term SOFR + 1.750% <br>6.050% FRN 4/25/32 (a) (b) | 250000 | 249641  |
| &nbsp;&nbsp;&nbsp; Renew Financial, Series 2021-1, Class M <br>3.210% 11/20/56 (a) | 137490 | 112334  |
| &nbsp;&nbsp;&nbsp; Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD Term SOFR + 1.982% <br>6.304% FRN 5/20/31 (a) (b) | 250000 | 250424  |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C <br>3.510% 7/20/37 (a) | 16652 | 16538  |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIV Ltd., Series 2019-14A, Class A1R2, 3 mo. USD Term SOFR + 1.150% <br>5.467% FRN 1/20/38 (a) (b) | 500000 | 497917  |
| &nbsp;&nbsp;&nbsp; Slam Ltd., Series 2021-1A, Class B <br>3.422% 6/15/46 (a) | 224321 | 208157  |
| &nbsp;&nbsp;&nbsp; Sunnova Helios II Issuer LLC, Series 2018-1A, Class A <br>4.870% 7/20/48 (a) | 95315 | 90321  |
| &nbsp;&nbsp;&nbsp; Thrust Engine Leasing DAC, Series 2021-1A, Class C <br>7.386% 7/15/40 (a) | 145761 | 140780  |
|  |  | 8928367  |
| **Student Loans Asset-Backed Securities — 3.0%**<br>|  |  |
| College Avenue Student Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D, <br>4.120% 7/25/51 (a) | 141867 | 130970  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class C, <br>4.460% 12/28/48 (a) | 106043 | 103070  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class D, <br>5.500% 12/28/48 (a) | 74515 | 67508  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Commonbond Student Loan Trust, Series 2017-AGS, Class C <br>5.280% 5/25/41 (a) | $33079 | $30553  |
| &nbsp;&nbsp;&nbsp; Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + 0.450% <br>5.304% FRN 8/25/42 (b) (q) | 248857 | 225570  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-EA, Class B, <br>4.440% 12/15/59 (a) | 140000 | 136612  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class B, 30 day USD SOFR Average + 1.314% <br>5.654% FRN 3/25/67 (a) (b) | 250000 | 232232  |
| Nelnet Student Loan Trust<br>|  |  |
|  Series 2005-4, Class A4R2, 1.191% FRN 3/22/32 (b) (h) | 45000 | 44739  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% <br>4.874% FRN 6/25/41 (b) | 53752 | 48439  |
| &nbsp;&nbsp;&nbsp; Series 2012-2A, Class B, 30 day USD SOFR Average + 1.114% <br>5.454% FRN 11/25/36 (a) (b) | 200000 | 198402  |
| &nbsp;&nbsp;&nbsp; Series 2012-1A, Class B, 30 day USD SOFR Average + 1.114% <br>5.454% FRN 6/25/42 (a) (b) | 150000 | 149660  |
| &nbsp;&nbsp;&nbsp; Series 2012-4A, Class B, 30 day USD SOFR Average + 1.114% <br>5.454% FRN 7/26/49 (a) (b) | 250000 | 228427  |
| &nbsp;&nbsp;&nbsp; Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% <br>5.954% FRN 6/25/41 (a) (b) | 100000 | 97665  |
| SLM Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% <br>5.019% FRN 1/25/70 (b) | 78309 | 73690  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% <br>5.029% FRN 10/25/40 (b) | 105678 | 99952  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% <br>5.109% FRN 1/25/44 (b) | 145772 | 138502  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% <br>5.289% FRN 10/25/64 (b) | 49810 | 47142  |
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2019-A, Class B <br>4.000% 11/17/42 (a) | 185000 | 174861  |
| &nbsp;&nbsp;&nbsp; South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD Term SOFR + 1.614% <br>5.935% FRN 1/25/36 (b) | 12771 | 12744  |
|  |  | 2240738  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust I LLC, Series 2019-4, Class M1, <br>3.459% VRN 7/26/49 (a) (b) (h) | $187317 | $184973  |
| &nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust, Series 2004-G, Class 2A7, <br>6.548% VRN 8/25/34 (b) (h) | 2164 | 2149  |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2021-NQM3, Class B1, <br>3.398% VRN 11/27/56 (a) (b) (h) | 1600000 | 1195429  |
|  |  | 1382551  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>|  |  |
| **(Cost $19,737,480)** |  | **18203947**  |
| **Sovereign Debt Obligations — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond <br>4.750% 3/08/44 | 174000 | 134676  |
| **TOTAL SOVEREIGN DEBT** <br>**OBLIGATIONS** <br>|  |  |
| **(Cost $193,404)** |  | **134676**  |
| **U.S. Government Agency Obligations and Instrumentalities (i) — 22.9%**<br>|  |  |
| **Collateralized Mortgage Obligations — 0.0%**<br>|  |  |
|  Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29 | 1596 | 1651  |
| **Pass-Through Securities — 22.9%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #RA4245 2.000% 12/01/50 | 415791 | 335338  |
| &nbsp;&nbsp;&nbsp; Pool #RA4255 2.000% 1/01/51 | 833621 | 673104  |
| &nbsp;&nbsp;&nbsp; Pool #SD0905 3.000% 3/01/52 | 617263 | 540577  |
| &nbsp;&nbsp;&nbsp; Pool #SD1523 4.000% 8/01/52 | 925005 | 871076  |
| &nbsp;&nbsp;&nbsp; Pool #SD8266 4.500% 11/01/52 | 1298684 | 1245554  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #FM8596 2.500% 9/01/51 | 402126 | 339114  |
| &nbsp;&nbsp;&nbsp; Pool #FS3035 2.500% 4/01/52 | 1327578 | 1121210  |
| &nbsp;&nbsp;&nbsp; Pool #MA3029 3.000% 6/01/32 | 158726 | 153664  |
| &nbsp;&nbsp;&nbsp; Pool #MA3090 3.000% 8/01/32 | 65702 | 63553  |
| &nbsp;&nbsp;&nbsp; Pool #AR3007 3.000% 2/01/43 | 75022 | 67941  |
| &nbsp;&nbsp;&nbsp; Pool #FS1075 3.000% 3/01/52 | 634812 | 557731  |
| &nbsp;&nbsp;&nbsp; Pool #CB3304 3.000% 4/01/52 | 996822 | 875784  |
| &nbsp;&nbsp;&nbsp; Pool #AS1304 3.500% 12/01/28 | 31222 | 30818  |
| &nbsp;&nbsp;&nbsp; Pool #MA1356 3.500% 2/01/43 | 371947 | 347051  |
| &nbsp;&nbsp;&nbsp; Pool #FM4017 3.500% 8/01/50 | 49236 | 44787  |
| &nbsp;&nbsp;&nbsp; Pool #CB3842 3.500% 6/01/52 | 1972962 | 1795928  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #CA1909 4.500% 6/01/48 | $291525 | $283060  |
| &nbsp;&nbsp;&nbsp; Pool #CB3866 4.500% 6/01/52 | 721315 | 695637  |
| &nbsp;&nbsp;&nbsp; Pool #CB4129 4.500% 7/01/52 | 936952 | 898621  |
| &nbsp;&nbsp;&nbsp; Pool #AD6437 5.000% 6/01/40 | 19655 | 19914  |
| &nbsp;&nbsp;&nbsp; Pool #AD6996 5.000% 7/01/40 | 128204 | 129900  |
| &nbsp;&nbsp;&nbsp; Pool #AL8173 5.000% 2/01/44 | 48524 | 49116  |
| &nbsp;&nbsp;&nbsp; Pool #CB9465 5.000% 11/01/54 | 2062667 | 2037567  |
| &nbsp;&nbsp;&nbsp; Government National Mortgage <br>Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #579140 6.500% 1/15/32 | 251 | 257  |
| &nbsp;&nbsp;&nbsp; Pool #587280 6.500% 9/15/32 | 323 | 331  |
| &nbsp;&nbsp;&nbsp; Pool #550659 6.500% 9/15/35 | 39752 | 41128  |
| &nbsp;&nbsp;&nbsp; Pool #538689 6.500% 12/15/35 | 4243 | 4390  |
| &nbsp;&nbsp;&nbsp; Pool #780651 7.000% 10/15/27 | 103 | 104  |
| &nbsp;&nbsp;&nbsp; Pool #462384 7.000% 11/15/27 | 87 | 88  |
| &nbsp;&nbsp;&nbsp; Pool #482668 7.000% 8/15/28 | 202 | 204  |
| &nbsp;&nbsp;&nbsp; Pool #423836 8.000% 8/15/26 | 36 | 36  |
| &nbsp;&nbsp;&nbsp; Government National Mortgage <br>Association II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA6038 3.000% 7/20/49 | 377455 | 336788  |
| &nbsp;&nbsp;&nbsp; Pool #MA6283 3.000% 11/20/49 | 681944 | 606819  |
| &nbsp;&nbsp;&nbsp; Pool #MA6409 3.000% 1/20/50 | 713527 | 635313  |
| &nbsp;&nbsp;&nbsp; Pool #MA4321 3.500% 3/20/47 | 448381 | 414701  |
| &nbsp;&nbsp;&nbsp; Pool #MA9722 4.000% 6/20/54 | 582637 | 546289  |
| &nbsp;&nbsp;&nbsp; Pool #MB0025 5.000% 11/20/54 | 1189639 | 1170624  |
|  |  | 16934117  |
| **TOTAL U.S. GOVERNMENT AGENCY** <br>**OBLIGATIONS AND INSTRUMENTALITIES** <br>|  |  |
| **(Cost $18,089,390)** |  | **16935768**  |
| **U.S. Treasury Obligations — 68.9%**<br>|  |  |
| **U.S. Treasury Bonds & Notes — 68.9%**<br>|  |  |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 8/15/49 (j) | 5040000 | 3249051  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/53 | 2400000 | 2211000  |
| &nbsp;&nbsp;&nbsp; 4.625% 11/15/44 | 4500000 | 4505625  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 5/31/29 | 7700000 | 7352899  |
| &nbsp;&nbsp;&nbsp; 4.000% 12/15/27 | 20800000 | 20862787  |
| &nbsp;&nbsp;&nbsp; 4.000% 2/15/34 | 1000000 | 986250  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/28/31 | 5000000 | 5057031  |
| &nbsp;&nbsp;&nbsp; 4.500% 11/15/33 | 6600000 | 6756750  |
|  |  | 50981393 |

---

---

| | |
|:---|:---|
|  | **Value**  |
| **TOTAL U.S. TREASURY** <br>**OBLIGATIONS**<br>|  |
| **(Cost $50,804,375)** | **$50981393**  |
| **TOTAL BONDS & NOTES** <br>|  |
| **(Cost $123,430,808)** | **120368120**  |
| **TOTAL PURCHASED** <br>**OPTIONS (#) — 0.0%**<br>|  |
| **(Cost $3,354)** | **2224** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**  |  |
| **Warrants — 0.0%**<br>|  |  |
| **Materials — 0.0%**<br>|  |  |
|  Hercules LLC, Expires 3/31/29, Strike 0.09 (k) (l) (m) | 150 | 3617  |
| **TOTAL WARRANTS** <br>|  |  |
| **(Cost $0)** |  | **3617**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>|  |  |
| **(Cost $123,434,162)** |  | **120373961**  |
| **Short-Term Investments — 9.7%**<br>|  |  |
|  **Investment of Cash Collateral from Securities Loaned — 3.8%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (n) | 2834255 | 2834255 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  |  |
| **Repurchase Agreement — 5.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (o) | $4406190 | 4406190  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>|  |  |
| **(Cost $7,240,445)** |  | **7240445** |
| **TOTAL INVESTMENTS — 172.4%**<br>|  |  |
| **(Cost $130,674,607) (p)** |  | **127614406** |
| **Other Assets/**<br>(Liabilities) — (72.4)% |  | **(53595312)** |
| **NET ASSETS — 100.0%** |  | **$74019094** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CLO  | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation |
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| ICE  | &nbsp;&nbsp;&nbsp; Inter-Continental Exchange |
| LIBOR  | &nbsp;&nbsp;&nbsp; London InterBank Offered Rate |
| PIK  | &nbsp;&nbsp;&nbsp; Payment in kind |
| REMICS  | &nbsp;&nbsp;&nbsp; Real Estate Mortgage Investment Conduits |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 March 31, 2025, the aggregate market value of these securities amounted to $31,127,148 or 42.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is perpetual and has no stated maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $3,357,366 or 4.54% of net assets. The Fund received $592,782 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;(e) A portion of this security is purchased on a
 when-issued, delayed-delivery or forward commitment basis. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Payment-in-kind security which may pay interest/dividends
 in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $181,606 or 0.25% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) May contain securities that are issued by a
 U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of this security is pledged/held
 as collateral for open derivatives. (*Note 2*).

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(l) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At March 31, 2025, these securities amounted to a value of $3,617 or
 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(o) Maturity value of $4,406,526. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 10/15/26, and an aggregate market value, including accrued
 interest, of $4,494,340.

&nbsp;&nbsp;&nbsp;&nbsp;(p) See Note 6 for aggregate cost for federal
 tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(q) LIBOR, the London Interbank Offered Rate, was
 a benchmark interest rate used in loans, notes, derivatives, and other instruments or investments. As a result of benchmark reforms, publication
 of LIBOR settings has ceased, effective with the last published synthetic rate on September 30, 2024. This security continues to earn
 interest according to the last published synthetic LIBOR rate (4.85372%) plus 0.450%. The issuer has not identified an alternate floating
 rate benchmark for this security.

Country weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| United States | 140.7%  |
| Cayman Islands | 9.8%  |
| Canada | 2.8%  |
| United Kingdom | 2.6%  |
| France | 1.4%  |
| Germany | 1.4%  |
| Ireland | 0.7%  |
| Netherlands | 0.6%  |
| Bermuda | 0.5%  |
| South Africa | 0.4%  |
| Panama | 0.4%  |
| Mexico | 0.4%  |
| Finland | 0.4%  |
| Switzerland | 0.3%  |
| Australia | 0.3%  |
| Total Long-Term Investments | 162.7%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | (62.7)%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

**(#) OTC Options Purchased** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration** <br>**Date** | **Exercise** <br>**Price** | **No. of** <br>**Contracts** | **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Value** | **Premiums** <br>**Paid/**<br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Put**<br>|  |  |  |  |  |  |  |  |  |
| USD Put BRL Call | Goldman Sachs International\* | 5/15/25 | 5.70 | 147000 | USD | 147000 | $2224 | $3354 | $(1130) |

---

**OTC Options Written** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration** <br>**Date** | **Exercise** <br>**Price** | **No. of** <br>**Contracts** | **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Value** | **Premiums** <br>**Paid/**<br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Call**<br>|  |  |  |  |  |  |  |  |  |
| USD Call BRL Put | Goldman Sachs International\* | 5/15/25 | 5.93 | 147000 | USD | 147000 | $(1501) | $(5872) | $4371 |

---

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation) |
| Bank of America N.A.\* | 5/13/25 | USD | 77000 | HUF | 29731486 | $(2642)  |
| Bank of America N.A.\* | 5/13/25 | HUF | 125551017 | USD | 317079 | 19236  |
| BNP Paribas SA\* | 5/13/25 | USD | 48000 | CHF | 42767 | (577)  |
| BNP Paribas SA\* | 5/13/25 | TRY | 3582733 | USD | 91684 | (2020)  |
| Citibank N.A.\* | 5/13/25 | USD | 106000 | PLN | 423685 | (3229)  |
| Citibank N.A.\* | 9/22/25 | EGP | 2710542 | USD | 49999 | (334)  |
| Citibank N.A.\* | 1/20/26 | KES | 1872991 | USD | 13393 | 511  |
| Goldman Sachs International\* | 4/23/25 | BRL | 974700 | USD | 180000 | (9862)  |
| Goldman Sachs International\* | 4/23/25 | USD | 138000 | BRL | 804913 | (2501)  |
| Goldman Sachs International\* | 4/28/25 | TRY | 2351750 | USD | 50000 | 9972  |
| Goldman Sachs International\* | 5/06/25 | BRL | 653149 | USD | 111707 | 2030  |
| Goldman Sachs International\* | 5/09/25 | TRY | 4768300 | USD | 104000 | 15943  |
| Goldman Sachs International\* | 5/09/25 | USD | 30000 | TRY | 1186050 | 166  |
| Goldman Sachs International\* | 5/13/25 | PLN | 1413163 | USD | 345166 | 19158  |
| Goldman Sachs International\* | 5/20/25 | USD | 100950 | CNH | 734672 | (496)  |
| Goldman Sachs International\* | 9/29/25 | EGP | 2781948 | USD | 51000 | (179)  |
| HSBC Bank PLC\* | 5/13/25 | USD | 199733 | CHF | 179543 | (4203)  |
| JP Morgan Chase Bank N.A.\* | 4/15/25 | NGN | 97160589 | USD | 55205 | 7570  |
| JP Morgan Chase Bank N.A.\* | 4/25/25 | NGN | 29148170 | USD | 16561 | 2166  |
| JP Morgan Chase Bank N.A.\* | 5/07/25 | NGN | 29645371 | USD | 16562 | 2361  |
| JP Morgan Chase Bank N.A.\* | 5/12/25 | NGN | 19316320 | USD | 10672 | 1627  |
| Morgan Stanley & Co. LLC\* | 4/08/25 | PEN | 559089 | USD | 147974 | 4188  |
| Morgan Stanley & Co. LLC\* | 4/08/25 | USD | 152507 | PEN | 559089 | 345  |
| Morgan Stanley & Co. LLC\* | 5/13/25 | USD | 126039 | ZAR | 2374269 | (3033)  |
| Morgan Stanley & Co. LLC\* | 7/08/25 | PEN | 559089 | USD | 152067 | (247)  |
|  |  |  |  |  |  | $55950 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

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

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net** <br>**Unrealized**<br>**Appreciation**<br>(Depreciation) |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 6/18/25 | 51 | $5923106 | $58238  |
| U.S. Treasury Ultra Bond | 6/18/25 | 17 | 2064339 | 13911  |
| U.S. Treasury Note 5 Year | 6/30/25 | 15 | 1604102 | 18242  |
|  |  |  |  | $90391  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Ultra 10 Year | 6/18/25 | 10 | $(1140357) | $(893) |

---

\* Contracts are subject to a master netting agreement or similar agreement.

**Currency Legend** 

---

| | |
|:---|:---|
| BRL | &nbsp;&nbsp;&nbsp; Brazilian Real  |
| CHF | &nbsp;&nbsp;&nbsp; Swiss Franc  |
| CNH | &nbsp;&nbsp;&nbsp; Offshore Chinese Yuan  |
| EGP | &nbsp;&nbsp;&nbsp; Egyptian Pound  |
| HUF | &nbsp;&nbsp;&nbsp; Hungarian Forint  |
| KES | &nbsp;&nbsp;&nbsp; Kenyan Shilling  |
| NGN | &nbsp;&nbsp;&nbsp; Nigerian Naira  |
| PEN | &nbsp;&nbsp;&nbsp; Peruvian New Sol  |
| PLN | &nbsp;&nbsp;&nbsp; Polish Zloty  |
| TRY | &nbsp;&nbsp;&nbsp; New Turkish Lira  |
| USD | &nbsp;&nbsp;&nbsp; U.S. Dollar  |
| ZAR | &nbsp;&nbsp;&nbsp; South African Rand |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

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

 **MassMutual High Yield Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 0.1%**<br>|  |  |
| **Preferred Stock — 0.1%**<br>|  |  |
| **Financials — 0.1%**<br>|  |  |
|  Veritas Kapital Assurance PLC, Series G (a) | 4266 | $98118  |
|  Veritas Kapital Assurance PLC, Series G-1 (a) | 2948 | 67804  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCK**<br>**(Cost $113,148)** |  | **165922**  |
| &nbsp;&nbsp;&nbsp; **TOTAL EQUITIES** <br>**(Cost $113,148)** |  | **165922** |
|  | **Principal Amount** |  |
| **Bonds & Notes — 95.7%**<br>|  |  |
| **Bank Loans — 9.8%**<br>|  |  |
| **Advertising — 0.5%**<br>|  |  |
|  CMG Media Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.899% VRN 6/18/29 (b) | $829238 | 775819  |
|  Neptune Bidco US, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.389% VRN 4/11/29 (b) | 1462041 | 1255980  |
|  |  | 2031799  |
| **Building Materials — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Knife River HoldCo, Term Loan, <br>3 mo. USD Term SOFR + 2.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.292% VRN 2/20/32 (b) | 342446 | 341162  |
| **Chemicals — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; PMHC II, Inc., 2022 Term Loan B, <br>3 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.689% VRN 4/23/29 (b) | 500052 | 438170  |
| **Computers — 0.5%**<br>|  |  |
|  McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.323% VRN 3/01/29 (b) | 2458 | 2342  |
|  SonicWall US Holdings, Inc., 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.949% VRN 5/18/26 (b) | 38923 | 35943  |
|  Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.552% VRN 4/24/28 (b) | 1973271 | 1896096  |
|  |  | 1934381 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Diversified Financial Services — 0.2%**<br>|  |  |
|  Aretec Group, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.825% VRN 8/09/30 (b) | $743408 | $736472  |
| **Electric — 0.4%**<br>|  |  |
|  Talen Energy Supply LLC, 2024 Incremental Term Loan B, 3 mo. USD Term SOFR + 2.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.818% VRN 12/15/31 (b) | 1590514 | 1585679  |
| **Entertainment — 0.5%**<br>|  |  |
|  J&J Ventures Gaming LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.825% VRN 4/26/30 (b) | 1803056 | 1773757  |
| **Health Care - Services — 1.6%**<br>|  |  |
|  Aveanna Healthcare LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.163% VRN 7/17/28 (b) | 947000 | 926053  |
|  Midwest Physician Administrative Services LLC, 2021 Term Loan,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 3/12/28 (b) (c) | 1001392 | 868708  |
|  NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.675% VRN 2/23/29 (b) | 1009398 | 927203  |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc., 2024 Extended Term Loan B, 3 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 5.000%, PIK 1.500%, Cash 8.090% - <br>9.590% VRN 1/31/29 (b) (d) | 2087720 | 2008449  |
|  Team Health Holdings, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.769% VRN 3/02/27 (b) | 1203050 | 1169557  |
|  |  | 5899970  |
| **Leisure Time — 0.5%**<br>|  |  |
| Sabre GLBL, Inc.<br>|  |  |
| 2021 Term Loan B2,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 12/17/27 (b) (c) | 646370 | 619707  |
| 2021 Term Loan B1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 12/17/27 (b) (c) | 553848 | 531002  |
| 2024 Term Loan B1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 11/15/29 (b) (c) | 933660 | 910318  |
|  |  | 2061027  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

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

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Media — 0.6%**<br>|  |  |
|  Learfield Communications LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.825% VRN 6/30/28 (b) | $2063190 | $2062158  |
| **Oil & Gas — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CVR Energy, Inc., Term Loan B, <br>3 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.299% VRN 12/30/27 (b) | 591178 | 591178  |
| **Packaging & Containers — 1.2%**<br>|  |  |
|  Five Star Intermediate Holding LLC, Term Loan, 3 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.545% VRN 5/05/29 (b) | 3316368 | 3243408  |
|  Trident TPI Holdings, Inc., 2024 Term Loan B7,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 9/15/28 (b) (c) | 1383069 | 1334191  |
|  |  | 4577599  |
| **Pharmaceuticals — 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bausch Health Companies, Inc., <br>2025 Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 9/25/30 (b) (c) | 1982569 | 1903266  |
|  Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.399% VRN 10/01/27 (b) | 994404 | 930593  |
|  |  | 2833859  |
| **Software — 2.2%**<br>|  |  |
| Boxer Parent Co., Inc.<br>|  |  |
|  2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.291% VRN 7/30/31 (b) | 983382 | 965110  |
|  2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.041% VRN 7/30/32 (b) | 3020349 | 2899535  |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc., 2024 Term <br>Loan B, 3 mo. USD Term <br>SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.549% VRN 7/06/29 (b) (c) | 363088 | 310712  |
|  Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.189% VRN 10/16/28 (b) | 1280400 | 1105946  |
| Ivanti Software, Inc.<br>|  |  |
|  2021 Add On non Co-op Term Loan B (Acquired 11/06/24, Cost $848,563), 3 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.547% VRN 12/01/27 (b) (e) | 995580 | 701884  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 2021 Non Co-op Term Loan B (Acquired 11/15/24, Cost $362,825), 3 mo. USD Term <br>SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.817% VRN 12/01/27 (b) (e) | $427312 | $304994  |
|  Renaissance Holding Corp., 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.325% VRN 4/05/30 (b) | 1855717 | 1818380  |
|  Veritas US, Inc., 2024 Priority Term Loan, 3 mo. USD Term SOFR + 12.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 16.799% VRN 12/09/29 (b) | 813 | 813  |
|  |  | 8107374  |
| **Telecommunications — 0.4%**<br>|  |  |
|  Lumen Technologies, Inc., 2024 Extended Term Loan B1, 1 mo. USD Term SOFR + 2.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.789% VRN 4/15/29 (b) | 595486 | 570178  |
|  Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.439% VRN 3/09/27 (b) | 1071000 | 994691  |
|  |  | 1564869  |
| **TOTAL BANK LOANS**<br>**(Cost $37,508,483)** |  | **36539454**  |
| **Corporate Debt — 85.9%**<br>|  |  |
| **Advertising — 0.9%**<br>|  |  |
| Clear Channel Outdoor Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 9/15/28 (f) | 710000 | 729216  |
| &nbsp;&nbsp;&nbsp; 7.500% 6/01/29 (f) (g) | 500000 | 412928  |
| &nbsp;&nbsp;&nbsp; 7.875% 4/01/30 (f) | 750000 | 735333  |
| CMG Media Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.875% 6/18/29 (f) | 648000 | 558900  |
| Stagwell Global LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 8/15/29 (f) | 1019000 | 970402  |
|  |  | 3406779  |
| **Aerospace & Defense — 0.8%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.388% 5/01/31 | 359000 | 382557  |
| &nbsp;&nbsp;&nbsp; 6.528% 5/01/34 | 938000 | 1005054  |
| Goat Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/01/32 (f) | 1725000 | 1688327  |
|  |  | 3075938  |
| **Airlines — 1.4%**<br>|  |  |
| American Airlines, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 2/15/28 (f) (g) | 744000 | 740238  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

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

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/20/29 (f) | $760000 | $743646  |
| AS Mileage Plan IP Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.021% 10/20/29 (f) | 946000 | 926401  |
| &nbsp;&nbsp;&nbsp; 5.308% 10/20/31 (f) | 946000 | 924857  |
|  JetBlue Airways Corp./ JetBlue Loyalty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.875% 9/20/31 (f) | 911000 | 899240  |
| OneSky Flight LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.875% 12/15/29 (f) | 1150000 | 1162288  |
|  |  | 5396670  |
| **Apparel — 0.3%**<br>|  |  |
| Wolverine World Wide, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 8/15/29 (f) | 1137000 | 962024  |
| **Auto Manufacturers — 0.6%**<br>|  |  |
| JB Poindexter & Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 12/15/31 (f) | 2011000 | 2066660  |
| **Auto Parts & Equipment — 1.2%**<br>|  |  |
| Adient Global Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 2/15/33 (f) (g) | 2687000 | 2515847  |
| Phinia, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/29 (f) | 580000 | 587287  |
| &nbsp;&nbsp;&nbsp; 6.625% 10/15/32 (f) | 1266000 | 1241619  |
|  |  | 4344753  |
| **Building Materials — 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald<br>Co-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 12/15/30 (f) | 2191000 | 2191971  |
| Knife River Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.750% 5/01/31 (f) | 1082000 | 1126550  |
| Quikrete Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 3/01/32 (f) | 1105000 | 1112017  |
| Smyrna Ready Mix Concrete LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 11/01/28 (f) | 1627000 | 1578618  |
| &nbsp;&nbsp;&nbsp; 8.875% 11/15/31 (f) | 1301000 | 1347883  |
| Wilsonart LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.000% 8/15/32 (f) | 1178000 | 1080868  |
|  |  | 8437907  |
| **Chemicals — 2.9%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.629% STEP 7/15/32 (g) | 1746000 | 1793093  |
| &nbsp;&nbsp;&nbsp; 6.950% STEP 11/15/33 (g) | 917000 | 958330  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 10/15/28 (f) | 4296000 | 3694560  |
| &nbsp;&nbsp;&nbsp; 12.000% 2/15/31 (f) | 254000 | 253392  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Olympus Water US Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.750% 11/15/28 (f) | $1401000 | $1454539  |
| Vibrantz Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 2/15/30 (f) (g) | 3333000 | 2716447  |
|  |  | 10870361  |
| **Commercial Services — 2.1%**<br>|  |  |
| ADT Security Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 7/15/32 (f) | 998000 | 931619  |
| Alta Equipment Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/29 (f) (g) | 949000 | 830235  |
| Cimpress PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 9/15/32 (f) (g) | 1556000 | 1429836  |
| PROG Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 11/15/29 (f) | 3185100 | 2940124  |
| Upbound Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 2/15/29 (f) (g) | 953000 | 901035  |
| Williams Scotsman, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 8/15/28 (f) | 972000 | 942038  |
|  |  | 7974887  |
| **Computers — 0.4%**<br>|  |  |
| McAfee Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 2/15/30 (f) | 1399000 | 1238222  |
| Parsons Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 3/01/29 | 182000 | 181363  |
|  |  | 1419585  |
| **Distribution & Wholesale — 1.0%**<br>|  |  |
| Resideo Funding, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 9/01/29 (f) | 1882000 | 1708639  |
| &nbsp;&nbsp;&nbsp; 6.500% 7/15/32 (f) | 2129000 | 2123912  |
|  |  | 3832551  |
| **Diversified Financial Services — 4.5%**<br>|  |  |
| Aretec Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.000% 8/15/30 (f) | 1099000 | 1179883  |
| Coinbase Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 10/01/28 (f) | 305000 | 275347  |
| &nbsp;&nbsp;&nbsp; 3.625% 10/01/31 (f) | 373000 | 315532  |
| GGAM Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/15/29 (f) | 1427000 | 1443974  |
| &nbsp;&nbsp;&nbsp; 8.000% 2/15/27 (f) | 2005000 | 2054155  |
| Jefferson Capital Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 8/15/26 (f) | 2664000 | 2648275  |
| &nbsp;&nbsp;&nbsp; 9.500% 2/15/29 (f) | 2630000 | 2791377  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/01/29 (f) (g) | 4955000 | 4563731  |
| &nbsp;&nbsp;&nbsp; 8.375% 2/01/28 (f) | 445000 | 454786  |
| &nbsp;&nbsp;&nbsp; 8.875% 1/31/30 (f) | 1053000 | 1098145  |
|  |  | 16825205  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

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

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Electric — 4.4%**<br>|  |  |
|  Atlantica Sustainable Infrastructure PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 6/15/28 (f) | $984000 | $925138  |
|  California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 2/15/32 (f) | 2416000 | 2342691  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.658% <br>7.875% VRN 6/15/54 (b) (g) | 294000 | 282956  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.864% <br>8.125% VRN 6/15/53 (b) (g) | 210000 | 204792  |
| Lightning Power LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 8/15/32 (f) | 3631000 | 3738405  |
| Pike Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/01/28 (f) (g) | 2144000 | 2074340  |
| Talen Energy Supply LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 6/01/30 (f) | 5439000 | 5769158  |
|  XPLR Infrastructure Operating Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.375% 1/15/31 (f) (g) | 525000 | 516278  |
| &nbsp;&nbsp;&nbsp; 8.625% 3/15/33 (f) (g) | 578000 | 562335  |
|  |  | 16416093  |
| **Electrical Components & Equipment — 0.2%**<br>|  |  |
| WESCO Distribution, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 3/15/33 (f) | 736000 | 739716  |
| **Electronics — 1.0%**<br>|  |  |
| Atkore, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 6/01/31 (f) | 4171000 | 3674252  |
| **Engineering & Construction — 2.4%**<br>|  |  |
| Arcosa, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 4/15/29 (f) | 2976000 | 2788995  |
| &nbsp;&nbsp;&nbsp; 6.875% 8/15/32 (f) | 2532000 | 2566977  |
| Global Infrastructure Solutions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 6/01/29 (f) | 1332000 | 1282810  |
| &nbsp;&nbsp;&nbsp; 7.500% 4/15/32 (f) | 1457000 | 1437175  |
|  Railworks Holdings LP/Railworks Rally, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 11/15/28 (f) | 879000 | 859993  |
|  |  | 8935950  |
| **Entertainment — 1.1%**<br>|  |  |
| AMC Entertainment Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 2/15/29 (f) (g) | 428000 | 319605  |
| Jacobs Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/15/29 (f) | 1294000 | 1241762  |
|  Midwest Gaming Borrower LLC/ Midwest Gaming Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 5/01/29 (f) | 987000 | 926319  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Rivers Enterprise Borrower LLC/ Rivers Enterprise Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 2/01/33 (f) | $1056000 | $1038346  |
|  Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/01/32 (f) | 459000 | 462797  |
|  |  | 3988829  |
| **Environmental Controls — 0.5%**<br>|  |  |
| Enviri Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/31/27 (f) | 1980000 | 1890357  |
| **Food — 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br>Inc./New Albertsons LP/<br>Albertsons LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/15/33 (f) | 938000 | 947139  |
| B&G Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 9/15/28 (f) | 1066000 | 1071059  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 8/01/29 (f) | 1249000 | 1167987  |
| Viking Baked Goods Acquisition Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 11/01/31 (f) | 1852000 | 1716207  |
|  |  | 4902392  |
| **Hand & Machine Tools — 1.2%**<br>|  |  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.400% 4/15/33 | 4379000 | 4545598  |
| **Health Care - Services — 6.6%**<br>|  |  |
| CHS/Community Health Systems, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 2/15/31 (f) | 1415000 | 1118524  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/30 (f) | 50000 | 41252  |
| &nbsp;&nbsp;&nbsp; 5.625% 3/15/27 (f) | 556000 | 530936  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/29 (f) | 1141000 | 1013953  |
| &nbsp;&nbsp;&nbsp; 6.125% 4/01/30 (f) | 452000 | 269785  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/15/29 (f) (g) | 472000 | 306084  |
| &nbsp;&nbsp;&nbsp; 10.875% 1/15/32 (f) | 653000 | 643317  |
| Fortrea Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 7/01/30 (f) (g) | 953000 | 866584  |
| LifePoint Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 1/15/29 (f) (g) | 426000 | 373869  |
| &nbsp;&nbsp;&nbsp; 9.875% 8/15/30 (f) | 2970000 | 3133653  |
| &nbsp;&nbsp;&nbsp; 10.000% 6/01/32 (f) | 2519000 | 2402899  |
| &nbsp;&nbsp;&nbsp; 11.000% 10/15/30 (f) | 1134000 | 1232782  |
| Molina Healthcare, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 6/15/28 (f) | 2403000 | 2288772  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/15/33 (f) | 2540000 | 2499839  |
| Radiology Partners, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; PIK 3.500%, Cash <br>4.275% 1/31/29 (d) (f) | 1065049 | 1054399  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

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

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; PIK 9.781%, Cash <br>9.780% 2/15/30 (d) (f) | $3963921 | $3686447  |
| Star Parent, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 10/01/30 (f) | 460000 | 453401  |
| &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc. <br>PIK 4.500%, Cash<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/30/28 (d) (f) | 2479000 | 2671122  |
|  |  | 24587618  |
| **Home Builders — 2.1%**<br>|  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 8/01/29 (f) | 1241000 | 1123168  |
| Forestar Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/15/33 (f) | 645000 | 631447  |
| Mattamy Group Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 3/01/30 (f) | 5293000 | 4872078  |
| &nbsp;&nbsp;&nbsp; 5.250% 12/15/27 (f) | 25000 | 24287  |
| New Home Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 10/01/29 (f) | 1014000 | 1040105  |
|  |  | 7691085  |
| **Housewares — 0.5%**<br>|  |  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% STEP 4/01/26 | 262000 | 261679  |
| &nbsp;&nbsp;&nbsp; 6.375% 9/15/27 (g) | 291000 | 292077  |
| &nbsp;&nbsp;&nbsp; 6.375% 5/15/30 (g) | 463000 | 450421  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/15/32 (g) | 389000 | 377893  |
| &nbsp;&nbsp;&nbsp; 6.875% STEP 4/01/36 (g) | 417000 | 405154  |
|  |  | 1787224  |
| **Insurance — 0.5%**<br>|  |  |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/28 (f) | 1429000 | 1434588  |
| Ryan Specialty LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 8/01/32 (f) | 495000 | 488903  |
|  |  | 1923491  |
| **Internet — 0.3%**<br>|  |  |
| GrubHub Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 7/01/27 (f) (g) | 1244000 | 1142556  |
| **Investment Companies — 1.5%**<br>|  |  |
|  HA Sustainable Infrastructure Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 7/01/34 (f) | 1945000 | 1922422  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/27 | 1921000 | 1826316  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/15/30 | 2063000 | 1950065  |
|  |  | 5698803  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Leisure Time — 2.0%**<br>|  |  |
| Carnival Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 2/15/33 (f) | $2170000 | $2138383  |
| NCL Corp. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/01/32 (f) | 252000 | 248926  |
| Sabre GLBL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Convertible, 7.320% 8/01/26 | 589000 | 625518  |
| &nbsp;&nbsp;&nbsp; 8.625% 6/01/27 (f) (g) | 2700000 | 2671874  |
| &nbsp;&nbsp;&nbsp; 10.750% 11/15/29 (f) (g) | 1764000 | 1776836  |
|  |  | 7461537  |
| **Lodging — 0.1%**<br>|  |  |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 1/15/32 (f) | 373000 | 369594  |
| **Media — 6.2%**<br>|  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/01/31 (f) | 2361000 | 2092148  |
| &nbsp;&nbsp;&nbsp; 4.250% 1/15/34 (f) (g) | 1588000 | 1306130  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/01/32 | 853000 | 740454  |
| CSC Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 11/15/31 (f) | 427000 | 309630  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/30 (f) | 939000 | 497670  |
| &nbsp;&nbsp;&nbsp; 7.500% 4/01/28 (f) | 800000 | 565700  |
| &nbsp;&nbsp;&nbsp; 11.750% 1/31/29 (f) | 2506000 | 2430425  |
| Cumulus Media New Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 7/01/29 (f) | 847000 | 287980  |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 8/15/27 (f) | 3680000 | 3566089  |
| &nbsp;&nbsp;&nbsp; 10.000% 2/15/31 (f) | 465000 | 446493  |
| DISH DBS Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 6/01/29 | 380000 | 247930  |
| &nbsp;&nbsp;&nbsp; 5.250% 12/01/26 (f) | 845000 | 775664  |
| &nbsp;&nbsp;&nbsp; 7.375% 7/01/28 | 1036000 | 739507  |
| DISH Network Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.750% 11/15/27 (f) | 1026000 | 1080457  |
| Gray Media, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 11/15/31 (f) | 747000 | 466319  |
| iHeartCommunications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 1/15/28 (f) | 912000 | 686006  |
| LCPR Senior Secured Financing DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 10/15/27 (f) | 1039000 | 868644  |
| McGraw-Hill Education, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 8/01/28 (f) | 1360000 | 1327945  |
| &nbsp;&nbsp;&nbsp; 8.000% 8/01/29 (f) | 1010000 | 993328  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

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

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Sinclair Television Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 2/15/33 (f) | $960000 | $947313  |
| Time Warner Cable Enterprises LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.375% 7/15/33 | 836000 | 954220  |
| Virgin Media Secured Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 8/15/30 (f) | 236000 | 207590  |
| &nbsp;&nbsp;&nbsp; 5.500% 5/15/29 (f) | 1317000 | 1247383  |
|  Virgin Media Vendor Financing Notes IV DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 7/15/28 (f) | 588000 | 555755  |
|  |  | 23340780  |
| **Mining — 2.7%**<br>|  |  |
| Constellium SE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 4/15/29 (f) | 4024000 | 3645712  |
| &nbsp;&nbsp;&nbsp; 5.625% 6/15/28 (f) | 1405000 | 1362591  |
| &nbsp;&nbsp;&nbsp; 6.375% 8/15/32 (f) (g) | 585000 | 571252  |
| First Quantum Minerals Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 3/01/33 (f) | 1614000 | 1635395  |
| &nbsp;&nbsp;&nbsp; 9.375% 3/01/29 (f) | 1397000 | 1469150  |
| Novelis Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 11/15/26 (f) | 304000 | 293889  |
| &nbsp;&nbsp;&nbsp; 3.875% 8/15/31 (f) (g) | 313000 | 272124  |
| &nbsp;&nbsp;&nbsp; 4.750% 1/30/30 (f) | 1000000 | 932405  |
|  |  | 10182518  |
| **Miscellaneous - Manufacturing — 0.8%**<br>|  |  |
| Amsted Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 3/15/33 (f) | 2510000 | 2496684  |
| Axon Enterprise, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 3/15/30 (f) | 173000 | 174596  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/15/33 (f) | 194000 | 195996  |
|  |  | 2867276  |
| **Oil & Gas — 3.7%**<br>|  |  |
| CVR Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 2/15/28 (f) | 2353000 | 2193169  |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 4/15/30 (f) | 443000 | 421280  |
| &nbsp;&nbsp;&nbsp; 6.000% 2/01/31 (f) | 1792000 | 1669687  |
| &nbsp;&nbsp;&nbsp; 6.875% 5/15/34 (f) | 1600000 | 1504771  |
| Parkland Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 10/01/29 (f) | 1941000 | 1830405  |
| &nbsp;&nbsp;&nbsp; 4.625% 5/01/30 (f) | 1669000 | 1566333  |
| &nbsp;&nbsp;&nbsp; 6.625% 8/15/32 (f) | 3903000 | 3900766  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 7/01/33 (f) | 753000 | 753788  |
|  |  | 13840199  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Packaging & Containers — 2.0%**<br>|  |  |
| Clydesdale Acquisition Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/32 (f) (h) | $1020000 | $1027056  |
|  Mauser Packaging Solutions Holding Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 4/15/27 (f) | 2895000 | 2837100  |
| &nbsp;&nbsp;&nbsp; 9.250% 4/15/27 (f) | 2291000 | 2161096  |
| Trident TPI Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.750% 12/31/28 (f) | 1269000 | 1361037  |
|  |  | 7386289  |
| **Pharmaceuticals — 4.9%**<br>|  |  |
| 1261229 BC Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.000% 4/15/32 (f) (h) | 727000 | 722538  |
| 1375209 BC Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 1/30/28 (f) (g) | 4852000 | 4848243  |
| AdaptHealth LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 3/01/30 (f) | 1888000 | 1720282  |
| Bausch Health Americas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 1/31/27 (f) | 390000 | 370566  |
| &nbsp;&nbsp;&nbsp; 9.250% 4/01/26 (f) | 367000 | 359416  |
| Bausch Health Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/01/28 (f) | 1347000 | 1087702  |
| &nbsp;&nbsp;&nbsp; 5.250% 1/30/30 (f) (g) | 1102000 | 652935  |
| &nbsp;&nbsp;&nbsp; 5.500% 11/01/25 (f) (g) | 870000 | 869130  |
| &nbsp;&nbsp;&nbsp; 5.750% 8/15/27 (f) (g) | 394000 | 393311  |
| &nbsp;&nbsp;&nbsp; 9.000% 12/15/25 (f) | 401000 | 401000  |
| &nbsp;&nbsp;&nbsp; 11.000% 9/30/28 (f) (g) | 525000 | 500063  |
| &nbsp;&nbsp;&nbsp; 14.000% 10/15/30 (f) | 367000 | 346613  |
| Grifols SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 10/15/28 (f) | 3098000 | 2860424  |
| Herbalife Ltd., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 6/15/28 | 399000 | 342228  |
|  Herbalife Nutrition Ltd./HLF Financing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 9/01/25 (f) | 800000 | 799064  |
|  HLF Financing SARL LLC/Herbalife International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/01/29 (f) | 355000 | 273777  |
| &nbsp;&nbsp;&nbsp; 12.250% 4/15/29 (f) | 875000 | 940784  |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 5/15/34 (f) (g) | 680000 | 667199  |
|  |  | 18155275  |
| **Pipelines — 5.2%**<br>|  |  |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 6/15/31 (f) | 4134000 | 3965974  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

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

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 5/15/33 | $662000 | $667152  |
| Harvest Midstream I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 9/01/28 (f) | 1911000 | 1930116  |
| ITT Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 8/01/29 (f) | 6379000 | 5884828  |
|  NGL Energy Operating LLC/NGL Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 2/15/29 (f) | 624000 | 628360  |
| &nbsp;&nbsp;&nbsp; 8.375% 2/15/32 (f) | 1455000 | 1458120  |
| Northriver Midstream Finance LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 7/15/32 (f) | 1549000 | 1563446  |
| Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 8/15/29 (f) | 869000 | 804437  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/31 (f) | 994000 | 903148  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 1/15/30 (f) | 384000 | 378312  |
| &nbsp;&nbsp;&nbsp; 8.375% 6/01/31 (f) | 665000 | 674497  |
| &nbsp;&nbsp;&nbsp; 9.875% 2/01/32 (f) | 396000 | 420586  |
|  |  | 19278976  |
| **Private Equity — 0.4%**<br>|  |  |
|  HAT Holdings I LLC/HAT Holdings II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 6/15/26 (f) | 1726000 | 1674166  |
| **Real Estate Investment Trusts (REITS) — 2.5%**<br>|  |  |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/15/27 (f) | 993000 | 934602  |
|  Necessity Retail REIT, Inc./American Finance Operating Partner LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 9/30/28 (f) | 535000 | 504287  |
| RLJ Lodging Trust LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 9/15/29 (f) | 2345000 | 2103526  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 2/15/27 | 284000 | 276021  |
| &nbsp;&nbsp;&nbsp; 5.500% 12/15/27 | 505000 | 487116  |
| &nbsp;&nbsp;&nbsp; 8.375% 6/15/29 | 390000 | 389828  |
| &nbsp;&nbsp;&nbsp; 8.875% 6/15/32 (g) | 907000 | 897581  |
|  Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/30 (f) | 436000 | 377293  |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/15/29 (f) | 2682000 | 2408965  |
| &nbsp;&nbsp;&nbsp; 10.500% 2/15/28 (f) | 674000 | 715985  |
| Uniti Group, Inc., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 12/01/27 (f) | 314000 | 349168  |
|  |  | 9444372  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Retail — 4.9%**<br>|  |  |
|  1011778 BC ULC/New Red Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 9/15/29 (f) | $415000 | $410822  |
| &nbsp;&nbsp;&nbsp; 6.125% 6/15/29 (f) | 1577000 | 1586956  |
| Bath & Body Works, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 7/01/36 | 658000 | 655801  |
| &nbsp;&nbsp;&nbsp; 6.875% 11/01/35 | 1611000 | 1631870  |
| Carvana Co. PIK 14.000%, Cash<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/31 (d) (f) | 2394761 | 2660606  |
| CEC Entertainment LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 5/01/26 (f) (g) | 1826000 | 1800845  |
| Michaels Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/01/28 (f) | 250000 | 171624  |
| &nbsp;&nbsp;&nbsp; 7.875% 5/01/29 (f) | 813000 | 431285  |
| Murphy Oil USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 2/15/31 (f) | 1053000 | 935255  |
| Staples, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.750% 9/01/29 (f) | 832000 | 751662  |
| &nbsp;&nbsp;&nbsp; 12.750% 1/15/30 (f) | 602744 | 408243  |
|  Suburban Propane Partners LP/ Suburban Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 6/01/31 (f) | 1271000 | 1147488  |
|  Superior Plus LP/Superior General Partner, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 3/15/29 (f) | 4415000 | 4076845  |
| Walgreens Boots Alliance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.450% 6/01/26 | 1752000 | 1719177  |
|  |  | 18388479 |
| **Software — 2.2%**<br>|  |  |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 6/15/29 (f) | 220000 | 193021  |
| Cloud Software Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/31/29 (f) | 3597000 | 3496520  |
| &nbsp;&nbsp;&nbsp; 8.250% 6/30/32 (f) | 445000 | 452445  |
| &nbsp;&nbsp;&nbsp; 9.000% 9/30/29 (f) | 3953000 | 3942682  |
|  |  | 8084668 |
| **Telecommunications — 4.5%**<br>|  |  |
| Altice Financing SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/28 (f) | 1612000 | 1209527  |
| &nbsp;&nbsp;&nbsp; 5.750% 8/15/29 (f) | 699000 | 511307  |
| C&W Senior Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 1/15/33 (f) | 935000 | 919976  |
| CommScope LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 9/01/29 (f) (g) | 413000 | 367178  |
| &nbsp;&nbsp;&nbsp; 9.500% 12/15/31 (f) | 917000 | 944510  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

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

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Connect Finco SARL/Connect US Finco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 9/15/29 (f) | $1020000 | $929964  |
| Consolidated Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/01/28 (f) | 1858000 | 1741699  |
| &nbsp;&nbsp;&nbsp; 6.500% 10/01/28 (f) | 1618000 | 1560093  |
| EchoStar Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 11/30/30 | 1239000 | 1124192  |
| &nbsp;&nbsp;&nbsp; 10.750% 11/30/29 | 2341000 | 2459836  |
| Level 3 Financing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.000% 11/15/29 (f) | 2219244 | 2473438  |
| Sable International Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.125% 10/15/32 (f) | 1159000 | 1111072  |
|  Windstream Services LLC/Windstream Escrow Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 10/01/31 (f) | 368000 | 374663  |
| Zayo Group Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 3/01/27 (f) | 283000 | 257767  |
| &nbsp;&nbsp;&nbsp; 6.125% 3/01/28 (f) (g) | 1157000 | 962332  |
|  |  | 16947554  |
| **Transportation — 1.8%**<br>|  |  |
| Carriage Purchaser, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 10/15/29 (f) | 1473000 | 1313454  |
| Seaspan Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 8/01/29 (f) | 6087320 | 5513633  |
|  |  | 6827087  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $328,046,081)** |  | **320786054**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $365,554,564)** |  | **357325508**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $365,667,712)** |  | **357491430**  |
| **Short-Term Investments — 13.2%**<br>|  |  |
| **Commercial Paper — 1.6%**<br>|  |  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.622% 4/08/25 (f) | 6000000 | 5993971  |
|  | **Number of Shares** |  |
| **Investment of Cash Collateral from Securities Loaned — 9.9%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (i) | 36999930 | 36999930  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Repurchase Agreement — 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., Repurchase Agreement, dated <br>3/31/25, 2.750%, due 4/01/25 (j) | $6490301 | $6490301  |
| **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $49,484,934)** |  | **49484202**  |
| **TOTAL INVESTMENTS — 109.0%** <br>**(Cost $415,152,646) (k)** |  | **406975632**  |
| **Other Assets/**<br>(Liabilities) — (9.0)% |  | **(33500434)**  |
| **NET ASSETS — 100.0%** |  | **$373475198** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index <br>|
| PIK  | &nbsp;&nbsp;&nbsp; Payment in kind<br>|
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate<br>|
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond<br>|
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**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) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of the security represents
 unsettled bank loan commitments at March 31, 2025, where the rate will be determined at time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payment-in-kind security which may pay interest/dividends
 in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $1,006,878 or 0.27% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 March 31, 2025, the aggregate market value of these securities amounted to $297,904,246 or 79.77% of net assets.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

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

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $37,211,103 or 9.96% of net assets. The Fund received $997,487 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;(h) A portion of this security is purchased on a
 when-issued, delayed-delivery or forward commitment basis. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Maturity value of $6,490,797. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 10/15/26, and an aggregate market value, including accrued
 interest, of $6,620,267.

