# EDGAR Filing Document

**Accession Number:** 0000916053
**File Stem:** 0001133228-26-008691
**Filing Date:** 2026-6
**Character Count:** 451295
**Document Hash:** 56cd2c90fe616dfc274c994907c7ef4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008691.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001133228-26-008691

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08274
- **FILM NUMBER:** 261055560

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSMUTUAL INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 19931213

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2026-04-01IYFC_MassMutualDiversifiedValueFund_ClassI_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

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

---

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

Douglas Steele <br> <u>1295 State Street, Springfield, MA 01111</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(413) 744-1000</u>

Date of fiscal year end: <u>09/30/2026</u> <br>Date of reporting period: <u>03/31/2026</u>

**Item 1. Reports to Stockholders.**

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

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MDDIX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class I | $31 | 0.61% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $436.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 222 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Exxon Mobil Corp.  | 5.0% |
|  JP Morgan Chase & Co.  | 4.9% |
|  Johnson & Johnson  | 4.0% |
|  Bank of America Corp.  | 2.5% |
|  iShares Russell 1000 Value ETF  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Morgan Stanley  | 2.1% |
|  Walt Disney Co.  | 2.0% |
|  Wells Fargo & Co.  | 2.0% |
|  Verizon Communications, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.3% |
|  Health Care  | 15.2% |
|  Energy  | 10.3% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 7.8% |
|  Industrials  | 7.5% |
|  Consumer Discretionary  | 7.0% |
|  Materials  | 4.7% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Exchange-Traded Funds  | 2.2% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFCI

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MDVSX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R5 | $37 | 0.71% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $436.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 222 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Exxon Mobil Corp.  | 5.0% |
|  JP Morgan Chase & Co.  | 4.9% |
|  Johnson & Johnson  | 4.0% |
|  Bank of America Corp.  | 2.5% |
|  iShares Russell 1000 Value ETF  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Morgan Stanley  | 2.1% |
|  Walt Disney Co.  | 2.0% |
|  Wells Fargo & Co.  | 2.0% |
|  Verizon Communications, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.3% |
|  Health Care  | 15.2% |
|  Energy  | 10.3% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 7.8% |
|  Industrials  | 7.5% |
|  Consumer Discretionary  | 7.0% |
|  Materials  | 4.7% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Exchange-Traded Funds  | 2.2% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC1

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MDVYX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Service Class | $42 | 0.81% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $436.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 222 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Exxon Mobil Corp.  | 5.0% |
|  JP Morgan Chase & Co.  | 4.9% |
|  Johnson & Johnson  | 4.0% |
|  Bank of America Corp.  | 2.5% |
|  iShares Russell 1000 Value ETF  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Morgan Stanley  | 2.1% |
|  Walt Disney Co.  | 2.0% |
|  Wells Fargo & Co.  | 2.0% |
|  Verizon Communications, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.3% |
|  Health Care  | 15.2% |
|  Energy  | 10.3% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 7.8% |
|  Industrials  | 7.5% |
|  Consumer Discretionary  | 7.0% |
|  Materials  | 4.7% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Exchange-Traded Funds  | 2.2% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC3

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MDDLX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Administrative Class | $47 | 0.91% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $436.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 222 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Exxon Mobil Corp.  | 5.0% |
|  JP Morgan Chase & Co.  | 4.9% |
|  Johnson & Johnson  | 4.0% |
|  Bank of America Corp.  | 2.5% |
|  iShares Russell 1000 Value ETF  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Morgan Stanley  | 2.1% |
|  Walt Disney Co.  | 2.0% |
|  Wells Fargo & Co.  | 2.0% |
|  Verizon Communications, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.3% |
|  Health Care  | 15.2% |
|  Energy  | 10.3% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 7.8% |
|  Industrials  | 7.5% |
|  Consumer Discretionary  | 7.0% |
|  Materials  | 4.7% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Exchange-Traded Funds  | 2.2% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC4

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MDDRX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R4 | $55 | 1.06% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $436.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 222 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Exxon Mobil Corp.  | 5.0% |
|  JP Morgan Chase & Co.  | 4.9% |
|  Johnson & Johnson  | 4.0% |
|  Bank of America Corp.  | 2.5% |
|  iShares Russell 1000 Value ETF  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Morgan Stanley  | 2.1% |
|  Walt Disney Co.  | 2.0% |
|  Wells Fargo & Co.  | 2.0% |
|  Verizon Communications, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.3% |
|  Health Care  | 15.2% |
|  Energy  | 10.3% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 7.8% |
|  Industrials  | 7.5% |
|  Consumer Discretionary  | 7.0% |
|  Materials  | 4.7% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Exchange-Traded Funds  | 2.2% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFCK

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MDDAX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class A | $57 | 1.11% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $436.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 222 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Exxon Mobil Corp.  | 5.0% |
|  JP Morgan Chase & Co.  | 4.9% |
|  Johnson & Johnson  | 4.0% |
|  Bank of America Corp.  | 2.5% |
|  iShares Russell 1000 Value ETF  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Morgan Stanley  | 2.1% |
|  Walt Disney Co.  | 2.0% |
|  Wells Fargo & Co.  | 2.0% |
|  Verizon Communications, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.3% |
|  Health Care  | 15.2% |
|  Energy  | 10.3% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 7.8% |
|  Industrials  | 7.5% |
|  Consumer Discretionary  | 7.0% |
|  Materials  | 4.7% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Exchange-Traded Funds  | 2.2% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC2

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MDVNX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R3 | $67 | 1.31% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $436.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 222 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Exxon Mobil Corp.  | 5.0% |
|  JP Morgan Chase & Co.  | 4.9% |
|  Johnson & Johnson  | 4.0% |
|  Bank of America Corp.  | 2.5% |
|  iShares Russell 1000 Value ETF  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Morgan Stanley  | 2.1% |
|  Walt Disney Co.  | 2.0% |
|  Wells Fargo & Co.  | 2.0% |
|  Verizon Communications, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.3% |
|  Health Care  | 15.2% |
|  Energy  | 10.3% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 7.8% |
|  Industrials  | 7.5% |
|  Consumer Discretionary  | 7.0% |
|  Materials  | 4.7% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Exchange-Traded Funds  | 2.2% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC5

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMNBX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class Y | $37 | 0.71% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $436.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 222 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Exxon Mobil Corp.  | 5.0% |
|  JP Morgan Chase & Co.  | 4.9% |
|  Johnson & Johnson  | 4.0% |
|  Bank of America Corp.  | 2.5% |
|  iShares Russell 1000 Value ETF  | 2.2% |
|  Goldman Sachs Group, Inc.  | 2.1% |
|  Morgan Stanley  | 2.1% |
|  Walt Disney Co.  | 2.0% |
|  Wells Fargo & Co.  | 2.0% |
|  Verizon Communications, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.3% |
|  Health Care  | 15.2% |
|  Energy  | 10.3% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 7.8% |
|  Industrials  | 7.5% |
|  Consumer Discretionary  | 7.0% |
|  Materials  | 4.7% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Exchange-Traded Funds  | 2.2% |
|  Real Estate  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-IYFCY

------

---

| | |
|:---|:---|
| **MM S&P 500<sup>®</sup> Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MMIZX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500<sup>®</sup> Index Fund<sup>†</sup> (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class I | $7 | 0.15% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2029.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.6% |
|  Apple, Inc.  | 6.7% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 3.6% |
|  Alphabet, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.6% |
|  Alphabet, Inc. Class C  | 2.4% |
|  Meta Platforms, Inc. Class A  | 2.2% |
|  Tesla, Inc.  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 12.6% |
|  Communication Services  | 10.3% |
|  Consumer Discretionary  | 9.8% |
|  Health Care  | 9.5% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 5.3% |
|  Energy  | 4.0% |
|  Utilities  | 2.5% |
|  Materials  | 2.1% |
|  Real Estate  | 1.9% |

---

---

| | |
|:---|:---|
| ![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.  |

---

<sup>†</sup> *The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P<sup>®</sup>, S&P 500<sup>®</sup>, SPX<sup>®</sup>, SPY<sup>®</sup>, US 500*<sup>*TM*</sup>*, The 500*<sup>*TM*</sup>*, iBoxx<sup>®</sup>, iTraxx® and CDX<sup>®</sup> are trademarks of S&P Global, Inc.* 

MM202912-309532 PAGE 1 TSR-SAR-ITHW8

------

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

MM202912-309532 PAGE 2 TSR-SAR-ITHW8

------

---

| | |
|:---|:---|
| **MM S&P 500<sup>®</sup> Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MIEZX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500<sup>®</sup> Index Fund<sup>†</sup> (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R5 | $12 | 0.25% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2029.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.6% |
|  Apple, Inc.  | 6.7% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 3.6% |
|  Alphabet, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.6% |
|  Alphabet, Inc. Class C  | 2.4% |
|  Meta Platforms, Inc. Class A  | 2.2% |
|  Tesla, Inc.  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 12.6% |
|  Communication Services  | 10.3% |
|  Consumer Discretionary  | 9.8% |
|  Health Care  | 9.5% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 5.3% |
|  Energy  | 4.0% |
|  Utilities  | 2.5% |
|  Materials  | 2.1% |
|  Real Estate  | 1.9% |

---

---

| | |
|:---|:---|
| ![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.  |

---

<sup>†</sup> *The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P<sup>®</sup>, S&P 500<sup>®</sup>, SPX<sup>®</sup>, SPY<sup>®</sup>, US 500*<sup>*TM*</sup>*, The 500*<sup>*TM*</sup>*, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDX<sup>®</sup> are trademarks of S&P Global, Inc.* 

MM202912-309532 PAGE 1 TSR-SAR-ITHW6

------

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

MM202912-309532 PAGE 2 TSR-SAR-ITHW6

------

---

| | |
|:---|:---|
| **MM S&P 500<sup>®</sup> Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MMIEX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500<sup>®</sup> Index Fund<sup>†</sup> (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Service Class | $20 | 0.40% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2029.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.6% |
|  Apple, Inc.  | 6.7% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 3.6% |
|  Alphabet, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.6% |
|  Alphabet, Inc. Class C  | 2.4% |
|  Meta Platforms, Inc. Class A  | 2.2% |
|  Tesla, Inc.  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 12.6% |
|  Communication Services  | 10.3% |
|  Consumer Discretionary  | 9.8% |
|  Health Care  | 9.5% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 5.3% |
|  Energy  | 4.0% |
|  Utilities  | 2.5% |
|  Materials  | 2.1% |
|  Real Estate  | 1.9% |

---

---

| | |
|:---|:---|
| ![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.  |

---

<sup>†</sup> *The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P<sup>®</sup>, S&P 500<sup>®</sup>, SPX<sup>®</sup>, SPY<sup>®</sup>, US 500*<sup>*TM*</sup>*, The 500*<sup>*TM*</sup>*, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDX<sup>®</sup> are trademarks of S&P Global, Inc.* 

MM202912-309532 PAGE 1 TSR-SAR-ITHW1

------

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

MM202912-309532 PAGE 2 TSR-SAR-ITHW1

------

---

| | |
|:---|:---|
| **MM S&P 500<sup>®</sup> Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MIEYX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500<sup>®</sup> Index Fund<sup>†</sup> (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Administrative Class | $25 | 0.50% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2029.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.6% |
|  Apple, Inc.  | 6.7% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 3.6% |
|  Alphabet, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.6% |
|  Alphabet, Inc. Class C  | 2.4% |
|  Meta Platforms, Inc. Class A  | 2.2% |
|  Tesla, Inc.  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 12.6% |
|  Communication Services  | 10.3% |
|  Consumer Discretionary  | 9.8% |
|  Health Care  | 9.5% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 5.3% |
|  Energy  | 4.0% |
|  Utilities  | 2.5% |
|  Materials  | 2.1% |
|  Real Estate  | 1.9% |

---

---

| | |
|:---|:---|
| ![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.  |

---

<sup>†</sup> *The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P<sup>®</sup>, S&P 500<sup>®</sup>, SPX<sup>®</sup>, SPY<sup>®</sup>, US 500*<sup>*TM*</sup>*, The 500*<sup>*TM*</sup>*, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDX<sup>®</sup> are trademarks of S&P Global, Inc.* 

MM202912-309532 PAGE 1 TSR-SAR-ITHW3

------

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

MM202912-309532 PAGE 2 TSR-SAR-ITHW3

------

---

| | |
|:---|:---|
| **MM S&P 500<sup>®</sup> Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MIEAX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500<sup>®</sup> Index Fund<sup>†</sup> (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R4 | $32 | 0.65% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2029.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.6% |
|  Apple, Inc.  | 6.7% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 3.6% |
|  Alphabet, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.6% |
|  Alphabet, Inc. Class C  | 2.4% |
|  Meta Platforms, Inc. Class A  | 2.2% |
|  Tesla, Inc.  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 12.6% |
|  Communication Services  | 10.3% |
|  Consumer Discretionary  | 9.8% |
|  Health Care  | 9.5% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 5.3% |
|  Energy  | 4.0% |
|  Utilities  | 2.5% |
|  Materials  | 2.1% |
|  Real Estate  | 1.9% |

