# EDGAR Filing Document

**Accession Number:** 0000927972
**File Stem:** 0001133228-25-013338
**Filing Date:** 2025-12
**Character Count:** 1007834
**Document Hash:** 8f632ee6722fbc17a8a0c0caa27d1f19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013338.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001133228-25-013338

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 253

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08690
- **FILM NUMBER:** 251555410

**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 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 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           |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Company Act file number | &nbsp;&nbsp;811-08690 |
| 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>09/30/2025</u>

**Item 1. Reports to Stockholders.**

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

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MIPZX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $50 | 0.49% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation security positioning

• Short maturity TIPS exposure, given outperformance to longer-term TIPS

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The income program overall due to the financing rate of TIPS total return swaps

• Duration exposure of the inflation positioning

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGU6

------

![image](ts5192img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 3.41 | 1.65 | 3.21 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Treasury Inflation Protected Securities** **(TIPS) Index (Series - L)**  | 3.79 | 1.42 | 3.01 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 180 |
| **Total Advisory Fees Paid During the Reporting Period** | $848230 |
| **Portfolio Turnover Rate** | 63% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 58.8% |
|  U.S. Treasury Obligations  | 18.1% |
|  Commercial Paper  | 16.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.4% |
|  Repurchase Agreement  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGU6

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGU6

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MIPSX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $60 | 0.59% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation security positioning

• Short maturity TIPS exposure, given outperformance to longer-term TIPS

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The income program overall due to the financing rate of TIPS total return swaps

• Duration exposure of the inflation positioning

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGU1

------

![image](ts5193img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 3.31 | 1.55 | 3.11 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Treasury Inflation Protected Securities** **(TIPS) Index (Series - L)**  | 3.79 | 1.42 | 3.01 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 180 |
| **Total Advisory Fees Paid During the Reporting Period** | $848230 |
| **Portfolio Turnover Rate** | 63% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 58.8% |
|  U.S. Treasury Obligations  | 18.1% |
|  Commercial Paper  | 16.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.4% |
|  Repurchase Agreement  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGU1

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGU1

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MIPYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $70 | 0.69% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation security positioning

• Short maturity TIPS exposure, given outperformance to longer-term TIPS

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The income program overall due to the financing rate of TIPS total return swaps

• Duration exposure of the inflation positioning

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGU3

------

![image](ts5191img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 3.20 | 1.45 | 3.00 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Treasury Inflation Protected Securities** **(TIPS) Index (Series - L)**  | 3.79 | 1.42 | 3.01 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 180 |
| **Total Advisory Fees Paid During the Reporting Period** | $848230 |
| **Portfolio Turnover Rate** | 63% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 58.8% |
|  U.S. Treasury Obligations  | 18.1% |
|  Commercial Paper  | 16.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.4% |
|  Repurchase Agreement  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGU3

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGU3

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MIPLX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $80 | 0.79% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation security positioning

• Short maturity TIPS exposure, given outperformance to longer-term TIPS

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The income program overall due to the financing rate of TIPS total return swaps

• Duration exposure of the inflation positioning

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGU4

------

![image](ts5187img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 3.11 | 1.37 | 2.91 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Treasury Inflation Protected Securities** **(TIPS) Index (Series - L)**  | 3.79 | 1.42 | 3.01 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 180 |
| **Total Advisory Fees Paid During the Reporting Period** | $848230 |
| **Portfolio Turnover Rate** | 63% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 58.8% |
|  U.S. Treasury Obligations  | 18.1% |
|  Commercial Paper  | 16.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.4% |
|  Repurchase Agreement  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGU4

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGU4

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MIPRX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $95 | 0.94% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation security positioning

• Short maturity TIPS exposure, given outperformance to longer-term TIPS

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The income program overall due to the financing rate of TIPS total return swaps

• Duration exposure of the inflation positioning

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGUK

------

![image](ts5190img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 2.93 | 1.21 | 2.76 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Treasury Inflation Protected Securities** **(TIPS) Index (Series - L)**  | 3.79 | 1.42 | 3.01 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 180 |
| **Total Advisory Fees Paid During the Reporting Period** | $848230 |
| **Portfolio Turnover Rate** | 63% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 58.8% |
|  U.S. Treasury Obligations  | 18.1% |
|  Commercial Paper  | 16.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.4% |
|  Repurchase Agreement  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGUK

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGUK

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MPSAX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $100 | 0.99% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation security positioning

• Short maturity TIPS exposure, given outperformance to longer-term TIPS

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The income program overall due to the financing rate of TIPS total return swaps

• Duration exposure of the inflation positioning

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGU2

------

![image](ts5188img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 2.89 | 1.12 | 2.66 |
| **Class A - with maximum sales charge**  | -1.48 | 0.24 | 2.21 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Treasury Inflation Protected Securities** **(TIPS) Index (Series - L)**  | 3.79 | 1.42 | 3.01 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 180 |
| **Total Advisory Fees Paid During the Reporting Period** | $848230 |
| **Portfolio Turnover Rate** | 63% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 58.8% |
|  U.S. Treasury Obligations  | 18.1% |
|  Commercial Paper  | 16.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.4% |
|  Repurchase Agreement  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGU2

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGU2

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MIPNX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $121 | 1.19% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation security positioning

• Short maturity TIPS exposure, given outperformance to longer-term TIPS

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The income program overall due to the financing rate of TIPS total return swaps

• Duration exposure of the inflation positioning

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGU5

------

![image](ts5189img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 2.68 | 0.98 | 2.50 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Treasury Inflation Protected Securities** **(TIPS) Index (Series - L)**  | 3.79 | 1.42 | 3.01 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 180 |
| **Total Advisory Fees Paid During the Reporting Period** | $848230 |
| **Portfolio Turnover Rate** | 63% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 58.8% |
|  U.S. Treasury Obligations  | 18.1% |
|  Commercial Paper  | 16.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.4% |
|  Repurchase Agreement  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGU5

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGU5

------

---

| | |
|:---|:---|
| **MassMutual Inflation-Protected and Income Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMODX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $60 | 0.59% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation security positioning

• Short maturity TIPS exposure, given outperformance to longer-term TIPS

Top detractors to the Fund's performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L):

&nbsp;&nbsp;&nbsp;&nbsp;• The income program overall due to the financing rate of TIPS total return swaps

• Duration exposure of the inflation positioning

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGUY

------

![image](ts5186img002.jpg)

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

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (02/01/2023) |
| **Class Y - without sales charge**  | 3.31 | 4.50 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | 4.59 |
| **Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index** **(Series - L)**  | 3.79 | 5.10 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $215.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 180 |
| **Total Advisory Fees Paid During the Reporting Period** | $848230 |
| **Portfolio Turnover Rate** | 63% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Non-U.S. Government Agency Obligations  | 58.8% |
|  U.S. Treasury Obligations  | 18.1% |
|  Commercial Paper  | 16.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 3.4% |
|  Repurchase Agreement  | 2.9% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGUY

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGUY

------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $38 | 0.37% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit, namely strong issue selection in investment-grade securities and sector allocation given favorable market conditions

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGM6

------

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

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

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

![image](ts5238img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 4.56 | 0.77 | 2.51 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $865.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 460 |
| **Total Advisory Fees Paid During the Reporting Period** | $3190354 |
| **Portfolio Turnover Rate** | 149% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGM6

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.0% |
|  Non-U.S. Government Agency Obligations  | 26.0% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.7% |
|  U.S. Treasury Obligations  | 8.9% |
|  Investment of Cash Collateral from Securities Loaned  | 2.0% |
|  Commercial Paper  | 0.7% |
|  Municipal Obligations  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

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

On September 15, 2025, the MassMutual Total Return Bond Fund was merged into the Fund and shareholders of the MassMutual Total Return Bond Fund became shareholders of the Fund.

Effective September 15, 2025, the advisory fee rate for the Fund changed from 0.38% on the first $1.5 billion of the average daily net assets of the Fund; 0.33% on the next $500 million; and 0.28% on assets in excess of $2 billion to 0.30% on the first $2 billion of the average daily net assets of the Fund; and 0.27% on assets in excess of $2 billion.

Prior to February 1, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.42%, 0.52%, 0.62%, 0.72%, 0.87%, 0.92%, 1.12%, and 0.52% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On February 1, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.34%, 0.44%, 0.54%, 0.64%, 0.79%, 0.84%, 1.04%, and 0.44% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On September 15, 2025, this agreement was replaced by a new agreement with MML Investment Advsiers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.33%, 0.43%, 0.53%, 0.63%, 0.78%, 0.83%, 1.03%, and 0.43% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGM6

------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $48 | 0.47% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit, namely strong issue selection in investment-grade securities and sector allocation given favorable market conditions

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGM1

------

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

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

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

![image](ts5243img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 4.46 | 0.66 | 2.41 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $865.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 460 |
| **Total Advisory Fees Paid During the Reporting Period** | $3190354 |
| **Portfolio Turnover Rate** | 149% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGM1

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.0% |
|  Non-U.S. Government Agency Obligations  | 26.0% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.7% |
|  U.S. Treasury Obligations  | 8.9% |
|  Investment of Cash Collateral from Securities Loaned  | 2.0% |
|  Commercial Paper  | 0.7% |
|  Municipal Obligations  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

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

On September 15, 2025, the MassMutual Total Return Bond Fund was merged into the Fund and shareholders of the MassMutual Total Return Bond Fund became shareholders of the Fund.

Effective September 15, 2025, the advisory fee rate for the Fund changed from 0.38% on the first $1.5 billion of the average daily net assets of the Fund; 0.33% on the next $500 million; and 0.28% on assets in excess of $2 billion to 0.30% on the first $2 billion of the average daily net assets of the Fund; and 0.27% on assets in excess of $2 billion.

Prior to February 1, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.42%, 0.52%, 0.62%, 0.72%, 0.87%, 0.92%, 1.12%, and 0.52% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On February 1, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.34%, 0.44%, 0.54%, 0.64%, 0.79%, 0.84%, 1.04%, and 0.44% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On September 15, 2025, this agreement was replaced by a new agreement with MML Investment Advsiers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.33%, 0.43%, 0.53%, 0.63%, 0.78%, 0.83%, 1.03%, and 0.43% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGM1

------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $58 | 0.57% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit, namely strong issue selection in investment-grade securities and sector allocation given favorable market conditions

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGM3

------

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

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

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

![image](ts5244img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 4.36 | 0.58 | 2.31 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $865.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 460 |
| **Total Advisory Fees Paid During the Reporting Period** | $3190354 |
| **Portfolio Turnover Rate** | 149% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGM3

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.0% |
|  Non-U.S. Government Agency Obligations  | 26.0% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.7% |
|  U.S. Treasury Obligations  | 8.9% |
|  Investment of Cash Collateral from Securities Loaned  | 2.0% |
|  Commercial Paper  | 0.7% |
|  Municipal Obligations  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

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

On September 15, 2025, the MassMutual Total Return Bond Fund was merged into the Fund and shareholders of the MassMutual Total Return Bond Fund became shareholders of the Fund.

Effective September 15, 2025, the advisory fee rate for the Fund changed from 0.38% on the first $1.5 billion of the average daily net assets of the Fund; 0.33% on the next $500 million; and 0.28% on assets in excess of $2 billion to 0.30% on the first $2 billion of the average daily net assets of the Fund; and 0.27% on assets in excess of $2 billion.

Prior to February 1, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.42%, 0.52%, 0.62%, 0.72%, 0.87%, 0.92%, 1.12%, and 0.52% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On February 1, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.34%, 0.44%, 0.54%, 0.64%, 0.79%, 0.84%, 1.04%, and 0.44% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On September 15, 2025, this agreement was replaced by a new agreement with MML Investment Advsiers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.33%, 0.43%, 0.53%, 0.63%, 0.78%, 0.83%, 1.03%, and 0.43% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGM3

------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $68 | 0.67% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit, namely strong issue selection in investment-grade securities and sector allocation given favorable market conditions

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGM4

------

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

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

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

![image](ts5241img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 4.25 | 0.46 | 2.20 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $865.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 460 |
| **Total Advisory Fees Paid During the Reporting Period** | $3190354 |
| **Portfolio Turnover Rate** | 149% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGM4

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.0% |
|  Non-U.S. Government Agency Obligations  | 26.0% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.7% |
|  U.S. Treasury Obligations  | 8.9% |
|  Investment of Cash Collateral from Securities Loaned  | 2.0% |
|  Commercial Paper  | 0.7% |
|  Municipal Obligations  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

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

On September 15, 2025, the MassMutual Total Return Bond Fund was merged into the Fund and shareholders of the MassMutual Total Return Bond Fund became shareholders of the Fund.

Effective September 15, 2025, the advisory fee rate for the Fund changed from 0.38% on the first $1.5 billion of the average daily net assets of the Fund; 0.33% on the next $500 million; and 0.28% on assets in excess of $2 billion to 0.30% on the first $2 billion of the average daily net assets of the Fund; and 0.27% on assets in excess of $2 billion.

Prior to February 1, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.42%, 0.52%, 0.62%, 0.72%, 0.87%, 0.92%, 1.12%, and 0.52% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On February 1, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.34%, 0.44%, 0.54%, 0.64%, 0.79%, 0.84%, 1.04%, and 0.44% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On September 15, 2025, this agreement was replaced by a new agreement with MML Investment Advsiers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.33%, 0.43%, 0.53%, 0.63%, 0.78%, 0.83%, 1.03%, and 0.43% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGM4

------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $84 | 0.82% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit, namely strong issue selection in investment-grade securities and sector allocation given favorable market conditions

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGMK

------

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

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

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

![image](ts5242img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 4.09 | 0.32 | 2.05 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $865.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 460 |
| **Total Advisory Fees Paid During the Reporting Period** | $3190354 |
| **Portfolio Turnover Rate** | 149% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGMK

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.0% |
|  Non-U.S. Government Agency Obligations  | 26.0% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.7% |
|  U.S. Treasury Obligations  | 8.9% |
|  Investment of Cash Collateral from Securities Loaned  | 2.0% |
|  Commercial Paper  | 0.7% |
|  Municipal Obligations  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

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

On September 15, 2025, the MassMutual Total Return Bond Fund was merged into the Fund and shareholders of the MassMutual Total Return Bond Fund became shareholders of the Fund.

Effective September 15, 2025, the advisory fee rate for the Fund changed from 0.38% on the first $1.5 billion of the average daily net assets of the Fund; 0.33% on the next $500 million; and 0.28% on assets in excess of $2 billion to 0.30% on the first $2 billion of the average daily net assets of the Fund; and 0.27% on assets in excess of $2 billion.

Prior to February 1, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.42%, 0.52%, 0.62%, 0.72%, 0.87%, 0.92%, 1.12%, and 0.52% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On February 1, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.34%, 0.44%, 0.54%, 0.64%, 0.79%, 0.84%, 1.04%, and 0.44% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On September 15, 2025, this agreement was replaced by a new agreement with MML Investment Advsiers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.33%, 0.43%, 0.53%, 0.63%, 0.78%, 0.83%, 1.03%, and 0.43% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGMK

------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $89 | 0.87% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit, namely strong issue selection in investment-grade securities and sector allocation given favorable market conditions

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGM2

------

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

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

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

![image](ts5236img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 4.04 | 0.24 | 1.96 |
| **Class A - with maximum sales charge**  | -0.38 | -0.63 | 1.52 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $865.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 460 |
| **Total Advisory Fees Paid During the Reporting Period** | $3190354 |
| **Portfolio Turnover Rate** | 149% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGM2

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.0% |
|  Non-U.S. Government Agency Obligations  | 26.0% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.7% |
|  U.S. Treasury Obligations  | 8.9% |
|  Investment of Cash Collateral from Securities Loaned  | 2.0% |
|  Commercial Paper  | 0.7% |
|  Municipal Obligations  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

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

On September 15, 2025, the MassMutual Total Return Bond Fund was merged into the Fund and shareholders of the MassMutual Total Return Bond Fund became shareholders of the Fund.

Effective September 15, 2025, the advisory fee rate for the Fund changed from 0.38% on the first $1.5 billion of the average daily net assets of the Fund; 0.33% on the next $500 million; and 0.28% on assets in excess of $2 billion to 0.30% on the first $2 billion of the average daily net assets of the Fund; and 0.27% on assets in excess of $2 billion.

Prior to February 1, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.42%, 0.52%, 0.62%, 0.72%, 0.87%, 0.92%, 1.12%, and 0.52% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On February 1, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.34%, 0.44%, 0.54%, 0.64%, 0.79%, 0.84%, 1.04%, and 0.44% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On September 15, 2025, this agreement was replaced by a new agreement with MML Investment Advsiers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.33%, 0.43%, 0.53%, 0.63%, 0.78%, 0.83%, 1.03%, and 0.43% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGM2

------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $109 | 1.07% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit, namely strong issue selection in investment-grade securities and sector allocation given favorable market conditions

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGM5

------

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

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

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

![image](ts5240img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 3.85 | 0.20 | 1.87 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $865.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 460 |
| **Total Advisory Fees Paid During the Reporting Period** | $3190354 |
| **Portfolio Turnover Rate** | 149% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGM5

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.0% |
|  Non-U.S. Government Agency Obligations  | 26.0% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.7% |
|  U.S. Treasury Obligations  | 8.9% |
|  Investment of Cash Collateral from Securities Loaned  | 2.0% |
|  Commercial Paper  | 0.7% |
|  Municipal Obligations  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

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

On September 15, 2025, the MassMutual Total Return Bond Fund was merged into the Fund and shareholders of the MassMutual Total Return Bond Fund became shareholders of the Fund.

Effective September 15, 2025, the advisory fee rate for the Fund changed from 0.38% on the first $1.5 billion of the average daily net assets of the Fund; 0.33% on the next $500 million; and 0.28% on assets in excess of $2 billion to 0.30% on the first $2 billion of the average daily net assets of the Fund; and 0.27% on assets in excess of $2 billion.

Prior to February 1, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.42%, 0.52%, 0.62%, 0.72%, 0.87%, 0.92%, 1.12%, and 0.52% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On February 1, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.34%, 0.44%, 0.54%, 0.64%, 0.79%, 0.84%, 1.04%, and 0.44% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On September 15, 2025, this agreement was replaced by a new agreement with MML Investment Advsiers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.33%, 0.43%, 0.53%, 0.63%, 0.78%, 0.83%, 1.03%, and 0.43% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGM5

------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $48 | 0.47% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit, namely strong issue selection in investment-grade securities and sector allocation given favorable market conditions

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGMY

------

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

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

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

![image](ts5234img002.jpg)

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

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (02/01/2023) |
| **Class Y - without sales charge**  | 4.46 | 4.79 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | 4.59 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $865.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 460 |
| **Total Advisory Fees Paid During the Reporting Period** | $3190354 |
| **Portfolio Turnover Rate** | 149% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGMY

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 38.0% |
|  Non-U.S. Government Agency Obligations  | 26.0% |
|  U.S. Government Agency Obligations and Instrumentalities  | 23.7% |
|  U.S. Treasury Obligations  | 8.9% |
|  Investment of Cash Collateral from Securities Loaned  | 2.0% |
|  Commercial Paper  | 0.7% |
|  Municipal Obligations  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Repurchase Agreement  | 0.2% |

---

**HOW HAS THE FUND CHANGED?**

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

On September 15, 2025, the MassMutual Total Return Bond Fund was merged into the Fund and shareholders of the MassMutual Total Return Bond Fund became shareholders of the Fund.

Effective September 15, 2025, the advisory fee rate for the Fund changed from 0.38% on the first $1.5 billion of the average daily net assets of the Fund; 0.33% on the next $500 million; and 0.28% on assets in excess of $2 billion to 0.30% on the first $2 billion of the average daily net assets of the Fund; and 0.27% on assets in excess of $2 billion.

Prior to February 1, 2025, MML Investment Advisers, LLC had agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.42%, 0.52%, 0.62%, 0.72%, 0.87%, 0.92%, 1.12%, and 0.52% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On February 1, 2025, this agreement was replaced by a new agreement with MML Investment Advisers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.34%, 0.44%, 0.54%, 0.64%, 0.79%, 0.84%, 1.04%, and 0.44% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

On September 15, 2025, this agreement was replaced by a new agreement with MML Investment Advsiers, LLC to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2027, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.33%, 0.43%, 0.53%, 0.63%, 0.78%, 0.83%, 1.03%, and 0.43% for Classes I, R5, Service, Administrative, R4, A, R3, and Y, respectively.

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGMY

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $61 | 0.59% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit was favorable across both investment grade and high yield bonds

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities and commercial mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGL6

------

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

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

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

![image](ts5157img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 5.77 | 1.17 | 2.81 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $69.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 314 |
| **Total Advisory Fees Paid During the Reporting Period** | $392004 |
| **Portfolio Turnover Rate** | 265% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGL6

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 21.5% |
|  Non-U.S. Government Agency Obligations  | 20.7% |
|  U.S. Treasury Obligations  | 12.8% |
|  Investment of Cash Collateral from Securities Loaned  | 3.9% |
|  Repurchase Agreement  | 0.8% |
|  Preferred Stock  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 76.6% |
|  Cayman Islands  | 8.5% |
|  United Kingdom  | 3.5% |
|  Canada  | 1.9% |
|  Bermuda  | 0.6% |
|  Netherlands  | 0.5% |
|  Germany  | 0.5% |
|  France  | 0.5% |
|  Panama  | 0.5% |
|  Mexico  | 0.4% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGL6

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $71 | 0.69% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit was favorable across both investment grade and high yield bonds

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities and commercial mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGL1

------

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

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

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

![image](ts5160img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 5.66 | 1.07 | 2.72 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $69.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 314 |
| **Total Advisory Fees Paid During the Reporting Period** | $392004 |
| **Portfolio Turnover Rate** | 265% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGL1

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 21.5% |
|  Non-U.S. Government Agency Obligations  | 20.7% |
|  U.S. Treasury Obligations  | 12.8% |
|  Investment of Cash Collateral from Securities Loaned  | 3.9% |
|  Repurchase Agreement  | 0.8% |
|  Preferred Stock  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 76.6% |
|  Cayman Islands  | 8.5% |
|  United Kingdom  | 3.5% |
|  Canada  | 1.9% |
|  Bermuda  | 0.6% |
|  Netherlands  | 0.5% |
|  Germany  | 0.5% |
|  France  | 0.5% |
|  Panama  | 0.5% |
|  Mexico  | 0.4% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGL1

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $81 | 0.79% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit was favorable across both investment grade and high yield bonds

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities and commercial mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGL3

------

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

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

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

![image](ts5161img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 5.53 | 0.98 | 2.62 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $69.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 314 |
| **Total Advisory Fees Paid During the Reporting Period** | $392004 |
| **Portfolio Turnover Rate** | 265% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGL3

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 21.5% |
|  Non-U.S. Government Agency Obligations  | 20.7% |
|  U.S. Treasury Obligations  | 12.8% |
|  Investment of Cash Collateral from Securities Loaned  | 3.9% |
|  Repurchase Agreement  | 0.8% |
|  Preferred Stock  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 76.6% |
|  Cayman Islands  | 8.5% |
|  United Kingdom  | 3.5% |
|  Canada  | 1.9% |
|  Bermuda  | 0.6% |
|  Netherlands  | 0.5% |
|  Germany  | 0.5% |
|  France  | 0.5% |
|  Panama  | 0.5% |
|  Mexico  | 0.4% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGL3

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $91 | 0.89% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit was favorable across both investment grade and high yield bonds

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities and commercial mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGL4

------

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

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

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

![image](ts5155img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 5.43 | 0.87 | 2.51 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $69.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 314 |
| **Total Advisory Fees Paid During the Reporting Period** | $392004 |
| **Portfolio Turnover Rate** | 265% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGL4

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 21.5% |
|  Non-U.S. Government Agency Obligations  | 20.7% |
|  U.S. Treasury Obligations  | 12.8% |
|  Investment of Cash Collateral from Securities Loaned  | 3.9% |
|  Repurchase Agreement  | 0.8% |
|  Preferred Stock  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 76.6% |
|  Cayman Islands  | 8.5% |
|  United Kingdom  | 3.5% |
|  Canada  | 1.9% |
|  Bermuda  | 0.6% |
|  Netherlands  | 0.5% |
|  Germany  | 0.5% |
|  France  | 0.5% |
|  Panama  | 0.5% |
|  Mexico  | 0.4% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGL4

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $107 | 1.04% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit was favorable across both investment grade and high yield bonds

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities and commercial mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGLK

------

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

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

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

![image](ts5159img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 5.28 | 0.74 | 2.37 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $69.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 314 |
| **Total Advisory Fees Paid During the Reporting Period** | $392004 |
| **Portfolio Turnover Rate** | 265% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGLK

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 21.5% |
|  Non-U.S. Government Agency Obligations  | 20.7% |
|  U.S. Treasury Obligations  | 12.8% |
|  Investment of Cash Collateral from Securities Loaned  | 3.9% |
|  Repurchase Agreement  | 0.8% |
|  Preferred Stock  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 76.6% |
|  Cayman Islands  | 8.5% |
|  United Kingdom  | 3.5% |
|  Canada  | 1.9% |
|  Bermuda  | 0.6% |
|  Netherlands  | 0.5% |
|  Germany  | 0.5% |
|  France  | 0.5% |
|  Panama  | 0.5% |
|  Mexico  | 0.4% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGLK

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $112 | 1.09% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit was favorable across both investment grade and high yield bonds

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities and commercial mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGL2

------

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

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

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

![image](ts5156img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 5.09 | 0.62 | 2.27 |
| **Class A - with maximum sales charge**  | 0.62 | -0.25 | 1.83 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $69.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 314 |
| **Total Advisory Fees Paid During the Reporting Period** | $392004 |
| **Portfolio Turnover Rate** | 265% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGL2

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 21.5% |
|  Non-U.S. Government Agency Obligations  | 20.7% |
|  U.S. Treasury Obligations  | 12.8% |
|  Investment of Cash Collateral from Securities Loaned  | 3.9% |
|  Repurchase Agreement  | 0.8% |
|  Preferred Stock  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 76.6% |
|  Cayman Islands  | 8.5% |
|  United Kingdom  | 3.5% |
|  Canada  | 1.9% |
|  Bermuda  | 0.6% |
|  Netherlands  | 0.5% |
|  Germany  | 0.5% |
|  France  | 0.5% |
|  Panama  | 0.5% |
|  Mexico  | 0.4% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGL2

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $132 | 1.29% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit was favorable across both investment grade and high yield bonds

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities and commercial mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGLJ

------

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

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

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

![image](ts5158img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 5.01 | 0.49 | 2.11 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $69.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 314 |
| **Total Advisory Fees Paid During the Reporting Period** | $392004 |
| **Portfolio Turnover Rate** | 265% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGLJ

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 21.5% |
|  Non-U.S. Government Agency Obligations  | 20.7% |
|  U.S. Treasury Obligations  | 12.8% |
|  Investment of Cash Collateral from Securities Loaned  | 3.9% |
|  Repurchase Agreement  | 0.8% |
|  Preferred Stock  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 76.6% |
|  Cayman Islands  | 8.5% |
|  United Kingdom  | 3.5% |
|  Canada  | 1.9% |
|  Bermuda  | 0.6% |
|  Netherlands  | 0.5% |
|  Germany  | 0.5% |
|  France  | 0.5% |
|  Panama  | 0.5% |
|  Mexico  | 0.4% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGLJ

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $71 | 0.69% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight allocation to corporate credit was favorable across both investment grade and high yield bonds

• Overweight allocation to securitized assets, namely solid issue selection in asset-backed securities and commercial mortgage-backed securities

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate credit duration sensitivity

• U.S. Treasury curve exposure by virtue of the Fund not being well positioned in the sector for the steepening yield environment

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

MM202912-309770 PAGE 1 TSR-AR-ITGLY

------

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

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

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

![image](ts5154img002.jpg)

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

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (02/01/2023) |
| **Class Y - without sales charge**  | 5.66 | 5.16 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | 4.59 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $69.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 314 |
| **Total Advisory Fees Paid During the Reporting Period** | $392004 |
| **Portfolio Turnover Rate** | 265% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGLY

------

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 39.8% |
|  U.S. Government Agency Obligations and Instrumentalities  | 21.5% |
|  Non-U.S. Government Agency Obligations  | 20.7% |
|  U.S. Treasury Obligations  | 12.8% |
|  Investment of Cash Collateral from Securities Loaned  | 3.9% |
|  Repurchase Agreement  | 0.8% |
|  Preferred Stock  | 0.3% |
|  Sovereign Debt Obligations  | 0.2% |
|  Warrants  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 76.6% |
|  Cayman Islands  | 8.5% |
|  United Kingdom  | 3.5% |
|  Canada  | 1.9% |
|  Bermuda  | 0.6% |
|  Netherlands  | 0.5% |
|  Germany  | 0.5% |
|  France  | 0.5% |
|  Panama  | 0.5% |
|  Mexico  | 0.4% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGLY

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $67 | 0.65% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the Russell 2000® Index:

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

• Stock selection within the financials sector

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the Russell 2000 Index:

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

• Stock selection within the information technology sector

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGEI

------

![image](ts5271img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 6.05 | 13.22 | 10.76 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Index**  | 10.76 | 11.56 | 9.77 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $494.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 99 |
| **Total Advisory Fees Paid During the Reporting Period** | $2492968 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.4% |
|  Zurn Elkay Water Solutions Corp.  | 2.1% |
|  PennyMac Financial Services, Inc.  | 1.9% |
|  Enpro, Inc.  | 1.8% |
|  Dorman Products, Inc.  | 1.8% |
|  American Healthcare REIT, Inc.  | 1.8% |
|  Wintrust Financial Corp.  | 1.7% |
|  Belden, Inc.  | 1.7% |
|  Columbia Banking System, Inc.  | 1.6% |
|  Commercial Metals Co.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.1% |
|  Financials  | 20.0% |
|  Health Care  | 14.3% |
|  Information Technology  | 13.4% |
|  Consumer Discretionary  | 12.4% |
|  Real Estate  | 5.8% |
|  Energy  | 4.4% |
|  Materials  | 3.5% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGEI

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGEI

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $77 | 0.75% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the Russell 2000® Index:

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

• Stock selection within the financials sector

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the Russell 2000 Index:

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

• Stock selection within the information technology sector

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGE1

------

![image](ts5274img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 5.97 | 13.11 | 10.64 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Index**  | 10.76 | 11.56 | 9.77 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $494.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 99 |
| **Total Advisory Fees Paid During the Reporting Period** | $2492968 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.4% |
|  Zurn Elkay Water Solutions Corp.  | 2.1% |
|  PennyMac Financial Services, Inc.  | 1.9% |
|  Enpro, Inc.  | 1.8% |
|  Dorman Products, Inc.  | 1.8% |
|  American Healthcare REIT, Inc.  | 1.8% |
|  Wintrust Financial Corp.  | 1.7% |
|  Belden, Inc.  | 1.7% |
|  Columbia Banking System, Inc.  | 1.6% |
|  Commercial Metals Co.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.1% |
|  Financials  | 20.0% |
|  Health Care  | 14.3% |
|  Information Technology  | 13.4% |
|  Consumer Discretionary  | 12.4% |
|  Real Estate  | 5.8% |
|  Energy  | 4.4% |
|  Materials  | 3.5% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGE1

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGE1

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $87 | 0.85% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the Russell 2000® Index:

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

• Stock selection within the financials sector

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the Russell 2000 Index:

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

• Stock selection within the information technology sector

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGE3

------

![image](ts5275img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 5.86 | 13.01 | 10.53 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Index**  | 10.76 | 11.56 | 9.77 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $494.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 99 |
| **Total Advisory Fees Paid During the Reporting Period** | $2492968 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.4% |
|  Zurn Elkay Water Solutions Corp.  | 2.1% |
|  PennyMac Financial Services, Inc.  | 1.9% |
|  Enpro, Inc.  | 1.8% |
|  Dorman Products, Inc.  | 1.8% |
|  American Healthcare REIT, Inc.  | 1.8% |
|  Wintrust Financial Corp.  | 1.7% |
|  Belden, Inc.  | 1.7% |
|  Columbia Banking System, Inc.  | 1.6% |
|  Commercial Metals Co.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.1% |
|  Financials  | 20.0% |
|  Health Care  | 14.3% |
|  Information Technology  | 13.4% |
|  Consumer Discretionary  | 12.4% |
|  Real Estate  | 5.8% |
|  Energy  | 4.4% |
|  Materials  | 3.5% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGE3

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGE3

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $98 | 0.95% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the Russell 2000® Index:

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

• Stock selection within the financials sector

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the Russell 2000 Index:

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

• Stock selection within the information technology sector

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGE4

------

![image](ts5269img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 5.76 | 12.88 | 10.42 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Index**  | 10.76 | 11.56 | 9.77 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $494.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 99 |
| **Total Advisory Fees Paid During the Reporting Period** | $2492968 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.4% |
|  Zurn Elkay Water Solutions Corp.  | 2.1% |
|  PennyMac Financial Services, Inc.  | 1.9% |
|  Enpro, Inc.  | 1.8% |
|  Dorman Products, Inc.  | 1.8% |
|  American Healthcare REIT, Inc.  | 1.8% |
|  Wintrust Financial Corp.  | 1.7% |
|  Belden, Inc.  | 1.7% |
|  Columbia Banking System, Inc.  | 1.6% |
|  Commercial Metals Co.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.1% |
|  Financials  | 20.0% |
|  Health Care  | 14.3% |
|  Information Technology  | 13.4% |
|  Consumer Discretionary  | 12.4% |
|  Real Estate  | 5.8% |
|  Energy  | 4.4% |
|  Materials  | 3.5% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGE4

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGE4

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $113 | 1.10% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the Russell 2000® Index:

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

• Stock selection within the financials sector

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the Russell 2000 Index:

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

• Stock selection within the information technology sector

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGEK

------

![image](ts5273img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 5.55 | 12.71 | 10.25 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Index**  | 10.76 | 11.56 | 9.77 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $494.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 99 |
| **Total Advisory Fees Paid During the Reporting Period** | $2492968 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.4% |
|  Zurn Elkay Water Solutions Corp.  | 2.1% |
|  PennyMac Financial Services, Inc.  | 1.9% |
|  Enpro, Inc.  | 1.8% |
|  Dorman Products, Inc.  | 1.8% |
|  American Healthcare REIT, Inc.  | 1.8% |
|  Wintrust Financial Corp.  | 1.7% |
|  Belden, Inc.  | 1.7% |
|  Columbia Banking System, Inc.  | 1.6% |
|  Commercial Metals Co.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.1% |
|  Financials  | 20.0% |
|  Health Care  | 14.3% |
|  Information Technology  | 13.4% |
|  Consumer Discretionary  | 12.4% |
|  Real Estate  | 5.8% |
|  Energy  | 4.4% |
|  Materials  | 3.5% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGEK

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGEK

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $118 | 1.15% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the Russell 2000® Index:

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

• Stock selection within the financials sector

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the Russell 2000 Index:

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

• Stock selection within the information technology sector

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGE2

------

![image](ts5270img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 5.53 | 12.62 | 10.15 |
| **Class A - with maximum sales charge**  | -0.27 | 11.35 | 9.53 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Index**  | 10.76 | 11.56 | 9.77 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $494.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 99 |
| **Total Advisory Fees Paid During the Reporting Period** | $2492968 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.4% |
|  Zurn Elkay Water Solutions Corp.  | 2.1% |
|  PennyMac Financial Services, Inc.  | 1.9% |
|  Enpro, Inc.  | 1.8% |
|  Dorman Products, Inc.  | 1.8% |
|  American Healthcare REIT, Inc.  | 1.8% |
|  Wintrust Financial Corp.  | 1.7% |
|  Belden, Inc.  | 1.7% |
|  Columbia Banking System, Inc.  | 1.6% |
|  Commercial Metals Co.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.1% |
|  Financials  | 20.0% |
|  Health Care  | 14.3% |
|  Information Technology  | 13.4% |
|  Consumer Discretionary  | 12.4% |
|  Real Estate  | 5.8% |
|  Energy  | 4.4% |
|  Materials  | 3.5% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGE2

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGE2

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MCCRX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $139 | 1.35% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the Russell 2000® Index:

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

• Stock selection within the financials sector

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the Russell 2000 Index:

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

• Stock selection within the information technology sector

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGEJ

------

![image](ts5272img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 5.30 | 12.44 | 9.97 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 2000 Index**  | 10.76 | 11.56 | 9.77 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $494.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 99 |
| **Total Advisory Fees Paid During the Reporting Period** | $2492968 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.4% |
|  Zurn Elkay Water Solutions Corp.  | 2.1% |
|  PennyMac Financial Services, Inc.  | 1.9% |
|  Enpro, Inc.  | 1.8% |
|  Dorman Products, Inc.  | 1.8% |
|  American Healthcare REIT, Inc.  | 1.8% |
|  Wintrust Financial Corp.  | 1.7% |
|  Belden, Inc.  | 1.7% |
|  Columbia Banking System, Inc.  | 1.6% |
|  Commercial Metals Co.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.1% |
|  Financials  | 20.0% |
|  Health Care  | 14.3% |
|  Information Technology  | 13.4% |
|  Consumer Discretionary  | 12.4% |
|  Real Estate  | 5.8% |
|  Energy  | 4.4% |
|  Materials  | 3.5% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGEJ

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGEJ

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Opportunities Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMOGX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $77 | 0.75% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the Russell 2000® Index:

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

• Stock selection within the financials sector

• An overweight allocation to the industrials sector

Top detractors to the Fund's performance relative to the Russell 2000 Index:

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

• Stock selection within the information technology sector

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGEY

------

![image](ts5268img002.jpg)

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

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (02/01/2023) |
| **Class Y - without sales charge**  | 5.95 | 9.80 |
| **Russell 3000 Index**  | 17.41 | 22.44 |
| **Russell 2000 Index**  | 10.76 | 16.04 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $494.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 99 |
| **Total Advisory Fees Paid During the Reporting Period** | $2492968 |
| **Portfolio Turnover Rate** | 40% |

---

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  AutoNation, Inc.  | 2.4% |
|  Zurn Elkay Water Solutions Corp.  | 2.1% |
|  PennyMac Financial Services, Inc.  | 1.9% |
|  Enpro, Inc.  | 1.8% |
|  Dorman Products, Inc.  | 1.8% |
|  American Healthcare REIT, Inc.  | 1.8% |
|  Wintrust Financial Corp.  | 1.7% |
|  Belden, Inc.  | 1.7% |
|  Columbia Banking System, Inc.  | 1.6% |
|  Commercial Metals Co.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 21.1% |
|  Financials  | 20.0% |
|  Health Care  | 14.3% |
|  Information Technology  | 13.4% |
|  Consumer Discretionary  | 12.4% |
|  Real Estate  | 5.8% |
|  Energy  | 4.4% |
|  Materials  | 3.5% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 1.4% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGEY

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGEY

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $97 | 0.93% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight allocation to the communication services sector where overweight allocations to Alphabet and Meta were particularly impactful

• An overweight allocation to the information technology sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector where an overweight allocation to Marvell Technology detracted from the Fund's performance

• Stock selection and an underweight to the financial services sector

• An underweight allocation to the health care sector

MM202912-309770 PAGE 1 TSR-AR-ITGVI

------

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

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

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

![image](ts5205img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 9.64 | 9.73 | 11.04 |
| **MSCI ACWI**  | 17.27 | 13.54 | 11.91 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $152.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Total Advisory Fees Paid During the Reporting Period** | $1242537 |
| **Portfolio Turnover Rate** | 24% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGVI

------

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 7.1% |
|  NVIDIA Corp.  | 5.3% |
|  S&P Global, Inc.  | 3.7% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.7% |
|  Airbus SE  | 3.5% |
|  DLF Ltd.  | 3.3% |
|  Microsoft Corp.  | 3.1% |
|  Visa, Inc. Class A  | 3.1% |
|  Analog Devices, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.9% |
|  Communication Services  | 21.8% |
|  Financials  | 11.9% |
|  Health Care  | 11.5% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.6% |
|  Real Estate  | 3.3% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 64.3% |
|  France  | 5.8% |
|  India  | 5.4% |
|  Taiwan  | 3.7% |
|  Germany  | 3.6% |
|  China  | 3.2% |
|  Netherlands  | 2.3% |
|  Japan  | 2.3% |
|  Canada  | 2.2% |
|  Switzerland  | 1.8% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGVI

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $108 | 1.03% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight allocation to the communication services sector where overweight allocations to Alphabet and Meta were particularly impactful

• An overweight allocation to the information technology sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector where an overweight allocation to Marvell Technology detracted from the Fund's performance

• Stock selection and an underweight to the financial services sector

• An underweight allocation to the health care sector

MM202912-309770 PAGE 1 TSR-AR-ITGV1

------

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

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

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

![image](ts5208img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 9.58 | 9.64 | 10.94 |
| **MSCI ACWI**  | 17.27 | 13.54 | 11.91 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $152.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Total Advisory Fees Paid During the Reporting Period** | $1242537 |
| **Portfolio Turnover Rate** | 24% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGV1

------

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 7.1% |
|  NVIDIA Corp.  | 5.3% |
|  S&P Global, Inc.  | 3.7% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.7% |
|  Airbus SE  | 3.5% |
|  DLF Ltd.  | 3.3% |
|  Microsoft Corp.  | 3.1% |
|  Visa, Inc. Class A  | 3.1% |
|  Analog Devices, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.9% |
|  Communication Services  | 21.8% |
|  Financials  | 11.9% |
|  Health Care  | 11.5% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.6% |
|  Real Estate  | 3.3% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 64.3% |
|  France  | 5.8% |
|  India  | 5.4% |
|  Taiwan  | 3.7% |
|  Germany  | 3.6% |
|  China  | 3.2% |
|  Netherlands  | 2.3% |
|  Japan  | 2.3% |
|  Canada  | 2.2% |
|  Switzerland  | 1.8% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGV1

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $118 | 1.13% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight allocation to the communication services sector where overweight allocations to Alphabet and Meta were particularly impactful

• An overweight allocation to the information technology sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector where an overweight allocation to Marvell Technology detracted from the Fund's performance

• Stock selection and an underweight to the financial services sector

• An underweight allocation to the health care sector

MM202912-309770 PAGE 1 TSR-AR-ITGV3

------

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

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

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

![image](ts5209img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 9.35 | 9.51 | 10.81 |
| **MSCI ACWI**  | 17.27 | 13.54 | 11.91 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $152.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Total Advisory Fees Paid During the Reporting Period** | $1242537 |
| **Portfolio Turnover Rate** | 24% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGV3

------

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 7.1% |
|  NVIDIA Corp.  | 5.3% |
|  S&P Global, Inc.  | 3.7% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.7% |
|  Airbus SE  | 3.5% |
|  DLF Ltd.  | 3.3% |
|  Microsoft Corp.  | 3.1% |
|  Visa, Inc. Class A  | 3.1% |
|  Analog Devices, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.9% |
|  Communication Services  | 21.8% |
|  Financials  | 11.9% |
|  Health Care  | 11.5% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.6% |
|  Real Estate  | 3.3% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 64.3% |
|  France  | 5.8% |
|  India  | 5.4% |
|  Taiwan  | 3.7% |
|  Germany  | 3.6% |
|  China  | 3.2% |
|  Netherlands  | 2.3% |
|  Japan  | 2.3% |
|  Canada  | 2.2% |
|  Switzerland  | 1.8% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGV3

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $129 | 1.23% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight allocation to the communication services sector where overweight allocations to Alphabet and Meta were particularly impactful

• An overweight allocation to the information technology sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector where an overweight allocation to Marvell Technology detracted from the Fund's performance

• Stock selection and an underweight to the financial services sector

• An underweight allocation to the health care sector

MM202912-309770 PAGE 1 TSR-AR-ITGV4

------

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

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

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

![image](ts5203img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 9.34 | 9.42 | 10.71 |
| **MSCI ACWI**  | 17.27 | 13.54 | 11.91 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $152.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Total Advisory Fees Paid During the Reporting Period** | $1242537 |
| **Portfolio Turnover Rate** | 24% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGV4

------

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 7.1% |
|  NVIDIA Corp.  | 5.3% |
|  S&P Global, Inc.  | 3.7% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.7% |
|  Airbus SE  | 3.5% |
|  DLF Ltd.  | 3.3% |
|  Microsoft Corp.  | 3.1% |
|  Visa, Inc. Class A  | 3.1% |
|  Analog Devices, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.9% |
|  Communication Services  | 21.8% |
|  Financials  | 11.9% |
|  Health Care  | 11.5% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.6% |
|  Real Estate  | 3.3% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 64.3% |
|  France  | 5.8% |
|  India  | 5.4% |
|  Taiwan  | 3.7% |
|  Germany  | 3.6% |
|  China  | 3.2% |
|  Netherlands  | 2.3% |
|  Japan  | 2.3% |
|  Canada  | 2.2% |
|  Switzerland  | 1.8% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGV4

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $144 | 1.38% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight allocation to the communication services sector where overweight allocations to Alphabet and Meta were particularly impactful

• An overweight allocation to the information technology sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector where an overweight allocation to Marvell Technology detracted from the Fund's performance

• Stock selection and an underweight to the financial services sector

• An underweight allocation to the health care sector

MM202912-309770 PAGE 1 TSR-AR-ITGVK

------

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

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

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

![image](ts5207img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 9.09 | 9.24 | 10.54 |
| **MSCI ACWI**  | 17.27 | 13.54 | 11.91 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $152.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Total Advisory Fees Paid During the Reporting Period** | $1242537 |
| **Portfolio Turnover Rate** | 24% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGVK

------

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 7.1% |
|  NVIDIA Corp.  | 5.3% |
|  S&P Global, Inc.  | 3.7% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.7% |
|  Airbus SE  | 3.5% |
|  DLF Ltd.  | 3.3% |
|  Microsoft Corp.  | 3.1% |
|  Visa, Inc. Class A  | 3.1% |
|  Analog Devices, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.9% |
|  Communication Services  | 21.8% |
|  Financials  | 11.9% |
|  Health Care  | 11.5% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.6% |
|  Real Estate  | 3.3% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 64.3% |
|  France  | 5.8% |
|  India  | 5.4% |
|  Taiwan  | 3.7% |
|  Germany  | 3.6% |
|  China  | 3.2% |
|  Netherlands  | 2.3% |
|  Japan  | 2.3% |
|  Canada  | 2.2% |
|  Switzerland  | 1.8% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGVK

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $149 | 1.43% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight allocation to the communication services sector where overweight allocations to Alphabet and Meta were particularly impactful

• An overweight allocation to the information technology sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector where an overweight allocation to Marvell Technology detracted from the Fund's performance

• Stock selection and an underweight to the financial services sector

• An underweight allocation to the health care sector

MM202912-309770 PAGE 1 TSR-AR-ITGV2

------

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

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

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

![image](ts5204img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 9.06 | 9.15 | 10.43 |
| **Class A - with maximum sales charge**  | 3.06 | 7.92 | 9.81 |
| **MSCI ACWI**  | 17.27 | 13.54 | 11.91 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $152.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Total Advisory Fees Paid During the Reporting Period** | $1242537 |
| **Portfolio Turnover Rate** | 24% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGV2

------

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 7.1% |
|  NVIDIA Corp.  | 5.3% |
|  S&P Global, Inc.  | 3.7% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.7% |
|  Airbus SE  | 3.5% |
|  DLF Ltd.  | 3.3% |
|  Microsoft Corp.  | 3.1% |
|  Visa, Inc. Class A  | 3.1% |
|  Analog Devices, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.9% |
|  Communication Services  | 21.8% |
|  Financials  | 11.9% |
|  Health Care  | 11.5% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.6% |
|  Real Estate  | 3.3% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 64.3% |
|  France  | 5.8% |
|  India  | 5.4% |
|  Taiwan  | 3.7% |
|  Germany  | 3.6% |
|  China  | 3.2% |
|  Netherlands  | 2.3% |
|  Japan  | 2.3% |
|  Canada  | 2.2% |
|  Switzerland  | 1.8% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGV2

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $170 | 1.63% |

---

**HOW DID THE FUND PERFORM?**

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

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

Top contributors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection and an overweight allocation to the communication services sector where overweight allocations to Alphabet and Meta were particularly impactful

• An overweight allocation to the information technology sector

• An underweight allocation to the consumer staples sector

Top detractors to the Fund's performance relative to the MSCI ACWI:

&nbsp;&nbsp;&nbsp;&nbsp;• Stock selection within the information technology sector where an overweight allocation to Marvell Technology detracted from the Fund's performance

• Stock selection and an underweight to the financial services sector

• An underweight allocation to the health care sector

MM202912-309770 PAGE 1 TSR-AR-ITGV5

------

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

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

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

![image](ts5206img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 8.85 | 8.99 | 10.27 |
| **MSCI ACWI**  | 17.27 | 13.54 | 11.91 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $152.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 63 |
| **Total Advisory Fees Paid During the Reporting Period** | $1242537 |
| **Portfolio Turnover Rate** | 24% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGV5

------

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

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Alphabet, Inc. Class A  | 9.7% |
|  Meta Platforms, Inc. Class A  | 7.1% |
|  NVIDIA Corp.  | 5.3% |
|  S&P Global, Inc.  | 3.7% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.7% |
|  Airbus SE  | 3.5% |
|  DLF Ltd.  | 3.3% |
|  Microsoft Corp.  | 3.1% |
|  Visa, Inc. Class A  | 3.1% |
|  Analog Devices, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 33.9% |
|  Communication Services  | 21.8% |
|  Financials  | 11.9% |
|  Health Care  | 11.5% |
|  Consumer Discretionary  | 10.6% |
|  Industrials  | 5.6% |
|  Real Estate  | 3.3% |
|  Materials  | 0.9% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 64.3% |
|  France  | 5.8% |
|  India  | 5.4% |
|  Taiwan  | 3.7% |
|  Germany  | 3.6% |
|  China  | 3.2% |
|  Netherlands  | 2.3% |
|  Japan  | 2.3% |
|  Canada  | 2.2% |
|  Switzerland  | 1.8% |