&nbsp;&nbsp;&nbsp;&nbsp;(k) See Note 6 for aggregate cost for federal
 tax purposes.

Country weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| United States | 80.9%  |
| Canada | 6.6%  |
| Hong Kong | 1.5%  |
| United Kingdom | 1.4%  |
| Ireland | 1.3%  |
| Switzerland | 1.1%  |
| Spain | 1.0%  |
| Zambia | 0.8%  |
| Panama | 0.5%  |
| Luxembourg | 0.5%  |
| Puerto Rico | 0.2%  |
| Total Long-Term Investments | 95.8%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 4.2%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 64.5%**<br>|  |  |
| **Common Stock — 64.5%**<br>|  |  |
| **Communication Services — 2.0%**<br>|  |  |
| Electronic Arts, Inc. | 971 | $140329  |
| Netflix, Inc. (a) | 488 | 455075  |
| Omnicom Group, Inc. | 1207 | 100072  |
| Verizon Communications, Inc. | 19910 | 903118  |
| Walt Disney Co. | 2036 | 200953  |
|  |  | 1799547  |
| **Consumer Discretionary — 6.4%**<br>|  |  |
| Aptiv PLC (a) | 1917 | 114061  |
| AutoZone, Inc. (a) | 116 | 442282  |
| Booking Holdings, Inc. | 163 | 750926  |
| Chipotle Mexican Grill, Inc. (a) | 2609 | 130998  |
| DR Horton, Inc. | 928 | 117977  |
| eBay, Inc. | 3058 | 207118  |
| Ford Motor Co. | 19808 | 198674  |
| Garmin Ltd. | 539 | 117033  |
| Genuine Parts Co. | 447 | 53256  |
| Hilton Worldwide Holdings, Inc. | 932 | 212077  |
| Home Depot, Inc. | 2744 | 1005649  |
| Las Vegas Sands Corp. | 1961 | 75753  |
| Lowe's Cos., Inc. | 2972 | 693160  |
| Lululemon Athletica, Inc. (a) | 216 | 61141  |
| Marriott International, Inc. Class A | 720 | 171504  |
| NIKE, Inc. Class B | 3330 | 211388  |
| Ross Stores, Inc. | 916 | 117056  |
| Royal Caribbean Cruises Ltd. | 354 | 72726  |
| TJX Cos., Inc. | 6144 | 748339  |
| Ulta Beauty, Inc. (a) | 145 | 53148  |
| Yum! Brands, Inc. | 1403 | 220776  |
|  |  | 5775042  |
| **Consumer Staples — 4.8%**<br>|  |  |
| Brown-Forman Corp. Class B | 294 | 9978  |
| Church & Dwight Co., Inc. | 457 | 50311  |
| Coca-Cola Co. | 6807 | 487517  |
| Colgate-Palmolive Co. | 4528 | 424274  |
| Constellation Brands, Inc. Class A | 371 | 68086  |
| Dollar General Corp. | 532 | 46779  |
| Dollar Tree, Inc. (a) | 305 | 22896  |
| Estee Lauder Cos., Inc. Class A | 262 | 17292  |
| General Mills, Inc. | 7073 | 422895  |
| Hershey Co. | 506 | 86541  |
| Hormel Foods Corp. | 934 | 28898  |
| Kellanova | 400 | 32996  |
| Kenvue, Inc. | 1978 | 47432  |
| Keurig Dr. Pepper, Inc. | 3446 | 117922  |
| Kimberly-Clark Corp. | 1631 | 231961  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Kroger Co. | 1857 | $125700  |
| McCormick & Co., Inc. | 405 | 33336  |
| Mondelez International, Inc. Class A | 3174 | 215356  |
| PepsiCo, Inc. | 4275 | 640994  |
| Procter & Gamble Co. | 6316 | 1076373  |
| Sysco Corp. | 874 | 65585  |
| Target Corp. | 1418 | 147982  |
|  |  | 4401104  |
| **Energy — 1.8%**<br>|  |  |
| Baker Hughes Co. | 939 | 41269  |
| Cheniere Energy, Inc. | 1271 | 294109  |
| Halliburton Co. | 4808 | 121979  |
| Kinder Morgan, Inc. | 20750 | 591998  |
| ONEOK, Inc. | 1355 | 134443  |
| Schlumberger NV | 2324 | 97143  |
| Williams Cos., Inc. | 6059 | 362086  |
|  |  | 1643027  |
| **Financials — 9.5%**<br>|  |  |
| Aflac, Inc. | 2422 | 269302  |
| Allstate Corp. | 1014 | 209969  |
| American Express Co. | 1713 | 460883  |
| Ameriprise Financial, Inc. | 267 | 129257  |
| Aon PLC Class A | 247 | 98575  |
| Apollo Global Management, Inc. | 227 | 31085  |
| Arch Capital Group Ltd. | 1428 | 137345  |
| Arthur J Gallagher & Co. | 511 | 176418  |
| Bank of New York Mellon Corp. | 1076 | 90244  |
| Blackstone, Inc. | 566 | 79115  |
| Block, Inc. (a) | 130 | 7063  |
| Charles Schwab Corp. | 1390 | 108809  |
| Chubb Ltd. | 1741 | 525765  |
| CME Group, Inc. | 826 | 219130  |
| Discover Financial Services | 550 | 93885  |
|  Fidelity National Information Services, Inc. | 2442 | 182369  |
| Fifth Third Bancorp | 1397 | 54762  |
| Fiserv, Inc. (a) | 2158 | 476551  |
| Global Payments, Inc. | 550 | 53856  |
| Hartford Insurance Group, Inc. | 2225 | 275299  |
| Intercontinental Exchange, Inc. | 1005 | 173363  |
| KKR & Co., Inc. | 633 | 73181  |
| M&T Bank Corp. | 349 | 62384  |
| Marsh & McLennan Cos., Inc. | 1337 | 326268  |
| MetLife, Inc. | 3713 | 298117  |
| Moody's Corp. | 289 | 134584  |
| Morgan Stanley | 3355 | 391428  |
| MSCI, Inc. | 90 | 50895  |
| Nasdaq, Inc. | 623 | 47261  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| NU Holdings Ltd. Class A (a) | 2703 | $27679  |
| PayPal Holdings, Inc. (a) | 4364 | 284751  |
| Principal Financial Group, Inc. | 557 | 46994  |
| Progressive Corp. | 2250 | 636773  |
| Prudential Financial, Inc. | 1096 | 122401  |
| Regions Financial Corp. | 2444 | 53108  |
| S&P Global, Inc. | 478 | 242872  |
| State Street Corp. | 629 | 56314  |
| T. Rowe Price Group, Inc. | 483 | 44373  |
| Travelers Cos., Inc. | 907 | 239865  |
| Truist Financial Corp. | 1572 | 64688  |
| Visa, Inc. Class A | 4146 | 1453007  |
| Willis Towers Watson PLC | 230 | 77729  |
|  |  | 8587717  |
| **Health Care — 7.5%**<br>|  |  |
| Abbott Laboratories | 3319 | 440265  |
| Agilent Technologies, Inc. | 457 | 53460  |
| Align Technology, Inc. (a) | 29 | 4607  |
| Amgen, Inc. | 843 | 262637  |
| Baxter International, Inc. | 383 | 13110  |
| Becton Dickinson & Co. | 619 | 141788  |
| Biogen, Inc. (a) | 188 | 25726  |
| BioNTech SE ADR (a) | 255 | 23220  |
| Boston Scientific Corp. (a) | 3232 | 326044  |
| Bristol-Myers Squibb Co. | 6396 | 390092  |
| Cardinal Health, Inc. | 325 | 44775  |
| Cencora, Inc. | 335 | 93160  |
| Centene Corp. (a) | 422 | 25620  |
| Cigna Group | 550 | 180950  |
| CVS Health Corp. | 1652 | 111923  |
| Danaher Corp. | 965 | 197825  |
| Dexcom, Inc. (a) | 124 | 8468  |
| Edwards Lifesciences Corp. (a) | 485 | 35153  |
| Elevance Health, Inc. | 206 | 89602  |
| Eli Lilly & Co. | 772 | 637603  |
| Gilead Sciences, Inc. | 5686 | 637116  |
| Humana, Inc. | 48 | 12701  |
| IDEXX Laboratories, Inc. (a) | 41 | 17218  |
| Illumina, Inc. (a) | 88 | 6982  |
| Intuitive Surgical, Inc. (a) | 205 | 101530  |
| IQVIA Holdings, Inc. (a) | 217 | 38257  |
| McKesson Corp. | 354 | 238238  |
| Medtronic PLC | 3521 | 316397  |
| Merck & Co., Inc. | 4257 | 382108  |
| Mettler-Toledo International, Inc. (a) | 30 | 35427  |
| Moderna, Inc. (a) | 75 | 2126  |
| Pfizer, Inc. | 10387 | 263207  |
| Regeneron Pharmaceuticals, Inc. | 151 | 95769  |
| Stryker Corp. | 330 | 122843  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Thermo Fisher Scientific, Inc. | 682 | $339363  |
| UnitedHealth Group, Inc. | 1503 | 787196  |
| Veeva Systems, Inc. Class A (a) | 77 | 17836  |
| Vertex Pharmaceuticals, Inc. (a) | 332 | 160960  |
| Waters Corp. (a) | 57 | 21008  |
| West Pharmaceutical Services, Inc. | 44 | 9851  |
| Zoetis, Inc. | 578 | 95168  |
|  |  | 6807329  |
| **Industrials — 4.6%**<br>|  |  |
| AMETEK, Inc. | 390 | 67135  |
| Automatic Data Processing, Inc. | 1247 | 380996  |
| Carrier Global Corp. | 666 | 42224  |
| Cintas Corp. | 1561 | 320832  |
| Copart, Inc. (a) | 1533 | 86753  |
| CSX Corp. | 3934 | 115778  |
| Cummins, Inc. | 386 | 120988  |
| Deere & Co. | 689 | 323382  |
| Eaton Corp. PLC | 530 | 144070  |
| Emerson Electric Co. | 1150 | 126086  |
| FedEx Corp. | 474 | 115552  |
| Honeywell International, Inc. | 1249 | 264476  |
| Illinois Tool Works, Inc. | 531 | 131693  |
| Ingersoll Rand, Inc. | 488 | 39055  |
| Johnson Controls International PLC | 1289 | 103262  |
| Norfolk Southern Corp. | 193 | 45712  |
| Otis Worldwide Corp. | 766 | 79051  |
| Paychex, Inc. | 539 | 83157  |
| Republic Services, Inc. | 695 | 168301  |
| Rockwell Automation, Inc. | 87 | 22479  |
| Trane Technologies PLC | 582 | 196087  |
| Union Pacific Corp. | 984 | 232460  |
| United Parcel Service, Inc. Class B | 1129 | 124179  |
| United Rentals, Inc. | 142 | 88991  |
| Verisk Analytics, Inc. | 376 | 111905  |
| Vertiv Holdings Co. Class A | 296 | 21371  |
| W.W. Grainger, Inc. | 129 | 127430  |
| Waste Connections, Inc. | 842 | 164350  |
| Waste Management, Inc. | 1191 | 275728  |
| Xylem, Inc. | 191 | 22817  |
|  |  | 4146300  |
| **Information Technology — 22.6%**<br>|  |  |
| Accenture PLC Class A | 1622 | 506129  |
| Adobe, Inc. (a) | 705 | 270389  |
| Advanced Micro Devices, Inc. (a) | 703 | 72226  |
| Amphenol Corp. Class A | 3818 | 250423  |
| Analog Devices, Inc. | 1276 | 257331  |
| ANSYS, Inc. (a) | 146 | 46218  |
| Apple, Inc. | 19138 | 4251124  |
| Applied Materials, Inc. | 2041 | 296190  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Arista Networks, Inc. (a) | 2655 | $205709  |
| Autodesk, Inc. (a) | 296 | 77493  |
| Broadcom, Inc. | 5908 | 989176  |
| Cadence Design Systems, Inc. (a) | 365 | 92830  |
| CDW Corp. | 304 | 48719  |
| Cisco Systems, Inc. | 15608 | 963170  |
|  Cognizant Technology Solutions Corp. Class A | 1309 | 100139  |
| Corning, Inc. | 3430 | 157025  |
| Crowdstrike Holdings, Inc. Class A (a) | 152 | 53592  |
| Dell Technologies, Inc. Class C | 732 | 66722  |
| Fortinet, Inc. (a) | 954 | 91832  |
| Gartner, Inc. (a) | 169 | 70936  |
| GLOBALFOUNDRIES, Inc. (a) | 110 | 4060  |
| Hewlett Packard Enterprise Co. | 6109 | 94262  |
| HP, Inc. | 3477 | 96278  |
| HubSpot, Inc. (a) | 51 | 29136  |
| Intel Corp. | 2212 | 50235  |
| International Business Machines Corp. | 4134 | 1027960  |
| Intuit, Inc. | 436 | 267700  |
| Keysight Technologies, Inc. (a) | 459 | 68744  |
| KLA Corp. | 343 | 233171  |
| Lam Research Corp. | 3410 | 247907  |
| Marvell Technology, Inc. | 806 | 49625  |
| Micron Technology, Inc. | 1541 | 133897  |
| Microsoft Corp. | 9283 | 3484745  |
| Monolithic Power Systems, Inc. | 74 | 42919  |
| Motorola Solutions, Inc. | 1003 | 439123  |
| NetApp, Inc. | 992 | 87137  |
| NVIDIA Corp. | 29844 | 3234493  |
| Oracle Corp. | 3099 | 433271  |
| Palo Alto Networks, Inc. (a) | 576 | 98289  |
| Roper Technologies, Inc. | 356 | 209890  |
| Salesforce, Inc. | 1636 | 439037  |
| ServiceNow, Inc. (a) | 348 | 277057  |
| Snowflake, Inc. Class A (a) | 104 | 15201  |
| Super Micro Computer, Inc. (a) | 198 | 6780  |
| Synopsys, Inc. (a) | 169 | 72476  |
| Texas Instruments, Inc. | 2390 | 429483  |
| Workday, Inc. Class A (a) | 234 | 54646  |
|  |  | 20494895  |
| **Materials — 1.7%**<br>|  |  |
| Air Products & Chemicals, Inc. | 245 | 72256  |
| Ball Corp. | 226 | 11768  |
| Dow, Inc. | 843 | 29438  |
| DuPont de Nemours, Inc. | 2015 | 150480  |
| Ecolab, Inc. | 591 | 149830  |
|  International Flavors & Fragrances, Inc. | 235 | 18238  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Linde PLC (LIN US) | 1520 | $707773  |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV <br>Class A | 944 | 66458  |
| Martin Marietta Materials, Inc. | 72 | 34425  |
| Newmont Corp. (NEM US) | 1285 | 62040  |
| PPG Industries, Inc. | 366 | 40022  |
| Sherwin-Williams Co. | 416 | 145263  |
| Vulcan Materials Co. | 161 | 37561  |
|  |  | 1525552  |
| **Real Estate — 1.4%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 419 | 38762  |
| American Tower Corp. | 601 | 130778  |
| AvalonBay Communities, Inc. | 471 | 101086  |
| CBRE Group, Inc. Class A (a) | 891 | 116525  |
| Crown Castle, Inc. | 638 | 66499  |
| Digital Realty Trust, Inc. | 272 | 38975  |
| Equinix, Inc. | 115 | 93765  |
| Equity Residential | 1840 | 131707  |
| Extra Space Storage, Inc. | 216 | 32074  |
| Prologis, Inc. | 865 | 96698  |
| Public Storage | 397 | 118818  |
| SBA Communications Corp. | 168 | 36962  |
| Simon Property Group, Inc. | 596 | 98984  |
| Ventas, Inc. | 1095 | 75292  |
| VICI Properties, Inc. | 3612 | 117823  |
|  |  | 1294748  |
| **Utilities — 2.2%**<br>|  |  |
| Ameren Corp. | 357 | 35843  |
| American Electric Power Co., Inc. | 1091 | 119214  |
| American Water Works Co., Inc. | 138 | 20358  |
| CMS Energy Corp. | 657 | 49347  |
| Consolidated Edison, Inc. | 1099 | 121538  |
| Dominion Energy, Inc. | 718 | 40258  |
| Duke Energy Corp. | 3862 | 471048  |
| Edison International | 762 | 44897  |
| Entergy Corp. | 780 | 66682  |
| Eversource Energy | 340 | 21117  |
| Exelon Corp. | 3402 | 156764  |
| FirstEnergy Corp. | 1268 | 51253  |
| NextEra Energy, Inc. | 2371 | 168080  |
| PPL Corp. | 2663 | 96161  |
| Public Service Enterprise Group, Inc. | 1078 | 88719  |
| Sempra | 514 | 36679  |
| Southern Co. | 2890 | 265736  |
| WEC Energy Group, Inc. | 911 | 99281  |
| Xcel Energy, Inc. | 455 | 32210  |
|  |  | 1985185 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **50**<br>|  |

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

---

| | |
|:---|:---|
|  | **Value**  |
| **TOTAL COMMON STOCK** <br>**(Cost $48,907,768)** | **$58460446**  |
| **TOTAL EQUITIES** <br>**(Cost $48,907,768)** | **58460446** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Bonds & Notes — 37.2%**<br>|  |  |
| **Corporate Debt — 11.6%**<br>|  |  |
| **Agriculture — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. <br>2.700% 9/15/51 | $49000 | 29948  |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. <br>3.250% 8/15/26 | 47000 | 46193  |
|  |  | 76141  |
| **Airlines — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust, Series 2021-1A, Class EETC, <br>2.875% 1/11/36 | 59750 | 52406  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.500% 10/20/25 (b) | 20748 | 20676  |
|  |  | 73082  |
| **Auto Manufacturers — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; PACCAR Financial Corp. <br>4.600% 1/10/28 | 91000 | 91882  |
| **Banks — 3.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. 5 yr. CMT + 1.700% <br>2.570% VRN 11/25/35 (b) (c) | 225000 | 194451  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>4.183% 11/25/27 | 41000 | 40632  |
|  3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38 (c) | 23000 | 20742  |
|  3 mo. USD Term SOFR + 1.572% 4.271% VRN 7/23/29 (c) | 18000 | 17781  |
| &nbsp;&nbsp;&nbsp; 4.750% 4/21/45 | 63000 | 56026  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.910% <br>5.288% VRN 4/25/34 (c) | 69000 | 69312  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.231% <br>6.125% VRN (c) (d) | 162000 | 164016  |
| &nbsp;&nbsp;&nbsp; 7.750% 5/14/38 | 20000 | 23712  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. 5 yr. <br>CMT + 2.630% <br>3.750% VRN (c) (d) | 156000 | 149115  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.230% <br>5.060% VRN 7/22/32 (c) | 41000 | 41431  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia <br>4.500% 12/16/25 | 36000 | 35937 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. <br>4.450% 9/29/27 | $27000 | $26873  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.086% <br>4.910% VRN 5/24/33 (c) | 71000 | 69622  |
| 5.500% 9/13/25 | 54000 | 54182  |
| 5.875% 1/30/42 | 18000 | 18427  |
| 6.000% 10/31/33 | 16000 | 16643  |
| 6.625% 6/15/32 | 14000 | 15089  |
| 8.125% 7/15/39 | 14000 | 17368  |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. 1 day USD SOFR + 1.259% <br>5.253% VRN 3/05/31 (c) | 24000 | 24129  |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. 1 day USD <br>SOFR + 2.155% <br>5.982% VRN 1/30/30 (c) | 27000 | 27436  |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA 1 yr. <br>CMT + 0.550% <br>1.106% VRN 2/24/27 (b) (c) | 250000 | 242247  |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp <br>1 day USD SOFR + 1.840% <br>5.631% VRN 1/29/32 (c) | 28000 | 28662  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.340% <br>6.339% VRN 7/27/29 (c) | 14000 | 14635  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>1 day USD SOFR + 0.798% <br>1.431% VRN 3/09/27 (c) | 227000 | 220148  |
| 4.250% 10/21/25 | 32000 | 31918  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.420% <br>5.016% VRN 10/23/35 (c) | 51000 | 49590  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.696% <br>5.734% VRN 1/28/56 (c) | 32000 | 31872  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.552% <br>5.851% VRN 4/25/35 (c) | 63000 | 65110  |
| 5.950% 1/15/27 | 72000 | 73861  |
| 6.750% 10/01/37 | 32000 | 34604  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. 1 day USD SOFR + 2.020% <br>6.208% VRN 8/21/29 (c) | 29000 | 30188  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co. <br>3 mo. USD Term SOFR + 1.422% 3.702% VRN 5/06/30 (c) | 160000 | 153963  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.860% <br>4.505% VRN 10/22/28 (c) | 47000 | 46953  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.340% <br>4.946% VRN 10/22/35 (c) | 56000 | 54802  |
| 5.600% 7/15/41 | 41000 | 41848  |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. <br>2.564% 9/13/31 | 200000 | 171610  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley <br>1 day USD SOFR + 1.485% <br>3.217% VRN 4/22/42 (c) | 44000 | 32951  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **51**<br>|

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
|  3 mo. USD Term SOFR + 1.890% 4.431% VRN 1/23/30 (c) | $79000 | $78000  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.870% <br>5.250% VRN 4/21/34 (c) | 73000 | 73036  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.555% <br>5.320% VRN 7/19/35 (c) | 69000 | 69007  |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br>1 day USD SOFR + 1.259% <br>4.812% VRN 10/21/32 (c) | 51000 | 50452  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.933% <br>5.068% VRN 1/24/34 (c) | 54000 | 53458  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.841% <br>5.582% VRN 6/12/29 (c) | 85000 | 87403  |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. 1 day USD SOFR + 1.620% <br>5.435% VRN 1/24/30 (c) | 40000 | 40824  |
| &nbsp;&nbsp;&nbsp; US Bancorp <br>1 day USD SOFR + 1.600% <br>4.839% VRN 2/01/34 (c) | 79000 | 76765  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.020% <br>5.775% VRN 6/12/29 (c) | 66000 | 68068  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. <br>1 day USD SOFR + 1.110% <br>5.244% VRN 1/24/31 (c) | 119000 | 120995  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.020% <br>5.389% VRN 4/24/34 (c) | 67000 | 67462  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.990% <br>5.557% VRN 7/25/34 (c) | 54000 | 54949  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.606% 7.625% <br>VRN (c) (d) | 30000 | 32047  |
|  |  | 3280352  |
| **Biotechnology — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. <br>2.200% 2/21/27 | 347000 | 333197  |
| 5.250% 3/02/33 | 54000 | 54780  |
| 5.650% 3/02/53 | 36000 | 35313  |
|  |  | 423290  |
| **Commercial Services — 0.4%**<br>|  |  |
| Moody's Corp.<br>|  |  |
| 4.250% 2/01/29 | 209000 | 207556  |
| PayPal Holdings, Inc.<br>|  |  |
| 3.250% 6/01/50 | 27000 | 18179  |
| Rollins, Inc.<br>|  |  |
| 5.250% 2/24/35 (b) | 16000 | 15919  |
| Triton Container International Ltd.<br>|  |  |
| 3.150% 6/15/31 (b) | 100000 | 86709  |
|  |  | 328363  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| **Computers — 0.2%**<br>|  |  |
| Apple, Inc.<br>|  |  |
| 2.650% 5/11/50 | $27000 | $17005  |
| 3.000% 6/20/27 | 177000 | 172944  |
|  |  | 189949  |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |  |
|  American Express Co. 1 day USD SOFR Index + 1.020%<br>|  |  |
| 5.085% VRN 1/30/31 (c) | 32000 | 32405  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. 1 day <br>USD SOFR + 2.036%<br>|  |  |
| 6.183% VRN 1/30/36 (c) | 23000 | 22947  |
| Mastercard, Inc.<br>|  |  |
| 4.350% 1/15/32 | 103000 | 101163  |
|  |  | 156515  |
| **Electric — 0.2%**<br>|  |  |
| Alabama Power Co.<br>|  |  |
| 5.100% 4/02/35 | 8000 | 7999  |
| MidAmerican Energy Co.<br>|  |  |
| 5.300% 2/01/55 | 20000 | 18992  |
| Nevada Power Co.<br>|  |  |
| 6.650% 4/01/36 | 20000 | 22034  |
| Xcel Energy, Inc.<br>|  |  |
| 6.500% 7/01/36 | 99000 | 105862  |
|  |  | 154887  |
| **Environmental Controls — 0.0%**<br>|  |  |
| Republic Services, Inc.<br>|  |  |
| 5.000% 4/01/34 | 28000 | 27934  |
| **Food — 0.5%**<br>|  |  |
| Campbell's Co.<br>|  |  |
| 5.250% 10/13/54 | 12000 | 10928  |
| Conagra Brands, Inc.<br>|  |  |
| 4.850% 11/01/28 | 170000 | 170377  |
| General Mills, Inc.<br>|  |  |
| 3.000% 2/01/51 | 112000 | 71840  |
| Ingredion, Inc.<br>|  |  |
| 3.200% 10/01/26 | 25000 | 24492  |
| Kroger Co.<br>|  |  |
| 5.000% 9/15/34 | 43000 | 42022  |
| 5.500% 9/15/54 | 26000 | 24525  |
| Mars, Inc.<br>|  |  |
| 3.950% 4/01/49 (b) | 67000 | 52932  |
| 5.200% 3/01/35 (b) | 54000 | 54270  |
| 5.700% 5/01/55 (b) | 24000 | 23980  |
|  |  | 475366  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| **Gas — 0.0%**<br>|  |  |
| Atmos Energy Corp.<br>|  |  |
| 5.000% 12/15/54 | $13000 | $11754  |
| **Health Care - Services — 0.4%**<br>|  |  |
| Cigna Group<br>|  |  |
| 4.800% 7/15/46 | 27000 | 23544  |
| Kaiser Foundation Hospitals<br>|  |  |
| 2.810% 6/01/41 | 110000 | 78880  |
| 3.002% 6/01/51 | 80000 | 51971  |
| Mayo Clinic<br>|  |  |
| 3.196% 11/15/61 | 106000 | 68961  |
|  Providence St. Joseph Health Obligated Group<br>|  |  |
| 2.700% 10/01/51 | 93000 | 54104  |
| Quest Diagnostics, Inc.<br>|  |  |
| 6.400% 11/30/33 | 47000 | 50944  |
| UnitedHealth Group, Inc.<br>|  |  |
| 3.125% 5/15/60 | 36000 | 21821  |
| 5.050% 4/15/53 | 20000 | 18111  |
| 5.875% 2/15/53 | 25000 | 25356  |
|  |  | 393692  |
| **Insurance — 0.7%**<br>|  |  |
| Arthur J Gallagher & Co.<br>|  |  |
| 4.850% 12/15/29 | 17000 | 17118  |
| 5.550% 2/15/55 | 18000 | 17272  |
| Athene Holding Ltd.<br>|  |  |
| 3.950% 5/25/51 | 16000 | 11454  |
| 6.250% 4/01/54 | 37000 | 37057  |
| Brighthouse Financial, Inc.<br>|  |  |
| 3.850% 12/22/51 | 68000 | 44009  |
| GA Global Funding Trust<br>|  |  |
| 1.625% 1/15/26 (b) | 37000 | 36088  |
| Jackson Financial, Inc.<br>|  |  |
| 5.170% 6/08/27 | 78000 | 78653  |
| Marsh & McLennan Cos., Inc.<br>|  |  |
| 5.450% 3/15/53 | 16000 | 15525  |
| 5.700% 9/15/53 | 42000 | 42629  |
| New York Life Insurance Co.<br>|  |  |
| 3.750% 5/15/50 (b) | 23000 | 16946  |
| Pacific Life Global Funding II<br>|  |  |
| 5.500% 8/28/26 (b) | 64000 | 65007  |
| Prudential Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.035% 3.700% <br>VRN 10/01/50 (c) | 18000 | 16243  |
| 5.700% VRN 9/15/48 (c) | 99000 | 99438  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| Reinsurance Group of America, Inc.<br>|  |  |
| 3.150% 6/15/30 | $49000 | $45052  |
| 3.900% 5/15/29 | 54000 | 52341  |
| USF&G Capital I<br>|  |  |
| 8.500% 12/15/45 (b) | 35000 | 37403  |
|  |  | 632235  |
| **Internet — 0.0%**<br>|  |  |
| Alphabet, Inc.<br>|  |  |
| 2.250% 8/15/60 | 32000 | 17760  |
| Uber Technologies, Inc.<br>|  |  |
| 4.800% 9/15/34 | 22000 | 21366  |
|  |  | 39126  |
| **Investment Companies — 0.2%**<br>|  |  |
| Blackstone Secured Lending Fund<br>|  |  |
| 2.750% 9/16/26 | 158000 | 152596  |
| Sixth Street Lending Partners<br>|  |  |
| 6.125% 7/15/30 (b) | 14000 | 14091  |
|  |  | 166687  |
| **Machinery - Diversified — 0.1%**<br>|  |  |
| AGCO Corp.<br>|  |  |
| 5.450% 3/21/27 | 18000 | 18221  |
| 5.800% 3/21/34 | 23000 | 23323  |
|  |  | 41544  |
| **Media — 0.2%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| 3.850% 4/01/61 | 46000 | 27938  |
| 6.484% 10/23/45 | 32000 | 30422  |
| Comcast Corp.<br>|  |  |
| 2.937% 11/01/56 | 43000 | 25265  |
| 3.400% 7/15/46 | 41000 | 29340  |
| 3.969% 11/01/47 | 23000 | 17759  |
| Discovery Communications LLC<br>|  |  |
| 3.950% 3/20/28 | 56000 | 53810  |
| Time Warner Cable LLC<br>|  |  |
| 6.750% 6/15/39 | 27000 | 26984  |
|  |  | 211518  |
| **Oil & Gas — 0.1%**<br>|  |  |
| BP Capital Markets America, Inc.<br>|  |  |
| 3.379% 2/08/61 | 95000 | 61610  |
|  BP Capital Markets PLC 5 yr. CMT + 4.036% 4.375% VRN (c) (d) | 12000 | 11934  |
|  |  | 73544  |
| **Packaging & Containers — 0.1%**<br>|  |  |
| Berry Global, Inc.<br>|  |  |
| 1.570% 1/15/26 | 48000 | 46786  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| Silgan Holdings, Inc.<br>|  |  |
| 1.400% 4/01/26 (b) | $49000 | $47285  |
| WRKCo, Inc.<br>|  |  |
| 3.000% 6/15/33 | 27000 | 23171  |
|  |  | 117242  |
| **Pharmaceuticals — 0.3%**<br>|  |  |
| AbbVie, Inc.<br>|  |  |
| 4.700% 5/14/45 | 67000 | 60510  |
| 5.050% 3/15/34 | 68000 | 68482  |
| 5.400% 3/15/54 | 45000 | 44199  |
| Bristol-Myers Squibb Co.<br>|  |  |
| 6.250% 11/15/53 | 14000 | 15031  |
| CVS Health Corp.<br>|  |  |
| 5.875% 6/01/53 | 17000 | 16048  |
| 6.125% 9/15/39 | 8000 | 8144  |
| Eli Lilly & Co.<br>|  |  |
| 4.950% 2/27/63 | 33000 | 30044  |
|  |  | 242458  |
| **Pipelines — 0.7%**<br>|  |  |
| Enterprise Products Operating LLC<br>|  |  |
|  3 mo. USD Term SOFR + 3.295% 5.250% VRN 8/16/77 (c) | 41000 | 40367  |
|  3 mo. USD Term SOFR + 2.832% 5.375% VRN 2/15/78 (c) | 27000 | 26410  |
| Kinder Morgan, Inc.<br>|  |  |
| 3.250% 8/01/50 | 50000 | 32141  |
| MPLX LP<br>|  |  |
| 1.750% 3/01/26 | 365000 | 355455  |
| 4.500% 4/15/38 | 27000 | 23708  |
| 5.650% 3/01/53 | 7000 | 6473  |
| ONEOK, Inc.<br>|  |  |
| 6.625% 9/01/53 | 46000 | 48137  |
| Sabine Pass Liquefaction LLC<br>|  |  |
| 4.500% 5/15/30 | 100000 | 98161  |
| Williams Cos., Inc.<br>|  |  |
| 3.500% 10/15/51 | 45000 | 30802  |
| 5.800% 11/15/54 | 11000 | 10829  |
|  |  | 672483  |
| **Private Equity — 0.1%**<br>|  |  |
| Brookfield Finance, Inc.<br>|  |  |
| 3.900% 1/25/28 | 99000 | 97239  |
| **Real Estate — 0.1%**<br>|  |  |
| CBRE Services, Inc.<br>|  |  |
| 2.500% 4/01/31 | 121000 | 105331  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| **Real Estate Investment Trusts (REITS) — 1.2%** | **Real Estate Investment Trusts (REITS) — 1.2%** | **Real Estate Investment Trusts (REITS) — 1.2%** |
| Alexandria Real Estate Equities, Inc.<br>|  |  |
| 2.950% 3/15/34 | $78000 | $65174  |
| 5.150% 4/15/53 | 20000 | 17769  |
| American Tower Corp.<br>|  |  |
| 1.600% 4/15/26 | 96000 | 93115  |
| Brixmor Operating Partnership LP<br>|  |  |
| 2.250% 4/01/28 | 24000 | 22285  |
| Crown Castle, Inc.<br>|  |  |
| 2.500% 7/15/31 | 88000 | 75144  |
| 3.700% 6/15/26 | 243000 | 240088  |
| 5.200% 2/15/49 | 11000 | 9827  |
| Extra Space Storage LP<br>|  |  |
| 2.350% 3/15/32 | 65000 | 54364  |
| Host Hotels & Resorts LP<br>|  |  |
| 3.500% 9/15/30 | 84000 | 76963  |
| Kimco Realty OP LLC<br>|  |  |
| 2.250% 12/01/31 | 58000 | 49311  |
| Kite Realty Group LP<br>|  |  |
| 4.000% 10/01/26 | 110000 | 108823  |
| 4.950% 12/15/31 | 26000 | 25566  |
| Mid-America Apartments LP<br>|  |  |
| 5.300% 2/15/32 | 68000 | 69119  |
| NNN REIT, Inc.<br>|  |  |
| 5.600% 10/15/33 | 40000 | 40552  |
| Prologis LP<br>|  |  |
| 4.875% 6/15/28 | 75000 | 75835  |
| Public Storage Operating Co.<br>|  |  |
| 5.350% 8/01/53 | 14000 | 13431  |
| Realty Income Corp.<br>|  |  |
| 4.850% 3/15/30 | 30000 | 30105  |
| Regency Centers LP<br>|  |  |
| 5.250% 1/15/34 | 25000 | 25027  |
|  |  | 1092498  |
| **Retail — 0.3%**<br>|  |  |
| McDonald's Corp.<br>|  |  |
| 3.300% 7/01/25 | 100000 | 99647  |
| 5.450% 8/14/53 | 51000 | 49327  |
| Starbucks Corp.<br>|  |  |
| 4.450% 8/15/49 | 86000 | 70784  |
| Walmart, Inc.<br>|  |  |
| 4.500% 4/15/53 | 67000 | 59249  |
|  |  | 279007  |
| **Semiconductors — 0.4%**<br>|  |  |
| Broadcom, Inc.<br>|  |  |
| 5.200% 4/15/32 | 113000 | 114661  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| Micron Technology, Inc.<br>|  |  |
| 4.185% 2/15/27 | $200000 | $198443  |
| 5.300% 1/15/31 | 33000 | 33369  |
|  |  | 346473  |
| **Software — 0.4%**<br>|  |  |
| Intuit, Inc.<br>|  |  |
| 5.500% 9/15/53 | 48000 | 47725  |
| Microsoft Corp.<br>|  |  |
| 2.921% 3/17/52 | 80000 | 53647  |
| Oracle Corp.<br>|  |  |
| 3.600% 4/01/40 | 197000 | 154946  |
| 5.550% 2/06/53 | 15000 | 14020  |
| Synopsys, Inc.<br>|  |  |
| 5.150% 4/01/35 | 41000 | 41216  |
| 5.700% 4/01/55 | 12000 | 11915  |
|  |  | 323469  |
| **Telecommunications — 0.4%**<br>|  |  |
| Cisco Systems, Inc.<br>|  |  |
| 5.050% 2/26/34 | 36000 | 36485  |
| T-Mobile USA, Inc.<br>|  |  |
| 5.050% 7/15/33 | 80000 | 79461  |
| 5.500% 1/15/55 | 36000 | 34243  |
| 6.000% 6/15/54 | 16000 | 16332  |
| Verizon Communications, Inc.<br>|  |  |
| 3.700% 3/22/61 | 47000 | 32368  |
| 3.875% 2/08/29 | 180000 | 175704  |
|  |  | 374593  |
| **Transportation — 0.0%**<br>|  |  |
| CSX Corp.<br>|  |  |
| 4.750% 11/15/48 | 18000 | 16028  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $11,504,153)** |  | **10514682**  |
| **Non-U.S. Government Agency Obligations — 3.8%** | **Non-U.S. Government Agency Obligations — 3.8%** | **Non-U.S. Government Agency Obligations — 3.8%** |
| **Automobile Asset-Backed Securities — 1.0%** | **Automobile Asset-Backed Securities — 1.0%** |  |
|  Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A<br>|  |  |
| 1.660% 2/20/28 (b) | 150000 | 142853  |
| Enterprise Fleet Financing LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class A3, <br>1.220% 8/20/27 (b) | 177238 | 175266  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A3, <br>4.560% 11/20/28 (b) | 50000 | 50206  |
|  Fifth Third Auto Trust, Series 2023-1, Class A3<br>|  |  |
| 5.530% 8/15/28 | 131000 | 132130  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
|  GMF Floorplan Owner Revolving Trust, Series 2024-3A, Class A1<br>|  |  |
| 4.680% 11/15/28 (b) | $100000 | $100367  |
| Hyundai Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class A4, <br>1.030% 12/15/27 | 131272 | 129796  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, <br>4.410% 5/15/29 | 62000 | 62093  |
|  Toyota Auto Receivables Owner Trust, Series 2021-D, Class A4<br>|  |  |
| 1.020% 3/15/27 | 70000 | 68765  |
|  |  | 861476  |
| **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** |  |
| Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN17, Class B, <br>4.128% VRN 4/15/52 (c) (e) | 29000 | 26125  |
|  Series 2019-BN16, Class AS, 4.267% 2/15/52 | 31333 | 30083  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN16, Class B, <br>4.438% VRN 2/15/52 (c) (e) | 24330 | 22823  |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, <br>Series 2020-C7, Class AS<br>|  |  |
| 2.444% 4/15/53 | 57000 | 48690  |
|  Benchmark Mortgage Trust, Series 2019-B9, Class AAB<br>|  |  |
| 3.933% 3/15/52 | 206213 | 202850  |
| BX Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class A, 1 mo. USD Term SOFR + 0.814% <br>5.134% FRN 9/15/36 (b) (c) | 115000 | 113994  |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C, 1 mo. USD Term SOFR + 1.214% <br>5.534% FRN 9/15/36 (b) (c) | 100000 | 99162  |
|  GS Mortgage Securities Trust, Series 2020-GC45, Class A5<br>|  |  |
| 2.911% 2/13/53 | 140000 | 126877  |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, Class B, 1 mo. USD Term <br>SOFR + 0.994%<br>|  |  |
| 5.314% FRN 3/15/38 (b) (c) | 18532 | 18417  |
|  Morgan Stanley Capital I Trust, Series 2018-H3, Class B,<br>|  |  |
| 4.620% VRN 7/15/51 (c) (e) | 20000 | 18941  |
| Wells Fargo Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-C45, Class AS, <br>4.405% VRN 6/15/51 (c) (e) | 30000 | 28558  |
| &nbsp;&nbsp;&nbsp; Series 2018-C45, Class B, <br>4.556% 6/16/51 | 10000 | 9341  |
|  |  | 745861  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **55**<br>|