---

---

| | |
|:---|:---|
| ![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.  |

---

<sup>†</sup> *The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P<sup>®</sup>, S&P 500<sup>®</sup>, SPX<sup>®</sup>, SPY<sup>®</sup>, US 500*<sup>*TM*</sup>*, The 500*<sup>*TM*</sup>*, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDX<sup>®</sup> are trademarks of S&P Global, Inc.* 

MM202912-309532 PAGE 1 TSR-SAR-ITHW2

------

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

MM202912-309532 PAGE 2 TSR-SAR-ITHW2

------

---

| | |
|:---|:---|
| **MM S&P 500<sup>®</sup> Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MMFFX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500<sup>®</sup> Index Fund<sup>†</sup> (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class A | $37 | 0.75% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2029.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.6% |
|  Apple, Inc.  | 6.7% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 3.6% |
|  Alphabet, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.6% |
|  Alphabet, Inc. Class C  | 2.4% |
|  Meta Platforms, Inc. Class A  | 2.2% |
|  Tesla, Inc.  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 12.6% |
|  Communication Services  | 10.3% |
|  Consumer Discretionary  | 9.8% |
|  Health Care  | 9.5% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 5.3% |
|  Energy  | 4.0% |
|  Utilities  | 2.5% |
|  Materials  | 2.1% |
|  Real Estate  | 1.9% |

---

---

| | |
|:---|:---|
| ![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.  |

---

<sup>†</sup> *The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P<sup>®</sup>, S&P 500<sup>®</sup>, SPX<sup>®</sup>, SPY<sup>®</sup>, US 500*<sup>*TM*</sup>*, The 500*<sup>*TM*</sup>*, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDX<sup>®</sup> are trademarks of S&P Global, Inc.* 

MM202912-309532 PAGE 1 TSR-SAR-ITHWH

------

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

MM202912-309532 PAGE 2 TSR-SAR-ITHWH

------

---

| | |
|:---|:---|
| **MM S&P 500<sup>®</sup> Index Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MMINX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500<sup>®</sup> Index Fund<sup>†</sup> (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R3 | $44 | 0.90% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2029.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 506 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 7.6% |
|  Apple, Inc.  | 6.7% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 3.6% |
|  Alphabet, Inc. Class A  | 3.0% |
|  Broadcom, Inc.  | 2.6% |
|  Alphabet, Inc. Class C  | 2.4% |
|  Meta Platforms, Inc. Class A  | 2.2% |
|  Tesla, Inc.  | 1.9% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 32.9% |
|  Financials  | 12.6% |
|  Communication Services  | 10.3% |
|  Consumer Discretionary  | 9.8% |
|  Health Care  | 9.5% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 5.3% |
|  Energy  | 4.0% |
|  Utilities  | 2.5% |
|  Materials  | 2.1% |
|  Real Estate  | 1.9% |

---

---

| | |
|:---|:---|
| ![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.  |

---

<sup>†</sup> *The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by MassMutual. S&P<sup>®</sup>, S&P 500<sup>®</sup>, SPX<sup>®</sup>, SPY<sup>®</sup>, US 500*<sup>*TM*</sup>*, The 500*<sup>*TM*</sup>*, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDX<sup>®</sup> are trademarks of S&P Global, Inc.* 

MM202912-309532 PAGE 1 TSR-SAR-ITHW5

------

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

MM202912-309532 PAGE 2 TSR-SAR-ITHW5

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MBCZX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class I | $32 | 0.67% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1797.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 86 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.7% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.2% |
|  Meta Platforms, Inc. Class A  | 5.9% |
|  Apple, Inc.  | 5.3% |
|  Alphabet, Inc. Class A  | 5.0% |
|  Tesla, Inc.  | 4.6% |
|  Netflix, Inc.  | 4.0% |
|  Visa, Inc. Class A  | 3.6% |
|  Alphabet, Inc. Class C  | 3.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 38.5% |
|  Communication Services  | 19.6% |
|  Consumer Discretionary  | 16.1% |
|  Health Care  | 9.0% |
|  Financials  | 7.7% |
|  Industrials  | 5.2% |
|  Consumer Staples  | 1.8% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITOCI

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MBCSX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R5 | $36 | 0.77% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1797.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 86 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.7% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.2% |
|  Meta Platforms, Inc. Class A  | 5.9% |
|  Apple, Inc.  | 5.3% |
|  Alphabet, Inc. Class A  | 5.0% |
|  Tesla, Inc.  | 4.6% |
|  Netflix, Inc.  | 4.0% |
|  Visa, Inc. Class A  | 3.6% |
|  Alphabet, Inc. Class C  | 3.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 38.5% |
|  Communication Services  | 19.6% |
|  Consumer Discretionary  | 16.1% |
|  Health Care  | 9.0% |
|  Financials  | 7.7% |
|  Industrials  | 5.2% |
|  Consumer Staples  | 1.8% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC1

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MBCYX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Service Class | $41 | 0.86% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1797.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 86 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.7% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.2% |
|  Meta Platforms, Inc. Class A  | 5.9% |
|  Apple, Inc.  | 5.3% |
|  Alphabet, Inc. Class A  | 5.0% |
|  Tesla, Inc.  | 4.6% |
|  Netflix, Inc.  | 4.0% |
|  Visa, Inc. Class A  | 3.6% |
|  Alphabet, Inc. Class C  | 3.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 38.5% |
|  Communication Services  | 19.6% |
|  Consumer Discretionary  | 16.1% |
|  Health Care  | 9.0% |
|  Financials  | 7.7% |
|  Industrials  | 5.2% |
|  Consumer Staples  | 1.8% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC3

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MBCLX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Administrative Class | $46 | 0.97% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1797.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 86 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.7% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.2% |
|  Meta Platforms, Inc. Class A  | 5.9% |
|  Apple, Inc.  | 5.3% |
|  Alphabet, Inc. Class A  | 5.0% |
|  Tesla, Inc.  | 4.6% |
|  Netflix, Inc.  | 4.0% |
|  Visa, Inc. Class A  | 3.6% |
|  Alphabet, Inc. Class C  | 3.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 38.5% |
|  Communication Services  | 19.6% |
|  Consumer Discretionary  | 16.1% |
|  Health Care  | 9.0% |
|  Financials  | 7.7% |
|  Industrials  | 5.2% |
|  Consumer Staples  | 1.8% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC4

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MBGFX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R4 | $53 | 1.12% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1797.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 86 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.7% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.2% |
|  Meta Platforms, Inc. Class A  | 5.9% |
|  Apple, Inc.  | 5.3% |
|  Alphabet, Inc. Class A  | 5.0% |
|  Tesla, Inc.  | 4.6% |
|  Netflix, Inc.  | 4.0% |
|  Visa, Inc. Class A  | 3.6% |
|  Alphabet, Inc. Class C  | 3.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 38.5% |
|  Communication Services  | 19.6% |
|  Consumer Discretionary  | 16.1% |
|  Health Care  | 9.0% |
|  Financials  | 7.7% |
|  Industrials  | 5.2% |
|  Consumer Staples  | 1.8% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITOCK

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MBCGX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class A | $55 | 1.17% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1797.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 86 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.7% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.2% |
|  Meta Platforms, Inc. Class A  | 5.9% |
|  Apple, Inc.  | 5.3% |
|  Alphabet, Inc. Class A  | 5.0% |
|  Tesla, Inc.  | 4.6% |
|  Netflix, Inc.  | 4.0% |
|  Visa, Inc. Class A  | 3.6% |
|  Alphabet, Inc. Class C  | 3.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 38.5% |
|  Communication Services  | 19.6% |
|  Consumer Discretionary  | 16.1% |
|  Health Care  | 9.0% |
|  Financials  | 7.7% |
|  Industrials  | 5.2% |
|  Consumer Staples  | 1.8% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC2

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MBCNX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R3 | $65 | 1.37% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1797.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 86 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.7% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.2% |
|  Meta Platforms, Inc. Class A  | 5.9% |
|  Apple, Inc.  | 5.3% |
|  Alphabet, Inc. Class A  | 5.0% |
|  Tesla, Inc.  | 4.6% |
|  Netflix, Inc.  | 4.0% |
|  Visa, Inc. Class A  | 3.6% |
|  Alphabet, Inc. Class C  | 3.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 38.5% |
|  Communication Services  | 19.6% |
|  Consumer Discretionary  | 16.1% |
|  Health Care  | 9.0% |
|  Financials  | 7.7% |
|  Industrials  | 5.2% |
|  Consumer Staples  | 1.8% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC5

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMZMX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class Y | $36 | 0.76% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1797.1 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 86 |
| **Portfolio Turnover Rate** | 2% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 13.7% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.2% |
|  Meta Platforms, Inc. Class A  | 5.9% |
|  Apple, Inc.  | 5.3% |
|  Alphabet, Inc. Class A  | 5.0% |
|  Tesla, Inc.  | 4.6% |
|  Netflix, Inc.  | 4.0% |
|  Visa, Inc. Class A  | 3.6% |
|  Alphabet, Inc. Class C  | 3.2% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 38.5% |
|  Communication Services  | 19.6% |
|  Consumer Discretionary  | 16.1% |
|  Health Care  | 9.0% |
|  Financials  | 7.7% |
|  Industrials  | 5.2% |
|  Consumer Staples  | 1.8% |
|  Materials  | 0.4% |
|  Utilities  | 0.3% |
|  Retail  | 0.1% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITOCY

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MEFZX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class I | $33 | 0.67% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2701.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.0% |
|  XPO, Inc.  | 2.0% |
|  Monolithic Power Systems, Inc.  | 1.9% |
|  Lattice Semiconductor Corp.  | 1.8% |
|  Agilent Technologies, Inc.  | 1.8% |
|  Mettler-Toledo International, Inc.  | 1.7% |
|  Burlington Stores, Inc.  | 1.7% |
|  Cencora, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.5% |
|  Viking Holdings Ltd.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.2% |
|  Industrials  | 19.7% |
|  Health Care  | 19.2% |
|  Consumer Discretionary  | 17.8% |
|  Financials  | 6.5% |
|  Energy  | 4.0% |
|  Communication Services  | 3.4% |
|  Consumer Staples  | 3.3% |
|  Materials  | 2.7% |
|  Utilities  | 0.4% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK6

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MGRFX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R5 | $38 | 0.77% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2701.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.0% |
|  XPO, Inc.  | 2.0% |
|  Monolithic Power Systems, Inc.  | 1.9% |
|  Lattice Semiconductor Corp.  | 1.8% |
|  Agilent Technologies, Inc.  | 1.8% |
|  Mettler-Toledo International, Inc.  | 1.7% |
|  Burlington Stores, Inc.  | 1.7% |
|  Cencora, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.5% |
|  Viking Holdings Ltd.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.2% |
|  Industrials  | 19.7% |
|  Health Care  | 19.2% |
|  Consumer Discretionary  | 17.8% |
|  Financials  | 6.5% |
|  Energy  | 4.0% |
|  Communication Services  | 3.4% |
|  Consumer Staples  | 3.3% |
|  Materials  | 2.7% |
|  Utilities  | 0.4% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK1

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MEFYX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Service Class | $43 | 0.87% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2701.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.0% |
|  XPO, Inc.  | 2.0% |
|  Monolithic Power Systems, Inc.  | 1.9% |
|  Lattice Semiconductor Corp.  | 1.8% |
|  Agilent Technologies, Inc.  | 1.8% |
|  Mettler-Toledo International, Inc.  | 1.7% |
|  Burlington Stores, Inc.  | 1.7% |
|  Cencora, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.5% |
|  Viking Holdings Ltd.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.2% |
|  Industrials  | 19.7% |
|  Health Care  | 19.2% |
|  Consumer Discretionary  | 17.8% |
|  Financials  | 6.5% |
|  Energy  | 4.0% |
|  Communication Services  | 3.4% |
|  Consumer Staples  | 3.3% |
|  Materials  | 2.7% |
|  Utilities  | 0.4% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK3

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MMELX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Administrative Class | $48 | 0.97% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2701.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.0% |
|  XPO, Inc.  | 2.0% |
|  Monolithic Power Systems, Inc.  | 1.9% |
|  Lattice Semiconductor Corp.  | 1.8% |
|  Agilent Technologies, Inc.  | 1.8% |
|  Mettler-Toledo International, Inc.  | 1.7% |
|  Burlington Stores, Inc.  | 1.7% |
|  Cencora, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.5% |
|  Viking Holdings Ltd.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.2% |
|  Industrials  | 19.7% |
|  Health Care  | 19.2% |
|  Consumer Discretionary  | 17.8% |
|  Financials  | 6.5% |
|  Energy  | 4.0% |
|  Communication Services  | 3.4% |
|  Consumer Staples  | 3.3% |
|  Materials  | 2.7% |
|  Utilities  | 0.4% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK4