---

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGV5

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MSTZX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $47 | 0.46% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGS6

------

![image](ts5232img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 5.77 | 2.76 | 2.53 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 1.78 | 1.92 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGS6

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGS6

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MSTDX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $58 | 0.56% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGS1

------

![image](ts5237img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 5.66 | 2.61 | 2.39 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 1.78 | 1.92 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGS1

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGS1

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MSBYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $68 | 0.66% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGS3

------

![image](ts5239img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 5.45 | 2.47 | 2.26 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 1.78 | 1.92 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGS3

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGS3

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MSTLX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $78 | 0.76% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGS4

------

![image](ts5230img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 5.46 | 2.40 | 2.19 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 1.78 | 1.92 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGS4

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGS4

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MPSDX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $93 | 0.91% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGSK

------

![image](ts5235img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 5.17 | 2.23 | 2.03 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 1.78 | 1.92 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGSK

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGSK

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MSHAX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $99 | 0.96% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGS2

------

![image](ts5231img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 5.26 | 2.16 | 1.95 |
| **Class A - with maximum sales charge**  | 2.63 | 1.64 | 1.69 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 1.78 | 1.92 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

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

---

MM202912-309770 PAGE 2 TSR-AR-ITGS2

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MSDNX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $119 | 1.16% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGS5

------

![image](ts5233img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 5.05 | 1.99 | 1.78 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 1.78 | 1.92 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGS5

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGS5

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| BXDYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $52 | 0.51% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (December 13, 2021 through September 30, 2025)

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

MM202912-309770 PAGE 1 TSR-AR-ITGS7

------

![image](ts5229img002.jpg)

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

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (12/13/2021) |
| **Class Y - without sales charge**  | 5.72 | 2.52 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | 4.59 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 4.90 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

MM202912-309770 PAGE 2 TSR-AR-ITGS7

------

---

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

---

MM202912-309770 PAGE 3 TSR-AR-ITGS7

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class L \| BXDLX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class L | $78 | 0.76% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (December 13, 2021 through September 30, 2025)

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

MM202912-309770 PAGE 1 TSR-AR-ITGS9

------

![image](ts5228img002.jpg)

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

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (12/13/2021) |
| **Class L - without sales charge**  | 5.46 | 2.25 |
| **Class L - with maximum sales charge**  | 2.82 | 4.59 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | 4.90 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 1.71 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

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

---

MM202912-309770 PAGE 2 TSR-AR-ITGS9

------

---

| | |
|:---|:---|
| **MassMutual Short-Duration Bond Fund**  | ![image](img35205_202407090944511.jpg) |
| Class C \| BXDCX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $104 | 1.01% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• The corporate credit exposure, mainly investment grade, was favorable from issue selection

• The securitized asset exposure (asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities) was also a positive contributor from selection and allocation effects

Top detractors to the Fund's performance relative to the Bloomberg U.S. Aggregate 1-3 Year Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury by virtue of the Fund being underweight and this sector gaining from lower interest rates

• Derivatives exposure mainly from U.S. Treasury futures to manage Fund duration

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

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (December 13, 2021 through September 30, 2025)

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

MM202912-309770 PAGE 1 TSR-AR-ITGS8

------

![image](ts5227img002.jpg)

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

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (12/13/2021) |
| **Class C - without sales charge**  | 5.18 | 2.01 |
| **Class C - with maximum sales charge**  | 4.18 | 4.59 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | 4.90 |
| **Bloomberg U.S. Aggregate 1-3 Year Bond Index**  | 4.14 | 2.01 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $116.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 216 |
| **Total Advisory Fees Paid During the Reporting Period** | $519286 |
| **Portfolio Turnover Rate** | 47% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 46.5% |
|  Non-U.S. Government Agency Obligations  | 42.8% |
|  Commercial Paper  | 8.5% |
|  Repurchase Agreement  | 1.3% |
|  Investment of Cash Collateral from Securities Loaned  | 0.9% |
|  U.S. Government Agency Obligations and Instrumentalities  | 0.0% |

---

---

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

---

MM202912-309770 PAGE 2 TSR-AR-ITGS8

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $56 | 0.54% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the consumer non-cyclical industry

• Maintaining a slightly lower duration as intermediate yields rose

Top detractors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the basic industry

• Unfavorable issue selection within the communications industry

• An underweight allocation to the communications industry

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGF6

------

![image](ts5198img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I - without sales charge**  | 7.66 | 6.42 | 6.07 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Corporate High-Yield Bond Index**  | 7.41 | 5.55 | 6.17 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 308 |
| **Total Advisory Fees Paid During the Reporting Period** | $1947668 |
| **Portfolio Turnover Rate** | 97% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 79.2% |
|  Bank Loans  | 9.8% |
|  Investment of Cash Collateral from Securities Loaned  | 7.2% |
|  Commercial Paper  | 2.1% |
|  Repurchase Agreement  | 1.7% |
|  Preferred Stock  | 0.0% |

---

---

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

---

MM202912-309770 PAGE 2 TSR-AR-ITGF6

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $66 | 0.64% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the consumer non-cyclical industry

• Maintaining a slightly lower duration as intermediate yields rose

Top detractors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the basic industry

• Unfavorable issue selection within the communications industry

• An underweight allocation to the communications industry

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGF1

------

![image](ts5201img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5 - without sales charge**  | 7.56 | 6.32 | 5.96 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Corporate High-Yield Bond Index**  | 7.41 | 5.55 | 6.17 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 308 |
| **Total Advisory Fees Paid During the Reporting Period** | $1947668 |
| **Portfolio Turnover Rate** | 97% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 79.2% |
|  Bank Loans  | 9.8% |
|  Investment of Cash Collateral from Securities Loaned  | 7.2% |
|  Commercial Paper  | 2.1% |
|  Repurchase Agreement  | 1.7% |
|  Preferred Stock  | 0.0% |

---

---

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

---

MM202912-309770 PAGE 2 TSR-AR-ITGF1

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $77 | 0.74% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the consumer non-cyclical industry

• Maintaining a slightly lower duration as intermediate yields rose

Top detractors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the basic industry

• Unfavorable issue selection within the communications industry

• An underweight allocation to the communications industry

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGF3

------

![image](ts5202img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Service Class - without sales charge**  | 7.58 | 6.24 | 5.86 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Corporate High-Yield Bond Index**  | 7.41 | 5.55 | 6.17 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 308 |
| **Total Advisory Fees Paid During the Reporting Period** | $1947668 |
| **Portfolio Turnover Rate** | 97% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 79.2% |
|  Bank Loans  | 9.8% |
|  Investment of Cash Collateral from Securities Loaned  | 7.2% |
|  Commercial Paper  | 2.1% |
|  Repurchase Agreement  | 1.7% |
|  Preferred Stock  | 0.0% |

---

---

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

---

MM202912-309770 PAGE 2 TSR-AR-ITGF3

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $87 | 0.84% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the consumer non-cyclical industry

• Maintaining a slightly lower duration as intermediate yields rose

Top detractors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the basic industry

• Unfavorable issue selection within the communications industry

• An underweight allocation to the communications industry

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGF4

------

![image](ts5196img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Administrative Class - without sales charge**  | 7.35 | 6.11 | 5.76 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Corporate High-Yield Bond Index**  | 7.41 | 5.55 | 6.17 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 308 |
| **Total Advisory Fees Paid During the Reporting Period** | $1947668 |
| **Portfolio Turnover Rate** | 97% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 79.2% |
|  Bank Loans  | 9.8% |
|  Investment of Cash Collateral from Securities Loaned  | 7.2% |
|  Commercial Paper  | 2.1% |
|  Repurchase Agreement  | 1.7% |
|  Preferred Stock  | 0.0% |

---

---

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

---

MM202912-309770 PAGE 2 TSR-AR-ITGF4

------

---

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

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $103 | 0.99% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the consumer non-cyclical industry

• Maintaining a slightly lower duration as intermediate yields rose

Top detractors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the basic industry

• Unfavorable issue selection within the communications industry

• An underweight allocation to the communications industry

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

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

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

MM202912-309770 PAGE 1 TSR-AR-ITGFK

------

![image](ts5200img002.jpg)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R4 - without sales charge**  | 7.20 | 5.98 | 5.61 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Corporate High-Yield Bond Index**  | 7.41 | 5.55 | 6.17 |

---

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

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

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 308 |
| **Total Advisory Fees Paid During the Reporting Period** | $1947668 |
| **Portfolio Turnover Rate** | 97% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 79.2% |
|  Bank Loans  | 9.8% |
|  Investment of Cash Collateral from Securities Loaned  | 7.2% |
|  Commercial Paper  | 2.1% |
|  Repurchase Agreement  | 1.7% |
|  Preferred Stock  | 0.0% |

---

---

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

---

MM202912-309770 PAGE 2 TSR-AR-ITGFK

------

---

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

---

This annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $108 | 1.04% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the consumer non-cyclical industry

• Maintaining a slightly lower duration as intermediate yields rose

Top detractors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the basic industry

• Unfavorable issue selection within the communications industry

• An underweight allocation to the communications industry

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGF2

------

![image](ts5197img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A - without sales charge**  | 7.14 | 5.86 | 5.50 |
| **Class A - with maximum sales charge**  | 2.59 | 4.95 | 5.04 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Corporate High-Yield Bond Index**  | 7.41 | 5.55 | 6.17 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 308 |
| **Total Advisory Fees Paid During the Reporting Period** | $1947668 |
| **Portfolio Turnover Rate** | 97% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 79.2% |
|  Bank Loans  | 9.8% |
|  Investment of Cash Collateral from Securities Loaned  | 7.2% |
|  Commercial Paper  | 2.1% |
|  Repurchase Agreement  | 1.7% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 2 TSR-AR-ITGF2

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MPHNX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $128 | 1.24% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the consumer non-cyclical industry

• Maintaining a slightly lower duration as intermediate yields rose

Top detractors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the basic industry

• Unfavorable issue selection within the communications industry

• An underweight allocation to the communications industry

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (October 1, 2015 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGF5

------

![image](ts5199img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R3 - without sales charge**  | 6.92 | 5.69 | 5.33 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Corporate High-Yield Bond Index**  | 7.41 | 5.55 | 6.17 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 308 |
| **Total Advisory Fees Paid During the Reporting Period** | $1947668 |
| **Portfolio Turnover Rate** | 97% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 79.2% |
|  Bank Loans  | 9.8% |
|  Investment of Cash Collateral from Securities Loaned  | 7.2% |
|  Commercial Paper  | 2.1% |
|  Repurchase Agreement  | 1.7% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 2 TSR-AR-ITGF5

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| BXHYX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $61 | 0.59% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the consumer non-cyclical industry

• Maintaining a slightly lower duration as intermediate yields rose

Top detractors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the basic industry

• Unfavorable issue selection within the communications industry

• An underweight allocation to the communications industry

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (December 13, 2021 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGF7

------

![image](ts5195img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (12/13/2021) |
| **Class Y - without sales charge**  | 7.74 | 4.76 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | 4.59 |
| **Bloomberg U.S. Corporate High-Yield Bond Index**  | 7.41 | 9.33 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 308 |
| **Total Advisory Fees Paid During the Reporting Period** | $1947668 |
| **Portfolio Turnover Rate** | 97% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 79.2% |
|  Bank Loans  | 9.8% |
|  Investment of Cash Collateral from Securities Loaned  | 7.2% |
|  Commercial Paper  | 2.1% |
|  Repurchase Agreement  | 1.7% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 2 TSR-AR-ITGF7

------

---

| | |
|:---|:---|
| **MassMutual High Yield Fund**  | ![image](img35205_202407090944511.jpg) |
| Class C \| BXHCX  | ![image](img35205_202407090944511.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img35205_202407090944511.jpg) |

---

This annual shareholder report contains important information about the MassMutual High Yield Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?**

This example shows the expenses you would have paid over the past year, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $159 | 1.54% |

---

**HOW DID THE FUND PERFORM?**

The global bond market produced a positive but relatively subdued return over the 12-month period. The market experienced a volatile year as investors navigated shifting monetary policy, geopolitical tensions, and trade-related uncertainty. The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points twice during the fourth quarter of 2024 and once during the third quarter of 2025, largely in view of moderating inflation and, more recently, signs of a weaker labor market. The European Central Bank and Bank of England also lowered their respective policy rates throughout the 12-month period, driven primarily by slowing economic growth. Despite the U.S. Federal Reserve's interest rate cuts, longer-term U.S. Treasury yields rose over the period, reflecting concerns over fiscal deficits and continued inflation pressure from tariffs. Non-U.S. developed market sovereign bonds saw upward pressure on yields as well, while credit spreads narrowed modestly across investment-grade and high-yield sectors. Emerging market debt outperformed, supported by favorable currency dynamics and attractive real yields, particularly in local currency instruments. Trade policy developments, including renewed tariff actions, added complexity to global rate expectations, while ongoing conflicts in Ukraine and the Middle East contributed to cautious investor sentiment. Overall, fixed income markets reflected a delicate balance between macroeconomic headwinds and central bank policy responses, with longer-term yields facing pressure and credit performance being resilient.

Top contributors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the consumer non-cyclical industry

• Maintaining a slightly lower duration as intermediate yields rose

Top detractors to the Fund's performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

&nbsp;&nbsp;&nbsp;&nbsp;• Issue selection within the basic industry

• Unfavorable issue selection within the communications industry

• An underweight allocation to the communications industry

**Performance shown is past performance and does not guarantee future results.** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph and table below assume reinvestment of dividends and capital gains distributions.

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT** (December 13, 2021 through September 30, 2025)

This graph shows the performance of a hypothetical $10,000 investment in the share class noted over a ten-year period or since inception, if shorter, as compared to the performance of a broad-based securities market index, and, if applicable, one or more indexes that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests or is a better comparison for the Fund's investment strategy. This graph includes the deduction of the maximum applicable sales charge, if any.

MM202912-309770 PAGE 1 TSR-AR-ITGF8

------

![image](ts5194img002.jpg)

The index or indexes shown in the graph and table are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

**AVERAGE ANNUAL TOTAL RETURNS (%)** (as of September 30, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br> (12/13/2021) |
| **Class C - without sales charge**  | 6.59 | 3.79 |
| **Class C - with maximum sales charge**  | 5.59 | 4.59 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.88 | 9.33 |
| **Bloomberg U.S. Corporate High-Yield Bond Index**  | 7.41 | 3.79 |

---

Performance results reflect any applicable waivers or expense limitations in effect during these periods, without which performance would have been lower. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at https://www.massmutual.com/product-performance/mutual-funds or by calling 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT ARE SOME KEY FUND STATISTICS?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $476.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 308 |
| **Total Advisory Fees Paid During the Reporting Period** | $1947668 |
| **Portfolio Turnover Rate** | 97% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 79.2% |
|  Bank Loans  | 9.8% |
|  Investment of Cash Collateral from Securities Loaned  | 7.2% |
|  Commercial Paper  | 2.1% |
|  Repurchase Agreement  | 1.7% |
|  Preferred Stock  | 0.0% |

---

---

| | |
|:---|:---|
| ![image](img92704_202504241059510.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img92704_202504241059510.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds.  |

---

MM202912-309770 PAGE 2 TSR-AR-ITGF8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

As of September 30, 2025, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer, Principal Financial Officer, and other senior financial officers pursuant to the Sarbanes-Oxley Act of 2002. For the year ended September 30, 2025, there were no reportable amendments to any provision of the Code of Ethics and the Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that Nabil N. El-Hage, a member of the Audit Committee, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. El-Hage is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

**Item 4. Principal Accountant Fees and Services.**

References below to Deloitte & Touche LLP include its affiliates where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AUDIT FEES: The aggregate fees billed to the Registrant for professional
 services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant's annual financial statements
 for the fiscal years ended 2025 and 2024 were $466,126 and $505,736, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AUDIT-RELATED FEES: No such fees were billed to the Registrant by
 Deloitte & Touche LLP for the fiscal years ended 2025 and 2024. No such fees were billed to the Registrant's adviser and any
 entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte
 & Touche LLP\* for the fiscal years ended 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TAX FEES: No such fees were billed to the Registrant by Deloitte
 & Touche LLP for the fiscal years ended 2025 and 2024. No such fees were billed to the Registrant's adviser and any entity controlling,
 controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP\*
 for the fiscal years ended 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte
 & Touche LLP for the fiscal years ended 2025 and 2024. No such fees were billed to the Registrant's adviser and any entity controlling,
 controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP\*
 for the fiscal years ended 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) AUDIT COMMITTEE PRE-APPROVAL POLICY: All services to be performed
 for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during the fiscal
 years ended 2025 and 2024 were pre-approved by the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by Deloitte & Touche LLP
 for services rendered to the Registrant, the Registrant's adviser and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the Registrant, for the fiscal years ended 2025 and 2024 were $918,826 and $760,661,
 respectively.

<sup>\*</sup> Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee considers whether the provision of non-audit
 services by Deloitte & Touche LLP to the Registrant's adviser and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see portfolio of investments
 contained in the financial statements filed under Item 7 of this form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

![](mmlpre_17736.jpg)

------

**Table of Contents** 

Please note the Annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |
| &nbsp;&nbsp;&nbsp; [Portfolios of Investments](#sch001)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Short-Duration Bond Fund](#ITGS) | &nbsp;&nbsp; [1](#ITGS) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Inflation-Protected and Income Fund](#ITGU) | &nbsp;&nbsp; [9](#ITGU) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Core Bond Fund](#ITGM) | &nbsp;&nbsp; [16](#ITGM) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Diversified Bond Fund](#ITGL) | &nbsp;&nbsp; [30](#ITGL) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual High Yield Fund](#ITGF) | &nbsp;&nbsp; [41](#ITGF) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Small Cap Opportunities Fund](#ITGE) | &nbsp;&nbsp; [50](#ITGE) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Global Fund](#ITGV) | &nbsp;&nbsp; [52](#ITGV) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#sal) | &nbsp;&nbsp; [54](#sal) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#sop) | &nbsp;&nbsp; [58](#sop) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | &nbsp;&nbsp; [62](#scna) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | &nbsp;&nbsp; [66](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#notes) | &nbsp;&nbsp; [80](#notes) |
| &nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm.](#rep1) | &nbsp;&nbsp; [113](#rep1) |
| &nbsp;&nbsp;&nbsp; [Federal Tax Information (Unaudited)](#tax1) | &nbsp;&nbsp; [114](#tax1) |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#it1)<br> [](#it1)**<br>| &nbsp;&nbsp; [115](#it1) |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies. ](#it2)** | &nbsp;&nbsp; [116](#it2) |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#it3)<br> [](#it3)**<br>| &nbsp;&nbsp; [117](#it3) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. ](#it4)** | &nbsp;&nbsp; [118](#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 Short-Duration Bond Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Bonds & Notes — 90.0%**<br>|  |  |
| **Corporate Debt — 46.9%**<br>|  |  |
| **Agriculture — 0.3%**<br>|  |  |
| KT&G Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 5/02/28 (a) | $300000 | $305463  |
| **Auto Manufacturers — 2.2%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.303% 9/06/29 | 430000 | 428929  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/07/29 | 390000 | 396793  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 1/07/29 | 366000 | 380367  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 9/21/28 (a) | 356000 | 372325  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.850% 9/16/26 (a) | 605000 | 583169  |
|  Volkswagen Group of America Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 9/11/28 (a) | 345000 | 346119  |
|  |  | 2507702  |
| **Banks — 6.6%**<br>|  |  |
| ABQ Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.000% 7/06/26 (a) | 1200000 | 1175866  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 5/12/26 | 240000 | 241141  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.740% <br>5.690% VRN 3/12/30 (b) | 445000 | 462354  |
| BPCE SA 1 day USD SOFR + 1.581%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.389% VRN 5/28/31 (a) (b) | 385000 | 394989  |
|  Capital One NA 5 yr. USD SOFR ICE Swap + 1.730%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.974% VRN 8/09/28 (b) | 375000 | 388304  |
| &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) | 346000 | 364763  |
| Danske Bank AS 1 yr. CMT + 0.930%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.019% VRN 3/04/31 (a) (b) | 390000 | 397370  |
| &nbsp;&nbsp;&nbsp; ING Groep NV 1 day USD <br>SOFR + 1.440%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.335% VRN 3/19/30 (b) | 245000 | 252817  |
|  JP Morgan Chase & Co. 3 mo. USD Term SOFR + 1.522%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.203% VRN 7/23/29 (b) | 450000 | 450870  |
| &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 | 242238  |
|  Morgan Stanley Private Bank NA 1 day USD SOFR + 1.080%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.734% VRN 7/18/31 (b) | 360000 | 365376  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| National Australia Bank Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.332% 8/21/30 (a) | $400000 | $360041  |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC 1 yr. <br>CMT + 1.050%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.115% VRN 5/23/31 (b) | 375000 | 384520  |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC <br>1 day USD SOFR Index + 1.554%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.858% VRN 9/11/30 (b) | 500000 | 505682  |
| &nbsp;&nbsp;&nbsp; Societe Generale SA 1 yr. <br>CMT + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.797% VRN 1/19/28 (a) (b) | 357000 | 349485  |
| Synovus Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 2/15/28 | 653000 | 666684  |
|  Synovus Financial Corp. 1 day USD SOFR + 2.347%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.168% VRN 11/01/30 (b) | 300000 | 311245  |
| &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 | 382414  |
|  |  | 7696159  |
| **Building Materials — 0.4%**<br>|  |  |
| JH North America Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 1/31/31 (a) | 426000 | 432524  |
| **Chemicals — 1.1%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% STEP 11/15/28 | 595000 | 617450  |
| FMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.450% 10/01/29 | 375000 | 354114  |
| Huntsman International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/01/29 | 300000 | 287108  |
|  |  | 1258672  |
| **Commercial Services — 1.2%**<br>|  |  |
| Element Fleet Management Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.037% 3/25/30 (a) | 385000 | 392723  |
| Triton Container International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.050% 4/15/26 (a) | 615000 | 607262  |
| &nbsp;&nbsp;&nbsp; 3.150% 6/15/31 (a) | 425000 | 379002  |
|  |  | 1378987  |
| **Computers — 0.6%**<br>|  |  |
| Dell International LLC/EMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 2/15/31 (c) | 305000 | 304295  |
|  Genpact Luxembourg SARL/Genpact USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/04/29 | 363000 | 377636  |
|  |  | 681931  |

---

---

| | |
|:---|:---|
| 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 (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** |  |
| Aircastle Ltd./Aircastle Ireland DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 3/15/30 (a) | $390000 | $397850  |
| &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 | 395947  |
| Aviation Capital Group LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 4/10/30 (a) | 585000 | 593875  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 11/15/29 (a) | 580000 | 602536  |
| BGC Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.150% 4/02/30 (a) | 750000 | 768399  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 3/30/29 (a) | 225000 | 234229  |
| REC Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 9/01/26 (a) | 800000 | 784488  |
| &nbsp;&nbsp;&nbsp; Synchrony Financial 1 day USD <br>SOFR + 1.680%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% VRN 3/06/31 (b) | 600000 | 611379  |
|  |  | 4388703  |
| **Electric — 1.7%**<br>|  |  |
| Adani Transmission Step-One Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 8/03/26 (a) | 500000 | 495242  |
| Alliant Energy Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.400% 3/15/26 (a) | 780000 | 768651  |
| NRG Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.734% 10/15/30 (a) (c) | 300000 | 299905  |
| Pacific Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/15/29 | 445000 | 458057  |
|  |  | 2021855  |
| **Engineering & Construction — 0.4%**<br>|  |  |
| Sitios Latinoamerica SAB de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 11/25/29 (a) | 500000 | 519650  |
| **Entertainment — 0.4%**<br>|  |  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.054% 3/15/29 | 485000 | 468025  |
| **Food — 0.8%**<br>|  |  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/01/27 (a) | 995000 | 988210  |
| **Forest Products & Paper — 0.4%**<br>|  |  |
| Suzano Austria GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/29 | 450000 | 465360  |
| **Health Care - Services — 0.7%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.450% 7/15/28 | 425000 | 394924  |
| &nbsp;&nbsp;&nbsp; 3.000% 10/15/30 | 450000 | 402092  |
|  |  | 797016  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Home Furnishing — 0.5%**<br>|  |  |
| LG Electronics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 4/24/27 (a) | $250000 | $254601  |
| &nbsp;&nbsp;&nbsp; 5.625% 4/24/29 (a) | 288000 | 299062  |
|  |  | 553663  |
| **Insurance — 4.1%**<br>|  |  |
| American National Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/03/30 (a) | 700000 | 713813  |
| Aspen Insurance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/01/30 | 347000 | 363181  |
| Brighthouse Financial Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.650% 6/10/29 (a) | 375000 | 384860  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.650% 1/06/29 (a) | 475000 | 449319  |
| Enstar Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.100% 9/01/31 | 325000 | 290274  |
| Equitable America Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 6/09/30 (a) | 380000 | 387594  |
| Fortitude Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 10/06/28 (a) (c) | 128000 | 128081  |
| Fortitude Group Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/30 (a) | 358000 | 371711  |
| GA Global Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/08/29 (a) | 165000 | 170716  |
| Global Atlantic Fin Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 10/15/29 (a) | 475000 | 467828  |
| Jackson National Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 9/09/30 (a) | 345000 | 345350  |
| Lincoln Financial Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 8/18/30 (a) | 365000 | 367200  |
| Mercury General Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 3/15/27 | 375000 | 373191  |
|  |  | 4813118  |
| **Internet — 0.5%**<br>|  |  |
| AppLovin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 12/01/29 | 515000 | 526848  |
| **Investment Companies — 6.5%**<br>|  |  |
| Antares Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 1/15/27 (a) | 485000 | 470014  |
| &nbsp;&nbsp;&nbsp; 3.950% 7/15/26 (a) | 545000 | 541660  |
| ARES Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.875% 6/15/28 | 315000 | 300744  |
| &nbsp;&nbsp;&nbsp; 5.950% 7/15/29 | 430000 | 444258  |
| ARES Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.350% 8/15/29 | 610000 | 631906  |
| Blackstone Private Credit Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 12/15/26 | 643000 | 627844  |
| Blackstone Secured Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.300% 6/30/30 | 400000 | 402806  |

---

---

| | |
|:---|:---|
|  | 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**  |
| Blue Owl Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.450% 11/15/26 | $375000 | $388485  |
| Blue Owl Credit Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% 2/08/27 | 783000 | 781648  |
| Blue Owl Technology Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/04/29 | 881000 | 908941  |
| Golub Capital BDC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 7/15/29 | 850000 | 868545  |
| HPS Corporate Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 9/30/29 (d) | 235000 | 242580  |
| &nbsp;&nbsp;&nbsp; 6.750% 1/30/29 | 522000 | 544290  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/27 | 400000 | 393179  |
|  |  | 7546900  |
| **Iron & Steel — 0.5%**<br>|  |  |
| Vale Overseas Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 7/08/30 | 550000 | 528961  |
| **Lodging — 0.5%**<br>|  |  |
| Las Vegas Sands Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 8/15/29 | 505000 | 525970  |
| **Machinery - Diversified — 0.3%**<br>|  |  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.050% 4/15/28 | 385000 | 398256  |
| **Media — 0.9%**<br>|  |  |
| News Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 5/15/29 (a) | 575000 | 555365  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 7/30/30 | 475000 | 530327  |
|  |  | 1085692  |
| **Mining — 0.4%**<br>|  |  |
| AngloGold Ashanti Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 11/01/28 | 500000 | 483713  |
| **Office & Business Equipment — 0.3%** | **Office & Business Equipment — 0.3%** |  |
| CDW LLC/CDW Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.100% 3/01/30 | 300000 | 305320  |
| **Oil & Gas — 4.3%**<br>|  |  |
| Continental Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/31 (a) | 575000 | 592960  |
| Helmerich & Payne, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.850% 12/01/29 (d) | 760000 | 756797  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 8/01/29 | 425000 | 431247  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.200% 11/01/31 | 350000 | 385971  |
| &nbsp;&nbsp;&nbsp; 8.125% 9/15/30 | 215000 | 245658  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Parkland Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 7/15/27 (a) | $315000 | $314734  |
| Patterson-UTI Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 2/01/28 | 965000 | 942592  |
| Santos Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.649% 4/29/31 (a) | 425000 | 396717  |
| Viper Energy Partners LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% 8/01/30 | 359000 | 361677  |
| Woodside Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 5/19/30 | 600000 | 616161  |
|  |  | 5044514  |
| **Pharmaceuticals — 0.7%**<br>|  |  |
| Mylan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 4/15/28 | 570000 | 567777  |
| Viatris, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.300% 6/22/27 | 219000 | 210811  |
|  |  | 778588  |
| **Pipelines — 0.5%**<br>|  |  |
| Harvest Midstream I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 9/01/28 (a) | 391000 | 395208  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% 9/15/30 | 230000 | 233617  |
|  |  | 628825  |
| **Real Estate Investment Trusts (REITS) — 3.6%** | **Real Estate Investment Trusts (REITS) — 3.6%** |  |
| EPR Properties<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 8/15/29 | 175000 | 168474  |
| &nbsp;&nbsp;&nbsp; 4.500% 6/01/27 | 500000 | 500268  |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/15/27 (a) | 475000 | 461037  |
| Highwoods Realty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.200% 4/15/29 | 400000 | 391815  |
| Omega Healthcare Investors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 7/01/30 | 570000 | 578675  |
| Piedmont Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 7/20/28 | 670000 | 743964  |
| Store Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 11/18/30 | 300000 | 272707  |
| &nbsp;&nbsp;&nbsp; 4.500% 3/15/28 | 685000 | 682859  |
| Vornado Realty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.150% 6/01/26 | 403000 | 395615  |
|  |  | 4195414  |
| **Retail — 0.8%**<br>|  |  |
| Advance Auto Parts, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.750% 10/01/27 | 375000 | 351532  |
| InRetail Consumer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 3/22/28 (a) | 550000 | 534253  |
|  |  | 885785  |

---

---

| | |
|:---|:---|
| 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**  |
| **Semiconductors — 0.9%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/25/31 (a) | $770000 | $799006  |
| SK Hynix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 9/11/28 (a) | 300000 | 299864  |
|  |  | 1098870  |
| **Software — 0.3%**<br>|  |  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.450% 9/26/30 | 315000 | 314845  |
| **Venture Capital — 0.7%**<br>|  |  |
| Hercules Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/16/26 | 516000 | 506792  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/16/30 | 275000 | 280487  |
|  |  | 787279  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $53,498,050)** |  | **54412818**  |
| **Non-U.S. Government Agency Obligations — 43.1%**<br>|  |  |
| **Automobile Asset-Backed Securities — 6.8%** | **Automobile Asset-Backed Securities — 6.8%** |  |
|  Ally Auto Receivables Trust, Series 2023-A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.080% 1/17/34 (a) | 470000 | 476242  |
|  Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.022% 5/17/32 (a) | 433133 | 438285  |
|  Bridgecrest Lending Auto Securitization Trust, Series 2025-3, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.810% 5/15/31 | 500000 | 502275  |
|  Carvana Auto Receivables Trust, Series 2024-N1, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% 3/10/28 (a) | 560869 | 562540  |
|  FCCU Auto Receivables Trust, Series 2024-1A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.460% 4/15/30 (a) | 500000 | 509135  |
| GLS Auto Receivables Issuer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, <br>2.480% 10/15/27 (a)  | 323698 | 321056 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, <br>4.520% 7/17/28 (a)  | 455000 | 455953 |
|  Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.020% 3/15/27 (a) | 648861 | 650844  |
|  LAD Auto Receivables Trust, Series 2023-3A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.430% 12/15/28 (a) | 1000000 | 1023185  |
|  OneMain Direct Auto Receivables Trust, Series 2021-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.870% 7/14/28 (a) | 158770 | 158090  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  PenFed Auto Receivables Owner Trust, Series 2024-A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 9/16/30 (a) | $400000 | $405732  |
|  SCCU Auto Receivables Trust, Series 2024-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 7/15/32 (a) | 600000 | 599808  |
| Westlake Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2A, <br>4.660% 9/15/28 (a)  | 700000 | 702082 |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, <br>5.480% 9/15/27 (a)  | 700000 | 702708 |
|  Wheels Fleet Lease Funding 1 LLC, Series 2023-2A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.460% 8/18/38 (a) | 329702 | 334420  |
|  |  | 7842355  |
| **Commercial Mortgage-Backed Securities — 2.9%** | **Commercial Mortgage-Backed Securities — 2.9%** | **Commercial Mortgage-Backed Securities — 2.9%** |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class C,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.958% VRN 4/15/46 (b) (e) | 1015000 | 556836  |
| One New York Plaza Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% <br>6.466% FRN 1/15/36 (a) (b) | 2106000 | 2063405  |
| &nbsp;&nbsp;&nbsp; Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% <br>7.016% FRN 1/15/36 (a) (b) | 760000 | 740570  |
|  |  | 3360811  |
| **Credit Card Asset-Backed** <br>**Securities — 1.5%** | **Credit Card Asset-Backed** <br>**Securities — 1.5%** | **Credit Card Asset-Backed** <br>**Securities — 1.5%** |
|  Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.050% 7/15/27 (a) | 1245000 | 1252740  |
|  Mission Lane Credit Card Master Trust, Series 2025-A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 5/15/30 (a) | 500000 | 506673  |
|  |  | 1759413  |
| **Home Equity Asset-Backed Securities — 0.0%** | **Home Equity Asset-Backed Securities — 0.0%** | **Home Equity Asset-Backed Securities — 0.0%** |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.779% FRN 10/25/34 (b) | 29072 | 28395  |
| **Other Asset-Backed Securities — 23.1%** | **Other Asset-Backed Securities — 23.1%** | **Other Asset-Backed Securities — 23.1%** |
|  321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.465% FRN 9/15/41 (a) (b) | 20397 | 20282  |

---

---

| | |
|:---|:---|
|  | 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**  |
|  522 Funding CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD Term SOFR + 1.812%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.137% FRN 10/20/31 (a) (b) | $2352000 | $2355820  |
| Affirm Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A, <br>4.620% 9/15/29 (a) | 1000000 | 1003707  |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class B, <br>5.190% 4/15/30 (a) | 500000 | 502039  |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class B, <br>5.330% 12/17/29 (a) | 700000 | 701385  |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class B, <br>6.340% 5/15/29 (a) | 230310 | 230578  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXX Ltd., Series XXXA, Class A2R, 3 mo. USD Term <br>SOFR + 1.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.829% FRN 10/18/31 (a) (b) | 500000 | 500147  |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD Term <br>SOFR + 1.812%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.137% FRN 10/20/31 (a) (b) | 1700000 | 1701348  |
| &nbsp;&nbsp;&nbsp; BHG Securitization Trust, <br>Series 2021-B, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.240% 10/17/34 (a) | 3736000 | 3572331  |
|  BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.780% 9/26/33 (a) | 317964 | 312883  |
|  Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.918% FRN 10/15/31 (a) (b) | 1000000 | 1000421  |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC, <br>Series 2020-1, Class B1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.280% 7/15/60 (a) | 577448 | 371451  |
|  Elara HGV Timeshare Issuer LLC, Series 2019-A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.450% 1/25/34 (a) | 657585 | 648243  |
| &nbsp;&nbsp;&nbsp; Equify ABS LLC, <br>Series 2024-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.430% 4/18/33 (a) | 395789 | 396131  |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 20 Ltd., Series 2020-1A, Class AR, 3 mo. USD Term <br>SOFR + 1.380%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.584% FRN 5/20/36 (a) (b) | 1000000 | 1002000  |
| &nbsp;&nbsp;&nbsp; Goodgreen Trust, <br>Series 2019-2A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.760% 4/15/55 (a) | 1627568 | 1401842  |
|  GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.120% 3/25/60 (a) | 317756 | 318796  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  GreenSky Home Improvement Trust, Series 2024-1, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.670% 6/25/59 (a) | $360757 | $367621  |
| Hero Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, <br>3.190% 9/20/48 (a) | 403603 | 370207  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A1, <br>3.280% 9/20/48 (a) | 78975 | 73030  |
| &nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.570% 9/20/47 (a) | 191908 | 181115  |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class A, <br>3.840% 9/21/40 (a) | 123397 | 118726  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A2, <br>4.070% 9/20/48 (a)  | 64167 | 60911 |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, <br>4.670% 9/20/48 (a)  | 518370 | 503132 |
|  Hilton Grand Vacations Trust, Series 2019-AA, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.840% 7/25/33 (a) | 297344 | 293317  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, <br>Series 2018-2GS, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.200% 2/22/44 (a) | 425162 | 397721  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loans LLC, <br>Series 2017-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.450% 6/20/42 (a) | 64258 | 62264  |
| &nbsp;&nbsp;&nbsp; Newark BSL CLO 2 Ltd., <br>Series 2017-1A, Class A2R, 3 mo. <br>USD Term SOFR + 1.662%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.980% FRN 7/25/30 (a) (b) | 1375000 | 1375513  |
|  Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.850% 11/20/50 (a) | 936343 | 893718  |
| &nbsp;&nbsp;&nbsp; Pagaya Ai Debt Trust, <br>Series 2025-R1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.338% 6/15/32 (a) | 500000 | 503260  |
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., <br>Series 2023-A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.330% 3/15/28 (a) | 800000 | 806411  |
| &nbsp;&nbsp;&nbsp; PVONE 2023-1 LLC, <br>Series 2023-2A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.670% 9/17/35 (a) | 234839 | 235571  |
| RCKT Trust, Series 2025-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.900% 7/25/34 (a) | 413251 | 414121  |
| Reach ABS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br>4.930% 8/18/32 (a) | 358307 | 359727  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br>6.300% 2/18/31 (a) | 224038 | 224364  |
|  RR 8 Ltd., Series 2020-8A, Class A1R, 3 mo. USD Term SOFR + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.668% FRN 7/15/37 (a) (b) | 1000000 | 1001419  |

---

---

| | |
|:---|:---|
| 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**  |
|  SoFi Consumer Loan Program Trust, Series 2025-3, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.470% 8/15/34 (a) | $410000 | $411046  |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXII Ltd., Series 2020-22A, Class BR, <br>3 mo. USD Term SOFR + 1.680%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.009% FRN 4/18/33 (a) (b) | 750000 | 750127  |
| &nbsp;&nbsp;&nbsp; Trinity Rail Leasing LLC, <br>Series 2019-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.820% 4/17/49 (a) | 360602 | 358366  |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust, <br>Series 2023-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.740% 1/22/29 | 300000 | 301936  |
| &nbsp;&nbsp;&nbsp; Whitebox CLO III Ltd., <br>Series 2021-3A, Class A1R, <br>3 mo. USD Term SOFR + 1.270%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.588% FRN 10/15/35 (a) (b) | 750000 | 751280  |
|  |  | 26854307  |
| **Student Loans Asset-Backed Securities — 5.7%**<br>|  |  |
|  Chase Education Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.482%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.845% FRN 3/28/68 (b) | 257167 | 234873  |
|  College Avenue Student Loans LLC, Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.922% FRN 11/26/46 (a) (b) | 228448 | 228661  |
| Commonbond Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-AGS, Class B, <br>3.470% 5/25/41 (a) | 219039 | 197844  |
| &nbsp;&nbsp;&nbsp; Series 2018-AGS, Class C, <br>3.820% 2/25/44 (a) | 98680 | 78115  |
| &nbsp;&nbsp;&nbsp; Series 2018-BGS, Class C, <br>4.120% 9/25/45 (a) | 80965 | 70903  |
| &nbsp;&nbsp;&nbsp; Series 2018-CGS, Class C, <br>4.350% 2/25/46 (a) | 37950 | 33905  |
| &nbsp;&nbsp;&nbsp; Series 2017-AGS, Class C, <br>5.280% 5/25/41 (a) | 149221 | 139758  |
| Laurel Road Prime Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class BFX, <br>3.000% 10/25/48 (a) | 1149453 | 1121249  |
| &nbsp;&nbsp;&nbsp; Series 2017-B, Class CFX, <br>3.610% 8/25/42 (a) | 305487 | 304332  |
|  Nelnet Student Loan Trust, Series 2018-5A, Class B, 1 mo. USD Term SOFR + 1.564%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.722% FRN 2/25/67 (a) (b) | 1000000 | 945880  |
| SLM Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-4, Class B, 90 day USD SOFR Average + 0.442% <br>4.782% FRN 7/25/55 (b) | 332770 | 313359  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% <br>4.812% FRN 10/25/40 (b) | $388896 | $368145  |
| &nbsp;&nbsp;&nbsp; Series 2005-5, Class B, 90 day USD SOFR Average + 0.512% <br>4.852% FRN 10/25/40 (b) | 354668 | 327161  |
| &nbsp;&nbsp;&nbsp; Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% <br>4.912% FRN 1/25/55 (b) | 241339 | 230606  |
| &nbsp;&nbsp;&nbsp; Series 2004-1, Class B, 90 day USD SOFR Average + 0.762% <br>5.102% FRN 7/25/39 (b)  | 215821 | 205762 |
|  SMB Private Education Loan Trust, Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.022% FRN 9/15/53 (a) (b) | 733812 | 746031  |
|  SoFi Professional Loan Program LLC, Series 2019-A, Class BFX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.110% 6/15/48 (a) | 870000 | 813421  |
|  Wachovia Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.562%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.902% FRN 10/25/40 (b) | 207494 | 186036  |
|  |  | 6546041  |
| **Whole Loan Collateral Collateralized Mortgage** <br>**Obligations — 3.1%** | **Whole Loan Collateral Collateralized Mortgage** <br>**Obligations — 3.1%** | **Whole Loan Collateral Collateralized Mortgage** <br>**Obligations — 3.1%** |
|  Banc of America Mortgage Trust, Series 2004-G, Class 2A7,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.641% VRN 8/25/34 (b) (e) | 3463 | 3444  |
| Ellington Financial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class A2, 5.289% STEP 10/25/69 (a) | 691334 | 691469  |
| &nbsp;&nbsp;&nbsp; Series 2024-INV2, Class A3, 5.441% STEP 10/25/69 (a) | 691334 | 691947  |
|  Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.187% VRN 2/25/34 (b) (e) | 22434 | 21569  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class M1, 1.968% VRN 1/25/66 (a) (b) (e) | 2247000 | 1807006  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1, 5.364% VRN 10/25/69 (a) (b) (e) | 424442 | 427799  |
|  |  | 3643234  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $51,820,300)** |  | **50034556**  |

---

---

| | |
|:---|:---|
|  | 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**  |
| **U.S. Government Agency Obligations and** <br>**Instrumentalities (f) — 0.0%** | **U.S. Government Agency Obligations and** <br>**Instrumentalities (f) — 0.0%** | **U.S. Government Agency Obligations and** <br>**Instrumentalities (f) — 0.0%** |
| **Pass-Through Securities — 0.0%**<br>|  |  |
|  Federal Home Loan Mortgage Corp. Pool #1Q0239 1 yr. CMT + 2.145% 6.451% FRN 3/01/37 (b) | $36846 | $37627  |
| **TOTAL BONDS & NOTES** <br>**(Cost $105,355,899)** |  | **104485001**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $105,355,899)** |  | **104485001**  |
| **Short-Term Investments — 10.8%** | **Short-Term Investments — 10.8%** | **Short-Term Investments — 10.8%** |
| **Commercial Paper — 8.6%**<br>|  |  |
| Campbell's Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.294% 12/11/25 (a) | 2000000 | 1982632  |
| CRH America Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.733% 10/16/25 (a) | 1000000 | 998096  |
| Genuine Parts Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.613% 10/08/25 (a) | 1000000 | 999050  |
| Penske Truck Leasing Co. LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.341% 11/24/25 | 3000000 | 2979963  |
| VW Credit, Inc., Class B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.578% 11/05/25 (a) | 3000000 | 2987100  |
|  |  | 9946841 |

---

---

| | |
|:---|:---|
|  | **Number of Shares**  |
| **Investment of Cash Collateral from Securities Loaned — 0.9%**<br>|  |
| &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money <br>Market Portfolio, 4.166% (g) | 1021200 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  |  |
| **Repurchase Agreement — 1.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (h) | $1551104 | 1551104  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $12,520,739)** |  | **12519145**  |
| **TOTAL INVESTMENTS — 100.8% (Cost $117,876,638) (i)** |  | **117004146**  |
| **Other Assets/**<br>(Liabilities) — (0.8)% |  | **(917343)**  |
| **NET ASSETS — 100.0%** |  | **$116086803** |

---

**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 September 30, 2025, the aggregate market value of these securities amounted to $76,336,126 or 65.76% 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) A portion of this security is purchased on a
 when-issued, delayed-delivery or forward commitment basis. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $1,000,851 or 0.86% of net assets. (*Note 2*).

&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 September 30,
 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) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Maturity value of $1,551,211. Collateralized
 by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 4/30/27, and an aggregate market value, including accrued
 interest, of $1,582,326.