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| **Other Asset-Backed Securities — 0.4%** | **Other Asset-Backed Securities — 0.4%** |  |
|  AMSR Trust, Series 2021-SFR3, Class B<br>|  |  |
| 1.726% 10/17/38 (b) | $130000 | $123626  |
| Dllmt LLC, Series 2021-1A, Class A4<br>|  |  |
| 1.240% 6/20/29 (b) | 83135 | 82667  |
| MVW LLC, Series 2021-2A, Class A<br>|  |  |
| 1.430% 5/20/39 (b) | 92224 | 86290  |
|  Progress Residential Trust, Series 2021-SFR10, Class A<br>|  |  |
| 2.393% 12/17/40 (b) | 87154 | 81767  |
|  |  | 374350  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 1.6%**<br>|  |  |
| Angel Oak Mortgage Trust<br>|  |  |
|  Series 2021-8, Class A1, 1.820% VRN 11/25/66 (b) (c) (e) | 176074 | 155146  |
|  Series 2022-1, Class A1, 2.881% STEP 12/25/66 (b) | 197976 | 183545  |
|  Bayview MSR Opportunity Master Fund Trust<br>|  |  |
|  Series 2021-5, Class A2, 2.500% VRN 11/25/51 (b) (c) (e) | 114564 | 93315  |
|  Series 2021-5, Class A1, 3.000% VRN 11/25/51 (b) (c) (e) | 93954 | 79802  |
|  Ellington Financial Mortgage Trust, Series 2022-3, Class A1,<br>|  |  |
| 5.000% STEP 8/25/67 (b) | 178183 | 177292  |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust, <br>Series 2021-11IN, Class A6,<br>|  |  |
| 2.500% VRN 11/25/51 (b) (c) (e) | 188335 | 165804  |
|  JP Morgan Mortgage Trust, Series 2022-8, Class A4A,<br>|  |  |
| 4.000% VRN 1/25/53 (b) (c) (e) | 124221 | 117619  |
|  OBX Trust, Series 2022-NQM1, Class A1,<br>|  |  |
| 2.305% VRN 11/25/61 (b) (c) (e) | 182447 | 161422  |
| Starwood Mortgage Residential Trust<br>|  |  |
|  Series 2021-6, Class A1, 1.920% VRN 11/25/66 (b) (c) (e) | 197938 | 170547  |
|  Series 2022-1, Class A1, 2.447% VRN 12/25/66 (b) (c) (e) | 216062 | 191350  |
|  |  | 1495842  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $3,754,520)** |  | **3477529**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| **U.S. Government Agency Obligations and Instrumentalities (f) — 11.4%** | **U.S. Government Agency Obligations and Instrumentalities (f) — 11.4%** | **U.S. Government Agency Obligations and Instrumentalities (f) — 11.4%** |
| **Pass-Through Securities — 11.4%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| Pool #SD8212 2.500% 5/01/52 | $677837 | $565056  |
| Pool #SD8174 3.000% 10/01/51 | 347412 | 302785  |
| Pool #SD8242 3.000% 9/01/52 | 405741 | 351878  |
| Pool #RA7484 4.000% 6/01/52 | 394851 | 368622  |
| Pool #SD1351 4.500% 7/01/52 | 333196 | 320189  |
| Pool #SD1628 5.000% 9/01/52 | 347184 | 342200  |
| Pool #SD3386 5.500% 7/01/53 | 276632 | 277640  |
| Pool #SD5060 5.500% 3/01/54 | 269427 | 271671  |
| Federal National Mortgage Association<br>|  |  |
| Pool #CB1787 2.000% 10/01/51 | 440298 | 351526  |
| Pool #CB1782 2.000% 10/01/51 | 673229 | 539388  |
| Pool #MA4437 2.000% 10/01/51 | 444903 | 355203  |
| Pool #MA4562 2.000% 3/01/52 | 425224 | 338827  |
| Pool #MA4361 2.500% 6/01/36 | 226695 | 210227  |
| Pool #CB2074 2.500% 11/01/51 | 337931 | 283183  |
| Pool #FS2635 2.500% 5/01/52 | 407106 | 342423  |
| Pool #BO7245 3.000% 1/01/50 | 244437 | 214145  |
| Pool #FS2600 3.000% 5/01/52 | 420654 | 368131  |
| Pool #BU8819 3.500% 5/01/52 | 401144 | 364398  |
| Pool #CB4891 4.500% 10/01/52 | 92424 | 88643  |
| Pool #CB4404 5.000% 8/01/52 | 329444 | 324921  |
| Pool #CB7100 5.000% 9/01/53 | 188790 | 185608  |
| Pool #CB7859 5.500% 1/01/54 | 555510 | 557534  |
|  Government National Mortgage Association II, TBA<br>|  |  |
| 5.500% 4/20/55 (g) | 200000 | 200438  |
| 6.000% 4/20/55 (g) | 375000 | 380596  |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |
| 2.000% 4/01/40 (g) | 250000 | 226084  |
| 3.000% 4/01/55 (g) | 200000 | 173367  |
| 3.500% 4/01/55 (g) | 500000 | 451055  |
| 5.500% 4/01/55 (g) | 400000 | 399484  |
| 6.000% 4/01/55 (g) | 1200000 | 1218750  |
|  |  | 10373972  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $10,888,743)** |  | **10373972**  |
| **U.S. Treasury Obligations — 10.4%** | **U.S. Treasury Obligations — 10.4%** |  |
| **U.S. Treasury Bonds & Notes — 10.4%** | **U.S. Treasury Bonds & Notes — 10.4%** |  |
| U.S. Treasury Bonds<br>|  |  |
| 2.250% 8/15/49 | 584900 | 377057  |
| 4.500% 11/15/54 | 692600 | 682211  |
| 4.750% 11/15/43 | 100000 | 102141  |
| 4.750% 2/15/45 | 959800 | 977495  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **56**<br>|  |

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value**  |
| U.S. Treasury Notes<br>|  |  |
| 2.750% 4/30/27 | $563000 | $550088  |
| 2.875% 4/30/29 | 622000 | 597373  |
| 3.500% 2/15/33 | 285000 | 272932  |
| 3.875% 3/31/27 | 329600 | 329471  |
| 3.875% 3/15/28 | 1269400 | 1269201  |
| 4.000% 3/31/30 | 912500 | 914283  |
| 4.125% 3/31/32 | 702600 | 704465  |
| 4.500% 11/15/33 | 215000 | 220106  |
| 4.625% 9/30/30 | 1175000 | 1210984  |
| 4.625% 2/15/35 | 1184100 | 1223138  |
|  |  | 9430945  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $9,653,069)** |  | **9430945**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $35,800,485)** |  | **33797128**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $84,708,253)** |  | **92257574**  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |  |
| **Repurchase Agreement — 1.8%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (h) | 1607130 | 1607130  |
| **U.S. Treasury Bill — 0.1%**<br>|  |  |
| U.S. Treasury Bills<br>|  |  |
| 4.290% 5/29/25 (i) (j) | 50000 | 49658  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,656,794)** |  | **1656788**  |
| **TOTAL INVESTMENTS — 103.6%**<br>**(Cost $86,365,047) (k)** |  | **93914362**  |
| **Other Assets/(Liabilities) — (3.6)%** |  | **(3230770)**  |
| **NET ASSETS — 100.0%** |  | **$90683592** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR  | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note  |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| TBA  | &nbsp;&nbsp;&nbsp; To Be Announced |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**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 March 31, 2025, the aggregate market value of these securities amounted to $3,478,461 or 3.84% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is perpetual and has no stated maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) May contain securities that are issued by a
 U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;(g) A portion of this security is purchased on a
 when-issued, delayed-delivery or forward commitment basis. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Maturity value of $1,607,252. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $1,639,471.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of this security is pledged/held
 as collateral for open derivatives. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(k) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **57**<br>|

---

------

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

 **MassMutual Balanced Fund — Portfolio of Investments (Continued)**<br>

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration** <br>**Date**  | **Number of** <br>**Contracts**  | **Notional** <br>**Amount**  | **Value/Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Long**  |  |  |  |  |
| U.S. Treasury Note 2 Year  | 6/30/25  | 5  | $1029853  | $6006  |
| U.S. Treasury Note 5 Year  | 6/30/25  | 3  | 320116  | 4353  |
|  |  |  |  | $10359  |
| **Short** <br>|  |  |  |  |
| U.S. Treasury Ultra 10 Year  | 6/18/25  | 9  | $(1014590)  | $(12535) |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **58**<br>|  |

---

------

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

 **MassMutual Disciplined Growth Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value** |
| **Equities — 98.9%**<br>|  |  |
| **Common Stock — 98.9%**<br>|  |  |
| **Communication Services — 13.6%** | **Communication Services — 13.6%** |  |
| Alphabet, Inc. Class A | 42313 | $6543282  |
| Alphabet, Inc. Class C | 37863 | 5915336  |
| Meta Platforms, Inc. Class A | 14483 | 8347422  |
| Netflix, Inc. (a) | 2676 | 2495450  |
| Spotify Technology SA (a) | 1289 | 708989  |
|  |  | 24010479  |
| **Consumer Discretionary — 13.2%** | **Consumer Discretionary — 13.2%** |  |
| Amazon.com, Inc. (a) | 65174 | 12400005  |
| AutoZone, Inc. (a) | 37 | 141073  |
| Carvana Co. (a) | 1123 | 234797  |
| Deckers Outdoor Corp. (a) | 12131 | 1356367  |
| DoorDash, Inc., Class A (a) | 2639 | 482330  |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, <br>Inc. (a) | 5434 | 940191  |
| Home Depot, Inc. | 5114 | 1874230  |
| Lululemon Athletica, Inc. (a) | 3003 | 850029  |
| SharkNinja, Inc. (a) | 5834 | 486614  |
| Tesla, Inc. (a) | 14429 | 3739419  |
| TopBuild Corp. (a) | 360 | 109782  |
| YETI Holdings, Inc. (a) | 23357 | 773117  |
|  |  | 23387954  |
| **Consumer Staples — 3.1%**<br>|  |  |
| Costco Wholesale Corp. | 2184 | 2065583  |
| PepsiCo, Inc. | 12558 | 1882947  |
| Pilgrim's Pride Corp. (a) | 7327 | 399395  |
| Procter & Gamble Co. | 6265 | 1067681  |
|  |  | 5415606  |
| **Energy — 0.0%**<br>|  |  |
| Matador Resources Co. | 1063 | 54309  |
| **Financials — 10.9%**<br>|  |  |
| Brown & Brown, Inc. | 15775 | 1962410  |
| Coinbase Global, Inc. Class A (a) | 2459 | 423514  |
| Fiserv, Inc. (a) | 2891 | 638419  |
| Houlihan Lokey, Inc. | 4576 | 739024  |
| Marsh & McLennan Cos., Inc. | 3330 | 812620  |
| Mastercard, Inc. Class A | 3429 | 1879503  |
| Moody's Corp. | 4995 | 2326122  |
| Morningstar, Inc. | 2971 | 890914  |
| Progressive Corp. | 8906 | 2520487  |
| Toast, Inc., Class A (a) | 6892 | 228608  |
| Tradeweb Markets, Inc. Class A | 5450 | 809107  |
| Visa, Inc. Class A | 17146 | 6008987  |
|  |  | 19239715  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value** |
| **Health Care — 8.9%**<br>|  |  |
| Cencora, Inc. | 7801 | $2169380  |
| Chemed Corp. | 556 | 342118  |
| Doximity, Inc. Class A (a) | 3213 | 186450  |
| Eli Lilly & Co. | 6063 | 5007492  |
| Exelixis, Inc. (a) | 14039 | 518320  |
| Incyte Corp. (a) | 6280 | 380254  |
| Masimo Corp. (a) | 358 | 59643  |
| Merck & Co., Inc. | 29862 | 2680413  |
| Regeneron Pharmaceuticals, Inc. | 825 | 523240  |
| ResMed, Inc. | 8386 | 1877206  |
| Sarepta Therapeutics, Inc. (a) | 4017 | 256365  |
| Stryker Corp. | 1210 | 450423  |
| UnitedHealth Group, Inc. | 383 | 200596  |
| Veeva Systems, Inc. Class A (a) | 2603 | 602933  |
| Vertex Pharmaceuticals, Inc. (a) | 943 | 457185  |
|  |  | 15712018  |
| **Industrials — 4.3%**<br>|  |  |
| Automatic Data Processing, Inc. | 2588 | 790711  |
|  Booz Allen Hamilton Holding Corp. | 2300 | 240534  |
| Cintas Corp. | 4452 | 915019  |
| Comfort Systems USA, Inc. | 5297 | 1707382  |
| EMCOR Group, Inc. | 4670 | 1726172  |
| HEICO Corp. Class A | 3604 | 760336  |
| Paychex, Inc. | 6242 | 963016  |
| Paycom Software, Inc. | 1466 | 320292  |
| Vertiv Holdings Co. Class A | 3179 | 229524  |
|  |  | 7652986  |
| **Information Technology — 44.7%**<br>|  |  |
| Adobe, Inc. (a) | 4083 | 1565953  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br>Inc. (a) | 1847 | 189761  |
| Amphenol Corp. Class A | 28309 | 1856787  |
| Apple, Inc. | 93782 | 20831796  |
| Applied Materials, Inc. | 4907 | 712104  |
| AppLovin Corp. Class A (a) | 2576 | 682563  |
| Arista Networks, Inc. (a) | 18004 | 1394950  |
| Astera Labs, Inc. (a) | 1890 | 112776  |
| Broadcom, Inc. | 36775 | 6157238  |
| Cadence Design Systems, Inc. (a) | 865 | 219996  |
| Dell Technologies, Inc. Class C | 1781 | 162338  |
| Dynatrace, Inc. (a) | 9470 | 446511  |
| EPAM Systems, Inc. (a) | 975 | 164619  |
| Fortinet, Inc. (a) | 10533 | 1013907  |
| Intuit, Inc. | 2971 | 1824164  |
| KLA Corp. | 2349 | 1596850  |
| Microsoft Corp. | 48926 | 18366331  |
| MicroStrategy, Inc. Class A (a) | 162 | 46700  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **59**<br>|

---

------

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

 **MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value** |
| NVIDIA Corp. | 168238 | $18233634  |
| Oracle Corp. | 6509 | 910023  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 11956 | 1009086  |
| Salesforce, Inc. | 3061 | 821450  |
| Synopsys, Inc. (a) | 1559 | 668577  |
| Tyler Technologies, Inc. (a) | 64 | 37209  |
|  |  | 79025323  |
| **Materials — 0.1%**<br>|  |  |
| Ecolab, Inc. | 786 | 199267  |
| **Utilities — 0.1%**<br>|  |  |
| NRG Energy, Inc. | 1269 | 121139  |
| **TOTAL COMMON STOCK** <br>**(Cost $145,150,963)** |  | **174818796**  |
| **TOTAL EQUITIES** <br>**(Cost $145,150,963)** |  | **174818796**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $145,150,963)** |  | **174818796** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |  |
| **Repurchase Agreement — 0.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (b) | $1694156 | 1694156  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,694,156)** |  | **1694156**  |
| **TOTAL INVESTMENTS — 99.8%**<br>**(Cost $146,845,119) (c)** |  | **176512952**  |
| **Other Assets/**<br>(Liabilities) — 0.2% |  | **322914**  |
| **NET ASSETS — 100.0%** |  | **$176835866** |

---

**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) Maturity value of $1,694,285. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $1,728,159.

&nbsp;&nbsp;&nbsp;&nbsp;(c) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **60**<br>|  |

---

------

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

 **MassMutual Small Cap Opportunities Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value** |
| **Equities — 99.3%**<br>|  |  |
| **Common Stock — 99.3%**<br>|  |  |
| **Consumer Discretionary — 9.5%**<br>|  |  |
| AutoNation, Inc. (a) | 47039 | $7616555  |
| Cheesecake Factory, Inc. | 49393 | 2403463  |
| Dorman Products, Inc. (a) | 50206 | 6051831  |
| KB Home | 104562 | 6077144  |
| Steven Madden Ltd. | 115260 | 3070526  |
| Stride, Inc. (a) (b) | 48777 | 6170291  |
| Texas Roadhouse, Inc. | 18678 | 3112315  |
| Visteon Corp. (a) | 54208 | 4207625  |
|  |  | 38709750  |
| **Consumer Staples — 2.0%**<br>|  |  |
| BellRing Brands, Inc. (a) | 79714 | 5935504  |
| Interparfums, Inc. (b) | 20977 | 2388651  |
|  |  | 8324155  |
| **Energy — 3.8%**<br>|  |  |
| Helmerich & Payne, Inc. (b) | 218728 | 5713175  |
| Northern Oil & Gas, Inc. (b) | 213535 | 6455163  |
| SM Energy Co. (b) | 115302 | 3453295  |
|  |  | 15621633  |
| **Financials — 19.1%**<br>|  |  |
| Banc of California, Inc. | 242202 | 3436846  |
| Bank of NT Butterfield & Son Ltd. | 74230 | 2889032  |
| Berkshire Hills Bancorp, Inc. | 97632 | 2547219  |
| BGC Group, Inc. Class A | 448299 | 4110902  |
| Cathay General Bancorp | 127160 | 5471695  |
| Columbia Banking System, Inc. | 197069 | 4914901  |
| Definity Financial Corp. | 135527 | 6021748  |
| DigitalBridge Group, Inc. | 310892 | 2742067  |
| Federated Hermes, Inc. | 124563 | 5078434  |
| Marqeta, Inc. Class A (a) | 492544 | 2029281  |
| OceanFirst Financial Corp. | 148495 | 2525900  |
| Pacific Premier Bancorp, Inc. | 189076 | 4031100  |
| PennyMac Financial Services, Inc. | 70373 | 7045041  |
|  Skyward Specialty Insurance Group, Inc. (a) | 51726 | 2737340  |
| Stifel Financial Corp. | 37612 | 3545307  |
| United Community Banks, Inc. | 105955 | 2980514  |
| Webster Financial Corp. | 91035 | 4692854  |
| Wintrust Financial Corp. | 66138 | 7437880  |
| WSFS Financial Corp. | 66585 | 3453764  |
|  |  | 77691825  |
| **Health Care — 14.8%**<br>|  |  |
| Addus HomeCare Corp. (a) | 25232 | 2495192  |
| ADMA Biologics, Inc. (a) | 428727 | 8505944  |
| Ascendis Pharma AS ADR (a) | 34110 | 5316385  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value** |
| BioLife Solutions, Inc. (a) (b) | 137164 | $3132826  |
| Bridgebio Pharma, Inc. (a) | 82709 | 2859250  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br>Inc. (a) (b) | 154135 | 2788302  |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, <br>Inc. (a) | 92335 | 2756200  |
| Encompass Health Corp. | 36410 | 3687605  |
| Guardant Health, Inc. (a) | 116706 | 4971676  |
| Inspire Medical Systems, Inc. (a) | 22561 | 3593516  |
| Integer Holdings Corp. (a) | 37212 | 4391388  |
| Merus NV (a) | 27189 | 1144385  |
| Repligen Corp. (a) | 26317 | 3348575  |
| Soleno Therapeutics, Inc. (a) | 25446 | 1818117  |
| &nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. <br>ADR (a) (b) | 37998 | 657745  |
| Surgery Partners, Inc. (a) | 137779 | 3272251  |
| Twist Bioscience Corp. (a) | 94022 | 3691304  |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, <br>Inc. (a) | 52449 | 1899178  |
|  |  | 60329839  |
| **Industrials — 20.9%**<br>|  |  |
| AAR Corp. (a) | 74187 | 4153730  |
| ABM Industries, Inc. | 100295 | 4749971  |
| AGCO Corp. (b) | 22531 | 2085695  |
| Air Lease Corp. (b) | 88270 | 4264324  |
| Allison Transmission Holdings, Inc. | 65331 | 6250217  |
| Atmus Filtration Technologies, Inc. | 105438 | 3872738  |
| CACI International, Inc. Class A (a) | 5580 | 2047414  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) | 65130 | 7262646  |
| Enpro, Inc. | 37826 | 6119869  |
| Esab Corp. | 57875 | 6742437  |
| Federal Signal Corp. | 37582 | 2764156  |
| Gates Industrial Corp. PLC (a) | 216920 | 3993497  |
| Hayward Holdings, Inc. (a) | 221522 | 3083586  |
| Hub Group, Inc. Class A | 145748 | 5417453  |
| Korn Ferry | 99406 | 6742709  |
| Regal Rexnord Corp. | 19040 | 2167704  |
| Upwork, Inc. (a) | 243966 | 3183756  |
| WillScot Holdings Corp. (b) | 101956 | 2834377  |
| Zurn Elkay Water Solutions Corp. | 215023 | 7091459  |
|  |  | 84827738  |
| **Information Technology — 13.8%**<br>|  |  |
| Allegro MicroSystems, Inc. (a) (b) | 194402 | 4885322  |
| ASGN, Inc. (a) | 71947 | 4534100  |
| Belden, Inc. | 60083 | 6023321  |
| Gitlab, Inc. Class A (a) | 78414 | 3685458  |
| Informatica, Inc. Class A (a) | 224512 | 3917734  |
| Itron, Inc. (a) | 66987 | 7017558  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **61**<br>|

---

------

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

 **MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value** |
| Lattice Semiconductor Corp. (a) | 69239 | $3631586  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 45907 | 4608145  |
| MARA Holdings, Inc. (a) (b) | 191928 | 2207172  |
| MKS Instruments, Inc. | 35821 | 2871053  |
| Progress Software Corp. | 61305 | 3157821  |
| Silicon Laboratories, Inc. (a) (b) | 32775 | 3689482  |
| Unity Software, Inc. (a) (b) | 194448 | 3809236  |
| Vishay Intertechnology, Inc. | 142198 | 2260948  |
|  |  | 56298936  |
| **Materials — 5.6%**<br>|  |  |
| ATI, Inc. (a) | 118483 | 6164670  |
| Commercial Metals Co. | 106030 | 4878440  |
| Kaiser Aluminum Corp. | 20740 | 1257259  |
| Knife River Corp. (a) (b) | 52442 | 4730793  |
| Silgan Holdings, Inc. | 108499 | 5546469  |
|  |  | 22577631  |
| **Real Estate — 7.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, <br>Inc. (b) | 148698 | 4505549  |
| DiamondRock Hospitality Co. | 513718 | 3965903  |
|  Essential Properties Realty Trust, Inc. | 142208 | 4641669  |
| Four Corners Property Trust, Inc. (b) | 192175 | 5515423  |
| Outfront Media, Inc. | 325515 | 5253812  |
| Terreno Realty Corp. | 97896 | 6188985  |
|  |  | 30071341  |
| **Utilities — 2.4%**<br>|  |  |
| Chesapeake Utilities Corp. | 38712 | 4971782  |
| Portland General Electric Co. | 105177 | 4690894  |
|  |  | 9662676  |
| **TOTAL COMMON STOCK** <br>**(Cost $370,097,792)** |  | **404115524**  |
| **TOTAL EQUITIES** <br>**(Cost $370,097,792)** |  | **404115524**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $370,097,792)** |  | **404115524**  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |  |
| **Investment of Cash Collateral** <br>**from Securities Loaned — 0.6%** | **Investment of Cash Collateral** <br>**from Securities Loaned — 0.6%** |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (c) | 2251828 | 2251828 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Repurchase Agreement — 0.4%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (d) | $1771737 | $1771737  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,023,565)** |  | **4023565**  |
| **TOTAL INVESTMENTS — 100.3%**<br>**(Cost $374,121,357) (e)** |  | **408139089**  |
| **Other Assets/**<br>(Liabilities) — (0.3)% |  | **(1362021)**  |
| **NET ASSETS — 100.0%** |  | **$406777068** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**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 March 31, 2025, was $50,739,156 or 12.47% of net assets. The Fund received $50,326,066
 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 March 31, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $1,771,873. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $1,807,330.

&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>|
| **62**<br>|  |

---

------

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

 **MassMutual Global Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 99.9%**<br>|  |  |
| **Common Stock — 99.9%**<br>|  |  |
| **Canada — 1.2%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 5637 | $395774  |
| Shopify, Inc. Class A (a) | 15339 | 1463110  |
|  |  | 1858884  |
| **China — 3.9%**<br>|  |  |
| JD.com, Inc. ADR | 112777 | 4637390  |
| Tencent Holdings Ltd. | 19500 | 1242784  |
|  |  | 5880174  |
| **Denmark — 1.2%**<br>|  |  |
| Novo Nordisk AS Class B | 25946 | 1798378  |
| **France — 7.1%**<br>|  |  |
| Airbus SE | 28261 | 4983066  |
| Dassault Systemes SE | 16050 | 611632  |
| EssilorLuxottica SA | 6391 | 1838594  |
|  LVMH Moet Hennessy Louis Vuitton SE | 5286 | 3300169  |
|  |  | 10733461  |
| **Germany — 5.3%**<br>|  |  |
| Allianz SE Registered | 3224 | 1229185  |
| SAP SE | 25781 | 6844626  |
|  |  | 8073811  |
| **India — 6.4%**<br>|  |  |
| DLF Ltd. | 745969 | 5906024  |
| HDFC Bank Ltd. | 39410 | 838191  |
| ICICI Bank Ltd. Sponsored ADR | 91131 | 2872449  |
|  |  | 9616664  |
| **Israel — 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Nice Ltd. Sponsored <br>ADR (a) (b) | 9464 | 1459065  |
| **Italy — 1.7%**<br>|  |  |
| Brunello Cucinelli SpA | 14040 | 1608512  |
| Ferrari NV | 1392 | 593718  |
| Moncler SpA | 5687 | 351412  |
|  |  | 2553642  |
| **Japan — 3.7%**<br>|  |  |
| Capcom Co. Ltd. | 37300 | 919727  |
| Hoya Corp. | 6300 | 710667  |
| Keyence Corp. | 6300 | 2472796  |
| TDK Corp. | 148800 | 1553325  |
|  |  | 5656515  |
| **Netherlands — 2.0%**<br>|  |  |
| Adyen NV (a) (c) | 994 | 1519331  |
| ASML Holding NV | 866 | 573030  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; BE Semiconductor Industries <br>NV (b) | 5078 | $527467  |
| Universal Music Group NV | 15285 | 421280  |
|  |  | 3041108  |
| **Spain — 1.6%**<br>|  |  |
| Amadeus IT Group SA | 31383 | 2404978  |
| **Sweden — 4.1%**<br>|  |  |
| Assa Abloy AB Class B | 88454 | 2657921  |
| Atlas Copco AB Class A | 219539 | 3517576  |
|  |  | 6175497  |
| **Switzerland — 1.1%**<br>|  |  |
| Lonza Group AG Registered | 2634 | 1621162  |
| **Taiwan — 0.6%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 31000 | 864212  |
| **United States — 59.0%**<br>|  |  |
| Alphabet, Inc. Class A | 94797 | 14659408  |
| Amazon.com, Inc. (a) | 13175 | 2506675  |
| Analog Devices, Inc. | 28905 | 5829271  |
| Boston Scientific Corp. (a) | 13060 | 1317493  |
| Broadcom, Inc. | 11815 | 1978185  |
| Ecolab, Inc. | 3084 | 781856  |
| Eli Lilly & Co. | 6154 | 5082650  |
| Equifax, Inc. | 9505 | 2315038  |
| IDEXX Laboratories, Inc. (a) | 1309 | 549715  |
| Intuit, Inc. | 7496 | 4602469  |
| Intuitive Surgical, Inc. (a) | 4774 | 2364419  |
| IQVIA Holdings, Inc. (a) | 7308 | 1288400  |
| Lam Research Corp. | 11215 | 815331  |
| Linde PLC (LIN US) | 1160 | 540142  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. <br>Class A | 6183 | 1472791  |
| Marvell Technology, Inc. | 54160 | 3334631  |
| Mastercard, Inc. Class A | 922 | 505367  |
| Meta Platforms, Inc. Class A | 23185 | 13362907  |
| Microsoft Corp. | 9564 | 3590230  |
| Netflix, Inc. (a) | 2034 | 1896766  |
| NVIDIA Corp. | 46190 | 5006072  |
| &nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, <br>Inc. (a) (b) | 34578 | 216804  |
| QUALCOMM, Inc. | 1979 | 303994  |
| S&P Global, Inc. | 14242 | 7236360  |
| Spotify Technology SA (a) | 657 | 361370  |
| Synopsys, Inc. (a) | 1374 | 589240  |
| Thermo Fisher Scientific, Inc. | 1173 | 583685  |
| TJX Cos., Inc. | 3889 | 473680  |
| Visa, Inc. Class A | 15346 | 5378159  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **63**<br>|

---

------

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

 **MassMutual Global Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Zoetis, Inc. | 1741 | $286656  |
|  |  | 89229764  |
| **TOTAL COMMON STOCK** <br>**(Cost $92,349,413)** |  | **150967315**  |
| **TOTAL EQUITIES** <br>**(Cost $92,349,413)** |  | **150967315**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $92,349,413)** |  | **150967315**  |
| **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, 4.383% (d) | 73372 | 73372 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.1%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (e) | $195904 | 195904  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $269,276)** |  | **269276**  |
| **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $92,618,689) (f)** |  | **151236591**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(47836)**  |
| **NET ASSETS — 100.0%** |  | **$151188755** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**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 March 31, 2025, was $622,447 or 0.41% of net assets. The Fund received $601,035 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) 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 March 31, 2025, the aggregate market value of these securities amounted to $1,519,331 or 1.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $195,919. Collateralized by
 U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued interest,
 of $199,910.

&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:

---

| | |
|:---|:---|
| Information Technology | 28.1%  |
| Communication Services | 21.7%  |
| Financials | 13.0%  |
| Health Care | 11.7%  |
| Consumer Discretionary | 11.5%  |
| Industrials | 9.1%  |
| Real Estate | 3.9%  |
| Materials | 0.9%  |
| Total Long-Term Investments | 99.9%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 0.1%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **64**<br>|  |

---

------

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

 **MassMutual International Equity Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 93.2%**<br>|  |  |
| **Common Stock — 93.1%**<br>|  |  |
| **Australia — 0.8%**<br>|  |  |
| BHP Group Ltd. | 800 | $19402  |
| Glencore PLC | 25300 | 93070  |
| Macquarie Group Ltd. | 900 | 111579  |
| Santos Ltd. | 29800 | 124530  |
| Sonic Healthcare Ltd. | 4700 | 75807  |
| Whitehaven Coal Ltd. | 14460 | 49693  |
|  |  | 474081  |
| **Belgium — 0.5%**<br>|  |  |
| Anheuser-Busch InBev SA | 2700 | 166253  |
| Groupe Bruxelles Lambert NV | 300 | 22431  |
| KBC Group NV | 1300 | 118897  |
|  |  | 307581  |
| **Canada — 5.4%**<br>|  |  |
| Canadian National Railway Co. | 13646 | 1327950  |
| CCL Industries, Inc. Class B | 1600 | 78151  |
| Intact Financial Corp. | 8249 | 1685340  |
|  |  | 3091441  |
| **China — 0.3%**<br>|  |  |
| Prosus NV (PRX NA) | 3500 | 163278  |
| **Denmark — 0.1%**<br>|  |  |
| Novo Nordisk AS Class B | 800 | 55450  |
| **Finland — 1.9%**<br>|  |  |
| Kone OYJ Class B | 20170 | 1116025  |
| **France — 8.6%**<br>|  |  |
| Accor SA | 2626 | 119884  |
| Amundi SA (a) | 1292 | 101395  |
| AXA SA | 25176 | 1074773  |
| Capgemini SE | 9073 | 1356733  |
| Cie de Saint-Gobain SA | 1100 | 109343  |
| Edenred SE | 2200 | 71786  |
|  LVMH Moet Hennessy Louis Vuitton SE | 627 | 391450  |
| Rexel SA | 1400 | 37611  |
| Societe Generale SA | 5500 | 248313  |
| Sodexo SA | 1034 | 66431  |
| Teleperformance SE | 500 | 50405  |
| TotalEnergies SE | 2800 | 180966  |
| Veolia Environnement SA | 8692 | 298755  |
| Vinci SA | 6702 | 846919  |
|  |  | 4954764  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Germany — 7.1%**<br>|  |  |
| Allianz SE Registered | 260 | $99128  |
| BASF SE | 800 | 39761  |
| CTS Eventim AG & Co. KGaA | 200 | 19981  |
| Deutsche Boerse AG | 436 | 128504  |
| Deutsche Post AG | 3000 | 128050  |
| Heidelberg Materials AG | 1000 | 171104  |
| Infineon Technologies AG | 3600 | 118889  |
| K&S AG Registered | 1811 | 24605  |
| Merck KGaA | 10205 | 1397209  |
| SAP SE | 1000 | 265491  |
| Siemens AG Registered | 860 | 197309  |
| Symrise AG | 13037 | 1350264  |
| Zalando SE (a) (b) | 4499 | 155240  |
|  |  | 4095535  |
| **Hong Kong — 2.9%**<br>|  |  |
| AIA Group Ltd. | 145004 | 1096116  |
| CK Asset Holdings Ltd. | 28500 | 115756  |
| Prudential PLC | 43109 | 465100  |
|  |  | 1676972  |
| **Ireland — 0.5%**<br>|  |  |
| AerCap Holdings NV | 1181 | 120663  |
| AIB Group PLC | 27300 | 177212  |
|  |  | 297875  |
| **Israel — 0.4%**<br>|  |  |
|  Check Point Software Technologies Ltd. (b) | 890 | 202849  |
| **Italy — 0.1%**<br>|  |  |
| Prysmian SpA | 200 | 10978  |
| Ryanair Holdings PLC | 3300 | 66259  |
|  |  | 77237  |
| **Japan — 16.2%**<br>|  |  |
| Astellas Pharma, Inc. | 45250 | 437257  |
| Canon, Inc. | 2200 | 68597  |
| Chugai Pharmaceutical Co. Ltd. | 20351 | 929510  |
| FANUC Corp. | 4100 | 111895  |
| Fujitsu Ltd. | 12800 | 254460  |
| Hitachi Ltd. | 10100 | 233826  |
| Hoya Corp. | 10347 | 1167187  |
| Kao Corp. | 26916 | 1163130  |
| KDDI Corp. | 52748 | 832423  |
| Keyence Corp. | 3236 | 1270154  |
| Kyocera Corp. (c) | 8600 | 96915  |
| Nintendo Co. Ltd. | 1200 | 81851  |
| Olympus Corp. | 7700 | 101137  |
| ORIX Corp. | 10900 | 225513  |
| Panasonic Holdings Corp. | 5800 | 69478  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **65**<br>|

---

------

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

 **MassMutual International Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Rakuten Group, Inc. (b) | 20700 | $118457  |
| Renesas Electronics Corp. | 7500 | 101876  |
| SBI Holdings, Inc. | 6500 | 174329  |
| Seven & i Holdings Co. Ltd. | 17400 | 252873  |
| Sony Group Corp. | 49590 | 1263131  |
|  Sumitomo Mitsui Financial Group, Inc. | 9200 | 234746  |
| Toyota Industries Corp. | 1500 | 128016  |
|  |  | 9316761  |
| **Luxembourg — 0.3%**<br>|  |  |
| ArcelorMittal SA | 2800 | 80872  |
| Eurofins Scientific SE | 1900 | 101241  |
|  |  | 182113  |
| **Netherlands — 4.4%**<br>|  |  |
| ASML Holding NV | 1688 | 1116945  |
| EXOR NV | 300 | 27298  |
| Heineken Holding NV | 1600 | 116169  |
| Heineken NV | 13097 | 1069586  |
| ING Groep NV | 7900 | 154655  |
| Koninklijke Philips NV (b) | 1136 | 28862  |
|  |  | 2513515  |
| **Norway — 0.5%**<br>|  |  |
| Aker BP ASA | 4513 | 106934  |
| DNB Bank ASA | 6400 | 168334  |
|  |  | 275268  |
| **Republic of Korea — 0.3%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 4100 | 162367  |
| **Singapore — 0.3%**<br>|  |  |
| DBS Group Holdings Ltd. | 5410 | 185668  |
| **Spain — 3.4%**<br>|  |  |
| Iberdrola SA | 62472 | 1009948  |
| Industria de Diseno Textil SA | 18666 | 931101  |
|  |  | 1941049  |
| **Sweden — 2.5%**<br>|  |  |
| Assa Abloy AB Class B | 35132 | 1055668  |
| Boliden AB | 2300 | 75307  |
| Essity AB Class B (c) | 5100 | 144954  |
| Husqvarna AB Class B | 1900 | 9005  |
|  Skandinaviska Enskilda Banken AB Class A (c) | 7959 | 130498  |
|  |  | 1415432  |
| **Switzerland — 4.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & <br>Spruengli AG | 102 | 1376693  |
|  Cie Financiere Richemont SA Registered Class A | 800 | 139700  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Julius Baer Group Ltd. (c) | 1200 | $82889  |
| Sika AG Registered | 4673 | 1131921  |
|  |  | 2731203  |
| **United Kingdom — 15.5%**<br>|  |  |
| Ashtead Group PLC | 1400 | 75605  |
| AstraZeneca PLC | 7537 | 1101492  |
| Aviva PLC | 12458 | 89779  |
| BAE Systems PLC | 55784 | 1128814  |
| Barratt Redrow PLC | 9400 | 51689  |
| Bunzl PLC | 1100 | 42147  |
| Burberry Group PLC | 700 | 7079  |
| CK Hutchison Holdings Ltd. | 34000 | 192184  |
| Compass Group PLC | 38140 | 1259207  |
| DCC PLC | 1941 | 129584  |
| Diageo PLC | 37955 | 990123  |
| Dowlais Group PLC | 1199 | 939  |
| Inchcape PLC | 12956 | 112404  |
| Informa PLC | 3800 | 38013  |
| Kingfisher PLC | 19600 | 64507  |
| Legal & General Group PLC | 33100 | 104422  |
| Lloyds Banking Group PLC | 305500 | 285817  |
| Pearson PLC | 4561 | 72068  |
| Persimmon PLC | 3500 | 54001  |
| Reckitt Benckiser Group PLC | 15178 | 1025655  |
| Smith & Nephew PLC | 35590 | 500581  |
| Tesco PLC | 26300 | 112988  |
| Unilever PLC (ULVR LN) | 2800 | 166806  |
| Unilever PLC (UNA NA) | 20898 | 1244801  |
| Wise PLC Class A (b) | 3900 | 47761  |
|  |  | 8898466  |
| **United States — 16.3%**<br>|  |  |
| BP PLC | 33300 | 187823  |
| CNH Industrial NV (c) | 8700 | 106836  |
| Experian PLC | 28269 | 1310196  |
| GSK PLC | 6420 | 122615  |
| Linde PLC (LIN US) | 3362 | 1565482  |
| Nestle SA Registered | 12594 | 1273599  |
| Novartis AG Registered | 10549 | 1173445  |
| Roche Holding AG | 4328 | 1423057  |
| Sanofi SA | 1700 | 188377  |
| Schneider Electric SE | 4649 | 1076164  |
| Shell PLC | 19691 | 716660  |
| Smurfit WestRock PLC | 2300 | 103638  |
| Tenaris SA | 5100 | 99641  |
|  |  | 9347533  |
| **TOTAL COMMON STOCK** <br>|  |  |
| **(Cost $50,430,524)** |  | **53482463**  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **66**<br>|  |

---

------

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

 **MassMutual International Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Preferred Stock — 0.1%**<br>|  |  |
| **Germany — 0.1%**<br>|  |  |
| Henkel AG & Co. KGaA 2.514% | 469 | $37285  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $34,520)** |  | **37285**  |
| **TOTAL EQUITIES** <br>**(Cost $50,465,044)** |  | **53519748**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $50,465,044)** |  | **53519748**  |
| **Short-Term Investments — 5.8%**<br>|  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 5.8%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (d) | $3347968 | 3347968  |
| **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $3,347,968)** |  | **3347968**  |
| **TOTAL INVESTMENTS — 99.0%**<br>**(Cost $53,813,012) (e)** |  | **56867716**  |
| **Other Assets/(Liabilities) — 1.0%** |  | **575510**  |
| **NET ASSETS — 100.0%** |  | **$57443226** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 March 31, 2025, the aggregate market value of these securities amounted to $256,635 or 0.45% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $550,018 or 0.96% of net assets. The Fund received $580,741 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) Maturity value of $3,348,224. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $3,414,956.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 6 for aggregate cost for federal
 tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| Industrials | 16.7%  |
| Consumer Staples | 15.9%  |
| Health Care | 15.3%  |
| Financials | 12.7%  |
| Consumer Discretionary | 8.8%  |
| Information Technology | 8.7%  |
| Materials | 8.3%  |
| Energy | 2.6%  |
| Utilities | 2.3%  |
| Communication Services | 1.7%  |
| Real Estate | 0.2%  |
| Total Long-Term Investments | 93.2%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 6.8%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **67**<br>|