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MEFFX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R4 | $55 | 1.12% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2701.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.0% |
|  XPO, Inc.  | 2.0% |
|  Monolithic Power Systems, Inc.  | 1.9% |
|  Lattice Semiconductor Corp.  | 1.8% |
|  Agilent Technologies, Inc.  | 1.8% |
|  Mettler-Toledo International, Inc.  | 1.7% |
|  Burlington Stores, Inc.  | 1.7% |
|  Cencora, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.5% |
|  Viking Holdings Ltd.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.2% |
|  Industrials  | 19.7% |
|  Health Care  | 19.2% |
|  Consumer Discretionary  | 17.8% |
|  Financials  | 6.5% |
|  Energy  | 4.0% |
|  Communication Services  | 3.4% |
|  Consumer Staples  | 3.3% |
|  Materials  | 2.7% |
|  Utilities  | 0.4% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIKK

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MEFAX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class A | $57 | 1.17% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2701.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.0% |
|  XPO, Inc.  | 2.0% |
|  Monolithic Power Systems, Inc.  | 1.9% |
|  Lattice Semiconductor Corp.  | 1.8% |
|  Agilent Technologies, Inc.  | 1.8% |
|  Mettler-Toledo International, Inc.  | 1.7% |
|  Burlington Stores, Inc.  | 1.7% |
|  Cencora, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.5% |
|  Viking Holdings Ltd.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.2% |
|  Industrials  | 19.7% |
|  Health Care  | 19.2% |
|  Consumer Discretionary  | 17.8% |
|  Financials  | 6.5% |
|  Energy  | 4.0% |
|  Communication Services  | 3.4% |
|  Consumer Staples  | 3.3% |
|  Materials  | 2.7% |
|  Utilities  | 0.4% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK2

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MEFNX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R3 | $67 | 1.37% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2701.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.0% |
|  XPO, Inc.  | 2.0% |
|  Monolithic Power Systems, Inc.  | 1.9% |
|  Lattice Semiconductor Corp.  | 1.8% |
|  Agilent Technologies, Inc.  | 1.8% |
|  Mettler-Toledo International, Inc.  | 1.7% |
|  Burlington Stores, Inc.  | 1.7% |
|  Cencora, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.5% |
|  Viking Holdings Ltd.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.2% |
|  Industrials  | 19.7% |
|  Health Care  | 19.2% |
|  Consumer Discretionary  | 17.8% |
|  Financials  | 6.5% |
|  Energy  | 4.0% |
|  Communication Services  | 3.4% |
|  Consumer Staples  | 3.3% |
|  Materials  | 2.7% |
|  Utilities  | 0.4% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK5

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMNGX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class Y | $38 | 0.77% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2701.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 181 |
| **Portfolio Turnover Rate** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Hilton Worldwide Holdings, Inc.  | 2.0% |
|  XPO, Inc.  | 2.0% |
|  Monolithic Power Systems, Inc.  | 1.9% |
|  Lattice Semiconductor Corp.  | 1.8% |
|  Agilent Technologies, Inc.  | 1.8% |
|  Mettler-Toledo International, Inc.  | 1.7% |
|  Burlington Stores, Inc.  | 1.7% |
|  Cencora, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.5% |
|  Viking Holdings Ltd.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.2% |
|  Industrials  | 19.7% |
|  Health Care  | 19.2% |
|  Consumer Discretionary  | 17.8% |
|  Financials  | 6.5% |
|  Energy  | 4.0% |
|  Communication Services  | 3.4% |
|  Consumer Staples  | 3.3% |
|  Materials  | 2.7% |
|  Utilities  | 0.4% |
|  Real Estate  | 0.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIKY

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MSGZX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class I | $46 | 0.88% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $563.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 251 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Modine Manufacturing Co.  | 1.8% |
|  Curtiss-Wright Corp.  | 1.6% |
|  Advanced Energy Industries, Inc.  | 1.5% |
|  Fabrinet  | 1.4% |
|  MKS, Inc.  | 1.2% |
|  Chord Energy Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.1% |
|  Alignment Healthcare, Inc.  | 1.1% |
|  Five Below, Inc.  | 1.1% |
|  Tower Semiconductor Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.3% |
|  Health Care  | 21.1% |
|  Information Technology  | 18.2% |
|  Financials  | 9.2% |
|  Consumer Discretionary  | 7.2% |
|  Energy  | 4.6% |
|  Materials  | 3.5% |
|  Real Estate  | 2.8% |
|  Utilities  | 1.3% |
|  Communication Services  | 1.0% |
|  Consumer Staples  | 1.0% |
|  Exchange-Traded Funds  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK6

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MSGSX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R5 | $51 | 0.98% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $563.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 251 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Modine Manufacturing Co.  | 1.8% |
|  Curtiss-Wright Corp.  | 1.6% |
|  Advanced Energy Industries, Inc.  | 1.5% |
|  Fabrinet  | 1.4% |
|  MKS, Inc.  | 1.2% |
|  Chord Energy Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.1% |
|  Alignment Healthcare, Inc.  | 1.1% |
|  Five Below, Inc.  | 1.1% |
|  Tower Semiconductor Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.3% |
|  Health Care  | 21.1% |
|  Information Technology  | 18.2% |
|  Financials  | 9.2% |
|  Consumer Discretionary  | 7.2% |
|  Energy  | 4.6% |
|  Materials  | 3.5% |
|  Real Estate  | 2.8% |
|  Utilities  | 1.3% |
|  Communication Services  | 1.0% |
|  Consumer Staples  | 1.0% |
|  Exchange-Traded Funds  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK1

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MSCYX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Service Class | $56 | 1.08% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $563.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 251 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Modine Manufacturing Co.  | 1.8% |
|  Curtiss-Wright Corp.  | 1.6% |
|  Advanced Energy Industries, Inc.  | 1.5% |
|  Fabrinet  | 1.4% |
|  MKS, Inc.  | 1.2% |
|  Chord Energy Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.1% |
|  Alignment Healthcare, Inc.  | 1.1% |
|  Five Below, Inc.  | 1.1% |
|  Tower Semiconductor Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.3% |
|  Health Care  | 21.1% |
|  Information Technology  | 18.2% |
|  Financials  | 9.2% |
|  Consumer Discretionary  | 7.2% |
|  Energy  | 4.6% |
|  Materials  | 3.5% |
|  Real Estate  | 2.8% |
|  Utilities  | 1.3% |
|  Communication Services  | 1.0% |
|  Consumer Staples  | 1.0% |
|  Exchange-Traded Funds  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK3

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MSGLX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Administrative Class | $61 | 1.18% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $563.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 251 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Modine Manufacturing Co.  | 1.8% |
|  Curtiss-Wright Corp.  | 1.6% |
|  Advanced Energy Industries, Inc.  | 1.5% |
|  Fabrinet  | 1.4% |
|  MKS, Inc.  | 1.2% |
|  Chord Energy Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.1% |
|  Alignment Healthcare, Inc.  | 1.1% |
|  Five Below, Inc.  | 1.1% |
|  Tower Semiconductor Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.3% |
|  Health Care  | 21.1% |
|  Information Technology  | 18.2% |
|  Financials  | 9.2% |
|  Consumer Discretionary  | 7.2% |
|  Energy  | 4.6% |
|  Materials  | 3.5% |
|  Real Estate  | 2.8% |
|  Utilities  | 1.3% |
|  Communication Services  | 1.0% |
|  Consumer Staples  | 1.0% |
|  Exchange-Traded Funds  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK4

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MSERX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R4 | $69 | 1.33% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $563.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 251 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Modine Manufacturing Co.  | 1.8% |
|  Curtiss-Wright Corp.  | 1.6% |
|  Advanced Energy Industries, Inc.  | 1.5% |
|  Fabrinet  | 1.4% |
|  MKS, Inc.  | 1.2% |
|  Chord Energy Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.1% |
|  Alignment Healthcare, Inc.  | 1.1% |
|  Five Below, Inc.  | 1.1% |
|  Tower Semiconductor Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.3% |
|  Health Care  | 21.1% |
|  Information Technology  | 18.2% |
|  Financials  | 9.2% |
|  Consumer Discretionary  | 7.2% |
|  Energy  | 4.6% |
|  Materials  | 3.5% |
|  Real Estate  | 2.8% |
|  Utilities  | 1.3% |
|  Communication Services  | 1.0% |
|  Consumer Staples  | 1.0% |
|  Exchange-Traded Funds  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITGKK

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MMGEX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class A | $71 | 1.38% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $563.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 251 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Modine Manufacturing Co.  | 1.8% |
|  Curtiss-Wright Corp.  | 1.6% |
|  Advanced Energy Industries, Inc.  | 1.5% |
|  Fabrinet  | 1.4% |
|  MKS, Inc.  | 1.2% |
|  Chord Energy Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.1% |
|  Alignment Healthcare, Inc.  | 1.1% |
|  Five Below, Inc.  | 1.1% |
|  Tower Semiconductor Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.3% |
|  Health Care  | 21.1% |
|  Information Technology  | 18.2% |
|  Financials  | 9.2% |
|  Consumer Discretionary  | 7.2% |
|  Energy  | 4.6% |
|  Materials  | 3.5% |
|  Real Estate  | 2.8% |
|  Utilities  | 1.3% |
|  Communication Services  | 1.0% |
|  Consumer Staples  | 1.0% |
|  Exchange-Traded Funds  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK2

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MSGNX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R3 | $82 | 1.58% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $563.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 251 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Modine Manufacturing Co.  | 1.8% |
|  Curtiss-Wright Corp.  | 1.6% |
|  Advanced Energy Industries, Inc.  | 1.5% |
|  Fabrinet  | 1.4% |
|  MKS, Inc.  | 1.2% |
|  Chord Energy Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.1% |
|  Alignment Healthcare, Inc.  | 1.1% |
|  Five Below, Inc.  | 1.1% |
|  Tower Semiconductor Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.3% |
|  Health Care  | 21.1% |
|  Information Technology  | 18.2% |
|  Financials  | 9.2% |
|  Consumer Discretionary  | 7.2% |
|  Energy  | 4.6% |
|  Materials  | 3.5% |
|  Real Estate  | 2.8% |
|  Utilities  | 1.3% |
|  Communication Services  | 1.0% |
|  Consumer Staples  | 1.0% |
|  Exchange-Traded Funds  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK5

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMNJX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class Y | $51 | 0.98% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $563.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 251 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Modine Manufacturing Co.  | 1.8% |
|  Curtiss-Wright Corp.  | 1.6% |
|  Advanced Energy Industries, Inc.  | 1.5% |
|  Fabrinet  | 1.4% |
|  MKS, Inc.  | 1.2% |
|  Chord Energy Corp.  | 1.1% |
|  ESCO Technologies, Inc.  | 1.1% |
|  Alignment Healthcare, Inc.  | 1.1% |
|  Five Below, Inc.  | 1.1% |
|  Tower Semiconductor Ltd.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 25.3% |
|  Health Care  | 21.1% |
|  Information Technology  | 18.2% |
|  Financials  | 9.2% |
|  Consumer Discretionary  | 7.2% |
|  Energy  | 4.6% |
|  Materials  | 3.5% |
|  Real Estate  | 2.8% |
|  Utilities  | 1.3% |
|  Communication Services  | 1.0% |
|  Consumer Staples  | 1.0% |
|  Exchange-Traded Funds  | 0.7% |

---

---

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

---

MM202912-309532 PAGE 1 TSR-SAR-ITGKY

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class I \| MOSZX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class I | $39 | 0.79% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $261.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Roche Holding AG  | 2.1% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.9% |
|  Intesa Sanpaolo SpA  | 1.8% |
|  Compass Group PLC  | 1.8% |
|  SAP SE  | 1.7% |
|  TotalEnergies SE  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.0% |
|  Industrials  | 18.4% |
|  Consumer Discretionary  | 14.0% |
|  Health Care  | 10.6% |
|  Consumer Staples  | 9.8% |
|  Information Technology  | 9.0% |
|  Materials  | 5.6% |
|  Energy  | 3.0% |
|  Communication Services  | 2.6% |
|  Utilities  | 1.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.1% |
|  Japan  | 15.0% |
|  Germany  | 11.2% |
|  United Kingdom  | 11.2% |
|  United States  | 10.5% |
|  Switzerland  | 4.2% |
|  Italy  | 4.1% |
|  Netherlands  | 3.0% |
|  China  | 2.7% |
|  Taiwan  | 2.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK6

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R5 \| MOSSX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R5 | $44 | 0.89% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $261.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Roche Holding AG  | 2.1% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.9% |
|  Intesa Sanpaolo SpA  | 1.8% |
|  Compass Group PLC  | 1.8% |
|  SAP SE  | 1.7% |
|  TotalEnergies SE  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.0% |
|  Industrials  | 18.4% |
|  Consumer Discretionary  | 14.0% |
|  Health Care  | 10.6% |
|  Consumer Staples  | 9.8% |
|  Information Technology  | 9.0% |
|  Materials  | 5.6% |
|  Energy  | 3.0% |
|  Communication Services  | 2.6% |
|  Utilities  | 1.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.1% |
|  Japan  | 15.0% |
|  Germany  | 11.2% |
|  United Kingdom  | 11.2% |
|  United States  | 10.5% |
|  Switzerland  | 4.2% |
|  Italy  | 4.1% |
|  Netherlands  | 3.0% |
|  China  | 2.7% |
|  Taiwan  | 2.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK1