&nbsp;&nbsp;&nbsp;&nbsp;(i) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| 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>

Country weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| United States | 68.2 %  |
| Cayman Islands | 8.5 %  |
| United Kingdom | 1.8 %  |
| Australia | 1.6 %  |
| Canada | 1.5 %  |
| Brazil | 1.3 %  |
| Bermuda | 1.2 %  |
| India | 1.1 %  |
| Qatar | 1.0 %  |
| Republic of Korea | 1.0 %  |
| France | 1.0 %  |
| Ireland | 0.5 %  |
| Peru | 0.5 %  |
| Denmark | 0.3 %  |
| Germany | 0.3 %  |
| Netherlands | 0.2 %  |
| Total Long-Term Investments | 90.0 %  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 10.0 %  |
| 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 | 12/31/25 | 309 | $64367839 | $27278  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Note 10 Year | 12/19/25 | 20 | $(2239779) | $(10221)  |
| U.S. Treasury Note 5 Year | 12/31/25 | 246 | (26832084) | (29963)  |
|  |  |  |  | $(40184) |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Inflation-Protected and Income Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Bonds & Notes — 82.1%**<br>|  |  |
| **Non-U.S. Government Agency** <br>**Obligations — 60.1%** | **Non-U.S. Government Agency** <br>**Obligations — 60.1%** |  |
| **Automobile Asset-Backed Securities — 26.4%** | **Automobile Asset-Backed Securities — 26.4%** |  |
| &nbsp;&nbsp;&nbsp; Alloya Auto Receivables Trust, Series 2025-1A, Class A2<br>4.780% 10/25/27 (a) | $1500000 | $1503200  |
|  American Credit Acceptance Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class C, <br>5.630% 1/14/30 (a) | 2916576 | 2926396  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class B, <br>5.660% 8/14/28 (a) | 1000000 | 1003365  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class C, <br>6.240% 4/12/30 (a) | 2800000 | 2832116  |
|  Avis Budget Rental Car Funding AESOP LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, <br>1.630% 8/20/27 (a) | 3400000 | 3334694  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, <br>2.020% 2/20/27 (a) | 2750000 | 2734364  |
| &nbsp;&nbsp;&nbsp; BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2<br>5.542% 10/27/31 (a) | 781056 | 785391  |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-N3, Class B<br>0.660% 6/12/28 | 506844 | 490302  |
| CPS Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class E, <br>3.210% 9/15/28 (a) | 3000000 | 2983428  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, <br>5.650% 5/15/28 (a) | 2035605 | 2039542  |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series 2025-1, Class A2<br>4.870% 8/15/28 | 1124726 | 1127269  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, <br>1.400% 4/15/27 | 1090663 | 1080833  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, <br>1.550% 6/15/27 | 1676058 | 1656161  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, <br>1.960% 1/17/28 | 851228 | 845579  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, <br>4.560% 7/17/28 | 4518946 | 4519975  |
|  Series 2025-3A, Class A2, 4.830% 1/18/28 | 973826 | 975076  |
| &nbsp;&nbsp;&nbsp; Exeter Select Automobile Receivables Trust, Series 2025-1, Class A2<br>4.830% 10/16/28 | 826084 | 828365  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; FCCU Auto Receivables Trust, Series 2025-1A, Class A2<br>4.870% 1/16/29 (a) | $1156353 | $1158321  |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, Series 2021-2, Class C<br>1.270% 6/15/27 (a) | 95894 | 95762  |
| GLS Auto Receivables Issuer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, <br>2.480% 10/15/27 (a) | 1618488 | 1605280  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class E, <br>3.140% 1/18/28 (a) | 1280169 | 1279323  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, <br>6.420% 6/15/28 (a) | 1270000 | 1287578  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, <br>6.650% 8/15/29 (a) | 1000000 | 1019868  |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A3<br>5.020% 3/15/27 (a) | 741556 | 743822  |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust, Series 2022-2A, Class C<br>6.290% 7/20/28 (a) | 2365000 | 2385254  |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust, Series 2021-1A, Class A<br>0.870% 7/14/28 (a) | 238156 | 237135  |
| &nbsp;&nbsp;&nbsp; Onemain Direct Auto Receivables Trust, Series 2022-1A, Class C<br>5.310% 6/14/29 (a) | 1100000 | 1102281  |
| &nbsp;&nbsp;&nbsp; Oscar US Funding XII LLC, Series 2021-1A, Class A4<br>1.000% 4/10/28 (a) | 736047 | 729433  |
| &nbsp;&nbsp;&nbsp; PenFed Auto Receivables Owner Trust, Series 2025-A, Class A2<br>4.120% 9/15/28 (a) | 1100000 | 1100478  |
| &nbsp;&nbsp;&nbsp; SBNA Auto Receivables Trust, Series 2025-SF1, Class B<br>5.120% 3/17/31 (a) | 611832 | 612583 |
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, <br>Series 2023-B, Class B<br>6.570% 8/20/27 (a) | 3140000 | 3148182  |
| Tricolor Auto Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br>4.940% 2/15/29 (a) | 2157682 | 1591300  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, <br>5.120% 1/16/29 (a) | 2732705 | 1967556  |
| &nbsp;&nbsp;&nbsp; VStrong Auto Receivables Trust, Series 2024-A, Class A3<br>5.620% 12/15/28 (a) | 2136617 | 2147413  |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, Series 2022-2A, Class D<br>5.480% 9/15/27 (a) | 3000000 | 3011604  |
|  |  | 56889229  |

---

---

| | |
|:---|:---|
| 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 (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Commercial Mortgage-Backed Securities — 2.7%** | **Commercial Mortgage-Backed Securities — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2015-LC19, Class D<br>2.867% 2/10/48 (a) | $2457000 | $2266492  |
| Extended Stay America Trust<br>|  |  |
|  Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% 6.515% FRN 7/15/38 (a) (b) | 1096259 | 1096259  |
|  Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814% 7.965% FRN 7/15/38 (a) (b) | 1517897 | 1517897  |
| &nbsp;&nbsp;&nbsp; KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term <br>SOFR + 2.314%<br>6.457% FRN 2/15/39 (a) (b) | 900000 | 886144  |
|  |  | 5766792  |
| **Home Equity Asset-Backed Securities — 1.1%** | **Home Equity Asset-Backed Securities — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729%<br>4.887% FRN 4/25/36 (b) | 546408 | 541651  |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374%<br>4.532% FRN 3/25/37 (b) | 135797 | 134676  |
| &nbsp;&nbsp;&nbsp; Point Securitization Trust, Series 2024-1, Class A1<br>6.500% 6/25/54 (a) | 1548173 | 1550912  |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.454%<br>4.612% FRN 1/25/37 (b) | 3579 | 3516  |
|  |  | 2230755  |
| **Other Asset-Backed Securities — 19.4%** | **Other Asset-Backed Securities — 19.4%** |  |
| &nbsp;&nbsp;&nbsp; 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314%<br>4.465% FRN 9/15/41 (a) (b) | 21926 | 21803  |
| &nbsp;&nbsp;&nbsp; ACHV ABS Trust, Series 2024-1PL, Class A<br>5.900% 4/25/31 (a) | 458006 | 462265  |
| Affirm Asset Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class A, <br>5.080% 4/15/30 (a) | 1889370 | 1893364  |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class A, <br>5.220% 12/17/29 (a) | 240324 | 240636  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, <br>5.610% 2/15/29 (a) | 1000000 | 1004105  |
| &nbsp;&nbsp;&nbsp; Series 2024-X1, Class B, <br>6.340% 5/15/29 (a) | 230310 | 230578  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Alterna Funding III LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br>6.260% 5/16/39 (a) | $1834520 | $1838326  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, <br>7.136% 5/16/39 (a) | 1052993 | 1054991  |
| BHG Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>1.420% 11/17/33 (a) | 586846 | 580593 |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.550% 4/17/36 (a) | 506135 | 506904  |
| &nbsp;&nbsp;&nbsp; DataBank Issuer LLC, Series <br>2021-1A, Class A2<br>2.060% 2/27/51 (a) | 1500000 | 1480093  |
| &nbsp;&nbsp;&nbsp; FCI Funding LLC, Series 2024-1A, Class A<br>5.440% 8/15/36 (a) | 598410 | 599699  |
| &nbsp;&nbsp;&nbsp; FNA VI LLC, Series 2021-1A, Class A<br>1.350% 1/10/32 (a) | 1162369 | 1091308  |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2<br>5.120% 3/25/60 (a) | 2224290 | 2231576  |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Trust, Series 2024-1, Class A2<br>5.880% 6/25/59 (a) | 743942 | 751192  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, Series 2022-2A, Class C<br>5.570% 1/25/37 (a) | 541156 | 545428  |
| Marlette Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br>4.750% 7/16/35 (a) | 3153574 | 3160040  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class C, <br>6.890% 11/15/32 (a) | 728183 | 729616  |
| &nbsp;&nbsp;&nbsp; MCA Fund Holding LLC, Series 2020-1, Class A<br>3.250% 11/15/35 (a) | 46882 | 46376  |
| &nbsp;&nbsp;&nbsp; NP SPE IX LP, Series 2019-1A, Class A1<br>2.574% 9/20/49 (a) | 56253 | 55494  |
|  Oak Street Investment Grade Net Lease Fund<br>|  |  |
|  Series 2021-1A, Class A1, 1.480% 1/20/51 (a) | 3837421 | 3780330  |
|  Series 2020-1A, Class A1, 1.850% 11/20/50 (a) | 2167460 | 2068792  |
| Oportun Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, <br>4.960% 8/16/32 (a) | 1937073 | 1936732  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A, <br>5.260% 8/15/29 (a) | 1380509 | 1381742  |

---

---

| | |
|:---|:---|
|  | 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**  |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust, <br>Series 2024-2, Class A<br>5.860% 2/09/32 (a) | $700832 | $701510  |
| Pagaya AI Debt Grantor Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-10, Class A, <br>5.183% 6/15/32 (a) | 1170188 | 1173245  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A, <br>5.331% 1/15/32 (a) | 1507206 | 1511507  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A, <br>6.278% 10/15/31 (a) | 668198 | 673308  |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust, Series 2024-4, Class B<br>6.539% 8/15/31 (a) | 3638853 | 3658211  |
| &nbsp;&nbsp;&nbsp; PVONE 2023-1 LLC, Series <br>2023-2A, Class A<br>7.670% 9/17/35 (a) | 275402 | 276261  |
| &nbsp;&nbsp;&nbsp; RAM LLC, Series 2024-1, Class A<br>6.669% 2/15/39 (a) | 1633917 | 1639006  |
| Reach ABS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, <br>6.300% 2/18/31 (a) | 88670 | 88798  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, <br>7.330% 2/18/31 (a) | 281686 | 282381  |
| SoFi Consumer Loan Program Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A, <br>4.800% 2/27/34 (a) | 1776162 | 1785265  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A, <br>4.820% 6/25/34 (a) | 1036709 | 1042211  |
| &nbsp;&nbsp;&nbsp; Verdant Receivables LLC, Series 2025-1A, Class A2<br>4.850% 3/13/28 (a) | 1300000 | 1305209  |
|  |  | 41828895 |
| **Student Loans Asset-Backed Securities — 4.5%** | **Student Loans Asset-Backed Securities — 4.5%** |  |
| Commonbond Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AGS, Class B, <br>1.400% 3/25/52 (a) | 102421 | 79962  |
|  Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 9831 | 8783  |
|  Series 2019-AGS, Class A2, 1 mo. USD Term SOFR + 1.014% 5.172% FRN 1/25/47 (a) (b) | 96255 | 92687  |
| &nbsp;&nbsp;&nbsp; JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612%<br>4.952% FRN 6/28/39 (a) (b) | 142407 | 127194  |
|  Navient Private Education Refi Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.840% 5/15/69 (a) | 2847811 | 2613956  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, <br>1.310% 1/15/69 (a) | 544062 | 514594  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, Series 2016-7A, Class A, 30 day USD SOFR Average + 1.264%<br>5.621% FRN 3/25/66 (a) (b) | $895632 | $901676  |
| Nelnet Student Loan Trust<br>|  |  |
|  Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 4.809% FRN 3/23/37 (b) | 523365 | 507820  |
|  Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 4.881% FRN 6/25/41 (b) | 112706 | 101783  |
|  Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 4.952% FRN 10/25/40 (b) | 545845 | 539211  |
|  Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 5.971% FRN 6/25/41 (a) (b) | 295000 | 288644  |
| &nbsp;&nbsp;&nbsp; SLC Student Loan Trust, Series 2006-2, Class B, 90 day USD SOFR Average + 0.492%<br>4.859% FRN 12/15/39 (b) | 140407 | 124428  |
| SLM Student Loan Trust<br>|  |  |
|  Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 4.802% FRN 1/25/70 (b) | 94746 | 89203  |
|  Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 4.812% FRN 10/25/40 (b) | 200789 | 190075  |
|  Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 4.822% FRN 1/25/41 (b) | 173564 | 162512  |
|  Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 4.912% FRN 1/25/55 (b) | 144804 | 138363  |
|  Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 5.072% FRN 10/25/64 (b) | 90958 | 85654  |
| SMB Private Education Loan Trust<br>|  |  |
|  Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 5.135% FRN 7/15/36 (a) (b) | 300614 | 300222  |
| &nbsp;&nbsp;&nbsp; Series 2024-R1, Class M, <br>6.000% 9/15/54 (a) | 2667434 | 2666874  |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX<br>3.600% 2/25/48 (a) | 207187 | 204582  |
|  |  | 9738223  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 6.0%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 6.0%** |  |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series 2022-2, Class A1,<br>3.353% VRN 1/25/67 (a) (b) (c) | 1696297 | 1634830  |

---

---

| | |
|:---|:---|
| 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; BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3,<br>1.435% VRN 3/25/60 (a) (b) (c) | $236174 | $230085  |
| &nbsp;&nbsp;&nbsp; CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064%<br>5.421% FRN 8/25/49 (a) (b) | 534319 | 511542  |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, Series 2022-1, Class A1,<br>2.284% VRN 12/27/66 (a) (b) (c) | 6130412 | 5649823  |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, Series 2021-1, Class A3,<br>1.128% VRN 5/25/65 (a) (b) (c) | 209493 | 200840  |
| &nbsp;&nbsp;&nbsp; First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274%<br>4.432% FRN 11/25/36 (b) | 41145 | 42016  |
| OBX Trust<br>|  |  |
|  Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) (c) | 501724 | 419850  |
|  Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 5.222% FRN 2/25/60 (a) (b) | 176440 | 174798  |
| &nbsp;&nbsp;&nbsp; PSMC Trust, Series 2020-2, Class A2,<br>3.000% VRN 5/25/50 (a) (b) (c) | 588965 | 521481  |
| &nbsp;&nbsp;&nbsp; STAR Trust, Series 2021-1, Class A3,<br>1.528% VRN 5/25/65 (a) (b) (c) | 1904816 | 1811315  |
| Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, <br>2.878% VRN 2/25/50 (a) (b) (c) | 1000000 | 893533  |
|  Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b) (c) | 255138 | 252431  |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, Series 2021-3, Class A3,<br>1.437% VRN 6/25/66 (a) (b) (c) | 689086 | 608376  |
|  |  | 12950920  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>**(Cost $131,453,842)** |  | **129404814**  |
| **U.S. Government Agency Obligations and Instrumentalities (d) — 3.5%** | **U.S. Government Agency Obligations and Instrumentalities (d) — 3.5%** |  |
| **Whole Loans — 3.5%**<br>|  |  |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust<br>|  |  |
|  Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 5.206% FRN 11/25/41 (a) (b) | 443532 | 443303  |
|  Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 5.656% FRN 2/25/42 (a) (b) | 814661 | 816317  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 7.306% FRN 6/25/42 (a) (b) | $1365311 | $1391825  |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>|  |  |
|  Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 6.256% FRN 4/25/42 (a) (b) | 195673 | 196365  |
|  Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 6.256% FRN 6/25/43 (a) (b) | 692530 | 697361  |
|  Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 6.856% FRN 4/25/43 (a) (b) | 1327044 | 1342337  |
|  Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 7.306% FRN 6/25/42 (a) (b) | 2633371 | 2701263  |
|  |  | 7588771  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $7,555,189)** |  | **7588771**  |
| **U.S. Treasury Obligations — 18.5%** | **U.S. Treasury Obligations — 18.5%** |  |
| **U.S. Treasury Bonds & Notes — 18.5%** | **U.S. Treasury Bonds & Notes — 18.5%** |  |
| U.S. Treasury Inflation-Indexed Bonds<br>|  |  |
| 0.125% 2/15/51 | 806488 | 446862  |
| 0.125% 2/15/52 | 812294 | 439802  |
| 0.250% 2/15/50 | 376941 | 222743  |
| 0.625% 2/15/43 | 210755 | 159951  |
| 0.750% 2/15/42 | 1000713 | 793029  |
| 0.750% 2/15/45 | 809356 | 603070  |
| 0.875% 2/15/47 | 802920 | 592471  |
| 1.000% 2/15/46 | 545328 | 420217  |
| 1.000% 2/15/48 | 458486 | 343313  |
| 1.000% 2/15/49 | 391538 | 288683  |
| 1.375% 2/15/44 | 693025 | 592286  |
| 1.500% 2/15/53 | 760704 | 608549  |
| 2.125% 2/15/40 | 74728 | 75268  |
| 2.125% 2/15/41 | 678541 | 677608  |
| 2.125% 2/15/54 | 526275 | 485667  |
| 2.375% 2/15/55 | 511855 | 499500  |
| 2.500% 1/15/29 | 977971 | 1021810  |
| 3.375% 4/15/32 | 363980 | 407296  |
| 3.875% 4/15/29 | 491248 | 537019  |
| U.S. Treasury Inflation-Indexed Notes<br>|  |  |
| 0.125% 1/15/30 | 1255550 | 1198561  |
| 0.125% 7/15/31 | 1325775 | 1237980  |
| 0.250% 7/15/29 | 1515432 | 1469945  |
| 0.500% 1/15/28 | 1047672 | 1035494  |

---

---

| | |
|:---|:---|
|  | 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**  |
| 0.625% 7/15/32 | $2668320 | $2525250  |
| 0.750% 7/15/28 (e) | 1570006 | 1562746  |
| 0.875% 1/15/29 | 767592 | 761709  |
| 1.125% 1/15/33 | 2602680 | 2522390  |
| 1.250% 4/15/28 | 1615425 | 1621593  |
| 1.375% 7/15/33 | 2946255 | 2900701  |
| 1.625% 10/15/29 | 4157811 | 4240815  |
| 1.625% 4/15/30 | 2029540 | 2060654  |
| 1.750% 1/15/34 | 1786496 | 1794814  |
| 1.875% 7/15/34 | 823576 | 835528  |
| 1.875% 7/15/35 | 1911533 | 1927009  |
| 2.125% 4/15/29 | 1253244 | 1293771  |
| 2.125% 1/15/35 | 1023590 | 1053562  |
| 2.375% 10/15/28 | 527230 | 549153  |
|  |  | 39806819  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $41,226,285)** |  | **39806819**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $180,235,316)** |  | **176800404**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $180,235,316)** |  | **176800404**  |
| **Short-Term Investments — 20.1%** | **Short-Term Investments — 20.1%** |  |
| **Commercial Paper — 17.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc.<br>4.305% 10/08/25 (a) | 4000000 | 3996148  |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc.<br>4.422% 10/23/25 (a) | 4000000 | 3988653  |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp.<br>4.306% 10/08/25 (a) | 4000000 | 3996184  |
| CRH America Finance, Inc.<br>|  |  |
| 4.386% 10/27/25 (a) | 1000000 | 996776  |
| 4.717% 10/01/25 (a) | 4000000 | 3999530  |
| &nbsp;&nbsp;&nbsp; Eversource Energy<br>4.682% 10/03/25 (a) | 4000000 | 3998536  |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.<br>4.296% 10/08/25 (a) | 4000000 | 3996192  |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co.<br>4.319% 10/07/25 (a) | 4000000 | 3996679  |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co.<br>4.316% 10/08/25 (a) | 4000000 | 3996211  |
| &nbsp;&nbsp;&nbsp; WPP CP LLC<br>4.512% 10/23/25 (a) | 4000000 | 3989018  |
|  |  | 36953927  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Repurchase Agreement — 2.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (f) | $6354406  | $6354406  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $43,312,808)** |  | **43308333**  |
| **TOTAL INVESTMENTS — 102.2%**<br>**(Cost $223,548,124) (g)** |  | **220108737**  |
| **Other Assets/**<br>(Liabilities) — (2.2)% |  | **(4706837)**  |
| **NET ASSETS — 100.0%** |  | **$215401900** |

---

**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 September 30, 2025, the aggregate market value of these securities amounted to $159,763,044 or 74.17% 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 September 30,
 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 $6,354,847. Collateralized
 by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 4/30/27, and an aggregate market value, including accrued
 interest, of $6,481,532.

&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. |  |
|  | **13**<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 Ultra 10 Year | 12/19/25 | 19 | $2165471 | $21013  |
| U.S. Treasury Note 5 Year | 12/31/25 | 7 | 763568 | 799  |
|  |  |  |  | $21812  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 12/19/25 | 5 | $(571624) | $(11345)  |
| U.S. Treasury Ultra Bond | 12/19/25 | 6 | (705511) | (14864)  |
| U.S. Treasury Note 2 Year | 12/31/25 | 185 | (38533758) | (19953)  |
|  |  |  |  | $(46162) |

---

**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 | $22666 | $— | $22666  |
| Fixed 2.482%<br>| Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 3000000 | 43666 |  | 43666  |
| Fixed 2.164%<br>| Maturity | U.S. Consumer Price Index | Maturity | 9/19/26 | USD | 7000000 | 111023 |  | 111023  |
| Fixed 2.599%<br>| Maturity | U.S. Consumer Price Index | Maturity | 1/10/27 | USD | 9100000 | 70452 |  | 70452  |
|  |  |  |  |  |  |  | $247807 | $— | $247807 |

---

---

| | |
|:---|:---|
|  | 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>

**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 + 23.0 BP | Maturity | Bloomberg <br>US <br>Treasury <br>Inflation <br>Notes TR <br>Index | Maturity | BNP <br>Paribas SA\* | 12/01/25 | USD | 66009399 | $2269283 | $— | $2269283  |
| Fed Funds + 23.0 BP | Maturity | Bloomberg <br>US <br>Treasury <br>Inflation <br>Notes TR <br>Index | Maturity | BNP <br>Paribas SA\* | 1/29/26 | USD | 49935049 | 988032 |  | 988032  |
| Fed Funds + 20.0 BP | Maturity | Bloomberg <br>US <br>Treasury <br>Inflation <br>Notes TR <br>Index | Maturity | Goldman <br>Sachs <br>International\* | 10/31/25 | USD | 33000000 | 815761 |  | 815761  |
| Fed Funds + 17.0 BP | Maturity | Bloomberg <br>US <br>Treasury <br>Inflation <br>Notes TR <br>Index | Maturity | Goldman <br>Sachs <br>International\* | 3/02/26 | USD | 14707253 | 63803 |  | 63803  |
|  |  |  |  |  |  |  |  | $4136879 | $— | $4136879 |

---

\* Contracts are subject to a master netting agreement or similar agreement.

**Currency Legend** 

<br> USD U.S. Dollar

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Core Bond Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 98.6%**<br>|  |  |
| **Corporate Debt — 38.6%**<br>|  |  |
| **Aerospace & Defense — 0.3%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.930% 5/01/60 | $1470000 | $1468524  |
| Embraer Netherlands Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.980% 2/11/35 | 925000 | 981314  |
|  |  | 2449838  |
| **Airlines — 0.0%**<br>|  |  |
|  United Airlines Pass-Through Trust, Series 2018-1, Class B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.600% 9/01/27 | 188950 | 187955  |
| **Auto Manufacturers — 0.6%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/17/27 | 800000 | 786919  |
| &nbsp;&nbsp;&nbsp; 5.303% 9/06/29 | 1535000 | 1531176  |
| General Motors Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 4/01/38 | 1295000 | 1239010  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.300% 9/13/27 (a) (b) | 2025000 | 2022600  |
|  |  | 5579705  |
| **Banks — 9.0%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
|  1 day USD SOFR + 1.370% 1.922% VRN 10/24/31 (c) | 120000 | 106580  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 1.200% <br>2.482% VRN 9/21/36 (c) | 885000 | 768335  |
|  1 day USD SOFR + 1.050% 2.551% VRN 2/04/28 (c) | 2311000 | 2263349  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.000% <br>3.846% VRN 3/08/37 (c) | 2100000 | 1962006  |
|  3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29 (c) | 920000 | 915527  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.351% <br>6.250% VRN (c) (d) | 3110000 | 3149735  |
|  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) (e) | 1425000 | 1268458  |
|  Bank of Nova Scotia 5 yr. CMT + 2.903%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.350% VRN 4/27/85 (c) | 1856000 | 1936396  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.867% <br>6.125% VRN (b) (c) (d) | 1500000 | 1500254  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.431% <br>8.000% VRN (c) (d) | 2648000 | 2803032  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.196% <br>4.625% VRN (a) (c) (d) | $2775000 | $2731265  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.134% <br>7.450% VRN (a) (c) (d) | 1155000 | 1205528  |
| Citibank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.914% 5/29/30 | 485000 | 498305  |
| Citigroup, Inc.<br>|  |  |
|  1 day USD SOFR + 1.167% 2.561% VRN 5/01/32 (c) | 210000 | 189273  |
|  1 day USD SOFR + 1.351% 3.057% VRN 1/25/33 (c) | 345000 | 314081  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.572% <br>6.750% VRN (c) (d) | 2110000 | 2142211  |
| &nbsp;&nbsp;&nbsp; 10 yr. CMT + 2.757% <br>7.000% VRN (c) (d) | 1904000 | 2022334  |
|  Danske Bank AS 5 yr. CMT + 3.387%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% VRN (a) (c) (d) | 1000000 | 991983  |
| Goldman Sachs Group, Inc.<br>|  |  |
|  1 day USD SOFR + 0.798% 1.431% VRN 3/09/27 (c) | 2475000 | 2443140  |
|  1 day USD SOFR + 0.818% 1.542% VRN 9/10/27 (c) | 485000 | 473030  |
|  1 day USD SOFR + 0.913% 1.948% VRN 10/21/27 (c) | 1550000 | 1513520  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.461% <br>6.850% VRN (c) (d) | 1976000 | 2052527  |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC 5 yr. <br>CMT + 3.298%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% VRN (c) (d) | 2819000 | 2921442  |
|  Huntington Bancshares, Inc. 5 yr. CMT + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.141% VRN 11/18/39 (c) | 750000 | 780459  |
| ING Groep NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.862% <br>3.875% VRN (c) (d) | 3300000 | 3163728  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.506% <br>4.875% VRN (a) (c) (d)<br>| 542000 | 521763  |
| JP Morgan Chase & Co.<br>|  |  |
|  3 mo. USD Term SOFR + 0.695% 1.040% VRN 2/04/27 (c) | 50000 | 49448  |
|  1 day USD SOFR + 0.885% 1.578% VRN 4/22/27 (c) | 1320000 | 1301030  |
|  1 day USD SOFR + 1.015% 2.069% VRN 6/01/29 (c) | 885000 | 839759  |
|  1 day USD SOFR + 1.180% 2.545% VRN 11/08/32 (c) | 10000 | 8969  |
|  3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30 (c) | 540000 | 509976  |

---

---

| | |
|:---|:---|
|  | 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 (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  1 day USD SOFR + 1.340% 4.946% VRN 10/22/35 (c) | $5000 | $5042  |
|  1 day USD SOFR + 1.310% 5.012% VRN 1/23/30 (c) | 315000 | 322702  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.152% <br>6.500% VRN (c) (d) | 1992000 | 2061987  |
| Lloyds Banking Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.150% <br>6.750% VRN (b) (c) (d) | 550000 | 562929  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.913% <br>8.000% VRN (c) (d) | 2050000 | 2214945  |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. 5 yr. <br>CMT + 1.700% <br>3.052% VRN 3/03/36 (a) (c) | 2900000 | 2618396  |
| Morgan Stanley<br>|  |  |
|  1 day USD SOFR + 0.879% 1.593% VRN 5/04/27 (c) | 910000 | 895635  |
|  1 day USD SOFR + 1.200% 2.511% VRN 10/20/32 (c) | 365000 | 325638  |
|  1 day USD SOFR + 1.290% 2.943% VRN 1/21/33 (c) | 205000 | 186376  |
|  1 day USD SOFR + 2.620% 5.297% VRN 4/20/37 (c) | 2435000 | 2470369  |
|  Morgan Stanley Private Bank NA 1 day USD SOFR + 1.080%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.734% VRN 7/18/31 (c) | 290000 | 294331  |
| NatWest Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.100% <br>4.600% VRN (c) (d) | 900000 | 823482  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.625% <br>6.000% VRN (c) (d) | 1950000 | 1952258  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.937% <br>7.300% VRN (c) (d) | 2375000 | 2503928  |
|  Nordea Bank Abp 5 yr. CMT + 2.660% 6.300% VRN (a) (c) (d) | 3302000 | 3336196  |
|  PNC Financial Services Group, Inc. 1 day USD SOFR + 2.284%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% VRN 10/20/34 (c) | 60000 | 67977  |
|  Royal Bank of Canada 5 yr. CMT + 2.815% 6.750% VRN 8/24/85 (c) | 1860000 | 1918585  |
|  Synovus Financial Corp. 1 day USD SOFR + 2.347%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.168% VRN 11/01/30 (c) | 2075000 | 2152780  |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank 5 yr. <br>CMT + 4.075% <br>8.125% VRN 10/31/82 (c) | 2597000 | 2744849  |
| UBS Group AG<br>|  |  |
|  5 yr. USD SOFR ICE Swap + 3.122% 6.600% VRN (a) (c) (d) | 1970000 | 1980541  |
|  5 yr. USD SOFR ICE Swap + 3.077% 7.000% VRN (a) (c) (d) | 873000 | 894607  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Wells Fargo & Co.<br>|  |  |
|  1 day USD SOFR + 2.100% 2.393% VRN 6/02/28 (c) | $1280000 | $1244295  |
|  1 day USD SOFR + 2.100% 4.897% VRN 7/25/33 (c) | 195000 | 198106  |
|  1 day USD SOFR + 1.740% 5.574% VRN 7/25/29 (c) | 1000000 | 1036352  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.767% <br>6.850% VRN (c) (d) | 1695000 | 1781259  |
|  |  | 77941008  |
| **Building Materials — 0.3%**<br>|  |  |
| JH North America Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 1/31/31 (a) | 1200000 | 1218377  |
| &nbsp;&nbsp;&nbsp; 6.125% 7/31/32 (a) | 948000 | 971012  |
|  |  | 2189389  |
| **Chemicals — 0.8%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.850% STEP 11/15/28 | 2635000 | 2734420  |
| Dow Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.600% 2/15/54 | 1121000 | 1014388  |
| FMC Corp. 5 yr. CMT + 4.366%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.450% VRN 11/01/55 (c) | 1205000 | 1271738  |
| Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp; 2.950% 6/15/31 | 1750000 | 1476531  |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp; 1.832% 10/15/27 (a) | 85000 | 80867  |
|  |  | 6577944  |
| **Commercial Services — 0.2%**<br>|  |  |
| Triton Container International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.150% 6/15/31 (a) | 2250000 | 2006481  |
| **Computers — 0.2%**<br>|  |  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 10/15/30 | 1150000 | 1143018  |
| Kyndryl Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.150% 10/15/31 | 1125000 | 1022883  |
|  |  | 2165901  |
| **Diversified Financial Services — 2.2%** | **Diversified Financial Services — 2.2%** | **Diversified Financial Services — 2.2%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.441% <br>6.500% VRN 1/31/56 (c) | 1100000 | 1134803  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.720% <br>6.950% VRN 3/10/55 (c) | 364000 | 380998  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.850% 12/15/27 | 505000 | 520154  |
|  American Express Co. 5 yr. CMT + 2.854% 3.550% VRN (c) (d) | 1350000 | 1324198  |

---

---

| | |
|:---|:---|
| 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**  |
| Apollo Global Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 5/21/54 | $1949000 | $1975087  |
| &nbsp;&nbsp;&nbsp; ARES Finance Co. III LLC 5 yr. CMT + 3.237% <br>4.125% VRN 6/30/51 (a) (c) | 2335000 | 2297535  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.528% 11/18/27 (a) (b) | 378000 | 363429  |
| BGC Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.150% 4/02/30 (a) | 1275000 | 1306278  |
| &nbsp;&nbsp;&nbsp; 6.600% 6/10/29 | 2645000 | 2750951  |
| Blue Owl Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.125% 6/10/31 | 2400000 | 2183677  |
|  Charles Schwab Corp. 5 yr. CMT + 3.168% 4.000% VRN (c) (d) | 2820000 | 2788278  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 3/30/29 (a) | 1525000 | 1587550  |
|  |  | 18612938  |
| **Electric — 1.6%**<br>|  |  |
| AEP Transmission Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 6/15/35 | 155000 | 160367  |
| AES Corp. 5 yr. CMT + 3.201%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.600% VRN 1/15/55 (c) | 2598000 | 2691154  |
| Dominion Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.195% <br>4.350% VRN (c) (d) | 956000 | 941680  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.262% <br>6.000% VRN 2/15/56 (c) | 882000 | 888310  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.006% <br>6.200% VRN 2/15/56 (c) | 465000 | 468043  |
| Eversource Energy<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.600% 7/01/27 | 735000 | 739149  |
| FirstEnergy Transmission LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.866% 9/15/28 (a) | 1401000 | 1346209  |
| MVM Energetika Zrt<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/13/31 (a) | 250000 | 265362  |
|  NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% VRN 3/15/82 (c) | 1865000 | 1818674  |
| Pacific Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 3/01/35 | 975000 | 998717  |
| Sempra<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.868% <br>4.125% VRN 4/01/52 (c) | 2163000 | 2104540  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 4.550% <br>4.875% VRN (c) (d) | 1690000 | 1689662  |
|  |  | 14111867  |
| **Entertainment — 0.2%**<br>|  |  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.279% 3/15/32 (b) | 1812000 | 1660245  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Food — 0.5%**<br>|  |  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 12/01/52 | $450000 | $474183  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/34 | 598000 | 661091  |
| Pilgrim's Pride Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 3/01/32 | 500000 | 457669  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 9/13/31 (a) | 2735000 | 2395763  |
|  |  | 3988706  |
| **Health Care - Services — 1.1%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.450% 7/15/28 | 1125000 | 1045387  |
| &nbsp;&nbsp;&nbsp; 3.000% 10/15/30 | 2445000 | 2184699  |
| Elevance Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/36 | 958000 | 951030  |
| &nbsp;&nbsp;&nbsp; 5.375% 6/15/34 | 190000 | 195927  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.900% 6/01/53 | 1615000 | 1594566  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/01/35 | 690000 | 702943  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/15/54 | 2055000 | 1961476  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 7/15/34 | 235000 | 241194  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/15/64 | 1021000 | 1016516  |
|  |  | 9893738  |
| **Insurance — 7.5%**<br>|  |  |
| Allianz SE 5 yr. CMT + 2.317%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.550% VRN (a) (b) (c) (d) | 2000000 | 2064800  |
|  Allstate Corp. 3 mo. USD Term SOFR + 3.200%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.411% VRN 8/15/53 (c) | 2220000 | 2223534  |
| American National Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/03/30 (a) | 1950000 | 1988479  |
| Ascot Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 12/15/30 (a) | 2025000 | 1842023  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.375% <br>6.349% VRN 6/15/35 (a) (c) | 893000 | 930826  |
| Aspen Insurance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/01/30 | 628000 | 657285  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.205% 3/08/27 (a) | 445000 | 436514  |
|  Athene Holding Ltd. 5 yr. CMT + 2.607%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% VRN 10/15/54 (c) | 2270000 | 2290396  |
| &nbsp;&nbsp;&nbsp; AXIS Specialty Finance LLC 5 yr. CMT + 3.186% <br>4.900% VRN 1/15/40 (c) | 2450000 | 2378017  |

---

---

| | |
|:---|:---|
|  | 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**  |
| Belrose Funding Trust II<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.792% 5/15/55 (a) | $2275000 | $2463682  |
| Brighthouse Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.700% 6/22/47 | 1000000 | 797035  |
| CNO Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.450% 6/15/34 | 2113000 | 2242260  |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 5 yr. <br>CMT + 3.846% <br>6.875% VRN 12/15/52 (c) | 4384000 | 4495652  |
|  Enstar Finance LLC 5 yr. CMT + 4.006% 5.500% VRN 1/15/42 (c) | 3345000 | 3320846  |
| Enstar Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.100% 9/01/31 | 1175000 | 1049451  |
| Fairfax Financial Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.100% 3/15/55 | 1980000 | 2030029  |
|  Farmers Exchange Capital II 3 mo. USD Term SOFR + 4.006%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.151% VRN 11/01/53 (a) (c) | 350000 | 342975  |
|  Farmers Exchange Capital III 3 mo. USD Term SOFR + 3.716%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.454% VRN 10/15/54 (a) (c) | 1040000 | 973635  |
| &nbsp;&nbsp;&nbsp; Fidus Re Ltd. 1 mo. U.S. T-Bill <br>Rate + 2.500% <br>6.407% FRN 1/08/42 (a) (c) | 6000000 | 5999341  |
| Fortitude Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 10/06/28 (a) (f) | 960000 | 960606  |
| Fortitude Group Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/30 (a) | 1925000 | 1998725  |
| Global Atlantic Fin Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.796% <br>4.700% VRN 10/15/51 (a) (c) | 3660000 | 3605442  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/54 (a) | 2379000 | 2515237  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.608% <br>7.950% VRN 10/15/54 (a) (c) | 596000 | 630621  |
| Kemper Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% 2/23/32 (b) | 1440000 | 1325494  |
|  Liberty Mutual Group, Inc. 5 yr. CMT + 3.315%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125% VRN 12/15/51 (a) (c) | 3245000 | 3187217  |
| MetLife Capital Trust IV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 12/15/67 (a) | 1520000 | 1700175  |
| Omnis Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.722% 5/15/55 (a) | 1945000 | 2097970  |
| Sammons Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 4/08/32 (a) | 90000 | 87811  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/15/34 (a) | 3556000 | 3915551  |
| USF&G Capital I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 12/15/45 (a) | 1015000 | 1078086  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Vitality Re XV Ltd. 3 mo. U.S. <br>T-Bill Rate + 2.500% 6.404% FRN 1/08/29 (a) (c) | $3276000 | $3322847  |
|  |  | 64952562  |
| **Internet — 0.2%**<br>|  |  |
| AppLovin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 12/01/31 | 2080000 | 2151709  |
| **Investment Companies — 2.5%**<br>|  |  |
| Antares Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 7/15/26 (a) | 2425000 | 2410141  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/08/29 (a) | 3400000 | 3475895  |
| ARES Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 9/09/28 (a) | 1367000 | 1377663  |
| &nbsp;&nbsp;&nbsp; 6.350% 8/15/29 | 2661000 | 2756561  |
| Blue Owl Credit Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 3/15/30 (b) | 2720000 | 2758223  |
| Blue Owl Technology Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/04/29 (b) | 2083000 | 2149063  |
| Golub Capital BDC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 7/15/29 | 3886000 | 3970783  |
| HPS Corporate Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 9/30/29 (b) | 1815000 | 1873546  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/15/30 | 620000 | 597815  |
|  |  | 21369690  |
| **Media — 0.8%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.900% 6/01/52 | 19000 | 12869  |
| &nbsp;&nbsp;&nbsp; 5.375% 4/01/38 | 5000 | 4716  |
| &nbsp;&nbsp;&nbsp; 5.850% 12/01/35 | 850000 | 858119  |
| &nbsp;&nbsp;&nbsp; 6.484% 10/23/45 | 1925000 | 1901722  |
| News Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 2/15/32 (a) | 1150000 | 1143556  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/30/36 | 960000 | 1018294  |
| Time Warner Cable LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/01/41 | 490000 | 449056  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/15/40 | 1905000 | 1820938  |
|  |  | 7209270  |
| **Oil & Gas — 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC 5 yr. CMT + <br>1.924% 6.125% VRN (c) (d) | 2205000 | 2283831  |
| Continental Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/31 (a) | 1925000 | 1985126  |

---

---

| | |
|:---|:---|
| 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**  |
| Helmerich & Payne, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 12/01/34 (b) | $4060000 | $3978125  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 1/01/32 | 1250000 | 1271227  |
| &nbsp;&nbsp;&nbsp; 6.050% 10/01/54 | 2221000 | 2167267  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 11/15/41 | 550000 | 480156  |
| &nbsp;&nbsp;&nbsp; 6.500% 8/15/34 | 885000 | 945020  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/01/38 | 1380000 | 1450236  |
| &nbsp;&nbsp;&nbsp; 7.100% 7/15/53 | 1709000 | 1845490  |
| Patterson-UTI Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 2/01/28 | 2050000 | 2002398  |
| &nbsp;&nbsp;&nbsp; 7.150% 10/01/33 (b) | 1825000 | 1933384  |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.350% 2/12/28 | 845000 | 841399  |
| &nbsp;&nbsp;&nbsp; 6.375% 1/23/45 | 585000 | 475494  |
| &nbsp;&nbsp;&nbsp; 6.625% 6/15/38 | 202000 | 182893  |
| Phillips 66 Co. 5 yr. CMT + 2.283%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% VRN 3/15/56 (c) | 1849000 | 1834448  |
| Santos Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 9/19/33 (a) | 1825000 | 2007093  |
|  |  | 25683587  |
| **Oil & Gas Services — 0.1%**<br>|  |  |
| NOV, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.950% 12/01/42 (b) | 1453000 | 1129884  |
| **Packaging & Containers — 0.2%**<br>|  |  |
| Ardagh Packaging Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 8/15/27 (a) (g) | 600000 | 222000  |
| Sealed Air Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.573% 10/15/26 (a) | 1200000 | 1162790  |
|  |  | 1384790  |
| **Pharmaceuticals — 1.0%**<br>|  |  |
| Bayer US Finance II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 12/15/28 (a) | 166000 | 165408  |
| &nbsp;&nbsp;&nbsp; 4.400% 7/15/44 (a) | 436000 | 349546  |
| &nbsp;&nbsp;&nbsp; 4.625% 6/25/38 (a) | 1310000 | 1186012  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.780% 3/25/38 | 150000 | 140586  |
| &nbsp;&nbsp;&nbsp; 5.125% 7/20/45 | 260000 | 236019  |
| &nbsp;&nbsp;&nbsp; 5.700% 6/01/34 | 15000 | 15653  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/01/53 | 675000 | 663256  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.516% <br>6.750% VRN 12/10/54 (c) | 250000 | 258059  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.886% <br>7.000% VRN 3/10/55 (c) | 2515000 | 2640103  |
| CVS Pass-Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.926% 1/10/34 (a) | 1282008 | 1302787  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Utah Acquisition Sub, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 6/15/46 | $2115000 | $1757513  |
|  |  | 8714942  |
| **Pipelines — 1.5%**<br>|  |  |
| Enbridge, Inc. 5 yr. CMT + 3.708%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% VRN 1/15/83 (c) | 1099000 | 1142000  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.950% 5/15/54 | 1041000 | 1008135  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.676% <br>6.500% VRN 2/15/56 (c) | 2040000 | 2030438  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.306% <br>7.125% VRN (c) (d) | 1585000 | 1637776  |
|  Enterprise Products Operating LLC 3 mo. USD Term SOFR + 2.832%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% VRN 2/15/78 (b) (c) | 1206000 | 1197757  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 6/01/47 (g) | 2215000 | 2043569  |
|  Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.583% VRN (c) (d) | 2590000 | 2593882  |
| TransCanada PipeLines Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.850% 3/15/36 | 50000 | 52592  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 11/15/34 | 1380000 | 1381846  |
|  |  | 13087995  |
| **Private Equity — 0.3%**<br>|  |  |
| Brookfield Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.968% 3/04/54 | 1386000 | 1428687  |
| KKR Group Finance Co. X LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 12/15/51 (a) | 1142000 | 769480  |
|  |  | 2198167  |
| **Real Estate Investment Trusts (REITS) — 2.4%**<br>|  |  |
| American Homes 4 Rent LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.375% 7/15/31 | 330000 | 292333  |
| Broadstone Net Lease LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.600% 9/15/31 | 2141000 | 1874732  |
| &nbsp;&nbsp;&nbsp; 5.000% 11/01/32 | 580000 | 576536  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.100% 4/01/31 | 377000 | 330070  |
| EPR Properties<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.600% 11/15/31 | 880000 | 812167  |
| &nbsp;&nbsp;&nbsp; 3.750% 8/15/29 | 1650000 | 1588471  |
| Essential Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 12/01/35 | 1534000 | 1539755  |
| Extra Space Storage LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.900% 4/01/29 | 670000 | 660544  |

---

---

| | |
|:---|:---|
|  | 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**  |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/15/27 (a) | $3580000 | $3474760  |
| GLP Capital LP/GLP Financing II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 1/15/31 | 2280000 | 2182229  |
| Healthcare Realty Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.100% 2/15/30 | 195000 | 183469  |
| &nbsp;&nbsp;&nbsp; 3.625% 1/15/28 | 157000 | 154363  |
| Piedmont Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 7/15/29 | 1325000 | 1402044  |
| &nbsp;&nbsp;&nbsp; 9.250% 7/20/28 (b) | 2272000 | 2522817  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 10/01/29 (b) | 1320000 | 1163380  |
| Store Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 3/15/29 | 1965000 | 1951645  |
|  VICI Properties LP/VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 2/15/29 (a) | 190000 | 185504  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/30 (a) | 50000 | 48322  |
| &nbsp;&nbsp;&nbsp; 5.750% 2/01/27 (a) | 10000 | 10125  |
|  |  | 20953266  |
| **Semiconductors — 0.6%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/25/31 (a) | 90000 | 93390  |
| &nbsp;&nbsp;&nbsp; 6.100% 1/25/36 (a) | 2772000 | 2944980  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.734% 12/08/47 | 522000 | 385557  |
| &nbsp;&nbsp;&nbsp; 5.600% 2/21/54 (b) | 1455000 | 1397059  |
|  |  | 4820986  |
| **Software — 0.5%**<br>|  |  |
| Microsoft Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.921% 3/17/52 | 2307000 | 1564668  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 8/03/28 | 385000 | 391479  |
| &nbsp;&nbsp;&nbsp; 5.200% 9/26/35 | 1483000 | 1491166  |
| &nbsp;&nbsp;&nbsp; 5.375% 9/27/54 | 1075000 | 987518  |
|  |  | 4434831  |
| **Telecommunications — 0.5%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.550% 9/15/55 | 2343000 | 1614604  |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.152% 9/20/29 (a) | 1007500 | 1011313  |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/15/54 | 1477000 | 1529241  |
|  |  | 4155158  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Venture Capital — 0.5%**<br>|  |  |
| Hercules Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% 1/20/27 (b) | $3080000 | $3022605  |
| &nbsp;&nbsp;&nbsp; 6.000% 6/16/30 | 1175000 | 1198443  |
|  |  | 4221048  |
| **TOTAL CORPORATE DEBT (Cost $331,165,719)** |  | **333833600**  |
| **Municipal Obligations — 0.3%** | **Municipal Obligations — 0.3%** | **Municipal Obligations — 0.3%** |
| **New York — 0.2%**<br>|  |  |
|  New York City Transitional Finance Authority, NY, Future Tax Secured Revenue<br>|  |  |
|  Revenue Bonds, Series F3, 5.130% 2/01/35 | 1033000 | 1063313  |
|  Revenue Bonds, Series F3, 5.150% 2/01/36 | 1033000 | 1058113  |
|  |  | 2121426  |
| **Texas — 0.1%**<br>|  |  |
|  Lamar Consolidated Independent School District, TX, General Obligation, Series A,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 2/15/58 | 210000 | 215569  |
|  Northwest Independent School District, TX, General Obligation,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 2/15/55 | 225000 | 233840  |
|  |  | 449409  |
| **TOTAL MUNICIPAL OBLIGATIONS** <br>**(Cost $2,504,114)** |  | **2570835**  |
| **Non-U.S. Government Agency**<br>**Obligations — 26.4%** | **Non-U.S. Government Agency**<br>**Obligations — 26.4%** | **Non-U.S. Government Agency**<br>**Obligations — 26.4%** |
| **Automobile Asset-Backed Securities — 1.5%**<br>|  |  |
|  Exeter Automobile Receivables Trust, Series 2024-5A, Class C 4.640% 1/15/30 | 2000000 | 2006927  |
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series 2024-C, Class C <br>4.860% 2/17/32 | 3000000 | 3004701  |
| &nbsp;&nbsp;&nbsp; LAD Auto Receivables Trust, Series 2024-3A, Class C <br>4.930% 3/15/30 (a) | 3000000 | 3000216  |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class D 6.746% 7/25/31 (a) | 1204898 | 1221109  |
|  SFS Auto Receivables Securitization Trust, Series 2024-3A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.980% 10/20/32 (a) | 3700000 | 3706654  |
|  |  | 12939607  |

---

---

| | |
|:---|:---|
| 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**  |
| **Commercial Mortgage-Backed Securities — 7.2%**<br>|  |  |
|  BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A, 4.227% VRN 8/10/38 (a) (c) (h) | $1280000 | $1249713  |
|  Bank, Series 2020-BN30, Class MCDF,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.016% VRN 12/15/53 (c) (h) | 3165000 | 2329204  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-B23, <br>Class 360A, 2.852% <br>VRN 2/15/54 (a) (c) (h) | 3150000 | 2537967  |
| &nbsp;&nbsp;&nbsp; Series 2021-B23, <br>Class 360B, 2.852% <br>VRN 2/15/54 (a) (c) (h) | 4800000 | 3632100  |
| &nbsp;&nbsp;&nbsp; Series 2021-B25, <br>Class 300C, 3.094% <br>VRN 4/15/54 (a) (c) (h) | 3100000 | 2098472  |
| BGME Trust<br>|  |  |
|  Series 2021-VR, Class C, 3.094% VRN 1/10/43 (a) (c) (h) | 11548000 | 8596964  |
|  Series 2021-VR, Class D, 3.094% VRN 1/10/43 (a) (c) (h) | 3290000 | 2364959  |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2023-C4, <br>Class A5,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.117% VRN 2/15/56 (c) (h) | 1300000 | 1325932  |
|  BX Commercial Mortgage Trust, Series 2024-KING, Class B, 1 mo. USD Term SOFR + 1.741%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.891% FRN 5/15/34 (a) (c) | 1183420 | 1184160  |
| BX Trust<br>|  |  |
|  Series 2019-OC11, Class B, 3.605% 12/09/41 (a) | 1110000 | 1056977  |
| &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 4.076% VRN <br>12/09/41 (a) (c) (h) | 700000 | 640557  |
| &nbsp;&nbsp;&nbsp; Series 2022-VAMF, <br>Class C, 1 mo. USD Term <br>SOFR + 1.580% <br>5.730% FRN 1/15/39 (a) (c) | 1057000 | 1053696  |
|  Series 2023-LIFE, Class C, 5.884% 2/15/28 (a) | 600000 | 582612  |
| Century Plaza Towers<br>|  |  |
|  Series 2019-CPT, Class A, 2.865% 11/13/39 (a) | 805000 | 740406  |
| &nbsp;&nbsp;&nbsp; Series 2019-CPT, Class B, 3.097% <br>VRN 11/13/39 (a) (c) (h) | 1000000 | 899820  |
| Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-420K, Class D, 3.422% <br>VRN 11/10/42 (a) (c) (h) | 700000 | 623897  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Series 2019-GC41, Class C, 3.502% 8/10/56 | $1259000 | $1075787  |
| COLEM Mortgage Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-HLNE, <br>Class D, 2.543% <br>VRN 4/12/42 (a) (c) (h) | 900000 | 750318  |
| DROP Mortgage Trust<br>|  |  |
|  Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 6.515% FRN 10/15/43 (a) (c) | 2065000 | 1911777  |
|  Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 7.015% FRN 10/15/43 (a) (c) | 1162000 | 1005842  |
| GS Mortgage Securities Trust,<br>|  |  |
|  Series 2019-GC39, Class C, 4.005% VRN 5/10/52 (c) (h) | 1357000 | 1101549  |
| &nbsp;&nbsp;&nbsp; GWT Trust, Series 2024-WLF2, Class B, 1 mo. USD Term <br>SOFR + 2.141% 6.291% FRN 5/15/41 (a) (c) | 1532000 | 1536786  |
|  Hudson Yards Mortgage Trust, Series 2019-30HY, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.228% 7/10/39 (a) | 880000 | $836447  |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.397% 6/05/39 (a) | 900000 | 849307  |
| KREF Ltd.<br>|  |  |
|  Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 5.907% FRN 2/15/39 (a) (c) | 3500000 | 3469386  |
|  Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 6.257% FRN 2/15/39 (a) (c) | 5800000 | 5746316  |
|  Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 6.457% FRN 2/15/39 (a) (c) | 3200000 | 3150733  |
|  LEX Mortgage Trust, Series 2024-BBG, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.036% VRN 10/13/33 (a) (c) (h) | 3300000 | 3320002  |
|  Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.015% FRN 3/15/38 (a) (c) | 1784300 | 1768687  |
|  MFT Mortgage Trust, Series 2020-ABC, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.358% 2/10/42 (a) | 1185000 | 983633  |
|  One Bryant Park Trust, Series 2019-OBP, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.516% 9/15/54 (a) | 1085000 | 994610  |