---

------

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

 **MassMutual Funds**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**U.S. Government**<br>**Money Market**<br>**Fund** | **MassMutual**<br>**Short-Duration** <br>**Bond Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $272769431 | $149032070  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 26588609 | 1817965  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 299358040 | 150850035  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 1826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | 184  |
| &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 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 306556 | 5295  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | 2276  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 690992 | 963415  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 23  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open swap agreements, at value *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)* |  | 502000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable due from broker *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 17244 | 85935  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 300372832 | 152410989  |
| 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;&nbsp;&nbsp; Delayed delivery |  | 514541  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions *(Note 2)* | 498 | 10306  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 753172 | 402233  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 20989 | 22948  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | —  |
| &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 | 84976 | 73991  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 91288 | 29014  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees |  | 22409  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  | 3489  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options outstanding, at value *(Note 2)* (e) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* |  | 2395130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for open derivatives *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 49559 | 132482  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1000482 | 3606543  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$299372350** | **$148804446**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $299396766 | $312503532  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | (24416) | (163699086)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$299372350** | **$148804446**  |
| (a) Cost of investments: | $272769431 | $151974365  |
| (b) Cost of repurchase agreements: | $26588609 | $1817965  |
| (c) Securities on loan with market value of: | $— | $2540698  |
| (d) Cost of foreign currency: | $— | $186  |
| (e) Premiums received on written options: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **68**<br>|  |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual**<br>**Inflation-**<br>**Protected and**<br>**Income Fund** | **MassMutual**<br>**Core Bond**<br>**Fund** | **MassMutual**<br>**Diversified**<br>**Bond Fund** | **MassMutual**<br>**High Yield**<br>**Fund** | **MassMutual**<br>**Balanced**<br>**Fund**  |
| $211240749 | $805035837 | $123208216 | $400485331 | &nbsp;&nbsp; $92307232  |
| 7594673 | 3575834 | 4406190 | 6490301 | &nbsp;&nbsp; 1607130  |
| 218835422 | 808611671 | 127614406 | 406975632 | &nbsp;&nbsp; 93914362  |
| 60 | 74738 | 177519 | 326941 | &nbsp;&nbsp; 1  |
|  — | 2 | 4479 |  | &nbsp;&nbsp; —  |
|  — |  | 5702187 | 6217854 | &nbsp;&nbsp; 1654391  |
|  — |  |  | 229573 | &nbsp;&nbsp; —  |
| 357623 | 810562 | 16205 | 1229598 | &nbsp;&nbsp; 21955  |
| 43807 | 45608 | 12342 |  | &nbsp;&nbsp; —  |
| 391312 | 6283821 | 1180282 | 6233347 | &nbsp;&nbsp; 233623  |
|  — | 116 | 13273 | 433514 | &nbsp;&nbsp; —  |
|  — |  | 85273 |  | &nbsp;&nbsp; —  |
| 4579700 |  |  |  | &nbsp;&nbsp; —  |
| 489000 |  |  |  | &nbsp;&nbsp; —  |
|  — | 5180 |  |  | &nbsp;&nbsp; —  |
| 65328 | 62320 | 64501 | 73624 | &nbsp;&nbsp; 71353  |
| 224762252 | 815894018 | 134870467 | 421720083 | &nbsp;&nbsp; 95895685  |
|  — | 2138575 | 7285849 | 6959074 | &nbsp;&nbsp; 1947795  |
|  — | 1100000 | 150000 | 1976000 | &nbsp;&nbsp; 3055793  |
| 558 | 6442 | 361 | 82216 | &nbsp;&nbsp; —  |
| 2126107 |  |  |  | &nbsp;&nbsp; —  |
| 368338 | 1492076 | 50373346 | 1846707 | &nbsp;&nbsp; 10637  |
| 15206 | 91391 | 9332 | 19071 | &nbsp;&nbsp; 7651  |
|  — |  |  |  | &nbsp;&nbsp; 1623  |
| 47663 | 216824 | 55497 | 69832 | &nbsp;&nbsp; 47849  |
| 58308 | 150516 | 32273 | 130408 | &nbsp;&nbsp; 37249  |
| 7649 | 27050 | 3492 | 29508 | &nbsp;&nbsp; 15870  |
| 1522 | 2816 | 550 | 16652 | &nbsp;&nbsp; 7044  |
|  — |  | 1501 |  | &nbsp;&nbsp; —  |
|  — |  | 29323 |  | &nbsp;&nbsp; —  |
|  — | 11512578 | 2834255 | 36999930 | &nbsp;&nbsp; —  |
| 1520000 |  |  |  | &nbsp;&nbsp; —  |
| 83987 | 317672 | 75594 | 115487 | &nbsp;&nbsp; 80582  |
| 4229338 | 17055940 | 60851373 | 48244885 | &nbsp;&nbsp; 5212093  |
| **$220532914** | **$798838078** | **$74019094** | **$373475198** | &nbsp;&nbsp; **$90683592**  |
| $254876036 | $1031874293 | $109264299 | $449619122 | &nbsp;&nbsp; $80374643  |
| (34343122) | (233036215) | (35245205) | (76143924) | &nbsp;&nbsp; 10308949  |
| **$220532914** | **$798838078** | **$74019094** | **$373475198** | &nbsp;&nbsp; **$90683592**  |
| $214178309 | $833259033 | $126268417 | $408662345 | &nbsp;&nbsp; $84757917  |
| $7594673 | $3575834 | $4406190 | $6490301 | &nbsp;&nbsp; $1607130  |
|  $— | $18480401 | $3357366 | $37211103 | &nbsp;&nbsp; $—  |
|  $— | $2 | $4580 | $— | &nbsp;&nbsp; $—  |
|  $— | $— | $5872 | $— | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **69**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**U.S. Government**<br>**Money Market**<br>**Fund** | **MassMutual**<br>**Short-Duration** <br>**Bond Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $52921498  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 5713445  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $9.26  |
| Class R5 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $299372350 | $13385773  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 299574396 | 1438140  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $1.00 | $9.31  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $2006361  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 217147  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $9.24  |
| Administrative Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $12333483  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 1338903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $9.21  |
| Class R4 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $1701884  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 183500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $9.27  |
| Class A shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $5685223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 620033  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share |  | $9.17  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum Offering price per share (100/[100-maximum sales charge] of net asset value) |  | $9.41  |
| Class R3 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $4892174  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 531705  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $9.20  |
| Class Y shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $36671266  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 3955152  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $9.27  |
| Class L shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $18529452  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 2006951  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share |  | $9.23  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share (100/[100-maximum sales charge] of net asset value) |  | $9.47  |
| Class C shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $677332  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a)(a) |  | 72753  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $9.31 |

---

&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>|
| **70**<br>|  |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual**<br>**Inflation-**<br>**Protected and**<br>**Income Fund** | **MassMutual**<br>**Core Bond**<br>**Fund** | **MassMutual**<br>**Diversified**<br>**Bond Fund** | **MassMutual**<br>**High Yield**<br>**Fund** | **MassMutual**<br>**Balanced**<br>**Fund**  |
| $141933187 | $552822918 | $46094710 | $227504308 | $35864688  |
| 14970700 | 60676882 | 5144449 | 28557156 | 3020707  |
| $9.48 | $9.11 | $8.96 | $7.97 | $11.87  |
| $47318249 | $134650918 | $15279433 | $37027804 | $20415709  |
| 4988953 | 14715860 | 1889959 | 4615794 | 1719638  |
| $9.48 | $9.15 | $8.08 | $8.02 | $11.87  |
| $13612034 | $32128476 | $3807025 | $18141284 | $9113383  |
| 1439180 | 3530748 | 461991 | 2259960 | 706627  |
| $9.46 | $9.10 | $8.24 | $8.03 | $12.90  |
| $4894702 | $29574980 | $3046568 | $10412647 | $524651  |
| 510079 | 3284208 | 370092 | 1321201 | 43793  |
| $9.60 | $9.01 | $8.23 | $7.88 | $11.98  |
| $1898332 | $11664188 | $1521967 | $13763503 | $2123139  |
| 205317 | 1308260 | 187700 | 1777094 | 188913  |
| $9.25 | $8.92 | $8.11 | $7.74 | $11.24  |
| $8368481 | $28048507 | $3268402 | $6448453 | $11376101  |
| 896042 | 3128866 | 394970 | 818453 | 994950  |
| $9.34 | $8.96 | $8.28 | $7.88 | $11.43  |
| $9.75 | $9.36 | $8.65 | $8.23 | $12.10  |
| $2401810 | $4218893 | $903524 | $25800069 | $11153271  |
| 259008 | 452389 | 110061 | 3232704 | 1000217  |
| $9.27 | $9.33 | $8.21 | $7.98 | $11.15  |
| $106119 | $5729198 | $97465 | $34269749 | $112650  |
| 11175 | 626099 | 12048 | 4290103 | 9488  |
| $9.50 | $9.15 | $8.09 | $7.99 | $11.87  |
|  |  |  | $107381 |  |
|  |  |  | 13386 |  |
|  |  |  | $8.02 |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **71**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Disciplined**<br>**Growth Fund** | **MassMutual**<br>**Small Cap**<br>**Opportunities**<br>**Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $174818796 | $406367352  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 1694156 | 1771737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 176512952 | 408139089  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 39590  |
| &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 |  | 987725  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 708689 | 604607  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 34417 | 568878  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 65193 | 66587  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 177321251 | 410406476  |
| 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 | 269781 | 1002389  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 14442 | 15848  |
| &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 | 41260 | 47513  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 69850 | 201063  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 13011 | 38449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 3572 | 6206  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* |  | 2251828  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 73469 | 66112  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 485385 | 3629408  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$176835866** | **$406777068**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $137422283 | $352945686  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 39413583 | 53831382  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$176835866** | **$406777068**  |
| (a) Cost of investments: | $145150963 | $372349620  |
| (b) Cost of repurchase agreements: | $1694156 | $1771737  |
| (c) Securities on loan with market value of: | $— | $50739156  |
| (d) Cost of foreign currency: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **72**<br>|  |

---

------

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

---

| | |
|:---|:---|
| **MassMutual**<br>**Global Fund** | **MassMutual**<br>**International**<br>**Equity Fund**  |
| &nbsp;&nbsp; $151040687 | &nbsp;&nbsp; $53519748  |
| &nbsp;&nbsp; 195904 | &nbsp;&nbsp; 3347968  |
| &nbsp;&nbsp; 151236591 | &nbsp;&nbsp; 56867716  |
| &nbsp;&nbsp; 32947 | &nbsp;&nbsp; 138862  |
| &nbsp;&nbsp; 505165 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 50873 | &nbsp;&nbsp; 26499  |
| &nbsp;&nbsp; 56962 | &nbsp;&nbsp; 124663  |
| &nbsp;&nbsp; 323380 | &nbsp;&nbsp; 672827  |
| &nbsp;&nbsp; 65310 | &nbsp;&nbsp; 72529  |
| &nbsp;&nbsp; 152271228 | &nbsp;&nbsp; 57903096  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 4878  |
| &nbsp;&nbsp; 130485 | &nbsp;&nbsp; 258303  |
| &nbsp;&nbsp; 16091 | &nbsp;&nbsp; 22489  |
| &nbsp;&nbsp; 39346 | &nbsp;&nbsp; 27089  |
| &nbsp;&nbsp; 100967 | &nbsp;&nbsp; 31758  |
| &nbsp;&nbsp; 18124 | &nbsp;&nbsp; 7095  |
| &nbsp;&nbsp; 5286 | &nbsp;&nbsp; 1346  |
| &nbsp;&nbsp; 73372 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 698802 | &nbsp;&nbsp; 106912  |
| &nbsp;&nbsp; 1082473 | &nbsp;&nbsp; 459870  |
| &nbsp;&nbsp; **$151188755** | &nbsp;&nbsp; **$57443226**  |
| &nbsp;&nbsp; $74357274 | &nbsp;&nbsp; $55770361  |
| &nbsp;&nbsp; 76831481 | &nbsp;&nbsp; 1672865  |
| &nbsp;&nbsp; **$151188755** | &nbsp;&nbsp; **$57443226**  |
| &nbsp;&nbsp; $92422785 | &nbsp;&nbsp; $50465044  |
| &nbsp;&nbsp; $195904 | &nbsp;&nbsp; $3347968  |
| &nbsp;&nbsp; $622447 | &nbsp;&nbsp; $550018  |
| &nbsp;&nbsp; $32415 | &nbsp;&nbsp; $138996 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **73**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Disciplined**<br>**Growth Fund** | **MassMutual**<br>**Small Cap**<br>**Opportunities**<br>**Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $37765173 | $229242929  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 3808431 | 13749151  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.92 | $16.67  |
| Class R5 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $98254037 | $97849532  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 9924790 | 5895431  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.90 | $16.60  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $8744699 | $7410289  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 877223 | 447983  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.97 | $16.54  |
| Administrative Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $12997689 | $13349060  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1269883 | 816404  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $10.24 | $16.35  |
| Class R4 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6828825 | $12829417  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 748849 | 823891  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.12 | $15.57  |
| Class A shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6823059 | $35195918  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 734117 | 2244482  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $9.29 | $15.68  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum Offering price per share (100/[100-maximum sales charge] of net asset value) | $9.83 | $16.59  |
| Class R3 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5296938 | $9413043  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 592677 | 617164  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.94 | $15.25  |
| Class Y shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $125446 | $1486880  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 12674 | 89542  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.90 | $16.61 |

---

&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>|
| **74**<br>|  |

---

------

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

---

| | |
|:---|:---|
| **MassMutual**<br>**Global Fund** | **MassMutual**<br>**International**<br>**Equity Fund**  |
| &nbsp;&nbsp; $40602288 | &nbsp;&nbsp; $18274966  |
| &nbsp;&nbsp; 4394687 | &nbsp;&nbsp; 2201232  |
| &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $8.30  |
| &nbsp;&nbsp; $42346108 | &nbsp;&nbsp; $23682498  |
| &nbsp;&nbsp; 4608581 | &nbsp;&nbsp; 2848686  |
| &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $8.31  |
| &nbsp;&nbsp; $3475740 | &nbsp;&nbsp; $2837786  |
| &nbsp;&nbsp; 389393 | &nbsp;&nbsp; 342348  |
| &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.29  |
| &nbsp;&nbsp; $38128847 | &nbsp;&nbsp; $1150123  |
| &nbsp;&nbsp; 4222102 | &nbsp;&nbsp; 140152  |
| &nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $8.21  |
| &nbsp;&nbsp; $7967406 | &nbsp;&nbsp; $546676  |
| &nbsp;&nbsp; 954197 | &nbsp;&nbsp; 72443  |
| &nbsp;&nbsp; $8.35 | &nbsp;&nbsp; $7.55  |
| &nbsp;&nbsp; $10640643 | &nbsp;&nbsp; $8751140  |
| &nbsp;&nbsp; 1238717 | &nbsp;&nbsp; 1140353  |
| &nbsp;&nbsp; $8.59 | &nbsp;&nbsp; $7.67  |
| &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $8.12  |
| &nbsp;&nbsp; $8027723 | &nbsp;&nbsp; $2099541  |
| &nbsp;&nbsp; 959550 | &nbsp;&nbsp; 282802  |
| &nbsp;&nbsp; $8.37 | &nbsp;&nbsp; $7.42  |
|  | &nbsp;&nbsp; $100496  |
|  | &nbsp;&nbsp; 12092  |
|  | &nbsp;&nbsp; $8.31 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **75**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**U.S. Government**<br>**Money Market** <br>**Fund** | **MassMutual**<br>**Short-Duration**<br>**Bond Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp; 4842684 | &nbsp;&nbsp; 3686520  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 9020  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | &nbsp;&nbsp;&nbsp; 4842684 | &nbsp;&nbsp; 3695540  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp; 373504 | &nbsp;&nbsp; 269400  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | &nbsp;&nbsp;&nbsp; 9769 | &nbsp;&nbsp; 8316  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail fund fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3646  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | &nbsp;&nbsp;&nbsp; 21255 | &nbsp;&nbsp; 27488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | &nbsp;&nbsp;&nbsp; 3745 | &nbsp;&nbsp; 1065  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | &nbsp;&nbsp;&nbsp; 2241 | &nbsp;&nbsp; 1641  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | &nbsp;&nbsp;&nbsp; 19404 | &nbsp;&nbsp; 13598  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | &nbsp;&nbsp;&nbsp; 9107 | &nbsp;&nbsp; 22662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp;&nbsp; 5820 | &nbsp;&nbsp; 4824  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | &nbsp;&nbsp;&nbsp; 15882 | &nbsp;&nbsp; 67868  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp; 1264 | &nbsp;&nbsp; 16887  |
|  | &nbsp;&nbsp;&nbsp; 461991 | &nbsp;&nbsp; 437395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp; 106715 | &nbsp;&nbsp; 6067  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 19217  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 7152  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 6611  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5128  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 18351  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4971  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 175  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 8939  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 6611  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 12820  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 24854  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 568706 | &nbsp;&nbsp; 561981  |
| &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; (28320)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 fees reimbursed by adviser | &nbsp;&nbsp;&nbsp; (13172) | &nbsp;&nbsp; (6536)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1033)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class fees reimbursed by adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6969)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 fees reimbursed by adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3774)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A fees reimbursed by adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2878)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 fees reimbursed by adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2782)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y fees reimbursed by adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (29041)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L fees reimbursed by adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (10785)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C fees reimbursed by adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (382)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | &nbsp;&nbsp;&nbsp; 555534 | &nbsp;&nbsp; 469481  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; **4287150** | &nbsp;&nbsp; **3226059** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **76**<br>|  |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual**<br>**Inflation-**<br>**Protected and** <br>**Income Fund** | **MassMutual**<br>**Core Bond**<br>**Fund** | **MassMutual**<br>**Diversified Bond** <br>**Fund** | **MassMutual**<br>**High Yield**<br>**Fund** | **MassMutual**<br>**Balanced**<br>**Fund**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $525948  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5354548 | &nbsp;&nbsp;&nbsp;&nbsp; 23390657 | &nbsp;&nbsp;&nbsp;&nbsp; 3301688 | &nbsp;&nbsp;&nbsp;&nbsp; 14857787 | &nbsp;&nbsp;&nbsp;&nbsp; 678231  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26364 | &nbsp;&nbsp;&nbsp;&nbsp; 7988 | &nbsp;&nbsp;&nbsp;&nbsp; 140362 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5354548 | &nbsp;&nbsp;&nbsp;&nbsp; 23417021 | &nbsp;&nbsp;&nbsp;&nbsp; 3309676 | &nbsp;&nbsp;&nbsp;&nbsp; 14998149 | &nbsp;&nbsp;&nbsp;&nbsp; 1204179  |
| &nbsp;&nbsp;&nbsp;&nbsp; 429892 | &nbsp;&nbsp;&nbsp;&nbsp; 1733765 | &nbsp;&nbsp;&nbsp;&nbsp; 251489 | &nbsp;&nbsp;&nbsp;&nbsp; 911859 | &nbsp;&nbsp;&nbsp;&nbsp; 238778  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21824 | &nbsp;&nbsp;&nbsp;&nbsp; 114276 | &nbsp;&nbsp;&nbsp;&nbsp; 11776 | &nbsp;&nbsp;&nbsp;&nbsp; 36326 | &nbsp;&nbsp;&nbsp;&nbsp; 14714  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9194 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; 27619 | &nbsp;&nbsp;&nbsp;&nbsp; 5764 | &nbsp;&nbsp;&nbsp;&nbsp; 28103 | &nbsp;&nbsp;&nbsp;&nbsp; 27658 | &nbsp;&nbsp;&nbsp;&nbsp; 27121  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5248 | &nbsp;&nbsp;&nbsp;&nbsp; 18974 | &nbsp;&nbsp;&nbsp;&nbsp; 3361 | &nbsp;&nbsp;&nbsp;&nbsp; 3658 | &nbsp;&nbsp;&nbsp;&nbsp; 18318  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1647 | &nbsp;&nbsp;&nbsp;&nbsp; 1587 | &nbsp;&nbsp;&nbsp;&nbsp; 1647 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 | &nbsp;&nbsp;&nbsp;&nbsp; 1641  |
| &nbsp;&nbsp;&nbsp;&nbsp; 24738 | &nbsp;&nbsp;&nbsp;&nbsp; 124930 | &nbsp;&nbsp;&nbsp;&nbsp; 32308 | &nbsp;&nbsp;&nbsp;&nbsp; 37530 | &nbsp;&nbsp;&nbsp;&nbsp; 27751  |
| &nbsp;&nbsp;&nbsp;&nbsp; 28683 | &nbsp;&nbsp;&nbsp;&nbsp; 39775 | &nbsp;&nbsp;&nbsp;&nbsp; 20303 | &nbsp;&nbsp;&nbsp;&nbsp; 31753 | &nbsp;&nbsp;&nbsp;&nbsp; 19235  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7842 | &nbsp;&nbsp;&nbsp;&nbsp; 26798 | &nbsp;&nbsp;&nbsp;&nbsp; 4189 | &nbsp;&nbsp;&nbsp;&nbsp; 12893 | &nbsp;&nbsp;&nbsp;&nbsp; 3442  |
| &nbsp;&nbsp;&nbsp;&nbsp; 61095 | &nbsp;&nbsp;&nbsp;&nbsp; 67062 | &nbsp;&nbsp;&nbsp;&nbsp; 58140 | &nbsp;&nbsp;&nbsp;&nbsp; 70877 | &nbsp;&nbsp;&nbsp;&nbsp; 58156  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1263 | &nbsp;&nbsp;&nbsp;&nbsp; 1782 | &nbsp;&nbsp;&nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp;&nbsp; 17057 | &nbsp;&nbsp;&nbsp;&nbsp; 1264  |
| &nbsp;&nbsp;&nbsp;&nbsp; 609851 | &nbsp;&nbsp;&nbsp;&nbsp; 2134713 | &nbsp;&nbsp;&nbsp;&nbsp; 412580 | &nbsp;&nbsp;&nbsp;&nbsp; 1160446 | &nbsp;&nbsp;&nbsp;&nbsp; 410420  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23074 | &nbsp;&nbsp;&nbsp;&nbsp; 69080 | &nbsp;&nbsp;&nbsp;&nbsp; 32142 | &nbsp;&nbsp;&nbsp;&nbsp; 19006 | &nbsp;&nbsp;&nbsp;&nbsp; 11267  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14967 | &nbsp;&nbsp;&nbsp;&nbsp; 33731 | &nbsp;&nbsp;&nbsp;&nbsp; 3701 | &nbsp;&nbsp;&nbsp;&nbsp; 18375 | &nbsp;&nbsp;&nbsp;&nbsp; 9460  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6748 | &nbsp;&nbsp;&nbsp;&nbsp; 50481 | &nbsp;&nbsp;&nbsp;&nbsp; 5236 | &nbsp;&nbsp;&nbsp;&nbsp; 17638 | &nbsp;&nbsp;&nbsp;&nbsp; 923  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2006 | &nbsp;&nbsp;&nbsp;&nbsp; 13238 | &nbsp;&nbsp;&nbsp;&nbsp; 1898 | &nbsp;&nbsp;&nbsp;&nbsp; 15195 | &nbsp;&nbsp;&nbsp;&nbsp; 3866  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9754 | &nbsp;&nbsp;&nbsp;&nbsp; 35140 | &nbsp;&nbsp;&nbsp;&nbsp; 4118 | &nbsp;&nbsp;&nbsp;&nbsp; 8035 | &nbsp;&nbsp;&nbsp;&nbsp; 15136  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451 | &nbsp;&nbsp;&nbsp;&nbsp; 4487 | &nbsp;&nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp;&nbsp; 26835 | &nbsp;&nbsp;&nbsp;&nbsp; 11635  |
| &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 2429 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 7197 | &nbsp;&nbsp;&nbsp;&nbsp; 59  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507 | &nbsp;&nbsp;&nbsp;&nbsp; 16547 | &nbsp;&nbsp;&nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp;&nbsp; 18993 | &nbsp;&nbsp;&nbsp;&nbsp; 4833  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9754 | &nbsp;&nbsp;&nbsp;&nbsp; 35140 | &nbsp;&nbsp;&nbsp;&nbsp; 4118 | &nbsp;&nbsp;&nbsp;&nbsp; 8035 | &nbsp;&nbsp;&nbsp;&nbsp; 15136  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6128 | &nbsp;&nbsp;&nbsp;&nbsp; 11218 | &nbsp;&nbsp;&nbsp;&nbsp; 2332 | &nbsp;&nbsp;&nbsp;&nbsp; 67088 | &nbsp;&nbsp;&nbsp;&nbsp; 29088  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 648 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; 687292 | &nbsp;&nbsp;&nbsp;&nbsp; 2406204 | &nbsp;&nbsp;&nbsp;&nbsp; 469478 | &nbsp;&nbsp;&nbsp;&nbsp; 1367491 | &nbsp;&nbsp;&nbsp;&nbsp; 511823  |
| &nbsp;&nbsp;&nbsp;&nbsp; (35899) | &nbsp;&nbsp;&nbsp;&nbsp; (223878) | &nbsp;&nbsp;&nbsp;&nbsp; (15849) | &nbsp;&nbsp;&nbsp;&nbsp; (70972) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; (11679) | &nbsp;&nbsp;&nbsp;&nbsp; (52534) | &nbsp;&nbsp;&nbsp;&nbsp; (21300) | &nbsp;&nbsp;&nbsp;&nbsp; (11502) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3699) | &nbsp;&nbsp;&nbsp;&nbsp; (12859) | &nbsp;&nbsp;&nbsp;&nbsp; (1242) | &nbsp;&nbsp;&nbsp;&nbsp; (5568) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1116) | &nbsp;&nbsp;&nbsp;&nbsp; (12227) | &nbsp;&nbsp;&nbsp;&nbsp; (1151) | &nbsp;&nbsp;&nbsp;&nbsp; (3505) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;(503) | &nbsp;&nbsp;&nbsp;&nbsp; (4714) | &nbsp;&nbsp;&nbsp;&nbsp;(674) | &nbsp;&nbsp;&nbsp;&nbsp; (4600) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1974) | &nbsp;&nbsp;&nbsp;&nbsp; (10691) | &nbsp;&nbsp;&nbsp;&nbsp; (1079) | &nbsp;&nbsp;&nbsp;&nbsp; (1947) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;(620) | &nbsp;&nbsp;&nbsp;&nbsp; (1731) | &nbsp;&nbsp;&nbsp;&nbsp;(306) | &nbsp;&nbsp;&nbsp;&nbsp; (8127) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp; (1907) | &nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;&nbsp;&nbsp; (8966) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; 631776 | &nbsp;&nbsp;&nbsp;&nbsp; 2085663 | &nbsp;&nbsp;&nbsp;&nbsp; 427846 | &nbsp;&nbsp;&nbsp;&nbsp; 1252267 | &nbsp;&nbsp;&nbsp;&nbsp; 511823  |
| &nbsp;&nbsp;&nbsp;&nbsp; **4722772** | &nbsp;&nbsp;&nbsp;&nbsp; **21331358** | &nbsp;&nbsp;&nbsp;&nbsp; **2881830** | &nbsp;&nbsp;&nbsp;&nbsp; **13745882** | &nbsp;&nbsp;&nbsp;&nbsp; **692356** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **77**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**U.S. Government**<br>**Money Market** <br>**Fund** | **MassMutual**<br>**Short-Duration**<br>**Bond 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 | &nbsp;&nbsp;&nbsp; 1041 | &nbsp;&nbsp; (2508394)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 68472  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | &nbsp;&nbsp;&nbsp; **1041** | &nbsp;&nbsp; **(2439922)**  |
| &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 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2733972  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (140577)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp;&nbsp; — | (6)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp; **2593389**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp; **1041** | &nbsp;&nbsp; **153467**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; **$4288191** | &nbsp;&nbsp; **$3379526**  |
| (a) Net of foreign withholding tax of: | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **78**<br>|  |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual**<br>**Inflation-**<br>**Protected and** <br>**Income Fund** | **MassMutual**<br>**Core Bond**<br>**Fund** | **MassMutual**<br>**Diversified Bond** <br>**Fund** | **MassMutual**<br>**High Yield**<br>**Fund** | **MassMutual**<br>**Balanced**<br>**Fund**  |
| &nbsp;&nbsp;&nbsp; (143980) | &nbsp;&nbsp; (25243490) | &nbsp;&nbsp;&nbsp; (5507643) | &nbsp;&nbsp;&nbsp; 3020156 | &nbsp;&nbsp; 4116238  |
| &nbsp;&nbsp;&nbsp; 777724 | &nbsp;&nbsp; (3944052) | &nbsp;&nbsp;&nbsp; (1114140) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 25810  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6125) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 379062 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5302) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11975) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **1012806** | &nbsp;&nbsp; **(29187542)** | &nbsp;&nbsp;&nbsp; **(6645185)** | &nbsp;&nbsp;&nbsp; **3020156** | &nbsp;&nbsp; **4142048**  |
| &nbsp;&nbsp;&nbsp; (611903) | &nbsp;&nbsp; 2392652 | &nbsp;&nbsp;&nbsp; 4255058 | &nbsp;&nbsp;&nbsp; (12434228) | &nbsp;&nbsp; (6522873)  |
| &nbsp;&nbsp;&nbsp; (99480) | &nbsp;&nbsp; 978363 | &nbsp;&nbsp;&nbsp; 157187 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3780)  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4617 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; (2805856) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1027) | &nbsp;&nbsp;&nbsp; (27758) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35472 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(3517239)** | &nbsp;&nbsp; **3371015** | &nbsp;&nbsp;&nbsp; **4451307** | &nbsp;&nbsp;&nbsp; **(12461986)** | &nbsp;&nbsp; **(6526653)**  |
| &nbsp;&nbsp;&nbsp; **(2504433)** | &nbsp;&nbsp; **(25816527)** | &nbsp;&nbsp;&nbsp; **(2193878)** | &nbsp;&nbsp;&nbsp; **(9441830)** | &nbsp;&nbsp; **(2384605)**  |
| &nbsp;&nbsp;&nbsp; **$2218339** | &nbsp;&nbsp; **$(4485169)** | &nbsp;&nbsp;&nbsp; **$687952** | &nbsp;&nbsp;&nbsp; **$4304052** | &nbsp;&nbsp; **$(1692249)**  |
| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $86 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **79**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Disciplined**<br>**Growth Fund** | **MassMutual**<br>**Small Cap**<br>**Opportunities**<br>**Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $520522 | $2968516  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 14735 | 100313  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 159 | 34835  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 535416 | 3103664  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 444769 | 1240342  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 9685 | 15546  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 25848 | 25004  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 3878 | 7993  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1641 | 1641  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 15827 | 14338  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 11789 | 27257  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6586 | 13664  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 58733 | 65800  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 1264 | 1264  |
|  | 580020 | 1412849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 54143 | 54219  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9382 | 11670  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 25525 | 26358  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 7671 | 13923  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 10008 | 50174  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 5802 | 10085  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 73 | 702  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 9588 | 17404  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 10008 | 50174  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 14504 | 25212  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 726724 | 1672770  |
| &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; Investment advisory fees waived |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 726724 | 1672770  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **(191308)** | **1430894** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **80**<br>|  |

---

------

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

---

| | |
|:---|:---|
| **MassMutual**<br>**Global Fund** | **MassMutual**<br>**International**<br>**Equity Fund**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $460793 | &nbsp;&nbsp;&nbsp;&nbsp; $634019  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8906 | &nbsp;&nbsp;&nbsp;&nbsp; 44221  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5499 | &nbsp;&nbsp;&nbsp;&nbsp; 2468  |
| &nbsp;&nbsp;&nbsp;&nbsp; 475198 | &nbsp;&nbsp;&nbsp;&nbsp; 680708  |
| &nbsp;&nbsp;&nbsp;&nbsp; 652631 | &nbsp;&nbsp;&nbsp;&nbsp; 362689  |
| &nbsp;&nbsp;&nbsp;&nbsp; 27817 | &nbsp;&nbsp;&nbsp;&nbsp; 30316  |
| &nbsp;&nbsp;&nbsp;&nbsp; 27502 | &nbsp;&nbsp;&nbsp;&nbsp; 26922  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3897 | &nbsp;&nbsp;&nbsp;&nbsp; 2397  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1641 | &nbsp;&nbsp;&nbsp;&nbsp; 1641  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12505 | &nbsp;&nbsp;&nbsp;&nbsp; 14189  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15139 | &nbsp;&nbsp;&nbsp;&nbsp; 13385  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6122 | &nbsp;&nbsp;&nbsp;&nbsp; 3664  |
| &nbsp;&nbsp;&nbsp;&nbsp; 50988 | &nbsp;&nbsp;&nbsp;&nbsp; 58650  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp;&nbsp; 1264  |
| &nbsp;&nbsp;&nbsp;&nbsp; 799506 | &nbsp;&nbsp;&nbsp;&nbsp; 515117  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23773 | &nbsp;&nbsp;&nbsp;&nbsp; 12705  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3737 | &nbsp;&nbsp;&nbsp;&nbsp; 2765  |
| &nbsp;&nbsp;&nbsp;&nbsp; 65884 | &nbsp;&nbsp;&nbsp;&nbsp; 2164  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9407 | &nbsp;&nbsp;&nbsp;&nbsp; 565  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp;&nbsp;&nbsp; 11145  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8761 | &nbsp;&nbsp;&nbsp;&nbsp; 2202  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11759 | &nbsp;&nbsp;&nbsp;&nbsp; 706  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp;&nbsp;&nbsp; 11145  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21902 | &nbsp;&nbsp;&nbsp;&nbsp; 5504  |
| &nbsp;&nbsp;&nbsp;&nbsp; 974129 | &nbsp;&nbsp;&nbsp;&nbsp; 564069  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6549)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8706)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1011)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(491)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(204)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3175)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(789)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(36)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17095)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 974129 | &nbsp;&nbsp;&nbsp;&nbsp; 526013  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(498931)** | &nbsp;&nbsp;&nbsp;&nbsp; **154695** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **81**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Disciplined**<br>**Growth Fund** | **MassMutual**<br>**Small Cap**<br>**Opportunities**<br>**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 | 14406445 | 20524278  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 622  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **14406445** | **20524900**  |
| &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\* | (21049134) | (47827599)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies |  | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **(21049134)** | **(47827584)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **(6642689)** | **(27302684)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$(6833997)** | **$(25871790)**  |
| (a) Net of foreign withholding tax of: | $— | $4851  |
| \* Net of increase (decrease) in accrued foreign capital gains tax of: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **82**<br>|  |

---

------

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

---

| | |
|:---|:---|
| **MassMutual**<br>**Global Fund** | **MassMutual**<br>**International**<br>**Equity Fund**  |
| &nbsp;&nbsp; 22797352 | &nbsp;&nbsp; 1477768  |
| &nbsp;&nbsp; (5564) | &nbsp;&nbsp; (9512)  |
| &nbsp;&nbsp; **22791788** | &nbsp;&nbsp; **1468256**  |
| &nbsp;&nbsp; (33545191) | &nbsp;&nbsp; (12074626)  |
| &nbsp;&nbsp; (8885) | &nbsp;&nbsp; (23432)  |
| &nbsp;&nbsp; **(33554076)** | &nbsp;&nbsp; **(12098058)**  |
| &nbsp;&nbsp; **(10762288)** | &nbsp;&nbsp; **(10629802)**  |
| &nbsp;&nbsp; **$(11261219)** | &nbsp;&nbsp; **$(10475107)**  |
| &nbsp;&nbsp; $29515 | &nbsp;&nbsp; $66357  |
| &nbsp;&nbsp; $510518 | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **83**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**U.S. Government Money Market Fund**  | **MassMutual**<br>**U.S. Government Money Market Fund**  |
|  | **Six Months**<br>**Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended**<br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4287150 | &nbsp;&nbsp;&nbsp; $8743983  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1041 | &nbsp;&nbsp;&nbsp; 108  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **4288191** | &nbsp;&nbsp;&nbsp; **8744091**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (4287890) | &nbsp;&nbsp;&nbsp; (8744012)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(4287890)** | &nbsp;&nbsp;&nbsp; **(8744012)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 125808695 | &nbsp;&nbsp;&nbsp; 1454903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **125808695** | &nbsp;&nbsp;&nbsp; **1454903**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **125808996** | &nbsp;&nbsp;&nbsp; **1454982**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 173563354 | &nbsp;&nbsp;&nbsp; 172108372  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$299372350** | &nbsp;&nbsp;&nbsp; **$173563354** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **84**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual**<br>**Short-Duration Bond Fund** | **MassMutual**<br>**Short-Duration Bond Fund** | **MassMutual**<br>**Inflation-Protected and Income Fund**  | **MassMutual**<br>**Inflation-Protected and Income Fund**  |
| **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024** | **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp;&nbsp; $3226059 | &nbsp;&nbsp;&nbsp; $7118023 | &nbsp;&nbsp;&nbsp; $4722772 | &nbsp;&nbsp;&nbsp; $11358770  |
| &nbsp;&nbsp;&nbsp; (2439922) | &nbsp;&nbsp;&nbsp; (21049486) | &nbsp;&nbsp;&nbsp; 1012806 | &nbsp;&nbsp;&nbsp; (7247462)  |
| &nbsp;&nbsp;&nbsp; 2593389 | &nbsp;&nbsp;&nbsp; 31505094 | &nbsp;&nbsp;&nbsp; (3517239) | &nbsp;&nbsp;&nbsp; 21643278  |
| &nbsp;&nbsp;&nbsp; **3379526** | &nbsp;&nbsp;&nbsp; **17573631** | &nbsp;&nbsp;&nbsp; **2218339** | &nbsp;&nbsp;&nbsp; **25754586**  |
| &nbsp;&nbsp;&nbsp; (1081848) | &nbsp;&nbsp;&nbsp; (2189172) | &nbsp;&nbsp;&nbsp; (2822228) | &nbsp;&nbsp;&nbsp; (10449460)  |
| &nbsp;&nbsp;&nbsp; (245705) | &nbsp;&nbsp;&nbsp; (444245) | &nbsp;&nbsp;&nbsp; (860402) | &nbsp;&nbsp;&nbsp; (3043431)  |
| &nbsp;&nbsp;&nbsp; (38182) | &nbsp;&nbsp;&nbsp; (75025) | &nbsp;&nbsp;&nbsp; (269898) | &nbsp;&nbsp;&nbsp; (1045119)  |
| &nbsp;&nbsp;&nbsp; (247121) | &nbsp;&nbsp;&nbsp; (409315) | &nbsp;&nbsp;&nbsp; (79300) | &nbsp;&nbsp;&nbsp; (374784)  |
| &nbsp;&nbsp;&nbsp; (131620) | &nbsp;&nbsp;&nbsp; (231129) | &nbsp;&nbsp;&nbsp; (33717) | &nbsp;&nbsp;&nbsp; (144067)  |
| &nbsp;&nbsp;&nbsp; (96518) | &nbsp;&nbsp;&nbsp; (205546) | &nbsp;&nbsp;&nbsp; (130962) | &nbsp;&nbsp;&nbsp; (433489)  |
| &nbsp;&nbsp;&nbsp; (88297) | &nbsp;&nbsp;&nbsp; (187095) | &nbsp;&nbsp;&nbsp; (38178) | &nbsp;&nbsp;&nbsp; (112043)  |
| &nbsp;&nbsp;&nbsp; (751156) | &nbsp;&nbsp;&nbsp; (1361925) | &nbsp;&nbsp;&nbsp; (1929) | &nbsp;&nbsp;&nbsp; (6095)  |
| &nbsp;&nbsp;&nbsp; (381985) | &nbsp;&nbsp;&nbsp; (1463561) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; (12608) | &nbsp;&nbsp;&nbsp; (26137) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(3075040)** | &nbsp;&nbsp;&nbsp; **(6593150)** | &nbsp;&nbsp;&nbsp; **(4236614)** | &nbsp;&nbsp;&nbsp; **(15608488)**  |
| &nbsp;&nbsp;&nbsp; (796775) | &nbsp;&nbsp;&nbsp; (27497236) | &nbsp;&nbsp;&nbsp; (19039856) | &nbsp;&nbsp;&nbsp; (13010647)  |
| &nbsp;&nbsp;&nbsp; 1807854 | &nbsp;&nbsp;&nbsp; (552456) | &nbsp;&nbsp;&nbsp; (296157) | &nbsp;&nbsp;&nbsp; (3745837)  |
| &nbsp;&nbsp;&nbsp; (115856) | &nbsp;&nbsp;&nbsp; (1447095) | &nbsp;&nbsp;&nbsp; (2211282) | &nbsp;&nbsp;&nbsp; (6271371)  |
| &nbsp;&nbsp;&nbsp; 180045 | &nbsp;&nbsp;&nbsp; (332794) | &nbsp;&nbsp;&nbsp; (22093) | &nbsp;&nbsp;&nbsp; (2171230)  |
| &nbsp;&nbsp;&nbsp; (6690740) | &nbsp;&nbsp;&nbsp; 4771191 | &nbsp;&nbsp;&nbsp; (206581) | &nbsp;&nbsp;&nbsp; (1551953)  |
| &nbsp;&nbsp;&nbsp; (290094) | &nbsp;&nbsp;&nbsp; (483249) | &nbsp;&nbsp;&nbsp; 55649 | &nbsp;&nbsp;&nbsp; 73948  |
| &nbsp;&nbsp;&nbsp; (521509) | &nbsp;&nbsp;&nbsp; (1708469) | &nbsp;&nbsp;&nbsp; 168503 | &nbsp;&nbsp;&nbsp; 46116  |
| &nbsp;&nbsp;&nbsp; 1065197 | &nbsp;&nbsp;&nbsp; (12712051) | &nbsp;&nbsp;&nbsp; 4070 | &nbsp;&nbsp;&nbsp; 230  |
| &nbsp;&nbsp;&nbsp; (3133753) | &nbsp;&nbsp;&nbsp; (26761850) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; (90273) | &nbsp;&nbsp;&nbsp; (152473) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(8585904)** | &nbsp;&nbsp;&nbsp; **(66876482)** | &nbsp;&nbsp;&nbsp; **(21547747)** | &nbsp;&nbsp;&nbsp; **(26630744)**  |
| &nbsp;&nbsp;&nbsp; **(8281418)** | &nbsp;&nbsp;&nbsp; **(55896001)** | &nbsp;&nbsp;&nbsp; **(23566022)** | &nbsp;&nbsp;&nbsp; **(16484646)**  |
| &nbsp;&nbsp;&nbsp; 157085864 | &nbsp;&nbsp;&nbsp; 212981865 | &nbsp;&nbsp;&nbsp; 244098936 | &nbsp;&nbsp;&nbsp; 260583582  |
| &nbsp;&nbsp;&nbsp; **$148804446** | &nbsp;&nbsp;&nbsp; **$157085864** | &nbsp;&nbsp;&nbsp; **$220532914** | &nbsp;&nbsp;&nbsp; **$244098936** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **85**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Core Bond Fund**  | **MassMutual**<br>**Core Bond Fund**  |
|  | **Six Months**<br>**Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended**<br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $21331358 | &nbsp;&nbsp; $32094410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (29187542) | &nbsp;&nbsp; (11361219)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3371015 | &nbsp;&nbsp; 65419084  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(4485169)** | &nbsp;&nbsp; **86152275**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (15148554) | &nbsp;&nbsp; (40136674)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (3149633) | &nbsp;&nbsp; (7605434)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (751895) | &nbsp;&nbsp; (1891061)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (730047) | &nbsp;&nbsp; (2478143)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (276380) | &nbsp;&nbsp; (120279)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (584386) | &nbsp;&nbsp; (1509569)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (89069) | &nbsp;&nbsp; (14892)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (111289) | &nbsp;&nbsp; (29646)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(20841253)** | &nbsp;&nbsp; **(53785698)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (186228118) | &nbsp;&nbsp; 242538186  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (7332995) | &nbsp;&nbsp; 48000069  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (3154024) | &nbsp;&nbsp; 4970114  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (6861448) | &nbsp;&nbsp; 4925043  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (7776274) | &nbsp;&nbsp; 18431557  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1455789) | &nbsp;&nbsp; 7180960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 176328 | &nbsp;&nbsp; 3962877  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1689197 | &nbsp;&nbsp; 3968772  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(210943123)** | &nbsp;&nbsp; **333977578**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(236269545)** | &nbsp;&nbsp; **366344155**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1035107623 | &nbsp;&nbsp; 668763468  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$798838078** | &nbsp;&nbsp; **$1035107623** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **86**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual**<br>**Diversified Bond Fund** | **MassMutual**<br>**Diversified Bond Fund** | **MassMutual**<br>**High Yield Fund**  | **MassMutual**<br>**High Yield Fund**  |
| **Six Months** <br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024** | **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $2881830 | &nbsp;&nbsp;&nbsp; $6286953 | &nbsp;&nbsp;&nbsp; $13745882 | &nbsp;&nbsp;&nbsp; $27801042  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6645185) | &nbsp;&nbsp;&nbsp; (7191515) | &nbsp;&nbsp;&nbsp; 3020156 | &nbsp;&nbsp;&nbsp; (8428430)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4451307 | &nbsp;&nbsp;&nbsp; 17466235 | &nbsp;&nbsp;&nbsp; (12461986) | &nbsp;&nbsp;&nbsp; 40444759  |
| &nbsp;&nbsp;&nbsp;&nbsp; **687952** | &nbsp;&nbsp;&nbsp; **16561673** | &nbsp;&nbsp;&nbsp; **4304052** | &nbsp;&nbsp;&nbsp; **59817371**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1089437) | &nbsp;&nbsp;&nbsp; (4094531) | &nbsp;&nbsp;&nbsp; (8700414) | &nbsp;&nbsp;&nbsp; (17898093)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1426750) | &nbsp;&nbsp;&nbsp; (5721867) | &nbsp;&nbsp;&nbsp; (1354371) | &nbsp;&nbsp;&nbsp; (2549886)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (80338) | &nbsp;&nbsp;&nbsp; (341259) | &nbsp;&nbsp;&nbsp; (645964) | &nbsp;&nbsp;&nbsp; (1414181)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (73732) | &nbsp;&nbsp;&nbsp; (309178) | &nbsp;&nbsp;&nbsp; (406587) | &nbsp;&nbsp;&nbsp; (909388)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (38439) | &nbsp;&nbsp;&nbsp; (291894) | &nbsp;&nbsp;&nbsp; (514489) | &nbsp;&nbsp;&nbsp; (1103163)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (66417) | &nbsp;&nbsp;&nbsp; (342709) | &nbsp;&nbsp;&nbsp; (216254) | &nbsp;&nbsp;&nbsp; (455417)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (17885) | &nbsp;&nbsp;&nbsp; (84938) | &nbsp;&nbsp;&nbsp; (875904) | &nbsp;&nbsp;&nbsp; (1603752)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2143) | &nbsp;&nbsp;&nbsp; (8489) | &nbsp;&nbsp;&nbsp; (1036727) | &nbsp;&nbsp;&nbsp; (1863291)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4022) | &nbsp;&nbsp;&nbsp; (6636)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(2795141)** | &nbsp;&nbsp;&nbsp; **(11194865)** | &nbsp;&nbsp;&nbsp; **(13754732)** | &nbsp;&nbsp;&nbsp; **(27803807)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5557974) | &nbsp;&nbsp;&nbsp; (25822733) | &nbsp;&nbsp;&nbsp; (19733753) | &nbsp;&nbsp;&nbsp; (26792695)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (51295771) | &nbsp;&nbsp;&nbsp; 2941547 | &nbsp;&nbsp;&nbsp; (928067) | &nbsp;&nbsp;&nbsp; 3193466  |
| &nbsp;&nbsp;&nbsp;&nbsp; 235820 | &nbsp;&nbsp;&nbsp; (379460) | &nbsp;&nbsp;&nbsp; (313890) | &nbsp;&nbsp;&nbsp; (3645131)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (777515) | &nbsp;&nbsp;&nbsp; (1063196) | &nbsp;&nbsp;&nbsp; (1328261) | &nbsp;&nbsp;&nbsp; (1454696)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (676934) | &nbsp;&nbsp;&nbsp; (2259714) | &nbsp;&nbsp;&nbsp; (2370898) | &nbsp;&nbsp;&nbsp; (1828568)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (347326) | &nbsp;&nbsp;&nbsp; (982660) | &nbsp;&nbsp;&nbsp; (138749) | &nbsp;&nbsp;&nbsp; (938051)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (160229) | &nbsp;&nbsp;&nbsp; (76807) | &nbsp;&nbsp;&nbsp; (1155050) | &nbsp;&nbsp;&nbsp; 2425766  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9629325 | &nbsp;&nbsp;&nbsp; (5880715)  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (64114) | &nbsp;&nbsp;&nbsp; 68832  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(58579929)** | &nbsp;&nbsp;&nbsp; **(27643023)** | &nbsp;&nbsp;&nbsp; **(16403457)** | &nbsp;&nbsp;&nbsp; **(34851792)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(60687118)** | &nbsp;&nbsp;&nbsp; **(22276215)** | &nbsp;&nbsp;&nbsp; **(25854137)** | &nbsp;&nbsp;&nbsp; **(2838228)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 134706212 | &nbsp;&nbsp;&nbsp; 156982427 | &nbsp;&nbsp;&nbsp; 399329335 | &nbsp;&nbsp;&nbsp; 402167563  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$74019094** | &nbsp;&nbsp;&nbsp; **$134706212** | &nbsp;&nbsp;&nbsp; **$373475198** | &nbsp;&nbsp;&nbsp; **$399329335** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **87**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Balanced Fund**  | **MassMutual**<br>**Balanced Fund**  |
|  | **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $692356 | &nbsp;&nbsp;&nbsp; $1430201  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4142048 | &nbsp;&nbsp;&nbsp; 6753262  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6526653) | &nbsp;&nbsp;&nbsp; 15701210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(1692249)** | &nbsp;&nbsp;&nbsp; **23884673**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (2560044) | &nbsp;&nbsp;&nbsp; (723616)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1444504) | &nbsp;&nbsp;&nbsp; (396171)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (555468) | &nbsp;&nbsp;&nbsp; (130066)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (32309) | &nbsp;&nbsp;&nbsp; (53892)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (331597) | &nbsp;&nbsp;&nbsp; (76162)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (753185) | &nbsp;&nbsp;&nbsp; (157071)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (745510) | &nbsp;&nbsp;&nbsp; (112924)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (7862) | &nbsp;&nbsp;&nbsp; (1775)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(6430479)** | &nbsp;&nbsp;&nbsp; **(1651677)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (2694877) | &nbsp;&nbsp;&nbsp; (5511108)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (2713542) | &nbsp;&nbsp;&nbsp; (6276565)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 178144 | &nbsp;&nbsp;&nbsp; (329955)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (405064) | &nbsp;&nbsp;&nbsp; (2698418)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2777074) | &nbsp;&nbsp;&nbsp; (770920)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (576739) | &nbsp;&nbsp;&nbsp; (1843172)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 176907 | &nbsp;&nbsp;&nbsp; 547814  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(8812245)** | &nbsp;&nbsp;&nbsp; **(16882324)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(16934973)** | &nbsp;&nbsp;&nbsp; **5350672**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 107618565 | &nbsp;&nbsp;&nbsp; 102267893  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$90683592** | &nbsp;&nbsp;&nbsp; **$107618565** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **88**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual**<br>**Disciplined Growth Fund** | **MassMutual**<br>**Disciplined Growth Fund** | **MassMutual**<br>**Small Cap Opportunities Fund**  | **MassMutual**<br>**Small Cap Opportunities Fund**  |
| **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024** | **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp;&nbsp; $(191308) | &nbsp;&nbsp;&nbsp; $(302341) | &nbsp;&nbsp;&nbsp; $1430894 | &nbsp;&nbsp;&nbsp; $1819808  |
| &nbsp;&nbsp;&nbsp; 14406445 | &nbsp;&nbsp;&nbsp; 29408099 | &nbsp;&nbsp;&nbsp; 20524900 | &nbsp;&nbsp;&nbsp; 34004294  |
| &nbsp;&nbsp;&nbsp; (21049134) | &nbsp;&nbsp;&nbsp; 36806565 | &nbsp;&nbsp;&nbsp; (47827584) | &nbsp;&nbsp;&nbsp; 55468546  |
| &nbsp;&nbsp;&nbsp; **(6833997)** | &nbsp;&nbsp;&nbsp; **65912323** | &nbsp;&nbsp;&nbsp; **(25871790)** | &nbsp;&nbsp;&nbsp; **91292648**  |
| &nbsp;&nbsp;&nbsp; (6624034) | &nbsp;&nbsp;&nbsp; (1615353) | &nbsp;&nbsp;&nbsp; (20081798) | &nbsp;&nbsp;&nbsp; (6676666)  |
| &nbsp;&nbsp;&nbsp; (17721101) | &nbsp;&nbsp;&nbsp; (3517567) | &nbsp;&nbsp;&nbsp; (9093763) | &nbsp;&nbsp;&nbsp; (5186500)  |
| &nbsp;&nbsp;&nbsp; (1543510) | &nbsp;&nbsp;&nbsp; (356459) | &nbsp;&nbsp;&nbsp; (794038) | &nbsp;&nbsp;&nbsp; (766370)  |
| &nbsp;&nbsp;&nbsp; (2773297) | &nbsp;&nbsp;&nbsp; (877160) | &nbsp;&nbsp;&nbsp; (1657323) | &nbsp;&nbsp;&nbsp; (1035678)  |
| &nbsp;&nbsp;&nbsp; (1339942) | &nbsp;&nbsp;&nbsp; (300501) | &nbsp;&nbsp;&nbsp; (1199731) | &nbsp;&nbsp;&nbsp; (720788)  |
| &nbsp;&nbsp;&nbsp; (1363385) | &nbsp;&nbsp;&nbsp; (402264) | &nbsp;&nbsp;&nbsp; (3407054) | &nbsp;&nbsp;&nbsp; (1811705)  |
| &nbsp;&nbsp;&nbsp; (1026627) | &nbsp;&nbsp;&nbsp; (219465) | &nbsp;&nbsp;&nbsp; (866595) | &nbsp;&nbsp;&nbsp; (406374)  |
| &nbsp;&nbsp;&nbsp; (26282) | &nbsp;&nbsp;&nbsp; (5349) | &nbsp;&nbsp;&nbsp; (120410) | &nbsp;&nbsp;&nbsp; (4792)  |
| &nbsp;&nbsp;&nbsp; **(32418178)** | &nbsp;&nbsp;&nbsp; **(7294118)** | &nbsp;&nbsp;&nbsp; **(37220712)** | &nbsp;&nbsp;&nbsp; **(16608873)**  |
| &nbsp;&nbsp;&nbsp; 4359838 | &nbsp;&nbsp;&nbsp; (5546394) | &nbsp;&nbsp;&nbsp; 45464842 | &nbsp;&nbsp;&nbsp; 59189534  |
| &nbsp;&nbsp;&nbsp; 16425469 | &nbsp;&nbsp;&nbsp; 1367440 | &nbsp;&nbsp;&nbsp; 3522064 | &nbsp;&nbsp;&nbsp; (16489541)  |
| &nbsp;&nbsp;&nbsp; 2065795 | &nbsp;&nbsp;&nbsp; (7056823) | &nbsp;&nbsp;&nbsp; (8514168) | &nbsp;&nbsp;&nbsp; (2139233)  |
| &nbsp;&nbsp;&nbsp; (6089163) | &nbsp;&nbsp;&nbsp; (5260335) | &nbsp;&nbsp;&nbsp; (6701247) | &nbsp;&nbsp;&nbsp; (3274170)  |
| &nbsp;&nbsp;&nbsp; 978163 | &nbsp;&nbsp;&nbsp; (938506) | &nbsp;&nbsp;&nbsp; 1955026 | &nbsp;&nbsp;&nbsp; (3807912)  |
| &nbsp;&nbsp;&nbsp; 198536 | &nbsp;&nbsp;&nbsp; (2743064) | &nbsp;&nbsp;&nbsp; (2374379) | &nbsp;&nbsp;&nbsp; (841795)  |
| &nbsp;&nbsp;&nbsp; 976200 | &nbsp;&nbsp;&nbsp; (502122) | &nbsp;&nbsp;&nbsp; 1096333 | &nbsp;&nbsp;&nbsp; 478485  |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 551460 | &nbsp;&nbsp;&nbsp; 967284  |
| &nbsp;&nbsp;&nbsp; **18914838** | &nbsp;&nbsp;&nbsp; **(20679804)** | &nbsp;&nbsp;&nbsp; **34999931** | &nbsp;&nbsp;&nbsp; **34082652**  |
| &nbsp;&nbsp;&nbsp; **(20337337)** | &nbsp;&nbsp;&nbsp; **37938401** | &nbsp;&nbsp;&nbsp; **(28092571)** | &nbsp;&nbsp;&nbsp; **108766427**  |
| &nbsp;&nbsp;&nbsp; 197173203 | &nbsp;&nbsp;&nbsp; 159234802 | &nbsp;&nbsp;&nbsp; 434869639 | &nbsp;&nbsp;&nbsp; 326103212  |
| &nbsp;&nbsp;&nbsp; **$176835866** | &nbsp;&nbsp;&nbsp; **$197173203** | &nbsp;&nbsp;&nbsp; **$406777068** | &nbsp;&nbsp;&nbsp; **$434869639** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **89**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Global Fund** | **MassMutual**<br>**Global Fund** |
|  | **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(498931) | &nbsp;&nbsp;&nbsp; $(566827)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 22791788 | &nbsp;&nbsp;&nbsp; 27714397  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (33554076) | &nbsp;&nbsp;&nbsp; 28065689  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(11261219)** | &nbsp;&nbsp;&nbsp; **55213259**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (6969440) | &nbsp;&nbsp;&nbsp; (12522119)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (6369324) | &nbsp;&nbsp;&nbsp; (11551942)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (521415) | &nbsp;&nbsp;&nbsp; (950873)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (6153831) | &nbsp;&nbsp;&nbsp; (11606738)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1423516) | &nbsp;&nbsp;&nbsp; (2340010)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1693982) | &nbsp;&nbsp;&nbsp; (2779676)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (1291023) | &nbsp;&nbsp;&nbsp; (1893964)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(24422531)** | &nbsp;&nbsp;&nbsp; **(43645322)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (4443183) | &nbsp;&nbsp;&nbsp; 3476953  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 1131920 | &nbsp;&nbsp;&nbsp; 2919396  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 274349 | &nbsp;&nbsp;&nbsp; 91559  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 53362 | &nbsp;&nbsp;&nbsp; (6605617)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 274234 | &nbsp;&nbsp;&nbsp; 343503  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 802600 | &nbsp;&nbsp;&nbsp; 1104000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 624950 | &nbsp;&nbsp;&nbsp; 1456707  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(1281768)** | &nbsp;&nbsp;&nbsp; **2786501**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(36965518)** | &nbsp;&nbsp;&nbsp; **14354438**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 188154273 | &nbsp;&nbsp;&nbsp; 173799835  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$151188755** | &nbsp;&nbsp;&nbsp; **$188154273** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **90**<br>|  |