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Service Class \| MOSYX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Service Class | $49 | 0.99% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $261.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Roche Holding AG  | 2.1% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.9% |
|  Intesa Sanpaolo SpA  | 1.8% |
|  Compass Group PLC  | 1.8% |
|  SAP SE  | 1.7% |
|  TotalEnergies SE  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.0% |
|  Industrials  | 18.4% |
|  Consumer Discretionary  | 14.0% |
|  Health Care  | 10.6% |
|  Consumer Staples  | 9.8% |
|  Information Technology  | 9.0% |
|  Materials  | 5.6% |
|  Energy  | 3.0% |
|  Communication Services  | 2.6% |
|  Utilities  | 1.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.1% |
|  Japan  | 15.0% |
|  Germany  | 11.2% |
|  United Kingdom  | 11.2% |
|  United States  | 10.5% |
|  Switzerland  | 4.2% |
|  Italy  | 4.1% |
|  Netherlands  | 3.0% |
|  China  | 2.7% |
|  Taiwan  | 2.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK3

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Administrative Class \| MOSLX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Administrative Class | $54 | 1.09% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $261.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Roche Holding AG  | 2.1% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.9% |
|  Intesa Sanpaolo SpA  | 1.8% |
|  Compass Group PLC  | 1.8% |
|  SAP SE  | 1.7% |
|  TotalEnergies SE  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.0% |
|  Industrials  | 18.4% |
|  Consumer Discretionary  | 14.0% |
|  Health Care  | 10.6% |
|  Consumer Staples  | 9.8% |
|  Information Technology  | 9.0% |
|  Materials  | 5.6% |
|  Energy  | 3.0% |
|  Communication Services  | 2.6% |
|  Utilities  | 1.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.1% |
|  Japan  | 15.0% |
|  Germany  | 11.2% |
|  United Kingdom  | 11.2% |
|  United States  | 10.5% |
|  Switzerland  | 4.2% |
|  Italy  | 4.1% |
|  Netherlands  | 3.0% |
|  China  | 2.7% |
|  Taiwan  | 2.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK4

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R4 \| MOSFX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R4 | $61 | 1.24% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $261.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Roche Holding AG  | 2.1% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.9% |
|  Intesa Sanpaolo SpA  | 1.8% |
|  Compass Group PLC  | 1.8% |
|  SAP SE  | 1.7% |
|  TotalEnergies SE  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.0% |
|  Industrials  | 18.4% |
|  Consumer Discretionary  | 14.0% |
|  Health Care  | 10.6% |
|  Consumer Staples  | 9.8% |
|  Information Technology  | 9.0% |
|  Materials  | 5.6% |
|  Energy  | 3.0% |
|  Communication Services  | 2.6% |
|  Utilities  | 1.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.1% |
|  Japan  | 15.0% |
|  Germany  | 11.2% |
|  United Kingdom  | 11.2% |
|  United States  | 10.5% |
|  Switzerland  | 4.2% |
|  Italy  | 4.1% |
|  Netherlands  | 3.0% |
|  China  | 2.7% |
|  Taiwan  | 2.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLKK

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class A \| MOSAX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class A | $64 | 1.29% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $261.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Roche Holding AG  | 2.1% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.9% |
|  Intesa Sanpaolo SpA  | 1.8% |
|  Compass Group PLC  | 1.8% |
|  SAP SE  | 1.7% |
|  TotalEnergies SE  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.0% |
|  Industrials  | 18.4% |
|  Consumer Discretionary  | 14.0% |
|  Health Care  | 10.6% |
|  Consumer Staples  | 9.8% |
|  Information Technology  | 9.0% |
|  Materials  | 5.6% |
|  Energy  | 3.0% |
|  Communication Services  | 2.6% |
|  Utilities  | 1.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.1% |
|  Japan  | 15.0% |
|  Germany  | 11.2% |
|  United Kingdom  | 11.2% |
|  United States  | 10.5% |
|  Switzerland  | 4.2% |
|  Italy  | 4.1% |
|  Netherlands  | 3.0% |
|  China  | 2.7% |
|  Taiwan  | 2.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK2

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class R3 \| MOSNX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class R3 | $74 | 1.49% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $261.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Roche Holding AG  | 2.1% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.9% |
|  Intesa Sanpaolo SpA  | 1.8% |
|  Compass Group PLC  | 1.8% |
|  SAP SE  | 1.7% |
|  TotalEnergies SE  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.0% |
|  Industrials  | 18.4% |
|  Consumer Discretionary  | 14.0% |
|  Health Care  | 10.6% |
|  Consumer Staples  | 9.8% |
|  Information Technology  | 9.0% |
|  Materials  | 5.6% |
|  Energy  | 3.0% |
|  Communication Services  | 2.6% |
|  Utilities  | 1.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.1% |
|  Japan  | 15.0% |
|  Germany  | 11.2% |
|  United Kingdom  | 11.2% |
|  United States  | 10.5% |
|  Switzerland  | 4.2% |
|  Italy  | 4.1% |
|  Netherlands  | 3.0% |
|  China  | 2.7% |
|  Taiwan  | 2.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK5

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img35205_202407090944511.jpg) |
| Class Y \| MMOJX  | ![image](img35205_202407090944511.jpg) |
| Semi-annual Shareholder Report \| March 31, 2026  | ![image](img35205_202407090944511.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>\*</sup>**  |
| Class Y | $44 | 0.89% |

---

\* Annualized

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $261.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 123 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  BNP Paribas SA  | 2.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Roche Holding AG  | 2.1% |
|  Air Liquide SA  | 1.9% |
|  Novartis AG Registered  | 1.9% |
|  Cie Financiere Richemont SA Registered Class A  | 1.9% |
|  Intesa Sanpaolo SpA  | 1.8% |
|  Compass Group PLC  | 1.8% |
|  SAP SE  | 1.7% |
|  TotalEnergies SE  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.0% |
|  Industrials  | 18.4% |
|  Consumer Discretionary  | 14.0% |
|  Health Care  | 10.6% |
|  Consumer Staples  | 9.8% |
|  Information Technology  | 9.0% |
|  Materials  | 5.6% |
|  Energy  | 3.0% |
|  Communication Services  | 2.6% |
|  Utilities  | 1.3% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 17.1% |
|  Japan  | 15.0% |
|  Germany  | 11.2% |
|  United Kingdom  | 11.2% |
|  United States  | 10.5% |
|  Switzerland  | 4.2% |
|  Italy  | 4.1% |
|  Netherlands  | 3.0% |
|  China  | 2.7% |
|  Taiwan  | 2.2% |

---

---

| | |
|:---|:---|
| ![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.  |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLKY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see portfolio of investments contained in the financial statements
 filed under Item 7 of this form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

![](efp-23316_fcover.jpg)

------

**Table of Contents** 

Please note the Semi-annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| &nbsp;&nbsp;&nbsp; [Portfolios of Investments (Unaudited)](#a_001) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Diversified Value Fund](#IYFC) | &nbsp;&nbsp; **[1](#IYFC)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MM S&P 500<sup>®</sup> Index Fund](#ITHW) | &nbsp;&nbsp; **[5](#ITHW)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Blue Chip Growth Fund](#ITOC1) | &nbsp;&nbsp; **[12](#ITOC1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Mid Cap Growth Fund](#ITIK) | &nbsp;&nbsp; **[14](#ITIK)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Small Cap Growth Equity Fund](#ITGK) | &nbsp;&nbsp; **[17](#ITGK)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Overseas Fund](#ITLK) | &nbsp;&nbsp; **[21](#ITLK)** |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities (Unaudited)](#sal) | &nbsp;&nbsp; **[24](#sal)** |
| &nbsp;&nbsp;&nbsp; [Statements of Operations (Unaudited)](#sop) | &nbsp;&nbsp; **[28](#sop)** |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | &nbsp;&nbsp; **[30](#scna)** |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | &nbsp;&nbsp; **[34](#fihi)** |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements (Unaudited)](#notes) | &nbsp;&nbsp; **[46](#notes)** |
| **[Item 8.](#chan)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#chan)**<br>| &nbsp;&nbsp; **[66](#chan)** |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies.](#prox)** | &nbsp;&nbsp; **[67](#prox)** |
| **[Item 10.](#remu)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#remu)**<br>| &nbsp;&nbsp; **[68](#remu)** |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.](#stat)** | &nbsp;&nbsp; **[69](#stat)** |

---

**This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the applicable MassMutual Funds. Investors should consider a Fund's investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.** 

------

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

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

 **MassMutual Diversified Value Fund — Portfolio of Investments**<br>

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 97.4%**<br>|  |  |
| **Common Stock — 97.4%**<br>|  |  |
| **Communication Services — 8.1%**<br>|  |  |
| AT&T, Inc. | 263500 | $7638865  |
| Comcast Corp. Class A | 42700 | 1225917  |
| Fox Corp. Class A | 12500 | 730000  |
| Match Group, Inc. | 10800 | 331668  |
| Meta Platforms, Inc. Class A | 5600 | 3203928  |
| News Corp. Class A | 19300 | 481149  |
| T-Mobile US, Inc. | 23300 | 4893699  |
| Verizon Communications, Inc. | 156800 | 7871360  |
| Walt Disney Co. | 91700 | 8838046  |
|  |  | 35214632  |
| **Consumer Discretionary — 7.0%**<br>|  |  |
| AutoNation, Inc. (a) | 3000 | 585780  |
| Best Buy Co., Inc. | 10700 | 686940  |
| BorgWarner, Inc. | 9500 | 515470  |
| Darden Restaurants, Inc. | 5800 | 1137032  |
| Deckers Outdoor Corp. (a) | 3000 | 300270  |
| Dillard's, Inc. Class A (b) | 520 | 297497  |
| DR Horton, Inc. | 14900 | 2044578  |
| eBay, Inc. | 23200 | 2111664  |
| Expedia Group, Inc. | 5900 | 1362251  |
| Ford Motor Co. | 200700 | 2316078  |
| GameStop Corp. Class A (a) | 9500 | 218880  |
| Gap, Inc. | 19000 | 459800  |
| General Motors Co. | 43100 | 3210950  |
| Genuine Parts Co. | 7100 | 750825  |
| Hasbro, Inc. | 5000 | 468000  |
| Lennar Corp. Class A | 11400 | 989976  |
| Lowe's Cos., Inc. | 27300 | 6450444  |
| NVR, Inc. (a) | 140 | 922576  |
| Penske Automotive Group, Inc. (b) | 3400 | 508368  |
| PulteGroup, Inc. | 10100 | 1187861  |
| Service Corp. International | 7300 | 602323  |
| Tapestry, Inc. | 9200 | 1298212  |
| Toll Brothers, Inc. | 4900 | 668703  |
| TopBuild Corp. (a) | 1200 | 421560  |
| Williams-Sonoma, Inc. | 5500 | 1002815  |
|  |  | 30518853  |
| **Consumer Staples — 7.8%**<br>|  |  |
| Altria Group, Inc. | 86100 | 5681739  |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, <br>Inc. (a) | 2700 | 265734  |
| Coca-Cola Consolidated, Inc. | 3800 | 728612  |
| Constellation Brands, Inc. Class A | 3700 | 555000  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Dollar General Corp. | 4600 | $546158  |
| Dollar Tree, Inc. (a) | 9000 | 985590  |
| Hormel Foods Corp. | 4300 | 97395  |
| Ingredion, Inc. | 2900 | 326714  |
| J.M. Smucker Co. | 2300 | 221812  |
| Kroger Co. | 29500 | 2134620  |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. <br>Class B | 3700 | 159322  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A | 49300 | 2841652  |
| PepsiCo, Inc. | 44100 | 6848289  |
| Procter & Gamble Co. | 49000 | 7077560  |
| Sysco Corp. | 24600 | 1754718  |
| Target Corp. | 23300 | 2823960  |
| Tyson Foods, Inc. Class A | 12800 | 820096  |
|  |  | 33868971  |
| **Energy — 10.3%**<br>|  |  |
| Antero Midstream Corp. | 24400 | 556320  |
| Antero Resources Corp. (a) | 13700 | 581428  |
| APA Corp. (b) | 18100 | 768164  |
| ConocoPhillips | 14500 | 1914000  |
| Devon Energy Corp. | 32100 | 1615272  |
| Diamondback Energy, Inc. | 14700 | 2907513  |
| EOG Resources, Inc. | 24200 | 3498594  |
| Exxon Mobil Corp. | 128000 | 21716480  |
| Halliburton Co. | 43200 | 1684368  |
| HF Sinclair Corp. | 9400 | 586466  |
| Kinder Morgan, Inc. | 114000 | 3822420  |
| Marathon Petroleum Corp. | 3600 | 879048  |
| Phillips 66 | 20700 | 3771126  |
| Range Resources Corp. | 12200 | 551196  |
|  |  | 44852395  |
| **Financials — 29.3%**<br>|  |  |
| Aflac, Inc. | 20300 | 2227113  |
| Allstate Corp. | 6600 | 1368444  |
| Ally Financial, Inc. | 8300 | 325609  |
| American Express Co. | 14500 | 4385960  |
| American Financial Group, Inc. | 2600 | 332046  |
| American International Group, Inc. | 22000 | 1655500  |
| Ameriprise Financial, Inc. | 3500 | 1555400  |
| Aon PLC Class A | 4500 | 1452510  |
| Arch Capital Group Ltd. (a) | 11500 | 1103885  |
| Assurant, Inc. | 1800 | 392058  |
| Axis Capital Holdings Ltd. | 3000 | 304230  |
| Bank of America Corp. | 224000 | 10920000  |
| Bank of New York Mellon Corp. | 25600 | 3036928  |
| Block, Inc. (a) | 14000 | 842520  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **1**<br>|