---

---

| | |
|:---|:---|
|  | 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**  |
|  US Bank NA, Series 2025-SUP1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.582% 2/25/32 (a) | $767748 | $768205  |
|  Velocity Commercial Capital Loan Trust, Series 2025-4, Class A, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.190% VRN 9/25/55 (a) (c) (h) | 2195335 | 2177178  |
|  Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.556% 6/16/51 | 390000 | 369734  |
|  |  | 62733733  |
| **Home Equity Asset-Backed Securities — 0.7%**<br>|  |  |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W2, Class M1, 1 mo. USD Term SOFR + 0.849%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.007% FRN 10/25/35 (c) | 324094 | 321787  |
|  Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A3B, 1 mo. USD Term SOFR + 1.074%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.232% FRN 11/25/33 (c) | 1119051 | 1153520  |
| Morgan Stanley Capital I, Inc. Trust<br>|  |  |
|  Series 2006-HE1, Class A4, 1 mo. USD Term SOFR + 0.694% 4.852% FRN 1/25/36 (c) | 1220451 | 1180143  |
|  Series 2006-NC2, Class A2D, 1 mo. USD Term SOFR + 0.694% 4.852% FRN 2/25/36 (c) | 348046 | 346877  |
|  Option One Mortgage Loan Trust, Series 2006-3, Class 1A1, 1 mo. USD Term SOFR + 0.394%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.552% FRN 2/25/37 (c) | 3101842 | 1987083  |
|  Unlock HEA Trust, Series 2024-1, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 4/25/39 (a) | 1296097 | 1291593  |
|  |  | 6281003  |
| **Other Asset-Backed Securities — 10.9%** | **Other Asset-Backed Securities — 10.9%** | **Other Asset-Backed Securities — 10.9%** |
| &nbsp;&nbsp;&nbsp; Allegro CLO X Ltd., Series 2019-1A, <br>Class ARR, 3 mo. USD Term SOFR + 1.130%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.456% FRN 4/20/32 (a) (c) | 1045734 | 1045083  |
|  Apidos CLO XLVIII Ltd., Series 2024-48A, Class A1, 3 mo. USD Term SOFR + 1.440%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.759% FRN 7/25/37 (a) (c) | 2000000 | 2009504  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXII Ltd., Series 2019-32A, Class B1R, <br>3 mo. USD Term SOFR + 1.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.826% FRN 1/20/33 (a) (c) | 1750000 | 1750742  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; ARES Loan Funding VI Ltd., Series 2024-ALF6A, Class A1, <br>3 mo. USD Term SOFR + 1.470%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.799% FRN 7/10/37 (a) (c) | $1000000 | $1005163  |
|  Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.649% FRN 4/18/35 (a) (c) | 1000000 | 1000810  |
|  Ballyrock CLO 26 Ltd., Series 2024-26A, Class A1A, 3 mo. USD Term SOFR + 1.510% 5.829% FRN 7/25/37 (a) (c) | 1700000 | 1708371  |
|  Benefit Street Partners CLO 42 Ltd., Series 2025-42A, Class A, 3 mo. USD Term SOFR + 1.300%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.371% FRN 10/25/38 (a) (c) | 1750000 | 1756743  |
|  Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1R, 3 mo. USD Term SOFR + 1.530%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.856% FRN 7/20/37 (a) (c) | 2000000 | 2008976  |
|  Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R, 3 mo. USD Term SOFR + 1.600%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.918% FRN 10/15/31 (a) (c) | 2000000 | 2000842  |
|  Capital Automotive REIT, Series 2024-3A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 10/15/54 (a) | 2400000 | 2337681  |
| CIFC Funding Ltd.<br>|  |  |
|  Series 2018-2A, Class A1R, 3 mo. USD Term SOFR + 1.370% 5.696% FRN 10/20/37 (a) (c) | 3350000 | 3358177  |
|  Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450% 5.768% FRN 7/16/37 (a) (c) | 2650000 | 2659331  |
|  Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class A2 6.000% 5/20/55 (a) | 400000 | 409718  |
|  CyrusOne Data Centers Issuer I LLC, Series 2024-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.760% 3/22/49 (a) | 2270000 | 2251525  |
| &nbsp;&nbsp;&nbsp; DataBank Issuer LLC, <br>Series 2021-2A, Class A2 <br>2.400% 10/25/51 (a) | 1100000 | 1072544  |
| &nbsp;&nbsp;&nbsp; Dryden 45 Senior Loan Fund, Series 2016-45A, Class BRR, <br>3 mo. USD Term SOFR + 1.650%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.968% FRN 10/15/30 (a) (c) | 1850000 | 1850594  |
| &nbsp;&nbsp;&nbsp; Elmwood CLO I Ltd., Series 2019-1A, <br>Class A1RR, 3 mo. USD Term SOFR + 1.520% 5.846% FRN 4/20/37 (a) (c) | 3000000 | 3011340  |

---

---

| | |
|:---|:---|
| 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**  |
| &nbsp;&nbsp;&nbsp; Flatiron CLO 20 Ltd., Series 2020-1A, <br>Class BR, 3 mo. USD Term <br>SOFR + 1.920%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.124% 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; 5.804% FRN 11/22/31 (a) (c) | 1000000 | 1000477  |
|  GoldenTree Loan Management US CLO 8 Ltd., Series 2020-8A, Class BRR, 3 mo. USD Term SOFR + 1.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.876% FRN 10/20/34 (a) (c) | 3000000 | 2998602  |
| &nbsp;&nbsp;&nbsp; Harbor Park CLO Ltd., Series 2018-1A, <br>Class B1R, 3 mo. USD Term SOFR + 1.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.026% FRN 1/20/31 (a) (c) | 1300000 | 1301170  |
| Hero Funding Trust<br>|  |  |
|  Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 238291 | 221735  |
|  Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 281969 | 258638  |
|  Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 83911 | 77594  |
|  Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 259335 | 244750  |
|  Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 67458 | 64035  |
|  Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 492940 | 478450  |
|  Juniper Valley Park CLO Ltd., Series 2023-1A, Class BR, 3 mo. USD Term SOFR + 1.550%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.876% FRN 7/20/36 (a) (c) | 1350000 | 1350000  |
|  Labrador Aviation Finance Ltd., Series 2016-1A, Class A1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.300% 1/15/42 (a) | 1038794 | 1012782  |
|  LCM 37 Ltd., Series 37A, Class A1R, 3 mo. USD Term SOFR + 1.060%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.378% FRN 4/15/34 (a) (c) | 1833530 | 1832721  |
| Mariner Finance Issuance Trust<br>|  |  |
|  Series 2021-AA, Class B, 2.330% 3/20/36 (a) | 1771000 | 1722931  |
|  Series 2021-AA, Class C, 2.960% 3/20/36 (a) | 835000 | 813800  |
|  MidOcean Credit CLO XII Ltd., Series 2023-12A, Class A1RR, 3 mo. USD Term SOFR + 1.340%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.669% FRN 7/18/38 (a) (c) | 3000000 | 3012864  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.898% FRN 4/15/37 (a) (c) | $2000000 | $2004216  |
|  Mosaic Solar Loan Trust, Series 2018-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.010% 6/22/43 (a) | 101808 | 97287  |
| Mosaic Solar Loans LLC<br>|  |  |
|  Series 2017-2A, Class A, 3.820% 6/22/43 (a) | 220325 | 207186  |
|  Series 2017-1A, Class A, 4.450% 6/20/42 (a) | 87294 | 84584  |
|  OCP CLO Ltd., Series 2023-27A, Class BR2, 3 mo. USD Term SOFR + 1.650%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.941% FRN 7/15/38 (a) (c) | 2500000 | 2518530  |
|  OHA Credit Funding 21 Ltd., Series 2025-21A, Class A1, 3 mo. USD Term SOFR + 1.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.204% FRN 10/20/38 (a) (c) | 2500000 | 2505270  |
|  OHA Credit Funding 5 Ltd., Series 2020-5A, Class AR, 3 mo. USD Term SOFR + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.679% FRN 10/18/37 (a) (c) | 5000000 | 5021820  |
| &nbsp;&nbsp;&nbsp; Orion CLO Ltd., Series 2024-3A, Class A, 3 mo. USD Term <br>SOFR + 1.560%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.879% FRN 7/25/37 (a) (c) | 1500000 | 1506977  |
| &nbsp;&nbsp;&nbsp; Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term <br>SOFR + 2.112%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.437% FRN 10/20/34 (a) (c) | 550000 | 550400  |
|  Park Blue CLO Ltd., Series 2025-9A, Class A1, 3 mo. USD Term SOFR + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.431% FRN 10/20/38 (a) (c) | 2000000 | 2007500  |
| Progress Residential Trust<br>|  |  |
|  Series 2021-SFR8, Class C, 1.931% 10/17/38 (a) | 2500000 | 2444037  |
|  Series 2021-SFR10, Class F, 4.608% 12/17/40 (a) | 974668 | 951790  |
|  Rad CLO 6 Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.390%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.716% FRN 10/20/37 (a) (c) | 4000000 | 4012116  |
| Rockford Tower CLO Ltd.<br>|  |  |
|  Series 2019-2A, Class AR2, 3 mo. USD Term SOFR + 1.130% 5.334% FRN 8/20/32 (a) (c) | 2855827 | 2859334  |

---

---

| | |
|:---|:---|
|  | 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**  |
|  Series 2019-1A, Class AR, 3 mo. USD Term SOFR + 1.382% 5.707% FRN 4/20/34 (a) (c) | $2435000 | $2435000  |
|  RR 29 Ltd., Series 2024-29RA, Class A1R, 3 mo. USD Term SOFR + 1.390%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.708% FRN 7/15/39 (a) (c) | 2000000 | 2004854  |
|  RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.168% FRN 1/15/37 (a) (c) | 750000 | 750744  |
|  Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.170% 11/20/37 (a) | 274840 | 271934  |
|  Sunnova Helios II Issuer LLC, Series 2018-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.870% 7/20/48 (a) | 508188 | 487936  |
|  Sunnova Hestia II Issuer LLC, Series 2024-GRID1, Class 1A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.630% 7/20/51 (a) | 1094562 | 1095820  |
|  Tesla Sustainable Energy Trust, Series 2024-1A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.290% 6/20/50 (a) | 4500000 | 4566353  |
| Thrust Engine Leasing DAC<br>|  |  |
|  Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1412524 | 1402672  |
|  Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 343578 | 337268  |
|  Vivint Solar Financing V LLC, Series 2018-1A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.370% 4/30/48 (a) | 951873 | 923313  |
| &nbsp;&nbsp;&nbsp; Whitebox CLO III Ltd., Series 2021-3A, <br>Class A1R, 3 mo. USD Term SOFR + 1.270%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.588% FRN 10/15/35 (a) (c) | 4750000 | 4758108  |
|  |  | 93932742  |
| **Real Estate Investment Trusts** <br>(REITS) — 0.4% | **Real Estate Investment Trusts** <br>(REITS) — 0.4% | **Real Estate Investment Trusts** <br>(REITS) — 0.4% |
| SBA Tower Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.831% 10/15/29 (a) | 3250000 | 3270993  |
| **Student Loans Asset-Backed Securities — 2.3%**<br>|  |  |
| College Avenue Student Loans LLC <br>|  |  |
|  Series 2019-A, Class B, 3.810% 12/28/48 (a) | 956024 | 923192  |
|  Series 2019-A, Class C, 4.460% 12/28/48 (a) | 639061 | 606849  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Education Loan Asset-Backed Trust I  |  |  |
|  Series 2003-2, Class 2A1, 5.089% FRN 8/01/43 (a) (c) (h) | $1950000 | $1814770  |
|  Series 2013-1, Class B1, 30 day USD SOFR Average + 1.114% 5.471% FRN 11/25/33 (a) (c) | 368194 | 363371  |
|  Series 2003-1, Class A2, 5.724% FRN 2/01/43 (a) (c) (h) | 1300000 | 1202231  |
|  Navient Student Loan Trust, Series 2018-EA, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.440% 12/15/59 (a) | 730000 | 717496  |
| Nelnet Student Loan Trust<br>|  |  |
|  Series 2019-5, Class B, 3.450% 10/25/67 (a) | 2850000 | 2246988  |
|  Series 2025-CA, Class C, 5.150% 6/22/65 (a) | 1500000 | 1499136  |
|  Series 2014-3A, Class B, 30 day USD SOFR Average + 1.614% 5.971% FRN 10/25/50 (a) (c) | 975000 | 938337  |
|  Series 2015-2A, Class B, 30 day USD SOFR Average + 1.614% 5.971% FRN 5/26/54 (a) (c) | 1130000 | 1087381  |
|  SLC Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.462%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.807% FRN 2/15/45 (c) | 606349 | 568958  |
| SLM Student Loan Trust<br>|  |  |
|  Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 4.812% FRN 10/25/40 (c) | 1409044 | 1333857  |
|  Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 4.912% FRN 1/25/55 (c) | 702078 | 670853  |
|  Series 2008-5, Class B, 90 day USD SOFR Average + 2.112% 6.452% FRN 7/25/73 (c) | 3735000 | 3859269  |
|  SMB Private Education Loan Trust, Series 2024-E, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.710% 10/16/56 (a) | 2500000 | 2488266  |
|  |  | 20320954  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 3.4%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 3.4%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 3.4%** |
|  Ajax Mortgage Loan Trust, Series 2019-F, Class A1, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.860% STEP 7/25/59 (a) | 978564 | 958654  |
|  American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, 1 mo. USD Term SOFR + 0.514%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.672% FRN 3/25/46 (c) | 1125140 | 1031928  |

---

---

| | |
|:---|:---|
| 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**  |
| Banc of America Mortgage Trust,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-G, Class 2A7, <br>5.641% VRN 8/25/34 (c) (h) | $12006 | $11941  |
| Bear Stearns ALT-A Trust,<br>|  |  |
|  Series 2005-4, Class 2 5A1, 5.167% VRN 5/25/35 (c) (h) | 432388 | 408795  |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA3, Class A2, 1 mo. USD Term SOFR + 0.614%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.772% FRN 7/25/47 (c) | 2480718 | 2168701  |
| Ellington Financial Mortgage Trust <br>|  |  |
|  Series 2024-INV2, Class A2, 5.289% STEP 10/25/69 (a) | 1843557 | 1843917  |
|  Series 2024-INV2, Class A3, 5.441% STEP 10/25/69 (a) | 1843557 | 1845192  |
|  First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.302% VRN 11/25/35 (c) (h) | 877232 | 758607  |
| &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust, Series 2021-6INV, Class A18, <br>2.500% VRN 8/25/51 (a) (c) (h) | 3938379 | 3243624  |
| &nbsp;&nbsp;&nbsp; GCAT Trust, Series 2025-INV2, Class A1,<br>6.000% VRN 5/25/55 (a) (c) (h) | 1624857 | 1647834  |
|  HarborView Mortgage Loan Trust, Series 2007-6, Class 1A1A, 1 mo. USD Term SOFR + 0.314%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.448% FRN 8/19/37 (c) | 2038753 | 1743799  |
|  HomeBanc Mortgage Trust, Series 2005-5, Class A1, 1 mo. USD Term SOFR + 0.634%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.792% FRN 1/25/36 (c) | 1021302 | 998418  |
| JP Morgan Mortgage Trust,<br>|  |  |
|  Series 2005-A5, Class 1A2, 4.755% VRN 8/25/35 (c) (h) | 51175 | 50201  |
|  MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 4A1, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.255% VRN 4/25/34 (c) (h) | 307065 | 271656  |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, 2.500% VRN <br>6/25/51 (a) (c) (h) | 2361675 | 1943585  |
| &nbsp;&nbsp;&nbsp; OBX Trust, Series 2021-NQM4, Class A1, 1.957% VRN <br>10/25/61 (a) (c) (h) | 3078970 | 2643641  |
| &nbsp;&nbsp;&nbsp; PRPM Trust, Series 2025-NQM4, Class A2, 5.285% STEP <br>7/25/70 (a) | 2000000 | 1996322  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  RALI Trust, Series 2006-QA7, Class 2A1, 1 mo. USD Term SOFR + 0.484% 4.642% FRN 8/25/36 (c) | $403871 | $358438  |
|  Residential Asset Securitization Trust, Series 2006-A14C, Class 1A1 6.250% 12/25/36 | 1759322 | 1245273  |
| Sequoia Mortgage Trust,<br>|  |  |
|  Series 2025-6, Class A5, 5.500% VRN 7/25/55 (a) (c) (h) | 1602505 | 1612559  |
| &nbsp;&nbsp;&nbsp; Washington Mutual Mortgage <br>Pass-Through Certificates Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 2A1A, <br>1 mo. USD Term SOFR + 0.734% 4.892% FRN 1/25/45 (c) | 281394 | 276976  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 4CB, <br>7.000% 8/25/35 | 1920038 | 1623375  |
|  Wells Fargo Mortgage-Backed Securities Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, <br>3.920% VRN 11/25/48 (a) (c) (h) | 16943 | 16100  |
|  Series 2007-AR3, Class A4, 6.288% VRN 4/25/37 (c) (h) | 406754 | 359577  |
|  |  | 29059113  |
| **TOTAL NON-U.S. GOVERNMENT** <br>**AGENCY OBLIGATIONS** <br>**(Cost $237,866,679)** |  | **228538145**  |
| **Sovereign Debt Obligations — 0.2%** | **Sovereign Debt Obligations — 0.2%** | **Sovereign Debt Obligations — 0.2%** |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| &nbsp;&nbsp;&nbsp; 2.659% 5/24/31 | 213000 | 189229  |
| &nbsp;&nbsp;&nbsp; 4.750% 3/08/44 | 1778000 | 1477074  |
| &nbsp;&nbsp;&nbsp; 4.875% 5/19/33 | 200000 | 193486  |
|  |  | 1859789  |
| **TOTAL SOVEREIGN DEBT** <br>**OBLIGATIONS** <br>**(Cost $2,192,690)** |  | **1859789**  |
| **U.S. Government Agency** <br>**Obligations and** <br>**Instrumentalities (i) — 24.0%** | **U.S. Government Agency** <br>**Obligations and** <br>**Instrumentalities (i) — 24.0%** | **U.S. Government Agency** <br>**Obligations and** <br>**Instrumentalities (i) — 24.0%** |
| **Pass-Through Securities — 24.0%**<br>|  |  |
| Federal Home Loan Mortgage Corp.  |  |  |
| &nbsp;&nbsp;&nbsp; Pool #RA4245 2.000% 12/01/50 | 3739703 | 3062697  |
| &nbsp;&nbsp;&nbsp; Pool #RA4255 2.000% 1/01/51 | 7617422 | 6257469  |
| &nbsp;&nbsp;&nbsp; Pool #SD8199 2.000% 3/01/52 | 1954404 | 1584104  |
| &nbsp;&nbsp;&nbsp; Pool #SD8147 2.500% 5/01/51 | 2752431 | 2335278  |
| &nbsp;&nbsp;&nbsp; Pool #RA5576 2.500% 7/01/51 | 6109595 | 5239005  |
| &nbsp;&nbsp;&nbsp; Pool #SD8189 2.500% 1/01/52 | 1950657 | 1650752  |

---

---

| | |
|:---|:---|
|  | 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>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #SD7226 2.500% 5/01/52 | $21434540 | $18306533  |
| &nbsp;&nbsp;&nbsp; Pool #G08715 3.000% 8/01/46 | 967071 | 873729  |
| &nbsp;&nbsp;&nbsp; Pool #G08726 3.000% 10/01/46 | 1748576 | 1579802  |
| &nbsp;&nbsp;&nbsp; Pool #G08732 3.000% 11/01/46 | 1240793 | 1121030  |
| &nbsp;&nbsp;&nbsp; Pool #G08741 3.000% 1/01/47 | 842469 | 760363  |
| &nbsp;&nbsp;&nbsp; Pool #SD0905 3.000% 3/01/52 | 2929497 | 2607897  |
| &nbsp;&nbsp;&nbsp; Pool #SD3016 3.000% 6/01/52 | 1771904 | 1566172  |
| &nbsp;&nbsp;&nbsp; Pool #G07848 3.500% 4/01/44 | 3118747 | 2961871  |
| &nbsp;&nbsp;&nbsp; Pool #G60138 3.500% 8/01/45 | 1808650 | 1707529  |
| &nbsp;&nbsp;&nbsp; Pool #G67707 3.500% 1/01/48 | 1192381 | 1120964  |
| &nbsp;&nbsp;&nbsp; Pool #RA2483 3.500% 6/01/50 | 4088983 | 3775325  |
| &nbsp;&nbsp;&nbsp; Pool #SD1523 4.000% 8/01/52 | 4073074 | 3876704  |
| &nbsp;&nbsp;&nbsp; Pool #SD5202 4.000% 10/01/52 | 3369065 | 3177156  |
| &nbsp;&nbsp;&nbsp; Pool #SD4364 5.500% 10/01/53 | 4484349 | 4564060  |
|  Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA4158 2.000% 10/01/50 | 2481952 | 2021005  |
| &nbsp;&nbsp;&nbsp; Pool #BT9728 2.000% 10/01/51 | 4329057 | 3510186  |
| &nbsp;&nbsp;&nbsp; Pool #MA4577 2.000% 4/01/52 | 5930208 | 4806614  |
| &nbsp;&nbsp;&nbsp; Pool #CB0414 2.500% 5/01/51 | 5514198 | 4699156  |
| &nbsp;&nbsp;&nbsp; Pool #FM8596 2.500% 9/01/51 | 1877549 | 1610006  |
| &nbsp;&nbsp;&nbsp; Pool #FS3035 2.500% 4/01/52 | 6824452 | 5862662  |
| &nbsp;&nbsp;&nbsp; Pool #MA3029 3.000% 6/01/32 | 987980 | 962950  |
| &nbsp;&nbsp;&nbsp; Pool #MA3090 3.000% 8/01/32 | 344152 | 335262  |
| &nbsp;&nbsp;&nbsp; Pool #MA1607 3.000% 10/01/33 | 1172974 | 1130666  |
| &nbsp;&nbsp;&nbsp; Pool #BN7755 3.000% 9/01/49 | 1352039 | 1214914  |
| &nbsp;&nbsp;&nbsp; Pool #BO2259 3.000% 10/01/49 | 2410157 | 2161198  |
| &nbsp;&nbsp;&nbsp; Pool #FS1075 3.000% 3/01/52 | 2995796 | 2671598  |
| &nbsp;&nbsp;&nbsp; Pool #CB3304 3.000% 4/01/52 | 4688414 | 4176651  |
| &nbsp;&nbsp;&nbsp; Pool #CB3305 3.000% 4/01/52 | 5652794 | 5030464  |
| &nbsp;&nbsp;&nbsp; Pool #MA1148 3.500% 8/01/42 | 1733643 | 1639342  |
| &nbsp;&nbsp;&nbsp; Pool #MA1356 3.500% 2/01/43 | 2645311 | 2497079  |
| &nbsp;&nbsp;&nbsp; Pool #CA3633 3.500% 6/01/49 | 514175 | 478430  |
| &nbsp;&nbsp;&nbsp; Pool #CA6096 3.500% 6/01/50 | 5567259 | 5122808  |
| &nbsp;&nbsp;&nbsp; Pool #CB3842 3.500% 6/01/52 | 8817238 | 8127108  |
| &nbsp;&nbsp;&nbsp; Pool #CB3866 4.500% 6/01/52 | 4537918 | 4439947  |
| &nbsp;&nbsp;&nbsp; Pool #BW9897 4.500% 10/01/52 | 1746497 | 1700277  |
| &nbsp;&nbsp;&nbsp; Pool #CB6854 4.500% 8/01/53 | 2291570 | 2237800  |
| &nbsp;&nbsp;&nbsp; Pool #MA5107 5.500% 8/01/53 | 1809788 | 1830647  |
| &nbsp;&nbsp;&nbsp; Pool #FA0095 6.000% 12/01/54 | 9598973 | 9878143  |
|  Government National Mortgage Association II <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #MA6038 3.000% 7/20/49 | 2129141 | 1915948  |
| &nbsp;&nbsp;&nbsp; Pool #MA6283 3.000% 11/20/49 | 3869362 | 3467407  |
| &nbsp;&nbsp;&nbsp; Pool #MA6409 3.000% 1/20/50 | 4040883 | 3621111  |
| &nbsp;&nbsp;&nbsp; Pool #MA4321 3.500% 3/20/47 | 2408780 | 2243904  |
| &nbsp;&nbsp;&nbsp; Pool #MA8647 5.000% 2/20/53 | 3280130 | 3283797  |
| &nbsp;&nbsp;&nbsp; Pool #MA8725 5.000% 3/20/53 | 3335963 | 3338650  |
| &nbsp;&nbsp;&nbsp; Pool #MA8947 5.000% 6/20/53 | 1878294 | 1879220  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #MB0025 5.000% 11/20/54 | $1925647 | $1916366  |
| &nbsp;&nbsp;&nbsp; Pool #MA8429 5.500% 11/20/52 | 5012390 | 5080715  |
| &nbsp;&nbsp;&nbsp; Pool #MA8648 5.500% 2/20/53 | 1246845 | 1263452  |
| &nbsp;&nbsp;&nbsp; Pool #MA8801 5.500% 4/20/53 | 3972420 | 4024086  |
| &nbsp;&nbsp;&nbsp; Pool #MA8879 5.500% 5/20/53 | 3566627 | 3613015  |
| &nbsp;&nbsp;&nbsp; Pool #MA8948 5.500% 6/20/53 | 1140634 | 1155469  |
| &nbsp;&nbsp;&nbsp; Pool #MA9171 5.500% 9/20/53 | 3298705 | 3337485  |
| &nbsp;&nbsp;&nbsp; Pool #MA9241 5.500% 10/20/53 | 2970048 | 3008677  |
|  Uniform Mortgage-Backed Security, TBA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/01/39 (f) | 12800000 | 12935000  |
| &nbsp;&nbsp;&nbsp; 5.500% 10/01/39 (f) | 5500000 | 5621816  |
|  |  | 207979471  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $217,009,247)** |  | **207979471**  |
| **U.S. Treasury Obligations — 9.1%** | **U.S. Treasury Obligations — 9.1%** | **U.S. Treasury Obligations — 9.1%** |
| **U.S. Treasury Bonds & Notes — 9.1%** | **U.S. Treasury Bonds & Notes — 9.1%** | **U.S. Treasury Bonds & Notes — 9.1%** |
| U.S. Treasury Bonds <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 8/15/49 (j) | 19950000 | 12722243  |
| &nbsp;&nbsp;&nbsp; 4.625% 11/15/44 | 7000000 | 6935163  |
| &nbsp;&nbsp;&nbsp; 4.875% 8/15/45 | 6935000 | 7087787  |
| U.S. Treasury Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 8/31/30 | 21585000 | 21476471  |
| &nbsp;&nbsp;&nbsp; 3.875% 8/31/32 | 17760000 | 17709680  |
| &nbsp;&nbsp;&nbsp; 4.875% 5/31/26 | 12600000 | 12683069  |
|  |  | 78614413  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $78,548,424)** |  | **78614413**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $869,286,873)** |  | **853396253**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $869,286,873)** |  | **853396253**  |
| **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** |
| **Commercial Paper — 0.7%**<br>|  |  |
| Alimentation Couche-Tard, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.305% 10/08/25 (a) | 6000000 | 5994221  |
|  |  | 5994221 |

---

---

| | |
|:---|:---|
|  | **Number of**<br>**Shares**  |
| **Investment of Cash Collateral from Securities Loaned — 2.0%**<br>|  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (k) | 17724813 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Core Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Repurchase Agreement — 0.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (l) | $1362487 | $1362487  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $25,082,353)** |  | **25081521**  |
| **TOTAL INVESTMENTS — 101.5%** <br>**(Cost $894,369,226) (m)** |  | **878477774**  |
| **Other Assets/**<br>(Liabilities) — (1.5)% |  | **(13091326)**  |
| **NET ASSETS — 100.0%** |  | **$865386448** |

---

**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 |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |
| 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) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At September 30, 2025, the aggregate market value of these securities amounted to $298,198,696 or 34.46% 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 September 30, 2025, was $23,756,044 or 2.75% of net assets. The Fund received $6,569,607
 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) Security is perpetual and has no stated maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted security. Certain securities are
 restricted to resale. At September 30, 2025, these securities amounted to a value of $1,268,458 or 0.15% of net assets. The Fund
 generally bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;

&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) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At September 30, 2025, these securities amounted to a value of $2,265,569
 or 0.26% of net assets.

&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 September 30,
 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;(k) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Maturity value of $1,362,581. Collateralized
 by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 4/30/27, and an aggregate market value, including accrued
 interest, of $1,389,783.

&nbsp;&nbsp;&nbsp;&nbsp;(m) See Note 6 for aggregate cost for federal
 tax purposes.

Country weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| United States | 81.8%  |
| Cayman Islands | 8.0%  |
| United Kingdom | 2.6%  |
| Canada | 2.3%  |
| Bermuda | 0.6%  |
| Australia | 0.5%  |
| France | 0.5%  |
| Germany | 0.4%  |
| Netherlands | 0.4%  |
| Mexico | 0.4%  |
| Finland | 0.4%  |
| Switzerland | 0.3%  |
| Ireland | 0.2%  |
| Denmark | 0.1%  |
| Brazil | 0.1%  |
| Hungary | 0.0%  |
| Total Long-Term Investments | 98.6%  |
|  Short-Term Investments and Other Assets and Liabilities | 1.4%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Core Bond 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**<br>|  |  |  |  |
| U.S. Treasury Long Bond | 12/19/25 | 342 | $39490807 | $384256  |
| U.S. Treasury Note 10 Year | 12/19/25 | 187 | 20997658 | 39842  |
| U.S. Treasury Ultra Bond | 12/19/25 | 275 | 33024574 | (7386)  |
| U.S. Treasury Note 2 Year | 12/31/25 | 507 | 105779456 | (121448)  |
|  |  |  |  | $295264  |
| **Short** |  |  |  |  |
| U.S. Treasury Ultra 10 Year | 12/19/25 | 7 | $(813398) | $7851  |
| U.S. Treasury Note 5 Year | 12/31/25 | 195 | (21368485) | 75399  |
|  |  |  |  | $83250 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Diversified Bond Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Bonds & Notes — 98.1%**<br>|  |  |
| **Corporate Debt — 41.1%**<br>|  |  |
| **Aerospace & Defense — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Embraer Netherlands Finance BV<br>5.980% 2/11/35 | $75000 | $79566  |
| **Airlines — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust, Series 2018-1, Class B,<br>4.600% 9/01/27 | 34670 | 34487  |
| **Auto Manufacturers — 1.1%**<br>|  |  |
| Ford Motor Credit Co. LLC<br>|  |  |
| 5.303% 9/06/29 | 115000 | 114714  |
| 5.730% 9/05/30 | 200000 | 201646  |
| &nbsp;&nbsp;&nbsp; General Motors Co.<br>5.200% 4/01/45 | 100000 | 90083  |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc.<br>6.375% 9/12/32 (a) (b) | 350000 | 364870  |
|  |  | 771313  |
| **Banks — 8.1%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.000% <br>3.846% VRN 3/08/37 (c) | 170000 | 158829  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.351% <br>6.250% VRN (c) (d) | 160000 | 162044  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia 5 yr. CMT + 2.903%<br>7.350% VRN 4/27/85 (c) | 320000 | 333861  |
| &nbsp;&nbsp;&nbsp; Barclays PLC 5 yr. CMT + 3.410%<br>4.375% VRN (b) (c) (d) | 375000 | 359749  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA 5 yr. CMT + 3.340%<br>4.625% VRN (a) (c) (d) | 375000 | 342376  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.572% <br>6.750% VRN (c) (d) | 140000 | 142137  |
| &nbsp;&nbsp;&nbsp; 10 yr. CMT + 2.757% <br>7.000% VRN (c) (d) | 101000 | 107277  |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. 5 yr. CMT + 1.850%<br>5.600% VRN 9/05/35 (c) | 160000 | 159577  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. 5 yr. CMT + 2.461%<br>6.850% VRN (c) (d) | 285000 | 296037  |
| HSBC Holdings PLC<br>|  |  |
| 6.500% 9/15/37 | 125000 | 134270  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.635% <br>6.950% VRN (c) (d) | 300000 | 313676  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. 5 yr. CMT + 1.700%<br>6.141% VRN 11/18/39 (c) | 140000 | 145686  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; ING Groep NV 5 yr. CMT + 2.862%<br>3.875% VRN (b) (c) (d) | $400000 | $383482  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase & Co. 5 yr. CMT + 2.152%<br>6.500% VRN (c) (d) | 200000 | 207027  |
|  Lloyds Banking Group PLC 5 yr. CMT + 3.913%<br>|  |  |
| 8.000% VRN (b) (c) (d) | 205000 | 221495  |
|  Mitsubishi UFJ Financial Group, Inc. 5 yr. CMT + 2.070%<br>|  |  |
| 6.350% VRN (c) (d) | 200000 | 204170  |
|  Morgan Stanley 1 day USD SOFR + 1.360%<br>|  |  |
| 2.484% VRN 9/16/36 (c) | 210000 | 182412  |
|  NatWest Group PLC 5 yr. CMT + 2.937%<br>|  |  |
| 7.300% VRN (c) (d) | 375000 | 395357  |
|  Nordea Bank Abp 5 yr. CMT + 2.660%<br>|  |  |
| 6.300% VRN (a) (b) (c) (d) | 300000 | 303107  |
|  Royal Bank of Canada 5 yr. CMT + 2.815%<br>|  |  |
| 6.750% VRN 8/24/85 (c) | 200000 | 206300  |
|  State Street Corp. 5 yr. CMT + 2.135%<br>|  |  |
| 6.450% VRN (b) (c) (d) | 185000 | 190877  |
|  Synovus Financial Corp. 1 day USD SOFR + 2.347%<br>|  |  |
| 6.168% VRN 11/01/30 (c) | 405000 | 420181  |
|  UBS Group AG 5 yr. USD SOFR ICE Swap + 3.077%<br>|  |  |
| 7.000% VRN (a) (c) (d) | 254000 | 260287  |
|  |  | 5630214  |
| **Beverages — 0.1%**<br>|  |  |
| Bacardi Ltd.<br>|  |  |
| 5.150% 5/15/38 (a) | 100000 | 94461  |
| **Building Materials — 0.1%**<br>|  |  |
| JH North America Holdings, Inc.<br>|  |  |
| 6.125% 7/31/32 (a) | 81000 | 82966  |
| **Chemicals — 0.7%**<br>|  |  |
| Celanese US Holdings LLC<br>|  |  |
| 6.850% STEP 11/15/28 | 160000 | 166037  |
| Dow Chemical Co.<br>|  |  |
| 5.600% 2/15/54 | 67000 | 60628  |
| Huntsman International LLC<br>|  |  |
| 2.950% 6/15/31 | 325000 | 274213  |
|  |  | 500878  |

---

---

| | |
|:---|:---|
|  | 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 Amount** | **Value**  |
| **Commercial Services — 0.1%**<br>|  |  |
| Triton Container International Ltd.<br>|  |  |
| 3.150% 6/15/31 (a) | $46000 | $41021  |
| **Computers — 0.2%**<br>|  |  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| 4.400% 10/15/30 | 107000 | 106350  |
| **Diversified Financial Services — 2.2%** | **Diversified Financial Services — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust 5 yr. CMT + 2.441%<br>6.500% VRN 1/31/56 (c) | 150000 | 154746  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. 7 yr. CMT + 3.481%<br>4.700% VRN (c) (d) | 120000 | 110593  |
| &nbsp;&nbsp;&nbsp; American Express Co. 5 yr. CMT + 2.854%<br>3.550% VRN (c) (d) | 150000 | 147133  |
| Apollo Global Management, Inc.<br>|  |  |
| 5.800% 5/21/54 | 106000 | 107419  |
|  ARES Finance Co. III LLC 5 yr. CMT + 3.237%<br>|  |  |
| 4.125% VRN 6/30/51 (a) (c) | 370000 | 364063  |
| BGC Group, Inc.<br>|  |  |
| 6.600% 6/10/29 | 425000 | 442024  |
|  Charles Schwab Corp. 5 yr. CMT + 3.168%<br>|  |  |
| 4.000% VRN (c) (d) | 190000 | 187863  |
|  |  | 1513841  |
| **Electric — 1.4%**<br>|  |  |
| AES Corp. 5 yr. CMT + 2.890%<br>|  |  |
| 6.950% VRN 7/15/55 (c) | 67000 | 65752  |
|  California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<br>|  |  |
| 6.375% 2/15/32 (a) | 417000 | 427396  |
|  Edison International 5 yr. CMT + 3.901%<br>|  |  |
| 5.000% VRN (c) (d) | 75000 | 71062  |
|  NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547%<br>|  |  |
| 3.800% VRN 3/15/82 (c) | 210000 | 204784  |
| Pacific Gas & Electric Co.<br>|  |  |
| 4.300% 3/15/45 | 70000 | 56160  |
| Sempra 5 yr. CMT + 2.789%<br>|  |  |
| 6.875% VRN 10/01/54 (c) | 147000 | 152317  |
|  |  | 977471  |
| **Entertainment — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc.<br>4.279% 3/15/32 (b) | 215000 | 196994  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Food — 0.4%**<br>|  |  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<br>|  |  |
| 7.250% 11/15/53 | $115000 | $131873  |
| Smithfield Foods, Inc.<br>|  |  |
| 2.625% 9/13/31 (a) | 165000 | 144534  |
|  |  | 276407  |
| **Health Care - Services — 1.1%**<br>|  |  |
| Centene Corp.<br>|  |  |
| 2.450% 7/15/28 | 175000 | 162616  |
| 3.000% 10/15/30 | 175000 | 156369  |
|  CHS/Community Health Systems, Inc.<br>|  |  |
| 4.750% 2/15/31 (a) | 445000 | 384813  |
| UnitedHealth Group, Inc.<br>|  |  |
| 5.750% 7/15/64 | 53000 | 52767  |
|  |  | 756565  |
| **Insurance — 8.2%**<br>|  |  |
| Allianz SE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.973% <br>3.500% VRN (a) (c) (d) | 176000 | 174675  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.317% <br>6.550% VRN (a) (c) (d) | 200000 | 206480  |
|  Allstate Corp. 3 mo. USD Term SOFR + 3.200%<br>|  |  |
| 7.411% VRN 8/15/53 (c) | 155000 | 155247  |
| American National Group, Inc.<br>|  |  |
| 6.000% 7/15/35 | 165000 | 168441  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 3.183% <br>7.000% VRN 12/01/55 (c) | 160000 | 164892  |
| Ascot Group Ltd.<br>|  |  |
| 4.250% 12/15/30 (a) | 200000 | 181928  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.375% <br>6.349% VRN 6/15/35 (a) (c) | 66000 | 68796  |
| Aspen Insurance Holdings Ltd.<br>|  |  |
| 5.750% 7/01/30 | 54000 | 56518  |
|  Athene Holding Ltd. 5 yr. CMT + 2.607%<br>|  |  |
| 6.625% VRN 10/15/54 (c) | 145000 | 146303  |
|  AXIS Specialty Finance LLC 5 yr. CMT + 3.186%<br>|  |  |
| 4.900% VRN 1/15/40 (c) | 175000 | 169858  |
| Belrose Funding Trust II<br>|  |  |
| 6.792% 5/15/55 (a) | 175000 | 189514  |
| Brighthouse Financial, Inc.<br>|  |  |
| 3.850% 12/22/51 | 255000 | 168072  |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. 5 yr. <br>CMT + 3.846%<br>|  |  |
| 6.875% VRN 12/15/52 (c) | 265000 | 271749  |

---

---

| | |
|:---|:---|
| 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 Amount** | **Value**  |
|  Enstar Finance LLC 5 yr. CMT + 4.006%<br>|  |  |
| 5.500% VRN 1/15/42 (c) | $143000 | $141967  |
| Enstar Group Ltd.<br>|  |  |
| 3.100% 9/01/31 | 200000 | 178630  |
|  Fidus Re Ltd. 1 mo. U.S. T-Bill Rate + 2.500%<br>|  |  |
| 6.407% FRN 1/08/42 (a) (c) | 900000 | 899901  |
| Fortitude Global Funding<br>|  |  |
| 4.625% 10/06/28 (a) (e) | 71000 | 71045  |
| Fortitude Group Holdings LLC<br>|  |  |
| 6.250% 4/01/30 (a) | 169000 | 175472  |
| Global Atlantic Fin Co.<br>|  |  |
|  5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) (c) | 420000 | 413739  |
| 6.750% 3/15/54 (a) | 36000 | 38062  |
|  Liberty Mutual Group, Inc. 5 yr. CMT + 3.315%<br>|  |  |
| 4.125% VRN 12/15/51 (a) (c) | 365000 | 358500  |
|  Lincoln National Corp., (Acquired 11/15/22, Cost $169,000), 5 yr. CMT + 5.318%<br>|  |  |
| 9.250% VRN (c) (d) (f) | 169000 | 181741  |
| MetLife Capital Trust IV<br>|  |  |
| 7.875% 12/15/67 (a) | 225000 | 251671  |
| Omnis Funding Trust<br>|  |  |
| 6.722% 5/15/55 (a) | 165000 | 177977  |
| Sammons Financial Group, Inc.<br>|  |  |
| 4.750% 4/08/32 (a) | 350000 | 341488  |
| USF&G Capital I<br>|  |  |
| 8.500% 12/15/45 (a) | 95000 | 100905  |
| &nbsp;&nbsp;&nbsp; Vitality Re XVI Ltd. 3 mo. U.S. <br>T-Bill Rate + 1.750%<br>|  |  |
| 5.654% FRN 1/08/30 (a) (c) | 302000 | 302060  |
|  |  | 5755631  |
| **Investment Companies — 3.5%**<br>|  |  |
| Antares Holdings LP<br>|  |  |
| 6.500% 2/08/29 (a) | 325000 | 332255  |
| Apollo Debt Solutions BDC<br>|  |  |
| 6.550% 3/15/32 (a) | 98000 | 102840  |
| ARES Capital Corp.<br>|  |  |
| 5.875% 3/01/29 | 92000 | 94655  |
| ARES Strategic Income Fund<br>|  |  |
| 6.350% 8/15/29 | 250000 | 258978  |
| Blackstone Private Credit Fund<br>|  |  |
| 5.050% 9/10/30 | 160000 | 158138  |
| Blackstone Secured Lending Fund<br>|  |  |
| 5.300% 6/30/30 | 300000 | 302104  |
| Blue Owl Capital Corp.<br>|  |  |
| 8.450% 11/15/26 | 280000 | 290069  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Blue Owl Credit Income Corp.<br>|  |  |
| 5.800% 3/15/30 (b) | $160000 | $162248  |
| Blue Owl Technology Finance Corp.<br>|  |  |
| 6.750% 4/04/29 (b) | 112000 | 115552  |
| Golub Capital BDC, Inc.<br>|  |  |
| 6.000% 7/15/29 | 258000 | 263629  |
| HPS Corporate Lending Fund<br>|  |  |
| 5.450% 1/14/28 | 290000 | 292637  |
| Sixth Street Specialty Lending, Inc.<br>|  |  |
| 6.125% 3/01/29 | 79000 | 81406  |
|  |  | 2454511  |
| **Leisure Time — 0.2%**<br>|  |  |
| Sabre GLBL, Inc.<br>|  |  |
| 10.750% 11/15/29 (a) | 163000 | 157523  |
| **Media — 0.6%**<br>|  |  |
|  Paramount Global 5 yr. CMT + 3.999%<br>|  |  |
| 6.375% VRN 3/30/62 (c) | 179000 | 178701  |
| Time Warner Cable LLC<br>|  |  |
| 4.500% 9/15/42 | 80000 | 64278  |
| 5.875% 11/15/40 | 150000 | 143381  |
|  |  | 386360  |
| **Mining — 0.5%**<br>|  |  |
| Novelis Corp.<br>|  |  |
| 3.875% 8/15/31 (a) | 360000 | 328208  |
| **Oil & Gas — 5.1%**<br>|  |  |
| Antero Resources Corp.<br>|  |  |
| 7.625% 2/01/29 (a) | 44000 | 44841  |
|  BP Capital Markets PLC 5 yr. CMT + 1.924%<br>|  |  |
| 6.125% VRN (c) (d) | 240000 | 248580  |
| Continental Resources, Inc.<br>|  |  |
| 5.750% 1/15/31 (a) | 165000 | 170154  |
| Helmerich & Payne, Inc.<br>|  |  |
| 5.500% 12/01/34 (b) | 355000 | 347841  |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>|  |  |
| 7.250% 2/15/35 (a) | 593000 | 579531  |
| Occidental Petroleum Corp.<br>|  |  |
| 6.050% 10/01/54 | 137000 | 133686  |
| 7.875% 9/15/31 | 250000 | 284262  |
| Ovintiv, Inc.<br>|  |  |
| 6.250% 7/15/33 | 230000 | 242608  |
| 6.500% 2/01/38 | 120000 | 126107  |
| 7.100% 7/15/53 | 195000 | 210574  |
| Parkland Corp.<br>|  |  |
| 6.625% 8/15/32 (a) | 315000 | 323682  |

---

---

| | |
|:---|:---|
|  | 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 Amount** | **Value**  |
| Patterson-UTI Energy, Inc.<br>|  |  |
| 3.950% 2/01/28 | $175000 | $170936  |
| 7.150% 10/01/33 (b) | 135000 | 143017  |
| Petroleos Mexicanos<br>|  |  |
| 5.350% 2/12/28 | 150000 | 149361  |
| 6.375% 1/23/45 | 35000 | 28448  |
| Phillips 66 Co. 5 yr. CMT + 2.166%<br>|  |  |
| 6.200% VRN 3/15/56 (c) | 105000 | 105281  |
| Santos Finance Ltd.<br>|  |  |
| 6.875% 9/19/33 (a) | 225000 | 247450  |
|  |  | 3556359  |
| **Oil & Gas Services — 0.1%**<br>|  |  |
| NOV, Inc.<br>|  |  |
| 3.950% 12/01/42 (b) | 114000 | 88649  |
| **Pharmaceuticals — 0.8%**<br>|  |  |
| CVS Health Corp.<br>|  |  |
| 5.050% 3/25/48 | 85000 | 75628  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.886% <br>7.000% VRN 3/10/55 (c) | 146000 | 153262  |
| CVS Pass-Through Trust<br>|  |  |
| 5.926% 1/10/34 (a) | 133542 | 135707  |
| 7.507% 1/10/32 (a) | 9001 | 9592  |
| Utah Acquisition Sub, Inc.<br>|  |  |
| 5.250% 6/15/46 | 180000 | 149576  |
|  |  | 523765  |
| **Pipelines — 1.3%**<br>|  |  |
| Enbridge, Inc. 5 yr. CMT + 3.708%<br>|  |  |
| 7.375% VRN 1/15/83 (c) | 160000 | 166260  |
| Energy Transfer LP<br>|  |  |
| 5.950% 5/15/54 | 63000 | 61011  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.676% <br>6.500% VRN 2/15/56 (c) | 165000 | 164227  |
|  Enterprise Products Operating LLC 3 mo. USD Term SOFR + 2.832%<br>|  |  |
| 5.375% VRN 2/15/78 (b) (c) | 102000 | 101303  |
| ONEOK, Inc.<br>|  |  |
| 6.250% 10/15/55 | 160000 | 162483  |
|  Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372%<br>|  |  |
| 8.583% VRN (c) (d) | 120000 | 120180  |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. 5 yr. <br>CMT + 5.440%<br>|  |  |
| 9.000% VRN (a) (c) (d) | 150000 | 148662  |
|  |  | 924126  |
| **Real Estate Investment Trusts (REITS) — 2.4%** | **Real Estate Investment Trusts (REITS) — 2.4%** |  |
| Broadstone Net Lease LLC<br>|  |  |
| 2.600% 9/15/31 | 200000 | 175127  |
| 5.000% 11/01/32 | 43000 | 42743  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| EPR Properties<br>|  |  |
| 3.600% 11/15/31 | $215000 | $198427  |
| 3.750% 8/15/29 | 95000 | 91457  |
| Essential Properties LP<br>|  |  |
| 5.400% 12/01/35 | 153000 | 153574  |
| Piedmont Operating Partnership LP<br>|  |  |
| 9.250% 7/20/28 (b) | 223000 | 247618  |
| Service Properties Trust<br>|  |  |
| 4.950% 10/01/29 (b) | 590000 | 519996  |
| Store Capital LLC<br>|  |  |
| 4.625% 3/15/29 | 235000 | 233403  |
|  |  | 1662345  |
| **Semiconductors — 0.3%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| 6.100% 1/25/36 (a) | 225000 | 239041  |
| **Software — 0.2%**<br>|  |  |
| Oracle Corp.<br>|  |  |
| 6.100% 9/26/65 | 160000 | 159705  |
| **Telecommunications — 1.6%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| 3.550% 9/15/55 | 219000 | 150917  |
| Consolidated Communications, Inc.<br>|  |  |
| 6.500% 10/01/28 (a) | 261000 | 265241  |
| Level 3 Financing, Inc.<br>|  |  |
| 4.000% 4/15/31 (a) | 103000 | 88555  |
| Sable International Finance Ltd.<br>|  |  |
| 7.125% 10/15/32 (a) | 322000 | 326955  |
| T-Mobile USA, Inc.<br>|  |  |
| 6.000% 6/15/54 | 85000 | 88007  |
| Vmed O2 UK Financing I PLC<br>|  |  |
| 4.750% 7/15/31 (a) | 200000 | 188249  |
|  |  | 1107924  |
| **Venture Capital — 0.4%**<br>|  |  |
| Hercules Capital, Inc.<br>|  |  |
| 2.625% 9/16/26 | 168000 | 165002  |
| 6.000% 6/16/30 | 125000 | 127494  |
|  |  | 292496  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $28,401,535)** |  | **28699177**  |
| **Non-U.S. Government Agency** <br>**Obligations — 21.4%** | **Non-U.S. Government Agency** <br>**Obligations — 21.4%** |  |
| **Commercial Mortgage-Backed Securities — 5.4%** | **Commercial Mortgage-Backed Securities — 5.4%** |  |
| Bank<br>|  |  |
|  Series 2020-BN30, Class MCDF, 3.016% VRN 12/15/53 (c) (g) | 500000 | 367963  |