---

------

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

---

| | |
|:---|:---|
| **MassMutual**<br>**International Equity Fund** | **MassMutual**<br>**International Equity Fund** |
| **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $154695 | &nbsp;&nbsp;&nbsp;&nbsp; $1601501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468256 | &nbsp;&nbsp;&nbsp;&nbsp; 3563471  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12098058) | &nbsp;&nbsp;&nbsp;&nbsp; 18074283  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(10475107)** | &nbsp;&nbsp;&nbsp;&nbsp; **23239255**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3150218) | &nbsp;&nbsp;&nbsp;&nbsp; (2460099)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1274578) | &nbsp;&nbsp;&nbsp;&nbsp; (972915)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (133182) | &nbsp;&nbsp;&nbsp;&nbsp; (95641)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67886) | &nbsp;&nbsp;&nbsp;&nbsp; (62526)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28435) | &nbsp;&nbsp;&nbsp;&nbsp; (18101)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (437127) | &nbsp;&nbsp;&nbsp;&nbsp; (312344)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106572) | &nbsp;&nbsp;&nbsp;&nbsp; (71282)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5140) | &nbsp;&nbsp;&nbsp;&nbsp; (3327)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(5203138)** | &nbsp;&nbsp;&nbsp;&nbsp; **(3996235)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44231600) | &nbsp;&nbsp;&nbsp;&nbsp; (9149308)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2545608) | &nbsp;&nbsp;&nbsp;&nbsp; (5432261)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203904 | &nbsp;&nbsp;&nbsp;&nbsp; (990872)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (386959) | &nbsp;&nbsp;&nbsp;&nbsp; (475126)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14712) | &nbsp;&nbsp;&nbsp;&nbsp; (1435)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (148024) | &nbsp;&nbsp;&nbsp;&nbsp; (1432620)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (216096) | &nbsp;&nbsp;&nbsp;&nbsp; (36174)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(47339095)** | &nbsp;&nbsp;&nbsp;&nbsp; **(17517796)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(63017340)** | &nbsp;&nbsp;&nbsp;&nbsp; **1725224**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120460566 | &nbsp;&nbsp;&nbsp;&nbsp; 118735342  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$57443226** | &nbsp;&nbsp;&nbsp;&nbsp; **$120460566** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **91**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual U.S. Government Money Market Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,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 R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$1.00** | $0.02<br> $0.00<sup>d</sup> | $0.02 | $(0.02) | $— | $(0.02) | **$1.00** | 2.03%<sup>b</sup> | $299372 | 0.53%<sup>a</sup> | 0.52%<sup>a</sup> | 4.02%<sup>a</sup> |
| 9/30/24 | 1.00 | 0.05<br> 0.00<sup>d</sup> | 0.05 | (0.05) |  | (0.05) | 1.00 | 4.96% | 173563 | 0.54% | 0.53% | 4.82%  |
| 9/30/23 | 1.00 | 0.04<br> 0.00<sup>d</sup> | 0.04 | (0.04) |  | (0.04) | 1.00 | 4.08% | 172108 | 0.61% | N/A | 3.95%  |
| 9/30/22 | 1.00 | 0.00<sup>d</sup> | 0.00<sup>d</sup> | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | 1.00 | 0.44% | 205328 | 0.54% | 0.27% | 0.39%  |
| 9/30/21 | 1.00 | (0.00)<sup>d</sup><br> 0.00<sup>d</sup> | 0.00<sup>d</sup> |  |  |  | 1.00 | 0.00%<sup>e</sup> | 235578 | 0.51% | 0.07% | 0.00%<sup>e</sup>  |
| 9/30/20 | 1.00 | 0.01<br> 0.00<sup>d</sup> | 0.01 | (0.01) |  | (0.01) | 1.00 | 0.56% | 277991 | 0.51% | 0.40% | 0.59% |

---

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%. |

---

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. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| 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>|
| **92**<br>|  |

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Short-Duration Bond 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** | | | **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**  | **Tax** <br>**return** <br>**of** <br>**capital** | <br>**Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | **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>**  | <br>**Net**<br>**investment**<br>**income** <br>(loss) to <br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.24** | $0.20 | $0.01 | $0.21 | $(0.19) | $— | $(0.19) | **$9.26** | 2.30%<sup>b</sup> | $52921 | 0.57%<sup>a</sup> | 0.46%<sup>a</sup> | 4.34%<sup>a</sup>  |
| 9/30/24 | 8.68 | 0.38 | 0.53 | 0.91 | (0.35) |  | (0.35) | 9.24 | 10.69% | 53625 | 0.59% | 0.44% | 4.21%  |
| 9/30/23 | 8.67 | 0.30 | 0.04<sup>aa</sup> | 0.34 | (0.33) | (0.00)<sup>d</sup> | (0.33) | 8.68 | 3.96% | 77614 | 0.70% | 0.46% | 3.47%  |
| 9/30/22 | 10.10 | 0.20 | (1.19) | (0.99) | (0.44) |  | (0.44) | 8.67 | (10.11%) | 131484 | 0.40% | 0.39% | 2.08%  |
| 9/30/21 | 10.09 | 0.24 | 0.22 | 0.46 | (0.45) |  | (0.45) | 10.10 | 4.69% | 211826 | 0.44% | N/A | 2.41%  |
| 9/30/20 | 10.31 | 0.34 | (0.21) | 0.13 | (0.35) |  | (0.35) | 10.09 | 1.26% | 189805 | 0.42% | N/A | 3.41%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.29** | $0.20 | $0.01 | $0.21 | $(0.19) | $— | $(0.19) | **$9.31** | 2.25%<sup>b</sup> | $13386 | 0.67%<sup>a</sup> | 0.56%<sup>a</sup> | 4.25%<sup>a</sup>  |
| 9/30/24 | 8.72 | 0.36 | 0.55 | 0.91 | (0.34) |  | (0.34) | 9.29 | 10.60% | 11547 | 0.69% | 0.61% | 4.03%  |
| 9/30/23 | 8.70 | 0.27 | 0.05<sup>aa</sup> | 0.32 | (0.30) | (0.00)<sup>d</sup> | (0.30) | 8.72 | 3.71% | 11359 | 0.82% | N/A | 3.09%  |
| 9/30/22 | 10.13 | 0.19 | (1.20) | (1.01) | (0.42) |  | (0.42) | 8.70 | (10.26%) | 30546 | 0.50% | N/A | 1.95%  |
| 9/30/21 | 10.12 | 0.24 | 0.21 | 0.45 | (0.44) |  | (0.44) | 10.13 | 4.56% | 66938 | 0.54% | N/A | 2.34%  |
| 9/30/20 | 10.34 | 0.33 | (0.21) | 0.12 | (0.34) |  | (0.34) | 10.12 | 1.15% | 110813 | 0.52% | N/A | 3.31%  |
| **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.22** | $0.19 | $0.01 | $0.20 | $(0.18) | $— | $(0.18) | **$9.24** | 2.20%<sup>b</sup> | $2006 | 0.77%<sup>a</sup> | 0.66%<sup>a</sup> | 4.14%<sup>a</sup>  |
| 9/30/24 | 8.65 | 0.35 | 0.55 | 0.90 | (0.33) |  | (0.33) | 9.22 | 10.55% | 2117 | 0.79% | 0.71% | 3.98%  |
| 9/30/23 | 8.65 | 0.26 | 0.03<sup>aa</sup> | 0.29 | (0.29) | (0.00)<sup>d</sup> | (0.29) | 8.65 | 3.37% | 3437 | 0.91% | N/A | 3.02%  |
| 9/30/22 | 10.06 | 0.17 | (1.18) | (1.01) | (0.40) |  | (0.40) | 8.65 | (10.30%) | 2981 | 0.62% | N/A | 1.82%  |
| 9/30/21 | 10.04 | 0.23 | 0.21 | 0.44 | (0.42) |  | (0.42) | 10.06 | 4.51% | 16282 | 0.64% | N/A | 2.25%  |
| 9/30/20 | 10.26 | 0.32 | (0.22) | 0.10 | (0.32) |  | (0.32) | 10.04 | 1.00% | 38559 | 0.62% | N/A | 3.19% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **Six Months Ended**<br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>| 21% | 34% | 16% | 20% | 72% | 37% |

---

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 December 13, 2021 (commencement of operations) through September 30, 2022.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| 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. |  |
|  | **93**<br>|

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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**  | **Tax** <br>**return** <br>**of** <br>**capital** | **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** |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.19** | $0.19 | $0.01 | $0.20 | $(0.18) | $— | $(0.18) | **$9.21** | 2.15%<sup>b</sup> | $12333 | 0.87%<sup>a</sup> | 0.76%<sup>a</sup> | 4.06%<sup>a</sup>  |
| 9/30/24 | 8.63 | 0.34 | 0.54 | 0.88 | (0.32) |  | (0.32) | 9.19 | 10.33% | 12116 | 0.89% | 0.81% | 3.86%  |
| 9/30/23 | 8.62 | 0.25 | 0.04<sup>aa</sup> | 0.29 | (0.28) | (0.00)<sup>d</sup> | (0.28) | 8.63 | 3.39% | 11719 | 1.01% | N/A | 2.96%  |
| 9/30/22 | 10.01 | 0.17 | (1.18) | (1.01) | (0.38) |  | (0.38) | 8.62 | (10.38%) | 10582 | 0.70% | N/A | 1.78%  |
| 9/30/21 | 10.00 | 0.21 | 0.22 | 0.43 | (0.42) |  | (0.42) | 10.01 | 4.40% | 16920 | 0.74% | N/A | 2.16%  |
| 9/30/20 | 10.22 | 0.31 | (0.21) | 0.10 | (0.32) |  | (0.32) | 10.00 | 0.94% | 27628 | 0.72% | N/A | 3.12%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.26** | $0.18 | $0.00<sup>d</sup> | $0.18 | $(0.17) | $— | $(0.17) | 9.27 | 1.96%<sup>b</sup> | $1702 | 1.02%<sup>a</sup> | 0.91%<sup>a</sup> | 3.87%<sup>a</sup>  |
| 9/30/24 | 8.69 | 0.34 | 0.54 | 0.88 | (0.31) |  | (0.31) | 9.26 | 10.24% | 8391 | 1.04% | 0.93% | 3.75%  |
| 9/30/23 | 8.69 | 0.23 | 0.04<sup>aa</sup> | 0.27 | (0.27) | (0.00)<sup>d</sup> | (0.27) | 8.69 | 3.11% | 3225 | 1.16% | N/A | 2.63%  |
| 9/30/22 | 10.07 | 0.15 | (1.18) | (1.03) | (0.35) |  | (0.35) | 8.69 | (10.46%) | 8688 | 0.85% | N/A | 1.63%  |
| 9/30/21 | 10.05 | 0.20 | 0.22 | 0.42 | (0.40) |  | (0.40) | 10.07 | 4.30% | 11743 | 0.89% | N/A | 1.97%  |
| 9/30/20 | 10.27 | 0.29 | (0.21) | 0.08 | (0.30) |  | (0.30) | 10.05 | 0.79% | 11525 | 0.87% | N/A | 2.96%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.15** | $0.17 | $0.02 | $0.19 | $(0.17) | $— | (0.17) | **$9.17** | 2.05%<sup>b</sup> | $5685 | 1.07%<sup>a</sup> | 0.96%<sup>a</sup> | 3.85%<sup>a</sup>  |
| 9/30/24 | 8.59 | 0.32 | 0.54 | 0.86 | (0.30) |  | (0.30) | 9.15 | 10.12% | 5960 | 1.11% | 1.02% | 3.63%  |
| 9/30/23 | 8.58 | 0.23 | 0.03<sup>aa</sup> | 0.26 | (0.25) | (0.00)<sup>d</sup> | (0.25) | 8.59 | 3.13% | 6055 | 1.26% | N/A | 2.65%  |
| 9/30/22 | 9.93 | 0.14 | (1.18) | (1.04) | (0.31) |  | (0.31) | 8.58 | (10.63%) | 7588 | 0.95% | N/A | 1.44%  |
| 9/30/21 | 9.92 | 0.19 | 0.21 | 0.40 | (0.39) |  | (0.39) | 9.93 | 4.15% | 36186 | 0.99% | N/A | 1.90%  |
| 9/30/20 | 10.14 | 0.28 | (0.21) | 0.07 | (0.29) |  | (0.29) | 9.92 | 0.71% | 41913 | 0.97% | N/A | 2.87%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.18** | $0.17 | $0.01 | $0.18 | $(0.16) |  | $(0.16) | **$9.20** | 1.95%<sup>b</sup> | $4892 | 1.27%<sup>a</sup> | 1.16%<sup>a</sup> | 3.64%<sup>a</sup>  |
| 9/30/24 | 8.62 | 0.30 | 0.54 | 0.84 | (0.28) |  | (0.28) | 9.18 | 9.90% | 5406 | 1.29% | 1.21% | 3.44%  |
| 9/30/23 | 8.61 | 0.21 | 0.04<sup>aa</sup> | 0.25 | (0.24) | (0.00)<sup>d</sup> | (0.24) | 8.62 | 2.98% | 6742 | 1.41% | N/A | 2.49%  |
| 9/30/22 | 9.99 | 0.13 | (1.19) | (1.06) | (0.32) |  | (0.32) | 8.61 | (10.80%) | 7665 | 1.10% | N/A | 1.37%  |
| 9/30/21 | 9.98 | 0.17 | 0.22 | 0.39 | (0.38) |  | (0.38) | 9.99 | 4.04% | 11652 | 1.14% | N/A | 1.70%  |
| 9/30/20 | 10.20 | 0.27 | (0.22) | 0.05 | (0.27) |  | (0.27) | 9.98 | 0.53% | 7737 | 1.12% | N/A | 2.72%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.25** | $0.20 | $0.01 | $0.21 | $(0.19) | $— | $(0.19) | **$9.27** | 2.28%<sup>b</sup> | $36671 | 0.67%<sup>a</sup> | 0.51%<sup>a</sup> | 4.29%<sup>a</sup>  |
| 9/30/24 | 8.69 | 0.37 | 0.54 | 0.91 | (0.35) |  | (0.35) | 9.25 | 10.65% | 35519 | 0.69% | 0.47% | 4.19%  |
| 9/30/23 | 8.68 | 0.30 | 0.04<sup>aa</sup> | 0.34 | (0.33) | (0.00)<sup>d</sup> | (0.33) | 8.69 | 3.96% | 46025 | 0.81% | 0.46% | 3.43%  |
| 9/30/22<sup>g</sup> | 9.86 | 0.15 | (1.09) | (0.94) | (0.24) |  | (0.24) | 8.68 | (9.66%)<sup>b</sup> | 222385 | 0.48%<sup>a</sup> | 0.40%<sup>a</sup> | 2.05%<sup>a</sup>  |
| **Class L** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.21** | $0.18 | $0.02 | $0.20 | $(0.18) |  | $(0.18) | **$9.23** | 2.15%<sup>b</sup> | $18529 | 0.87%<sup>a</sup> | 0.76%<sup>a</sup> | 4.04%<sup>a</sup>  |
| 9/30/24 | 8.65 | 0.35 | 0.53 | 0.88 | (0.32) |  | (0.32) | 9.21 | 10.41% | 21638 | 0.89% | 0.72% | 3.92%  |
| 9/30/23 | 8.64 | 0.28 | 0.03<sup>aa</sup> | 0.31 | (0.30) | (0.00)<sup>d</sup> | (0.30) | 8.65 | 3.70% | 45936 | 1.00% | 0.71% | 3.22%  |
| 9/30/22<sup>g</sup> | 9.82 | 0.14 | (1.10) | (0.96) | (0.22) |  | (0.22) | 8.64 | (9.87%)<sup>b</sup> | 76609 | 0.69%<sup>a</sup> | 0.65%<sup>a</sup> | 1.86%<sup>a</sup>  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.29** | $0.18 | $0.01 | $0.19 | $(0.17) | $— | $(0.17) | **$9.31** | 2.02%<sup>b</sup> | $677 | 1.12%<sup>a</sup> | 1.01%<sup>a</sup> | 3.79%<sup>a</sup> |
| 9/30/24 | 8.72 | 0.33 | 0.55 | 0.88 | (0.31) |  | (0.31) | 9.29 | 10.20% | 767 | 1.14% | 0.97% | 3.68%  |
| 9/30/23 | 8.71 | 0.26 | 0.04<sup>aa</sup> | 0.30 | (0.29) | (0.00)<sup>d</sup> | (0.29) | 8.72 | 3.44% | 871 | 1.26% | 0.96% | 2.95%  |
| 9/30/22<sup>g</sup> | 9.90 | 0.12 | (1.11) | (0.99) | (0.20) |  | (0.20) | 8.71 | (10.07%)<sup>b</sup> | 1097 | 0.94%<sup>a</sup> | 0.90%<sup>a</sup> | 1.64%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **94**<br>|  |

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>Mass</u><u>Mutual Inflation-Protected and Income 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>m,z</sup>** | <br>**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**<br>**(including**<br>**interest**<br>**expense)<sup>p,q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net** <br>**assets** <br>**after**<br>**expense**<br>**waivers**<br>**(including**<br>**interest**<br>**expense)<sup>j,p,q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets** <br>**after**<br>**expense**<br>**waivers**<br>**(excluding**<br>**interest**<br>**expense)<sup>j,q</sup>** | **Net**<br>**investment**<br>**income** <br>(loss) to <br>**average**<br>**daily net**<br>**assets**<br>**(including**<br>**interest**<br>**expense)<sup>p</sup>** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.53** | $0.20 | $(0.07) | $0.13 | $(0.18) | $— | $(0.18) | **$9.48** | 1.38%<sup>b</sup> | $141933 | 0.54%<sup>a</sup> | N/A | 0.49%<sup>a</sup> | 4.24%<sup>a</sup>  |
| 9/30/24 | 9.15 | 0.43 | 0.53 | 0.96 | (0.58) |  | (0.58) | 9.53 | 10.91% | 162467 | 0.53% | N/A | 0.51% | 4.63%  |
| 9/30/23 | 9.35 | 0.35 | (0.19) | 0.16 | (0.36) |  | (0.36) | 9.15 | 1.67% | 168966 | 0.51% | N/A | N/A | 3.74%  |
| 9/30/22 | 11.46 | 0.27 | (1.57) | (1.30) | (0.20) | (0.61) | (0.81) | 9.35 | (12.28%) | 169362 | 0.47% | N/A | N/A | 2.60%  |
| 9/30/21 | 11.40 | 0.19 | 0.48 | 0.67 | (0.12) | (0.49) | (0.61) | 11.46 | 6.12% | 187579 | 0.47% | 0.47%<sup>n</sup> | 0.47%<sup>n</sup> | 1.73%  |
| 9/30/20 | 10.59 | 0.20 | 0.83 | 1.03 | (0.22) |  | (0.22) | 11.40 | 9.93% | 176809 | 0.47% | 0.47%<sup>n</sup> | 0.47%<sup>n</sup> | 1.86%  |
| **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** | **Class R5** |
| 3/31/25<sup>r</sup>  | **$9.54** | $0.19 | $(0.08) | $0.11 | $(0.17) | $— | $(0.17) | **$9.48** | 1.23%<sup>b</sup> | $47318 | 0.64%<sup>a</sup> | N/A | 0.59%<sup>a</sup> | 4.16%<sup>a</sup>  |
| 9/30/24 | 9.15 | 0.42 | 0.54 | 0.96 | (0.57) |  | (0.57) | 9.54 | 10.89% | 47912 | 0.63% | N/A | 0.61% | 4.52%  |
| 9/30/23 | 9.35 | 0.34 | (0.19) | 0.15 | (0.35) |  | (0.35) | 9.15 | 1.56% | 49635 | 0.61% | N/A | N/A | 3.63%  |
| 9/30/22 | 11.47 | 0.25 | (1.57) | (1.32) | (0.19) | (0.61) | (0.80) | 9.35 | (12.44%) | 66136 | 0.57% | N/A | N/A | 2.40%  |
| 9/30/21 | 11.41 | 0.18 | 0.48 | 0.66 | (0.11) | (0.49) | (0.60) | 11.47 | 6.01% | 93318 | 0.57% | 0.57%<sup>n</sup> | 0.57%<sup>n</sup> | 1.63%  |
| 9/30/20 | 10.59 | 0.19 | 0.84 | 1.03 | (0.21) |  | (0.21) | 11.41 | 9.92% | 86369 | 0.57% | 0.57%<sup>n</sup> | 0.57%<sup>n</sup> | 1.75%  |
| **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**  | **Service Class**  |
| 3/31/25<sup>r</sup>  | **$9.51** | $0.19 | $(0.07) | $0.12 | $(0.17) | $— | $(0.17) | **$9.46** | 1.28%<sup>b</sup> | $13612 | 0.74%<sup>a</sup> | N/A | 0.69%<sup>a</sup> | 4.03%<sup>a</sup>  |
| 9/30/24 | 9.12 | 0.41 | 0.54 | 0.95 | (0.56) |  | (0.56) | 9.51 | 10.74% | 15952 | 0.72% | N/A | 0.71% | 4.44%  |
| 9/30/23 | 9.31 | 0.32 | (0.17) | 0.15 | (0.34) |  | (0.34) | 9.12 | 1.55% | 21436 | 0.71% | N/A | N/A | 3.48%  |
| 9/30/22 | 11.42 | 0.23 | (1.55) | (1.32) | (0.18) | (0.61) | (0.79) | 9.31 | (12.51%) | 31069 | 0.67% | N/A | N/A | 2.19%  |
| 9/30/21 | 11.37 | 0.17 | 0.47 | 0.64 | (0.10) | (0.49) | (0.59) | 11.42 | 5.84% | 55836 | 0.67% | 0.67%<sup>n</sup> | 0.67%<sup>n</sup> | 1.53%  |
| 9/30/20 | 10.55 | 0.18 | 0.84 | 1.02 | (0.20) |  | (0.20) | 11.37 | 9.82% | 54729 | 0.67% | 0.67%<sup>n</sup> | 0.67%<sup>n</sup> | 1.66% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>| 16% | 78% | 80% | 77% | 100% | 110% |

---

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.

n Expenses incurred during the period fell under the expense cap.

---

| | |
|:---|:---|
| p<br>| Interest expense incurred as a result of entering into reverse repurchase agreements and Treasury roll transactions is included in the Fund's net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements and Treasury roll transactions is included in interest income in the Statements of Operations.  |

---

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| 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. |  |
|  | **95**<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>**  | <br>**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** <br>**(including** <br>**interest** <br>**expense)<sup>p,q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers** <br>**(including** <br>**interest** <br>**expense)<sup>j,p,q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers** <br>**(excluding** <br>**interest** <br>**expense)<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets** <br>**(including** <br>**interest** <br>**expense)<sup>p</sup>**  |
| **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** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$9.65** | $0.19 | $(0.07) | $0.12 | $(0.17) | $— | $(0.17) | **$9.60** | 1.24%<sup>b</sup> | 4895 | 0.84%<sup>a</sup> | N/A | 0.79%<sup>a</sup> | 3.95%<sup>a</sup>  |
| 9/30/24 | 9.24 | 0.40 | 0.56 | 0.96 | (0.55) |  | (0.55) | 9.65 | 10.76% | 4953 | 0.82% | N/A | 0.81% | 4.32% |
| 9/30/23 | 9.43 | 0.33 | (0.19) | 0.14 | (0.33) |  | (0.33) | 9.24 | 1.40% | 6883 | 0.81% | N/A | N/A | 3.45%  |
| 9/30/22 | 11.55 | 0.23 | (1.58) | (1.35) | (0.16) | (0.61) | (0.77) | 9.43 | (12.59%) | 7759 | 0.77% | N/A | N/A | 2.15%  |
| 9/30/21 | 11.49 | 0.16 | 0.48 | 0.64 | (0.09) | (0.49) | (0.58) | 11.55 | 5.74% | 14073 | 0.77% | 0.77%<sup>n</sup> | 0.77%<sup>n</sup> | 1.42%  |
| 9/30/20 | 10.66 | 0.17 | 0.85 | 1.02 | (0.19) |  | (0.19) | 11.49 | 9.70% | 15288 | 0.77% | 0.77%<sup>n</sup> | 0.77%<sup>n</sup> | 1.56%  |
| **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** | **Class R4** |
| 3/31/25<sup>r</sup>  | **$9.30** | $0.17 | $(0.07) | $0.10 | $(0.15) | $— | $(0.15) | **$9.25** | 1.14%<sup>b</sup> | $1898 | 0.99%<sup>a</sup> | N/A | 0.94%<sup>a</sup> | 3.79%<sup>a</sup>  |
| 9/30/24 | 8.88 | 0.38 | 0.53 | 0.91 | (0.49) |  | (0.49) | 9.30 | 10.55% | 2120 | 0.97% | N/A | 0.96% | 4.19%  |
| 9/30/23 | 9.08 | 0.30 | (0.18) | 0.12 | (0.32) |  | (0.32) | 8.88 | 1.24% | 3557 | 0.96% | N/A | N/A | 3.26%  |
| 9/30/22 | 11.16 | 0.22 | (1.54) | (1.32) | (0.15) | (0.61) | (0.76) | 9.08 | (12.75%) | 4316 | 0.92% | N/A | N/A | 2.10%  |
| 9/30/21 | 11.12 | 0.14 | 0.47 | 0.61 | (0.08) | (0.49) | (0.57) | 11.16 | 5.65% | 5234 | 0.92% | 0.92%<sup>n</sup> | 0.92%<sup>n</sup> | 1.31%  |
| 9/30/20 | 10.33 | 0.15 | 0.82 | 0.97 | (0.18) |  | (0.18) | 11.12 | 9.51% | 4358 | 0.92% | 0.92%<sup>n</sup> | 0.92%<sup>n</sup> | 1.40%  |
| **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** | **Class A** |
| 3/31/25<sup>r</sup>  | **$9.39** | $0.17 | $(0.07) | $0.10 | $(0.15) | $— | $(0.15) | **$9.34** | 1.12%<sup>b</sup> | $8368 | 1.04%<sup>a</sup> | N/A | 0.99%<sup>a</sup> | 3.78%<sup>a</sup>  |
| 9/30/24 | 8.98 | 0.37 | 0.53 | 0.90 | (0.49) |  | (0.49) | 9.39 | 10.38% | 8349 | 1.04% | N/A | 1.03% | 4.10% |
| 9/30/23 | 9.17 | 0.29 | (0.18) | 0.11 | (0.30) |  | (0.30) | 8.98 | 1.15% | 7905 | 1.06% | N/A | N/A | 3.17%  |
| 9/30/22 | 11.23 | 0.20 | (1.54) | (1.34) | (0.11) | (0.61) | (0.72) | 9.17 | (12.81%) | 8860 | 1.02% | N/A | N/A | 1.94%  |
| 9/30/21 | 11.19 | 0.12 | 0.48 | 0.60 | (0.07) | (0.49) | (0.56) | 11.23 | 5.54% | 13244 | 1.02% | 1.02%<sup>n</sup> | 1.02%<sup>n</sup> | 1.12%  |
| 9/30/20 | 10.39 | 0.14 | 0.82 | 0.96 | (0.16) |  | (0.16) | 11.19 | 9.42% | 22018 | 1.02% | 1.02%<sup>n</sup> | 1.02%<sup>n</sup> | 1.30%  |
| **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** | **Class R3** |
| 3/31/25<sup>r</sup>  | **$9.33** | $0.16 | $(0.08) | $0.08 | $(0.14) | $— | $(0.14) | **$9.27** | 0.91%<sup>b</sup> | $2402 | 1.24%<sup>a</sup> | N/A | 1.19%<sup>a</sup> | 3.55%<sup>a</sup>  |
| 9/30/24 | 8.91 | 0.36 | 0.53 | 0.89 | (0.47) |  | (0.47) | 9.33 | 10.28% | 2243 | 1.23% | N/A | 1.21% | 3.92% |
| 9/30/23 | 9.09 | 0.27 | (0.17) | 0.10 | (0.28) |  | (0.28) | 8.91 | 1.07% | 2103 | 1.21% | N/A | N/A | 3.01%  |
| 9/30/22 | 11.17 | 0.19 | (1.54) | (1.35) | (0.12) | (0.61) | (0.73) | 9.09 | (12.98%) | 2414 | 1.17% | N/A | N/A | 1.89%  |
| 9/30/21 | 11.12 | 0.11 | 0.47 | 0.58 | (0.04) | (0.49) | (0.53) | 11.17 | 5.40% | 2940 | 1.17% | 1.17%<sup>n</sup> | 1.17%<sup>n</sup> | 1.02%  |
| 9/30/20 | 10.33 | 0.12 | 0.82 | 0.94 | (0.15) |  | (0.15) | 11.12 | 9.20% | 3256 | 1.17% | 1.17%<sup>n</sup> | 1.17%<sup>n</sup> | 1.16%  |
| **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** | **Class Y** |
| 3/31/25<sup>r</sup>  | **$9.55** | $0.19 | $(0.07) | $0.12 | $(0.17) | $— | $(0.17) | **$9.50** | 1.33%<sup>b</sup> | $106 | 0.64%<sup>a</sup> | N/A | 0.59%<sup>a</sup> | 4.16%<sup>a</sup>  |
| 9/30/24 | 9.16 | 0.42 | 0.54 | 0.96 | (0.57) |  | (0.57) | 9.55 | 10.84% | 103 | 0.63% | N/A | 0.61% | 4.53% |
| 9/30/23<sup>g</sup> | 9.33 | 0.26 | (0.43) | (0.17) |  |  |  | 9.16 | (1.82%)<sup>b</sup> | 98 | 0.61%<sup>a</sup> | N/A | N/A | 4.16%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **96**<br>|  |

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Core Bond 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,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>** | <br>**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 (loss)** <br>**to 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** |
| 3/31/25<sup>r</sup>  | **$9.30** | $0.21 | $(0.19) | $0.02 | $(0.21) | $— | $(0.21) | **$9.11** | 0.25%<sup>b</sup> | $552823 | 0.47%<sup>a</sup> | 0.40%<sup>a</sup> | 4.72%<sup>a</sup>  |
| 9/30/24 | 8.84 | 0.43 | 0.76 | 1.19 | (0.73) |  | (0.73) | 9.30 | 14.13% | 758457 | 0.45% | 0.43% | 4.85% |
| 9/30/23 | 9.10 | 0.41 | (0.32) | 0.09 | (0.35) |  | (0.35) | 8.84 | 0.92% | 492575 | 0.45% | N/A | 4.53%  |
| 9/30/22 | 11.33 | 0.27 | (2.07) | (1.80) | (0.26) | (0.17) | (0.43) | 9.10 | (16.47%) | 485216 | 0.42% | N/A | 2.62%  |
| 9/30/21 | 11.64 | 0.27 | 0.11 | 0.38 | (0.43) | (0.26) | (0.69) | 11.33 | 3.31% | 679036 | 0.42% | N/A | 2.39%  |
| 9/30/20 | 11.33 | 0.37 | 0.32 | 0.69 | (0.38) |  | (0.38) | 11.64 | 6.28% | 786360 | 0.42% | N/A | 3.27%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$9.34** | $0.21 | $(0.19) | $0.02 | $(0.21) | $— | $(0.21) | **$9.15** | 0.21%<sup>b</sup> | $134651 | 0.57%<sup>a</sup> | 0.49%<sup>a</sup> | 4.67%<sup>a</sup>  |
| 9/30/24 | 8.88 | 0.43 | 0.75 | 1.18 | (0.72) |  | (0.72) | 9.34 | 13.93% | 145071 | 0.55% | 0.53% | 4.75% |
| 9/30/23 | 9.13 | 0.40 | (0.31) | 0.09 | (0.34) |  | (0.34) | 8.88 | 0.91% | 92389 | 0.55% | N/A | 4.41%  |
| 9/30/22 | 11.37 | 0.25 | (2.07) | (1.82) | (0.25) | (0.17) | (0.42) | 9.13 | (16.60%) | 135050 | 0.52% | N/A | 2.43%  |
| 9/30/21 | 11.68 | 0.26 | 0.11 | 0.37 | (0.42) | (0.26) | (0.68) | 11.37 | 3.19% | 306648 | 0.52% | N/A | 2.29%  |
| 9/30/20 | 11.37 | 0.36 | 0.32 | 0.68 | (0.37) |  | (0.37) | 11.68 | 6.16% | 316359 | 0.52% | N/A | 3.17%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$9.29** | $0.21 | $(0.20) | $0.01 | $(0.20) | $— | $(0.20) | **$9.10** | 0.15%<sup>b</sup> | $32128 | 0.67%<sup>a</sup> | 0.59%<sup>a</sup> | 4.57%<sup>a</sup>  |
| 9/30/24 | 8.82 | 0.42 | 0.76 | 1.18 | (0.71) |  | (0.71) | 9.29 | 13.95% | 36028 | 0.65% | 0.63% | 4.66% |
| 9/30/23 | 9.07 | 0.39 | (0.31) | 0.08 | (0.33) |  | (0.33) | 8.82 | 0.81% | 29605 | 0.65% | N/A | 4.31%  |
| 9/30/22 | 11.30 | 0.25 | (2.07) | (1.82) | (0.24) | (0.17) | (0.41) | 9.07 | (16.72%) | 36797 | 0.62% | N/A | 2.40%  |
| 9/30/21 | 11.60 | 0.25 | 0.10 | 0.35 | (0.39) | (0.26) | (0.65) | 11.30 | 3.11% | 58047 | 0.62% | N/A | 2.19%  |
| 9/30/20 | 11.29 | 0.35 | 0.31 | 0.66 | (0.35) |  | (0.35) | 11.60 | 6.06% | 83876 | 0.62% | N/A | 3.08% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>116%<sup>t</sup> | 248% | 206% | 239% | 256% | 231% |

---

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.

r Unaudited.