---

------

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

 **MassMutual Diversified Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Carlyle Group, Inc. | 7600 | $367764  |
| Charles Schwab Corp. | 37000 | 3477260  |
| Chubb Ltd. | 14900 | 4856357  |
| Cincinnati Financial Corp. | 5800 | 912630  |
| Citigroup, Inc. | 54500 | 6180845  |
| Citizens Financial Group, Inc. | 13900 | 833583  |
| Corpay, Inc. (a) | 1400 | 407386  |
| Cullen/Frost Bankers, Inc. | 1600 | 219328  |
| East West Bancorp, Inc. | 4200 | 448392  |
| Everest Group Ltd. | 1500 | 490275  |
| Fidelity National Financial, Inc. | 8200 | 380316  |
|  First Citizens BancShares, Inc. Class A | 500 | 942330  |
| First Horizon Corp. | 12700 | 289052  |
| Globe Life, Inc. | 2200 | 306174  |
| Goldman Sachs Group, Inc. | 11000 | 9305890  |
| Hartford Insurance Group, Inc. | 10500 | 1419915  |
| JP Morgan Chase & Co. | 72100 | 21208936  |
| KeyCorp. | 27800 | 557390  |
| Loews Corp. | 7900 | 843246  |
| M&T Bank Corp. | 4200 | 868224  |
| Markel Group, Inc. (a) | 430 | 823050  |
| MetLife, Inc. | 26200 | 1852864  |
| Morgan Stanley | 56200 | 9248834  |
| Northern Trust Corp. | 7400 | 1032818  |
| Old Republic International Corp. | 9300 | 371070  |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, <br>Inc. | 12400 | 2580316  |
| Popular, Inc. | 1800 | 241506  |
| Primerica, Inc. | 1200 | 300576  |
| Principal Financial Group, Inc. | 8500 | 765935  |
| Prudential Financial, Inc. | 11700 | 1142973  |
| Raymond James Financial, Inc. | 7700 | 1114883  |
| Regions Financial Corp. | 28200 | 736584  |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, <br>Inc. | 2000 | 408320  |
| RenaissanceRe Holdings Ltd. | 1900 | 564737  |
| SEI Investments Co. | 4800 | 376656  |
| State Street Corp. | 10800 | 1366848  |
| Stifel Financial Corp. | 4700 | 347424  |
| Synchrony Financial | 14600 | 993092  |
| T. Rowe Price Group, Inc. | 7100 | 639994  |
| Travelers Cos., Inc. | 13200 | 3850176  |
| Truist Financial Corp. | 32800 | 1507816  |
| Unum Group | 6200 | 452786  |
| US Bancorp | 39900 | 2075199  |
| W.R. Berkley Corp. | 14200 | 941176  |
| Wells Fargo & Co. | 107000 | 8518270  |
| Western Alliance Bancorp | 2300 | 162955  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Willis Towers Watson PLC | 3300 | $959310  |
| Zions Bancorp NA | 3100 | 178622  |
|  |  | 127772286  |
| **Health Care — 15.2%**<br>|  |  |
| Amgen, Inc. | 18000 | 6333300  |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. <br>Class A (a) (b) | 900 | 250875  |
| Cencora, Inc. | 8600 | 2701604  |
| Cooper Cos., Inc. (a) | 4100 | 293150  |
| CVS Health Corp. | 46900 | 3368358  |
| DaVita, Inc. (a) | 1400 | 215166  |
| Encompass Health Corp. | 1400 | 135422  |
| Exelixis, Inc. (a) | 12100 | 518969  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 11200 | 797216  |
| Gilead Sciences, Inc. | 40200 | 5602674  |
| Halozyme Therapeutics, Inc. (a) | 5300 | 342539  |
| HCA Healthcare, Inc. | 12200 | 5773528  |
| Henry Schein, Inc. (a) | 5500 | 405350  |
| IQVIA Holdings, Inc. (a) | 2100 | 358134  |
| Jazz Pharmaceuticals PLC (a) | 2400 | 453720  |
| Johnson & Johnson | 70700 | 17281908  |
| Labcorp Holdings, Inc. | 3700 | 987197  |
| Medtronic PLC | 57000 | 4939050  |
| Merck & Co., Inc. | 52200 | 6279138  |
| Pfizer, Inc. | 82300 | 2310984  |
| Quest Diagnostics, Inc. | 5300 | 1038694  |
| Regeneron Pharmaceuticals, Inc. | 2200 | 1699808  |
| Revvity, Inc. (b) | 2400 | 210264  |
| Tenet Healthcare Corp. (a) | 4100 | 773711  |
| United Therapeutics Corp. (a) | 1900 | 1126662  |
|  Universal Health Services, Inc. Class B | 2900 | 519013  |
| Viatris, Inc. | 51500 | 695765  |
| Zimmer Biomet Holdings, Inc. | 8900 | 804738  |
|  |  | 66216937  |
| **Industrials — 7.5%**<br>|  |  |
| 3M Co. | 27200 | 3950256  |
| A.O. Smith Corp. | 5900 | 389046  |
| Acuity, Inc. | 1500 | 420330  |
| AECOM | 6600 | 559812  |
| AGCO Corp. | 3800 | 440306  |
| Allegion PLC | 4300 | 624747  |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, <br>Inc. | 1300 | 152178  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. <br>Class A (a) | 1000 | 543870  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

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

 **MassMutual Diversified Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Carlisle Cos., Inc. | 1800 | $600516  |
| CNH Industrial NV | 15100 | 166100  |
| Core & Main, Inc. Class A (a) | 8400 | 414960  |
| Delta Air Lines, Inc. | 22900 | 1522392  |
| Dover Corp. | 3700 | 771265  |
| FedEx Corp. | 12100 | 4309778  |
| General Dynamics Corp. | 10200 | 3500844  |
| Leidos Holdings, Inc. | 6500 | 1010880  |
| Masco Corp. | 10600 | 639922  |
| Mueller Industries, Inc. | 4900 | 542920  |
| Oshkosh Corp. | 3200 | 471072  |
| Regal Rexnord Corp. | 3500 | 655410  |
| Ryder System, Inc. | 800 | 163768  |
| Snap-on, Inc. | 2700 | 980694  |
| Southwest Airlines Co. | 23600 | 886652  |
| Textron, Inc. | 9100 | 796796  |
| Toro Co. | 5000 | 467200  |
| United Airlines Holdings, Inc. (a) | 16700 | 1537569  |
| United Parcel Service, Inc. Class B | 38000 | 3738440  |
| United Rentals, Inc. | 2800 | 2039968  |
| WESCO International, Inc. | 2100 | 574602  |
|  |  | 32872293  |
| **Information Technology — 4.3%**<br>|  |  |
| Dell Technologies, Inc. Class C | 17100 | 2806623  |
| F5, Inc. (a) | 900 | 260397  |
| First Solar, Inc. (a) | 4800 | 946848  |
| Micron Technology, Inc. | 16100 | 5439224  |
| NetApp, Inc. | 10100 | 1034139  |
| QUALCOMM, Inc. | 55000 | 7082900  |
| Skyworks Solutions, Inc. | 1400 | 74970  |
| TD SYNNEX Corp. | 4200 | 708582  |
| Twilio, Inc. Class A (a) | 3800 | 478116  |
|  |  | 18831799  |
| **Materials — 4.7%**<br>|  |  |
| Albemarle Corp. | 5300 | 951509  |
| Alcoa Corp. | 11500 | 762795  |
| Avery Dennison Corp. | 3900 | 673452  |
| Ball Corp. | 13700 | 809807  |
| CF Industries Holdings, Inc. | 7300 | 947832  |
| Corteva, Inc. | 30300 | 2536413  |
| CRH PLC | 14100 | 1482192  |
| Crown Holdings, Inc. | 5800 | 581450  |
| Newmont Corp. (NEM US) | 46000 | 4979500  |
| Nucor Corp. | 11800 | 1995380  |
| Packaging Corp. of America | 4000 | 848880  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| PPG Industries, Inc. | 11600 | $1239808  |
| Reliance, Inc. | 2300 | 699016  |
| RPM International, Inc. | 6600 | 656040  |
| Steel Dynamics, Inc. | 8000 | 1440000  |
|  |  | 20604074  |
| **Real Estate — 0.1%**<br>|  |  |
| Jones Lang LaSalle, Inc. (a) | 1900 | 578208  |
| **Utilities — 3.1%**<br>|  |  |
| AES Corp. | 36400 | 512876  |
| Alliant Energy Corp. | 13100 | 940056  |
| DTE Energy Co. | 8500 | 1242870  |
| Duke Energy Corp. | 27500 | 3600850  |
| Evergy, Inc. | 11700 | 958464  |
| FirstEnergy Corp. | 29500 | 1494470  |
|  Public Service Enterprise Group, Inc. | 25600 | 2072320  |
| Southern Co. | 17600 | 1698752  |
| UGI Corp. | 11100 | 404262  |
| WEC Energy Group, Inc. | 5000 | 578850  |
|  |  | 13503770  |
| **TOTAL COMMON STOCK** <br>**(Cost $370,720,209)** |  | **424834218**  |
| **TOTAL EQUITIES** <br>**(Cost $370,720,209)** |  | **424834218**  |
| **Exchange-Traded Funds — 2.2%** | **Exchange-Traded Funds — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Value <br>ETF (b) | 45100 | 9636517  |
| **TOTAL EXCHANGE-TRADED FUNDS**<br>**(Cost $9,788,215)** |  | **9636517**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $380,508,424)** |  | **434470735**  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.0%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.662% (c) | 12831 | 12831 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

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

 **MassMutual Diversified Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value**  |
| **Repurchase Agreement — 0.4%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/26, 2.000%, due 4/01/26 (d) | $1860945 | $1860945  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,873,776)** |  | **1873776**  |
| **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $382,382,200) (e)** |  | **436344511**  |
| **Other Assets/**<br>(Liabilities) — 0.0% |  | **136416**  |
| **NET ASSETS — 100.0%** |  | **$436480927** |

---

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2026, was $3,456,680 or 0.79% of net assets. The Fund received $3,489,681 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2026. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $1,861,048. Collateralized
 by U.S. Government Agency obligations with a rate of 1.000%, maturity date of 7/31/28, and an aggregate market value, including accrued
 interest, of $1,898,276.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments**<br>