---

---

| | |
|:---|:---|
| 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 Amount** | **Value**  |
|  Series 2019-BN17, Class C, 4.660% VRN 4/15/52 (c) (g) | $331000 | $290167  |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series 2021-B25, Class 300C,<br>3.094% VRN 4/15/54 (a) (c) (g) | 500000 | 338463  |
|  Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C<br>|  |  |
| 3.502% 8/10/56 | 222000 | 189694  |
|  GS Mortgage Securities Trust, Series 2018-GS10, Class D<br>|  |  |
| 3.000% 7/10/51 (a) | 599000 | 408181  |
|  Harvest Commercial Capital Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M2, <br>6.735% VRN 6/25/57 (c) (g) | 198187 | 200848  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M3, <br>7.129% VRN 6/25/57 (c) (g) | 197481 | 200127  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class M4, <br>9.044% VRN 6/25/57 (c) (g) | 395207 | 406846  |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust, <br>Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864%<br>|  |  |
| 6.015% FRN 3/15/38 (a) (c) | 302400 | 299754  |
|  RFR Trust, Series 2025-SGRM, Class C,<br>|  |  |
| 6.013% VRN 3/11/41 (a) (c) (g) | 300000 | 304597  |
|  US Bank NA, Series 2025-SUP1, Class C, 30 day USD SOFR Average + 1.900%<br>|  |  |
| 6.256% FRN 2/25/32 (a) (c) | 230324 | 229327  |
|  Wells Fargo Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-NXS1, Class C, <br>3.848% VRN 5/15/48 (c) (g) | 64679 | 62161  |
|  Series 2021-FCMT, Class C, 1 mo. USD Term SOFR + 2.514% 6.666% FRN 5/15/31 (a) (c) | 461000 | 459885  |
|  |  | 3758013  |
| **Home Equity Asset-Backed Securities — 0.1%** | **Home Equity Asset-Backed Securities — 0.1%** |  |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014%<br>|  |  |
| 3.779% FRN 10/25/34 (c) | 38376 | 37481  |
| **Other Asset-Backed Securities — 11.0%** | **Other Asset-Backed Securities — 11.0%** |  |
| &nbsp;&nbsp;&nbsp; AIMCO CLO 15 Ltd., <br>Series 2021-15A, Class AR, 3 mo. USD Term SOFR + 1.200%<br>|  |  |
| 5.522% FRN 4/17/38 (a) (c) | 500000 | 500333  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  CIFC Funding Ltd., Series 2019-6A, Class A1R, 3 mo. USD Term SOFR + 1.450%<br>|  |  |
| 5.768% FRN 7/16/37 (a) (c) | $500000 | $501760  |
|  Goldentree Loan Management US CLO 1 Ltd., Series 2017-1A, Class B1R3, 3 mo. USD Term SOFR + 1.350%<br>|  |  |
| 5.676% FRN 4/20/34 (a) (c) | 500000 | 500383  |
| Goodgreen Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class B, <br>3.860% 4/15/55 (a) | 74358 | 60779  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, <br>5.740% 10/15/56 (a) | 325491 | 237610  |
| Hero Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1, <br>3.080% 9/20/42 (a) | 32399 | 30148  |
| &nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, <br>3.190% 9/20/48 (a) | 47916 | 43952  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A1, <br>3.280% 9/20/48 (a) | 18098 | 16736  |
| &nbsp;&nbsp;&nbsp; Series 2016-4A, Class A2, <br>4.290% 9/20/47 (a) | 35010 | 33708  |
| HINNT LLC, Series 2025-A, Class D<br>|  |  |
| 8.220% 3/15/44 (a) | 581416 | 582845  |
|  Horizon Aircraft Finance I Ltd., Series 2018-1, Class B<br>|  |  |
| 5.270% 12/15/38 (a) | 225200 | 199863  |
|  JG Wentworth XLIII LLC, Series 2019-1A, Class B<br>|  |  |
| 4.510% 8/15/73 (a) | 113906 | 99268  |
| &nbsp;&nbsp;&nbsp; Magnetite XXVI Ltd., <br>Series 2020-26A, Class AR2, <br>3 mo. USD Term SOFR + 1.150%<br>|  |  |
| 5.469% FRN 1/25/38 (a) (c) | 500000 | 500056  |
|  MCA Fund Holding LLC, Series 2020-1, Class A<br>|  |  |
| 3.250% 11/15/35 (a) | 25244 | 24972  |
|  Mosaic Solar Loans LLC, Series 2017-1A, Class A<br>|  |  |
| 4.450% 6/20/42 (a) | 14549 | 14097  |
|  Neuberger Berman Loan Advisers CLO 44 Ltd., Series 2021-44A, Class BR, 3 mo. USD Term SOFR + 1.500%<br>|  |  |
| 5.818% FRN 10/16/35 (a) (c) | 500000 | 499782  |
|  Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class AR2, 3 mo. USD Term SOFR + 1.130%<br>|  |  |
| 5.456% FRN 4/20/38 (a) (c) | 500000 | 499729  |

---

---

| | |
|:---|:---|
|  | 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 Amount** | **Value**  |
| OCP CLO Ltd.<br>|  |  |
|  Series 2015-9A, Class AR3, 3 mo. USD Term SOFR + 1.100% 5.418% FRN 1/15/37 (a) (c) | $500000 | $500515  |
|  Series 2015-9A, Class BR3, 3 mo. USD Term SOFR + 1.450% 5.768% FRN 1/15/37 (a) (c) | 500000 | 499731  |
|  Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112%<br>|  |  |
| 6.437% FRN 10/20/34 (a) (c) | 250000 | 250182  |
|  Pioneer Aircraft Finance Ltd., Series 2019-1, Class B<br>|  |  |
| 4.948% 6/15/44 (a) | 341661 | 325542  |
|  Renew Financial, Series 2021-1, Class M<br>|  |  |
| 3.210% 11/20/56 (a) | 130590 | 107870  |
|  Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD Term SOFR + 1.982%<br>|  |  |
| 6.185% FRN 5/20/31 (a) (c) | 250000 | 250466  |
|  Sixth Street CLO XIV Ltd., Series 2019-14A, Class A1R2, 3 mo. USD Term SOFR + 1.150%<br>|  |  |
| 5.476% FRN 1/20/38 (a) (c) | 500000 | 499759  |
| Slam Ltd., Series 2021-1A, Class B<br>|  |  |
| 3.422% 6/15/46 (a) | 214857 | 203915  |
|  Sunnova Helios II Issuer LLC, Series 2018-1A, Class A<br>|  |  |
| 4.870% 7/20/48 (a) | 93434 | 89710  |
|  Thrust Engine Leasing DAC, Series 2021-1A, Class C<br>|  |  |
| 7.386% 7/15/40 (a) | 114526 | 112423  |
|  Wise CLO Ltd., Series 2023-1A, Class AR, 3 mo. USD Term SOFR + 1.330%<br>|  |  |
| 5.479% FRN 10/20/38 (a) (c) | 500000 | 501392  |
|  |  | 7687526  |
| **Student Loans Asset-Backed Securities — 3.0%** | **Student Loans Asset-Backed Securities — 3.0%** |  |
| College Avenue Student Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D, <br>4.120% 7/25/51 (a) | 128343 | 122408  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class C, <br>4.460% 12/28/48 (a) | 95541 | 90725  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class D, <br>5.500% 12/28/48 (a) | 67135 | 59909  |
|  Commonbond Student Loan Trust, Series 2017-AGS, Class C<br>|  |  |
| 5.280% 5/25/41 (a) | 33079 | 30981  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
|  Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + 0.450%<br>|  |  |
| 5.304% FRN 8/25/42 (c) (h) | $233100 | $211139  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-EA, Class B, <br>4.440% 12/15/59 (a) | 140000 | 137602  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class B, 30 day USD SOFR Average + 1.314% <br>5.671% FRN 3/25/67 (a) (c) | 250000 | 232322  |
| Nelnet Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% <br>4.881% FRN 6/25/41 (c) | 53752 | 48543  |
| &nbsp;&nbsp;&nbsp; Series 2012-2A, Class B, 30 day USD SOFR Average + 1.114% <br>5.471% FRN 11/25/36 (a) (c) | 200000 | 198313  |
| &nbsp;&nbsp;&nbsp; Series 2012-1A, Class B, 30 day USD SOFR Average + 1.114% <br>5.471% FRN 6/25/42 (a) (c) | 150000 | 146491  |
| &nbsp;&nbsp;&nbsp; Series 2012-4A, Class B, 30 day USD SOFR Average + 1.114% <br>5.471% FRN 7/26/49 (a) (c) | 250000 | 229259  |
| &nbsp;&nbsp;&nbsp; Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% <br>5.971% FRN 6/25/41 (a) (c) | 100000 | 97846  |
| SLM Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% <br>4.802% FRN 1/25/70 (c) | 73692 | 69380  |
| &nbsp;&nbsp;&nbsp; Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% <br>4.812% FRN 10/25/40 (c) | 105678 | 100039  |
| &nbsp;&nbsp;&nbsp; Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% <br>4.892% FRN 1/25/44 (c) | 136541 | 129746  |
| &nbsp;&nbsp;&nbsp; Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% <br>5.072% FRN 10/25/64 (c) | 46995 | 44254  |
|  SMB Private Education Loan Trust, Series 2019-A, Class B<br>|  |  |
| 4.000% 11/17/42 (a) | 185000 | 177110  |
|  South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD Term SOFR + 1.614%<br>|  |  |
| 5.772% FRN 1/25/36 (c) | 6958 | 6955  |
|  |  | 2133022  |

---

---

| | |
|:---|:---|
| 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>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 1.9%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 1.9%** |  |
|  Banc of America Mortgage Trust, Series 2004-G, Class 2A7,<br>|  |  |
| 5.641% VRN 8/25/34 (c) (g) | $1920 | $1910  |
|  New Residential Mortgage Loan Trust, Series 2021-NQM3, Class B1,<br>|  |  |
| 3.398% VRN 11/27/56 (a) (c) (g) | 1600000 | 1306482  |
|  |  | 1308392  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $15,855,881)** |  | **14924434**  |
| **Sovereign Debt Obligations — 0.2%** | **Sovereign Debt Obligations — 0.2%** |  |
|  Mexico Government International Bond<br>|  |  |
| 4.750% 3/08/44 | 174000 | 144550  |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br>**(Cost $193,055)** |  | **144550** |
| **U.S. Government Agency Obligations and** <br>**Instrumentalities (i) — 22.2%** | **U.S. Government Agency Obligations and** <br>**Instrumentalities (i) — 22.2%** | **U.S. Government Agency Obligations and** <br>**Instrumentalities (i) — 22.2%** |
| **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** |  |
|  Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29 | 1270 | 1316  |
| **Pass-Through Securities — 22.2%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| Pool #RA4245 2.000% 12/01/50 | 398209 | 326120  |
| Pool #RA4255 2.000% 1/01/51 | 805366 | 661583  |
| Pool #SD0905 3.000% 3/01/52 | 593316 | 528182  |
| Pool #SD1523 4.000% 8/01/52 | 860509 | 819022  |
|  Federal National Mortgage Association<br>|  |  |
| Pool #FM8596 2.500% 9/01/51 | 379120 | 325097  |
| Pool #FS3035 2.500% 4/01/52 | 1269666 | 1090728  |
| Pool #MA3029 3.000% 6/01/32 | 139916 | 136372  |
| Pool #MA3090 3.000% 8/01/32 | 58331 | 56824  |
| Pool #AR3007 3.000% 2/01/43 | 73137 | 67372  |
| Pool #FS1075 3.000% 3/01/52 | 606743 | 541083  |
| Pool #CB3304 3.000% 4/01/52 | 953576 | 849488  |
| Pool #AS1304 3.500% 12/01/28 | 25495 | 25302  |
| Pool #MA1356 3.500% 2/01/43 | 350398 | 330763  |
| Pool #FM4017 3.500% 8/01/50 | 44307 | 40853  |
| Pool #CB3842 3.500% 6/01/52 | 1869773 | 1723425  |
| Pool #CB3866 4.500% 6/01/52 | 669529 | 655074  |
| Pool #AD6437 5.000% 6/01/40 | 18041 | 18379  |
| Pool #AD6996 5.000% 7/01/40 | 121080 | 123363  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| Pool #AL8173 5.000% 2/01/44 | $47388 | $48301  |
| Pool #CB9465 5.000% 11/01/54 | 661328 | 662060  |
|  Government National Mortgage Association<br>|  |  |
| Pool #579140 6.500% 1/15/32 | 229 | 235  |
| Pool #587280 6.500% 9/15/32 | 87 | 89  |
| Pool #550659 6.500% 9/15/35 | 38031 | 39577  |
| Pool #538689 6.500% 12/15/35 | 2664 | 2784  |
| Pool #780651 7.000% 10/15/27 | 73  | 73 |
| Pool #462384 7.000% 11/15/27 | 43 | 44  |
| Pool #482668 7.000% 8/15/28 | 142 | 144  |
| Pool #423836 8.000% 8/15/26 | 19 | 19  |
|  Government National Mortgage Association II<br>|  |  |
| Pool #MA6038 3.000% 7/20/49 | 357839 | 322008  |
| Pool #MA6283 3.000% 11/20/49 | 647979 | 580666  |
| Pool #MA6409 3.000% 1/20/50 | 679308 | 608741  |
| Pool #MA4321 3.500% 3/20/47 | 426555 | 397358  |
| Pool #MB0025 5.000% 11/20/54 | 1155388 | 1149820  |
|  Uniform Mortgage-Backed Security, TBA<br>|  |  |
| 5.000% 10/01/39 (e) | 1800000 | 1818984  |
| 5.500% 10/01/39 (e) | 1500000 | 1533223  |
|  |  | 15483156  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $16,455,103)** |  | **15484472**  |
| **U.S. Treasury Obligations — 13.2%** | **U.S. Treasury Obligations — 13.2%** |  |
| **U.S. Treasury Bonds & Notes — 13.2%** | **U.S. Treasury Bonds & Notes — 13.2%** |  |
| U.S. Treasury Bonds<br>|  |  |
| 2.250% 8/15/49 (j) | 2390000 | 1524118  |
| 4.125% 8/15/44 | 1950000 | 1810139  |
| 4.625% 2/15/55 | 1000000 | 982662  |
| U.S. Treasury Notes<br>|  |  |
| 1.250% 3/31/28 | 3700000 | 3492040  |
| 4.000% 3/31/30 | 1400000 | 1416057  |
|  |  | 9225016  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $9,209,451)** |  | **9225016**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $70,115,025)** |  | **68477649** |

---

---

| | |
|:---|:---|
|  | 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>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value** |
| **Equities — 0.2%**<br>|  |  |
| **Preferred Stock — 0.2%**<br>|  |  |
| **Financials — 0.2%**<br>|  |  |
| KKR & Co., Inc. 6.875% Series T | 7000 | $181650  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $175,000)** |  | **181650**  |
| **TOTAL EQUITIES** <br>**(Cost $175,000)** |  | **181650**  |
| **TOTAL PURCHASED** <br>**OPTIONS (#) — 0.0%** <br>**(Cost $843)** |  | **337**  |
| **Warrants — 0.0%**<br>|  |  |
| **Materials — 0.0%**<br>|  |  |
| Hercules LLC, Expires 3/31/29,<br>|  |  |
| Strike 0.09 (k) (l) (m) | 150 | 3458  |
| **TOTAL WARRANTS** <br>**(Cost $0)** |  | **3458**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $70,290,868)** |  | **68663094**  |
| **Short-Term Investments — 5.0%** | **Short-Term Investments — 5.0%** |  |
| **Investment of Cash Collateral from Securities Loaned — 4.1%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (n) | 2849748 | 2849748 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (o) | $615652  | 615652  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,465,400)** |  | **3465400**  |
| **TOTAL INVESTMENTS — 103.3%** <br>**(Cost $73,756,268) (p)** |  | **72128494**  |
| **Other Assets/(Liabilities) — (3.3)%** |  | **(2329382)**  |
| **NET ASSETS — 100.0%** |  | **$69799112** |

---

**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  |
| REMICS | &nbsp;&nbsp;&nbsp; Real Estate Mortgage Investment Conduits  |
| 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) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At September 30, 2025, the aggregate market value of these securities amounted to $23,007,774 or 32.96% 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 September 30, 2025, was $3,735,146 or 5.35% of net assets. The Fund received $970,911
 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) Security is perpetual and has no stated maturity
 date.

&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) Restricted security. Certain securities are
 restricted to resale. At September 30, 2025, these securities amounted to a value of $181,741 or 0.26% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&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 September 30,
 2025.

---

| | |
|:---|:---|
| 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>

**Notes to Portfolio of Investments (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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,
2025. 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.

&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;(k) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At September 30, 2025, these securities amounted to a value of $3,458
 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(o) Maturity value of $615,695. Collateralized by
 U.S. Government Agency obligations with a rate of 3.750%, maturity date of 4/30/27, and an aggregate market value, including accrued interest,
 of $628,096.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(p) See Note 6 for aggregate cost for federal
 tax purposes.

Country weightings, as a percentage of net assets, is as follows:

---

| | |
|:---|:---|
| United States | 79.1%  |
| Cayman Islands | 8.7%  |
| United Kingdom | 3.6%  |
| Canada | 2.0%  |
| Bermuda | 0.6%  |
| Netherlands | 0.5%  |
| Germany | 0.5%  |
| France | 0.5%  |
| Panama | 0.5%  |
| Mexico | 0.5%  |
| Finland | 0.4%  |
| Switzerland | 0.4%  |
| Australia | 0.4%  |
| Japan | 0.3%  |
| Ireland | 0.2%  |
| Brazil | 0.1%  |
| Total Long-Term Investments | 98.3%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 1.7%  |
| Net Assets | 100.0% |

---

**(#) 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)  |
| **Call**<br>|  |  |  |  |  |  |  |  |  |
| GBP Call USD Put | Bank of America N.A.\* | 1/05/26 | 1.40 | 100000 | GBP | 100000 | $337 | $843 | $(506) |

---

**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>|  |  |  |  |  |  |  |  |  |
| CLP Call USD Put | Bank of America N.A.\* | 12/12/25 | 915.00 | 238000000 | CLP | 238000000 | $(1311) | $(2542) | $1231  |
| USD Call CHF Put | Bank of America N.A.\* | 8/17/26 | 0.83 | 100000 | USD | 100000 | (461) | (700) | 239  |
| GPB Call USD Put | Barclays Bank PLC\* | 1/05/26 | 1.40 | 100000 | GBP | 100000 | (337) | (1462) | 1125  |
| GBP Call USD Put | Canadian Imperial Bank of Commerce\* | 12/19/25 | 1.40 | 250000 | GBP | 250000 | (664) | (1153) | 489  |
| GBP Call USD Put | Canadian Imperial Bank of Commerce\* | 3/19/26 | 1.40 | 250000 | GBP | 250000 | (1950) | (2655) | 705  |
| TRY Call USD Put | Citibank N.A.\* | 12/08/25 | 43.65 | 4250000 | TRY | 4250000 | (1595) | (1041) | (554)  |
| EUR Call NOK Put | Citibank N.A.\* | 5/15/26 | 12.44 | 100000 | EUR | 100000 | (1055) | (1707) | 652  |
| EUR Call ILS Put | Goldman Sachs International\* | 12/11/25 | 4.00 | 200000 | EUR | 200000 | (2144) | (2832) | 688  |
| NOK Call KRW Put | JP Morgan Chase Bank N.A.\* | 1/19/26 | 140.00 | 2600000 | NOK | 2600000 | (5059) | (2036) | (3023)  |
|  |  |  |  |  |  |  | $(14576) | $(16128) | $1552 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

**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)  |
| **Put**<br>|  |  |  |  |  |  |  |  |  |
| USD Put CHF Call | Bank of America N.A.\* | 11/17/25 | 0.77 | 100000 | USD | 100000 | $(302) | $(600) | $298  |
| CLP Put USD Call | Bank of America N.A.\* | 12/12/25 | 1000.00 | 238000000 | CLP | 238000000 | (2362) | (2275) | (87)  |
| USD Put CHF Call | Bank of America N.A.\* | 2/17/26 | 0.75 | 100000 | USD | 100000 | (506) | (720) | 214  |
| USD Put CHF Call | Bank of America N.A.\* | 8/17/26 | 0.72 | 100000 | USD | 100000 | (810) | (960) | 150  |
|  |  |  |  |  |  |  | $(3980) | $(4555) | $575 |

---

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty**  | **Settlement** <br>**Date**  | **Currency Purchased**  | **Currency Purchased**  | **Currency Sold**  | **Currency Sold**  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| BNP Paribas SA\* | 10/08/25 | UGX | 368364000 | USD | 101702 | $3914  |
| BNP Paribas SA\* | 11/10/25 | USD | 377808 | HKD | 2915000 | 2883  |
| BNP Paribas SA\* | 1/21/26 | GBP | 41026 | EUR | 47300 | (705)  |
| Canadian Imperial Bank of Commerce\* | 11/10/25 | USD | 253262 | ZAR | 4552500 | (9631)  |
| Canadian Imperial Bank of Commerce\* | 12/15/25 | USD | 180000 | INR | 15975558 | 821  |
| Citibank N.A.\* | 10/08/25 | USD | 157930 | UGX | 551764000 | (270)  |
| Citibank N.A.\* | 11/10/25 | NGN | 284660000 | USD | 184067 | 4432  |
| Citibank N.A.\* | 11/10/25 | USD | 279224 | TWD | 8274000 | 6943  |
| Citibank N.A.\* | 11/19/25 | EGP | 2964438 | USD | 60000 | 528  |
| Citibank N.A.\* | 11/25/25 | USD | 255051 | VND | 6769100000 | (653)  |
| Citibank N.A.\* | 1/02/26 | UGX | 914215000 | USD | 258582 | 328  |
| Citibank N.A.\* | 1/20/26 | KES | 1872991 | USD | 13393 | 934  |
| Citibank N.A.\* | 9/29/26 | USD | 253793 | EGP | 14297759 | (4033)  |
| Citibank N.A.\* | 12/08/25 | BRL | 2061000 | USD | 351790 | 29394  |
| Citibank N.A.\* | 12/17/25 | EGP | 14954940 | USD | 300000 | 1502  |
| Deutsche Bank AG\* | 11/24/25 | HUF | 86608000 | EUR | 216966 | 4341  |
| Deutsche Bank AG\* | 12/15/25 | USD | 255000 | IDR | 4202527500 | 3004  |
| Goldman Sachs International\* | 11/07/25 | USD | 358077 | TRY | 15592500 | (6074)  |
| Goldman Sachs International\* | 11/19/25 | USD | 204603 | DOP | 13022000 | (2597)  |
| Goldman Sachs International\* | 11/19/25 | USD | 92000 | KRW | 127327650 | 1040  |
| Goldman Sachs International\* | 12/08/25 | MXN | 5883900 | USD | 301487 | 17508  |
| Goldman Sachs International\* | 12/08/25 | BRL | 169800 | USD | 29806 | 1599  |
| Goldman Sachs International\* | 12/09/25 | COP | 1000000000 | CAD | 330033 | 14864  |
| Goldman Sachs International\* | 12/16/25 | USD | 256780 | JPY | 37438000 | 1704  |
| HSBC Bank PLC\* | 11/07/25 | TRY | 15592500 | USD | 353618 | 10533  |
| HSBC Bank PLC\* | 12/12/25 | TRY | 6886500 | USD | 154151 | 2207  |
| JP Morgan Chase Bank N.A.\* | 10/06/25 | NGN | 48580294 | USD | 30174 | 2515  |
| JP Morgan Chase Bank N.A.\* | 10/10/25 | USD | 377344 | CNH | 2694000 | (594)  |
| JP Morgan Chase Bank N.A.\* | 10/10/25 | USD | 247709 | KRW | 342780000 | 3317  |
| JP Morgan Chase Bank N.A.\* | 10/14/25 | NGN | 48580294 | USD | 29988 | 2574  |
| JP Morgan Chase Bank N.A.\* | 10/20/25 | USD | 253145 | EUR | 216500 | (1316)  |
| JP Morgan Chase Bank N.A.\* | 11/03/25 | NGN | 29645371 | USD | 16940 | 2751  |
| JP Morgan Chase Bank N.A.\* | 11/10/25 | NGN | 19316320 | USD | 10913 | 1878  |
| JP Morgan Chase Bank N.A.\* | 11/10/25 | USD | 206230 | RON | 908000 | (3032)  |
| JP Morgan Chase Bank N.A.\* | 1/20/26 | KES | 9959000 | USD | 75447 | 732  |
| JP Morgan Chase Bank N.A.\* | 1/21/26 | GBP | 150858 | EUR | 172600 | (1023)  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Diversified Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty**  | **Settlement** <br>**Date**  | **Currency Purchased**  | **Currency Purchased**  | **Currency Sold**  | **Currency Sold**  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Standard Chartered Bank\* | 10/08/25 | UGX | 183400000 | USD | 50944 | $1640  |
| Standard Chartered Bank\* | 1/20/26 | KES | 21957800 | USD | 166311 | 1651  |
|  |  |  |  |  |  | $95609 |

---

**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 | 12/19/25 | 20 | $2297903 | $33972  |
| U.S. Treasury Note 10 Year | 12/19/25 | 11 | 1234567 | 2933  |
| U.S. Treasury Ultra Bond | 12/19/25 | 13 | 1531123 | 29690  |
| U.S. Treasury Note 2 Year | 12/31/25 | 14 | 2918372 | (794)  |
|  |  |  |  | $65801  |
| **Short**<br>|  |  |  |  |
| U.S. Treasury Ultra 10 Year | 12/19/25 | 6 | $(683745) | $(6724)  |
| U.S. Treasury Note 5 Year | 12/31/25 | 21 | (2301404) | 8302  |
|  |  |  |  | $1578 |

---

\* Contracts are subject to a master netting agreement or similar agreement.

**Currency Legend** 

---

| | |
|:---|:---|
| BRL | &nbsp;&nbsp;&nbsp; Brazilian Real  |
| CAD | &nbsp;&nbsp;&nbsp; Canadian Dollar  |
| CHF | &nbsp;&nbsp;&nbsp; Swiss Franc  |
| CLP | &nbsp;&nbsp;&nbsp; Chilean Peso  |
| CNH | &nbsp;&nbsp;&nbsp; Offshore Chinese Yuan  |
| COP | &nbsp;&nbsp;&nbsp; Colombian Peso  |
| DOP | &nbsp;&nbsp;&nbsp; Dominican Peso  |
| EGP | &nbsp;&nbsp;&nbsp; Egyptian Pound  |
| EUR | &nbsp;&nbsp;&nbsp; Euro  |
| GBP | &nbsp;&nbsp;&nbsp; British Pound  |
| HKD | &nbsp;&nbsp;&nbsp; Hong Kong Dollar  |
| HUF | &nbsp;&nbsp;&nbsp; Hungarian Forint  |
| IDR | &nbsp;&nbsp;&nbsp; Indonesian Rupiah  |
| ILS | &nbsp;&nbsp;&nbsp; Israeli Shekel  |
| INR | &nbsp;&nbsp;&nbsp; Indian Rupee  |
| JPY | &nbsp;&nbsp;&nbsp; Japanese Yen  |
| KES | &nbsp;&nbsp;&nbsp; Kenyan Shilling  |
| KRW | &nbsp;&nbsp;&nbsp; South Korean Won |
| MXN | &nbsp;&nbsp;&nbsp; Mexican Peso  |
| NGN | &nbsp;&nbsp;&nbsp; Nigerian Naira  |
| NOK | &nbsp;&nbsp;&nbsp; Norwegian Krone  |
| RON | &nbsp;&nbsp;&nbsp; New Romanian Leu  |
| TRY | &nbsp;&nbsp;&nbsp; New Turkish Lira  |
| TWD | &nbsp;&nbsp;&nbsp; Taiwan Dollar  |
| USD | &nbsp;&nbsp;&nbsp; U.S. Dollar  |
| VND | &nbsp;&nbsp;&nbsp; Vietnamese Dong  |
| ZAR | &nbsp;&nbsp;&nbsp; South African Rand  |
| UGX | &nbsp;&nbsp;&nbsp; Uganda Shilling |

---

---

| | |
|:---|:---|
|  | 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**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **EQUITIES — 0.0%**<br>|  |  |
| **PREFERRED STOCK — 0.0%**<br>|  |  |
| **Financials — 0.0%**<br>|  |  |
|  Veritas Kapital Assurance PLC, Series G (a) | 4266 | $97052  |
|  Veritas Kapital Assurance PLC, Series G-1 (a) | 2948 | 67067  |
|  |  | **164119**  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $113,149)** |  | **164119**  |
| **TOTAL EQUITIES** <br>**(Cost $113,149)** |  | **164119** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  |  |
| **Bonds & Notes — 97.6%**<br>|  |  |
| **Bank Loans — 10.7%**<br>|  |  |
| **Advertising — 1.0%**<br>|  |  |
|  CMG Media Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.602% VRN 6/18/29 (b) | $2621517 | 2501739  |
|  Neptune Bidco US, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.429% VRN 4/11/29 (b) | 2507600 | 2384427  |
|  |  | 4886166  |
| **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; 8.728% VRN 4/23/29 (b) | 497487 | 400791  |
| **Commercial Services — 0.7%**<br>|  |  |
|  ION Platform Finance US, Inc., USD Term Loan, 0.000% 9/30/32 (c) | 1651000 | 1634490  |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.750% 6.884% <br>VRN 8/13/32 (b) | 1514493 | 1510707  |
|  |  | 3145197  |
| **Computers — 0.3%**<br>|  |  |
|  Bingo Holdings I LLC, Term Loan B, 3 mo. USD Term SOFR + 4.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.752% VRN 6/30/32 (c) | 1567419 | 1564974  |
| **Electric — 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Astoria Energy LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 2.750%, 3 mo. USD Term <br>SOFR + 2.750% 6.752% - 6.913% VRN 6/23/32 (b) | 1533532 | 1536308 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Invenergy Thermal Operating I LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 Term Loan C, 3 mo. USD Term SOFR + 3.500% <br>7.502% VRN 5/17/32 (b) | $161519 | $162461  |
|  2025 Term Loan B, 3 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.616% VRN 5/17/32 (b) | 2083108 | 2095252  |
|  |  | 3794021  |
| **Energy - Alternate Sources — 0.3%**<br>|  |  |
|  Bayonne Energy Center LLC, Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 10/01/32 (c) | 1267364 | 1264196  |
| **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; 7.663% VRN 4/26/30 (b) | 1160633 | 1147575  |
|  Ontario Gaming GTA LP, Term Loan B, 3 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.240% VRN 8/01/30 (b) | 1142094 | 1112651  |
|  |  | 2260226  |
| **Health Care - Services — 2.1%**<br>|  |  |
|  Aveanna Healthcare LLC, 2025 Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 9/17/32 (c) | 1261874 | 1260297  |
|  LifePoint Health, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.068% VRN 5/19/31 (b) | 3573997 | 3564705  |
| &nbsp;&nbsp;&nbsp; Midwest Physician Administrative Services LLC, 2021 Term Loan, <br>3 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.263% VRN 3/12/28 (b) | 1246736 | 1158106  |
|  NAPA Management Services Corp., Term Loan B, 1 mo. USD Term SOFR + 5.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.513% VRN 2/23/29 (b) | 1828061 | 1210322  |
|  Radiology Partners, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.502% VRN 6/30/32 (b) | 2234841 | 2227399  |
|  Team Health Holdings, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.796% VRN 6/30/28 (b) | 542227 | 540758  |
|  |  | 9961587  |

---

---

| | |
|:---|:---|
| 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**  |
| **Leisure Time — 0.4%**<br>|  |  |
| Sabre GLBL, Inc.<br>|  |  |
|  2021 Term Loan B2, 1 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.778% VRN 12/17/27 (b) | $900317 | $850800  |
|  2021 Term Loan B1, 1 mo. USD Term SOFR + 3.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.778% VRN 12/17/27 (b) | 1344381 | 1270440  |
|  |  | 2121240  |
| **Media — 0.4%**<br>|  |  |
|  Learfield Communications LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.663% VRN 6/30/28 (b) | 2052848 | 2070810  |
| **Oil & Gas — 0.6%**<br>|  |  |
|  CVR Energy, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.002% VRN 12/30/27 (b) | 2824415 | 2824415  |
| **Packaging & Containers — 1.0%**<br>|  |  |
|  Balcan Innovations, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.058% VRN 10/18/31 (b) | 760001 | 714400  |
|  Five Star Intermediate Holding LLC, Term Loan, 3 mo. USD Term SOFR + 4.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.320% VRN 5/05/29 (b) | 2085617 | 2081717  |
|  Trident TPI Holdings, Inc., 2024 Term Loan B7, 3 mo. USD Term SOFR + 3.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.752% VRN 9/15/28 (b) (c) | 2258318 | 2215026  |
|  |  | 5011143  |
| **Pharmaceuticals — 0.4%**<br>|  |  |
|  Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.413% VRN 10/08/30 (b) | 1977612 | 1946089  |
| **Pipelines — 0.3%**<br>|  |  |
|  Stonepeak Bayou Holdings LP, Term Loan B,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 9/24/32 (c) | 1457578 | 1453934  |
| **Real Estate — 0.3%**<br>|  |  |
|  Hill Top Energy Center LLC, Term Loan B, 3 mo. USD Term SOFR + 3.250%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.413% VRN 6/26/32 (b) | 1380027 | 1380027  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Retail — 0.5%**<br>|  |  |
|  QXO, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.163% VRN 4/30/32 (b) | $502679 | $506494  |
|  Splat Super Holdco LLC, 2025 Term Loan, 1 mo. USD Term SOFR + 5.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.163% VRN 7/02/32 (b) | 1870187 | 1836524  |
|  |  | 2343018  |
| **Software — 0.7%**<br>|  |  |
|  Boxer Parent Co., Inc., 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.750%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.949% VRN 7/30/32 (b) | 2335349 | 2271127  |
|  MedAssets Software Intermediate Holdings, Inc., 2024 First Out Term Loan, 3 mo. USD Term SOFR + 4.000%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.003% VRN 12/15/28 (b) | 1217932 | 1177594  |
|  |  | 3448721  |
| **Telecommunications — 0.3%**<br>|  |  |
|  Zayo Group Holdings, Inc., 2025 USD Term Loan, 3 mo. USD Term SOFR + 3.610%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.612% VRN 3/11/30 (b) | 1238866 | 1200672  |
| **TOTAL BANK LOANS** <br>**(Cost $51,469,693)**  |  | **51077227**  |
| **Corporate Debt — 86.9%**<br>|  |  |
| **Advertising — 0.7%**<br>|  |  |
| Clear Channel Outdoor Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 6/01/29 (d) (e)  | 213000 | 206868  |
| &nbsp;&nbsp;&nbsp; 7.875% 4/01/30 (d)  | 750000 | 787520  |
| CMG Media Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.875% 6/18/29 (d) (e) | 1255239 | 1152837  |
| Neptune Bidco US, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.290% 4/15/29 (d) | 1012000 | 993470  |
|  |  | 3140695  |
| **Aerospace & Defense — 1.5%**<br>|  |  |
| Goat Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/01/32 (d) | 2172000 | 2226300  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 5/01/29 | 1539000 | 1516266  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/33 (d)  | 2225000 | 2249660  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/31/34 (d) (e)  | 275000 | 282815  |
| &nbsp;&nbsp;&nbsp; 6.750% 8/15/28 (d)  | 853000 | 869257  |
|  |  | 7144298  |

---

---

| | |
|:---|:---|
|  | 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**  |
| **Airlines — 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc. <br>7.250% 2/15/28 (d) (e) | $744000 | $762195  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/20/29 (d) | 760000 | 762907  |
|  JetBlue Airways Corp./JetBlue Loyalty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.875% 9/20/31 (d) | 1356000 | 1375353  |
| OneSky Flight LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.875% 12/15/29 (d) | 1150000 | 1209286  |
|  |  | 4109741  |
| **Auto Manufacturers — 0.7%**<br>|  |  |
| JB Poindexter & Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 12/15/31 (d) | 3240000 | 3393424  |
| **Auto Parts & Equipment — 1.3%**<br>|  |  |
| Adient Global Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 2/15/33 (d)(e) | 3178000 | 3290708  |
| Phinia, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/29 (d)  | 580000 | 597511  |
| &nbsp;&nbsp;&nbsp; 6.625% 10/15/32 (d)  | 1266000 | 1304781  |
| ZF North America Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 3/24/31 (d) | 890000 | 883940  |
|  |  | 6076940  |
| **Building Materials — 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald <br>Co-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 12/15/30 (d) | 1032000 | 1060843  |
| JH North America Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 1/31/31 (d)  | 2364000 | 2400204  |
| &nbsp;&nbsp;&nbsp; 6.125% 7/31/32 (d)  | 596000 | 610467  |
| Knife River Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.750% 5/01/31 (d) | 2585000 | 2712288  |
| Smyrna Ready Mix Concrete LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 11/01/28 (d)  | 1627000 | 1627517  |
| &nbsp;&nbsp;&nbsp; 8.875% 11/15/31 (d) (e)  | 1301000 | 1373782  |
| Wilsonart LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.000% 8/15/32 (d) (e) | 2272000 | 2211676  |
|  |  | 11996777  |
| **Chemicals — 1.9%**<br>|  |  |
| Consolidated Energy Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 10/15/28 (d) (e)  | 4296000 | 3578531  |
| &nbsp;&nbsp;&nbsp; 12.000% 2/15/31 (d) (e)  | 254000 | 232412  |
| Olympus Water US Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.750% 11/15/28 (d) | 3419000 | 3588240  |
| Vibrantz Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 2/15/30 (d) (e) | 3041000 | 1718165  |
|  |  | 9117348  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Commercial Services — 3.4%**<br>|  |  |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 5/21/30 (d) | $1043000 | $1078775  |
| Alta Equipment Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/29 (d) | 814000 | 759742  |
| APi Group DE, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 10/15/29 (d) | 2186000 | 2142957  |
| Cimpress PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 9/15/32 (d) (e) | 1556000 | 1550577  |
| Herc Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 6/15/30 (d)  | 336000 | 349012  |
| &nbsp;&nbsp;&nbsp; 7.250% 6/15/33 (d)  | 369000 | 385200  |
| ION Platform Finance US, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 9/30/32 (d) (f) | 3819000 | 3793909  |
| PROG Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 11/15/29 (d) | 2753100 | 2703765  |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 8/15/32 (d) | 1365000 | 1411261  |
| Upbound Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 2/15/29 (d) | 953000 | 940477  |
| Williams Scotsman, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 8/15/28 (d) | 972000 | 955660  |
|  |  | 16071335  |
| **Computers — 0.5%**<br>|  |  |
| McAfee Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 2/15/30 (d) (e) | 1399000 | 1297700  |
| Parsons Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% 3/01/29 | 1057000 | 1204980  |
|  |  | 2502680  |
| **Distribution & Wholesale — 0.8%**<br>|  |  |
| Resideo Funding, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 9/01/29 (d)  | 1882000 | 1797705  |
| &nbsp;&nbsp;&nbsp; 6.500% 7/15/32 (d)  | 2129000 | 2182023  |
|  |  | 3979728  |
| **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** |  |
| Azorra Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 1/15/31 (d) | 807000 | 840322  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 7/15/33 (d) | 1917000 | 1950739  |
| Coinbase Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 10/01/31 (d) | 508000 | 453326  |
| GGAM Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/15/29 (d) | 3185000 | 3302880  |
| &nbsp;&nbsp;&nbsp; 8.000% 2/15/27 (d) | 2005000 | 2052045  |

---

---

| | |
|:---|:---|
| 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**  |
| Jefferson Capital Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 8/15/26 (d)  | $3260000 | $3259217  |
| &nbsp;&nbsp;&nbsp; 8.250% 5/15/30 (d)  | 5399000 | 5646409  |
| &nbsp;&nbsp;&nbsp; 9.500% 2/15/29 (d)  | 2630000 | 2769966  |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 1/15/27 | 1124000  | 1098511  |
| &nbsp;&nbsp;&nbsp; 7.125% 9/15/32 | 1225000 | 1265471  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/01/29 (d) (e) | 5939000 | 5515440  |
| &nbsp;&nbsp;&nbsp; 8.375% 2/01/28 (d) | 445000 | 455150  |
| &nbsp;&nbsp;&nbsp; 8.875% 1/31/30 (d)  | 1053000 | 1086631  |
| Rocket Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 8/01/30 (d)  | 709000 | 727661  |
| &nbsp;&nbsp;&nbsp; 6.375% 8/01/33 (d)  | 709000 | 731769  |
|  |  | 31155537  |
| **Electric — 4.8%**<br>|  |  |
| Atlantica Sustainable Infrastructure Ltd. | Atlantica Sustainable Infrastructure Ltd. | Atlantica Sustainable Infrastructure Ltd. |
| &nbsp;&nbsp;&nbsp; 4.125% 6/15/28 (d) | 3474000 | 3398625  |
|  California Buyer Ltd./Atlantica Sustainable Infrastructure PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 2/15/32 (d) | 2836000 | 2906704  |
|  Edison International 5 yr. CMT + 3.658%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% VRN 6/15/54 (b) (e) | 294000 | 299552  |
| Lightning Power LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 8/15/32 (d) | 3631000 | 3844198  |
| Pike Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/01/28 (d) | 2144000 | 2136938  |
| Talen Energy Supply LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 6/01/30 (d) | 5939000 | 6304480  |
|  XPLR Infrastructure Operating Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 9/15/27 (d)  | 2890000 | 2835298  |
| &nbsp;&nbsp;&nbsp; 8.375% 1/15/31 (d) (e)  | 525000 | 550200  |
| &nbsp;&nbsp;&nbsp; 8.625% 3/15/33 (d)  | 578000 | 606142  |
|  |  | 22882137  |
| **Electronics — 0.8%**<br>|  |  |
| Atkore, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 6/01/31 (d) | 4171000 | 3887294  |
| **Energy - Alternate Sources — 0.6%**<br>|  |  |
| XPLR Infrastructure LP, Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% 6/15/26 (d) (e) | 2939000 | 2865525  |
| **Engineering & Construction — 3.6%** | **Engineering & Construction — 3.6%** |  |
| AECOM<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 8/01/33 (d) | 2072000 | 2118392  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Arcosa, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 4/15/29 (d) | $5752000 | $5593165  |
| &nbsp;&nbsp;&nbsp; 6.875% 8/15/32 (d) | 4392000 | 4587413  |
| Global Infrastructure Solutions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 6/01/29 (d)  | 1098000 | 1078819  |
| &nbsp;&nbsp;&nbsp; 7.500% 4/15/32 (d)  | 1457000 | 1538033  |
|  Railworks Holdings LP/Railworks Rally, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 11/15/28 (d) | 1673000 | 1692465  |
| Uniti Group, Inc., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 12/01/27 | 314000 | 338470  |
|  |  | 16946757  |
| **Entertainment — 2.6%**<br>|  |  |
| AMC Entertainment Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 2/15/29 (d) (e) | 428000 | 370160  |
| Caesars Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/15/32 (d) | 1168000 | 1191346  |
| Flutter Treasury DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/04/31 (d) | 2217000 | 2250299  |
| Jacobs Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/15/29 (d) | 2225000 | 2172067  |
| Light & Wonder International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 10/01/33 (d) | 741000 | 742260  |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP/OTG <br>Co-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 8/01/30 (d) | 145000 | 144082  |
|  Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 10/15/30 (d) (f) | 1578000 | 1592070  |
|  Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/01/32 (d) (e) | 1146000 | 1167560  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.054% 3/15/29 | 1847000 | 1782355  |
| &nbsp;&nbsp;&nbsp; 5.050% 3/15/42 | 832000 | 664202  |
| &nbsp;&nbsp;&nbsp; 5.141% 3/15/52 | 360000 | 268200  |
|  |  | 12344601  |
| **Environmental Controls — 0.2%**<br>|  |  |
| Enviri Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 7/31/27 (d) | 1175000 | 1165470  |
| **Food — 0.9%**<br>|  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/15/33 (d) | 2125000 | 2173238  |
| Performance Food Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 8/01/29 (d) | 2272000 | 2206990  |
|  |  | 4380228  |

---

---

| | |
|:---|:---|
|  | 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**  |
| **Health Care - Services — 7.2%**<br>|  |  |
| CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
| &nbsp;&nbsp;&nbsp; 4.750% 2/15/31 (d)  | $1415000 | $1223619  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/30 (d)  | 50000 | 45232  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/29 (d)  | 1141000 | 1107500  |
| &nbsp;&nbsp;&nbsp; 6.125% 4/01/30 (d)  | 452000 | 327851  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/15/29 (d) (e)  | 472000 | 375240  |
| &nbsp;&nbsp;&nbsp; 9.750% 1/15/34 (d)  | 942000 | 965079  |
| Fortrea Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 7/01/30 (d) (e) | 1756000 | 1662827  |
| Global Medical Response, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 10/01/32 (d) | 835000 | 859474  |
| LifePoint Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 1/15/29 (d) (e)  | 426000 | 405765  |
| &nbsp;&nbsp;&nbsp; 9.875% 8/15/30 (d)  | 2970000 | 3216326  |
| &nbsp;&nbsp;&nbsp; 10.000% 6/01/32 (d) (e)  | 2551000 | 2678445  |
| &nbsp;&nbsp;&nbsp; 11.000% 10/15/30 (d)  | 1134000 | 1249846  |
| Molina Healthcare, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 6/15/28 (d)  | 4448000 | 4337884  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/15/33 (d)  | 2540000 | 2568217  |
| Radiology Partners, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 7/15/32 (d)  | 3334000 | 3450144  |
| &nbsp;&nbsp;&nbsp; PIK 9.781% , Cash <br>9.781% 2/15/30 (d) (g)  | 4157776 | 4066045  |
|  Team Health Holdings, Inc. PIK 4.500%, Cash<br>|  |  |
| &nbsp;&nbsp;&nbsp; 13.500% 6/30/28 (d) (g) | 5338841 | 5765948  |
|  |  | 34305442  |
| **Home Builders — 1.4%**<br>|  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 8/01/29 (d)  | 1241000 | 1188350  |
| &nbsp;&nbsp;&nbsp; 6.875% 8/01/33 (d)  | 1175000 | 1185078  |
| K Hovnanian Enterprises, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 4/01/31 (d)  | 469000 | 480928  |
| &nbsp;&nbsp;&nbsp; 8.375% 10/01/33 (d)  | 459000 | 470591  |
| Mattamy Group Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 3/01/30 (d)  | 3651000 | 3523769  |
| &nbsp;&nbsp;&nbsp; 5.250% 12/15/27 (d)  | 25000 | 24838  |
|  |  | 6873554  |
| **Housewares — 0.5%**<br>|  |  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 9/15/27 | 506000 | 512900  |
| &nbsp;&nbsp;&nbsp; 6.375% 5/15/30 (e)  | 463000 | 458738  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/15/32 (e)  | 389000 | 383907  |
| &nbsp;&nbsp;&nbsp; 6.875% STEP 4/01/36 (e)  | 417000 | 414893  |
| &nbsp;&nbsp;&nbsp; 8.500% 6/01/28 (d)  | 597000 | 631468  |
|  |  | 2401906  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Internet — 0.3%**<br>|  |  |
| GrubHub Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 13.000% 7/31/30 (d) (e) | $157365 | $157301  |
| Wayfair LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 10/31/29 (d) | 1136000 | 1171262  |
|  |  | 1328563  |
| **Investment Companies — 1.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; HAT Holdings I LLC/HAT <br>Holdings II LLC | &nbsp;&nbsp;&nbsp; HAT Holdings I LLC/HAT <br>Holdings II LLC | &nbsp;&nbsp;&nbsp; HAT Holdings I LLC/HAT <br>Holdings II LLC |
| &nbsp;&nbsp;&nbsp; 3.375% 6/15/26 (d) (e) | 1726000 | 1709137  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/27 | 2145000 | 2108419  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/15/30 | 1952000 | 1882153  |
| &nbsp;&nbsp;&nbsp; 10.000% 11/15/29 (d)  | 835000 | 838689  |
|  |  | 6538398  |
| **Leisure Time — 1.7%**<br>|  |  |
| Carnival Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 8/01/32 (d)  | 869000 | 884362  |
| &nbsp;&nbsp;&nbsp; 6.125% 2/15/33 (d)  | 2170000 | 2224328  |
| Sabre GLBL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Convertible, 7.320% 8/01/26 | 589000 | 593417  |
| &nbsp;&nbsp;&nbsp; 8.625% 6/01/27 (d)  | 1142000 | 1158354  |
| &nbsp;&nbsp;&nbsp; 11.125% 7/15/30 (d)  | 539000 | 521995  |
| Viking Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 10/15/33 (d) (f) | 2621000 | 2622839  |
| VOC Escrow Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 2/15/28 (d) | 232000 | 231369  |
|  |  | 8236664  |
| **Lodging — 0.2%**<br>|  |  |
| Full House Resorts, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 2/15/28 (d) (e) | 1145000 | 1062622  |
| **Machinery - Diversified — 1.0%**<br>|  |  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.400% 4/15/33 | 4379000 | 4701059  |
| **Media — 5.9%**<br>|  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/01/31 (d)  | 2361000 | 2175027  |
| &nbsp;&nbsp;&nbsp; 4.250% 1/15/34 (d) (e)  | 1588000 | 1372926  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/01/32 | 853000  | 776286  |
| &nbsp;&nbsp;&nbsp; 5.125% 5/01/27 (d)  | 1075000 | 1067781  |
| CSC Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 11/15/31 (d)  | 896000 | 582647  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/30 (d)  | 1139000 | 433709  |
| &nbsp;&nbsp;&nbsp; 7.500% 4/01/28 (d) (e)  | 800000 | 579342  |
| &nbsp;&nbsp;&nbsp; 11.750% 1/31/29 (d)  | 2186000 | 1838304  |