---

| | |
|:---|:---|
| t<br>| Portfolio turnover rate excluding TBA transactions for the period ended March 31, 2025 was 51%. |

---

---

| | |
|:---|:---|
| 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. |  |
|  | **97**<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,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>** | <br>**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 (loss)** <br>**to 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**  |
| 3/31/25<sup>r</sup>  | **$9.20** | $0.20 | $(0.20) | $0.00<sup>d</sup> | $(0.19) | $— | $(0.19) | **$9.01** | 0.08%<sup>b</sup> | $29575 | 0.77%<sup>a</sup> | 0.70%<sup>a</sup> | 4.45%<sup>a</sup>  |
| 9/30/24 | 8.74 | 0.40 | 0.76 | 1.16 | (0.70) |  | (0.70) | 9.20 | 13.82% | 37304 | 0.75% | 0.73% | 4.55% |
| 9/30/23 | 8.99 | 0.38 | (0.31) | 0.07 | (0.32) |  | (0.32) | 8.74 | 0.70% | 30750 | 0.75% | N/A | 4.22%  |
| 9/30/22 | 11.19 | 0.24 | (2.05) | (1.81) | (0.22) | (0.17) | (0.39) | 8.99 | (16.75%) | 35207 | 0.72% | N/A | 2.30%  |
| 9/30/21 | 11.51 | 0.24 | 0.10 | 0.34 | (0.40) | (0.26) | (0.66) | 11.19 | 2.97% | 55178 | 0.72% | N/A | 2.11%  |
| 9/30/20 | 11.21 | 0.33 | 0.32 | 0.65 | (0.35) |  | (0.35) | 11.51 | 5.94% | 76597 | 0.72% | N/A | 2.97%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$9.10** | $0.19 | $(0.18) | $0.01 | $(0.19) | $— | $(0.19) | **$8.92** | 0.09%<sup>b</sup> | $11664 | 0.92%<sup>a</sup> | 0.85%<sup>a</sup> | 4.28%<sup>a</sup>  |
| 9/30/24 | 8.62 | 0.37 | 0.76 | 1.13 | (0.65) |  | (0.65) | 9.10 | 13.63% | 19865 | 0.90% | 0.88% | 4.35% |
| 9/30/23 | 8.84 | 0.36 | (0.30) | 0.06 | (0.28) |  | (0.28) | 8.62 | 0.57% | 1420 | 0.90% | N/A | 4.05%  |
| 9/30/22 | 11.01 | 0.20 | (2.00) | (1.80) | (0.20) | (0.17) | (0.37) | 8.84 | (16.92%) | 2295 | 0.87% | N/A | 1.99%  |
| 9/30/21 | 11.33 | 0.21 | 0.10 | 0.31 | (0.37) | (0.26) | (0.63) | 11.01 | 2.82% | 8557 | 0.87% | N/A | 1.95%  |
| 9/30/20 | 11.04 | 0.31 | 0.31 | 0.62 | (0.33) |  | (0.33) | 11.33 | 5.80% | 10444 | 0.87% | N/A | 2.80%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$9.15** | $0.19 | $(0.19) | $0.00<sup>d</sup> | $(0.19) | $— | $(0.19) | **$8.96** | (0.03%)<sup>b</sup> | $28049 | 0.97%<sup>a</sup> | 0.89%<sup>a</sup> | 4.27%<sup>a</sup>  |
| 9/30/24 | 8.66 | 0.38 | 0.75 | 1.13 | (0.64) |  | (0.64) | 9.15 | 13.57% | 30138 | 0.97% | 0.95% | 4.34% |
| 9/30/23 | 8.91 | 0.35 | (0.31) | 0.04 | (0.29) |  | (0.29) | 8.66 | 0.34% | 21761 | 1.00% | N/A | 3.97%  |
| 9/30/22 | 11.09 | 0.20 | (2.01) | (1.81) | (0.20) | (0.17) | (0.37) | 8.91 | (16.91%) | 23746 | 0.97% | N/A | 1.97%  |
| 9/30/21 | 11.40 | 0.21 | 0.09 | 0.30 | (0.35) | (0.26) | (0.61) | 11.09 | 2.70% | 57351 | 0.97% | N/A | 1.83%  |
| 9/30/20 | 11.10 | 0.30 | 0.32 | 0.62 | (0.32) |  | (0.32) | 11.40 | 5.70% | 58572 | 0.97% | N/A | 2.72%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$9.52** | $0.19 | $(0.20) | $(0.01) | $(0.18) | $— | $(0.18) | **$9.33** | (0.05%)<sup>b</sup> | $4219 | 1.17%<sup>a</sup> | 1.09%<sup>a</sup> | 4.08%<sup>a</sup>  |
| 9/30/24 | 8.94 | 0.35 | 0.86 | 1.21 | (0.63) |  | (0.63) | 9.52 | 14.06% | 4126 | 1.15% | 1.13% | 4.06%  |
| 9/30/23 | 9.18 | 0.35 | (0.32) | 0.03 | (0.27) |  | (0.27) | 8.94 | 0.23% | 169 | 1.15% | N/A | 3.81%  |
| 9/30/22 | 11.34 | 0.20 | (2.09) | (1.89) | (0.10) | (0.17) | (0.27) | 9.18 | (17.05%) | 177 | 1.12% | N/A | 1.88%  |
| 9/30/21 | 11.63 | 0.19 | 0.10 | 0.29 | (0.32) | (0.26) | (0.58) | 11.34 | 2.54% | 352 | 1.12% | N/A | 1.70%  |
| 9/30/20 | 11.34 | 0.29 | 0.32 | 0.61 | (0.32) |  | (0.32) | 11.63 | 5.54% | 867 | 1.12% | N/A | 2.57%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$9.34** | $0.21 | $(0.19) | $0.02 | $(0.21) | $— | $(0.21) | **$9.15** | 0.21%<sup>b</sup> | $5729 | 0.57%<sup>a</sup> | 0.49%<sup>a</sup> | 4.69%<sup>a</sup>  |
| 9/30/24 | 8.87 | 0.44 | 0.75 | 1.19 | (0.72) |  | (0.72) | 9.34 | 14.03% | 4119 | 0.55% | 0.53% | 4.78%  |
| 9/30/23<sup>g</sup> | 9.33 | 0.28 | (0.74) | (0.46) |  |  |  | 8.87 | (4.93%)<sup>b</sup> | 95 | 0.55%<sup>a</sup> | N/A | 4.59%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **98**<br>|  |

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Diversified Bond 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,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>** | <br>**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** |
| 3/31/25<sup>r</sup>  | **$9.10** | $0.21 | $(0.15) | $0.06 | $(0.20) | $— | $(0.20) | **$8.96** | 0.71%<sup>b</sup> | $46095 | 0.66%<sup>a</sup> | 0.59%<sup>a</sup> | 4.67%<sup>a</sup>  |
| 9/30/24 | 8.68 | 0.43 | 0.74 | 1.17 | (0.75) |  | (0.75) | 9.10 | 14.13% | 52500 | 0.66% | 0.64% | 4.85% |
| 9/30/23 | 8.93 | 0.41 | (0.30) | 0.11 | (0.36) |  | (0.36) | 8.68 | 1.13% | 76296 | 0.61% | N/A | 4.65%  |
| 9/30/22 | 11.33 | 0.31 | (2.27) | (1.96) | (0.30) | (0.14) | (0.44) | 8.93 | (18.00%) | 75455 | 0.54% | N/A | 3.07%  |
| 9/30/21 | 11.51 | 0.32 | 0.33 | 0.65 | (0.46) | (0.37) | (0.83) | 11.33 | 5.89% | 111411 | 0.52% | N/A | 2.85%  |
| 9/30/20 | 11.28 | 0.39 | 0.20 | 0.59 | (0.36) | (0.00)<sup>d</sup> | (0.36) | 11.51 | 5.43% | 97183 | 0.51% | N/A | 3.54%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$8.21** | $0.18 | $(0.13) | $0.05 | $(0.18) | $— | $(0.18) | **$8.08** | 0.61%<sup>b</sup> | $15279 | 0.76%<sup>a</sup> | 0.69%<sup>a</sup> | 4.58%<sup>a</sup>  |
| 9/30/24 | 7.87 | 0.38 | 0.67 | 1.05 | (0.71) |  | (0.71) | 8.21 | 14.03% | 67568 | 0.76% | 0.74% | 4.75%  |
| 9/30/23 | 8.13 | 0.37 | (0.28) | 0.09 | (0.35) |  | (0.35) | 7.87 | 1.00% | 61990 | 0.71% | N/A | 4.55%  |
| 9/30/22 | 10.35 | 0.28 | (2.07) | (1.79) | (0.29) | (0.14) | (0.43) | 8.13 | (18.05%) | 57774 | 0.64% | N/A | 2.99%  |
| 9/30/21 | 10.58 | 0.28 | 0.31 | 0.59 | (0.45) | (0.37) | (0.82) | 10.35 | 5.79% | 80079 | 0.62% | N/A | 2.75%  |
| 9/30/20 | 10.40 | 0.35 | 0.18 | 0.53 | (0.35) | (0.00)<sup>d</sup> | (0.35) | 10.58 | 5.30% | 78289 | 0.61% | N/A | 3.46%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$8.37** | $0.18 | $(0.13) | $0.05 | $(0.18) | $— | $(0.18) | **$8.24** | 0.59%<sup>b</sup> | $3807 | 0.86%<sup>a</sup> | 0.79%<sup>a</sup> | 4.48%<sup>a</sup>  |
| 9/30/24 | 8.00 | 0.38 | 0.69 | 1.07 | (0.70) |  | (0.70) | 8.37 | 14.09% | 3629 | 0.86% | 0.84% | 4.65%  |
| 9/30/23 | 8.27 | 0.37 | (0.30) | 0.07 | (0.34) |  | (0.34) | 8.00 | 0.73% | 3836 | 0.81% | N/A | 4.44%  |
| 9/30/22 | 10.51 | 0.27 | (2.10) | (1.83) | (0.27) | (0.14) | (0.41) | 8.27 | (18.11%) | 4963 | 0.74% | N/A | 2.81%  |
| 9/30/21 | 10.73 | 0.28 | 0.31 | 0.59 | (0.44) | (0.37) | (0.81) | 10.51 | 5.71% | 11853 | 0.72% | N/A | 2.66%  |
| 9/30/20 | 10.54 | 0.35 | 0.18 | 0.53 | (0.34) | (0.00)<sup>d</sup> | (0.34) | 10.73 | 5.20% | 12067 | 0.71% | N/A | 3.36% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>193%<sup>t</sup> | 153% | 107% | 198% | 192% | 186% |

---

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.

r Unaudited.

---

| | |
|:---|:---|
| t<br>| Portfolio turnover rate excluding TBA transactions for the period ended March 31, 2025 was 126%. |

---

---

| | |
|:---|:---|
| 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. |  |
|  | **99**<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,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>,m,z</sup>** | <br>**Net** <br>**assets,** <br>**end** <br>**of 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** |
| 3/31/25<sup>r</sup>  | **$8.36** | $0.18 | $(0.14) | $0.04 | $(0.17) | $— | $(0.17) | **$8.23** | 0.54%<sup>b</sup> | $3047 | 0.96%<sup>a</sup> | 0.89%<sup>a</sup> | 4.36%<sup>a</sup>  |
| 9/30/24 | 7.99 | 0.37 | 0.68 | 1.05 | (0.68) |  | (0.68) | 8.36 | 13.87% | 3901 | 0.96% | 0.94% | 4.54% |
| 9/30/23 | 8.25 | 0.35 | (0.28) | 0.07 | (0.33) |  | (0.33) | 7.99 | 0.76% | 4797 | 0.91% | N/A | 4.31%  |
| 9/30/22 | 10.49 | 0.26 | (2.10) | (1.84) | (0.26) | (0.14) | (0.40) | 8.25 | (18.21%) | 8149 | 0.84% | N/A | 2.76%  |
| 9/30/21 | 10.71 | 0.27 | 0.30 | 0.57 | (0.42) | (0.37) | (0.79) | 10.49 | 5.52% | 12621 | 0.82% | N/A | 2.57%  |
| 9/30/20 | 10.52 | 0.34 | 0.18 | 0.52 | (0.33) | (0.00)<sup>d</sup> | (0.33) | 10.71 | 5.10% | 17108 | 0.81% | N/A | 3.25%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$8.24** | $0.17 | $(0.14) | $0.03 | $(0.16) | $— | $(0.16) | **$8.11** | 0.44%<sup>b</sup> | $1522 | 1.11%<sup>a</sup> | 1.04%<sup>a</sup> | 4.19%<sup>a</sup>  |
| 9/30/24 | 7.86 | 0.35 | 0.69 | 1.04 | (0.66) |  | (0.66) | 8.24 | 13.84% | 2254 | 1.11% | 1.09% | 4.39%  |
| 9/30/23 | 8.12 | 0.34 | (0.28) | 0.06 | (0.32) |  | (0.32) | 7.86 | 0.64% | 4395 | 1.06% | N/A | 4.20%  |
| 9/30/22 | 10.33 | 0.25 | (2.08) | (1.83) | (0.24) | (0.14) | (0.38) | 8.12 | (18.37%) | 3754 | 0.99% | N/A | 2.63%  |
| 9/30/21 | 10.57 | 0.25 | 0.29 | 0.54 | (0.41) | (0.37) | (0.78) | 10.33 | 5.35% | 5253 | 0.97% | N/A | 2.42%  |
| 9/30/20 | 10.38 | 0.32 | 0.19 | 0.51 | (0.32) | (0.00)<sup>d</sup> | (0.32) | 10.57 | 5.05% | 6233 | 0.96% | N/A | 3.10%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$8.41** | $0.17 | $(0.13) | $0.04 | $(0.17) | $— | $(0.17) | **$8.28** | 0.45%<sup>b</sup> | $3268 | 1.16%<sup>a</sup> | 1.09%<sup>a</sup> | 4.17%<sup>a</sup>  |
| 9/30/24 | 8.01 | 0.35 | 0.70 | 1.05 | (0.65) |  | (0.65) | 8.41 | 13.69% | 3673 | 1.18% | 1.16% | 4.32%  |
| 9/30/23 | 8.26 | 0.34 | (0.29) | 0.05 | (0.30) |  | (0.30) | 8.01 | 0.54% | 4468 | 1.16% | N/A | 4.09%  |
| 9/30/22 | 10.49 | 0.24 | (2.10) | (1.86) | (0.23) | (0.14) | (0.37) | 8.26 | (18.40%) | 5106 | 1.09% | N/A | 2.46%  |
| 9/30/21 | 10.69 | 0.24 | 0.30 | 0.54 | (0.37) | (0.37) | (0.74) | 10.49 | 5.23% | 9381 | 1.07% | N/A | 2.33%  |
| 9/30/20 | 10.48 | 0.31 | 0.20 | 0.51 | (0.30) | (0.00)<sup>d</sup> | (0.30) | 10.69 | 4.96% | 14756 | 1.06% | N/A | 2.99%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$8.34** | $0.16 | $(0.13) | $0.03 | $(0.16) | $— | $(0.16) | **$8.21** | 0.34%<sup>b</sup> | $904 | 1.36%<sup>a</sup> | 1.29%<sup>a</sup> | 3.97%<sup>a</sup>  |
| 9/30/24 | 7.93 | 0.33 | 0.69 | 1.02 | (0.61) |  | (0.61) | 8.34 | 13.50% | 1082 | 1.36% | 1.34% | 4.14% |
| 9/30/23 | 8.20 | 0.32 | (0.29) | 0.03 | (0.30) |  | (0.30) | 7.93 | 0.29% | 1106 | 1.31% | N/A | 3.94%  |
| 9/30/22 | 10.30 | 0.22 | (2.08) | (1.86) | (0.10) | (0.14) | (0.24) | 8.20 | (18.45%) | 1347 | 1.24% | N/A | 2.35%  |
| 9/30/21 | 10.53 | 0.22 | 0.30 | 0.52 | (0.38) | (0.37) | (0.75) | 10.30 | 5.14% | 3255 | 1.22% | N/A | 2.16%  |
| 9/30/20 | 10.34 | 0.29 | 0.17 | 0.46 | (0.27) | (0.00)<sup>d</sup> | (0.27) | 10.53 | 4.61% | 3881 | 1.21% | N/A | 2.85%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$8.22** | $0.18 | $(0.13) | $0.05 | $(0.18) | $— | $(0.18) | **$8.09** | 0.61%<sup>b</sup> | $97 | 0.76%<sup>a</sup> | 0.69%<sup>a</sup> | 4.57%<sup>a</sup>  |
| 9/30/24 | 7.87 | 0.38 | 0.67 | 1.05 | (0.70) |  | (0.70) | 8.22 | 14.11% | 99 | 0.76% | 0.74% | 4.75% |
| 9/30/23<sup>g</sup> | 8.30 | 0.25 | (0.68) | (0.43) |  |  |  | 7.87 | (5.18%)<sup>b</sup> | 95 | 0.71%<sup>a</sup> | N/A | 4.63%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **100**<br>|  |

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual High Yield 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** | | | | **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**  | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | <br>**Net**<br>**assets,**<br>**end**<br>**of 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** |
| 3/31/25<sup>r</sup>  | **$8.16** | $0.29 | $(0.19) | $0.10 | $(0.29) | $(0.29) | **$7.97** | 1.25%<sup>b</sup> | $227504 | 0.60%<sup>a</sup> | 0.54%<sup>a</sup> | 7.20%<sup>a</sup>  |
| 9/30/24 | 7.53 | 0.56 | 0.63 | 1.19  | (0.56) | (0.56) | 8.16 | 16.35% | 253130 | 0.60% | 0.56% | 7.15%  |
| 9/30/23 | 7.28 | 0.49 | 0.25 | 0.74 | (0.49) | (0.49) | 7.53 | 10.39% | 259513 | 0.68% | N/A | 6.47%  |
| 9/30/22 | 9.34 | 0.47 | (1.64) | (1.17) | (0.89) | (0.89) | 7.28 | (13.59%) | 228970 | 0.55% | N/A | 5.61%  |
| 9/30/21 | 8.63 | 0.49 | 0.70 | 1.19 | (0.48) | (0.48) | 9.34 | 14.20% | 351942 | 0.54% | N/A | 5.50%  |
| 9/30/20 | 9.21 | 0.50 | (0.52) | (0.02) | (0.56) | (0.56) | 8.63 | (0.28%) | 375807 | 0.53% | N/A | 5.79%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$8.22** | $0.29 | $(0.20) | $0.09 | $(0.29) | $(0.29) | **$8.02** | 1.10%<sup>b</sup> | $37028 | 0.70%<sup>a</sup> | 0.64%<sup>a</sup> | 7.12%<sup>a</sup>  |
| 9/30/24 | 7.58 | 0.56 | 0.64 | 1.20 | (0.56) | (0.56) | 8.22 | 16.31% | 38879 | 0.70% | 0.66% | 7.06%  |
| 9/30/23 | 7.33 | 0.49 | 0.25 | 0.74 | (0.49) | (0.49) | 7.58 | 10.26% | 32778 | 0.78% | N/A | 6.37%  |
| 9/30/22 | 9.40 | 0.47 | (1.66) | (1.19) | (0.88) | (0.88) | 7.33 | (13.74%) | 34164 | 0.65% | N/A | 5.52%  |
| 9/30/21 | 8.68 | 0.49 | 0.70 | 1.19 | (0.47) | (0.47) | 9.40 | 14.13% | 46518 | 0.64% | N/A | 5.39%  |
| 9/30/20 | 9.25 | 0.49 | (0.51) | (0.02) | (0.55) | (0.55) | 8.68 | (0.28%) | 49116 | 0.63% | N/A | 5.69%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |  |
| 3/31/25<sup>r</sup>  | **$8.22** | $0.29 | $(0.19) | $0.10 | $(0.29) | $(0.29) | **$8.03** | 1.17%<sup>b</sup> | $18141 | 0.80%<sup>a</sup> | 0.74%<sup>a</sup> | 7.03%<sup>a</sup>  |
| 9/30/24 | 7.58 | 0.55 | 0.64 | 1.19 | (0.55) | (0.55) | 8.22 | 16.20% | 18905 | 0.80% | 0.76% | 6.94%  |
| 9/30/23 | 7.33 | 0.48 | 0.25 | 0.73 | (0.48) | (0.48) | 7.58 | 10.15% | 20937 | 0.88% | N/A | 6.26% |
| 9/30/22 | 9.39 | 0.46 | (1.66) | (1.20) | (0.86) | (0.86) | 7.33 | (13.81%) | 22158 | 0.75% | N/A | 5.44%  |
| 9/30/21 | 8.67 | 0.48 | 0.70 | 1.18 | (0.46) | (0.46) | 9.39 | 14.00% | 29097 | 0.74% | N/A | 5.31%  |
| 9/30/20 | 9.25 | 0.48 | (0.52) | (0.04) | (0.54) | (0.54) | 8.67 | (0.48%) | 33897 | 0.73% | N/A | 5.58% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>| 55% | 69% | 38% | 53% | 68% | 79% |

---

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 December 13, 2021 (commencement of operations) through September 30, 2022.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| 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. |  |
|  | **101**<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** | | | | **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** | **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>** | <br>**Net**<br>**assets,**<br>**end**<br>**of 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**  |
| 3/31/25<sup>r</sup>  | **$8.08** | $0.28 | $(0.20) | $0.08 | $(0.28) | $(0.28) | **$7.88** | 0.95%<sup>b</sup> | $10413 | 0.90%<sup>a</sup> | 0.84%<sup>a</sup> | 6.91%<sup>a</sup>  |
| 9/30/24 | 7.45 | 0.53 | 0.63 | 1.16 | (0.53) | (0.53) | 8.08 | 16.10% | 12023 | 0.90% | 0.86% | 6.85% |
| 9/30/23 | 7.20 | 0.46 | 0.26 | 0.72 | (0.47) | (0.47) | 7.45 | 10.10% | 12382 | 0.98% | N/A | 6.17%  |
| 9/30/22 | 9.22 | 0.44 | (1.62) | (1.18) | (0.84) | (0.84) | 7.20 | (13.85%) | 12693 | 0.85% | N/A | 5.28%  |
| 9/30/21 | 8.53 | 0.46 | 0.68 | 1.14 | (0.45) | (0.45) | 9.22 | 13.79% | 23211 | 0.84% | N/A | 5.20%  |
| 9/30/20 | 9.10 | 0.47 | (0.51) | (0.04) | (0.53) | (0.53) | 8.53 | (0.55%) | 23549 | 0.83% | N/A | 5.49%  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$7.94** | $0.27 | $(0.20) | $0.07 | $(0.27) | $(0.27) | **$7.74** | 0.83%<sup>b</sup> | $13764 | 1.05%<sup>a</sup> | 0.99%<sup>a</sup> | 6.77%<sup>a</sup>  |
| 9/30/24 | 7.32 | 0.51 | 0.62 | 1.13 | (0.51) | (0.51) | 7.94 | 15.94% | 16488 | 1.05% | 1.01% | 6.70%  |
| 9/30/23 | 7.07 | 0.44 | 0.26 | 0.70 | (0.45) | (0.45) | 7.32 | 10.01% | 16984 | 1.13% | N/A | 6.00%  |
| 9/30/22 | 9.06 | 0.42 | (1.60) | (1.18) | (0.81) | (0.81) | 7.07 | (14.05%) | 30615 | 1.00% | N/A | 5.19%  |
| 9/30/21 | 8.38 | 0.44 | 0.68 | 1.12 | (0.44) | (0.44) | 9.06 | 13.73% | 39125 | 0.99% | N/A | 5.05%  |
| 9/30/20 | 8.97 | 0.45 | (0.51) | (0.06) | (0.53) | (0.53) | 8.38 | (0.75%) | 40160 | 0.98% | N/A | 5.34%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$8.07** | $0.27 | $(0.19) | $0.08 | $(0.27) | $(0.27) | **$7.88** | 0.97%<sup>b</sup> | $6448 | 1.10%<sup>a</sup> | 1.04%<sup>a</sup> | 6.73%<sup>a</sup>  |
| 9/30/24 | 7.44 | 0.51 | 0.63 | 1.14 | (0.51) | (0.51) | 8.07 | 15.86% | 6745 | 1.12% | 1.08% | 6.63%  |
| 9/30/23 | 7.20 | 0.44 | 0.25 | 0.69 | (0.45) | (0.45) | 7.44 | 9.68% | 7116 | 1.23% | N/A | 5.91%  |
| 9/30/22 | 9.19 | 0.42 | (1.63) | (1.21) | (0.78) | (0.78) | 7.20 | (14.10%) | 8335 | 1.10% | N/A | 5.06%  |
| 9/30/21 | 8.49 | 0.44 | 0.69 | 1.13 | (0.43) | (0.43) | 9.19 | 13.65% | 13444 | 1.09% | N/A | 4.97%  |
| 9/30/20 | 9.07 | 0.44 | (0.50) | (0.06) | (0.52) | (0.52) | 8.49 | (0.81%) | 24556 | 1.08% | N/A | 5.24%  |
| **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  |  |
| 3/31/25<sup>r</sup>  | **$8.18** | $0.26 | $(0.20) | $0.06 | $(0.26) | $(0.26) | **$7.98** | 0.78%<sup>b</sup> | $25800 | 1.30%<sup>a</sup> | 1.24%<sup>a</sup> | 6.53%<sup>a</sup>  |
| 9/30/24 | 7.54 | 0.51 | 0.64 | 1.15 | (0.51) | (0.51) | 8.18 | 15.67% | 27609 | 1.30% | 1.26% | 6.46%  |
| 9/30/23 | 7.29 | 0.44 | 0.25 | 0.69 | (0.44) | (0.44) | 7.54 | 9.62% | 23159 | 1.38% | N/A | 5.76%  |
| 9/30/22 | 9.31 | 0.41 | (1.65) | (1.24) | (0.78) | (0.78) | 7.29 | (14.27%) | 24740 | 1.25% | N/A | 4.93%  |
| 9/30/21 | 8.60 | 0.43 | 0.69 | 1.12 | (0.41) | (0.41) | 9.31 | 13.41% | 33334 | 1.24% | N/A | 4.79%  |
| 9/30/20 | 9.17 | 0.44 | (0.52) | (0.08) | (0.49) | (0.49)  | 8.60 | (0.96%) | 35047 | 1.23% | N/A | 5.09%  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$8.18** | $0.29 | $(0.19) | $0.10 | $(0.29) | $(0.29) | **$7.99** | 1.23%<sup>b</sup> | $34270 | 0.65%<sup>a</sup> | 0.59%<sup>a</sup> | 7.20%<sup>a</sup>  |
| 9/30/24 | 7.55 | 0.56 | 0.63 | 1.19 | (0.56) | (0.56) | 8.18 | 16.27% | 25377 | 0.65% | 0.61% | 7.09%  |
| 9/30/23 | 7.30 | 0.49 | 0.25 | 0.74 | (0.49) | (0.49) | 7.55 | 10.33% | 29201 | 0.73% | N/A | 6.43%  |
| 9/30/22<sup>g</sup> | 8.86 | 0.38 | (1.56) | (1.18) | (0.38) | (0.38) | 7.30 | (13.66%)<sup>b</sup> | 23397 | 0.60%<sup>a</sup> | N/A | 5.81%<sup>a</sup>  |
| **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  | **Class C**  |
| 3/31/25<sup>r</sup>  | **$8.22** | $0.25 | $(0.20) | $0.05 | $(0.25) | $(0.25) | **$8.02** | 0.63%<sup>b</sup> | $107 | 1.60%<sup>a</sup> | 1.54%<sup>a</sup> | 6.17%<sup>a</sup>  |
| 9/30/24 | 7.58 | 0.49 | 0.64 | 1.13 | (0.49) | (0.49) | 8.22 | 15.35% | 174 | 1.60% | 1.56% | 6.17% |
| 9/30/23 | 7.33 | 0.42 | 0.25 | 0.67 | (0.42) | (0.42) | 7.58 | 9.27% | 96 | 1.69% | N/A | 5.47%  |
| 9/30/22<sup>g</sup> | 8.89 | 0.32 | (1.56) | (1.24) | (0.32) | (0.32) | 7.33 | (14.28%)<sup>b</sup> | 81 | 1.55%<sup>a</sup> | N/A | 4.78%<sup>a</sup> |

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| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **102**<br>|  |

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------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Balanced 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>m,z</sup>** | **Net**<br>**assets,**<br>**end**<br>**of 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** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 3/31/25<sup>r</sup>  | **$12.92** | $0.10 | $(0.30) | $(0.20) | $(0.21) | $(0.64) | $(0.85) | **$11.87** | (1.81%)<sup>b</sup> | $35865 | 0.83%<sup>a</sup> | 1.60%<sup>a</sup>  |
| 9/30/24 | 10.43 | 0.18 | 2.51 | 2.69 | (0.20) |  | (0.20) | 12.92 | 26.09% | 41742 | 0.82% | 1.57% |
| 9/30/23 | 9.57 | 0.18 | 0.86 | 1.04 | (0.18) |  | (0.18) | 10.43 | 10.88% | 38571 | 0.77% | 1.73%  |
| 9/30/22 | 14.34 | 0.16 | (1.45) | (1.29) | (0.22) | (3.26) | (3.48) | 9.57 | (13.65%) | 44532 | 0.70% | 1.37%  |
| 9/30/21 | 12.40 | 0.16 | 2.21 | 2.37 | (0.21) | (0.22) | (0.43) | 14.34 | 19.60% | 54692 | 0.69% | 1.21%  |
| 9/30/20 | 12.07 | 0.21 | 0.90 | 1.11 | (0.27) | (0.51) | (0.78) | 12.40 | 9.49% | 42455 | 0.71% | 1.75%  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$12.91** | $0.09 | $(0.30) | $(0.21) | $(0.19) | $(0.64) | $(0.83) | **$11.87** | (1.84%)<sup>b</sup> | $20416 | 0.93%<sup>a</sup> | 1.50%<sup>a</sup>  |
| 9/30/24 | 10.43 | 0.17 | 2.50 | 2.67 | (0.19) |  | (0.19) | 12.91 | 25.92% | 24928 | 0.91% | 1.47%  |
| 9/30/23 | 9.57 | 0.17 | 0.86 | 1.03 | (0.17) |  | (0.17) | 10.43 | 10.76% | 26032 | 0.87% | 1.62%  |
| 9/30/22 | 14.34 | 0.15 | (1.46) | (1.31) | (0.20) | (3.26) | (3.46) | 9.57 | (13.74%) | 28960 | 0.80% | 1.26%  |
| 9/30/21 | 12.39 | 0.15 | 2.22 | 2.37 | (0.20) | (0.22) | (0.42) | 14.34 | 19.58% | 39742 | 0.79% | 1.10%  |
| 9/30/20 | 12.07 | 0.20 | 0.89 | 1.09 | (0.26) | (0.51) | (0.77) | 12.39 | 9.29% | 42199 | 0.81% | 1.66%  |
| **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** |
| 3/31/25<sup>r</sup>  | **$13.95** | $0.09 | $(0.32) | $(0.23) | $(0.18) | $(0.64) | $(0.82) | **$12.90** | (1.87%)<sup>b</sup> | $9113 | 1.03%<sup>a</sup> | 1.40%<sup>a</sup>  |
| 9/30/24 | 11.26 | 0.17 | 2.71 | 2.88 | (0.19) |  | (0.19) | 13.95 | 25.82% | 9665 | 1.02% | 1.37% |
| 9/30/23 | 10.31 | 0.17 | 0.94 | 1.11 | (0.16) |  | (0.16) | 11.26 | 10.74% | 8093 | 0.97% | 1.52%  |
| 9/30/22 | 15.20 | 0.14 | (1.58) | (1.44) | (0.19) | (3.26) | (3.45) | 10.31 | (13.87%) | 7659 | 0.90% | 1.16%  |
| 9/30/21 | 13.12 | 0.14 | 2.35 | 2.49 | (0.19) | (0.22) | (0.41) | 15.20 | 19.40% | 10330 | 0.89% | 1.00%  |
| 9/30/20 | 12.73 | 0.19 | 0.95 | 1.14 | (0.24) | (0.51) | (0.75) | 13.12 | 9.22% | 8637 | 0.91% | 1.56% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>60%<sup>t</sup> | 130% | 155% | 215% | 343% | 113% |

---

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.

r Unaudited.

---

| | |
|:---|:---|
| t<br>| Portfolio turnover rate excluding TBA transactions for the fiscal year ended 03/31/2025 was 37%. |

---

---

| | |
|:---|:---|
| 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. |  |
|  | **103**<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>m,z</sup>** | **Net**<br>**assets,**<br>**end**<br>**of 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**  |
| 3/31/25<sup>r</sup>  | **$12.97** | $0.08 | $(0.31) | $(0.23) | $(0.12) | $(0.64) | $(0.76) | **$11.98** | (1.95%)<sup>b</sup> | $525 | 1.13%<sup>a</sup> | 1.25%<sup>a</sup>  |
| 9/30/24 | 10.48 | 0.15 | 2.51 | 2.66 | (0.17) |  | (0.17) | 12.97 | 25.70% | 978 | 1.11% | 1.31%  |
| 9/30/23 | 9.61 | 0.15 | 0.87 | 1.02 | (0.15) |  | (0.15) | 10.48 | 10.57% | 3247 | 1.07% | 1.44%  |
| 9/30/22 | 14.39 | 0.12 | (1.46) | (1.34) | (0.18) | (3.26) | (3.44) | 9.61 | (13.95%) | 6318 | 1.00% | 1.07%  |
| 9/30/21 | 12.44 | 0.12 | 2.23 | 2.35 | (0.18) | (0.22) | (0.40) | 14.39 | 19.30% | 7411 | 0.99% | 0.90%  |
| 9/30/20 | 12.11 | 0.17 | 0.90 | 1.07 | (0.23) | (0.51) | (0.74) | 12.44 | 9.13% | 5849 | 1.01% | 1.44%  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$12.25** | $0.07 | $(0.29) | $(0.22) | $(0.15) | $(0.64) | $(0.79) | **$11.24** | (2.04%)<sup>b</sup> | $2123 | 1.28%<sup>a</sup> | 1.10%<sup>a</sup>  |
| 9/30/24 | 9.90 | 0.12 | 2.38 | 2.50 | (0.15) |  | (0.15) | 12.25 | 25.53% | 5291 | 1.27% | 1.12%  |
| 9/30/23 | 9.09 | 0.13 | 0.81 | 0.94 | (0.13) |  | (0.13) | 9.90 | 10.37% | 4937 | 1.22% | 1.27%  |
| 9/30/22 | 13.77 | 0.10 | (1.37) | (1.27) | (0.15) | (3.26) | (3.41) | 9.09 | (14.06%) | 4554 | 1.15% | 0.92%  |
| 9/30/21 | 11.92 | 0.10 | 2.13 | 2.23 | (0.16) | (0.22) | (0.38) | 13.77 | 19.12% | 5984 | 1.14% | 0.76%  |
| 9/30/20 | 11.64 | 0.15 | 0.86 | 1.01 | (0.22) | (0.51) | (0.73) | 11.92 | 8.94% | 2994 | 1.16% | 1.31%  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$12.44** | $0.07 | $(0.30) | $(0.23) | $(0.14) | $(0.64) | $(0.78) | **$11.43** | (2.09%)<sup>b</sup> | $11376 | 1.33%<sup>a</sup> | 1.10%<sup>a</sup>  |
| 9/30/24 | 10.04 | 0.12 | 2.41 | 2.53 | (0.13) |  | (0.13) | 12.44 | 25.48% | 12924 | 1.33% | 1.06% |
| 9/30/23 | 9.21 | 0.12 | 0.83 | 0.95 | (0.12) |  | (0.12) | 10.04 | 10.32% | 12044 | 1.32% | 1.17%  |
| 9/30/22 | 13.91 | 0.09 | (1.41) | (1.32) | (0.12) | (3.26) | (3.38) | 9.21 | (14.22%) | 13123 | 1.25% | 0.80%  |
| 9/30/21 | 12.03 | 0.09 | 2.16 | 2.25 | (0.15) | (0.22) | (0.37) | 13.91 | 19.07% | 20919 | 1.24% | 0.67%  |
| 9/30/20 | 11.74 | 0.14 | 0.86 | 1.00 | (0.20) | (0.51) | (0.71) | 12.03 | 8.80% | 26626 | 1.26% | 1.21%  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$12.15** | $0.05 | $(0.28) | $(0.23) | $(0.13) | $(0.64) | $(0.77) | **$11.15** | (2.15%)<sup>b</sup> | $11153 | 1.53%<sup>a</sup> | 0.90%<sup>a</sup>  |
| 9/30/24 | 9.82 | 0.10 | 2.35 | 2.45 | (0.12) |  | (0.12) | 12.15 | 25.19% | 11968 | 1.52% | 0.87%  |
| 9/30/23 | 9.01 | 0.10 | 0.81 | 0.91 | (0.10) |  | (0.10) | 9.82 | 10.14% | 9244 | 1.47% | 1.02%  |
| 9/30/22 | 13.69 | 0.07 | (1.36) | (1.29) | (0.13) | (3.26) | (3.39) | 9.01 | (14.27%) | 9643 | 1.40% | 0.66%  |
| 9/30/21 | 11.85 | 0.07 | 2.11 | 2.18 | (0.12) | (0.22) | (0.34) | 13.69 | 18.81% | 12390 | 1.39% | 0.50%  |
| 9/30/20 | 11.57 | 0.12 | 0.85 | 0.97 | (0.18) | (0.51) | (0.69) | 11.85 | 8.66% | 7503 | 1.41% | 1.06%  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$12.91** | $0.09 | $(0.30) | $(0.21) | $(0.19) | $(0.64) | $(0.83) | **$11.87** | (1.83%)<sup>b</sup> | $113 | 0.93%<sup>a</sup> | 1.50%<sup>a</sup>  |
| 9/30/24 | 10.43 | 0.17 | 2.50 | 2.67 | (0.19) |  | (0.19) | 12.91 | 25.88% | 123 | 0.92% | 1.46% |
| 9/30/23<sup>g</sup> | 10.54 | 0.11 | (0.22)<sup>aa</sup> | (0.11) |  |  |  | 10.43 | (1.04%)<sup>b</sup> | 99 | 0.87%<sup>a</sup> | 1.61%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **104**<br>|  |

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Disciplined 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** |
|  | <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>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** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$12.21**  | $(0.00)<sup>d</sup>  | $(0.22)  | $(0.22)  | $—  | $(2.07)  | $(2.07)  | **$9.92**  | (3.89%)<sup>b</sup>  | $37765  | 0.59%<sup>a</sup>  | (0.05%)<sup>a</sup>  |
| 9/30/24 | 8.83 | (0.00)<sup>d</sup> | 3.81 | 3.81 | (0.01) | (0.42) | (0.43) | 12.21 | 44.58% | 41637 | 0.59% | (0.01%) |
| 9/30/23 | 7.49 | 0.02 | 1.71 | 1.73 | (0.02) | (0.37) | (0.39) | 8.83 | 23.88% | 34334 | 0.63% | 0.25%  |
| 9/30/22 | 15.56 | 0.02<sup>bb</sup> | (1.93) | (1.91) |  | (6.16) | (6.16) | 7.49 | (24.92%) | 18483 | 0.58% | 0.18%  |
| 9/30/21 | 12.85 | 0.04 | 3.27 | 3.31 | (0.06) | (0.54) | (0.60) | 15.56 | 26.75% | 31388 | 0.57% | 0.26%  |
| 9/30/20 | 11.00 | 0.09 | 3.18 | 3.27 | (0.11) | (1.31) | (1.42) | 12.85 | 32.63% | 35702 | 0.56% | 0.77%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$12.20**  | $(0.01)  | $(0.22)  | $(0.23)  | $—  | $(2.07)  | $(2.07)  | **$9.90**  | (3.99%)<sup>b</sup>  | $98254  | 0.69%<sup>a</sup>  | (0.14%)<sup>a</sup>  |
| 9/30/24 | 8.82 | (0.01) | 3.81 | 3.80 |  | (0.42) | (0.42) | 12.20 | 44.56% | 103668 | 0.69% | (0.11%)  |
| 9/30/23 | 7.49 | 0.02 | 1.69 | 1.71 | (0.01) | (0.37) | (0.38) | 8.82 | 23.60% | 73393 | 0.73% | 0.19%  |
| 9/30/22 | 15.57 | 0.01<sup>bb</sup> | (1.93) | (1.92) |  | (6.16) | (6.16) | 7.49 | (24.92%) | 73291 | 0.68% | 0.09%  |
| 9/30/21 | 12.85 | 0.02 | 3.29 | 3.31 | (0.05) | (0.54) | (0.59) | 15.57 | 26.72% | 108948 | 0.67% | 0.15%  |
| 9/30/20 | 11.00 | 0.07 | 3.19 | 3.26 | (0.10) | (1.31) | (1.41) | 12.85 | 32.48% | 101466 | 0.66% | 0.67%  |
| **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$12.27**  | $(0.01)  | $(0.22)  | $(0.23)  | $—  | $(2.07)  | $(2.07)  | **$9.97**  | (3.96%)<sup>b</sup>  | $8745  | 0.79%<sup>a</sup>  | (0.24%)<sup>a</sup>  |
| 9/30/24 | 8.88 | (0.02) | 3.83 | 3.81 |  | (0.42) | (0.42) | 12.27 | 44.35% | 8566 | 0.79% | (0.19%)  |
| 9/30/23 | 7.54 | 0.01 | 1.70 | 1.71 |  | (0.37) | (0.37) | 8.88 | 23.44% | 12529 | 0.83% | 0.12%  |
| 9/30/22 | 15.65 | (0.00)<sup>d</sup> | (1.95) | (1.95) |  | (6.16) | (6.16) | 7.54 | (25.04%) | 14309 | 0.78% | (0.02%)  |
| 9/30/21 | 12.92 | 0.01 | 3.30 | 3.31 | (0.04) | (0.54) | (0.58) | 15.65 | 26.53% | 25505 | 0.77% | 0.05%  |
| 9/30/20 | 11.04 | 0.06 | 3.20 | 3.26 | (0.07) | (1.31) | (1.38) | 12.92 | 32.33% | 25668 | 0.76% | 0.57% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>| 32% | 69% | 64% | 60% | 110% | 50% |

---

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.

r Unaudited.