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 99.9%**<br>|  |  |
| **Common Stock — 99.9%**<br>|  |  |
| **Communication Services — 10.3%** | **Communication Services — 10.3%** |  |
| Alphabet, Inc. Class A | 211060 | $60692413  |
| Alphabet, Inc. Class C | 169540 | 48634244  |
| AT&T, Inc. | 253786 | 7357256  |
|  Charter Communications, Inc. Class A (a) (b) | 3128 | 675273  |
| Comcast Corp. Class A | 130087 | 3734798  |
| EchoStar Corp. Class A (a) (b) | 4880 | 571302  |
| Electronic Arts, Inc. | 8225 | 1676831  |
| Fox Corp. Class A (b) | 7422 | 433445  |
| Fox Corp. Class B | 5669 | 301024  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) | 5646 | 861071  |
| Meta Platforms, Inc. Class A | 79290 | 45364188  |
| Netflix, Inc. (a) | 153063 | 14717007  |
| News Corp. Class A | 14252 | 355302  |
| News Corp. Class B (b) | 5372 | 153156  |
| Omnicom Group, Inc. | 11620 | 875102  |
|  Paramount Skydance Corp. Class B | 12749 | 114996  |
| T-Mobile US, Inc. | 17176 | 3607475  |
|  Take-Two Interactive Software, Inc. (a) | 6468 | 1277430  |
| TKO Group Holdings, Inc. | 2272 | 458149  |
| Trade Desk, Inc. Class A (a) | 14976 | 339805  |
| Verizon Communications, Inc. | 152895 | 7675329  |
| Walt Disney Co. | 64199 | 6187500  |
| Warner Bros Discovery, Inc. (a) | 89810 | 2466183  |
|  |  | 208529279  |
| **Consumer Discretionary — 9.9%** | **Consumer Discretionary — 9.9%** |  |
| Airbnb, Inc. Class A (a) | 15131 | 1910743  |
| Amazon.com, Inc. (a) | 354140 | 73756738  |
| Aptiv PLC (a) | 7520 | 522189  |
| AutoZone, Inc. (a) | 592 | 1999646  |
| Best Buy Co., Inc. | 6874 | 441311  |
| Booking Holdings, Inc. | 1166 | 4909233  |
| Carnival Corp. | 39817 | 1030464  |
| Carvana Co. (a) | 5228 | 1643579  |
| Chipotle Mexican Grill, Inc. (a) | 47391 | 1516986  |
| Darden Restaurants, Inc. | 4238 | 830817  |
| Deckers Outdoor Corp. (a) | 5412 | 541687  |
| Domino's Pizza, Inc. | 1067 | 382829  |
| DoorDash, Inc., Class A (a) | 13522 | 2030328  |
| DR Horton, Inc. | 9564 | 1312372  |
| eBay, Inc. | 16493 | 1501193  |
| Expedia Group, Inc. | 4243 | 979666  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Ford Motor Co. | 140132 | $1617123  |
| Garmin Ltd. | 5933 | 1376515  |
| General Motors Co. | 32771 | 2441439  |
| Genuine Parts Co. | 5072 | 536364  |
| Hasbro, Inc. | 5136 | 480730  |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, <br>Inc. | 8289 | 2520519  |
| Home Depot, Inc. | 36147 | 11888387  |
| Las Vegas Sands Corp. | 11191 | 602971  |
| Lennar Corp. Class A | 7702 | 668842  |
| Lowe's Cos., Inc. | 20338 | 4805463  |
| Lululemon Athletica, Inc. (a) | 3748 | 573819  |
|  Marriott International, Inc. Class A | 8073 | 2640436  |
| McDonald's Corp. | 25862 | 8037651  |
| MGM Resorts International (a) | 6468 | 239381  |
| NIKE, Inc. Class B | 43543 | 2299941  |
|  Norwegian Cruise Line Holdings Ltd. (a) | 15745 | 294431  |
| NVR, Inc. (a) | 106 | 698522  |
| O'Reilly Automotive, Inc. (a) | 30676 | 2831702  |
| Pool Corp. | 1294 | 261815  |
| PulteGroup, Inc. | 6827 | 802923  |
| Ralph Lauren Corp. | 1371 | 471610  |
| Ross Stores, Inc. | 11817 | 2559917  |
| Royal Caribbean Cruises Ltd. | 9203 | 2532482  |
| Starbucks Corp. | 41588 | 3725869  |
| Tapestry, Inc. | 7460 | 1052681  |
| Tesla, Inc. (a) | 102042 | 37934113  |
| TJX Cos., Inc. | 40416 | 6454435  |
| Tractor Supply Co. | 18740 | 848922  |
| Ulta Beauty, Inc. (a) | 1562 | 816473  |
| Williams-Sonoma, Inc. | 4471 | 815197  |
| Wynn Resorts Ltd. (b) | 3334 | 338568  |
| Yum! Brands, Inc. | 9903 | 1539718  |
|  |  | 200018740  |
| **Consumer Staples — 5.3%**<br>|  |  |
| Altria Group, Inc. | 61228 | 4040436  |
| Archer-Daniels-Midland Co. | 17870 | 1298970  |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp. <br>Class B (b) | 5661 | 149677  |
| Bunge Global SA | 4667 | 593642  |
| Campbell's Co. (b) | 6543 | 145713  |
| Church & Dwight Co., Inc. | 8800 | 821216  |
| Clorox Co. | 4287 | 444262  |
| Coca-Cola Co. | 140591 | 10691946  |
| Colgate-Palmolive Co. | 29240 | 2492125  |
| Conagra Brands, Inc. | 17698 | 278213  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  Constellation Brands, Inc. Class A | 5159 | $773850  |
| Costco Wholesale Corp. | 16094 | 16036544  |
| Dollar General Corp. | 8083 | 959695  |
| Dollar Tree, Inc. (a) | 6558 | 718167  |
| Estee Lauder Cos., Inc. Class A | 8888 | 637892  |
| General Mills, Inc. | 19526 | 726758  |
| Hershey Co. | 5462 | 1135495  |
| Hormel Foods Corp. | 10237 | 231868  |
| J.M. Smucker Co. | 4051 | 390678  |
| Kenvue, Inc. | 68562 | 1182009  |
| Keurig Dr. Pepper, Inc. | 48901 | 1287563  |
| Kimberly-Clark Corp. | 11978 | 1155518  |
| Kraft Heinz Co. | 31562 | 709829  |
| Kroger Co. | 21107 | 1527302  |
| McCormick & Co., Inc. | 9185 | 463291  |
|  Molson Coors Beverage Co. Class B | 6512 | 280407  |
|  Mondelez International, Inc. Class A | 46809 | 2698071  |
| Monster Beverage Corp. (a) | 25686 | 1861208  |
| PepsiCo, Inc. | 49636 | 7707974  |
| Philip Morris International, Inc. | 56529 | 9346505  |
| Procter & Gamble Co. | 84250 | 12169070  |
| Sysco Corp. | 17553 | 1252055  |
| Target Corp. | 16552 | 2006102  |
| Tyson Foods, Inc. Class A | 10182 | 652361  |
| Walmart, Inc. | 158747 | 19729077  |
|  |  | 106595489  |
| **Energy — 4.0%**<br>|  |  |
| APA Corp. (b) | 13535 | 574425  |
| Baker Hughes Co. | 35406 | 2161536  |
| Chevron Corp. | 67955 | 14059889  |
| ConocoPhillips | 44237 | 5839284  |
| Coterra Energy, Inc. | 27921 | 981144  |
| Devon Energy Corp. | 22272 | 1120727  |
| Diamondback Energy, Inc. | 6621 | 1309568  |
| EOG Resources, Inc. | 19447 | 2811453  |
| EQT Corp. | 22846 | 1453919  |
| Expand Energy Corp. | 8830 | 969357  |
| Exxon Mobil Corp. | 151498 | 25703151  |
| Halliburton Co. | 30844 | 1202608  |
| Kinder Morgan, Inc. | 71798 | 2407387  |
| Marathon Petroleum Corp. | 10694 | 2611261  |
| Occidental Petroleum Corp. | 25962 | 1687530  |
| ONEOK, Inc. | 22644 | 2046791  |
| Phillips 66 | 14716 | 2680961  |
| SLB Ltd. | 54094 | 2779891  |
| Targa Resources Corp. | 7838 | 1965222  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Texas Pacific Land Corp. | 2053 | $974272  |
| Valero Energy Corp. | 11119 | 2747282  |
| Williams Cos., Inc. | 44533 | 3241112  |
|  |  | 81328770  |
| **Financials — 12.6%**<br>|  |  |
| Aflac, Inc. | 16849 | 1848504  |
| Allstate Corp. | 9460 | 1961436  |
| American Express Co. | 19512 | 5901990  |
|  American International Group, Inc. | 19351 | 1456163  |
| Ameriprise Financial, Inc. | 3319 | 1474964  |
| Aon PLC Class A | 7746 | 2500254  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br>Inc. | 17061 | 1900937  |
| Arch Capital Group Ltd. (a) | 13113 | 1258717  |
|  ARES Management Corp. Class A | 7336 | 800358  |
| Arthur J Gallagher & Co. | 9202 | 1992969  |
| Assurant, Inc. | 1682 | 366356  |
| Bank of America Corp. | 240550 | 11726812  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon <br>Corp. | 24833 | 2945939  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. <br>Class B (a) | 66465 | 31850028  |
| Blackrock, Inc. | 5236 | 5035514  |
| Blackstone, Inc. | 26794 | 3081042  |
| Block, Inc. (a) | 19404 | 1167733  |
| Brown & Brown, Inc. | 11055 | 720896  |
| Capital One Financial Corp. | 22661 | 4134046  |
| Cboe Global Markets, Inc. | 3837 | 1078466  |
| Charles Schwab Corp. | 60657 | 5700545  |
| Chubb Ltd. | 13220 | 4308795  |
| Cincinnati Financial Corp. | 5743 | 903661  |
| Citigroup, Inc. | 63351 | 7184637  |
| Citizens Financial Group, Inc. | 15610 | 936132  |
| CME Group, Inc. | 13192 | 3896257  |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. <br>Class A (a) | 7997 | 1396356  |
| Corpay, Inc. (a) | 2531 | 736496  |
| Erie Indemnity Co. Class A | 864 | 217132  |
| Everest Group Ltd. | 1517 | 495831  |
| FactSet Research Systems, Inc. | 1230 | 266898  |
|  Fidelity National Information Services, Inc. | 18825 | 883081  |
| Fifth Third Bancorp | 32700 | 1519242  |
| Fiserv, Inc. (a) | 19255 | 1074429  |
| Franklin Resources, Inc. | 10758 | 254104  |
| Global Payments, Inc. | 8576 | 577165  |
| Globe Life, Inc. | 2815 | 391763  |
| Goldman Sachs Group, Inc. | 10892 | 9214523  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Hartford Insurance Group, Inc. | 10345 | $1398954  |
| Huntington Bancshares, Inc. | 74110 | 1159821  |
|  Interactive Brokers Group, Inc. Class A | 15770 | 1057694  |
| Intercontinental Exchange, Inc. | 20699 | 3255539  |
| Invesco Ltd. | 16243 | 394542  |
| Jack Henry & Associates, Inc. | 2516 | 397629  |
| JP Morgan Chase & Co. | 97743 | 28752081  |
| KeyCorp. | 33900 | 679695  |
| KKR & Co., Inc. | 24625 | 2277812  |
| Loews Corp. | 6395 | 682602  |
| M&T Bank Corp. | 5373 | 1110707  |
| Marsh & McLennan Cos., Inc. | 17715 | 3072667  |
| Mastercard, Inc. Class A | 29524 | 14751962  |
| MetLife, Inc. | 20023 | 1416027  |
| Moody's Corp. | 5510 | 2403737  |
| Morgan Stanley | 43727 | 7196152  |
| MSCI, Inc. | 2632 | 1418674  |
| Nasdaq, Inc. | 16386 | 1391007  |
| Northern Trust Corp. | 6580 | 918371  |
| PayPal Holdings, Inc. | 34076 | 1541257  |
|  PNC Financial Services Group, Inc. | 14265 | 2968404  |
| Principal Financial Group, Inc. | 6869 | 618966  |
| Progressive Corp. | 21181 | 4198921  |
| Prudential Financial, Inc. | 12682 | 1238905  |
| Raymond James Financial, Inc. | 6625 | 959234  |
| Regions Financial Corp. | 32225 | 841717  |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. <br>Class A (a) | 28722 | 1990435  |
| S&P Global, Inc. | 11062 | 4705111  |
| State Street Corp. | 10016 | 1267625  |
| Synchrony Financial | 12747 | 867051  |
| T. Rowe Price Group, Inc. | 7790 | 702191  |
| Travelers Cos., Inc. | 7839 | 2286479  |
| Truist Financial Corp. | 46144 | 2121240  |
| US Bancorp | 56540 | 2940645  |
| Visa, Inc. Class A | 60943 | 18419412  |
| W.R. Berkley Corp. | 10665 | 706876  |
| Wells Fargo & Co. | 112114 | 8925395  |
| Willis Towers Watson PLC | 3393 | 986345  |
|  |  | 255182053  |
| **Health Care — 9.5%**<br>|  |  |
| Abbott Laboratories | 62920 | 6459996  |
| AbbVie, Inc. | 64182 | 13958943  |
| Agilent Technologies, Inc. | 10447 | 1190749  |
| Align Technology, Inc. (a) | 2413 | 413661  |
| Amgen, Inc. | 19501 | 6861427  |
| Baxter International, Inc. | 17812 | 299242  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Becton Dickinson & Co. | 10206 | $1604689  |
| Bio-Techne Corp. (b) | 5849 | 305669  |
| Biogen, Inc. (a) | 5233 | 959366  |
| Boston Scientific Corp. (a) | 54085 | 3393834  |
| Bristol-Myers Squibb Co. | 73529 | 4459534  |
| Cardinal Health, Inc. | 8544 | 1805433  |
| Cencora, Inc. | 7086 | 2225996  |
| Centene Corp. (a) | 17220 | 563783  |
|  Charles River Laboratories International, Inc. (a) | 1931 | 333098  |
| Cigna Group | 9654 | 2575204  |
| Cooper Cos., Inc. (a) | 7008 | 501072  |
| CVS Health Corp. | 45907 | 3297041  |
| Danaher Corp. | 22726 | 4308850  |
| DaVita, Inc. (a) | 1402 | 215473  |
| Dexcom, Inc. (a) | 14158 | 889122  |
| Edwards Lifesciences Corp. (a) | 21287 | 1704663  |
| Elevance Health, Inc. | 8040 | 2353710  |
| Eli Lilly & Co. | 28727 | 26422233  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 16862 | 1200237  |
| Gilead Sciences, Inc. | 45055 | 6279315  |
| HCA Healthcare, Inc. | 5675 | 2685637  |
| Henry Schein, Inc. (a) | 3822 | 281681  |
| Hologic, Inc. (a) | 8044 | 608046  |
| Humana, Inc. | 4213 | 730492  |
| IDEXX Laboratories, Inc. (a) | 2861 | 1607567  |
| Incyte Corp. (a) | 6194 | 582979  |
| Insulet Corp. (a) | 2457 | 515577  |
| Intuitive Surgical, Inc. (a) | 12873 | 5934324  |
| IQVIA Holdings, Inc. (a) | 6009 | 1024775  |
| Johnson & Johnson | 87493 | 21386789  |
| Labcorp Holdings, Inc. | 3010 | 803098  |
| McKesson Corp. | 4440 | 3842198  |
| Medtronic PLC | 46290 | 4011028  |
| Merck & Co., Inc. | 90134 | 10842219  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 731 | 921937  |
| Moderna, Inc. (a) (b) | 13169 | 668985  |
| Pfizer, Inc. | 206475 | 5797818  |
| Quest Diagnostics, Inc. | 3846 | 753739  |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, <br>Inc. | 3638 | 2810864  |
| ResMed, Inc. | 5268 | 1182561  |
| Revvity, Inc. (b) | 4030 | 353068  |
| Solventum Corp. (a) | 5279 | 344719  |