---

---

| | |
|:---|:---|
| 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**  |
| Cumulus Media New Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 7/01/29 (d) | $847000 | $215968  |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 8/15/27 (d)  | 3680000 | 3675871  |
| &nbsp;&nbsp;&nbsp; 10.000% 2/15/31 (d)  | 465000 | 464317  |
| Discovery Communications LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 5/15/30 | 1967000 | 1817126  |
| DISH DBS Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 6/01/29  | 380000 | 324965  |
| &nbsp;&nbsp;&nbsp; 5.250% 12/01/26 (d)  | 845000 | 830292  |
| &nbsp;&nbsp;&nbsp; 5.750% 12/01/28 (d)  | 849000 | 813885  |
| &nbsp;&nbsp;&nbsp; 7.375% 7/01/28  | 312000 | 287488  |
| DISH Network Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.750% 11/15/27 (d) | 1026000 | 1085772  |
| iHeartCommunications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 1/15/28 (d) | 912000 | 788880  |
| LCPR Senior Secured Financing DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 10/15/27 (d) | 1039000 | 622117  |
| Scripps Escrow II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 1/15/29 (d) (e) | 520000 | 458111  |
| Sinclair Television Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 2/15/33 (d) | 960000 | 985219  |
| Time Warner Cable Enterprises LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.375% 7/15/33 | 836000 | 980786  |
| Univision Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.375% 8/01/32 (d) | 491000 | 523242  |
| Virgin Media Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 7/15/30 (d) | 510000 | 473692  |
| Virgin Media Secured Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 8/15/30 (d)  | 236000 | 222510  |
| &nbsp;&nbsp;&nbsp; 5.500% 5/15/29 (d)  | 4036000 | 3990372  |
|  Virgin Media Vendor Financing Notes IV DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 7/15/28 (d) | 588000 | 575975  |
|  |  | 27962610  |
| **Mining — 2.2%**<br>|  |  |
| Constellium SE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 4/15/29 (d)  | 4024000 | 3828770  |
| &nbsp;&nbsp;&nbsp; 5.625% 6/15/28 (d)  | 1405000 | 1402890  |
| &nbsp;&nbsp;&nbsp; 6.375% 8/15/32 (d) (e)  | 585000 | 597987  |
| First Quantum Minerals Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 2/15/34 (d)  | 907000 | 937795  |
| &nbsp;&nbsp;&nbsp; 8.000% 3/01/33 (d)  | 1214000 | 1281810  |
| Novelis Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 8/15/31 (d)  | 313000 | 285358  |
| &nbsp;&nbsp;&nbsp; 4.750% 1/30/30 (d)  | 1000000 | 964668  |
| &nbsp;&nbsp;&nbsp; 6.375% 8/15/33 (d)  | 1135000 | 1146731  |
|  |  | 10446009  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Miscellaneous - Manufacturing — 0.9%** | **Miscellaneous - Manufacturing — 0.9%** |  |
| Amsted Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 5/15/30 (d)  | $1770000 | $1710491  |
| &nbsp;&nbsp;&nbsp; 6.375% 3/15/33 (d)  | 2510000 | 2576214  |
|  |  | 4286705  |
| **Oil & Gas — 5.2%**<br>|  |  |
| Civitas Resources, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 7/01/31 (d) (e)  | 1064000 | 1090080  |
| &nbsp;&nbsp;&nbsp; 9.625% 6/15/33 (d)  | 141000 | 148925  |
| CVR Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 2/15/28 (d) | 3551000 | 3496409  |
| Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
| &nbsp;&nbsp;&nbsp; 6.000% 4/15/30 (d)  | 443000 | 435357  |
| &nbsp;&nbsp;&nbsp; 6.000% 2/01/31 (d)  | 1792000 | 1725804  |
| &nbsp;&nbsp;&nbsp; 6.875% 5/15/34 (d)  | 1600000 | 1538319  |
| &nbsp;&nbsp;&nbsp; 7.250% 2/15/35 (d)  | 2504000 | 2447126  |
| Parkland Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 10/01/29 (d)  | 3308000 | 3221602  |
| &nbsp;&nbsp;&nbsp; 4.625% 5/01/30 (d)  | 1669000 | 1622706  |
| &nbsp;&nbsp;&nbsp; 6.625% 8/15/32 (d)  | 3903000 | 4010575  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 7/01/33 (d)  | 753000 | 766435  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 yr. CMT + 4.230% 7.875% <br>VRN (b) (d) (h)  | 3786000 | 3845478  |
| Sunoco LP/Sunoco Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/15/29 | 216000 | 210717  |
|  |  | 24559533  |
| **Oil & Gas Services — 1.0%**<br>|  |  |
| WBI Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 10/15/30 (d) (f)  | 1037000 | 1037000  |
| &nbsp;&nbsp;&nbsp; 6.500% 10/15/33 (d) (f)  | 1037000 | 1037000  |
| Weatherford International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 10/15/33 (d) (f)  | 1863000 | 1864296  |
| &nbsp;&nbsp;&nbsp; 8.625% 4/30/30 (d)  | 886000 | 905714  |
|  |  | 4844010  |
| **Packaging & Containers — 1.3%**<br>|  |  |
| Clydesdale Acquisition Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.750% 4/15/30 (d) (e) | 1054000 | 1082714  |
| Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
| &nbsp;&nbsp;&nbsp; 7.875% 4/15/27 (d)  | 340000 | 343333  |
| &nbsp;&nbsp;&nbsp; 9.250% 4/15/27 (d)  | 2291000 | 2296242  |
| Trident TPI Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 12.750% 12/31/28 (d) | 2209000 | 2355344  |
|  |  | 6077633  |

---

---

| | |
|:---|:---|
|  | 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>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Pharmaceuticals — 2.1%**<br>|  |  |
| 1261229 BC Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.000% 4/15/32 (d) | $1241000 | $1272090  |
| Bausch Health Americas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 1/31/27 (d) | 390000 | 386100  |
| Bausch Health Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/01/28 (d)  | 1767000 | 1581465  |
| &nbsp;&nbsp;&nbsp; 5.250% 1/30/30 (d)  | 1102000 | 776910  |
| &nbsp;&nbsp;&nbsp; 11.000% 9/30/28 (d) (e)  | 525000 | 546010  |
| &nbsp;&nbsp;&nbsp; 14.000% 10/15/30 (d) (e)  | 367000 | 367917  |
| Grifols SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 10/15/28 (d) | 1213000 | 1178262  |
| Herbalife Ltd., Convertible,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 6/15/28 | 3057000 | 2826196  |
|  HLF Financing SARL LLC/Herbalife International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/01/29 (d) (e)  | 388000 | 341146  |
| &nbsp;&nbsp;&nbsp; 12.250% 4/15/29 (d)  | 787000 | 853737  |
|  |  | 10129833  |
| **Pipelines — 5.0%**<br>|  |  |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 6/15/31 (d) | 4134000 | 4095572  |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 5/15/33 | 662000 | 692418  |
| Harvest Midstream I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 9/01/28 (d) | 1911000 | 1931564  |
| ITT Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 8/01/29 (d) | 7722000 | 7591765  |
|  NGL Energy Operating LLC/NGL Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.125% 2/15/29 (d)  | 624000 | 639798  |
| &nbsp;&nbsp;&nbsp; 8.375% 2/15/32 (d)  | 1455000 | 1490860  |
| Northriver Midstream Finance LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 7/15/32 (d) | 1549000 | 1584001  |
| Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 8/15/29 (d)  | 869000 | 832794  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/31 (d)  | 994000 | 938185  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 1/15/30 (d) (e)  | 684000 | 707779  |
| &nbsp;&nbsp;&nbsp; 8.125% 6/01/28 (d)  | 635000 | 657270  |
| &nbsp;&nbsp;&nbsp; 8.375% 6/01/31 (d)  | 665000 | 698230  |
| &nbsp;&nbsp;&nbsp; 9.875% 2/01/32 (d) (e)  | 925000 | 1007069  |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp; 6.750% 1/15/36 (d) | 1139000 | 1209820  |
|  |  | 24077125  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  **Real Estate Investment Trusts (REITS) — 2.9%**<br>|  |  |
| Global Net Lease, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 9/30/28 (d) | $763000 | $746394  |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 12/15/27 (d) | 993000 | 963809  |
| Millrose Properties, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 8/01/30 (d) | 1496000 | 1521417  |
| RLJ Lodging Trust LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 9/15/29 (d) | 2345000 | 2214417  |
| Service Properties Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000% 9/30/28 (d) | 968000 | 853321  |
| &nbsp;&nbsp;&nbsp; 4.950% 2/15/27 | 905000 | 901586  |
| &nbsp;&nbsp;&nbsp; 5.500% 12/15/27 | 505000 | 495698  |
| &nbsp;&nbsp;&nbsp; 8.375% 6/15/29 | 512000 | 519869  |
| &nbsp;&nbsp;&nbsp; 8.875% 6/15/32 | 1110000 | 1116237  |
|  Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 1/15/30 (d) | 436000 | 394757  |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/15/29 (d)  | 2682000 | 2518760  |
| &nbsp;&nbsp;&nbsp; 8.625% 6/15/32 (d) (e)  | 958000 | 915228  |
| &nbsp;&nbsp;&nbsp; 10.500% 2/15/28 (d)  | 553000 | 582420  |
|  |  | 13743913  |
| **Retail — 4.5%**<br>|  |  |
| 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
| &nbsp;&nbsp;&nbsp; 4.375% 1/15/28 (d)  | 2199000 | 2160695  |
| &nbsp;&nbsp;&nbsp; 5.625% 9/15/29 (d)  | 415000 | 419990  |
| &nbsp;&nbsp;&nbsp; 6.125% 6/15/29 (d)  | 1577000 | 1612486  |
| Bath & Body Works, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 11/01/35 | 349000 | 362968  |
| Carvana Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/31 (d) | 3294274 | 3729869  |
| LBM Acquisition LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.500% 6/15/31 (d) | 1097000 | 1152748  |
| Park River Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 3/15/31 (d) (f) | 193000 | 195446  |
| QXO Building Products, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/30/32 (d) | 2158000 | 2234385  |
| Staples, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.750% 9/01/29 (d)  | 832000 | 822656 |
| &nbsp;&nbsp;&nbsp; 12.750% 1/15/30 (d)  | 602744 | 483881 |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/<br>Suburban Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 6/01/31 (d) | 1271000 | 1209344  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Superior Plus LP/Superior General Partner, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 3/15/29 (d) | $7093000 | $6843448  |
|  |  | 21227916  |
| **Semiconductors — 0.5%**<br>|  |  |
| Kioxia Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 7/24/30 (d)  | 826000 | 842523  |
| &nbsp;&nbsp;&nbsp; 6.625% 7/24/33 (d)  | 1329000 | 1366252  |
|  |  | 2208775  |
| **Software — 0.9%**<br>|  |  |
| Cloud Software Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/31/29 (d) | 1775000 | 1791011  |
| SS&C Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/30/27 (d) | 2666000 | 2661395  |
|  |  | 4452406  |
| **Telecommunications — 4.8%**<br>|  |  |
| Altice Financing SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/28 (d) (e) | 575000 | 447062  |
| Altice France SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 10/15/29 (d) | 1065000 | 921157  |
| C&W Senior Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 1/15/33 (d) (e) | 935000 | 977745  |
| CommScope LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 9/01/29 (d) (e)  | 613000 | 609065  |
| &nbsp;&nbsp;&nbsp; 9.500% 12/15/31 (d) (e)  | 1490000 | 1542300  |
|  Connect Finco SARL/Connect US Finco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 9/15/29 (d) (e) | 1020000 | 1072433  |
| Connect Holding II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.500% 4/03/31 (d) | 1167000 | 1166262  |
|  Digicel International Finance Ltd./Difl US LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 8/01/32 (d) | 1619000 | 1664629  |
| EchoStar Corp.<br>|  |  |
|  Convertible, PIK 3.875%, Cash 3.875% 11/30/30 (g) | 352352 | 866786  |
| &nbsp;&nbsp;&nbsp; PIK 6.750%, Cash 6.750% <br>11/30/30 (g) | 774997 | 798983  |
| &nbsp;&nbsp;&nbsp; 10.750% 11/30/29 | 3230500 | 3554099  |
| Level 3 Financing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 1/15/29 (d) | 415000 | 359163  |
| &nbsp;&nbsp;&nbsp; 3.750% 7/15/29 (d) | 1109000 | 945343  |
| &nbsp;&nbsp;&nbsp; 4.000% 4/15/31 (d) | 759000 | 652558  |
| &nbsp;&nbsp;&nbsp; 6.875% 6/30/33 (d) | 678636 | 691652  |
| &nbsp;&nbsp;&nbsp; 7.000% 3/31/34 (d) | 2700000 | 2746734  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Sable International Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.125% 10/15/32 (d) | $1159000 | $1176835  |
| Vmed O2 UK Financing I PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 7/15/31 (d) | 1361000 | 1281036  |
| &nbsp;&nbsp;&nbsp; 7.750% 4/15/32 (d) | 333000 | 349862  |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/<br>Windstream Escrow Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.250% 10/01/31 (d) | 714000 | 739616  |
| Zayo Group Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.250% 3/09/30 (d) (e) | 234045 | 224098  |
| &nbsp;&nbsp;&nbsp; 13.750% 9/09/30 (d) (e) | 85539 | 81049  |
|  |  | 22868467  |
| **Transportation — 1.8%**<br>|  |  |
| Carriage Purchaser, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.875% 10/15/29 (d) (e) | 1473000 | 1369357  |
| Seaspan Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 8/01/29 (d) | 7582320 | 7310646  |
|  |  | 8680003  |
| **TOTAL CORPORATE DEBT**<br>**(Cost $410,628,105)**  |  | **414173661**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $462,097,798)**  |  | **465250888**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $462,210,947)**  |  | **465415007**  |
| **Short-Term Investments — 12.1%** | **Short-Term Investments — 12.1%** |  |
| **Commercial Paper — 2.3%**<br>|  |  |
| AbbVie, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.283% 10/09/25 | 5000000 | 4994669  |
| WPP CP LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.512% 10/23/25 (d) | 6000000 | 5983527  |
|  |  | 10978196 |
|  | **Number of** <br>**Shares**  |  |
| **Investment of Cash Collateral from Securities Loaned — 7.9%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (i)  | 37735795 | 37735795 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual High Yield Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount**  | **Value**  |
| **Repurchase Agreement — 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (j)  | $8954080 | $8954080  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $57,668,943)**  |  | **57668071**  |
| **TOTAL INVESTMENTS — 109.7%** <br>**(Cost $519,879,890) (k)**  |  | **523083078**  |
| **Other Assets/**<br>(Liabilities) — (9.7)%  |  | **(46307162)**  |
| **NET ASSETS — 100.0%**  |  | **$476775916** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CMT | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| PIK | &nbsp;&nbsp;&nbsp; Payment in kind |
| 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) 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 September 30, 2025, where the rate will be determined at time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At September 30, 2025, the aggregate market value of these securities amounted to $384,131,487 or 80.57% of net
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $36,890,364 or 7.74% of net assets. The Fund received $596,848
 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;(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) 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;(h) Security is perpetual and has no stated maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(j) Maturity value of $8,954,702. Collateralized
 by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 4/30/27, and an aggregate market value, including accrued
 interest, of $9,133,299.

&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 | 81.8%  |
| Canada | 5.7%  |
| United Kingdom | 2.3%  |
| Ireland | 1.9%  |
| Hong Kong | 1.5%  |
| Spain | 1.0%  |
| Switzerland | 0.8%  |
| Zambia | 0.5%  |
| Japan | 0.5%  |
| Panama | 0.5%  |
| Jamaica | 0.3%  |
| Luxembourg | 0.3%  |
| France | 0.2%  |
| Germany | 0.2%  |
| Puerto Rico | 0.1%  |
| Total Long-Term Investments | 97.6%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 2.4%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Cap Opportunities Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 98.9%**<br>|  |  |
| **Common Stock — 98.9%**<br>|  |  |
| **Consumer Discretionary — 12.4%** | **Consumer Discretionary — 12.4%** |  |
| AutoNation, Inc. (a) | 53235 | $11646221 |
| Champion Homes, Inc. (a) (b) | 49411 | 3773518  |
| Cheesecake Factory, Inc. (b) | 115903 | 6332940  |
| Dorman Products, Inc. (a) (b) | 56819 | 8856946  |
| KB Home | 118342 | 7531285  |
| Steven Madden Ltd. (b) | 130448 | 4367399  |
| Stride, Inc. (a) (b) | 47182 | 7027287  |
| Visteon Corp. | 61351 | 7353531  |
| Wyndham Hotels & Resorts, Inc. | 58856 | 4702594  |
|  |  | 61591721  |
| **Consumer Staples — 1.4%**<br>|  |  |
| BellRing Brands, Inc. (a) | 115930 | 4214056  |
| Interparfums, Inc. | 29572 | 2909293  |
|  |  | 7123349  |
| **Energy — 4.4%**<br>|  |  |
| Helmerich & Payne, Inc. | 247549 | 5468358  |
| Kodiak Gas Services, Inc. | 167623 | 6197022  |
| Northern Oil & Gas, Inc. (b) | 241673 | 5993491  |
| SM Energy Co. (b) | 165320 | 4128040  |
|  |  | 21786911  |
| **Financials — 20.0%**<br>|  |  |
| Ameris Bancorp | 48324 | 3542632  |
| Banc of California, Inc. | 312863 | 5177883  |
| &nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son <br>Ltd.  | 84012 | 3605795  |
| Beacon Financial Corp. | 110498 | 2619908  |
| BGC Group, Inc. Class A | 507375 | 4799767  |
| Bullish (a) | 38144 | 2426340  |
| Cathay General Bancorp | 131747 | 6325173  |
| Columbia Banking System, Inc. | 306251 | 7882901  |
| Definity Financial Corp. | 65194 | 3350813  |
| DigitalBridge Group, Inc. (b) | 351863 | 4116797  |
| Federated Hermes, Inc. | 127408 | 6616297  |
| Marqeta, Inc. Class A (a) (b) | 557456 | 2943368  |
| OceanFirst Financial Corp. | 168063 | 2952867  |
| &nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc. <br>Class A (a) | 71386 | 2184412  |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, <br>Inc. | 75007 | 9291867  |
|  Skyward Specialty Insurance Group, Inc. (a) | 84449 | 4016394  |
| Stifel Financial Corp. | 42568 | 4830191  |
| United Community Banks, Inc. | 119918 | 3759429  |
| Webster Financial Corp. | 103031 | 6124163  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Wintrust Financial Corp.  | 64536 | $8547148  |
| WSFS Financial Corp. | 75360 | 4064165  |
|  |  | 99178310  |
| **Health Care — 14.3%**<br>|  |  |
| Addus HomeCare Corp. (a) | 28557 | 3369440  |
| ADMA Biologics, Inc. (a) | 449653 | 6591913  |
| Ascendis Pharma AS ADR (a) | 25960 | 5161108  |
| BioLife Solutions, Inc. (a) | 155239 | 3960147  |
| Bridgebio Pharma, Inc. (a) | 93608 | 4862000  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br>Inc. (a) | 198721 | 5874193  |
| Caris Life Sciences, Inc. (a) | 20006 | 605181  |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, <br>Inc. (a) | 73474 | 2570855  |
| Encompass Health Corp. | 41206 | 5233986  |
| Guardant Health, Inc. (a) | 112646 | 7038122  |
| Integer Holdings Corp. (a) | 42115 | 4351743  |
| LENZ Therapeutics, Inc. (a) (b) | 26413 | 1230318  |
| Repligen Corp. (a) | 29784 | 3981227  |
| Soleno Therapeutics, Inc. (a) | 39452 | 2666955  |
| &nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. <br>ADR (a) (b) | 43007 | 1204196  |
| Surgery Partners, Inc. (a) (b) | 155934 | 3374412  |
| Tarsus Pharmaceuticals, Inc. (a) | 63810 | 3792228  |
| Twist Bioscience Corp. (a) | 106412 | 2994434  |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, <br>Inc. (a) | 59362 | 1785609  |
|  |  | 70648067  |
| **Industrials — 21.1%**<br>|  |  |
| AAR Corp. (a) | 63717 | 5713503  |
| ABM Industries, Inc. | 113513 | 5235220  |
| AGCO Corp. | 25503 | 2730606  |
| Air Lease Corp. | 78582 | 5001744  |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, <br>Inc.  | 64576 | 5481211  |
| ATI, Inc. (a) | 42142 | 3427830  |
| &nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, <br>Inc. | 119333 | 5380725  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. <br>Class A (a) | 6312 | 3148299  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) | 73711 | 6993700  |
| Enpro, Inc. (b) | 39287 | 8878862  |
| Esab Corp. | 62174 | 6947323  |
| Federal Signal Corp. | 42534 | 5061121  |
| Gates Industrial Corp. PLC (a) | 245503 | 6093384  |
| Hayward Holdings, Inc. (a) | 250715 | 3790811  |
| Hub Group, Inc. Class A | 164953 | 5680981  |
| Korn Ferry | 89887 | 6290292  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **50**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Upwork, Inc. (a) | 276117 | $5127493  |
| WillScot Holdings Corp.  | 143768 | 3034943  |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions <br>Corp. (b) | 219577 | 10326706  |
|  |  | 104344754  |
| **Information Technology — 13.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, <br>Inc. (a) (b) | 186235 | 5438062  |
| ASGN, Inc. (a) | 87497 | 4142983  |
| Badger Meter, Inc. | 19995 | 3570707  |
| Belden, Inc. | 67999 | 8178240  |
| Confluent, Inc. Class A (a) | 208109 | 4120558  |
| Itron, Inc. (a) | 56148 | 6993795  |
| Lattice Semiconductor Corp. (a) | 78363 | 5745575  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 44369 | 5523497  |
| MKS, Inc. (b) | 26894 | 3328670  |
| Progress Software Corp. | 65279 | 2867706  |
| Ralliant Corp. | 85534 | 3740402  |
| Sanmina Corp. (a) | 9383 | 1080077  |
| Silicon Laboratories, Inc. (a) | 37091 | 4863743  |
| Unity Software, Inc. (a) | 175826 | 7040073  |
|  |  | 66634088  |
| **Materials — 3.5%**<br>|  |  |
| Commercial Metals Co. | 132116 | 7567605  |
| Knife River Corp. (a) (b) | 59352 | 4562388  |
| Silgan Holdings, Inc. | 122797 | 5281499  |
|  |  | 17411492  |
| **Real Estate — 5.8%**<br>|  |  |
| American Healthcare REIT, Inc. | 210026 | 8823192  |
|  Essential Properties Realty Trust, Inc.  | 252247 | 7506871  |
| Outfront Media, Inc. (b) | 292321 | 5355321  |
| Terreno Realty Corp. | 120148 | 6818399  |
|  |  | 28503783  |
| **Utilities — 2.5%**<br>|  |  |
| Chesapeake Utilities Corp. (b) | 49526 | 6670657  |
| Portland General Electric Co. (b) | 128732 | 5664208  |
|  |  | 12334865  |
| **TOTAL COMMON STOCK** <br>**(Cost $421,083,371)** |  | **489557340**  |
| **TOTAL EQUITIES** <br>**(Cost $421,083,371)** |  | **489557340**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $421,083,371)** |  | **489557340**  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.4%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.166% (c) | 1781680 | $1781680 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.8%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (d) | $4147845 | 4147845  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,929,525)** |  | **5929525**  |
| **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $427,012,896) (e)** |  | **495486865**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(667996)**  |
| **NET ASSETS — 100.0%** |  | **$494818869** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $54,215,614 or 10.96% of net assets. The Fund received $53,842,877
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $4,148,134. Collateralized
 by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 4/15/27, and an aggregate market value, including accrued
 interest, of $4,230,879.

&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. |  |
|  | **51**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Fund — Portfolio of Investments**<br>

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 100.0%**<br>|  |  |
| **Common Stock — 100.0%**<br>|  |  |
| **Brazil — 0.6%**<br>|  |  |
| MercadoLibre, Inc. (a) | 401 | $937113 |
| **Canada — 2.2%**<br>|  |  |
| Shopify, Inc. Class A (a) | 22880 | 3400197  |
| **China — 3.2%**<br>|  |  |
| JD.com, Inc. ADR (b) | 92835 | 3247368  |
| Tencent Holdings Ltd. | 19600 | 1669838  |
|  |  | 4917206  |
| **France — 5.9%**<br>|  |  |
| Airbus SE | 22934 | 5361174  |
| EssilorLuxottica SA | 5307 | 1731016  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE | 3056 | 1869918  |
|  |  | 8962108  |
| **Germany — 3.6%**<br>|  |  |
| Allianz SE Registered | 2940 | 1235807  |
| SAP SE | 16023 | 4295632  |
|  |  | 5531439  |
| **India — 5.4%**<br>|  |  |
| DLF Ltd. | 626049 | 5039402  |
| HDFC Bank Ltd. | 71777 | 770228  |
| &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. Sponsored <br>ADR | 82579 | 2496363  |
|  |  | 8305993  |
| **Israel — 0.4%**<br>|  |  |
| Nice Ltd. Sponsored ADR (a) (b) | 4585 | 663816  |
| **Italy — 1.5%**<br>|  |  |
| Brunello Cucinelli SpA (b) | 12442 | 1366243  |
| Ferrari NV | 1236 | 598412  |
| Moncler SpA | 4943 | 289979  |
|  |  | 2254634  |
| **Japan — 2.3%**<br>|  |  |
| Capcom Co. Ltd. | 42800 | 1165044  |
| Hoya Corp. | 5600 | 773586  |
| Keyence Corp. | 4200 | 1563792  |
|  |  | 3502422  |
| **Netherlands — 2.3%**<br>|  |  |
| Adyen NV (a) (c) | 1221 | 1959522  |
| ASML Holding NV | 481 | 468957  |
| BE Semiconductor Industries NV | 4654 | 698006  |
| Universal Music Group NV | 13861 | 402303  |
|  |  | 3528788  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Spain — 1.3%**<br>|  |  |
| Amadeus IT Group SA | 25565 | $2023389  |
| **Sweden — 1.1%**<br>|  |  |
| Assa Abloy AB Class B | 24222 | 849882  |
| Atlas Copco AB Class A | 45779 | 779532  |
|  |  | 1629414  |
| **Switzerland — 1.8%**<br>|  |  |
| Galderma Group AG | 4782 | 834939  |
| Lonza Group AG Registered | 2854 | 1915425  |
|  |  | 2750364  |
| **Taiwan — 3.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br>Manufacturing Co. Ltd. | 132000 | 5742575  |
| **United States — 64.6%**<br>|  |  |
| Alphabet, Inc. Class A | 61389 | 14923666  |
| Amazon.com, Inc. (a) | 15243 | 3346906  |
| Analog Devices, Inc. | 19031 | 4675917  |
| ARM Holdings PLC ADR (a) (b) | 8451 | 1195732  |
| Boston Scientific Corp. (a) | 20697 | 2020648  |
| Broadcom, Inc. | 13985 | 4613791  |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, <br>Inc. (a) | 2475 | 869369  |
| Ecolab, Inc. | 3362 | 920717  |
| Eli Lilly & Co. | 5072 | 3869936  |
| Equifax, Inc. | 6510 | 1670010  |
| IDEXX Laboratories, Inc. (a) | 1172 | 748779  |
| Intuit, Inc. | 5753 | 3928781  |
| Intuitive Surgical, Inc. (a) | 4272 | 1910567  |
| IQVIA Holdings, Inc. (a) | 3652 | 693661  |
| Lam Research Corp. | 31443 | 4210218  |
| Linde PLC (LIN US) | 1047 | 497325  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. <br>Class A | 5527 | 1439452  |
| Marvell Technology, Inc. | 23445 | 1971021  |
| Mastercard, Inc. Class A | 2531 | 1439658  |
| Meta Platforms, Inc. Class A | 14807 | 10873965  |
| Microsoft Corp. | 9246 | 4788966  |
| Netflix, Inc. (a) | 2508 | 3006891  |
| NVIDIA Corp. | 43745 | 8161942  |
| &nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, <br>Inc. (a) | 32705 | 384938  |
| S&P Global, Inc. | 11802 | 5744151  |
| ServiceNow, Inc. (a) | 903 | 831013  |
| Spotify Technology SA (a) | 2090 | 1458820  |
| Stryker Corp. | 1799 | 665036  |
| Thermo Fisher Scientific, Inc. | 3492 | 1693690  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Global Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| TJX Cos., Inc. | 7817 | $1129869  |
| Visa, Inc. Class A | 13729 | 4686806  |
| Zoetis, Inc. | 2425 | 354826  |
|  |  | 98727067  |
| **TOTAL COMMON STOCK** <br>**(Cost $90,600,748)** |  | **152876525**  |
| **TOTAL EQUITIES** <br>**(Cost $90,600,748)** |  | **152876525**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $90,600,748)** |  | **152876525**  |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money <br>Market Portfolio, 4.166% (d) | 364650 | 364650 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  |  |
| **Repurchase Agreement — 0.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 9/30/25, 2.500%, due 10/01/25 (e) | $327748 | 327748  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $692,398)** |  | **692398**  |
| **TOTAL INVESTMENTS — 100.5%**<br>**(Cost $91,293,146) (f)** |  | **153568923**  |
| **Other Assets/**<br>(Liabilities) — (0.5)% |  | **(739393)**  |
| **NET ASSETS — 100.0%** |  | **$152829530** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of September 30, 2025, was $3,339,845 or 2.19% of net assets. The Fund received $3,060,294
 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 September 30, 2025, the aggregate market value of these securities amounted to $1,959,522 or 1.28% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of September 30, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $327,771. Collateralized by
 U.S. Government Agency obligations with a rate of 0.125%, maturity date of 4/15/27, and an aggregate market value, including accrued interest,
 of $334,497.

&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 | 34.1%  |
| Communication Services | 21.9%  |
| Financials | 12.0%  |
| Health Care | 11.5%  |
| Consumer Discretionary | 10.6%  |
| Industrials | 5.7%  |
| Real Estate | 3.3%  |
| Materials | 0.9%  |
| Total Long-Term Investments | 100.0%  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments and Other Assets and <br>Liabilities | 0.0%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds**<br>

Statements of Assets and Liabilities

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Short-Duration** <br>**Bond Fund** | **MassMutual** <br>**Inflation-**<br>**Protected and** <br>**Income Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $115453042  | $213754331  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b)  | 1551104 | 6354406  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c)  | 117004146 | 220108737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash  | 36  | 263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) | 200  | —  |
| &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  | —  | 2109508  |
| &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  | 38974  | 179026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)*  | 23540  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends  | 862926  | 433717  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  | —  | —  |
| &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)*  | —  | 4136879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)*  | 507000  | 489000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | 47192  | 40832  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded bank loan commitments *(Note 2)*  |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 118484014 | 227497962  |
| 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  | —  | 7504298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery  | 732979  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions *(Note 2)*  | 9860  | 450  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends  | —  | 2124184  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed  | 420080  | 256786  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)*  | 27526  | 22551  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)*  | —  | 18303  |
| &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  | 29750  | 25008  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees  | 10902  | 65280  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees  | 18717  | 7369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees  | 3299  | 1477  |
| &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)*  | 1021200  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for open derivatives *(Note 2)*  | —  | 2000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies *(Note 2)*  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger fees  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities  | 122898 | 70356  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 2397211 | 12096062  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets**  | **$116086803** | **$215401900**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $277868617  | $249930178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss)  | (161781814) | (34528278)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets**  | **$116086803** | **$215401900**  |
| (a) Cost of investments: | $116325534 | $217193718  |
| (b) Cost of repurchase agreements: | $1551104 | $6354406  |
| (c) Securities on loan with market value of: | $1000851 | $—  |
| (d) Cost of foreign currency: | $186 | $—  |
| (e) Premiums received on written options: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual** <br>**Core Bond** <br>**Fund** | **MassMutual** <br>**Diversified** <br>**Bond Fund** | **MassMutual** <br>**High Yield** <br>**Fund** | **MassMutual** <br>**Small Cap** <br>**Opportunities** <br>**Fund** | **MassMutual Global Fund**  |
| $877115287  | &nbsp;&nbsp; $71512842  | $514128998  | $491339020  | $153241175  |
| 1362487 | &nbsp;&nbsp; 615652  | 8954080  | 4147845  | 327748  |
| 878477774 | &nbsp;&nbsp; 72128494  | 523083078  | 495486865  | 153568923  |
| 396  | &nbsp;&nbsp; —  | 410075  | 118  | 11  |
| 2  | &nbsp;&nbsp; 4681  | —  | —  | 45188  |
| 305585  | &nbsp;&nbsp; —  | 3788253  | 3798187  | 448851  |
| 19596892  | &nbsp;&nbsp; 3429198  | —  | —  | —  |
| 821577  | &nbsp;&nbsp; 14072  | 626175  | 467397  | 52722  |
| 6683603  | &nbsp;&nbsp; 505000  | 7189168  | 549375  | 41384  |
| 16727  | &nbsp;&nbsp; 14037  | 448263  | —  | 352649  |
|  —  | &nbsp;&nbsp; 125537  | —  | —  | —  |
| 1034000  | &nbsp;&nbsp; —  | —  | —  | —  |
| 44684  | &nbsp;&nbsp; 43367  | 47791  | 48594  | 32234  |
| 212808  | &nbsp;&nbsp; —  | —  | —  | —  |
|  — | &nbsp;&nbsp; —  | 3905  | —  | —  |
| 907194048 | &nbsp;&nbsp; 76264386  | 535596708  | 500350536  | 154541962  |
|  —  | &nbsp;&nbsp; —  | 7596704  | 3005795  | 438333  |
| 19691003  | &nbsp;&nbsp; 3430678  | 12122909  | —  | —  |
| 32084  | &nbsp;&nbsp; 378  | 580875  | —  | —  |
| 3395648  | &nbsp;&nbsp; 7655  | 400841  | 315944  | 85498  |
| 206664  | &nbsp;&nbsp; 11264  | 35306  | 32210  | 21415  |
| 203121  | &nbsp;&nbsp; 11246  | —  | —  | —  |
| 99186  | &nbsp;&nbsp; 21396  | 41818  | 36236  | 25821  |
| 235070  | &nbsp;&nbsp; 11174  | 157250  | 244244  | 101143  |
| 55944  | &nbsp;&nbsp; 3239  | 28605  | 38433  | 17573  |
| 9591  | &nbsp;&nbsp; 554  | 16030  | 6455  | 4933  |
|  —  | &nbsp;&nbsp; 18556  | —  | —  | —  |
|  —  | &nbsp;&nbsp; 29928  | —  | —  | —  |
| 17724813  | &nbsp;&nbsp; 2849748  | 37735795  | 1781680  | 364650  |
|  —  | &nbsp;&nbsp; 31  | —  | —  | —  |
| 10000  | &nbsp;&nbsp; —  | —  | —  | —  |
| 144476 | &nbsp;&nbsp; 69427  | 104659  | 70670  | 653066  |
| 41807600 | &nbsp;&nbsp; 6465274 | 58820792  | 5531667  | 1712432  |
| **$865386448** | &nbsp;&nbsp; **$69799112**  | **$476775916**  | **$494818869**  | **$152829530**  |
| $1224492319  | &nbsp;&nbsp; $103026737  | $540409212  | $389154928  | $50338604  |
| (359105871) | &nbsp;&nbsp; (33227625)  | (63633296)  | 105663941  | 102490926  |
| **$865386448** | &nbsp;&nbsp; **$69799112**  | **$476775916**  | **$494818869**  | **$152829530**  |
| $893006739 | &nbsp;&nbsp; $73140616 | $510925810 | $422865051 | $90965398  |
| $1362487 | &nbsp;&nbsp; $615652 | $8954080 | $4147845 | $327748  |
| $23756044 | &nbsp;&nbsp; $3735146 | $36890364 | $54215614 | $3339845  |
| $2 | &nbsp;&nbsp; $4758 | $— | $— | $45208  |
|  $— | &nbsp;&nbsp; $20683 | $— | $— | $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **55**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Short-Duration** <br>**Bond Fund** | **MassMutual** <br>**Inflation-**<br>**Protected and** <br>**Income Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $26306258 | $142356644  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 2807071 | 15025685  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.37 | $9.47  |
| Class R5 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $13949161 | $43363017  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1481471 | 4575179  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.42 | $9.48  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $945941 | $13640595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 101233 | 1443205  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.34 | $9.45  |
| Administrative Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $12123990 | $4116752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1301034 | 429255  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.32 | $9.59  |
| Class R4 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1369463 | $1106805  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 145963 | 119786  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.38 | $9.24  |
| Class A shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6076423 | $8295952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 655046 | 888895  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $9.28 | $9.33  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum Offering price per share (100/[100-maximum sales charge] of net asset value) | $9.52 | $9.74  |
| Class R3 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4716071 | $2400214  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 506789 | 259007  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.31 | $9.27  |
| Class Y shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $34122026 | $121921  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 3637643 | 12847  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.38 | $9.49  |
| Class L shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $16171055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1731300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $9.34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum Offering price per share (100/[100-maximum sales charge] of net asset value) | $9.58 |  |
| Class C shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $306415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 32535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.42 |  |

---

&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>|
| **56**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual Core Bond Fund** | **MassMutual Diversified Bond Fund** | **MassMutual High Yield Fund** | **MassMutual Small Cap Opportunities Fund** | **MassMutual Global Fund**  |
| $556397950 | $46833649  | $314511519  | $298337792  | $42924601  |
| 59964991 | 5090336  | 38388695  | 15873296  | 3952266  |
| $9.28 | $9.20  | $8.19  | $18.79  | $10.86  |
| $136179103 | $11257405  | $37967451  | $105766044  | $46970511  |
| 14613810 | 1356053  | 4601490  | 5655981  | 4350527  |
| $9.32 | $8.30  | $8.25  | $18.70  | $10.80  |
| $46201999 | $3686555  | $18499566  | $10073104  | $3225510  |
| 4985069 | 435642  | 2240589  | 540807  | 307686  |
| $9.27 | $8.46  | $8.26  | $18.63  | $10.48  |
| $33971020 | $3212641  | $9991902  | $14573104  | $32728114  |
| 3704113 | 380074  | 1232591  | 791874  | 3087309  |
| $9.17 | $8.45  | $8.11  | $18.40  | $10.60  |
| $46272682 | $796672  | $13703323  | $13550572  | $7445471  |
| 5096132 | 95685  | 1720267  | 773723  | 760203  |
| $9.08 | $8.33  | $7.97  | $17.51  | $9.79  |
| $25457261 | $3014091  | $6961978  | $37274373  | $11635986  |
| 2788582 | 354822  | 859125  | 2114035  | 1155147  |
| $9.13 | $8.49  | $8.10  | $17.63  | $10.07  |
| $9.54 | $8.87  | $8.46  | $18.66  | $10.66  |
| $14709049 | $898020  | $25086753  | $10231098  | $7899337  |
| 1548619 | 106538  | 3056095  | 597183  | 806071  |
| $9.50 | $8.43  | $8.21  | $17.13  | $9.80  |
| $6197384 | $100079  | $49840341  | $5012782  |  |
| 665010 | 12048  | 6065882  | 267961  |  |
| $9.32 | $8.31  | $8.22  | $18.71  |  |
|  |  | $213083  |  |  |
|  |  | 25818  |  |  |
|  |  | $8.25  |  |  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **57**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Short-Duration** <br>**Bond Fund** | **MassMutual** <br>**Inflation-**<br>**Protected and** <br>**Income Fund**  |
| Investment income (Note 2): | Investment income (Note 2): | Investment income (Note 2): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a)  | $—  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest (b) | 7233167  | 10832946  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 12111 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 7245278 | 10832946  |
| Expenses (Note 3): | Expenses (Note 3): | Expenses (Note 3): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees  | 519286  | 848230  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 11029  | 27397  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail fund fees | 7244  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 56935  | 55090  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1065  | 15004  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1986  | 1991  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 20853  | 43415  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 48314  | 50786  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 11337  | 18761  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 135693  | 121082  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 41686  | 1438  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger fees |  | —  |
|  | 855428  | 1183194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5  | 13232  | 46908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class  | 3337  | 28634  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 37753  | 13344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 8748  | 3385  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 13931  | 19958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 11142  | 4813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 35395  | 111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L | 9344  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 313  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 10935  | 4231  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 13931  | 19958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 27856  | 12032  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L | 46718  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3132 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1091195  | 1336568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3):*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3):*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3):*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser | (59974)  | (57953)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 fees reimbursed by adviser | (15240)  | (18872)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser | (2002)  | (5825)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class fees reimbursed by adviser | (14487)  | (1798)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 fees reimbursed by adviser | (5203)  | (702)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A fees reimbursed by adviser | (6414)  | (3241)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 fees reimbursed by adviser | (6416)  | (989)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y fees reimbursed by adviser | (58431)  | (44)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L fees reimbursed by adviser | (21701)  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C fees reimbursed by adviser | (756) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 900571 | 1247144  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)**  | **6344707** | **9585802** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **58**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual Core Bond Fund+** | **MassMutual** <br>**Diversified Bond Fund** | **MassMutual** <br>**High Yield Fund** | **MassMutual** <br>**Small Cap Opportunities Fund** | **MassMutual** <br>**Global Fund**  |
| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $3108  | &nbsp;&nbsp; $313720  | &nbsp;&nbsp; $5758526  | &nbsp;&nbsp; $1304986  |
| &nbsp;&nbsp; 44119869  | &nbsp;&nbsp; 5166991  | &nbsp;&nbsp; 30878736  | &nbsp;&nbsp; 204325  | &nbsp;&nbsp; 18502  |
| &nbsp;&nbsp; 66290 | &nbsp;&nbsp; 13863  | &nbsp;&nbsp; 312584  | &nbsp;&nbsp; 67432  | &nbsp;&nbsp; 21358  |
| &nbsp;&nbsp; 44186159 | &nbsp;&nbsp; 5183962  | &nbsp;&nbsp; 31505040  | &nbsp;&nbsp; 6030283  | &nbsp;&nbsp; 1344846  |
| &nbsp;&nbsp; 3190354  | &nbsp;&nbsp; 392004  | &nbsp;&nbsp; 1947668  | &nbsp;&nbsp; 2492968  | &nbsp;&nbsp; 1242537  |
| &nbsp;&nbsp; 7132  | &nbsp;&nbsp; 13420  | &nbsp;&nbsp; 48655  | &nbsp;&nbsp; 31222  | &nbsp;&nbsp; 34941  |
| &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; 21838  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 11333  | &nbsp;&nbsp; 56698  | &nbsp;&nbsp; 63537  | &nbsp;&nbsp; 54149  | &nbsp;&nbsp; 74752  |
| &nbsp;&nbsp; 69602  | &nbsp;&nbsp; 9097  | &nbsp;&nbsp; 17877  | &nbsp;&nbsp; 25184  | &nbsp;&nbsp; 10283  |
| &nbsp;&nbsp; 1932  | &nbsp;&nbsp; 1991  | &nbsp;&nbsp; 1986  | &nbsp;&nbsp; 1986  | &nbsp;&nbsp; 1986  |
| &nbsp;&nbsp; 83666  | &nbsp;&nbsp; 57242  | &nbsp;&nbsp; 68582  | &nbsp;&nbsp; 28575  | &nbsp;&nbsp; 21935  |
| &nbsp;&nbsp; 89998  | &nbsp;&nbsp; 44943  | &nbsp;&nbsp; 59946  | &nbsp;&nbsp; 55483  | &nbsp;&nbsp; 35918  |
| &nbsp;&nbsp; 70091  | &nbsp;&nbsp; 8320  | &nbsp;&nbsp; 34806  | &nbsp;&nbsp; 37327  | &nbsp;&nbsp; 14150  |
| &nbsp;&nbsp; 123095  | &nbsp;&nbsp; 118154  | &nbsp;&nbsp; 143651  | &nbsp;&nbsp; 128842  | &nbsp;&nbsp; 105190  |
| &nbsp;&nbsp; 1782  | &nbsp;&nbsp; 1438  | &nbsp;&nbsp; 52899  | &nbsp;&nbsp; 1438  | &nbsp;&nbsp; 1438  |
| &nbsp;&nbsp; 17000 | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 3665985  | &nbsp;&nbsp; 703307  | &nbsp;&nbsp; 2461445  | &nbsp;&nbsp; 2857174  | &nbsp;&nbsp; 1543130  |
| &nbsp;&nbsp; 132216  | &nbsp;&nbsp; 38424  | &nbsp;&nbsp; 37640  | &nbsp;&nbsp; 105306  | &nbsp;&nbsp; 46321  |
| &nbsp;&nbsp; 65826  | &nbsp;&nbsp; 7467  | &nbsp;&nbsp; 36962  | &nbsp;&nbsp; 20750  | &nbsp;&nbsp; 7200  |
| &nbsp;&nbsp; 97123  | &nbsp;&nbsp; 9889  | &nbsp;&nbsp; 33330  | &nbsp;&nbsp; 47228  | &nbsp;&nbsp; 124546  |
| &nbsp;&nbsp; 28052  | &nbsp;&nbsp; 3038  | &nbsp;&nbsp; 28761  | &nbsp;&nbsp; 27368  | &nbsp;&nbsp; 17529  |
| &nbsp;&nbsp; 66136  | &nbsp;&nbsp; 8237  | &nbsp;&nbsp; 16546  | &nbsp;&nbsp; 95507  | &nbsp;&nbsp; 29110  |
| &nbsp;&nbsp; 9779  | &nbsp;&nbsp; 1811  | &nbsp;&nbsp; 51650  | &nbsp;&nbsp; 19978  | &nbsp;&nbsp; 16480  |
| &nbsp;&nbsp; 5429  | &nbsp;&nbsp; 97  | &nbsp;&nbsp; 17877  | &nbsp;&nbsp; 2208  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 35065  | &nbsp;&nbsp; 3797  | &nbsp;&nbsp; 35951  | &nbsp;&nbsp; 34210  | &nbsp;&nbsp; 21911  |
| &nbsp;&nbsp; 66136  | &nbsp;&nbsp; 8237  | &nbsp;&nbsp; 16546  | &nbsp;&nbsp; 95507  | &nbsp;&nbsp; 29110  |
| &nbsp;&nbsp; 24446  | &nbsp;&nbsp; 4528  | &nbsp;&nbsp; 129126  | &nbsp;&nbsp; 49944  | &nbsp;&nbsp; 41200  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; —  | &nbsp;&nbsp; 1427  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 4196193  | &nbsp;&nbsp; 788832  | &nbsp;&nbsp; 2867261  | &nbsp;&nbsp; 3355180  | &nbsp;&nbsp; 1876537  |
| &nbsp;&nbsp; (350101)  | &nbsp;&nbsp; (58490)  | &nbsp;&nbsp; (142123)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (85256)  | &nbsp;&nbsp; (49739)  | &nbsp;&nbsp; (20560)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (21139)  | &nbsp;&nbsp; (4980)  | &nbsp;&nbsp; (10055)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (19903)  | &nbsp;&nbsp; (4338)  | &nbsp;&nbsp; (5996)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (8277)  | &nbsp;&nbsp; (2009)  | &nbsp;&nbsp; (7846)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (17400)  | &nbsp;&nbsp; (4221)  | &nbsp;&nbsp; (3629)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (2984)  | &nbsp;&nbsp; (1198)  | &nbsp;&nbsp; (14162)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (3469)  | &nbsp;&nbsp;&nbsp;&nbsp;(127)  | &nbsp;&nbsp; (19657)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; —  | &nbsp;&nbsp; (74)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 3687664 | &nbsp;&nbsp; 663730 | &nbsp;&nbsp; 2643159  | &nbsp;&nbsp; 3355180  | &nbsp;&nbsp; 1876537  |
| &nbsp;&nbsp; **40498495** | &nbsp;&nbsp; **4520232**  | &nbsp;&nbsp; **28861881**  | &nbsp;&nbsp; **2675103**  | &nbsp;&nbsp; **(531691)** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **59**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Short-Duration** <br>**Bond Fund** | **MassMutual** <br>**Inflation-**<br>**Protected and** <br>**Income Fund**  |
| Realized and unrealized gain (loss): | Realized and unrealized gain (loss): | Realized and unrealized gain (loss): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | $(2801193)  | $(448364)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (147262)  | 543930  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | —  | 1242661  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **(2948455)** | **1338227**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions  | 4803775  | (1113730)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded bank loan commitments | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (184099)  | 72572  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | —  | (3314750)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | 10  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **4619686** | **(4355908)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **1671231** | **(3017681)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$8015938** | **$6568121**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign withholding tax of: | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Net of foreign withholding tax of: | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* Net of increase (decrease) in accrued foreign capital gains tax of: | $— | $— |

---

---

| | |
|:---|:---|
| +<br>| Effective September 15, 2025, the MassMutual Total Return Bond Fund reorganized into the MassMutual Core Bond Fund. Prior to September 15, 2025, information provided reflects MassMutual Core Bond Fund, which was the accounting and performance survivor of the reorganization. Please reference Note 7 "Acquisition of MassMutual Total Return Bond Fund" in the Notes to the Financial Statements for additional information.<br>|