---

| | |
|:---|:---|
| 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.  |

---

---

| | |
|:---|:---|
| 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. |  |
|  | **105**<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>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** |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$12.56**  | $(0.02)  | $(0.23)  | $(0.25)  | $—  | $(2.07)  | $(2.07)  | **$10.24**  | (4.03%)<sup>b</sup>  | $12998  | 0.88%<sup>a</sup>  | (0.36%)<sup>a</sup>  |
| 9/30/24 | 9.09 | (0.03) | 3.92 | 3.89 |  | (0.42) | (0.42) | 12.56 | 44.20% | 21907 | 0.89% | (0.31%)  |
| 9/30/23 | 7.71 | (0.00)<sup>d,bb</sup> | 1.75 | 1.75 |  | (0.37) | (0.37) | 9.09 | 23.44% | 19964 | 0.93% | (0.00%)<sup>e</sup>  |
| 9/30/22 | 15.89 | (0.01) | (2.01) | (2.02) |  | (6.16) | (6.16) | 7.71 | (25.13%) | 24021 | 0.88% | (0.11%)  |
| 9/30/21 | 13.10 | (0.01) | 3.36 | 3.35 | (0.02) | (0.54) | (0.56) | 15.89 | 26.46% | 36207 | 0.87% | (0.05%)  |
| 9/30/20 | 11.19 | 0.05 | 3.25 | 3.30 | (0.08) | (1.31) | (1.39) | 13.10 | 32.19% | 36957 | 0.86% | 0.47%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$11.40**  | $(0.03)  | $(0.18)  | $(0.21)  | $—  | $(2.07)  | $(2.07)  | **$9.12**  | (4.11%)<sup>b</sup>  | $6829  | 1.04%<sup>a</sup>  | (0.49%)<sup>a</sup>  |
| 9/30/24 | 8.30 | (0.05) | 3.57 | 3.52 |  | (0.42) | (0.42) | 11.40 | 43.94% | 7467 | 1.04% | (0.46%) |
| 9/30/23 | 7.08 | (0.01)<sup>bb</sup> | 1.60 | 1.59 |  | (0.37) | (0.37) | 8.30 | 23.26% | 6373 | 1.08% | (0.16%)  |
| 9/30/22 | 15.06 | (0.03) | (1.79) | (1.82) |  | (6.16) | (6.16) | 7.08 | (25.23%) | 6348 | 1.03% | (0.28%)  |
| 9/30/21 | 12.45 | (0.03) | 3.18 | 3.15 |  | (0.54) | (0.54) | 15.06 | 26.20% | 12613 | 1.02% | (0.22%)  |
| 9/30/20 | 10.70 | 0.03 | 3.09 | 3.12 | (0.06) | (1.31) | (1.37) | 12.45 | 31.97% | 28832 | 1.01% | 0.31%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$11.59**  | $(0.03)  | $(0.20)  | $(0.23)  | $—  | $(2.07)  | $(2.07)  | **$9.29**  | (4.22%)<sup>b</sup>  | $6823  | 1.09%<sup>a</sup>  | (0.55%)<sup>a</sup>  |
| 9/30/24 | 8.43 | (0.05) | 3.63 | 3.58 |  | (0.42) | (0.42) | 11.59 | 43.98% | 8202 | 1.11% | (0.52%) |
| 9/30/23 | 7.20 | (0.02)<sup>bb</sup> | 1.62 | 1.60 |  | (0.37) | (0.37) | 8.43 | 23.00% | 8081 | 1.18% | (0.25%)  |
| 9/30/22 | 15.23 | (0.04) | (1.83) | (1.87) |  | (6.16) | (6.16) | 7.20 | (25.29%) | 14354 | 1.13% | (0.38%)  |
| 9/30/21 | 12.59 | (0.04) | 3.22 | 3.18 |  | (0.54) | (0.54) | 15.23 | 26.12% | 26591 | 1.12% | (0.30%)  |
| 9/30/20 | 10.80 | 0.02 | 3.13 | 3.15 | (0.05) | (1.31) | (1.36) | 12.59 | 31.87% | 27988 | 1.11% | 0.22%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$11.22**  | $(0.04)  | $(0.17)  | $(0.21)  | $—  | $(2.07)  | $(2.07)  | **$8.94**  | (4.19%)<sup>b</sup>  | $5297  | 1.29%<sup>a</sup>  | (0.74%)<sup>a</sup>  |
| 9/30/24 | 8.20 | (0.07) | 3.51 | 3.44 |  | (0.42) | (0.42) | 11.22 | 43.49% | 5572 | 1.29% | (0.71%)  |
| 9/30/23 | 7.01 | (0.03)<sup>bb</sup> | 1.59 | 1.56 |  | (0.37) | (0.37) | 8.20 | 23.06% | 4449 | 1.33% | (0.41%)  |
| 9/30/22 | 15.00 | (0.05) | (1.78) | (1.83) |  | (6.16) | (6.16) | 7.01 | (25.46%) | 3959 | 1.28% | (0.51%)  |
| 9/30/21 | 12.43 | (0.06) | 3.17 | 3.11 |  | (0.54) | (0.54) | 15.00 | 25.88% | 5002 | 1.27% | (0.46%)  |
| 9/30/20 | 10.66 | 0.01 | 3.09 | 3.10 | (0.02) | (1.31) | (1.33) | 12.43 | 31.78% | 5875 | 1.26% | 0.05%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$12.20**  | $(0.01)  | $(0.22)  | $(0.23)  | $—  | $(2.07)  | $(2.07)  | **$9.90**  | (3.99%)<sup>b</sup> | $125  | 0.69%<sup>a</sup>  | (0.15%)<sup>a</sup>  |
| 9/30/24 | 8.82 | (0.01) | 3.81 | 3.80 |  | (0.42) | (0.42) | 12.20 | 44.55% | 155 | 0.69% | (0.11%) |
| 9/30/23<sup>g</sup> | 7.89 | 0.01 | 0.92 | 0.93 |  |  |  | 8.82 | 11.79%<sup>b</sup> | 112 | 0.73%<sup>a</sup> | 0.15%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **106**<br>|  |

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Small Cap Opportunities 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>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** |  |
| 3/31/25<sup>r</sup>  | **$19.28**  | $0.07  | $(1.03)  | $(0.96)  | $(0.13)  | $(1.52)  | $(1.65)  | **$16.67**  | (5.92%)<sup>b</sup>  | $229243  | 0.64%<sup>a</sup>  | N/A | 0.78%<sup>a</sup> |
| 9/30/24 | 15.85 | 0.11 | 4.13 | 4.24 | (0.05) | (0.76) | (0.81) | 19.28 | 27.85% | 219361 | 0.66% | 0.65% | 0.64%  |
| 9/30/23 | 14.20 | 0.10 | 1.76 | 1.86 | (0.14) | (0.07) | (0.21) | 15.85 | 13.14% | 125988 | 0.67% | N/A | 0.65%  |
| 9/30/22 | 19.21 | 0.08 | (3.28) | (3.20) |  | (1.81) | (1.81) | 14.20 | (18.57%) | 95436 | 0.66% | N/A | 0.48%  |
| 9/30/21 | 13.96 | 0.06 | 6.51 | 6.57 | (0.11) | (1.21) | (1.32) | 19.21 | 48.95% | 85183 | 0.66% | N/A | 0.35%  |
| 9/30/20 | 13.72 | 0.10 | 0.27 | 0.37 | (0.06) | (0.07) | (0.13) | 13.96 | 2.62% | 39988 | 0.69% | N/A | 0.77%  |
| **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** |  |
| 3/31/25<sup>r</sup>  | **$19.19**  | $0.06  | $(1.02)  | $(0.96)  | $(0.11)  | $(1.52)  | $(1.63)  | **$16.60**  | (5.93%)<sup>b</sup>  | $97850  | 0.74%<sup>a</sup>  | N/A | 0.66%<sup>a</sup> |
| 9/30/24 | 15.79 | 0.09 | 4.11 | 4.20 | (0.04) | (0.76) | (0.80) | 19.19 | 27.69% | 109539 | 0.76% | 0.75% | 0.52% |
| 9/30/23 | 14.14 | 0.09 | 1.76 | 1.85 | (0.13) | (0.07) | (0.20) | 15.79 | 13.08% | 104951 | 0.77% | N/A | 0.55%  |
| 9/30/22 | 19.16 | 0.06 | (3.27) | (3.21) |  | (1.81) | (1.81) | 14.14 | (18.68%) | 100585 | 0.75% | N/A | 0.35%  |
| 9/30/21 | 13.93 | 0.05 | 6.48 | 6.53 | (0.09) | (1.21) | (1.30) | 19.16 | 48.78% | 137127 | 0.76% | N/A | 0.26%  |
| 9/30/20 | 13.69 | 0.09 | 0.27 | 0.36 | (0.05) | (0.07) | (0.12) | 13.93 | 2.56% | 92440 | 0.79% | N/A | 0.68%  |
| **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** |  |
| 3/31/25<sup>r</sup>  | **$19.10**  | $0.05  | $(1.02)  | $(0.97)  | $(0.07)  | $(1.52)  | $(1.59)  | **$16.54**  | (6.02%)<sup>b</sup>  | $7410  | 0.84%<sup>a</sup>  | N/A | 0.49%<sup>a</sup> |
| 9/30/24 | 15.72 | 0.07 | 4.10 | 4.17 | (0.03) | (0.76) | (0.79) | 19.10 | 27.62% | 16696 | 0.86% | 0.85% | 0.42%  |
| 9/30/23 | 14.08 | 0.07 | 1.75 | 1.82 | (0.11) | (0.07) | (0.18) | 15.72 | 12.95% | 15707 | 0.87% | N/A | 0.45%  |
| 9/30/22 | 19.11 | 0.04 | (3.26) | (3.22) |  | (1.81) | (1.81) | 14.08 | (18.78%) | 15851 | 0.85% | N/A | 0.24%  |
| 9/30/21 | 13.89 | 0.03 | 6.48 | 6.51 | (0.08) | (1.21) | (1.29) | 19.11 | 48.72% | 24560 | 0.86% | N/A | 0.17%  |
| 9/30/20 | 13.66 | 0.08 | 0.25 | 0.33 | (0.03) | (0.07) | (0.10) | 13.89 | 2.37% | 17146 | 0.89% | N/A | 0.58% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate** | 21% | 40% | 46% | 39% | 40% | 47% |

---

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.

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.

r Unaudited.

---

| | |
|:---|:---|
| 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. |  |
|  | **107**<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>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** |  |
| 3/31/25<sup>r</sup>  | **$18.90**  | $0.04  | $(1.00)  | $(0.96)  | $(0.07)  | $(1.52)  | $(1.59)  | **$16.35**  | (6.02%)<sup>b</sup>  | $13349  | 0.94%<sup>a</sup>  | N/A | 0.44%<sup>a</sup> |
| 9/30/24 | 15.58 | 0.05 | 4.06 | 4.11 | (0.03) | (0.76) | (0.79) | 18.90 | 27.42% | 22272 | 0.96% | 0.95% | 0.32% |
| 9/30/23 | 13.95 | 0.05 | 1.75 | 1.80 | (0.10) | (0.07) | (0.17) | 15.58 | 12.88% | 21277 | 0.97% | N/A | 0.35%  |
| 9/30/22 | 18.97 | 0.02 | (3.23) | (3.21) |  | (1.81) | (1.81) | 13.95 | (18.88%) | 20100 | 0.95% | N/A | 0.15%  |
| 9/30/21 | 13.80 | 0.01 | 6.44 | 6.45 | (0.07) | (1.21) | (1.28) | 18.97 | 48.54% | 26314 | 0.96% | N/A | 0.07%  |
| 9/30/20 | 13.57 | 0.06 | 0.26 | 0.32 | (0.02) | (0.07) | (0.09) | 13.80 | 2.27% | 18422 | 0.99% | N/A | 0.48%  |
| **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** |  |
| 3/31/25<sup>r</sup>  | **$18.07**  | $0.03  | $(0.96)  | $(0.93)  | $(0.05)  | $(1.52)  | $(1.57)  | **$15.57**  | (6.14%)<sup>b</sup>  | $12829  | 1.09%<sup>a</sup>  | N/A | 0.32%<sup>a</sup> |
| 9/30/24 | 14.92 | 0.03 | 3.88 | 3.91 |  | (0.76) | (0.76) | 18.07 | 27.28% | 12849 | 1.11% | 1.10% | 0.16%  |
| 9/30/23 | 13.37 | 0.03 | 1.67 | 1.70 | (0.08) | (0.07) | (0.15) | 14.92 | 12.69% | 13888 | 1.12% | N/A | 0.20%  |
| 9/30/22 | 18.28 | (0.00)<sup>d,bb</sup> | (3.10) | (3.10) |  | (1.81) | (1.81) | 13.37 | (18.99%) | 11835 | 1.10% | N/A | (0.00%)<sup>e</sup>  |
| 9/30/21 | 13.34 | (0.02) | 6.22 | 6.20 | (0.05) | (1.21) | (1.26) | 18.28 | 48.31% | 15682 | 1.11% | N/A | (0.09%)  |
| 9/30/20 | 13.12 | 0.04 | 0.25 | 0.29 |  | (0.07) | (0.07) | 13.34 | 2.16% | 9413 | 1.14% | N/A | 0.32%  |
| **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** |  |
| 3/31/25<sup>r</sup>  | **$18.18**  | $0.02  | $(0.96)  | $(0.94)  | $(0.04)  | $(1.52)  | $(1.56)  | **$15.68**  | (6.14%)<sup>b</sup>  | $35196  | 1.14%<sup>a</sup>  | N/A | 0.25%<sup>a</sup> |
| 9/30/24 | 15.02 | 0.02 | 3.90 | 3.92 |  | (0.76) | (0.76) | 18.18 | 27.16% | 43168 | 1.17% | 1.17% | 0.11%  |
| 9/30/23 | 13.46 | 0.02 | 1.67 | 1.69 | (0.06) | (0.07) | (0.13) | 15.02 | 12.53% | 36525 | 1.22% | N/A | 0.10%  |
| 9/30/22 | 18.40 | (0.02)<sup>bb</sup> | (3.11) | (3.13) |  | (1.81) | (1.81) | 13.46 | (19.04%) | 38730 | 1.20% | N/A | (0.11%)  |
| 9/30/21 | 13.42 | (0.03) | 6.25 | 6.22 | (0.03) | (1.21) | (1.24) | 18.40 | 48.15% | 55207 | 1.21% | N/A | (0.18%)  |
| 9/30/20 | 13.21 | 0.03 | 0.25 | 0.28 |  | (0.07) | (0.07) | 13.42 | 2.07% | 42491 | 1.24% | N/A | 0.22%  |
| **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** |  |
| 3/31/25<sup>r</sup>  | **$17.72**  | $0.01  | $(0.95)  | $(0.94)  | $(0.01)  | $(1.52)  | $(1.53)  | **$15.25**  | (6.26%)<sup>b</sup>  | $9413  | 1.34%<sup>a</sup>  | N/A | 0.07%<sup>a</sup> |
| 9/30/24 | 14.68 | (0.01)<sup>bb</sup> | 3.81 | 3.80 |  | (0.76) | (0.76) | 17.72 | 26.97% | 9822 | 1.36% | 1.35% | (0.07%) |
| 9/30/23 | 13.16 | (0.01)<sup>bb</sup> | 1.64 | 1.63 | (0.04) | (0.07) | (0.11) | 14.68 | 12.40% | 7672 | 1.37% | N/A | (0.05%)  |
| 9/30/22 | 18.06 | (0.04)<sup>bb</sup> | (3.05) | (3.09) |  | (1.81) | (1.81) | 13.16 | (19.19%) | 7153 | 1.35% | N/A | (0.26%)  |
| 9/30/21 | 13.18 | (0.06) | 6.15 | 6.09 |  | (1.21) | (1.21) | 18.06 | 48.00% | 9695 | 1.36% | N/A | (0.34%)  |
| 9/30/20 | 13.00 | 0.01 | 0.24 | 0.25 |  | (0.07) | (0.07) | 13.18 | 1.87% | 6048 | 1.39% | N/A | 0.07%  |
| **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** |  |
| 3/31/25<sup>r</sup>  | **$19.21**  | $0.07  | $(1.03)  | $(0.96)  | $(0.12)  | $(1.52)  | $(1.64)  | **$16.61**  | (5.94%)<sup>b</sup>  | $1487  | 0.74%<sup>a</sup>  | N/A | 0.71%<sup>a</sup> |
| 9/30/24 | 15.79 | 0.10 | 4.12 | 4.22 | (0.04) | (0.76) | (0.80) | 19.21 | 27.77% | 1162 | 0.76% | 0.75% | 0.57% |
| 9/30/23<sup>g</sup> | 16.67 | 0.06 | (0.94)<sup>aa</sup> | (0.88) |  |  |  | 15.79 | (5.28%)<sup>b</sup> | 95 | 0.77%<sup>a</sup> | N/A | 0.55%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **108**<br>|  |

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Global 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>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**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup>  | **$11.40**  | $(0.02)  | $(0.61)  | $(0.63)  | $—  | $(1.53)  | $(1.53)  | **$9.24**  | (6.72%)<sup>b</sup>  | $40602  | 0.92%<sup>a</sup>  | (0.37%)<sup>a</sup> |
| 9/30/24 | 11.02 | (0.01) | 3.18 | 3.17 |  | (2.79) | (2.79) | 11.40 | 34.35% | 54970 | 0.93% | (0.10%) |
| 9/30/23 | 10.72 | 0.00<sup>d,bb</sup> | 2.84 | 2.84 |  | (2.54) | (2.54) | 11.02 | 29.05% | 48335 | 0.91% | 0.02%  |
| 9/30/22 | 18.79 | (0.01) | (6.02) | (6.03) |  | (2.04) | (2.04) | 10.72 | (36.28%) | 56931 | 0.86% | (0.06%)  |
| 9/30/21 | 15.04 | (0.05) | 4.64 | 4.59 |  | (0.84) | (0.84) | 18.79 | 31.36% | 99959 | 0.84% | (0.29%)  |
| 9/30/20 | 12.35 | 0.00<sup>d</sup> | 2.81 | 2.81 | (0.09) | (0.03) | (0.12) | 15.04 | 22.90% | 75893 | 0.85% | 0.00%<sup>e</sup>  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$11.35**  | $(0.02)  | $(0.61)  | $(0.63)  | $—  | $(1.53)  | $(1.53)  | **$9.19**  | (6.75%)<sup>b</sup>  | $42346  | 1.02%<sup>a</sup>  | (0.47%)<sup>a</sup> |
| 9/30/24 | 10.99 | (0.02) | 3.17 | 3.15 |  | (2.79) | (2.79) | 11.35 | 34.23% | 50714 | 1.03% | (0.19%) |
| 9/30/23 | 10.70 | (0.01) | 2.84 | 2.83 |  | (2.54) | (2.54) | 10.99 | 28.99% | 44364 | 1.02% | (0.08%)  |
| 9/30/22 | 18.78 | (0.03) | (6.01) | (6.04) |  | (2.04) | (2.04) | 10.70 | (36.36%) | 58808 | 0.96% | (0.17%)  |
| 9/30/21 | 15.05 | (0.07) | 4.64 | 4.57 |  | (0.84) | (0.84) | 18.78 | 31.20% | 126049 | 0.94% | (0.39%)  |
| 9/30/20 | 12.36 | (0.01) | 2.81 | 2.80 | (0.08) | (0.03) | (0.11) | 15.05 | 22.77% | 111038 | 0.95% | (0.09%)  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$11.08**  | $(0.03)  | $(0.59)  | $(0.62)  | $—  | $(1.53)  | $(1.53)  | **$8.93**  | (6.82%)<sup>b</sup>  | $3476  | 1.12%<sup>a</sup>  | (0.57%)<sup>a</sup> |
| 9/30/24 | 10.80 | (0.03) | 3.10 | 3.07 |  | (2.79) | (2.79) | 11.08 | 34.08% | 3980 | 1.13% | (0.32%)  |
| 9/30/23 | 10.56 | (0.02) | 2.80 | 2.78 |  | (2.54) | (2.54) | 10.80 | 28.90% | 3655 | 1.12% | (0.20%)  |
| 9/30/22 | 18.58 | (0.04) | (5.94) | (5.98) |  | (2.04) | (2.04) | 10.56 | (36.43%) | 5579 | 1.06% | (0.24%)  |
| 9/30/21 | 14.91 | (0.08) | 4.59 | 4.51 |  | (0.84) | (0.84) | 18.58 | 31.09% | 7892 | 1.04% | (0.49%)  |
| 9/30/20 | 12.23 | (0.03) | 2.80 | 2.77 | (0.06) | (0.03) | (0.09) | 14.91 | 22.75% | 6166 | 1.05% | (0.19%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 9% | 6% | 10% | 10% | 10% | 12% |

---

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%.  |

---

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.

r Unaudited.

---

| | |
|:---|:---|
| 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.  |

---

---

| | |
|:---|:---|
| 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. |  |
|  | **109**<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>,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**  |
| 3/31/25<sup>r</sup>  | **$11.19**  | $(0.03)  | $(0.60)  | $(0.63)  | $—  | $(1.53)  | $(1.53)  | **$9.03**  | (6.86%)<sup>b</sup>  | $38129  | 1.22%<sup>a</sup>  | (0.67%)<sup>a</sup> |
| 9/30/24 | 10.90 | (0.04) | 3.12 | 3.08 |  | (2.79) | (2.79) | 11.19 | 33.83% | 47137 | 1.23% | (0.41%)  |
| 9/30/23 | 10.64 | (0.03) | 2.83 | 2.80 |  | (2.54) | (2.54) | 10.90 | 28.84% | 50587 | 1.22% | (0.29%)  |
| 9/30/22 | 18.73 | (0.06) | (5.99) | (6.05) |  | (2.04) | (2.04) | 10.64 | (36.52%) | 45831 | 1.16% | (0.38%)  |
| 9/30/21 | 15.03 | (0.10) | 4.64 | 4.54 |  | (0.84) | (0.84) | 18.73 | 31.03% | 88387 | 1.14% | (0.59%)  |
| 9/30/20 | 12.34 | (0.04) | 2.81 | 2.77 | (0.05) | (0.03) | (0.08) | 15.03 | 22.56% | 80607 | 1.15% | (0.29%)  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$10.47**  | $(0.04)  | $(0.55)  | $(0.59)  | $—  | $(1.53)  | $(1.53)  | **$8.35**  | (6.96%)<sup>b</sup>  | $7967  | 1.37%<sup>a</sup>  | (0.83%)<sup>a</sup> |
| 9/30/24 | 10.37 | (0.06) | 2.95 | 2.89 |  | (2.79) | (2.79) | 10.47 | 33.68% | 9712 | 1.38% | (0.56%)  |
| 9/30/23 | 10.24 | (0.04) | 2.71 | 2.67 |  | (2.54) | (2.54) | 10.37 | 28.67% | 8921 | 1.37% | (0.43%)  |
| 9/30/22 | 18.12 | (0.07) | (5.77) | (5.84) |  | (2.04) | (2.04) | 10.24 | (36.60%) | 8676 | 1.31% | (0.52%)  |
| 9/30/21 | 14.59 | (0.12) | 4.49 | 4.37 |  | (0.84) | (0.84) | 18.12 | 30.79% | 15975 | 1.29% | (0.72%)  |
| 9/30/20 | 11.98 | (0.06) | 2.73 | 2.67 | (0.03) | (0.03) | (0.06) | 14.59 | 22.36% | 8878 | 1.30% | (0.45%)  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$10.73**  | $(0.04)  | $(0.57)  | $(0.61)  | $—  | $(1.53)  | $(1.53)  | **$8.59**  | (6.97%)<sup>b</sup>  | $10641  | 1.42%<sup>a</sup>  | (0.87%)<sup>a</sup> |
| 9/30/24 | 10.57 | (0.06) | 3.01 | 2.95 |  | (2.79) | (2.79) | 10.73 | 33.59% | 12339 | 1.45% | (0.61%)  |
| 9/30/23 | 10.41 | (0.06) | 2.76 | 2.70 |  | (2.54) | (2.54) | 10.57 | 28.47% | 10559 | 1.47% | (0.54%)  |
| 9/30/22 | 18.40 | (0.09) | (5.86) | (5.95) |  | (2.04) | (2.04) | 10.41 | (36.64%) | 9014 | 1.41% | (0.63%)  |
| 9/30/21 | 14.82 | (0.14) | 4.56 | 4.42 |  | (0.84) | (0.84) | 18.40 | 30.65% | 19415 | 1.39% | (0.84%)  |
| 9/30/20 | 12.17 | (0.07) | 2.77 | 2.70 | (0.02) | (0.03) | (0.05) | 14.82 | 22.22% | 22903 | 1.40% | (0.55%)  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$10.50**  | $(0.05)  | $(0.55)  | $(0.60)  | $—  | $(1.53)  | $(1.53)  | **$8.37**  | (7.03%)<sup>b</sup>  | $8028  | 1.62%<sup>a</sup>  | (1.07%)<sup>a</sup> |
| 9/30/24 | 10.41 | (0.08) | 2.96 | 2.88 |  | (2.79) | (2.79) | 10.50 | 33.40% | 9303 | 1.64% | (0.81%) |
| 9/30/23 | 10.30 | (0.07) | 2.72 | 2.65 |  | (2.54) | (2.54) | 10.41 | 28.24% | 7378 | 1.62% | (0.69%)  |
| 9/30/22 | 18.25 | (0.11) | (5.80) | (5.91) |  | (2.04) | (2.04) | 10.30 | (36.73%) | 7920 | 1.56% | (0.77%)  |
| 9/30/21 | 14.72 | (0.17) | 4.54 | 4.37 |  | (0.84) | (0.84) | 18.25 | 30.51% | 13541 | 1.54% | (0.98%)  |
| 9/30/20 | 12.10 | (0.09) | 2.75 | 2.66 | (0.01) | (0.03) | (0.04) | 14.72 | 21.99% | 9792 | 1.55% | (0.69%) |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **110**<br>|  |

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------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual International 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**  | **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>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**  |
| 3/31/25<sup>r</sup>  | **$9.35**  | $0.01  | $(0.62)  | $(0.61)  | $(0.15)  | $(0.29)  | $(0.44)  | **$8.30**  | (6.45%)<sup>b</sup>  | $18275  | 1.16%<sup>a</sup>  | 1.09%<sup>a</sup> | 0.26%<sup>a</sup> |
| 9/30/24 | 7.94 | 0.12 | 1.57 | 1.69 | (0.17) | (0.11) | (0.28) | 9.35 | 21.87% | 72977 | 1.13% | 1.08% | 1.45%  |
| 9/30/23 | 7.14 | 0.14 | 1.12 | 1.26 | (0.10) | (0.36) | (0.46) | 7.94 | 17.61% | 70386 | 1.10% | 1.05% | 1.75%  |
| 9/30/22 | 10.08 | 0.12 | (1.83) | (1.71) | (0.21) | (1.02) | (1.23) | 7.14 | (19.37%) | 66355 | 1.09% | 1.04% | 1.41%  |
| 9/30/21 | 13.08 | 0.14 | 1.84 | 1.98 | (0.04) | (4.94) | (4.98) | 10.08 | 17.97% | 89913 | 1.02% | 1.00% | 1.31%  |
| 9/30/20 | 12.01 | 0.03 | 1.54 | 1.57 | (0.13) | (0.37) | (0.50) | 13.08 | 13.17% | 96308 | 1.02% | 1.00% | 0.26%  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$9.35**  | $0.02  | $(0.63)  | $(0.61)  | $(0.14)  | $(0.29)  | $(0.43)  | **$8.31**  | (6.45%)<sup>b</sup>  | $23682  | 1.30%<sup>a</sup>  | 1.19%<sup>a</sup> | 0.58%<sup>a</sup> |
| 9/30/24 | 7.94 | 0.11 | 1.57 | 1.68 | (0.16) | (0.11) | (0.27) | 9.35 | 21.73% | 29483 | 1.22% | 1.17% | 1.33% |
| 9/30/23 | 7.14 | 0.13 | 1.12 | 1.25 | (0.09) | (0.36) | (0.45) | 7.94 | 17.48% | 30262 | 1.20% | 1.15% | 1.62%  |
| 9/30/22 | 10.08 | 0.12 | (1.85) | (1.73) | (0.19) | (1.02) | (1.21) | 7.14 | (19.47%) | 30827 | 1.19% | 1.14% | 1.38%  |
| 9/30/21 | 13.08 | 0.14 | 1.83 | 1.97 | (0.03) | (4.94) | (4.97) | 10.08 | 17.79% | 50688 | 1.12% | 1.10% | 1.27%  |
| 9/30/20 | 12.00 | 0.02 | 1.55 | 1.57 | (0.12) | (0.37) | (0.49) | 13.08 | 13.14% | 61444 | 1.12% | 1.10% | 0.20%  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$9.32**  | $0.02  | $(0.63)  | $(0.61)  | $(0.13)  | $(0.29)  | $(0.42)  | **$8.29**  | (6.45%)<sup>b</sup>  | $2838  | 1.40%<sup>a</sup>  | 1.29%<sup>a</sup> | 0.55%<sup>a</sup> |
| 9/30/24 | 7.91 | 0.10 | 1.57 | 1.67 | (0.15) | (0.11) | (0.26) | 9.32 | 21.67% | 2957 | 1.32% | 1.27% | 1.20%  |
| 9/30/23 | 7.12 | 0.13 | 1.10 | 1.23 | (0.08) | (0.36) | (0.44) | 7.91 | 17.26% | 3485 | 1.30% | 1.25% | 1.60%  |
| 9/30/22 | 10.05 | 0.12 | (1.85) | (1.73) | (0.18) | (1.02) | (1.20) | 7.12 | (19.52%) | 2624 | 1.29% | 1.24% | 1.35%  |
| 9/30/21 | 13.04 | 0.12 | 1.84 | 1.96 | (0.01) | (4.94) | (4.95) | 10.05 | 17.72% | 3469 | 1.22% | 1.20% | 1.16%  |
| 9/30/20 | 11.97 | 0.00<sup>d</sup> | 1.54 | 1.54 | (0.10) | (0.37) | (0.47) | 13.04 | 12.94% | 4524 | 1.22% | 1.20% | 0.00%<sup>e</sup> |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate**  | 22% | 25% | 20% | 22% | 30% | 106% |

---

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.

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.

r Unaudited.

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| | |
|:---|:---|
| 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.  |

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---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **111**<br>|

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------

**[**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>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**  |
| 3/31/25<sup>r</sup>  | **$9.22**  | $0.02  | $(0.62)  | $(0.60)  | $(0.12)  | $(0.29)  | $(0.41)  | **$8.21**  | (6.47%)<sup>b</sup>  | $1150  | 1.50%<sup>a</sup>  | 1.39%<sup>a</sup> | 0.37%<sup>a</sup> |
| 9/30/24 | 7.83 | 0.10 | 1.54 | 1.64 | (0.14) | (0.11) | (0.25) | 9.22 | 21.49% | 1720 | 1.42% | 1.37% | 1.24% |
| 9/30/23 | 7.05 | 0.11 | 1.10 | 1.21 | (0.07) | (0.36) | (0.43) | 7.83 | 17.21% | 1890 | 1.40% | 1.35% | 1.38%  |
| 9/30/22 | 9.96 | 0.11 | (1.83) | (1.72) | (0.17) | (1.02) | (1.19) | 7.05 | (19.60%) | 2273 | 1.39% | 1.34% | 1.26%  |
| 9/30/21 | 12.97 | 0.11 | 1.82 | 1.93 |  | (4.94) | (4.94) | 9.96 | 17.59% | 2436 | 1.32% | 1.30% | 1.03%  |
| 9/30/20 | 11.91 | (0.00)<sup>d</sup> | 1.52 | 1.52 | (0.09) | (0.37) | (0.46) | 12.97 | 12.81% | 3565 | 1.32% | 1.30% | (0.02%)  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$8.51**  | $0.01  | $(0.57)  | $(0.56)  | $(0.11)  | $(0.29)  | $(0.40)  | **$7.55**  | (6.48%)<sup>b</sup>  | $547  | 1.65%<sup>a</sup>  | 1.54%<sup>a</sup> | 0.27%<sup>a</sup> |
| 9/30/24 | 7.25 | 0.08 | 1.42 | 1.50 | (0.13) | (0.11) | (0.24) | 8.51 | 21.29% | 630 | 1.57% | 1.52% | 1.03%  |
| 9/30/23 | 6.55 | 0.08 | 1.03 | 1.11 | (0.05) | (0.36) | (0.41) | 7.25 | 16.89% | 537 | 1.55% | 1.50% | 1.14%  |
| 9/30/22 | 9.33 | 0.08 | (1.69) | (1.61) | (0.15) | (1.02) | (1.17) | 6.55 | (19.69%) | 711 | 1.53% | 1.48% | 0.93%  |
| 9/30/21 | 12.45 | 0.09 | 1.73 | 1.82 |  | (4.94) | (4.94) | 9.33 | 17.41% | 1639 | 1.47% | 1.45% | 0.88%  |
| 9/30/20 | 11.43 | (0.04) | 1.48 | 1.44 | (0.05) | (0.37) | (0.42) | 12.45 | 12.70% | 1951 | 1.47% | 1.45% | (0.31%)  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$8.65**  | $0.01  | $(0.59)  | $(0.58)  | $(0.11)  | $(0.29)  | $(0.40)  | **$7.67**  | (6.68%)<sup>b</sup>  | $8751  | 1.70%<sup>a</sup>  | 1.59%<sup>a</sup> | 0.22%<sup>a</sup> |
| 9/30/24 | 7.36 | 0.07 | 1.46 | 1.53 | (0.13) | (0.11) | (0.24) | 8.65 | 21.26% | 10001 | 1.64% | 1.59% | 0.90% |
| 9/30/23 | 6.65 | 0.09 | 1.03 | 1.12 | (0.05) | (0.36) | (0.41) | 7.36 | 16.87% | 9847 | 1.65% | 1.60% | 1.14%  |
| 9/30/22 | 9.45 | 0.08 | (1.72) | (1.64) | (0.14) | (1.02) | (1.16) | 6.65 | (19.79%) | 9014 | 1.64% | 1.59% | 0.95%  |
| 9/30/21 | 12.56 | 0.08 | 1.75 | 1.83 |  | (4.94) | (4.94) | 9.45 | 17.30% | 13793 | 1.57% | 1.55% | 0.82%  |
| 9/30/20 | 11.54 | (0.03) | 1.48 | 1.45 | (0.06) | (0.37) | (0.43) | 12.56 | 12.61% | 18670 | 1.57% | 1.55% | (0.22%)  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$8.37**  | $0.00<sup>d</sup>  | $(0.57)  | $(0.57)  | $(0.09)  | $(0.29)  | $(0.38)  | **$7.42**  | (6.75%)<sup>b</sup>  | $2100  | 1.90%<sup>a</sup>  | 1.79%<sup>a</sup> | 0.02%<sup>a</sup> |
| 9/30/24 | 7.13 | 0.06 | 1.41 | 1.47 | (0.12) | (0.11) | (0.23) | 8.37 | 21.07% | 2581 | 1.83% | 1.78% | 0.76%  |
| 9/30/23 | 6.46 | 0.08 | 1.00 | 1.08 | (0.05) | (0.36) | (0.41) | 7.13 | 16.65% | 2231 | 1.80% | 1.75% | 1.03%  |
| 9/30/22 | 9.22 | 0.07 | (1.67) | (1.60) | (0.14) | (1.02) | (1.16) | 6.46 | (19.87%) | 2060 | 1.79% | 1.74% | 0.89%  |
| 9/30/21 | 12.38 | 0.07 | 1.71 | 1.78 |  | (4.94) | (4.94) | 9.22 | 17.07% | 2294 | 1.72% | 1.70% | 0.74%  |
| 9/30/20 | 11.38 | (0.06) | 1.47 | 1.41 | (0.04) | (0.37) | (0.41) | 12.38 | 12.42% | 2427 | 1.72% | 1.70% | (0.49%)  |
| **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**  |
| 3/31/25<sup>r</sup>  | **$9.35**  | $0.03  | $(0.64)  | $(0.61)  | $(0.14)  | $(0.29)  | $(0.43)  | **$8.31**  | (6.44%)<sup>b</sup>  | $100  | 1.29%<sup>a</sup>  | 1.19%<sup>a</sup> | 0.62%<sup>a</sup> |
| 9/30/24 | 7.94 | 0.12 | 1.56 | 1.68 | (0.16) | (0.11) | (0.27) | 9.35 | 21.75% | 113 | 1.22% | 1.17% | 1.36% |
| 9/30/23<sup>g</sup> | 8.27 | 0.12 | (0.45)<sup>aa</sup> | (0.33) |  |  |  | 7.94 | (3.99%)<sup>b</sup> | 96 | 1.20%<sup>a</sup> | 1.15%<sup>a</sup> | 2.27%<sup>a</sup> |

---

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| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **112**<br>|  |

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 **Notes to Financial Statements (Unaudited)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds

MassMutual Premier 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 August 1, 1994, 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 U.S. Government Money Market Fund ("U.S. Government Money Market Fund")

MassMutual Short-Duration Bond Fund ("Short-Duration Bond Fund")

MassMutual Inflation-Protected and Income Fund ("Inflation-Protected and Income Fund")

MassMutual Core Bond Fund ("Core Bond Fund")

MassMutual Diversified Bond Fund ("Diversified Bond Fund")

MassMutual High Yield Fund ("High Yield Fund")

MassMutual Balanced Fund ("Balanced Fund")

MassMutual Disciplined Growth Fund ("Disciplined Growth Fund")

MassMutual Small Cap Opportunities Fund ("Small Cap Opportunities Fund")

MassMutual Global Fund ("Global Fund")

MassMutual International Equity Fund ("International Equity 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' Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;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.

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 Investment Advisers, LLC ("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.

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 (with the exception of debt securities held by the U.S. Government Money

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Market Fund) are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day. The U.S. Government Money Market Fund's debt securities are typically valued at amortized cost, which approximates fair value, but may be valued using a vendor quote if MML Advisers determines it more closely approximates current market value, in accordance with Rule 2a-7 under the 1940 Act pursuant to which the U.S. Government Money Market Fund must adhere to certain conditions. It is the intention of the U.S. Government Money Market Fund to maintain a stable net asset value per share of $1.00, although this cannot be assured.

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.

Investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including, but not limited to, the following:

Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.

Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.

Cost approach: considers factors including the value of the security's underlying assets and liabilities.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method ("CVM"), an

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company's capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

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 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 Disciplined Growth Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2025. The U.S. Government Money Market Fund characterized all investments at Level 2, as of March 31, 2025. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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The following is the aggregate value by input level, as of March 31, 2025, for the remaining Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Short-Duration Bond Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $67852045 | $— | $67852045  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 51879550 |  | 51879550  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 38786 |  | 38786  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2395130 | 28684524 |  | 31079654  |
| Total Investments | $2395130 | $148454905 | $— | $150850035  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $346619 | $— | $— | $346619  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(316003) | $— | $— | $(316003) |
| **Inflation-Protected and Income Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations | $— | $100186166 | $— | $100186166  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 11950149 |  | 11950149  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 45412836 |  | 45412836  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 61286271 |  | 61286271  |
| Total Investments | $— | $218835422 | $— | $218835422  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $22707 | $— | $— | $22707  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | 4893580 |  | 4893580  |
| Total | $22707 | $4893580 | $— | $4916287  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(219109) | $— | $— | $(219109)  |
| **Core Bond Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $317075700 | $— | $317075700  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 173732885 |  | 173732885  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 1376172 |  | 1376172  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 246485354 |  | 246485354  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 45862209 |  | 45862209  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 11512578 | 12566773 |  | 24079351  |
| Total Investments | $11512578 | $797099093 | $— | $808611671  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $649229 | $— | $— | $649229  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Diversified Bond Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $34112336 | $— | $34112336  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 18203947 |  | 18203947  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 134676 |  | 134676  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 16935768 |  | 16935768  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 50981393 |  | 50981393  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 2224 |  | 2224  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | 3617 | 3617  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2834255 | 4406190 |  | 7240445  |
| Total Investments | $2834255 | $124776534 | $3617 | $127614406  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $85273 | $— | $85273  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 90391 |  |  | 90391  |
| Total | $90391 | $85273 | $— | $175664  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(29323) | $— | $(29323)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (893) |  |  | (893)  |
| &nbsp;&nbsp;&nbsp; Written Options |  | (1501) |  | (1501)  |
| Total | $(893) | $(30824) | $— | $(31717) |
| **High Yield Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred Stock | $165922 | $— | $— | $165922  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 36539454 |  | 36539454  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 320786054 |  | 320786054  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 36999930 | 12484272 |  | 49484202  |
| Total Investments | $37165852 | $369809780 | $— | $406975632 |
| **Balanced Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $58460446 | $— | $— | $58460446  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 10514682 |  | 10514682  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 3477529 |  | 3477529  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 10373972 |  | 10373972  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 9430945 |  | 9430945  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 1656788 |  | 1656788  |
| Total Investments | $58460446 | $35453916 | $— | $93914362  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $10359 | $— | $— | $10359  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(12535) | $— | $— | $(12535)  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Small Cap Opportunities Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $404115524 | $— | $— | $404115524  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2251828 | 1771737 |  | 4023565  |
| Total Investments | $406367352 | $1771737 | $— | $408139089 |
| **Global Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | $1858884 | $— | $— | $1858884  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 4637390 | 1242784 |  | 5880174  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 1798378 |  | 1798378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 10733461 |  | 10733461  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 8073811 |  | 8073811  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 2872449 | 6744215 |  | 9616664  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 1459065 |  |  | 1459065  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2553642 |  | 2553642  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 5656515 |  | 5656515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 3041108 |  | 3041108  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 2404978 |  | 2404978  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 6175497 |  | 6175497  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 1621162 |  | 1621162  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 864212 |  | 864212  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 89229764 |  |  | 89229764  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 73372 | 195904 |  | 269276  |
| Total Investments | $100130924 | $51105667 | $— | $151236591 |
| **International Equity Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $474081 | $— | $474081  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 307581 |  | 307581  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 3091441 |  |  | 3091441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 163278 |  | 163278  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 55450 |  | 55450  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 1116025 |  | 1116025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 4954764 |  | 4954764  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 4095535 |  | 4095535  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 1676972 |  | 1676972  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 120663 | 177212 |  | 297875  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 202849 |  |  | 202849  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 77237 |  | 77237  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 9316761 |  | 9316761  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 182113 |  | 182113  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 2513515 |  | 2513515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 275268 |  | 275268  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 162367 |  | 162367  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 185668 |  | 185668  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 1941049 |  | 1941049  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1415432 |  | 1415432  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2731203 |  | 2731203  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **International Equity Fund (Continued)** |  |  |  |  |
| **Asset Investments (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* (Continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | $— | $8898466 | $— | $8898466  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1775956 | 7571577 |  | 9347533  |
| &nbsp;&nbsp;&nbsp; Preferred Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 37285 |  | 37285  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 3347968 |  | 3347968  |
| Total Investments | $5190909 | $51676807 | $— | $56867716 |

---

\* 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 receivables from investments sold on a delayed delivery basis and receivables due from broker, as well as any applicable liabilities for investments purchased on a delayed delivery basis. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of March 31, 2025.

The Funds had no Level 3 transfers during the period ended March 31, 2025.

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 March 31, 2025, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **Short-Duration Bond Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $346619 | $346619  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $(316003) | $(316003)  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $68472 | $68472  |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(140577) | $(140577) |

---

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---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign** <br>**Exchange** <br>**Risk**  | **Interest/** <br>**Inflation** <br>**Rate Risk**  | **Total**  |
| **Inflation-Protected and Income Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $22707 | $22707  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>\*</sup> |  | 4579700 | 4579700  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>^^,^^^</sup> |  | 313880 | 313880  |
| &nbsp;&nbsp;&nbsp; Total Value | $— | $4916287 | $4916287  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $(219109) | $(219109)  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $777724 | $777724  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | 379062 | 379062  |
| &nbsp;&nbsp;&nbsp; Total Realized Gain (Loss) | $— | $1156786 | $1156786  |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(99480) | $(99480)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | (2805856) | (2805856)  |
| &nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation) | $— | $(2905336) | $(2905336)  |
| **Core Bond Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $649229 | $649229  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(3944052) | $(3944052)  |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $978363 | $978363  |
| **Diversified Bond Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options<sup>\*</sup> | $2224 | $— | $2224  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*</sup> | 85273 |  | 85273  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  | 90391 | 90391  |
| &nbsp;&nbsp;&nbsp; Total Value | $87497 | $90391 | $177888  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^</sup> | $(29323) | $— | $(29323)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  | (893) | (893)  |
| &nbsp;&nbsp;&nbsp; Written Options<sup>^</sup> | (1501) |  | (1501)  |
| &nbsp;&nbsp;&nbsp; Total Value | $(30824) | $(893) | $(31717)  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $(26249) | $— | $(26249)  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | (11975) |  | (11975)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | (1114140) | (1114140)  |
| &nbsp;&nbsp;&nbsp; Written Options | (6125) |  | (6125)  |
| &nbsp;&nbsp;&nbsp; Total Realized Gain (Loss) | $(44349) | $(1114140) | $(1158489) |

---

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---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign** <br>**Exchange** <br>**Risk**  | **Interest/** <br>**Inflation** <br>**Rate Risk**  | **Total**  |
| **Diversified Bond Fund (Continued)** | **Diversified Bond Fund (Continued)** | **Diversified Bond Fund (Continued)** | **Diversified Bond Fund (Continued)** |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $178 | $— | $178  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | 35472 |  | 35472  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | 157187 | 157187  |
| &nbsp;&nbsp;&nbsp; Written Options | 4617 |  | 4617  |
| &nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation) | $40267 | $157187 | $197454  |
| **Balanced Fund** |  |  |  |
| **Asset Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $10359 | $10359  |
| **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $(12535) | $(12535)  |
| **Realized Gain (Loss)#** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $25810 | $25810  |
| **Change in Appreciation (Depreciation)##** |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(3780) | $(3780) |

---

\* Statements of Assets and Liabilities location: Investments, at value, open forward contracts, or open swap agreements, at value, as applicable.

^ Statements of Assets and Liabilities location: Open forward contracts or written options outstanding, at value, as applicable.

---

| | |
|:---|:---|
| ^^<br>| Cumulative appreciation (depreciation) on futures contracts and centrally cleared swap agreements is reported in "Futures Contracts" and "Swap Agreements" 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.  |

---

^^^ Represents centrally cleared swap agreements which are not subject to a master netting agreement or similar agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable. 

---

| | |
|:---|:---|
| ##<br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.  |

---

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

For the period ended March 31, 2025, the average balances for each derivative type were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  | **Short-**<br>**Duration**<br>**Bond Fund** | **Inflation-**<br>**Protected and** <br>**Income Fund** | **Core Bond** <br>**Fund** | **Diversified**<br>**Bond Fund** | **Balanced**<br>**Fund** |
| **Futures Contracts:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - short | 275 | 306 |  | 8 | 12  |
| **Forward Contracts:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts purchased - in USD |  |  |  | $2327398 |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts sold - in USD |  |  |  | $1335223 |  |
| **Swap Agreements:**  |  |  |  |  |  |
| **Interest Rate Swaps:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts |  | $16050000 |  |  |  |
| **Total Return Swaps:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts |  | $167849675 |  |  |  |
| **Options:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Purchased Options |  |  |  | 971167 |  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Written Options |  |  |  | 375000 |  |

---

The Portfolio of Investments included in a Fund's financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund's derivatives exposure as of March 31, 2025. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") or similar agreement and net of the related collateral received by the Fund(s) as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative** <br>**Assets Subject** <br>**to an MNA by Counterparty†**  | **Financial Instruments Available for Offset**  | **Collateral Received\*\*\***  | **Net Amount\***  |
| **Inflation-Protected and Income Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA  | $3493006  | $—  | $(1520000)  | $1973006  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 1086694  | —  |  | 1086694  |
|  | $4579700  | $—  | $(1520000)  | $3059700  |
| **Diversified Bond Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America N.A.  | $19236  | $(2642)  | $—  | $16594  |
| &nbsp;&nbsp;&nbsp; Citibank N.A.  | 511  | (511)  | —  | —  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 49493  | (14539)  | —  | 34954  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Bank N.A.  | 13724  | —  | —  | 13724  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC  | 4533  | (3280)  | —  | 1253  |
|  | $87497  | $(20972)  | $—  | $66525 |

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The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative Liabilities** <br>**Subject to an** <br>**MNA by Counterparty†**  | **Financial Instruments Available for Offset**  | **Collateral Pledged\*\*\***  | **Net Amount\*\***  |
| **Diversified Bond Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America N.A.  | $(2642)  | $2642  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA  | (2597)  | —  | —  | (2597)  |
| &nbsp;&nbsp;&nbsp; Citibank N.A.  | (3563)  | 511  | —  | (3052)  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | (14539)  | 14539  | —  | —  |
| &nbsp;&nbsp;&nbsp; HSBC Bank PLC | (4203) |  |  | (4203) |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC  | (3280)  | 3280  | —  | —  |
|  | $(30824)  | $20972  | $—  | $(9852) |

---

\* Represents the net amount receivable from the counterparty in the event of default.