| STERIS PLC | 3618 | 800048  |
| Stryker Corp. | 12428 | 4083717  |
| Thermo Fisher Scientific, Inc. | 13709 | 6738385  |
| UnitedHealth Group, Inc. | 32895 | 8901058  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  Universal Health Services, Inc. Class B | 1929 | $345233  |
| Vertex Pharmaceuticals, Inc. (a) | 9159 | 4089860  |
| Viatris, Inc. | 40560 | 547966  |
| Waters Corp. (a) | 3447 | 1026517  |
|  West Pharmaceutical Services, Inc. | 2652 | 664697  |
| Zimmer Biomet Holdings, Inc. | 7387 | 667933  |
| Zoetis, Inc. | 15303 | 1808968  |
|  |  | 191946823  |
| **Industrials — 9.0%**<br>|  |  |
| 3M Co. | 19333 | 2807732  |
| A.O. Smith Corp. | 4211 | 277673  |
| Allegion PLC | 2944 | 427734  |
| AMETEK, Inc. | 8480 | 1817773  |
| Automatic Data Processing, Inc. | 14676 | 2981870  |
| Axon Enterprise, Inc. (a) | 2820 | 1197626  |
| Boeing Co. (a) | 28436 | 5659617  |
|  Broadridge Financial Solutions, Inc. | 4401 | 715074  |
| Builders FirstSource, Inc. (a) | 3920 | 322734  |
| C.H. Robinson Worldwide, Inc. | 4300 | 714101  |
| Carrier Global Corp. | 29048 | 1635693  |
| Caterpillar, Inc. | 16868 | 11950303  |
| Cintas Corp. | 12493 | 2113066  |
| Comfort Systems USA, Inc. | 1288 | 1776139  |
| Copart, Inc. (a) | 31499 | 1045767  |
| CSX Corp. | 67632 | 2776294  |
| Cummins, Inc. | 5015 | 2698170  |
| Deere & Co. | 9129 | 5142366  |
| Delta Air Lines, Inc. | 23047 | 1532165  |
| Dover Corp. | 4987 | 1039540  |
| Eaton Corp. PLC | 14088 | 5038855  |
| EMCOR Group, Inc. | 1658 | 1224118  |
| Emerson Electric Co. | 20169 | 2642542  |
| Equifax, Inc. | 4323 | 778443  |
|  Expeditors International of Washington, Inc. | 4833 | 692231  |
| Fastenal Co. | 41792 | 1939149  |
| FedEx Corp. | 7796 | 2776779  |
| Fortive Corp. | 11696 | 646555  |
| GE Vernova, Inc. | 9771 | 8529106  |
| Generac Holdings, Inc. (a) | 2213 | 432265  |
| General Dynamics Corp. | 9225 | 3166205  |
| General Electric Co. | 38022 | 10789503  |
| Honeywell International, Inc. | 23056 | 5211348  |
| Howmet Aerospace, Inc. | 14559 | 3355267  |
| Hubbell, Inc. | 1931 | 947619  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  Huntington Ingalls Industries, Inc. | 1373 | $521603  |
| IDEX Corp. | 2659 | 504013  |
| Illinois Tool Works, Inc. | 9594 | 2497222  |
| Ingersoll Rand, Inc. | 12679 | 1015841  |
| Jacobs Solutions, Inc. | 4500 | 572760  |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, <br>Inc. | 2748 | 582301  |
|  Johnson Controls International PLC | 22242 | 2912590  |
| L3Harris Technologies, Inc. | 6732 | 2323550  |
| Leidos Holdings, Inc. | 4708 | 732188  |
| Lennox International, Inc. (b) | 1157 | 536998  |
| Lockheed Martin Corp. | 7369 | 4453750  |
| Masco Corp. | 7360 | 444323  |
| Nordson Corp. | 1908 | 507642  |
| Norfolk Southern Corp. | 8098 | 2324126  |
| Northrop Grumman Corp. | 4814 | 3284303  |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br>Inc. | 6580 | 1285732  |
| Otis Worldwide Corp. | 14165 | 1091838  |
| PACCAR, Inc. | 18926 | 2185953  |
| Parker-Hannifin Corp. | 4555 | 4077818  |
| Paychex, Inc. | 11683 | 1076238  |
| Pentair PLC | 6207 | 540692  |
| Quanta Services, Inc. | 5367 | 2946590  |
| Republic Services, Inc. | 7295 | 1597751  |
| Rockwell Automation, Inc. | 4084 | 1465666  |
| Rollins, Inc. | 11099 | 592798  |
| RTX Corp. | 48690 | 9392301  |
| Snap-on, Inc. | 1918 | 696656  |
| Southwest Airlines Co. | 17575 | 660293  |
| Stanley Black & Decker, Inc. | 5236 | 372070  |
| Textron, Inc. | 6440 | 563886  |
| Trane Technologies PLC | 8093 | 3372677  |
| TransDigm Group, Inc. | 2042 | 2366596  |
| Uber Technologies, Inc. (a) | 74611 | 5366769  |
| Union Pacific Corp. | 21540 | 5226035  |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, <br>Inc. (a) | 11802 | 1086610  |
|  United Parcel Service, Inc. Class B | 26531 | 2610120  |
| United Rentals, Inc. | 2268 | 1652374  |
| Veralto Corp. | 8941 | 790563  |
| Verisk Analytics, Inc. | 4973 | 943627  |
| Vertiv Holdings Co. Class A | 13868 | 3475043  |
| W.W. Grainger, Inc. | 1584 | 1727843  |
| Waste Management, Inc. | 13352 | 3068156  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  Westinghouse Air Brake Technologies Corp. | 6302 | $1574933  |
| Xylem, Inc. | 8853 | 1057934  |
|  |  | 182880194  |
| **Information Technology — 32.8%** | **Information Technology — 32.8%** |  |
| Accenture PLC Class A | 22420 | 4445662  |
| Adobe, Inc. (a) | 14882 | 3617517  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br>Inc. (a) | 59122 | 12027188  |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, <br>Inc. (a) (b) | 5244 | 602273  |
| Amphenol Corp. Class A | 44580 | 5632683  |
| Analog Devices, Inc. | 17664 | 5619625  |
| Apple, Inc. | 532223 | 135072875  |
| Applied Materials, Inc. | 28749 | 9826121  |
| AppLovin Corp. Class A (a) | 9776 | 3890848  |
| Arista Networks, Inc. (a) | 37366 | 4587797  |
| Autodesk, Inc. (a) | 7737 | 1852238  |
| Broadcom, Inc. | 171882 | 53199198  |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, <br>Inc. (a) | 9840 | 2734241  |
| CDW Corp. | 4759 | 575934  |
| Ciena Corp. (a) | 5146 | 1997832  |
| Cisco Systems, Inc. | 143107 | 11103672  |
|  Cognizant Technology Solutions Corp. Class A | 17495 | 1073318  |
| Coherent Corp. (a) | 6797 | 1619113  |
| Corning, Inc. | 28309 | 3849175  |
|  Crowdstrike Holdings, Inc. Class A (a) | 9131 | 3564834  |
| Datadog, Inc. Class A (a) | 11884 | 1402906  |
| Dell Technologies, Inc. Class C | 10739 | 1762592  |
| EPAM Systems, Inc. (a) (b) | 2209 | 299099  |
| F5, Inc. (a) | 2076 | 600649  |
| Fair Isaac Corp. (a) | 839 | 895666  |
| First Solar, Inc. (a) | 3744 | 738541  |
| Fortinet, Inc. (a) | 23276 | 1902115  |
| Gartner, Inc. (a) | 2350 | 372099  |
| Gen Digital, Inc. | 21668 | 408008  |
| GoDaddy, Inc. Class A (a) | 4957 | 409795  |
| Hewlett Packard Enterprise Co. | 46533 | 1107951  |
| HP, Inc. | 34615 | 664954  |
| Intel Corp. (a) | 170215 | 7511588  |
|  International Business Machines Corp. | 33945 | 8227928  |
| Intuit, Inc. | 10075 | 4356228  |
| Jabil, Inc. | 3903 | 1036754  |
| Keysight Technologies, Inc. (a) | 6277 | 1772436  |
| KLA Corp. | 4752 | 6996892  |
| Lam Research Corp. | 45271 | 9672602  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, <br>Inc. (a) (b) | 2588 | $1818743  |
| Microchip Technology, Inc. | 19816 | 1280312  |
| Micron Technology, Inc. | 40762 | 13771034  |
| Microsoft Corp. | 269195 | 99647913  |
| Monolithic Power Systems, Inc. | 1733 | 1894776  |
| Motorola Solutions, Inc. | 6048 | 2624651  |
| NetApp, Inc. | 7264 | 743761  |
| NVIDIA Corp. | 880928 | 153633843  |
| NXP Semiconductors NV | 9193 | 1809734  |
| ON Semiconductor Corp. (a) | 13918 | 861803  |
| Oracle Corp. | 61080 | 8985479  |
|  Palantir Technologies, Inc. Class A (a) | 82955 | 12134657  |
| Palo Alto Networks, Inc. (a) | 28803 | 4617697  |
| PTC, Inc. (a) | 4175 | 594896  |
| Qnity Electronics, Inc. | 7600 | 876888  |
| QUALCOMM, Inc. | 38874 | 5006194  |
| Roper Technologies, Inc. | 3969 | 1404470  |
| Salesforce, Inc. | 33968 | 6340807  |
| Sandisk Corp. (a) | 5388 | 3423212  |
|  Seagate Technology Holdings PLC | 7868 | 3082368  |
| ServiceNow, Inc. (a) | 37959 | 3968613  |
| Skyworks Solutions, Inc. | 5452 | 291955  |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, <br>Inc. (a) (b) | 17490 | 398247  |
| Synopsys, Inc. (a) | 6741 | 2672672  |
| TE Connectivity PLC | 10512 | 2197218  |
| Teledyne Technologies, Inc. (a) | 1736 | 1050297  |
| Teradyne, Inc. | 5578 | 1653654  |
| Texas Instruments, Inc. | 32820 | 6371675  |
| Trimble, Inc. (a) | 8325 | 543040  |
| Tyler Technologies, Inc. (a) | 1479 | 506380  |
| VeriSign, Inc. | 2880 | 715277  |
| Western Digital Corp. | 12327 | 3334330  |
| Workday, Inc. Class A (a) | 7628 | 991030  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. <br>Class A (a) | 1917 | 400806  |
|  |  | 666679379  |
| **Materials — 2.1%**<br>|  |  |
| Air Products & Chemicals, Inc. | 8056 | 2340188  |
| Albemarle Corp. | 4402 | 790291  |
| Amcor PLC (b) | 17613 | 700117  |
| Avery Dennison Corp. | 2813 | 485749  |
| Ball Corp. | 9646 | 570175  |
| CF Industries Holdings, Inc. | 5591 | 725935  |
| Corteva, Inc. | 23947 | 2004603  |
| CRH PLC | 24494 | 2574809  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Dow, Inc. | 26295 | $1095187  |
| DuPont de Nemours, Inc. | 15133 | 693091  |
| Ecolab, Inc. | 9308 | 2476114  |
| Freeport-McMoRan, Inc. | 52085 | 3061556  |
|  International Flavors & Fragrances, Inc. | 9521 | 690749  |
| International Paper Co. | 19285 | 688475  |
| Linde PLC (LIN US) | 16957 | 8406602  |
|  LyondellBasell Industries NV Class A | 8845 | 712553  |
| Martin Marietta Materials, Inc. | 2158 | 1270371  |
| Mosaic Co. | 12016 | 306408  |
| Newmont Corp. (NEM US) | 39479 | 4273602  |
| Nucor Corp. | 8239 | 1393215  |
| Packaging Corp. of America | 3263 | 692474  |
| PPG Industries, Inc. | 8037 | 858995  |
| Sherwin-Williams Co. | 8350 | 2676593  |
| Smurfit WestRock PLC | 18979 | 756313  |
| Steel Dynamics, Inc. | 5039 | 907020  |
| Vulcan Materials Co. | 4713 | 1283350  |
|  |  | 42434535  |
| **Real Estate — 1.9%**<br>|  |  |
|  Alexandria Real Estate Equities, Inc. | 6029 | 279866  |
| American Tower Corp. | 16979 | 2930236  |
| AvalonBay Communities, Inc. | 4978 | 813156  |
| BXP, Inc. | 5487 | 284775  |
| Camden Property Trust | 3588 | 350404  |
| CBRE Group, Inc. Class A (a) | 10459 | 1416776  |
| CoStar Group, Inc. (a) | 14945 | 602881  |
| Crown Castle, Inc. | 15773 | 1282503  |
| Digital Realty Trust, Inc. | 11801 | 2126658  |
| Equinix, Inc. | 3583 | 3512200  |
| Equity Residential | 13017 | 769956  |
| Essex Property Trust, Inc. | 2342 | 566764  |
| Extra Space Storage, Inc. | 7678 | 1006816  |
| Federal Realty Investment Trust | 2856 | 303336  |
| Healthpeak Properties, Inc. | 23688 | 389194  |
| Host Hotels & Resorts, Inc. | 23744 | 454935  |
| Invitation Homes, Inc. | 21291 | 529081  |
| Iron Mountain, Inc. | 10939 | 1117310  |
| Kimco Realty Corp. | 23661 | 531663  |
|  Mid-America Apartment Communities, Inc. | 4291 | 524017  |
| Prologis, Inc. | 33589 | 4439794  |
| Public Storage | 5699 | 1543745  |
| Realty Income Corp. | 33229 | 2032950  |
| Regency Centers Corp. | 6368 | 481803  |
| SBA Communications Corp. | 3774 | 649543  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Simon Property Group, Inc. | 11798 | $2200681  |
| UDR, Inc. | 10277 | 347157  |
| Ventas, Inc. | 16869 | 1379547  |
| VICI Properties, Inc. | 38127 | 1041630  |
| Welltower, Inc. | 25009 | 4944529  |
| Weyerhaeuser Co. | 25023 | 611312  |
|  |  | 39465218  |
| **Utilities — 2.5%**<br>|  |  |
| AES Corp. | 25968 | 365889  |
| Alliant Energy Corp. | 9282 | 666076  |
| Ameren Corp. | 9882 | 1086229  |
| American Electric Power Co., Inc. | 19621 | 2571921  |
| American Water Works Co., Inc. | 6871 | 935074  |
| Atmos Energy Corp. | 5791 | 1069713  |
| CenterPoint Energy, Inc. | 23661 | 1021209  |
| CMS Energy Corp. | 10718 | 831502  |
| Consolidated Edison, Inc. | 13009 | 1472359  |
| Constellation Energy Corp. | 11341 | 3166974  |
| Dominion Energy, Inc. | 30743 | 1900532  |
| DTE Energy Co. | 7714 | 1127941  |
| Duke Energy Corp. | 28390 | 3717387  |
| Edison International | 13770 | 1007689  |
| Entergy Corp. | 16357 | 1837872  |
| Evergy, Inc. | 8382 | 686653  |
| Eversource Energy | 13238 | 917129  |
| Exelon Corp. | 36989 | 1813201  |
| FirstEnergy Corp. | 18408 | 932549  |
| NextEra Energy, Inc. | 75320 | 6995722  |
| NiSource, Inc. | 17880 | 834281  |
| NRG Energy, Inc. | 7720 | 1128201  |
| PG&E Corp. | 80322 | 1411258  |
| Pinnacle West Capital Corp. | 4204 | 423553  |
| PPL Corp. | 27216 | 1039651  |
|  Public Service Enterprise Group, Inc. | 18093 | 1464628  |
| Sempra | 23499 | 2283398  |
| Southern Co. | 40263 | 3886185  |
| Vistra Corp. | 11737 | 1764423  |
| WEC Energy Group, Inc. | 11802 | 1366318  |
| Xcel Energy, Inc. | 21252 | 1688259  |
|  |  | 51413776  |
| **TOTAL COMMON STOCK** <br>**(Cost $944,357,815)** |  | **2026474256**  |
| **TOTAL EQUITIES** <br>**(Cost $944,357,815)** |  | **2026474256**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $944,357,815)** |  | **2026474256**  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