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **60**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual Core Bond Fund+** | **MassMutual** <br>**Diversified Bond Fund** | **MassMutual** <br>**High Yield Fund** | **MassMutual** <br>**Small Cap Opportunities Fund** | **MassMutual** <br>**Global Fund**  |
| &nbsp;&nbsp; $(28782442)  | &nbsp;&nbsp; $(5307743)  | &nbsp;&nbsp; $4015824  | &nbsp;&nbsp; $36674332  | &nbsp;&nbsp; $44126832  |
| &nbsp;&nbsp; (4193028)  | &nbsp;&nbsp; (1182752)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; —  | &nbsp;&nbsp; 19265  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 1381  | &nbsp;&nbsp; (7825)  | &nbsp;&nbsp; —  | &nbsp;&nbsp; (3275)  | &nbsp;&nbsp; 3703  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 105907  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; **(32974089)** | &nbsp;&nbsp; **(6373148)**  | &nbsp;&nbsp; **4015824**  | &nbsp;&nbsp; **36671057**  | &nbsp;&nbsp; **44130535**  |
| &nbsp;&nbsp; 17914938  | &nbsp;&nbsp; 5687485  | &nbsp;&nbsp; (1054026)  | &nbsp;&nbsp; (13371362)  | &nbsp;&nbsp; (29844098) \*  |
| &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; 3905  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 707648  | &nbsp;&nbsp; 135068  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; —  | &nbsp;&nbsp; 2373  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; (2472)  | (552)  | &nbsp;&nbsp; (13009)  | &nbsp;&nbsp; 15  | &nbsp;&nbsp; 18501  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 75131  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; **18620114** | &nbsp;&nbsp; **5899505** | &nbsp;&nbsp; **(1063130)**  | &nbsp;&nbsp; **(13371347)**  | &nbsp;&nbsp; **(29825597)**  |
| &nbsp;&nbsp; **(14353975)** | &nbsp;&nbsp; **(473643)**  | &nbsp;&nbsp; **2952694**  | &nbsp;&nbsp; **23299710**  | &nbsp;&nbsp; **14304938**  |
| &nbsp;&nbsp; **$26144520** | &nbsp;&nbsp; **$4046589**  | &nbsp;&nbsp; **$31814575**  | &nbsp;&nbsp; **$25974813**  | &nbsp;&nbsp; **$13773247**  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8817 | &nbsp;&nbsp; $117348  |
| &nbsp;&nbsp; $9 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $553736 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **61**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Short-Duration Bond Fund**  | **MassMutual** <br>**Short-Duration Bond Fund**  |
|  | **Year Ended** <br>**September 30, 2025**  | **Year Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $6344707  | &nbsp;&nbsp;&nbsp;&nbsp; $7118023  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (2948455)  | &nbsp;&nbsp;&nbsp;&nbsp; (21049486)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 4619686 | &nbsp;&nbsp;&nbsp;&nbsp; 31505094  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | &nbsp;&nbsp;&nbsp;&nbsp; **8015938** | &nbsp;&nbsp;&nbsp;&nbsp; **17573631**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; (2040952)  | &nbsp;&nbsp;&nbsp;&nbsp; (2189172)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; (525166)  | &nbsp;&nbsp;&nbsp;&nbsp; (444245)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; (63712)  | &nbsp;&nbsp;&nbsp;&nbsp; (75025)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp; (474074)  | &nbsp;&nbsp;&nbsp;&nbsp; (409315)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; (155671)  | &nbsp;&nbsp;&nbsp;&nbsp; (231129)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; (199566)  | &nbsp;&nbsp;&nbsp;&nbsp; (205546)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; (189872)  | &nbsp;&nbsp;&nbsp;&nbsp; (187095)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (1416635)  | &nbsp;&nbsp;&nbsp;&nbsp; (1361925)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp; (701942)  | &nbsp;&nbsp;&nbsp;&nbsp; (1463561)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp; (21973) | &nbsp;&nbsp;&nbsp;&nbsp; (26137)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; **(5789563)** | &nbsp;&nbsp;&nbsp;&nbsp; **(6593150)**  |
| Tax return of capital: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; (87550)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; (22528)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class  | &nbsp;&nbsp;&nbsp;&nbsp; (2733)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class  | &nbsp;&nbsp;&nbsp;&nbsp; (20336)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4  | &nbsp;&nbsp;&nbsp;&nbsp; (6678)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | &nbsp;&nbsp;&nbsp;&nbsp; (8560)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3  | &nbsp;&nbsp;&nbsp;&nbsp; (8145)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y  | &nbsp;&nbsp;&nbsp;&nbsp; (60768)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L  | &nbsp;&nbsp;&nbsp;&nbsp; (30111)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | &nbsp;&nbsp;&nbsp;&nbsp; (943)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total tax return of capital** | &nbsp;&nbsp;&nbsp;&nbsp; **(248352)**  | &nbsp;&nbsp;&nbsp;&nbsp; **—** |
| Net fundshare transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; (28004630)  | &nbsp;&nbsp;&nbsp;&nbsp; (27497236)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 2204687  | &nbsp;&nbsp;&nbsp;&nbsp; (552456)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; (1189595)  | &nbsp;&nbsp;&nbsp;&nbsp; (1447095)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp; (177609)  | &nbsp;&nbsp;&nbsp;&nbsp; (332794)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; (7041346)  | &nbsp;&nbsp;&nbsp;&nbsp; 4771191  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; 33046  | &nbsp;&nbsp;&nbsp;&nbsp; (483249)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; (782408)  | &nbsp;&nbsp;&nbsp;&nbsp; (1708469)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (1863790)  | &nbsp;&nbsp;&nbsp;&nbsp; (12712051)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp; (5688229)  | &nbsp;&nbsp;&nbsp;&nbsp; (26761850)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp; (467210) | &nbsp;&nbsp;&nbsp;&nbsp; (152473)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions**  | &nbsp;&nbsp;&nbsp;&nbsp; **(42977084)** | &nbsp;&nbsp;&nbsp;&nbsp; **(66876482)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets**  | &nbsp;&nbsp;&nbsp;&nbsp; **(40999061)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(55896001)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 157085864 | &nbsp;&nbsp;&nbsp;&nbsp; 212981865  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year**  | &nbsp;&nbsp;&nbsp;&nbsp; **$116086803** | &nbsp;&nbsp;&nbsp;&nbsp; **$157085864** |

---

---

| | |
|:---|:---|
| +<br>| Effective September 15, 2025, the MassMutual Total Return Bond Fund reorganized into the MassMutual Core Bond Fund. Prior to September 15, 2025, information provided reflects MassMutual Core Bond Fund, which was the accounting and performance survivor of the reorganization. Please reference Note 7 "Acquisition of MassMutual Total Return Bond Fund" in the Notes to the Financial Statements for additional information.  |

---

Effective September 23, 2024, the MassMutual Strategic Bond Fund reorganized into the MassMutual Core Bond Fund. Prior to September 23, 2024, information provided reflects MassMutual Core Bond Fund, which was the accounting and performance survivor of the reorganization. Please reference Note 8 "Prior Year Acquisition of MassMutual Strategic Bond Fund" in the Notes to the Financial Statements for additional information.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **62**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MassMutual** <br>**Inflation-Protected and Income Fund** | **MassMutual** <br>**Inflation-Protected and Income Fund** | **MassMutual** <br>**Core Bond Fund+** | **MassMutual** <br>**Core Bond Fund+** | **MassMutual** <br>**Diversified Bond Fund**  | **MassMutual** <br>**Diversified Bond Fund**  |
| **Year Ended** <br>**September 30, 2025**  | **Year Ended** <br>**September 30, 2024**  | **Year Ended September 30, 2025**  | **Year Ended** <br>**September 30, 2024**  | **Year Ended September 30, 2025**  | **Year Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $9585802  | &nbsp;&nbsp;&nbsp;&nbsp; $11358770  | &nbsp;&nbsp;&nbsp; $40498495  | &nbsp;&nbsp;&nbsp; $32094410  | &nbsp;&nbsp;&nbsp;&nbsp; $4520232  | &nbsp;&nbsp;&nbsp;&nbsp; $6286953  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1338227  | &nbsp;&nbsp;&nbsp;&nbsp; (7247462)  | &nbsp;&nbsp;&nbsp; (32974089)  | &nbsp;&nbsp;&nbsp; (11361219)  | &nbsp;&nbsp;&nbsp;&nbsp; (6373148)  | &nbsp;&nbsp;&nbsp;&nbsp; (7191515)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4355908) | &nbsp;&nbsp;&nbsp;&nbsp; 21643278  | &nbsp;&nbsp;&nbsp; 18620114  | &nbsp;&nbsp;&nbsp; 65419084  | &nbsp;&nbsp;&nbsp;&nbsp; 5899505  | &nbsp;&nbsp;&nbsp;&nbsp; 17466235  |
| &nbsp;&nbsp;&nbsp;&nbsp; **6568121** | &nbsp;&nbsp;&nbsp;&nbsp; **25754586**  | &nbsp;&nbsp;&nbsp; **26144520**  | &nbsp;&nbsp;&nbsp; **86152275**  | &nbsp;&nbsp;&nbsp;&nbsp; **4046589**  | &nbsp;&nbsp;&nbsp;&nbsp; **16561673**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5800593)  | &nbsp;&nbsp;&nbsp;&nbsp; (10449460)  | &nbsp;&nbsp;&nbsp; (27946525)  | &nbsp;&nbsp;&nbsp; (40136674)  | &nbsp;&nbsp;&nbsp;&nbsp; (2008702)  | &nbsp;&nbsp;&nbsp;&nbsp; (4094531)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1832851)  | &nbsp;&nbsp;&nbsp;&nbsp; (3043431)  | &nbsp;&nbsp;&nbsp; (6078902)  | &nbsp;&nbsp;&nbsp; (7605434)  | &nbsp;&nbsp;&nbsp;&nbsp; (1617604)  | &nbsp;&nbsp;&nbsp;&nbsp; (5721867)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (542058)  | &nbsp;&nbsp;&nbsp;&nbsp; (1045119)  | &nbsp;&nbsp;&nbsp; (1479641)  | &nbsp;&nbsp;&nbsp; (1891061)  | &nbsp;&nbsp;&nbsp;&nbsp; (153302)  | &nbsp;&nbsp;&nbsp;&nbsp; (341259)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (164573)  | &nbsp;&nbsp;&nbsp;&nbsp; (374784)  | &nbsp;&nbsp;&nbsp; (1420784)  | &nbsp;&nbsp;&nbsp; (2478143)  | &nbsp;&nbsp;&nbsp;&nbsp; (132127)  | &nbsp;&nbsp;&nbsp;&nbsp; (309178)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (59452)  | &nbsp;&nbsp;&nbsp;&nbsp; (144067)  | &nbsp;&nbsp;&nbsp; (592523)  | &nbsp;&nbsp;&nbsp; (120279)  | &nbsp;&nbsp;&nbsp;&nbsp; (58568)  | &nbsp;&nbsp;&nbsp;&nbsp; (291894)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (281262)  | &nbsp;&nbsp;&nbsp;&nbsp; (433489)  | &nbsp;&nbsp;&nbsp; (1110087)  | &nbsp;&nbsp;&nbsp; (1509569)  | &nbsp;&nbsp;&nbsp;&nbsp; (126349)  | &nbsp;&nbsp;&nbsp;&nbsp; (342709)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (79313)  | &nbsp;&nbsp;&nbsp;&nbsp; (112043)  | &nbsp;&nbsp;&nbsp; (195622)  | &nbsp;&nbsp;&nbsp; (14892)  | &nbsp;&nbsp;&nbsp;&nbsp; (32899)  | &nbsp;&nbsp;&nbsp;&nbsp; (84938)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4344)  | &nbsp;&nbsp;&nbsp;&nbsp; (6095)  | &nbsp;&nbsp;&nbsp; (250689)  | &nbsp;&nbsp;&nbsp; (29646)  | &nbsp;&nbsp;&nbsp;&nbsp; (4093)  | &nbsp;&nbsp;&nbsp;&nbsp; (8489)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(8764446)** | &nbsp;&nbsp;&nbsp;&nbsp; **(15608488)**  | &nbsp;&nbsp;&nbsp; **(39074773)**  | &nbsp;&nbsp;&nbsp; **(53785698)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(4133644)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(11194865)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (109413)  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (88110)  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (8350)  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (7197)  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (3190)  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (6882)  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (1792)  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;(223)  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp; **(225157)**  | &nbsp;&nbsp;&nbsp;&nbsp; **—**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (18543824)  | &nbsp;&nbsp;&nbsp;&nbsp; (13010647)  | &nbsp;&nbsp;&nbsp; (191221111)  | &nbsp;&nbsp;&nbsp; 242538186  | &nbsp;&nbsp;&nbsp;&nbsp; (6021070)  | &nbsp;&nbsp;&nbsp;&nbsp; (25822733)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4185231)  | &nbsp;&nbsp;&nbsp;&nbsp; (3745837)  | &nbsp;&nbsp;&nbsp; (7926709)  | &nbsp;&nbsp;&nbsp; 48000069  | &nbsp;&nbsp;&nbsp;&nbsp; (55588779)  | &nbsp;&nbsp;&nbsp;&nbsp; 2941547  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2178839)  | &nbsp;&nbsp;&nbsp;&nbsp; (6271371)  | &nbsp;&nbsp;&nbsp; 10441633  | &nbsp;&nbsp;&nbsp; 4970114  | &nbsp;&nbsp;&nbsp;&nbsp; 17136  | &nbsp;&nbsp;&nbsp;&nbsp; (379460)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (787093)  | &nbsp;&nbsp;&nbsp;&nbsp; (2171230)  | &nbsp;&nbsp;&nbsp; (3049640)  | &nbsp;&nbsp;&nbsp; 4925043  | &nbsp;&nbsp;&nbsp;&nbsp; (695991)  | &nbsp;&nbsp;&nbsp;&nbsp; (1063196)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (987573)  | &nbsp;&nbsp;&nbsp;&nbsp; (1551953)  | &nbsp;&nbsp;&nbsp; 26732853  | &nbsp;&nbsp;&nbsp; 18431557  | &nbsp;&nbsp;&nbsp;&nbsp; (1424902)  | &nbsp;&nbsp;&nbsp;&nbsp; (2259714)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (7066)  | &nbsp;&nbsp;&nbsp;&nbsp; 73948  | &nbsp;&nbsp;&nbsp; (4425073)  | &nbsp;&nbsp;&nbsp; 7180960  | &nbsp;&nbsp;&nbsp;&nbsp; (692995)  | &nbsp;&nbsp;&nbsp;&nbsp; (982660)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 169059  | &nbsp;&nbsp;&nbsp;&nbsp; 46116  | &nbsp;&nbsp;&nbsp; 10619503  | &nbsp;&nbsp;&nbsp; 3962877  | &nbsp;&nbsp;&nbsp;&nbsp; (188287)  | &nbsp;&nbsp;&nbsp;&nbsp; (76807)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 19856  | &nbsp;&nbsp;&nbsp;&nbsp; 230  | &nbsp;&nbsp;&nbsp; 2037622  | &nbsp;&nbsp;&nbsp; 3968772  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(26500711)** | &nbsp;&nbsp;&nbsp;&nbsp; **(26630744)**  | &nbsp;&nbsp;&nbsp; **(156790922)**  | &nbsp;&nbsp;&nbsp; **333977578**  | &nbsp;&nbsp;&nbsp;&nbsp; **(64594888)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(27643023)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(28697036)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(16484646)**  | &nbsp;&nbsp;&nbsp; **(169721175)**  | &nbsp;&nbsp;&nbsp; **366344155**  | &nbsp;&nbsp;&nbsp;&nbsp; **(64907100)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(22276215)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 244098936 | &nbsp;&nbsp;&nbsp;&nbsp; 260583582  | &nbsp;&nbsp;&nbsp; 1035107623  | &nbsp;&nbsp;&nbsp; 668763468  | &nbsp;&nbsp;&nbsp;&nbsp; 134706212  | &nbsp;&nbsp;&nbsp;&nbsp; 156982427  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$215401900** | &nbsp;&nbsp;&nbsp;&nbsp; **$244098936**  | &nbsp;&nbsp;&nbsp; **$865386448**  | &nbsp;&nbsp;&nbsp; **$1035107623**  | &nbsp;&nbsp;&nbsp;&nbsp; **$69799112**  | &nbsp;&nbsp;&nbsp;&nbsp; **$134706212** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **63**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**High Yield Fund**  | **MassMutual** <br>**High Yield Fund**  |
|  | **Year Ended** <br>**September 30, 2025**  | **Year Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $28861881  | &nbsp;&nbsp;&nbsp;&nbsp; $27801042  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 4015824  | &nbsp;&nbsp;&nbsp;&nbsp; (8428430)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (1063130) | &nbsp;&nbsp;&nbsp;&nbsp; 40444759  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | &nbsp;&nbsp;&nbsp;&nbsp; **31814575** | &nbsp;&nbsp;&nbsp;&nbsp; **59817371**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; (18577551)  | &nbsp;&nbsp;&nbsp;&nbsp; (17898093)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; (2616681)  | &nbsp;&nbsp;&nbsp;&nbsp; (2549886)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; (1265776)  | &nbsp;&nbsp;&nbsp;&nbsp; (1414181)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp; (750051)  | &nbsp;&nbsp;&nbsp;&nbsp; (909388)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; (949577)  | &nbsp;&nbsp;&nbsp;&nbsp; (1103163)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; (433548)  | &nbsp;&nbsp;&nbsp;&nbsp; (455417)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; (1642025)  | &nbsp;&nbsp;&nbsp;&nbsp; (1603752)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp; (2497187)  | &nbsp;&nbsp;&nbsp;&nbsp; (1863291)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp; (8601) | &nbsp;&nbsp;&nbsp;&nbsp; (6636)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp; **(28740997)** | &nbsp;&nbsp;&nbsp;&nbsp; **(27803807)**  |
| Net fundshare transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 59079000  | &nbsp;&nbsp;&nbsp;&nbsp; (26792695)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; (1034533)  | &nbsp;&nbsp;&nbsp;&nbsp; 3193466  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp; (477504)  | &nbsp;&nbsp;&nbsp;&nbsp; (3645131)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp; (2053223)  | &nbsp;&nbsp;&nbsp;&nbsp; (1454696)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; (2809397)  | &nbsp;&nbsp;&nbsp;&nbsp; (1828568)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; 175536  | &nbsp;&nbsp;&nbsp;&nbsp; (938051)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; (2544349)  | &nbsp;&nbsp;&nbsp;&nbsp; 2425766  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp; 23999641  | &nbsp;&nbsp;&nbsp;&nbsp; (5880715)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp; 37832 | &nbsp;&nbsp;&nbsp;&nbsp; 68832  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions**  | &nbsp;&nbsp;&nbsp;&nbsp; **74373003** | &nbsp;&nbsp;&nbsp;&nbsp; **(34851792)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets**  | &nbsp;&nbsp;&nbsp;&nbsp; **77446581**  | &nbsp;&nbsp;&nbsp;&nbsp; **(2838228)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 399329335 | &nbsp;&nbsp;&nbsp;&nbsp; 402167563  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year**  | &nbsp;&nbsp;&nbsp;&nbsp; **$476775916** | &nbsp;&nbsp;&nbsp;&nbsp; **$399329335** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **64**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Small Cap Opportunities Fund** | **MassMutual** <br>**Small Cap Opportunities Fund** | **MassMutual** <br>**Global Fund**  | **MassMutual** <br>**Global Fund**  |
| **Year Ended** <br>**September 30, 2025**  | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2025**  | **Year Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $2675103  | &nbsp;&nbsp;&nbsp;&nbsp; $1819808  | &nbsp;&nbsp;&nbsp; $(531691)  | &nbsp;&nbsp;&nbsp; $(566827)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 36671057  | &nbsp;&nbsp;&nbsp;&nbsp; 34004294  | &nbsp;&nbsp;&nbsp; 44130535  | &nbsp;&nbsp;&nbsp; 27714397  |
| &nbsp;&nbsp;&nbsp;&nbsp; (13371347) | &nbsp;&nbsp;&nbsp;&nbsp; 55468546  | &nbsp;&nbsp;&nbsp; (29825597)  | &nbsp;&nbsp;&nbsp; 28065689  |
| &nbsp;&nbsp;&nbsp;&nbsp; **25974813** | &nbsp;&nbsp;&nbsp;&nbsp; **91292648**  | &nbsp;&nbsp;&nbsp; **13773247**  | &nbsp;&nbsp;&nbsp; **55213259**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (20081798)  | &nbsp;&nbsp;&nbsp;&nbsp; (6676666)  | &nbsp;&nbsp;&nbsp; (6969440)  | &nbsp;&nbsp;&nbsp; (12522119)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (9093763)  | &nbsp;&nbsp;&nbsp;&nbsp; (5186500)  | &nbsp;&nbsp;&nbsp; (6369324)  | &nbsp;&nbsp;&nbsp; (11551942)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (794038)  | &nbsp;&nbsp;&nbsp;&nbsp; (766370)  | &nbsp;&nbsp;&nbsp; (521414)  | &nbsp;&nbsp;&nbsp; (950873)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1657323)  | &nbsp;&nbsp;&nbsp;&nbsp; (1035678)  | &nbsp;&nbsp;&nbsp; (6153831)  | &nbsp;&nbsp;&nbsp; (11606738)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1199731)  | &nbsp;&nbsp;&nbsp;&nbsp; (720788)  | &nbsp;&nbsp;&nbsp; (1423516)  | &nbsp;&nbsp;&nbsp; (2340010)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3407054)  | &nbsp;&nbsp;&nbsp;&nbsp; (1811705)  | &nbsp;&nbsp;&nbsp; (1693982)  | &nbsp;&nbsp;&nbsp; (2779676)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (866595)  | &nbsp;&nbsp;&nbsp;&nbsp; (406374)  | &nbsp;&nbsp;&nbsp; (1291023)  | &nbsp;&nbsp;&nbsp; (1893964)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (120410)  | &nbsp;&nbsp;&nbsp;&nbsp; (4792)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(37220712)** | &nbsp;&nbsp;&nbsp;&nbsp; **(16608873)**  | &nbsp;&nbsp;&nbsp; **(24422530)**  | &nbsp;&nbsp;&nbsp; **(43645322)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 84881293  | &nbsp;&nbsp;&nbsp;&nbsp; 59189534  | &nbsp;&nbsp;&nbsp; (8941318)  | &nbsp;&nbsp;&nbsp; 3476953  |
| &nbsp;&nbsp;&nbsp;&nbsp; (703978)  | &nbsp;&nbsp;&nbsp;&nbsp; (16489541)  | &nbsp;&nbsp;&nbsp; (1391490)  | &nbsp;&nbsp;&nbsp; 2919396  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6916485)  | &nbsp;&nbsp;&nbsp;&nbsp; (2139233)  | &nbsp;&nbsp;&nbsp; (547630)  | &nbsp;&nbsp;&nbsp; 91559  |
| &nbsp;&nbsp;&nbsp;&nbsp; (7099480)  | &nbsp;&nbsp;&nbsp;&nbsp; (3274170)  | &nbsp;&nbsp;&nbsp; (11529134)  | &nbsp;&nbsp;&nbsp; (6605617)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1053665  | &nbsp;&nbsp;&nbsp;&nbsp; (3807912)  | &nbsp;&nbsp;&nbsp; (1546667)  | &nbsp;&nbsp;&nbsp; 343503  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4539539)  | &nbsp;&nbsp;&nbsp;&nbsp; (841795)  | &nbsp;&nbsp;&nbsp; (25830)  | &nbsp;&nbsp;&nbsp; 1104000  |
| &nbsp;&nbsp;&nbsp;&nbsp; 763611  | &nbsp;&nbsp;&nbsp;&nbsp; 478485  | &nbsp;&nbsp;&nbsp; (693391)  | &nbsp;&nbsp;&nbsp; 1456707  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3756042  | &nbsp;&nbsp;&nbsp;&nbsp; 967284  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; **71195129** | &nbsp;&nbsp;&nbsp;&nbsp; **34082652**  | &nbsp;&nbsp;&nbsp; **(24675460)**  | &nbsp;&nbsp;&nbsp; **2786501**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **59949230**  | &nbsp;&nbsp;&nbsp;&nbsp; **108766427**  | &nbsp;&nbsp;&nbsp; **(35324743)**  | &nbsp;&nbsp;&nbsp; **14354438**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 434869639 | &nbsp;&nbsp;&nbsp;&nbsp; 326103212  | &nbsp;&nbsp;&nbsp; 188154273  | &nbsp;&nbsp;&nbsp; 173799835  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$494818869** | &nbsp;&nbsp;&nbsp;&nbsp; **$434869639**  | &nbsp;&nbsp;&nbsp; **$152829530**  | &nbsp;&nbsp;&nbsp; **$188154273** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **65**<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** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.24** | $0.41 | $0.11 | $0.52 | $(0.37) | $(0.02) | $(0.39) | **$9.37** | 5.77% | $26306 | 0.58% | 0.46% | 4.41%  |
| 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%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.29** | $0.40 | $0.11 | $0.51 | $(0.36) | $(0.02) | $(0.38) | **$9.42** | 5.66% | $13949 | 0.68% | 0.56% | 4.35% |
| 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%  |
| **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.22**  | $0.39  | $0.10  | $0.49  | $(0.35)  | $(0.02)  | $(0.37)  | **$9.34**  | 5.45%  | $946  | 0.78%  | 0.66%  | 4.19%  |
| 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% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Portfolio turnover rate**<br>| 47% | 34% | 16% | 20% | 72% |

---

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.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **66**<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** |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.19**  | $0.38  | $0.11  | $0.49  | $(0.34)  | $(0.02)  | $(0.36)  | **$9.32**  | 5.46%  | $12124  | 0.88%  | 0.76%  | 4.14%  |
| 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%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.26** | $0.36 | $0.11 | $0.47 | $(0.33) | $(0.02) | $(0.35) | **$9.38** | 5.17% | $1369 | 1.03% | 0.91% | 3.89%  |
| 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%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.15**  | $0.36  | $0.11  | $0.47  | $(0.32)  | $(0.02)  | $(0.34)  | **$9.28**  | 5.26%  | $6076  | 1.08%  | 0.96%  | 3.94%  |
| 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%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.18**  | $0.35  | $0.10  | $0.45  | $(0.30)  | $(0.02)  | $(0.32)  | **$9.31**  | 5.05%  | $4716  | 1.28%  | 1.16%  | 3.77% |
| 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%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.25**  | $0.41  | $0.11  | $0.52  | $(0.37)  | $(0.02)  | $(0.39)  | **$9.38**  | 5.72%  | $34122  | 0.68%  | 0.51%  | 4.38% |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.21**  | $0.38  | $0.11  | $0.49  | $(0.34)  | $(0.02)  | $(0.36)  | **$9.34**  | 5.46%  | $16171  | 0.88%  | 0.76%  | 4.12%  |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.29**  | $0.36  | $0.11  | $0.47  | $(0.32)  | $(0.02)  | $(0.34)  | **$9.42**  | 5.18%  | $306  | 1.13%  | 1.01%  | 3.86% |
| 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. |  |
|  | **67**<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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$9.53** | $0.41 | $(0.09) | $0.32 | $(0.38) | $— | $(0.38) | **$9.47** | 3.41% | $142357 | 0.53% | N/A | 0.49% | 4.36%  |
| 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%  |
| **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** |
| 9/30/25  | **$9.54** | $0.40 | $(0.09) | $0.31 | $(0.37) | $— | $(0.37) | **$9.48** | 3.31% | $43363 | 0.63% | N/A | 0.59% | 4.27% |
| 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%  |
| **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**  |
| 9/30/25  | **$9.51** | $0.39 | $(0.09) | $0.30 | $(0.36) | $— | $(0.36) | **$9.45** | 3.20% | $13641 | 0.73% | N/A | 0.69% | 4.15%  |
| 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% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Portfolio turnover rate**<br>| 63% | 78% | 80% | 77% | 100% |

---

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.

---

| | |
|:---|:---|
| 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>|
| **68**<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** |
| 9/30/25  | **$9.65** | $0.39 | $(0.10) | $0.29 | $(0.35) | $— | $(0.35) | **$9.59** | 3.11% | $4117 | 0.83% | N/A | 0.79% | 4.07%  |
| 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%  |
| **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** |
| 9/30/25  | **$9.30** | $0.36 | $(0.10) | $0.26 | $(0.32) | $— | $(0.32) | **$9.24** | 2.93% | $1107 | 0.98% | N/A | 0.94% | 3.89%  |
| 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%  |
| **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** |
| 9/30/25  | **$9.39** | $0.36 | $(0.10) | $0.26 | $(0.32) | $— | $(0.32) | **$9.33** | 2.89% | $8296 | 1.03% | N/A | 0.99% | 3.89%  |
| 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%  |
| **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** |
| 9/30/25  | **$9.33** | $0.34 | $(0.10) | $0.24 | $(0.30) | $— | $(0.30) | **$9.27** | 2.68% | $2400 | 1.23% | N/A | 1.19% | 3.67% |
| 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%  |
| **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** |
| 9/30/25  | **$9.55** | $0.40 | $(0.09) | $0.31 | $(0.37) | $— | $(0.37) | **$9.49** | 3.31% | $122 | 0.63% | N/A | 0.59% | 4.28%  |
| 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. |  |
|  | **69**<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** |
| 9/30/25  | **$9.30** | $0.44 | $(0.03) | $0.41 | $(0.43) | $— | $(0.43) | **$9.28** | 4.56% | $556398 | 0.43% | 0.37% | 4.83%  |
| 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%  |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| 9/30/25  | **$9.34** | $0.43 | $(0.03) | $0.40 | $(0.42) | $— | $(0.42) | **$9.32** | 4.46% | $136179 | 0.53% | 0.47% | 4.77% |
| 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%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 9/30/25  | **$9.29** | $0.42 | $(0.03) | $0.39 | $(0.41) | $— | $(0.41) | **$9.27** | 4.36% | $46202 | 0.63% | 0.57% | 4.66%  |
| 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% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Portfolio turnover rate**<br>| 149% | 248% | 206% | 239% | 256% |
| **Portfolio turnover excluding TBA transactions**<br>| 75% | 96% | 42% | 53%  | 88% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **70**<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**  |
| 9/30/25  | **$9.20** | $0.41 | $(0.04) | $0.37 | $(0.40) | $— | $(0.40) | **$9.17** | 4.14% | $33971 | 0.73% | 0.67% | 4.56%  |
| 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%  |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| 9/30/25  | **$9.10** | $0.39 | $(0.03) | $0.36 | $(0.38) | $— | $(0.38) | **$9.08** | 4.09% | $46273 | 0.88% | 0.82% | 4.38%  |
| 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%  |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 9/30/25  | **$9.15** | $0.39 | $(0.03) | $0.36 | $(0.38) | $— | $(0.38) | **$9.13** | 4.04% | $25457 | 0.94% | 0.87% | 4.37%  |
| 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%  |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| 9/30/25  | **$9.52** | $0.38 | $(0.03) | $0.35 | $(0.37) | $— | $(0.37) | **$9.50** | 3.85% | $14709 | 1.13% | 1.07% | 4.16%  |
| 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%  |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 9/30/25  | **$9.34** | $0.44 | $(0.04) | $0.40 | $(0.42) | $— | $(0.42) | **$9.32** | 4.46% | $6197 | 0.53% | 0.47% | 4.79%  |
| 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. |  |
|  | **71**<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** | **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**  | **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>** | <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** | **Class I** |
| 9/30/25  | **$9.10** | $0.42 | $0.09<sup>aa</sup> | $0.51 | $(0.39) | $— | $(0.02) | $(0.41) | **$9.20** | 5.77% | $46834 | 0.72% | 0.59% | 4.70%  |
| 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%  |
| **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** |
| 9/30/25  | **$8.21** | $0.37 | $0.08<sup>aa</sup> | $0.45 | $(0.34) | $— | $(0.02) | $(0.36) | **$8.30** | 5.66% | $11257 | 0.82% | 0.69% | 4.60%  |
| 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%  |
| **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** |
| 9/30/25  | **$8.37** | $0.37 | $0.08<sup>aa</sup> | $0.45 | $(0.34) | $— | $(0.02) | $(0.36) | **$8.46** | 5.53% | $3687 | 0.92% | 0.79% | 4.50%  |
| 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% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Portfolio turnover rate**<br>| 265% | 153% | 107% | 198% | 192% |
| **Portfolio turnover excluding TBA transactions**<br>| 182% | 64% | 35%  | 62%  | 72% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **72**<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** | **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**  | **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>,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** | **Administrative Class** |
| 9/30/25  | **$8.36** | $0.36 | $0.08<sup>aa</sup> | $0.44 | $(0.33) | $— | $(0.02) | $(0.35) | **$8.45** | 5.43% | $3213 | 1.02% | 0.89% | 4.39%  |
| 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%  |
| **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** |
| 9/30/25  | **$8.24** | $0.34 | $0.08<sup>aa</sup> | $0.42 | $(0.31) | $— | $(0.02) | $(0.33) | **$8.33** | 5.28% | $797 | 1.17% | 1.04% | 4.23%  |
| 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%  |
| **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** |
| 9/30/25  | **$8.41** | $0.35 | $0.06<sup>aa</sup> | $0.41 | $(0.31) | $— | $(0.02) | $(0.33) | **$8.49** | 5.09% | $3014 | 1.22% | 1.09% | 4.21%  |
| 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%  |
| **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** |
| 9/30/25  | **$8.34** | $0.33 | $0.07<sup>aa</sup> | $0.40 | $(0.29) | $— | $(0.02) | $(0.31) | **$8.43** | 5.01% | $898 | 1.42% | 1.29% | 4.00%  |
| 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%  |
| **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** |
| 9/30/25  | **$8.22** | $0.37 | $0.08<sup>aa</sup> | $0.45 | $(0.34) | $— | $(0.02) | $(0.36) | **$8.31** | 5.66% | $100 | 0.82% | 0.69% | 4.60%  |
| 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. |  |
|  | **73**<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** |
| 9/30/25  | **$8.16** | $0.57 | $0.03 | $0.60 | $(0.57) | $(0.57) | **$8.19** | 7.66% | $314512 | 0.59% | 0.54% | 7.05%  |
| 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%  |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| 9/30/25  | **$8.22** | $0.57 | $0.03 | $0.60 | $(0.57) | $(0.57) | **$8.25** | 7.56% | $37967 | 0.69% | 0.64% | 6.98%  |
| 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%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 9/30/25  | **$8.22** | $0.56 | $0.04 | $0.60 | $(0.56) | $(0.56) | **$8.26** | 7.58% | $18500 | 0.79% | 0.74% | 6.88%  |
| 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% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Portfolio turnover rate**<br>| 97% | 69% | 38% | 53% | 68% |

---

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.

---

| | |
|:---|:---|
| 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>|
| **74**<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**  |
| 9/30/25  | **$8.08** | $0.54 | $0.03 | $0.57 | $(0.54) | $(0.54) | **$8.11** | 7.35% | $9992 | 0.89% | 0.84% | 6.78%  |
| 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%  |
| **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  |
| 9/30/25  | **$7.94** | $0.52 | $0.03 | $0.55 | $(0.52) | $(0.52) | **$7.97** | 7.20% | $13703 | 1.04% | 0.99% | 6.63%  |
| 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%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 9/30/25  | **$8.07** | $0.53 | $0.02 | $0.55 | $(0.52) | $(0.52) | **$8.10** | 7.14% | $6962 | 1.09% | 1.04% | 6.58%  |
| 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%  |
| **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  |
| 9/30/25  | **$8.18** | $0.52 | $0.02 | $0.54 | $(0.51) | $(0.51) | **$8.21** | 6.92% | $25087 | 1.29% | 1.24% | 6.39%  |
| 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%  |
| **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  | **Class Y**  |
| 9/30/25  | **$8.18** | $0.57 | $0.04 | $0.61 | $(0.57) | $(0.57) | **$8.22** | 7.74% | $49840 | 0.64% | 0.59% | 7.02%  |
| 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**  |
| 9/30/25  | **$8.22** | $0.49 | $0.03 | $0.52 | $(0.49) | $(0.49) | **$8.25** | 6.59% | $213 | 1.59% | 1.54% | 6.05% |
| 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> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **75**<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** | **Class I** |
| 9/30/25  | **$19.28**  | $0.13  | $1.03  | $1.16  | $(0.13)  | $(1.52)  | $(1.65)  | **$18.79**  | 6.05%  | $298338  | 0.65%  | 0.65%<sup>n</sup> | 0.73% |
| 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%  |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| 9/30/25  | **$19.19**  | $0.11  | $1.03  | $1.14  | $(0.11)  | $(1.52)  | $(1.63)  | **$18.70**  | 5.97%  | $105766  | 0.75%  | 0.75%<sup>n</sup>  | 0.61%  |
| 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%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 9/30/25  | **$19.10**  | $0.09  | $1.03  | $1.12  | $(0.07)  | $(1.52)  | $(1.59)  | **$18.63**  | 5.86%  | $10073  | 0.85%  | 0.85%<sup>n</sup> | 0.48%  |
| 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% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2025**  | **2024** | **2023** | **2022** | **2021** |
| **Portfolio turnover rate** | 40% | 40% | 46% | 39% | 40% |

---

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. 

n Expenses incurred during the period fell under the expense cap.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **76**<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** | **Administrative Class** |
| 9/30/25  | **$18.90**  | $0.07  | $1.02  | $1.09  | $(0.07)  | $(1.52)  | $(1.59)  | **$18.40**  | 5.76%  | $14573  | 0.95%  | 0.95%<sup>n</sup> | 0.39%  |
| 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%  |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| 9/30/25  | **$18.07**  | $0.04  | $0.97  | $1.01  | $(0.05)  | $(1.52)  | $(1.57)  | **$17.51**  | 5.55%  | $13551  | 1.10%  | 1.10%<sup>n</sup> | 0.26%  |
| 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%)  |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 9/30/25  | **$18.18**  | $0.04  | $0.97  | $1.01  | $(0.04)  | $(1.52)  | $(1.56)  | **$17.63**  | 5.53%  | $37274  | 1.15%  | 1.15%<sup>n</sup> | 0.20%  |
| 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%)  |
| **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| 9/30/25  | **$17.72**  | $0.00<sup>d</sup>  | $0.94  | $0.94  | $(0.01)  | $(1.52)  | $(1.53)  | **$17.13**  | 5.30%  | $10231  | 1.35%  | 1.35%<sup>n</sup> | 0.01%  |
| 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%)  |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 9/30/25  | **$19.21**  | $0.13  | $1.01  | $1.14  | $(0.12)  | $(1.52)  | $(1.64)  | **$18.71**  | 5.95%  | $5013  | 0.75%  | 0.75%<sup>n</sup> | 0.70%  |
| 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. |  |
|  | **77**<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** | | | **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>**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**  |
| 9/30/25  | **$11.40**  | $(0.01)  | $1.00  | $0.99  | $(1.53)  | $(1.53)  | **$10.86**  | 9.64%  | $42925  | 0.93%  | (0.13%) |
| 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%)  |
| **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  |
| 9/30/25  | **$11.35**  | $(0.02)  | $1.00  | $0.98  | $(1.53)  | $(1.53)  | **$10.80**  | 9.58%  | $46971  | 1.03%  | (0.22%)  |
| 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%)  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 9/30/25  | **$11.08**  | $(0.03)  | $0.96  | $0.93  | $(1.53)  | $(1.53)  | **$10.48**  | 9.35%  | $3226  | 1.13%  | (0.30%)  |
| 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%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 24% | 6% | 10% | 10% | 10% |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **78**<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** <br>**shareholders** | **Less distributions to** <br>**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>**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**  |
| 9/30/25  | **$11.19**  | $(0.04)  | $0.98  | $0.94  | $(1.53)  | $(1.53)  | **$10.60**  | 9.34%  | $32728  | 1.23%  | (0.42%)  |
| 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%)  |
| **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  |
| 9/30/25  | **$10.47**  | $(0.05)  | $0.90  | $0.85  | $(1.53)  | $(1.53)  | **$9.79**  | 9.09%  | $7445  | 1.38%  | (0.57%)  |
| 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%)  |
| **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  |
| 9/30/25  | **$10.73**  | $(0.06)  | $0.93  | $0.87  | $(1.53)  | $(1.53)  | **$10.07**  | 9.06%  | $11636  | 1.43%  | (0.61%)  |
| 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%)  |
| **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  |
| 9/30/25  | **$10.50**  | $(0.08)  | $0.91  | $0.83  | $(1.53)  | $(1.53)  | **$9.80**  | 8.85%  | $7899  | 1.63%  | (0.81%)  |
| 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%) |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **79**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements**<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 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 Small Cap Opportunities Fund ("Small Cap Opportunities Fund")

MassMutual Global Fund ("Global 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.

Effective October 1, 2024, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. MML Investment Advisers, LLC ("MML Advisers") acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmark(s) and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

Investment Valuation

The net asset value of each Fund's shares is determined once daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), on each day the NYSE is open for trading (a "business day"). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE's scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Advisers will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation policy and procedures. On holidays and other

**80**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

The Board of Trustees ("Trustees") have designated MML Advisers as the Funds' "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund's assets will be subject to fair valuation in accordance with MML Advisers' fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are

**81**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 following is the aggregate value by input level, as of September 30, 2025, for the Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2** | **Level 3** | **Total**  |
| **Short-Duration Bond Fund** <br>|  |  |  |  |
| **Asset Investments** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $54412818 | $—  | $54412818  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 50034556 |  | 50034556  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 37627 |  | 37627  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1021200 | 11497945 |  | 12519145  |
| Total Investments | $1021200 | $115982946 | $— | $117004146  |
| **Asset Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $27278 | $— | $— | $27278  |
| **Liability Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(40184) | $— | $— | $(40184)  |
| **Inflation-Protected and Income Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations | $— | $129404814 | $— | $129404814  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 7588771 |  | 7588771  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 39806819 |  | 39806819  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 43308333 |  | 43308333  |
| Total Investments | $— | $220108737 | $— | $220108737  |

---

**82**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2** | **Level 3** | **Total**  |
| **Inflation-Protected and Income Fund (Continued)**  | **Inflation-Protected and Income Fund (Continued)**  | **Inflation-Protected and Income Fund (Continued)**  | **Inflation-Protected and Income Fund (Continued)**  | **Inflation-Protected and Income Fund (Continued)**  |
| **Asset Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $21812 | $— | $— | $21812  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | 4384686 |  | 4384686  |
| Total | $21812 | $4384686 | $— | $4406498  |
| **Liability Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(46162) | $— | $— | $(46162)  |
| **Core Bond Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $— | $333833600 | $— | $333833600  |
| &nbsp;&nbsp;&nbsp; Municipal Obligations |  | 2570835 |  | 2570835  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 228538145 |  | 228538145  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 1859789 |  | 1859789  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 207979471 |  | 207979471  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 78614413 |  | 78614413  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 17724813 | 7356708 |  | 25081521  |
| Total Investments | $17724813 | $860752961 | $— | $878477774  |
| **Asset Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $507348 | $— | $— | $507348  |
| **Liability Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(128834) | $— | $— | $(128834)  |
| **Diversified Bond Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Debt | $—  | $28699177 | $—  | $28699177  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 14924434 |  | 14924434  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 144550 |  | 144550  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 15484472 |  | 15484472  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 9225016 |  | 9225016  |
| &nbsp;&nbsp;&nbsp; Preferred Stock | 181650 |  |  | 181650  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 337 |  | 337  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | 3458 | 3458  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2849748 | 615652 |  | 3465400  |
| Total Investments | $3031398 | $69093638 | $3458 | $72128494  |
| **Asset Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $125537 | $— | $125537  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 74897 |  |  | 74897  |
| Total | $74897 | $125537 | $— | $200434  |
| **Liability Derivatives**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(29928) | $— | $(29928)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (7518) |  |  | (7518)  |
| &nbsp;&nbsp;&nbsp; Written Options |  | (18556) |  | (18556)  |
| Total | $(7518) | $(48484) | $— | $(56002)  |

---

**83**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2** | **Level 3** | **Total**  |
| **High Yield Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred Stock | $—  | $164119 | $— | $164119  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 51077227 |  | 51077227  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 414173661 |  | 414173661  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 37735795 | 19932276 |  | 57668071  |
| &nbsp;&nbsp;&nbsp; Unfunded Bank Loan Commitments\*\* |  | 3905 |  | 3905  |
| Total Investments | $37735795 | $485351188 | $— | $523086983  |
| **Small Cap Opportunities Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $489557340 | $— | $— | $489557340  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1781680 | 4147845 |  | 5929525  |
| Total Investments | $491339020 | $4147845 | $— | $495486865  |
| **Global Fund**<br>|  |  |  |  |
| **Asset Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $937113 | $— | $— | $937113  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 3400197 |  |  | 3400197  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 3247368 | 1669838 |  | 4917206  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 8962108 |  | 8962108  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 5531439 |  | 5531439  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 2496363 | 5809630 |  | 8305993  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 663816 |  |  | 663816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2254634 |  | 2254634  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 3502422 |  | 3502422  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 3528788 |  | 3528788  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | —  | 2023389 | —  | 2023389  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1629414 |  | 1629414  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2750364 |  | 2750364  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 5742575 |  | 5742575  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 98727067 |  |  | 98727067  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 364650 | 327748 |  | 692398  |
| Total Investments | $109836574 | $43732349 | $— | $153568923 |

---

\* 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.

\*\* Unfunded bank loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

For certain Funds the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis, as well as any applicable liabilities for investments purchased on a delayed delivery basis, and amounts due to custodian. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of September 30, 2025.

The Funds had no Level 3 transfers during the year ended September 30, 2025.

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.

**84**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

At September 30, 2025, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/** <br>**Inflation** <br>**Rate Risk** | **Total**  |
| **Short-Duration Bond Fund** <br>|  |  |  |
| **Asset Derivatives** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $—  | $27278 | $27278  |
| **Liability Derivatives**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $(40184) | $(40184)  |
| **Realized Gain (Loss)<sup>#</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(147262) | $(147262)  |
| **Change in Appreciation (Depreciation)<sup>##</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(184099) | $(184099)  |
| **Inflation-Protected and Income Fund**<br>|  |  |  |
| **Asset Derivatives**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $21812 | $21812  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>\*</sup>  | —  | 4136879 | 4136879  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>^^</sup>'<sup>^^^</sup> |  | 247807 | 247807  |
| Total Value | $— | $4406498 | $4406498  |
| **Liability Derivatives**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $(46162) | $(46162)  |
| **Realized Gain (Loss)<sup>#</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $543930 | $543930  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | 1242661 | 1242661  |
| Total Realized Gain (Loss) | $— | $1786591 | $1786591  |
| **Change in Appreciation (Depreciation)<sup>##</sup>** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $72572 | $72572  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | (3314750) | (3314750)  |
| Total Change in Appreciation (Depreciation) | $— | $(3242178) | $(3242178)  |
| **Core Bond Fund**<br>|  |  |  |
| **Asset Derivatives**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $507348 | $507348  |
| **Liability Derivatives**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $— | $(128834) | $(128834)  |
| **Realized Gain (Loss)<sup>#</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(4193028) | $(4193028)  |
| **Change in Appreciation (Depreciation)<sup>##</sup>** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $707648 | $707648  |
| **Diversified Bond Fund**<br>|  |  |  |
| **Asset Derivatives**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options<sup>\*</sup> | $337 | $—  | $337  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*</sup>  | 125537  | —  | 125537  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  | 74897 | 74897  |
| Total Value | $125874 | $74897 | $200771  |

---

**85**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **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)**  |
| **Liability Derivatives**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^</sup> | $(29928) | $— | $(29928)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  | (7518) | (7518)  |
| &nbsp;&nbsp;&nbsp; Written Options<sup>^</sup>  | (18556)  | —  | (18556)  |
| Total Value | $(48484) | $(7518) | $(56002)  |
| **Realized Gain (Loss)<sup>#</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $(27967) | $— | $(27967)  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | 105907 |  | 105907  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | (1182752) | (1182752)  |
| &nbsp;&nbsp;&nbsp; Written Options | 19265 |  | 19265  |
| Total Realized Gain (Loss) | $97205 | $(1182752) | $(1085547)  |
| **Change in Appreciation (Depreciation)<sup>##</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $802 | $—  | $802  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | 75131 |  | 75131  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | 135068 | 135068  |
| &nbsp;&nbsp;&nbsp; Written Options | 2373 |  | 2373  |
| Total Change in Appreciation (Depreciation) | $78306 | $135068 | $213374 |

---

\* 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.<br>|

---

^^^ 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.  |

---

For the year ended September 30, 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**  |
|  | **Short-**<br>**Duration** <br>**Bond Fund** | **Inflation-**<br>**Protected and** <br>**Income Fund** | **Core Bond** <br>**Fund** | **Diversified** <br>**Bond Fund**  |
| **Futures Contracts:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long  | 384 | 40 | 871 | 91  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - short  | 282 | 260 | 81 | 14  |
| **Forward Contracts:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts purchased - in USD  |  |  |  | $2181857  |
| &nbsp;&nbsp;&nbsp; Average notional amounts sold - in USD  |  |  |  | $2313416  |
| **Swap Agreements:**<br>|  |  |  |  |
| **Interest Rate Swaps:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts  |  | $18325000 |  |  |
| **Total Return Swaps:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts  |  | $162311379 |  |  |
| **Options:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Purchased Options  |  |  |  | 627400  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Written Options  |  |  |  | 41456000 |

---

**86**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 September 30, 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 September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative**<br>**Assets Subject**<br>**to an MNA by**<br>**Counterparty†**  | **Financial**<br>**Instruments**<br>**Available for**<br>**Offset**  | **Collateral**<br>**Received\*\*\***  | **Net Amount\***  |
| **Inflation-Protected and Income Fund**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | $3257315  | $— | $(1790000) | $1467315  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International | 879564  |  | (210000) | 669564  |
|  | $4136879  | $— | $(2000000) | $2136879  |
| **Diversified Bond Fund**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America N.A. | $337  | $(337) | $— | $—  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | 6797  | (705) |  | 6092  |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 821  | (821) |  | —  |
| &nbsp;&nbsp;&nbsp; Citibank N.A. | 44061  | (7606) |  | 36455  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG  | 7345  | —  | —  | 7345  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International | 36715  | (10815) |  | 25900  |
| &nbsp;&nbsp;&nbsp; HSBC Bank PLC | 12740  |  |  | 12740  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Bank N.A. | 13767  | (11024) |  | 2743  |
| &nbsp;&nbsp;&nbsp; Standard Chartered Bank  | 3291  | —  | —  | 3291  |
|  | $125874  | $(31308) | $— | $94566 |

---

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 September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative** <br>**Liabilities** <br>**Subject to an** <br>**MNA by**<br>**Counterparty†**  | **Financial**<br>**Instruments**<br>**Available for** <br>**Offset**  | **Collateral** <br>**Pledged\*\*\***  | **Net Amount\*\***  |
| **Diversified Bond Fund**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America N.A. | $(5752) | $337  | $— | $(5415)  |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC  | (337)  | —  | —  | (337)  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | (705) | 705  |  | —  |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | (12245) | 821  |  | (11424)  |
| &nbsp;&nbsp;&nbsp; Citibank N.A. | (7606) | 7606  |  | —  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International | (10815) | 10815  |  | —  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Bank N.A. | (11024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11024  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
|  | $(48484) | $31308  | $— | $(17176) |

---

\* 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.* 

**87**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 year ended September 30, 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 futures Contract or 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 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.