\*\* Represents the net amount payable to the counterparty in the event of default.

\*\*\* The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

&nbsp;&nbsp;&nbsp;&nbsp;† *The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.* 

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2025, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may also buy and sell options on currencies. When the Fund buys an option, its loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a currency, it is subject generally to the same risks as if it had entered into a forward contract with respect to that currency. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund's exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions 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. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of

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currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered. For information regarding the accounting treatment of options, see "Options, Rights, and Warrants" below.

A Fund's current exposure to a counterparty is the unrealized appreciation (depreciation) on the contract.

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 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.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate

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floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Total Return Swaps. A Fund also may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund's bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of its original counterparty. The Fund will be required to post amounts ("initial margin") with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund's Statement of Assets and Liabilities. Swap agreements are marked to market daily and subsequent payments ("variation margin") are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund's Statement of Assets and Liabilities ("Variation margin on open derivative instruments") and as a component of net change in unrealized appreciation (depreciation) on a Fund's Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund's basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund's Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund's Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund's current exposure to a counterparty is the fair value of the transaction.

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Options, Rights, and Warrants

A Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

Writing put and call options. A Fund may write call options on a security it owns, in a "directional" strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary

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market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Hybrid Instruments

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will

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be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

Certain Funds may receive or pay fees associated with investments in bank loans. These fees are included as interest income on a Fund's Statement of Operations. These fees include all income and expenses associated with the processing and maintenance of these types of loans, including but not limited to consent fee income, amendment fees, and closing fees.

March 31, 2025, the Funds had no unfunded bank loan commitments.

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. Collateral for certain tri-party repurchase agreements is held at the Fund's custodian or sub-custodian in a segregated account for the benefit of the Fund and the counterparty.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced ("TBA") transactions (collectively, the "Forward Transactions") in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund's existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until

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they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund's portfolio and increase the volatility of the Fund. If a Fund's counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value by MML Advisers. A Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, a Fund records a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund's counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund's use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund's obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund's portfolio.

Mortgage- and Asset-Backed Securities

A Fund may invest in mortgage- and asset-backed securities. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage- backed securities, represent a participation in, or are secured by, mortgage loans. Mortgage-backed securities may include securities that are issued or guaranteed by U.S. Government agencies or instrumentalities or other issuers, including private companies. Asset-backed securities are generally structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as consumer loans or receivables and they may be backed by collateralized debt obligations ("CDOs"), including collateralized bond obligations and collateralized loan obligations ("CLOs").

Investments in mortgage- and asset-backed securities subject a Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Certain of these risks may be higher for investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. A Fund's investments in mortgage-backed securities may make a Fund's net asset value more susceptible to economic, market, political, and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. Payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. A Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. See a Fund's Portfolio of Investments, if applicable, for mortgage-related and other asset-backed securities as of March 31, 2025.

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Securities Lending

Each Fund, other than the U.S. Government Money Market 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 March 31, 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 period ended March 31, 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 is recorded on the ex-dividend date. Non-cash dividends received in the 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.

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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

Each of the Short-Duration Bond Fund and Global Fund invests a significant amount of its assets in foreign securities and the International Equity 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.

Dividends and Distributions to Shareholders

Dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. 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.

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&nbsp;&nbsp;&nbsp;&nbsp;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 following annual rates:

---

| | |
|:---|:---|
| **Fund**  | **Investment Advisory Fee**  |
| U.S. Government Money Market Fund  | 0.35% on the first $1 billion; and <br>0.33% on any excess over $1 billion  |
| Short-Duration Bond Fund  | 0.35% on the first $500 million; and <br>0.30% on any excess over $500 million  |
| Inflation-Protected and Income Fund  | 0.38% on the first $350 million; and <br>0.33% on any excess over $350 million  |
| Core Bond Fund  | 0.38% on the first $1.5 billion; <br>0.33% on the next $500 million; and <br>0.28% on any excess over $2 billion  |
| Diversified Bond Fund  | 0.40% on the first $150 million; and <br>0.30% on any excess over $150 million  |
| High Yield Fund  | 0.48% on the first $250 million; and <br>0.455% on any excess over $250 million  |
| Balanced Fund  | 0.48% on the first $300 million; and <br>0.43% on any excess over $300 million  |
| Disciplined Growth Fund  | 0.45% on the first $400 million; and <br>0.40% on any excess over $400 million  |
| Small Cap Opportunities Fund  | 0.58% on the first $300 million; and <br>0.53% on any excess over $300 million  |
| Global Fund  | 0.75% on the first $400 million; and <br>0.70% on any excess over $400 million  |
| International Equity Fund  | 0.83% on the first $500 million; <br>0.78% on the next $500 million; and <br>0.73% on any excess over $1 billion |

---

MML Advisers has entered into investment subadvisory agreements with Barings LLC ("Barings"), a wholly-owned subsidiary of MM Asset Management Holding LLC, itself a wholly-owned subsidiary of MassMutual Holding LLC, a controlled subsidiary of MassMutual, on behalf of certain Funds. These agreements provide that Barings manage the investment and reinvestment of assets of these Funds. Barings receives a subadvisory fee from MML Advisers, based upon each Fund's average daily net assets, at the following annual rates:

---

| | |
|:---|:---|
| U.S. Government Money Market Fund  | 0.05%  |
| Short-Duration Bond Fund\*  | 0.08%  |
| Inflation-Protected and Income Fund\*  | 0.08%  |
| Core Bond Fund\*  | 0.10%  |
| Diversified Bond Fund\*  | 0.10%  |
| High Yield Fund\*  | 0.20%  |

---

\* Baring International Investment Limited ("BIIL"), a wholly-owned subsidiary of Barings, serves as a sub-subadviser of the Fund. BIIL does not receive a fee from Barings under the sub-subadvisory agreement with Barings.

MML Advisers has also entered into investment subadvisory agreements for certain Funds 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

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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.

---

| | |
|:---|:---|
| Balanced Fund\*  | Invesco Advisers, Inc.  |
| Disciplined Growth Fund  | Wellington Management Company LLP  |
| Small Cap Opportunities Fund  | Invesco Advisers, Inc.  |
| Global Fund  | Invesco Advisers, Inc.  |
| International Equity Fund  | Thompson, Siegel & Walmsley LLC; and  |
|  | Wellington Management Company LLP  |

---

\* Invesco Capital Management LLC serves as a sub-subadviser of the Fund.

The Funds' subadvisory fees are paid monthly by MML Advisers out of the investment advisory fees previously disclosed above.

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:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class** <br>**I**  | **Class** <br>**R5**  | **Service** <br>**Class**  | **Administrative** <br>**Class**  | **Class** <br>**R4**  | **Class** <br>**A**  | **Class** <br>**R3**  | **Class** <br>**Y**  | **Class** <br>**L**  | **Class** <br>**C**  |
| U.S. Government Money Market Fund  | N/A  | 0.10%  | N/A  | N/A  | N/A  | N/A  | N/A  | N/A  | N/A  | N/A  |
| Short-Duration Bond Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  | 0.05%  | 0.05%  |
| Inflation-Protected and Income Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  | N/A  | N/A  |
| Core Bond Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  | N/A  | N/A  |
| Diversified Bond Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  | N/A  | N/A  |
| High Yield Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.05%  | N/A  |  |
| Balanced Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  | N/A  | N/A  |
| Disciplined Growth Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  | N/A  | N/A  |
| Small Cap Opportunities Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  | N/A  | N/A  |
| Global Fund\*  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  | N/A  | N/A  |
| International Equity Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  | N/A  | N/A |

---

\* Class Y is not currently available for purchase.

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 applicable Fund and Class L shares of the Short-Duration Bond Fund pay an annual fee of 0.25% of the average daily net assets of the class; Class R3 shares of each applicable Fund and Class C shares of the Short-Duration Bond Fund pay an annual fee of 0.50% of the average daily net assets of the class; and Class C shares of the High Yield Fund pay an annual fee of 1.00% 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.

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Sales Charges

Unless waived, purchases of Class A and Class L shares are subject to a front-end sales charge of up to 5.50% and 2.50%, respectively, 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 period ended March 31, 2025.

---

| | |
|:---|:---|
|  | **Front-End** <br>**Sales Charges** <br>**Retained by** <br>**Distributor**  |
| Core Bond Fund  | $199  |
| Balanced Fund  | 303 |

---

Unless waived, redemptions of Class A and Class L 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% (or 0.50% for holders of Class L shares of the Short-Duration Bond Fund prior to February 1, 2024) of the amount redeemed, and redemptions of Class C shares made within 12 months of purchase 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 period ended March 31, 2025, no amounts have been retained by the Distributor.

With respect to Class A, Class L, and Class C shares, the Distributor may pay an up-front concession or commission to financial intermediaries through which sales are made as described in the Funds' Prospectus.

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 Fund, as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class R5**  | **Service** <br>**Class**  | **Administrative** <br>**Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  | **Class L**  | **Class C**  |
| Short-Duration Bond Fund  | 0.46%  | 0.56%  | 0.66%  | 0.76%  | 0.91%  | 0.96%  | 1.16%  | 0.51%  | 0.76%  | 1.01%  |
|  Inflation-Protected and Income Fund  | 0.49%  | 0.59%  | 0.69%  | 0.79%  | 0.94%  | 0.99%  | 1.19%  | 0.59%  | N/A  | N/A  |
| Diversified Bond Fund  | 0.59%  | 0.69%  | 0.79%  | 0.89%  | 1.04%  | 1.09%  | 1.29%  | 0.69%  | N/A  | N/A  |
| High Yield Fund  | 0.54%  | 0.64%  | 0.74%  | 0.84%  | 0.99%  | 1.04%  | 1.24%  | 0.59%  | N/A  | 1.54%  |
| Small Cap Opportunities Fund  | 0.65%  | 0.75%  | 0.85%  | 0.95%  | 1.10%  | 1.15%  | 1.35%  | 0.75%  | N/A  | N/A |

---

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

Effective February 1, 2025, 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 Fund, as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class R5**  | **Service** <br>**Class**  | **Administrative** <br>**Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Core Bond Fund  | 0.34%  | 0.44%  | 0.54%  | 0.64%  | 0.79%  | 0.84%  | 1.04%  | 0.44%  |
| International Equity Fund  | 1.08%  | 1.18%  | 1.28%  | 1.38%  | 1.53%  | 1.58%  | 1.78%  | 1.18% |

---

**134**<br>

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Prior to February 1, 2025, MML Advisers had 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) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class R5**  | **Service** <br>**Class**  | **Administrative** <br>**Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| U.S. Government Money Market Fund  | N/A  | 0.54%  | N/A  | N/A  | N/A  | N/A  | N/A  | N/A  |
| Core Bond Fund  | 0.42%  | 0.52%  | 0.62%  | 0.72%  | 0.87%  | 0.92%  | 1.12%  | 0.52% |

---

Prior to February 1, 2025, MML Advisers had agreed to waive 0.05% of the investment advisory fee of the International Equity Fund.

For the U.S. Government Money Market Fund, MML Advisers has agreed to voluntarily waive some or all of its fees in an attempt to allow the Fund to avoid a negative yield. There is no guarantee that the Fund will be able to avoid a negative yield. Payments made to intermediaries will be unaffected. MML Advisers may amend or discontinue this waiver at any time without advance notice.

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**  |
| Balanced Fund  | $422  |
| Small Cap Opportunities Fund  | 6666  |
| Global Fund  | 3417 |

---

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 period ended March 31, 2025, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated** <br>**Commissions**  |
| Small Cap Opportunities Fund  | $4728  |
| Global Fund | 224  |
| International Equity Fund | 77 |

---

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 shall be recorded on the Funds' books as other liabilities. Deferred compensation is included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

**135**<br>

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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 March 31, 2025:

---

| | |
|:---|:---|
|  | **Total % Ownership by Related Party**  |
| U.S. Government Money Market Fund  | 89.8%  |
| Short-Duration Bond Fund  | 82.7%  |
| Inflation-Protected and Income Fund  | 77.7%  |
| Core Bond Fund  | 93.4%  |
| Diversified Bond Fund  | 94.0%  |
| High Yield Fund  | 83.3%  |
| Balanced Fund  | 96.3%  |
| Disciplined Growth Fund  | 98.0%  |
| Small Cap Opportunities Fund  | 67.0%  |
| Global Fund  | 94.6%  |
| International Equity Fund  | 89.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S. Government Securities** | **Other Long-Term Securities** | **Long-Term U.S. Government Securities** | **Other Long-Term Securities**  |
| Short-Duration Bond Fund | $— | $25615464 | $1135 | $38757560  |
| Inflation-Protected and Income Fund | 7763638 | 21373414 | 15472502 | 62225546  |
| Core Bond Fund | 911813045 | 158634317 | 1029372211 | 264689693  |
| Diversified Bond Fund | 194607614 | 42899407 | 162611628 | 80747546  |
| High Yield Fund |  | 196986974 |  | 199025185  |
| Balanced Fund | 51438020 | 9351440 | 53996786 | 20127913  |
| Disciplined Growth Fund |  | 61655995 |  | 75874567  |
| Small Cap Opportunities Fund |  | 94972905 |  | 91755145  |
| Global Fund |  | 15812660 |  | 43104757  |
| International Equity Fund |  | 18262072 |  | 70305482 |

---

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 Funds did not have any cross trade activity during the period.

**136**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **U.S. Government Money Market Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 243320229 | $243320229 | 411992289 | $411992289  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4284827 | 4284827 | 8736771 | 8736771  |
| &nbsp;&nbsp;&nbsp; Redeemed | (121796361) | (121796361) | (419274157) | (419274157)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 125808695 | $125808695 | 1454903 | $1454903  |
| **Short-Duration Bond Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 669038 | $6171364 | 3016755 | $26683491  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 116374 | 1072797 | 242562 | 2172180  |
| &nbsp;&nbsp;&nbsp; Redeemed | (873145) | (8040936) | (6401185) | (56352907)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (87733) | $(796775) | (3141868) | $(27497236)  |
| **Short-Duration Bond Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 350257 | $3245132 | 905867 | $8071960  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 26509 | 245705 | 48933 | 440957  |
| &nbsp;&nbsp;&nbsp; Redeemed | (181766) | (1682983) | (1014464) | (9065373)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 195000 | $1807854 | (59664) | $(552456)  |
| **Short-Duration Bond Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 70349 | $645810 | 312804 | $2795758  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4150 | 38182 | 8399 | 75025  |
| &nbsp;&nbsp;&nbsp; Redeemed | (86967) | (799848) | (488848) | (4317878)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (12468) | $(115856) | (167645) | $(1447095)  |
| **Short-Duration Bond Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 538045 | $4925030 | 487964 | $4338017  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 26949 | 247121 | 45866 | 409315  |
| &nbsp;&nbsp;&nbsp; Redeemed | (544131) | (4992106) | (573907) | (5080126)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 20863 | $180045 | (40077) | $(332794)  |
| **Short-Duration Bond Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 10205 | $94300 | 645681 | $5766090  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 14192 | 131025 | 25591 | 231051  |
| &nbsp;&nbsp;&nbsp; Redeemed | (746759) | (6916065) | (136436) | (1225950)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (722362) | $(6690740) | 534836 | $4771191  |
| **Short-Duration Bond Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 149299 | $1361245 | 58384 | $515638  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 10530 | 96155 | 23027 | 204528  |
| &nbsp;&nbsp;&nbsp; Redeemed | (191246) | (1747494) | (134983) | (1203415)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (31417) | $(290094) | (53572) | $(483249)  |
| **Short-Duration Bond Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 13650 | $125043 | 83992 | $741189  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 9642 | 88297 | 21012 | 187093  |
| &nbsp;&nbsp;&nbsp; Redeemed | (80333) | (734849) | (298426) | (2636751)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (57041) | $(521509) | (193422) | $(1708469)  |

---

**137**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Short-Duration Bond Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 889572 | $8194306 | 625753 | $5735540  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 76716 | 708014 | 138072 | 1236726  |
| &nbsp;&nbsp;&nbsp; Redeemed | (849697) | (7837123) | (2223897) | (19684317)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 116591 | $1065197 | (1460072) | $(12712051)  |
| **Short-Duration Bond Fund Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 6159 | $56582 | 16150 | $143922  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 40338 | 370595 | 160915 | 1435031  |
| &nbsp;&nbsp;&nbsp; Redeemed | (387920) | (3560930) | (3138756) | (28340803)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (341423) | $(3133753) | (2961691) | $(26761850)  |
| **Short-Duration Bond Fund Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1992 | $18377 | 3 | $23  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1356 | 12563 | 2901 | 26137  |
| &nbsp;&nbsp;&nbsp; Redeemed | (13115) | (121213) | (20248) | (178633)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (9767) | $(90273) | (17344) | $(152473)  |
| **Inflation-Protected and Income Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2207027 | $20593120 | 6061074 | $56231895  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 301589 | 2821862 | 1137864 | 10448491  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4576957) | (42454838) | (8627219) | (79691033)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2068341) | $(19039856) | (1428281) | $(13010647)  |
| **Inflation-Protected and Income Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 616591 | $5756804 | 3958324 | $37132094  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 91897 | 860402 | 331376 | 3043431  |
| &nbsp;&nbsp;&nbsp; Redeemed | (742446) | (6913363) | (4690429) | (43921362)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (33958) | $(296157) | (400729) | $(3745837)  |
| **Inflation-Protected and Income Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 187873 | $1740582 | 497148 | $4596015  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 28902 | 269898 | 114085 | 1045119  |
| &nbsp;&nbsp;&nbsp; Redeemed | (454647) | (4221762) | (1284438) | (11912505)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (237872) | $(2211282) | (673205) | $(6271371)  |
|  **Inflation-Protected and Income Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 103245 | $980532 | 196185 | $1849397  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 8369 | 79300 | 40376 | 374784  |
| &nbsp;&nbsp;&nbsp; Redeemed | (114826) | (1081925) | (468531) | (4395411)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3212) | $(22093) | (231970) | $(2171230)  |
| **Inflation-Protected and Income Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 23217 | $212159 | 61715 | $557025  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3693 | 33717 | 16083 | 144067  |
| &nbsp;&nbsp;&nbsp; Redeemed | (49614) | (452457) | (250178) | (2253045)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (22704) | $(206581) | (172380) | $(1551953)  |
| **Inflation-Protected and Income Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 237137 | $2180067 | 157571 | $1432055  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 14168 | 130722 | 47671 | 431613  |
| &nbsp;&nbsp;&nbsp; Redeemed | (244203) | (2255140) | (196586) | (1789720)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 7102 | $55649 | 8656 | $73948  |

---

**138**<br>

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Inflation-Protected and Income Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 61698 | $561693 | 62047 | $565618  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4171 | 38178 | 12469 | 112043  |
| &nbsp;&nbsp;&nbsp; Redeemed | (47355) | (431368) | (69979) | (631545)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 18514 | $168503 | 4537 | $46116  |
| **Inflation-Protected and Income Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 429 | $4023 | 22 | $225  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 7 | 68 | 1 | 6  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2) | (21) |  | (1)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 434 | $4070 | 23 | $230  |
| **Core Bond Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 7651140 | $69436501 | 11197330 | $100695015  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 29082100 | 271626832  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1668376 | 15137155 | 4515844 | 40123179  |
| &nbsp;&nbsp;&nbsp; Redeemed | (30159267) | (270801774) | (18986341) | (169906840)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (20839751) | $(186228118) | 25808933 | $242538186  |
| **Core Bond Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2008495 | $18313839 | 2509493 | $22652414  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 5279738 | 49523959  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 345453 | 3149633 | 852099 | 7605420  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3163639) | (28796467) | (3525083) | (31781724)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (809691) | $(7332995) | 5116247 | $48000069  |
| **Core Bond Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 466074 | $4224789 | 521904 | $4660344  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 1093012 | 10197808  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 82931 | 751895 | 213016 | 1891061  |
| &nbsp;&nbsp;&nbsp; Redeemed | (895657) | (8130708) | (1306359) | (11779099)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (346652) | $(3154024) | 521573 | $4970114  |
| **Core Bond Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 304405 | $2727928 | 551739 | $4896725  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 1253763 | 11572229  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 81367 | 730047 | 282169 | 2478143  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1158278) | (10319423) | (1550654) | (14022054)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (772506) | $(6861448) | 537017 | $4925043  |
| **Core Bond Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 102001 | $910851 | 204895 | $1858947  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 1868036 | 17073857  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 31113 | 276380 | 13763 | 120279  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1006969) | (8963505) | (69284) | (621526)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (873855) | $(7776274) | 2017410 | $18431557  |
| **Core Bond Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 300353 | $2682611 | 427311 | $3749664  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 973102 | 8942805  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 65353 | 583702 | 172314 | 1506832  |
| &nbsp;&nbsp;&nbsp; Redeemed | (528995) | (4722102) | (792140) | (7018341)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (163289) | $(1455789) | 780587 | $7180960  |

---

**139**<br>

------

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Core Bond Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 111802 | $1041721 | 4915 | $46530  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 417196 | 3988392  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 9584 | 89069 | 1628 | 14892  |
| &nbsp;&nbsp;&nbsp; Redeemed | (102248) | (954462) | (9411) | (86937)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 19138 | $176328 | 414328 | $3962877  |
| **Core Bond Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 187130 | $1704721 | 417680 | $3852769  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 10457 | 98085  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 11560 | 105411 | 2347 | 21783  |
| &nbsp;&nbsp;&nbsp; Redeemed | (13379) | (120935) | (414) | (3865)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 185311 | $1689197 | 430070 | $3968772  |
| **Diversified Bond Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 352817 | $3137422 | 901578 | $7934698  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 122192 | 1089437 | 472450 | 4094531  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1097198) | (9784833) | (4401263) | (37851962)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (622189) | $(5557974) | (3027235) | $(25822733)  |
| **Diversified Bond Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 884146 | $7103753 | 1930223 | $15294336  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 177303 | 1426750 | 732482 | 5721867  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7396732) | (59826274) | (2317156) | (18074656)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (6335283) | $(51295771) | 345549 | $2941547  |
| **Diversified Bond Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 62764 | $515187 | 254037 | $2032923  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 9795 | 80338 | 42877 | 341259  |
| &nbsp;&nbsp;&nbsp; Redeemed | (44010) | (359705) | (342722) | (2753642)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 28549 | $235820 | (45808) | $(379460)  |
| **Diversified Bond Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 31673 | $259016 | 141702 | $1146244  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 9003 | 73732 | 38881 | 309178  |
| &nbsp;&nbsp;&nbsp; Redeemed | (137020) | (1110263) | (314437) | (2518618)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (96344) | $(777515) | (133854) | $(1063196)  |
| **Diversified Bond Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 20475 | $164918 | 39890 | $316019  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4766 | 38439 | 37403 | 291894  |
| &nbsp;&nbsp;&nbsp; Redeemed | (111047) | (880291) | (362849) | (2867627)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (85806) | $(676934) | (285556) | $(2259714)  |
| **Diversified Bond Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 35567 | $292480 | 73978 | $599038  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 8064 | 66417 | 42864 | 342205  |
| &nbsp;&nbsp;&nbsp; Redeemed | (85584) | (706223) | (237832) | (1923903)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (41953) | $(347326) | (120990) | $(982660)  |

---

**140**<br>

------

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Diversified Bond Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 5577 | $45549 | 41577 | $333478  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2189 | 17885 | 10712 | 84938  |
| &nbsp;&nbsp;&nbsp; Redeemed | (27407) | (223663) | (62025) | (495223)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (19641) | $(160229) | (9736) | $(76807)  |
| **Diversified Bond Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $—  |
| **High Yield Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 6358285 | $51452258 | 9973913 | $78139793  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1038245 | 8382940 | 2276415 | 17886776  |
| &nbsp;&nbsp;&nbsp; Redeemed | (9850857) | (79568951) | (15723662) | (122819264)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2454327) | $(19733753) | (3473334) | $(26792695)  |
| **High Yield Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 727661 | $5927472 | 1333604 | $10518463  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 166557 | 1354244 | 321905 | 2549781  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1008415) | (8209783) | (1251030) | (9874778)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (114197) | $(928067) | 404479 | $3193466  |
| **High Yield Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 225334 | $1837169 | 508155 | $3998865  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 79368 | 645964 | 178730 | 1414174  |
| &nbsp;&nbsp;&nbsp; Redeemed | (343189) | (2797023) | (1149314) | (9058170)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (38487) | $(313890) | (462429) | $(3645131)  |
| **High Yield Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 190176 | $1521507 | 574816 | $4416385  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 50887 | 406587 | 116929 | 909388  |
| &nbsp;&nbsp;&nbsp; Redeemed | (408665) | (3256355) | (866026) | (6780469)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (167602) | $(1328261) | (174281) | $(1454696)  |
| **High Yield Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 432434 | $3401922 | 575964 | $4395830  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 65535 | 514489 | 144406 | 1102843  |
| &nbsp;&nbsp;&nbsp; Redeemed | (798511) | (6287309) | (964097) | (7327241)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (300542) | $(2370898) | (243727) | $(1828568)  |
| **High Yield Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 68142 | $544122 | 117247 | $904635  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 27071 | 216221 | 58406 | 453807  |
| &nbsp;&nbsp;&nbsp; Redeemed | (112242) | (899092) | (296232) | (2296493)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (17029) | $(138749) | (120579) | $(938051)  |
| **High Yield Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 293252 | $2381402 | 1009872 | $7932833  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 108281 | 875904 | 203436 | 1603529  |
| &nbsp;&nbsp;&nbsp; Redeemed | (544908) | (4412356) | (908993) | (7110596)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (143375) | $(1155050) | 304315 | $2425766  |

---

**141**<br>

------

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **High Yield Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1509445 | $12223318 | 693625 | $5502406  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 127602 | 1033175 | 236742 | 1863290  |
| &nbsp;&nbsp;&nbsp; Redeemed | (447360) | (3627168) | (1699346) | (13246411)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1189687 | $9629325 | (768979) | $(5880715)  |
| **High Yield Fund Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— | 8348 | $67594  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 112 | 913 | 155 | 1238  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7949) | (65027) |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (7837) | $(64114) | 8503 | $68832  |
| **Balanced Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 167274 | $2064120 | 671188 | $7783823  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 209154 | 2560044 | 65903 | 723616  |
| &nbsp;&nbsp;&nbsp; Redeemed | (586968) | (7319041) | (1203803) | (14018547)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (210540) | $(2694877) | (466712) | $(5511108)  |
| **Balanced Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 77363 | $954871 | 191480 | $2236042  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 118015 | 1444504 | 36048 | 396171  |
| &nbsp;&nbsp;&nbsp; Redeemed | (406661) | (5112917) | (792915) | (8908778)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (211283) | $(2713542) | (565387) | $(6276565)  |
| **Balanced Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 21166 | $285079 | 49878 | $619716  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 41765 | 555468 | 10948 | 130066  |
| &nbsp;&nbsp;&nbsp; Redeemed | (49274) | (662403) | (86691) | (1079737)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 13657 | $178144 | (25865) | $(329955)  |
| **Balanced Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 942 | $11716 | 13779 | $162336  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2614 | 32309 | 4877 | 53892  |
| &nbsp;&nbsp;&nbsp; Redeemed | (35193) | (449089) | (253133) | (2914646)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (31637) | $(405064) | (234477) | $(2698418)  |
| **Balanced Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 15317 | $180262 | 60579 | $669481  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 28586 | 331597 | 7288 | 76162  |
| &nbsp;&nbsp;&nbsp; Redeemed | (286924) | (3288933) | (134493) | (1516563)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (243021) | $(2777074) | (66626) | $(770920)  |
| **Balanced Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 41511 | $492126 | 69455 | $777010  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 63829 | 753185 | 14784 | 157001  |
| &nbsp;&nbsp;&nbsp; Redeemed | (149696) | (1822050) | (244351) | (2777183)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (44356) | $(576739) | (160112) | $(1843172)  |
| **Balanced Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 57915 | $671184 | 177539 | $2010099  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 64714 | 745510 | 10868 | 112924  |
| &nbsp;&nbsp;&nbsp; Redeemed | (107710) | (1239787) | (144791) | (1575209)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 14919 | $176907 | 43616 | $547814  |

---

**142**<br>

------

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Balanced Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $—  |
| **Disciplined Growth Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 280406 | $3317418 | 580233 | $6308491  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 584646 | 6624034 | 172213 | 1615353  |
| &nbsp;&nbsp;&nbsp; Redeemed | (466644) | (5581614) | (1232454) | (13470238)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 398408 | $4359838 | (480008) | $(5546394)  |
| **Disciplined Growth Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 877159 | $10140315 | 1594697 | $17053699  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1565468 | 17721101 | 375007 | 3517567  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1017011) | (11435947) | (1790030) | (19203826)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1425616 | $16425469 | 179674 | $1367440  |
| **Disciplined Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 77281 | $907451 | 46351 | $511975  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 135396 | 1543510 | 37760 | 356459  |
| &nbsp;&nbsp;&nbsp; Redeemed | (33292) | (385166) | (796882) | (7925257)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 179385 | $2065795 | (712771) | $(7056823)  |
| **Disciplined Growth Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 81209 | $949450 | 225287 | $2501040  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 236832 | 2773297 | 90709 | 877160  |
| &nbsp;&nbsp;&nbsp; Redeemed | (792585) | (9811910) | (768113) | (8638535)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (474544) | $(6089163) | (452117) | $(5260335)  |
| **Disciplined Growth Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 39373 | $408821 | 90460 | $877707  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 128347 | 1339942 | 34187 | 300501  |
| &nbsp;&nbsp;&nbsp; Redeemed | (73763) | (770600) | (237807) | (2116714)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 93957 | $978163 | (113160) | $(938506)  |
| **Disciplined Growth Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 22870 | $247934 | 38911 | $385988  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 128138 | 1363385 | 44996 | 402264  |
| &nbsp;&nbsp;&nbsp; Redeemed | (124682) | (1412783) | (334282) | (3531316)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 26326 | $198536 | (250375) | $(2743064)  |
| **Disciplined Growth Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 23215 | $245662 | 152799 | $1421413  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 100257 | 1026627 | 25313 | 219465  |
| &nbsp;&nbsp;&nbsp; Redeemed | (27198) | (296089) | (224509) | (2143000)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 96274 | $976200 | (46397) | $(502122)  |
| **Disciplined Growth Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $—  |

---

**143**<br>

------

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Small Cap Opportunities Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2551721 | $48334712 | 4887364 | $84693519  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1053348 | 19729212 | 410985 | 6551095  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1233407) | (22599082) | (1868901) | (32055080)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2371662 | $45464842 | 3429448 | $59189534  |
| **Small Cap Opportunities Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 546036 | $10207221 | 1012140 | $17156946  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 487601 | 9093763 | 326606 | 5186500  |
| &nbsp;&nbsp;&nbsp; Redeemed | (846475) | (15778920) | (2277989) | (38832987)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 187162 | $3522064 | (939243) | $(16489541)  |
| **Small Cap Opportunities Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 30563 | $570811 | 267411 | $4634922  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 42713 | 794038 | 48443 | 766370  |
| &nbsp;&nbsp;&nbsp; Redeemed | (499572) | (9879017) | (440624) | (7540525)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (426296) | $(8514168) | (124770) | $(2139233)  |
| **Small Cap Opportunities Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 57879 | $1049137 | 137876 | $2328248  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 90170 | 1657323 | 66093 | 1035678  |
| &nbsp;&nbsp;&nbsp; Redeemed | (509864) | (9407707) | (391590) | (6638096)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (361815) | $(6701247) | (187621) | $(3274170)  |
| **Small Cap Opportunities Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 170062 | $2954716 | 203916 | $3280928  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 68478 | 1199731 | 48085 | 720788  |
| &nbsp;&nbsp;&nbsp; Redeemed | (125875) | (2199421) | (471631) | (7809628)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 112665 | $1955026 | (219630) | $(3807912)  |
| **Small Cap Opportunities Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 224658 | $4060826 | 737481 | $12401711  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 187822 | 3313179 | 120050 | 1811552  |
| &nbsp;&nbsp;&nbsp; Redeemed | (542569) | (9748384) | (915027) | (15055058)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (130089) | $(2374379) | (57496) | $(841795)  |
| **Small Cap Opportunities Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 90191 | $1552354 | 167303 | $2691628  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 50471 | 866595 | 27588 | 406374  |
| &nbsp;&nbsp;&nbsp; Redeemed | (77902) | (1322616) | (163135) | (2619517)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 62760 | $1096333 | 31756 | $478485  |
| **Small Cap Opportunities Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 36518 | $688901 | 54818 | $973126  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5367 | 100142 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (12842) | (237583) | (318) | (5842)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 29043 | $551460 | 54500 | $967284  |
| **Global Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 416398 | $4489539 | 1352524 | $15021235  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 685968 | 6969440 | 1223585 | 11440516  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1528604) | (15902162) | (2139962) | (22984798)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (426238) | $(4443183) | 436147 | $3476953  |

---

**144**<br>

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Global Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 315107 | $3262760 | 593914 | $6419645  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 630002 | 6369324 | 1239479 | 11551942  |
| &nbsp;&nbsp;&nbsp; Redeemed | (803522) | (8500164) | (1401315) | (15052191)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 141587 | $1131920 | 432078 | $2919396  |
| **Global Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12888 | $128633 | 35727 | $376909  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 53097 | 521414 | 104492 | 950873  |
| &nbsp;&nbsp;&nbsp; Redeemed | (35862) | (375698) | (119464) | (1236223)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 30123 | $274349 | 20755 | $91559  |
| **Global Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 238196 | $2428654 | 606577 | $6389348  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 619098 | 6153831 | 1261602 | 11606738  |
| &nbsp;&nbsp;&nbsp; Redeemed | (845887) | (8529123) | (2300552) | (24601703)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 11407 | $53362 | (432373) | $(6605617)  |
| **Global Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 82225 | $799968 | 154938 | $1546621  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 154730 | 1423516 | 271463 | 2340010  |
| &nbsp;&nbsp;&nbsp; Redeemed | (210382) | (1949250) | (359457) | (3543128)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 26573 | $274234 | 66944 | $343503  |
| **Global Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 39873 | $377027 | 107448 | $1082392  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 178894 | 1692339 | 313958 | 2775390  |
| &nbsp;&nbsp;&nbsp; Redeemed | (129929) | (1266766) | (270771) | (2753782)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 88838 | $802600 | 150635 | $1104000  |
| **Global Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 62455 | $582038 | 199818 | $1984919  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 140024 | 1291023 | 218703 | 1893964  |
| &nbsp;&nbsp;&nbsp; Redeemed | (128935) | (1248111) | (241345) | (2422176)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 73544 | $624950 | 177176 | $1456707  |
| **International Equity Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 374133 | $3095261 | 1094378 | $9163451  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 391331 | 3150218 | 303716 | 2460099  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6373380) | (50477079) | (2458718) | (20772858)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (5607916) | $(44231600) | (1060624) | $(9149308)  |
| **International Equity Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 233775 | $1943607 | 353938 | $2987722  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 157940 | 1274578 | 119965 | 972915  |
| &nbsp;&nbsp;&nbsp; Redeemed | (696343) | (5763793) | (1132861) | (9392898)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (304628) | $(2545608) | (658958) | $(5432261)  |
| **International Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 16200 | $136104 | 29878 | $249652  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 16565 | 133182 | 11822 | 95641  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7673) | (65382) | (164818) | (1336165)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 25092 | $203904 | (123118) | $(990872)  |

---

**145**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **International Equity Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 9375 | $77441 | 29945 | $248137  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 8518 | 67886 | 7806 | 62526  |
| &nbsp;&nbsp;&nbsp; Redeemed | (64303) | (532286) | (92703) | (785789)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (46410) | $(386959) | (54952) | $(475126)  |
| **International Equity Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2935 | $22179 | 7861 | $60391  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3879 | 28435 | 2443 | 18101  |
| &nbsp;&nbsp;&nbsp; Redeemed | (8347) | (65326) | (10435) | (79927)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1533) | $(14712) | (131) | $(1435)  |
| **International Equity Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 24291 | $185902 | 80783 | $640012  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 58560 | 436270 | 41377 | 311566  |
| &nbsp;&nbsp;&nbsp; Redeemed | (99108) | (770196) | (303945) | (2384198)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (16257) | $(148024) | (181785) | $(1432620)  |
| **International Equity Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 32380 | $243522 | 60328 | $462649  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 14761 | 106572 | 9765 | 71282  |
| &nbsp;&nbsp;&nbsp; Redeemed | (72748) | (566190) | (74540) | (570105)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (25607) | $(216096) | (4447) | $(36174)  |
| **International Equity Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $— |

---

6. Federal Income Tax Information

At March 31, 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 Income Tax Cost** | **Tax Basis Unrealized Appreciation** | **Tax Basis Unrealized (Depreciation)** | **Net Unrealized Appreciation (Depreciation)**  |
| U.S. Government Money Market Fund | $299358040 | $— | $— | $—  |
| Short-Duration Bond Fund | 153792330 | 920529 | (3862824) | (2942295)  |
| Inflation-Protected and Income Fund | 221772982 | 1425603 | (4363163) | (2937560)  |
| Core Bond Fund | 836834867 | 6475455 | (34698651) | (28223196)  |
| Diversified Bond Fund | 130674607 | 918747 | (3978948) | (3060201)  |
| High Yield Fund | 415152646 | 3515731 | (11692745) | (8177014)  |
| Balanced Fund | 86365047 | 11649476 | (4100161) | 7549315  |
| Disciplined Growth Fund | 146845119 | 34582644 | (4914811) | 29667833  |
| Small Cap Opportunities Fund | 374121357 | 60944268 | (26926536) | 34017732  |
| Global Fund | 92618689 | 61666240 | (3048338) | 58617902  |
| International Equity Fund | 53813012 | 5963725 | (2909021) | 3054704 |

---

**146**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Note: The aggregate cost for investments for the U.S. Government Money Market Fund at March 31, 2025, is the same for financial reporting and U.S. federal income tax purposes.

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At September 30, 2024, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term** <br>**Capital Loss** <br>**Carryforward**  | **Long Term** <br>**Capital Loss** <br>**Carryforward**  |
| Short-Duration Bond Fund\* | $(55697023) | $(102403309)  |
| Inflation-Protected and Income Fund | (28817986) | (7733519)  |
| Core Bond Fund\* | (36854242) | (135302352)  |
| Diversified Bond Fund | (7361227) | (17549778)  |
| High Yield Fund\* | (6808196) | (63916532) |

---

\* *A portion of these amounts are subject to IRC 382-383 which is carried forward to future years to offset future realized gains subject to certain limitations.* 

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2024, late year ordinary losses:

---

| | |
|:---|:---|
|  | **Amount**  |
| Short-Duration Bond Fund | $259947  |
| Core Bond Fund | 1018362  |
| Diversified Bond Fund | 313215 |
| Global Fund | 572667 |

---

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, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary**<br>**Income** | **Long Term**<br>**Capital Gain** | **Return of**<br>**Capital**  |
| U.S. Government Money Market Fund | $8744012 | $— | $—  |
| Short-Duration Bond Fund | 6593150 |  | —  |
| Inflation-Protected and Income Fund | 15608488 |  | —  |
| Core Bond Fund | 53785698 |  | —  |
| Diversified Bond Fund | 11194865 |  | —  |
| High Yield Fund | 27803807 |  | —  |
| Balanced Fund | 1651677 |  | —  |
| Disciplined Growth Fund | 29373 | 7264745 | —  |
| Small Cap Opportunities Fund | 4065364 | 12543509 | —  |
| Global Fund |  | 43645322 | —  |
| International Equity Fund | 2357219 | 1639016 |  |

---

**147**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2024:

---

| | |
|:---|:---|
|  | **Amount**  |
| International Equity Fund | $205805 |

---

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, 2024, 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, 2024, 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**  |
| U.S. Government Money Market Fund | $— | $— | $(24717) | $— | $(24717)  |
| Short-Duration Bond Fund |  | (158360279) | (39586) | (5603707) | (164003572)  |
| Inflation-Protected and Income Fund | 93008 | (36551505) | (15178) | 4148828 | (32324847)  |
| Core Bond Fund |  | (173174956) | (106112) | (34428725) | (207709793)  |
| Diversified Bond Fund |  | (25249820) | (9807) | (7878389) | (33138016)  |
| High Yield Fund | 239486 | (70724728) | (16810) | 3808808 | (66693244)  |
| Balanced Fund | 1304978 | 4113486 | (8094) | 13021307 | 18431677  |
| Disciplined Growth Fund | 6854144 | 21950178 | (15483) | 49876919 | 78665758  |
| Small Cap Opportunities Fund | 1843812 | 34133492 | (12675) | 80959255 | 116923884  |
| Global Fund |  | 21126903  | (17744)  | 91406072 | 112515231  |
| International Equity Fund | 1961391 | 3237441 | (28533) | 12180811 | 17351110 |

---

The Funds did not have any unrecognized tax benefits at March 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period 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 period ended March 31, 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. 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.

8. New Accounting Pronouncements

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as

**148**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

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 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 benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

9. Upcoming Fund Liquidations

The Trustees have approved a Plan of Liquidation and Termination pursuant to which it is expected that the U.S. Government Money Market Fund, Balanced Fund, Disciplined Growth Fund, and International Equity Fund (each, a "Fund") will be dissolved. Effective on or about September 5, 2025 for the U.S. Government Money Market Fund and September 12, 2025 for each of the other Funds (collectively, the "Termination Date"), shareholders of the various classes of shares of each Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.

10. Upcoming Fund Merger

The respective Board of Trustees of the Selling Fund and the Acquiring Fund, as applicable, has approved the reorganization of the Selling Fund listed in the table below (the "Selling Fund") with and into the Acquiring Fund listed in the table below (the "Acquiring Fund"). Subject to the satisfaction of certain conditions, the reorganization is expected to occur in September 2025. No shareholder approval is required to effect the reorganization of the Selling Fund into the Acquiring Fund. No assurance can be given that the reorganization will occur.

---

| | |
|:---|:---|
| **Selling Fund** | **Acquiring Fund**  |
| MassMutual Total Return Bond Fund<br>(a series of MassMutual Select Funds) | Core Bond Fund<br>(a series of MassMutual Premier Funds) |

---

Under the terms of the proposed Agreement and Plan of Reorganization, the Selling Fund's assets and liabilities would be transferred to the Acquiring Fund in return for shares of the Acquiring Fund with an aggregate net asset value equal to the aggregate value of the assets that it receives from the Selling Fund, less the liabilities it assumes from the Selling Fund. The Acquiring Fund shares would be distributed pro rata to shareholders of the Selling Fund, in liquidation of the Selling Fund. Current shareholders of the Selling Fund would thus become shareholders of the Acquiring Fund and would receive shares of the Acquiring Fund with a value equal to their shares of the Selling Fund at the time of the reorganization. Assuming certain conditions are satisfied, the reorganization is expected to be a tax-free event for U.S. federal income tax purposes. More information about the Acquiring Fund and the definitive terms of the reorganization will be included in the combined information statement/prospectus relating to the reorganization.

**149**<br>

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**150**<br>

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

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**151**<br>

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

**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.

**152**<br>

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**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Trustees' Approval of Investment Advisory Contracts

At their meeting in March 2025, 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"), reviewed and approved a proposal to make changes to the existing subadvisory agreement with Invesco Advisers, Inc. ("Invesco Advisers") for the Global Fund (the "Fund" and 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 Invesco Advisers by MML Advisers under the Amended Subadvisory Agreement and the effect of such fees on the profitability to MML Advisers from its relationship with the Fund. The Trustees concluded that they were satisfied that MML Advisers' projected level of profitability 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 April 25, 2025.

**153**<br>

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**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)

<sup>©</sup> 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) – Not applicable.

(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.](mmpf-efp15029_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.](mmpf-efp15029_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 Premier Funds |
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>5/19/2025</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>5/19/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

---

Date <u>5/19/2025</u>

## 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 Premier 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: | 5/19/2025 | /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 Premier 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: | 5/19/2025 | /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 Premier Funds (the "Trust") on Form N-CSR for the period ending March 31, 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: | 5/19/2025 | /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 Premier Funds (the "Trust") on Form N-CSR for the period ending March 31, 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: | 5/19/2025 | /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.