**88**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 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

**89**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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.

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.

**90**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 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

**91**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 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.

**92**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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.

The High Yield Fund entered into certain bank loan agreements which are unfunded ("commitments"). The High Yield Fund is obligated to fund these commitments at the borrower's discretion. At September 30, 2025, the High Yield Fund had sufficient cash and/or securities to cover these commitments.

Commitment interest is marked to market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities. Any change in the unrealized appreciation (depreciation) is shown in the Statement of Operations. At September 30, 2025, the High Yield Fund had the following commitments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Borrower** | **Par** | **Commitment**<br>**Amount** | **Value** | **Appreciation**<br>(Depreciation)  |
| High Yield Fund | Splat Super Holdco LLC | $352035 | $341794 | $345699 | $3905 |

---

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.

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 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.

**93**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 September 30, 2025.

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At September 30, 2025, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

**94**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower ("Borrowing Agreement"), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the year ended September 30, 2025, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

Foreign Securities

Each Fund may 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.

**95**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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.

&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**  |
| 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\*  | 0.30% on the first $2 billion; and <br>0.27% 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  |
| 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 |

---

\* Prior to September 15, 2025, the investment advisory fee for the Fund was 0.38% on the first $1.5 billion; 0.33% on the next $500 million; and 0.28% on any excess over $2 billion.

**96**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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:

---

| | |
|:---|:---|
| 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 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.

---

| | |
|:---|:---|
| Small Cap Opportunities Fund  | Invesco Advisers, Inc.  |
| Global Fund  | Invesco Advisers, Inc.  |

---

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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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**  |
| 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  |  |
| 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 |

---

\* 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

**97**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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.

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 year ended September 30, 2025.

---

| | |
|:---|:---|
|  | **Front-End** <br>**Sales Charges** <br>**Retained by** <br>**Distributor**  |
| Short-Duration Bond Fund  | $1056  |
| Core Bond Fund  | 223  |
| High Yield Fund  | 2034  |
| Small Cap Opportunities Fund  | 158 |

---

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 in accounts aggregating $250,000 or more) 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 year ended September 30, 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.

**98**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

Effective September 15, 2025, MML Advisers has agreed to cap the fees and expenses of the Fund 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, 2027, 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  | 0.33%  | 0.43%  | 0.53%  | 0.63%  | 0.78%  | 0.83%  | 1.03%  | 0.43% |

---

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

For the period February 1, 2025 through September 14, 2025, MML Advisers had agreed to cap the fees and expenses of the Fund 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**  |
| Core Bond Fund  | 0.34%  | 0.44%  | 0.54%  | 0.64%  | 0.79%  | 0.84%  | 1.04%  | 0.44% |

---

Prior to February 1, 2025, MML Advisers had agreed to cap the fees and expenses of the Fund 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**  |
| Core Bond Fund  | 0.42%  | 0.52%  | 0.62%  | 0.72%  | 0.87%  | 0.92%  | 1.12%  | 0.52% |

---

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Affiliated Brokerage Commissions

The Fund(s) listed below had portfolio transactions that were placed with brokerage firms which are affiliates of the Fund's investment adviser or subadviser. Brokerage commissions are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Affiliated** <br>**Brokerage** <br>**Commissions**  |
| Small Cap Opportunities Fund  | $8171 |
| Global Fund  | 5553 |

---

**99**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the year ended September 30, 2025, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated** <br>**Commissions**  |
| Small Cap Opportunities Fund  | $4728 |
| Global Fund | 737 |

---

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and are included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds' shares by related parties at September 30, 2025:

---

| | |
|:---|:---|
|  | **Total % Ownership by Related Party**  |
| Short-Duration Bond Fund  | 77.4% |
| Inflation-Protected and Income Fund  | 78.1% |
| Core Bond Fund  | 86.6% |
| Diversified Bond Fund  | 93.9% |
| High Yield Fund  | 77.2% |
| Small Cap Opportunities Fund  | 72.6% |
| Global Fund  | 94.5% |

---

&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 year ended September 30, 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 | $— | $56722755 | $2277 | $87086982  |
| Inflation-Protected and Income Fund | 13720425 | 100538274 | 32233818 | 111695175  |
| Core Bond Fund | 992294004 | 274992728 | 1225249937 | 422836021  |
| Diversified Bond Fund | 208921030 | 50493926 | 220639614 | 98042534  |
| High Yield Fund |  | 468877090 |  | 379027265  |
| Small Cap Opportunities Fund |  | 211495897 |  | 173238478  |
| Global Fund |  | 39184940 |  | 89667823 |

---

**100**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

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 year.

&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Short-Duration Bond Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1415000 | $13092858 | 3016755 | $26683491  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 226509 | 2098119 | 242562 | 2172180  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4635616) | (43195607) | (6401185) | (56352907)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2994107) | $(28004630) | (3141868) | $(27497236)  |
| **Short-Duration Bond Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 666050 | $6192193 | 905867 | $8071960  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 58778 | 547694 | 48933 | 440957  |
| &nbsp;&nbsp;&nbsp; Redeemed | (486497) | (4535200) | (1014464) | (9065373)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 238331 | $2204687 | (59664) | $(552456)  |
| **Short-Duration Bond Fund Service Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 71160 | $653344 | 312804 | $2795758  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 7196 | 66445 | 8399 | 75025  |
| &nbsp;&nbsp;&nbsp; Redeemed | (206738) | (1909384) | (488848) | (4317878)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (128382) | $(1189595) | (167645) | $(1447095)  |
| **Short-Duration Bond Fund Administrative Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 761787 | $6992456 | 487964 | $4338017  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 53640 | 494410 | 45866 | 409315  |
| &nbsp;&nbsp;&nbsp; Redeemed | (832433) | (7664475) | (573907) | (5080126)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (17006) | $(177609) | (40077) | $(332794)  |
| **Short-Duration Bond Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 18322 | $169939 | 645681 | $5766090  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 17487 | 161754 | 25591 | 231051  |
| &nbsp;&nbsp;&nbsp; Redeemed | (795708) | (7373039) | (136436) | (1225950)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (759899) | $(7041346) | 534836 | $4771191  |
| **Short-Duration Bond Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 177740 | $1623608 | 58384 | $515638  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 22592 | 207398 | 23027 | 204528  |
| &nbsp;&nbsp;&nbsp; Redeemed | (196736) | (1797960) | (134983) | (1203415)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 3596 | $33046 | (53572) | $(483249)  |
| **Short-Duration Bond Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 376625 | $3451559 | 83992 | $741189  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 21508 | 198017 | 21012 | 187093  |
| &nbsp;&nbsp;&nbsp; Redeemed | (480090) | (4431984) | (298426) | (2636751)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (81957) | $(782408) | (193422) | $(1708469)  |

---

**101**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Short-Duration Bond Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2049646 | $18996760 | 625753 | $5735540  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 150465 | 1395640 | 138072 | 1236726  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2401029) | (22256190) | (2223897) | (19684317)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (200918) | $(1863790) | (1460072) | $(12712051)  |
| **Short-Duration Bond Fund Class L**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 20872 | $192961 | 16150 | $143922  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 76910 | 710129 | 160915 | 1435031  |
| &nbsp;&nbsp;&nbsp; Redeemed | (714856) | (6591319) | (3138756) | (28340803)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (617074) | $(5688229) | (2961691) | $(26761850)  |
| **Short-Duration Bond Fund Class C**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1993 | $18377 | 3 | $23  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2457 | 22872 | 2901 | 26137  |
| &nbsp;&nbsp;&nbsp; Redeemed | (54435) | (508459) | (20248) | (178633)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (49985) | $(467210) | (17344) | $(152473)  |
| **Inflation-Protected and Income Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 4887588 | $45834516 | 6061074 | $56231895  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 616850 | 5799824 | 1137864 | 10448491  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7517794) | (70178164) | (8627219) | (79691033)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2013356) | $(18543824) | (1428281) | $(13010647)  |
| **Inflation-Protected and Income Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1538754 | $14440681 | 3958324 | $37132094  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 194827 | 1832851 | 331376 | 3043431  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2181313) | (20458763) | (4690429) | (43921362)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (447732) | $(4185231) | (400729) | $(3745837)  |
| **Inflation-Protected and Income Fund Service Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 350550 | $3268014 | 497148 | $4596015  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 57785 | 542058 | 114085 | 1045119  |
| &nbsp;&nbsp;&nbsp; Redeemed | (642182) | (5988911) | (1284438) | (11912505)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (233847) | $(2178839) | (673205) | $(6271371)  |
|  **Inflation-Protected and Income Fund Administrative Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 223007 | $2115364 | 196185 | $1849397  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 17290 | 164573 | 40376 | 374784  |
| &nbsp;&nbsp;&nbsp; Redeemed | (324333) | (3067030) | (468531) | (4395411)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (84036) | $(787093) | (231970) | $(2171230)  |
| **Inflation-Protected and Income Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 39343 | $360432 | 61715 | $557025  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 6488 | 59452 | 16083 | 144067  |
| &nbsp;&nbsp;&nbsp; Redeemed | (154066) | (1407457) | (250178) | (2253045)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (108235) | $(987573) | (172380) | $(1551953)  |
| **Inflation-Protected and Income Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 289721 | $2668286 | 157571 | $1432055  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 30292 | 280753 | 47671 | 431613  |
| &nbsp;&nbsp;&nbsp; Redeemed | (320058) | (2956105) | (196586) | (1789720)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (45) | $(7066) | 8656 | $73948  |

---

**102**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Inflation-Protected and Income Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 84682 | $773661 | 62047 | $565618  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 8624 | 79313 | 12469 | 112043  |
| &nbsp;&nbsp;&nbsp; Redeemed | (74793) | (683915) | (69979) | (631545)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 18513 | $169059 | 4537 | $46116  |
| **Inflation-Protected and Income Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2067 | $19492 | 22 | $225  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 44 | 414 | 1 | 6  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5) | (50) |  | (1)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2106 | $19856 | 23 | $230  |
| **Core Bond Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 16396108 | $149276139 | 11197330 | $100695015  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 13687617 | 127431718 | 29082100 | 271626832  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3051997 | 27767369 | 4515844 | 40123179  |
| &nbsp;&nbsp;&nbsp; Redeemed | (54687364) | (495696337) | (18986341) | (169906840)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (21551642) | $(191221111) | 25808933 | $242538186  |
| **Core Bond Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 3249528 | $29663200 | 2509493 | $22652414  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 954575 | 8925277 | 5279738 | 49523959  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 664849 | 6078902 | 852099 | 7605420  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5780693) | (52594088) | (3525083) | (31781724)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (911741) | $(7926709) | 5116247 | $48000069  |
| **Core Bond Fund Service Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 740538 | $6719025 | 521904 | $4660344  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 1707110 | 15876114 | 1093012 | 10197808  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 162700 | 1479641 | 213016 | 1891061  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1502679) | (13633147) | (1306359) | (11779099)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1107669 | $10441633 | 521573 | $4970114  |
| **Core Bond Fund Administrative Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 774174 | $6938345 | 551739 | $4896725  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 230049 | 2116455 | 1253763 | 11572229  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 157890 | 1420784 | 282169 | 2478143  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1514714) | (13525224) | (1550654) | (14022054)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (352601) | $(3049640) | 537017 | $4925043  |
| **Core Bond Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 242625 | $2167913 | 204895 | $1858947  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 3962368 | 36097183 | 1868036 | 17073857  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 66387 | 592523 | 13763 | 120279  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1357363) | (12124766) | (69284) | (621526)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2914017 | $26732853 | 2017410 | $18431557  |
| **Core Bond Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 497224 | $4443057 | 427311 | $3749664  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 255927 | 2344293 | 973102 | 8942805  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 123850 | 1108939 | 172314 | 1506832  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1380574) | (12321362) | (792140) | (7018341)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (503573) | $(4425073) | 780587 | $7180960  |

---

**103**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Core Bond Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 293754 | $2738208 | 4915 | $46530  |
| &nbsp;&nbsp;&nbsp; Issued - merger | 1151057 | 10969578 | 417196 | 3988392  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 20954 | 195622 | 1628 | 14892  |
| &nbsp;&nbsp;&nbsp; Redeemed | (350397) | (3283905) | (9411) | (86937)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1115368 | $10619503 | 414328 | $3962877  |
| **Core Bond Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 280084 | $2548935 | 417680 | $3852769  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 10457 | 98085  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 25663 | 234756 | 2347 | 21783  |
| &nbsp;&nbsp;&nbsp; Redeemed | (81525) | (746069) | (414) | (3865)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 224222 | $2037622 | 430070 | $3968772  |
| **Diversified Bond Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 881215 | $7897359 | 901578 | $7934698  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 236033 | 2118115 | 472450 | 4094531  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1793550) | (16036544) | (4401263) | (37851962)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (676302) | $(6021070) | (3027235) | $(25822733)  |
| **Diversified Bond Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 952366 | $7658028 | 1930223 | $15294336  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 211548 | 1705714 | 732482 | 5721867  |
| &nbsp;&nbsp;&nbsp; Redeemed | (8033103) | (64952521) | (2317156) | (18074656)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (6869189) | $(55588779) | 345549 | $2941547  |
| **Diversified Bond Fund Service Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 188863 | $1567183 | 254037 | $2032923  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 19581 | 161652 | 42877 | 341259  |
| &nbsp;&nbsp;&nbsp; Redeemed | (206244) | (1711699) | (342722) | (2753642)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2200 | $17136 | (45808) | $(379460)  |
| **Diversified Bond Fund Administrative Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 68322 | $559064 | 141702 | $1146244  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 16904 | 139324 | 38881 | 309178  |
| &nbsp;&nbsp;&nbsp; Redeemed | (171588) | (1394379) | (314437) | (2518618)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (86362) | $(695991) | (133854) | $(1063196)  |
| **Diversified Bond Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 27406 | $221284 | 39890 | $316019  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 7622 | 61758 | 37403 | 291894  |
| &nbsp;&nbsp;&nbsp; Redeemed | (212849) | (1707944) | (362849) | (2867627)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (177821) | $(1424902) | (285556) | $(2259714)  |
| **Diversified Bond Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 267307 | $2222607 | 73978 | $599038  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 16072 | 133231 | 42864 | 342205  |
| &nbsp;&nbsp;&nbsp; Redeemed | (365480) | (3048833) | (237832) | (1923903)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (82101) | $(692995) | (120990) | $(982660)  |

---

**104**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Diversified Bond Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12338 | $101504 | 41577 | $333478  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4219 | 34691 | 10712 | 84938  |
| &nbsp;&nbsp;&nbsp; Redeemed | (39721) | (324482) | (62025) | (495223)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (23164) | $(188287) | (9736) | $(76807)  |
| **Diversified Bond Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $—  |
| **High Yield Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 21447019 | $171972758 | 9973913 | $78139793  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1935011 | 15651587 | 2276415 | 17886776  |
| &nbsp;&nbsp;&nbsp; Redeemed | (16004818) | (128545345) | (15723662) | (122819264)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 7377212 | $59079000 | (3473334) | $(26792695)  |
| **High Yield Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1200709 | $9773802 | 1333604 | $10518463  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 321231 | 2616553 | 321905 | 2549781  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1650441) | (13424888) | (1251030) | (9874778)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (128501) | $(1034533) | 404479 | $3193466  |
| **High Yield Fund Service Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 508582 | $4141300 | 508155 | $3998865  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 154880 | 1262517 | 178730 | 1414174  |
| &nbsp;&nbsp;&nbsp; Redeemed | (721320) | (5881321) | (1149314) | (9058170)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (57858) | $(477504) | (462429) | $(3645131)  |
| **High Yield Fund Administrative Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 372986 | $2968846 | 574816 | $4416385  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 93735 | 750051 | 116929 | 909388  |
| &nbsp;&nbsp;&nbsp; Redeemed | (722933) | (5772120) | (866026) | (6780469)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (256212) | $(2053223) | (174281) | $(1454696)  |
| **High Yield Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 775102 | $6096204 | 575964 | $4395830  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 120773 | 949577 | 144406 | 1102843  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1253244) | (9855178) | (964097) | (7327241)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (357369) | $(2809397) | (243727) | $(1828568)  |
| **High Yield Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 201823 | $1590227 | 117247 | $904635  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 54191 | 433515 | 58406 | 453807  |
| &nbsp;&nbsp;&nbsp; Redeemed | (232371) | (1848206) | (296232) | (2296493)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 23643 | $175536 | (120579) | $(938051)  |
| **High Yield Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 618198 | $5012908 | 1009872 | $7932833  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 202641 | 1641787 | 203436 | 1603529  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1140823) | (9199044) | (908993) | (7110596)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (319984) | $(2544349) | 304315 | $2425766  |

---

**105**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **High Yield Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 3613711 | $29240378 | 693625 | $5502406  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 301570 | 2448138 | 236742 | 1863290  |
| &nbsp;&nbsp;&nbsp; Redeemed | (949815) | (7688875) | (1699346) | (13246411)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2965466 | $23999641 | (768979) | $(5880715)  |
| **High Yield Fund Class C**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12195 | $100000 | 8348 | $67594  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 349 | 2859 | 155 | 1238  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7949) | (65027) |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 4595 | $37832 | 8503 | $68832  |
| **Small Cap Opportunities Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 6380635 | $117866219 | 4887364 | $84693519  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1053348 | 19729212 | 410985 | 6551095  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2938176) | (52714138) | (1868901) | (32055080)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 4495807 | $84881293 | 3429448 | $59189534  |
| **Small Cap Opportunities Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1043445 | $18683097 | 1012140 | $17156946  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 487601 | 9093763 | 326606 | 5186500  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1583334) | (28480838) | (2277989) | (38832987)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (52288) | $(703978) | (939243) | $(16489541)  |
| **Small Cap Opportunities Fund Service Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 179434 | $3155280 | 267411 | $4634922  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 42713 | 794038 | 48443 | 766370  |
| &nbsp;&nbsp;&nbsp; Redeemed | (555619) | (10865803) | (440624) | (7540525)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (333472) | $(6916485) | (124770) | $(2139233)  |
| **Small Cap Opportunities Fund Administrative Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 117026 | $2049402 | 137876 | $2328248  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 90170 | 1657323 | 66093 | 1035678  |
| &nbsp;&nbsp;&nbsp; Redeemed | (593541) | (10806205) | (391590) | (6638096)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (386345) | $(7099480) | (187621) | $(3274170)  |
| **Small Cap Opportunities Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 269790 | $4542674 | 203916 | $3280928  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 68478 | 1199731 | 48085 | 720788  |
| &nbsp;&nbsp;&nbsp; Redeemed | (275771) | (4688740) | (471631) | (7809628)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 62497 | $1053665 | (219630) | $(3807912)  |
| **Small Cap Opportunities Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 337659 | $5954487 | 737481 | $12401711  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 187822 | 3313179 | 120050 | 1811552  |
| &nbsp;&nbsp;&nbsp; Redeemed | (786017) | (13807205) | (915027) | (15055058)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (260536) | $(4539539) | (57496) | $(841795)  |
| **Small Cap Opportunities Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 170820 | $2868749 | 167303 | $2691628  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 50471 | 866595 | 27588 | 406374  |
| &nbsp;&nbsp;&nbsp; Redeemed | (178512) | (2971733) | (163135) | (2619517)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 42779 | $763611 | 31756 | $478485  |

---

**106**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Small Cap Opportunities Fund Class Y**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 219926 | $3980058 | 54818 | $973126  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5367 | 100142 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (17831) | (324158) | (318) | (5842)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 207462 | $3756042 | 54500 | $967284  |
| **Global Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 671713 | $7092365 | 1352524 | $15021235  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 685968 | 6969440 | 1223585 | 11440516  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2226340) | (23003123) | (2139962) | (22984798)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (868659) | $(8941318) | 436147 | $3476953  |
| **Global Fund Class R5**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 498935 | $5101403 | 593914 | $6419645  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 630002 | 6369324 | 1239479 | 11551942  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1245404) | (12862217) | (1401315) | (15052191)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (116467) | $(1391490) | 432078 | $2919396  |
| **Global Fund Service Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 25597 | $248384 | 35727 | $376909  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 53097 | 521414 | 104492 | 950873  |
| &nbsp;&nbsp;&nbsp; Redeemed | (130278) | (1317428) | (119464) | (1236223)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (51584) | $(547630) | 20755 | $91559  |
| **Global Fund Administrative Class** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 423735 | $4230305 | 606577 | $6389348  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 619098 | 6153831 | 1261602 | 11606738  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2166219) | (21913270) | (2300552) | (24601703)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1123386) | $(11529134) | (432373) | $(6605617)  |
| **Global Fund Class R4**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 121631 | $1160723 | 154938 | $1546621  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 154730 | 1423516 | 271463 | 2340010  |
| &nbsp;&nbsp;&nbsp; Redeemed | (443782) | (4130906) | (359457) | (3543128)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (167421) | $(1546667) | 66944 | $343503  |
| **Global Fund Class A**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 70033 | $656286 | 107448 | $1082392  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 178894 | 1692339 | 313958 | 2775390  |
| &nbsp;&nbsp;&nbsp; Redeemed | (243659) | (2374455) | (270771) | (2753782)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 5268 | $(25830) | 150635 | $1104000  |
| **Global Fund Class R3**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 113803 | $1044392 | 199818 | $1984919  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 140024 | 1291023 | 218703 | 1893964  |
| &nbsp;&nbsp;&nbsp; Redeemed | (333762) | (3028806) | (241345) | (2422176)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (79935) | $(693391) | 177176 | $1456707 |

---

**107**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;6. Federal Income Tax Information

At September 30, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Income** <br>**Tax Cost** | **Tax Basis** <br>**Unrealized** <br>**Appreciation** | **Tax Basis** <br>**Unrealized** <br>(Depreciation) | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Short-Duration Bond Fund | $117617971 | $1235576 | $(1862307) | $(626731)  |
| Inflation-Protected and Income Fund | 223946427 | 5355620 | (4832974) | 522646  |
| Core Bond Fund | 896174801 | 12075689 | (29394202) | (17318513)  |
| Diversified Bond Fund | 73972131 | 1063489 | (2742011) | (1678522)  |
| High Yield Fund | 520149906 | 9325151 | (6391979) | 2933172  |
| Small Cap Opportunities Fund | 428252547 | 88549585 | (21315267) | 67234318  |
| Global Fund | 91701016 | 63953594 | (2085687) | 61867907 |

---

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, 2025, 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<sup>\*</sup> | $(55459393) | $(105661595)  |
| Inflation-Protected and Income Fund | (26947215) | (8982681)  |
| Core Bond Fund<sup>\*</sup> | (92805965) | (248791583)  |
| Diversified Bond Fund | (7305328) | (24225304)  |
| High Yield Fund<sup>\*</sup> | (4882006) | (62116877) |

---

\* *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, 2025, late year ordinary losses:

---

| | |
|:---|:---|
|  | **Amount**  |
| Diversified Bond Fund | $7848  |
| Global Fund | 290244 |

---

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.

**108**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| Short-Duration Bond Fund | $5789563 | $— | $248352  |
| Inflation-Protected and Income Fund | 8764446 |  | —  |
| Core Bond Fund | 39074773 |  | —  |
| Diversified Bond Fund | 4133644 |  | 225157  |
| High Yield Fund | 28740997 |  | —  |
| Small Cap Opportunities Fund | 2471702 | 34749010 | —  |
| Global Fund |  | 24422530 |  |

---

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**  |
| Short-Duration Bond Fund  | $6593150  | $—  | $—  |
| Inflation-Protected and Income Fund  | 15608488  | —  | —  |
| Core Bond Fund  | 53785698  | —  | —  |
| Diversified Bond Fund  | 11194865  | —  | —  |
| High Yield Fund  | 27803807  | —  | —  |
| Small Cap Opportunities Fund  | 4065364  | 12543509  | —  |
| Global Fund  | —  | 43645322  |  |

---

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2025, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Long Term** <br>**Capital Gain** <br>**(Capital Loss** <br>**Carryover)** | **Other** <br>**Temporary** <br>**Differences** | **Unrealized** <br>**Appreciation** <br>(Depreciation) | **Total**  |
| Short-Duration Bond Fund | $— | $(161120988) | $(34109) | $(626717) | $(161781814)  |
| Inflation-Protected and Income Fund | 896540 | (35929896) | (17568) | 522646 | (34528278)  |
| Core Bond Fund |  | (341597548) | (188014) | (17320309) | (359105871)  |
| Diversified Bond Fund |  | (31538480) | (9354) | (1679791) | (33227625)  |
| High Yield Fund | 492977 | (66998883) | (25482) | 2898092 | (63633296)  |
| Small Cap Opportunities Fund | 6396663 | 32055294 | (22334) | 67234318 | 105663941  |
| Global Fund |  | 41212412 | (17702) | 61296216 | 102490926 |

---

**109**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

The Funds did not have any unrecognized tax benefits at September 30, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended September 30, 2025, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest.

&nbsp;&nbsp;&nbsp;&nbsp;7. Acquisition of MassMutual Total Return
 Bond Fund

Effective September 15, 2025, the MassMutual Total Return Bond Fund ("Total Return Bond Fund") reorganized into the Core Bond Fund, pursuant to the terms of an Agreement and Plan of Reorganization.

The Total Return Bond Fund's assets and liabilities were transferred to the Core Bond Fund in return for shares of the Core Bond Fund. The Reorganization of the Total Return Bond Fund into the Core Bond Fund was intended to enable shareholders of the Total Return Bond Fund to invest in a larger, potentially more efficient portfolio while continuing to pursue a comparable investment objective. The acquisition was accomplished by a tax-free exchange of shares of the Core Bond Fund in the following amounts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Return Bond Fund** <br>**Share Class**  | **Shares of the Total Return Bond** <br>**Fund as of the** <br>**Reorganization** <br>**Date**  | **Conversion** <br>**Rate**  | **Value of Shares** <br>**of the Total** <br>**Return Bond Fund**  | **Core Bond** <br>**Fund Share** <br>**Class**  | **Shares Issued** <br>**by the Core** <br>**Bond Fund**  |
| Class I  | 15064563 | 0.908597 | $127431718 | Class I  | 13687617 |
| Class R5  | 1053713 | 0.905916 | 8925277 | Class R5  | 954575 |
| Service Class  | 1857957 | 0.918810 | 15876114 | Service Class  | 1707110 |
| Administrative Class  | 248487 | 0.925799 | 2116455 | Administrative Class  | 230049 |
| Class R4  | 4202035 | 0.942964 | 36097183 | Class R4  | 3962368 |
| Class A  | 276573 | 0.925350 | 2344293 | Class A  | 255927 |
| Class R3  | 1284734 | 0.895950 | 10969578 | Class R3  | 1151057 |
| Class Y  | —  |  | —  | Class Y  | —  |
|  | 23988062 |  | $203760618 |  | 21948703 |

---

The investment portfolio of the Total Return Bond Fund, with a value of $200,417,767 in investments and a cost basis of $203,607,288 at September 12, 2025, was the principal asset acquired by the Core Bond Fund.

For financial reporting purposes, assets received and shares issued by the Core Bond Fund were recorded at fair value; however, the cost basis of the investments received from the Total Return Bond Fund was carried forward to align ongoing reporting of the Core Bond Fund's realized and unrealized gains and losses with amounts distributable to shareholders for U.S. federal income tax purposes. Immediately prior to the acquisition, the Core Bond Fund's net assets were $673,320,833.

Assuming the acquisition had been completed on October 1, 2024, the beginning of the annual reporting period of the Core Bond Fund, the Core Bond Fund's pro forma results of operations for the twelve month period ended September 30, 2025, would have been as follows:

---

| | |
|:---|:---|
|  | **Core Bond Fund**  |
| Net investment income (loss)  | $59579338  |
| Net realized and unrealized gain (loss) on investments  | (32684226) |
| Net increase (decrease) in net assets resulting from operations  | 26895112 |

---

Because the Total Return Bond Fund and the Core Bond Fund continuously sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

**110**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

Because the combined investment portfolio has been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Total Return Bond Fund that have been included in the Core Bond Fund's Statement of Operations since September 15, 2025.

See Note 5. Capital Share Transactions, for the changes in shares outstanding for the Core Bond Fund during the period.

8. Prior Year Acquisition of MassMutual Strategic Bond Fund

Effective September 23, 2024, the MassMutual Strategic Bond Fund ("Strategic Bond Fund") reorganized into the Core Bond Fund, pursuant to the terms of an Agreement and Plan of Reorganization.

The Strategic Bond Fund's assets and liabilities were transferred to the Core Bond Fund in return for shares of the Core Bond Fund. The Reorganization of the Strategic Bond Fund into the Core Bond Fund was intended to enable shareholders of the Strategic Bond Fund to invest in a larger, potentially more efficient portfolio while continuing to pursue a comparable investment objective. The acquisition was accomplished by a tax-free exchange of shares of the Core Bond Fund in the following amounts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Strategic Bond Fund** <br>**Share Class** | **Shares of the Strategic Bond** <br>**Fund as of the**<br>**reorganization** <br>**date** | **Conversion** <br>**Rate** | **Value of Shares** <br>**of the** <br>**Strategic Bond** <br>**Fund** | **Core Bond** <br>**Fund Share** <br>**Class** | **Shares Issued** <br>**by the Core** <br>**Bond Fund**  |
| Class I | 30876487 | 0.941885 | $271626832 | Class I | 29082100  |
| Class R5 | 5621408 | 0.939220 | 49523959 | Class R5 | 5279738  |
| Service Class | 1155570 | 0.945864 | 10197808 | Service Class | 1093012  |
| Administrative Class | 1314393 | 0.953872 | 11572229 | Administrative Class | 1253763  |
| Class R4 | 1951447 | 0.957257 | 17073857 | Class R4 | 1868036  |
| Class A | 1015199 | 0.958533 | 8942805 | Class A | 973102  |
| Class R3 | 458991 | 0.908941 | 3988392 | Class R3 | 417196  |
| Class Y | 11136 | 0.939022 | 98085 | Class Y | 10457  |
|  | 42404631 |  | $373023967 |  | 39977404 |

---

The investment portfolio of the Strategic Bond Fund, with a value of $372,304,718 in investments and a cost basis of $368,548,436 at September 20, 2024, was the principal asset acquired by the Core Bond Fund.

For financial reporting purposes, assets received and shares issued by the Core Bond Fund were recorded at fair value; however, the cost basis of the investments received from the Strategic Bond Fund was carried forward to align ongoing reporting of the Core Bond Fund's realized and unrealized gains and losses with amounts distributable to shareholders for U.S. federal income tax purposes. Immediately prior to the acquisition, the Core Bond Fund's net assets were $668,696,828.

Assuming the acquisition had been completed on October 1, 2023, the beginning of the annual reporting period of the Core Bond Fund, the Core Bond Fund's pro forma results of operations for the twelve month period ended September 30, 2024, would have been as follows:

---

| | |
|:---|:---|
|  | **Core Bond Fund**  |
| Net investment income (loss) | $48551172  |
| Net realized and unrealized gain (loss) on investments | 85835269  |
| Net increase (decrease) in net assets resulting from operations | 134386441 |

---

Because both the Strategic Bond Fund and the Core Bond Fund continuously sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

**111**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Continued)**<br>

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Strategic Bond Fund that have been included in the Core Bond Fund's Statements of Operations since September 23, 2024.

See Note 5, Capital Share Transactions, for the changes in shares outstanding for the Core Bond Fund during the period.

&nbsp;&nbsp;&nbsp;&nbsp;9. Indemnifications

Under the Funds' organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;10. New Accounting Pronouncements

In December 2023, FASB issued Accounting Standards Update 2023-09 — Income Taxes (Topic 740) — Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and allows for early adoption. Management is currently evaluating the impact of applying this update.

**112**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Report of Independent Registered Public Accounting Firm**<br>

**To the Board of Trustees of MassMutual Premier Funds and Shareholders of MassMutual Short-Duration Bond Fund, MassMutual Inflation-Protected and Income Fund, MassMutual Core Bond Fund, MassMutual Diversified Bond Fund, MassMutual High Yield Fund, MassMutual Small Cap Opportunities Fund, and MassMutual Global Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of MassMutual Short-Duration Bond Fund, MassMutual Inflation-Protected and Income Fund, MassMutual Core Bond Fund, MassMutual Diversified Bond Fund, MassMutual High Yield Fund, MassMutual Small Cap Opportunities Fund, and MassMutual Global Fund (the "Funds"), each a fund of MassMutual Premier Funds, including the portfolios of investments, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds, as of September 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, brokers, agent banks, and transfer agents; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 21, 2025

We have served as the auditor of one or more MassMutual investment companies since 1995.

**113**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Federal Tax Information (Unaudited)**<br>

**Dividends Received Deduction** 

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

**Qualified Dividend Income** 

Under Section 854(b)(2) of the Code, the Fund(s) hereby designate the maximum amounts as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended September 30, 2025.

The Fund(s) intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in the Treasury Regulations §1.163(j)-1(b).

**114**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**115**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**116**<br>

------

**[**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.

**117**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Trustees' Approval of Investment Advisory Contracts

At their meetings in May and June 2025, the Contract Committee (the "Committee") and the Trustees, including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the "Independent Trustees"), considered and re-approved the existing advisory and subadvisory agreements (collectively, the "Contracts") for each of the Short-Duration Bond Fund, Inflation-Protected and Income Fund, Core Bond Fund, Diversified Bond Fund, High Yield Fund, Small Cap Opportunities Fund, and Global Fund, as applicable. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the "Meeting Materials"). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the "Third-Party Report") with respect to each Fund prepared by an independent third-party vendor (the "Third-Party"). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers and each of the subadvisers.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers' ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services. The Committee noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MML Advisers' ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about the subadvisers and their personnel with responsibility for providing services to the Funds, as applicable, and the fees payable to each subadviser by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services.

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund's net advisory fee and total net expense ratio against peer funds; and (ii) the Fund's relative performance (over various time periods against funds in its "category" and a benchmark index). In connection with the Committee's review, MML Advisers provided commentary and analysis regarding each Fund's expenses and performance and a recommendation as to the action to be taken by the Committee. Throughout the discussion, MML Advisers responded to Committee members' questions and provided additional information concerning each Fund.

The Committee reviewed the expense and performance information for each Fund. (References to any performance periods are to periods ended December 31, 2024, except as otherwise noted. In all cases, the comparative expense information is that of a Fund's "peer group" and the comparative performance information is that of a Fund's "performance category.")

The Committee considered that the total net expense ratios for five of the Funds were in the top fifty percent of their peer groups, with three of the Funds in the top ten percent. The remaining two Funds, the Diversified Bond Fund and Inflation-Protected and Income Fund, were outside of the top fifty percent of their peer group and each had a total net expense ratio above the 66<sup>th</sup> percentile. All of the Funds with total net expense ratios below the 66<sup>th</sup> percentile of their peer groups had net advisory fees below the medians of their peer groups, or below the 66<sup>th</sup> percentile of their peer groups.

As to the Diversified Bond Fund, the Committee considered MML Advisers' statement that the Fund's total net expense ratio, at the 82<sup>nd</sup> percentile, was within six basis points of the Fund's peer group median, and the Fund's net advisory fee, at the 73<sup>rd</sup> percentile, was within five basis points of the Fund's peer group median. The Committee also considered that the Fund has generally performed favorably in the short- and longer-term, with performance in the 6<sup>th</sup> percentile of its performance category in the one-year period, and in the 35<sup>th</sup> and 36<sup>th</sup> percentile of its performance category in the five- and ten-year periods, respectively.

As to the Inflation-Protected and Income Fund, the Committee considered MML Advisers' statement that the Fund's total net expense ratio, at the 70<sup>th</sup> percentile, was within nine basis points of the Fund's peer group median, and the Fund's net advisory fee, at the 70<sup>th</sup> percentile, was within eight basis points of the Fund's peer group median. The Committee also considered that the Fund has generally performed favorably in the short- and longer-term, with performance in the 18<sup>th</sup>, 35<sup>th</sup>, 24<sup>th</sup>, and 5<sup>th</sup> percentiles of its performance category in the one-, three-, five-, and ten-year periods, respectively.

The Committee determined on the basis of these factors that the levels of the Funds' net advisory fees, in light of the total net expenses of the Funds generally, were consistent with the continuation of the Contracts.

**118**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

The Committee considered that the majority of the Funds achieved three-year investment performance above the medians of their performance categories, except those Funds referred to below.

As to the Diversified Bond Fund and Short-Duration Bond Fund, the Committee considered that, although each of the Funds had performed less favorably than the top two-thirds of its performance category for the three-year period, each Fund's relative performance had improved for the one-year period so as to be within the top decile. In this regard, the Committee considered, among other things, MML Advisers' statements that, with respect to each of the Funds, underperformance in 2022 contributed to unfavorable three-year performance, driven by certain factors, such as sector selection or duration positioning.

The Committee determined on the basis of these factors and on other factors and information considered by the Committee that the Funds' performance, for the various periods presented, were generally consistent with the continuation of the Contracts.

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers' advisory relationship with the various Funds, including: (i) a description of MML Advisers' revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information with respect to each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called "fallout benefits" to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers (including sub-subadvisers, as applicable) due to so-called "soft-dollar arrangements."

Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers' oversight of each Fund and the subadvisory process; (ii) MML Advisers' levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the advisory agreements and each Fund's total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadvisers appear well suited to the Funds, as applicable, given their investment objectives and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MML Advisers has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund's shareholders.

Also, at their meeting in June 2025, the Trustees, including the Independent Trustees, reviewed and approved a proposal to make changes to the existing investment management agreement for the Core Bond Fund to reduce the Fund's management fee in connection with the merger of the MassMutual Total Return Bond Fund into the Core Bond Fund (the "Amended Management Agreement").

In arriving at their decision, the Trustees discussed the fees payable to MML Advisers under the Amended Management Agreement and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers' projected levels of profitability due to the Amended Management Agreement are not excessive and the management fee amount under the Amended Management 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 Management 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 Management Agreement became effective on September 15, 2025.

**119**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)© 2025 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

------

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics (Item 2) – Attached.](mmpf-efp17736_ex99code.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 (17 CFR 240.10D-1) – Not applicable.

[(a)(3) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.](mmpf-efp17736_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-efp17736_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>11/21/25</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>11/21/25</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

---

Date <u>11/21/25</u>

## Ex-99.Code

**MassMutual Select Funds**

**MassMutual Premier Funds**

**MassMutual Advantage Funds**

**MML Series Investment Fund**

**MML Series Investment Fund II**

Section 7 – Corporate Governance

**<u>Code of Ethics for Principal Executive and Senior Financial Officers</u>**

This Code of Ethics (the "Code") for Principal Executive and Senior Financial Officers has been adopted by those investment companies identified above (individually, a "Fund" and collectively, the "Funds") to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. The Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers for each Fund is attached as Exhibit A.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purposes of the Code</u> 

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full,
 fair, accurate, timely, and understandable disclosure in reports and documents that the Funds
 file with, or submit to, the Securities and Exchange Commission ("SEC") and in
 other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 prompt internal reporting of violations of this Code to an appropriate person identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability
 for adherence to this Code.

It is acknowledged that, as a result of each Covered Officer being employed by one of the Funds' service providers, each Covered Officer will, in the normal course of his or her duties, be involved in establishing policies and implementing decisions that may have different effects on the Funds and the applicable service provider. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the relationship between each Fund and its service provider and is consistent with the expectations of each Fund's Board of Trustees with respect to the performance by the Covered Officers of their duties as officers of the Funds.

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the

<sup>1</sup> The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as covered persons under the Code of Ethics adopted by the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and, accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.

duty at all times in performing any responsibilities as a financial officer, controller, accountant or principal executive officer of a Fund, to place the interests of the Fund ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that each Fund's financial statements and reports to shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Fund's business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Prohibitions</u> 

The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest between personal and professional relationships.

No Covered Officer may use information concerning the business and affairs of a Fund (including the investment intentions of a Fund), or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.

No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.

No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ
 any device, scheme or artifice to defraud a Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) intentionally
 cause a Fund to make any untrue statement of a material fact or omit to state a material
 fact necessary in order to make the statements made, in light of the circumstances under
 which they are made, not misleading in its official documents, regulatory filings, financial
 statements or communications to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage
 in any act, practice, or course of business which operates or would operate as a fraud or
 deceit upon any Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage
 in any manipulative practice with respect to any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) intentionally
 cause a Fund to fail to comply with applicable laws, rules and regulations, including failure
 to comply with the requirement of full, fair, accurate, understandable and timely disclosure
 in reports and documents that a Fund files with, or submits to, the SEC and in other public
 communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intentionally
 mislead or omit to provide material information to the Fund's independent auditors
 or to the Board of Trustees or the officers of the Fund or its investment adviser in connection
 with Fund related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) fail
 to notify the Code Administrator (as defined in Section 7 below) promptly if he or she becomes
 aware of any existing or potential violations of this Code or applicable laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) retaliate
 against others for, or otherwise discourage, the reporting of actual or apparent violations
 of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reports of Conflicts of Interests</u> 

If a Covered Officer becomes aware of an actual or apparent conflict of interest under this Code, he or she must immediately report the matter to the Code Administrator. Upon receipt of such report, the Code Administrator will take prompt steps to determine whether an actual conflict of interest exists or appears to exist, and if so, will take steps (if possible) to resolve the conflict or remedy the appearance thereof. If the Code Administrator determines that no actual or apparent conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the affected Fund's Board of Trustees or any committee appointed by the Board to deal with such information.

If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to Massachusetts Mutual Life Insurance Company's ("MassMutual") General Counsel or Chief Compliance & Ethics Officer, who shall take the same action as described above with respect to resolving the matter.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Waivers</u> 

Any Covered Officer requesting a waiver of any provision of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed action:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 prohibited by this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 consistent with honest and ethical conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will
 result in a conflict of interest between the Covered Officer's personal and professional
 obligations to a Fund.

In lieu of determining whether to waive any provision of this Code, the Code Administrator may in his or her discretion refer the matter to the affected Fund's Board of Trustees or any committee appointed by the Board to deal with such information.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reporting Requirements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Covered Officer shall, upon becoming subject to this Code, be presented with a copy of this
 Code by the Code Administrator, and shall certify to the Code Administrator that he or she
 has received, read, understands and shall adhere to this Code. (See Exhibit B.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 least annually, all Covered Officers shall be provided with a copy of the current Code by
 the Code Administrator, and shall certify that they (i) have read and understand the Code
 and shall adhere to the Code, (ii) have complied with the requirements of the Code, (iii)
 have disclosed or

reported any violations of this Code to the Code Administrator, and (iv) will cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred. (See Exhibit C.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 the event that a Covered Officer ceases to be a Principal Executive or Senior Financial Officer
 during a given year, to the extent possible, Compliance will obtain from the former Covered
 Officer a certification that the Covered Officer (i) has read and understands the Code, (ii)
 has complied with the requirements of the Code during the relevant period, (iii) has disclosed
 or reported any violations of the Code to the Code Administrator, and (iv) will cooperate
 fully with any investigation or inquiry as to whether a possible violation of the Code has
 occurred. (See Exhibit D.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Code Administrator shall submit a quarterly report to the Board of Trustees or any committee
 appointed by the Board to deal with such information, containing (i) a description of any
 report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a
 description of any request for a waiver from this Code and the disposition thereof; (iii)
 any violation of the Code that has been reported or found and the sanction imposed; and (iv)
 any other significant information arising in connection with the Code, including any proposed
 amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each
 Covered Officer shall notify the Code Administrator promptly if he or she knows of or has
 a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure
 to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any
 changes to or waivers of this Code, including "implicit" waivers as defined in
 applicable SEC rules, will, to the extent required, be disclosed by the Funds as provided
 by applicable SEC rules.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Sanctions</u> 

Any violations of this Code shall be subject to the imposition of such sanctions by the Adviser or the appropriate affiliate of the Adviser, as may be deemed appropriate under the circumstances to achieve the purpose of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of the Adviser or the appropriate affiliate of the Adviser, and/or removal as an officer of the Fund, in the sole discretion of the Fund's Board of Trustees or any committee appointed by the Board to deal with such matters.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Administration and Construction</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 administration of this Code of Ethics shall be the responsibility of the Code Administrator
 of this Code, acting under the terms of this Code and the oversight of the Board of Trustees
 of the Fund or any committee appointed by the Board to deal with such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Code Administrator shall be the Chief Compliance Officer of the Funds or his or her designee.

<sup>2</sup> An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Code Administrator, MassMutual's General Counsel or Chief Compliance & Ethics Officer, or an executive officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 duties of the Code Administrator will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintaining
 a current list of the names of all Covered Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) furnishing
 all Covered Officers a copy of this Code and initially and periodically informing them of
 their duties and obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintaining
 or supervising the maintenance of all records required by this Code, including records of
 waivers granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issuing
 interpretations of this Code which appear to the Code Administrator to be consistent with
 the objectives of this Code and any applicable laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) conducting
 such inspections or investigations as shall reasonably be required to detect and report any
 violations of this Code, with his or her recommendations to MassMutual's General Counsel
 and Chief Compliance & Ethics Officer and to the Board of Trustees of the affected Fund(s)
 or any committee appointed by them to deal with such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) conducting
 educational training programs as needed to explain and reinforce the terms of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 carrying out the duties and responsibilities described under this Code, the Code Administrator
 may consult with such other persons as the Code Administrator shall deem necessary or desirable,
 including legal counsel to the Trust, legal counsel to the Trustees who are not "interested
 persons," as that term is defined in the Investment Company Act of 1940, as amended
 (the "Disinterested Trustees"), legal counsel to the Trust's investment
 adviser, and the Trust's Chief Legal Officer.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Required Records</u> 

The Code Administrator shall maintain and cause to be maintained in an easily accessible place the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of the Fund in which the applicable event or report occurred):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 copy of any Code which has been in effect during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 copy of each certification pursuant to the Code made by a Covered Officer during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 copy of each report made by the Code Administrator pursuant to this Code during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 list of all Covered Officers who are or have been required to make reports pursuant to this
 Code during the period, plus those person(s) who are or were responsible for reviewing these
 reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 record of any request to waive any requirement of this Code, the decision thereon and the
 reasons supporting the decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a
 record of any report of any conflict of interest or appearance of a conflict of interest
 received by the Code Administrator or discovered by the Code Administrator during the period,
 the decision thereon and the reasons supporting the decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a
 record of any violation of any such Code and of any action taken as a result of such violation,
 during the period.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendments and Modifications</u> 

This Code (other than Exhibits A and E and the names of the Funds identified on the first page that have adopted the Code) may not be amended or modified except by a writing that is approved or ratified by a majority vote of the Board of Trustees and the Disinterested Trustees. The Code Administrator must approve any permitted amendments or modifications not requiring Board of Trustees approval or ratification.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u> 

This Code is for the internal use of the Funds. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise authorized by law or this Code, such matters shall not be disclosed to anyone other than the Trustees and their counsel, Fund counsel, Fund officers, the Funds' Chief Legal Officer, the independent auditors of the Funds, and MassMutual or its counsel, except as such disclosure may be required pursuant to applicable judicial or regulatory process. This provision does not preclude Covered Officers or others from reporting such matters to the Securities and Exchange Commission or other regulatory authorities.

**EXHIBIT A**

**Positions Covered by this Code of Ethics**

<u>The following officers of the Funds</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal
 Executive Officer (President);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal
 Financial Officer (Chief Financial Officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comptroller
 or Principal Accounting Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasurer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assistant
 Treasurer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other
 persons performing similar functions as the Principal Executive Officer, Principal Financial
 Officer, Comptroller, or Principal Accounting Officer

**EXHIBIT B**

**INITIAL CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers of the Funds (the "Code") and will adhere to the Code's requirements.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

---

| |
|:---|
| Signature (may be electronic) |
| Date |

---

**EXHIBIT C**

**ANNUAL CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and will adhere to the Code's requirements.

I certify that I have complied with the requirements of the Code and have disclosed or reported any violations of the Code to the Code Administrator during the prior year.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

---

| |
|:---|
| Signature (may be electronic) |
| Date |

---

**EXHIBIT D**

**PARTIAL YEAR CERTIFICATION**

I certify that I have received, read and understand the Funds' Code of Ethics for Principal Executive and Senior Financial Officers (the "Code").

I certify that I have complied with the requirements of the Code and have disclosed or reported any violations of the Code to the Code Administrator during the current year, up to and including the date on which I ceased to be a Covered Officer.

I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has occurred.

---

| |
|:---|
| Signature (may be electronic) |
| Date |

---

**EXHIBIT E**

**ADOPTION AND AMENDMENT DATES for Code of Ethics for Principal Executive and Senior Financial Officers of the Funds**

<u>THE MASSMUTUAL SELECT FUNDS</u>

Adopted November 3, 2003, Amended May 13, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MASSMUTUAL PREMIER FUNDS</u>

Adopted December 12, 2003, Amended November 1, 2004, Amended May 21, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MML SERIES INVESTMENT FUND</u>

Adopted November 3, 2003, Amended May 13, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MML SERIES INVESTMENT FUND II</u>

Adopted April 27, 2005, Amended May 21, 2008, Amended June 30, 2015, Amended January 1, 2016, Amended October 13, 2016, Amended September 20, 2017, Amended June 4, 2019, Amended October 1, 2021, Amended September 27, 2022.

<u>THE MASSMUTUAL ADVANTAGE FUNDS</u>

Adopted September 29, 2021, Amended September 27, 2022.

## Ex-99.Cert

**<u>EX-99.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Douglas Steele, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual 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: | 11/21/25 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual 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: | 11/21/25 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**<u>EX-99.906.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Premier Funds (the "Trust") on Form N-CSR for the period ending September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 11/21/25 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Premier Funds (the "Trust") on Form N-CSR for the period ending September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 11/21/25 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.