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

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.0%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.662% (c) | 661658 | $661658 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 0.1%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/26, 2.000%, due 4/01/26 (d) | $1939792 | 1939792  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,601,450)** |  | **2601450**  |
| **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $946,959,265) (e)** |  | **2029075706**  |
| **Other Assets/**<br>(Liabilities) — 0.0% |  | **512418**  |
| **NET ASSETS — 100.0%** |  | **$2029588124** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2026, was $6,777,762 or 0.33% of net assets. The Fund received $6,141,851 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2026. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $1,939,900. Collateralized
 by U.S. Government Agency obligations with a rate of 3.500%, maturity date of 4/30/30, and an aggregate market value, including accrued
 interest, of $1,978,715.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 6 for aggregate cost for federal
 tax purposes.

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net** <br>**Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long** | **Long** | **Long** | **Long** | **Long** |
| S&P 500 E Mini Index<br>| 6/18/26 | 9 | $2997521 | $(40683) |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

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

 **MassMutual Blue Chip Growth Fund — Portfolio of Investments**<br>

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 98.5%**<br>|  |  |
| **Common Stock — 98.5%**<br>|  |  |
| **Communication Services — 19.6%** | **Communication Services — 19.6%** |  |
| Alphabet, Inc. Class A | 310422 | $89264950  |
| Alphabet, Inc. Class C | 202798 | 58174634  |
| Meta Platforms, Inc. Class A | 183694 | 105096848  |
| Netflix, Inc. (a) | 745577 | 71687229  |
| T-Mobile US, Inc. | 47791 | 10037544  |
| Walt Disney Co. | 185320 | 17861142  |
|  |  | 352122347  |
| **Consumer Discretionary — 16.1%** | **Consumer Discretionary — 16.1%** |  |
|  Alibaba Group Holding Ltd. Sponsored ADR (b) | 3685 | 462320  |
| Amazon.com, Inc. (a) | 536840 | 111807667  |
| Booking Holdings, Inc. | 2084 | 8774307  |
| Carvana Co. (a) | 111656 | 35102413  |
| Chipotle Mexican Grill, Inc. (a) | 135956 | 4351952  |
| DoorDash, Inc., Class A (a) | 21629 | 3247594  |
| NIKE, Inc. Class B | 104375 | 5513088  |
| Ross Stores, Inc. | 27515 | 5960574  |
| Sea Ltd. ADR (a) | 47857 | 3963038  |
| Starbucks Corp. | 122990 | 11018674  |
| Tesla, Inc. (a) | 224280 | 83376090  |
| TJX Cos., Inc. | 34980 | 5586306  |
| Yum China Holdings, Inc. | 46056 | 2246612  |
| Yum! Brands, Inc. | 50480 | 7848630  |
|  |  | 289259265  |
| **Consumer Staples — 1.8%**<br>|  |  |
| Colgate-Palmolive Co. | 40279 | 3432979  |
|  Mondelez International, Inc. Class A | 31527 | 1817216  |
| Monster Beverage Corp. (a) | 329904 | 23904844  |
| Procter & Gamble Co. | 17502 | 2527989  |
|  |  | 31683028  |
| **Financials — 7.7%**<br>|  |  |
| Adyen NV (a) (c) | 1166 | 1166757  |
| Block, Inc. (a) | 92695 | 5578385  |
| Charles Schwab Corp. | 33656 | 3162991  |
| Chubb Ltd. | 32554 | 10610325  |
| FactSet Research Systems, Inc. | 19213 | 4169029  |
| Goldman Sachs Group, Inc. | 5219 | 4415222  |
| Marsh & McLennan Cos., Inc. | 17553 | 3044568  |
| Mastercard, Inc. Class A | 43991 | 21980543  |
| Moody's Corp. | 6753 | 2945996  |
| Morgan Stanley | 28283 | 4654533  |
| PayPal Holdings, Inc. | 84062 | 3802124  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| SEI Investments Co. | 109442 | $8587914  |
| Visa, Inc. Class A | 214780 | 64915107  |
|  |  | 139033494  |
| **Health Care — 8.9%**<br>|  |  |
| Danaher Corp. | 26802 | 5081659  |
| Eli Lilly & Co. | 32316 | 29723287  |
| Illumina, Inc. (a) | 37875 | 4668473  |
| Intuitive Surgical, Inc. (a) | 50933 | 23479604  |
| Medline, Inc. Class A (a) | 24980 | 1111610  |
| &nbsp;&nbsp;&nbsp; Novartis AG Sponsored <br>ADR (b) | 72929 | 11139905  |
| &nbsp;&nbsp;&nbsp; Novo Nordisk AS Sponsored <br>ADR | 232849 | 8557201  |
| Regeneron Pharmaceuticals, Inc. | 25046 | 19351541  |
| &nbsp;&nbsp;&nbsp; Roche Holding AG Sponsored <br>ADR (b) | 165888 | 8246292  |
| Stryker Corp. | 13641 | 4482296  |
| Thermo Fisher Scientific, Inc. | 30523 | 15002970  |
| UnitedHealth Group, Inc. | 22774 | 6162417  |
| Vertex Pharmaceuticals, Inc. (a) | 52931 | 23635809  |
|  |  | 160643064  |
| **Industrials — 5.2%**<br>|  |  |
| Boeing Co. (a) | 190343 | 37883967  |
| Cintas Corp. | 12756 | 2157550  |
| Deere & Co. | 17431 | 9818882  |
|  Expeditors International of Washington, Inc. | 72918 | 10444045  |
| GE Vernova, Inc. | 11243 | 9814015  |
| General Electric Co. | 65205 | 18503223  |
| Old Dominion Freight Line, Inc. | 13847 | 2705704  |
| TransDigm Group, Inc. | 2107 | 2441929  |
|  |  | 93769315  |
| **Information Technology — 38.5%** | **Information Technology — 38.5%** |  |
| Apple, Inc. | 372963 | 94654280  |
| ASML Holding NV | 8692 | 11480654  |
| Autodesk, Inc. (a) | 73537 | 17604758  |
| Broadcom, Inc. | 156630 | 48478551  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 9322 | 3639402  |
| Datadog, Inc. Class A (a) | 11935 | 1408927  |
| Microsoft Corp. | 354763 | 131322620  |
| Monolithic Power Systems, Inc. | 5949 | 6504339  |
| NVIDIA Corp. | 1409279 | 245778258  |
| Oracle Corp. | 277776 | 40863627  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 19549 | 2859628  |
| QUALCOMM, Inc. | 53683 | 6913297  |
| Roper Technologies, Inc. | 8811 | 3117860  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

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

 **MassMutual Blue Chip Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Salesforce, Inc. | 73829 | $13781659  |
| ServiceNow, Inc. (a) | 106196 | 11102792  |
| Shopify, Inc. Class A (a) | 246010 | 29181706  |
| Synopsys, Inc. (a) | 11979 | 4749434  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 22201 | 7502828  |
| TE Connectivity PLC | 23440 | 4899429  |
| Texas Instruments, Inc. | 15261 | 2962770  |
| Workday, Inc. Class A (a) | 25617 | 3328161  |
|  |  | 692134980  |
| **Materials — 0.4%**<br>|  |  |
| Linde PLC (LIN US) | 7854 | 3893699  |
| Sherwin-Williams Co. | 11432 | 3664528  |
|  |  | 7558227  |
| **Utilities — 0.3%**<br>|  |  |
| Constellation Energy Corp. | 16874 | 4712064  |
| **TOTAL COMMON STOCK** <br>**(Cost $1,031,675,797)** |  | **1770915784**  |
| **TOTAL EQUITIES** <br>**(Cost $1,031,675,797)** |  | **1770915784** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Bonds & Notes — 0.2%**<br>|  |  |
| **Corporate Debt — 0.2%**<br>|  |  |
| **Retail — 0.2%**<br>|  |  |
| Carvana Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/30 (c) | $1054922 | 1097386  |
| &nbsp;&nbsp;&nbsp; 9.000% 6/01/31 (c) | 1410488 | 1525166  |
|  |  | 2622552  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $2,701,651)** |  | **2622552**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $2,701,651)** |  | **2622552**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $1,034,377,448)** |  | **1773538336** |

---

---

| | |
|:---|:---|
|  | **Number of** <br>**Shares** |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Mutual Fund — 0.0%**<br>|  |
| T. Rowe Price Government Reserve Investment Fund, 1.024% (d) | 103 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **Repurchase Agreement — 1.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/26, 2.000%, due 4/01/26 (e) | $22739894 | $22739894  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $22,739,997)** |  | **22739997**  |
| **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $1,057,117,445) (f)** |  | **1796278333**  |
| **Other Assets/**<br>(Liabilities) — 0.0% |  | **796144**  |
| **NET ASSETS — 100.0%** |  | **$1797074477** |

---

**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 March 31, 2026, was $12,803,895 or 0.71% of net assets. The Fund received $12,871,014
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2026, the aggregate market value of these securities amounted to $3,789,309 or 0.21% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate disclosed is the 7-day net yield as of March 31,
 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $22,741,158. Collateralized
 by U.S. Government Agency obligations with rates ranging from 3.375% - 4.375%, maturity dates ranging from 7/15/27 - 2/29/28, and an aggregate
 market value, including accrued interest, of $23,194,894.

&nbsp;&nbsp;&nbsp;&nbsp;(f) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

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

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments**<br>

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 99.8%**<br>|  |  |
| **Common Stock — 99.8%**<br>|  |  |
| **Communication Services — 3.5%**<br>|  |  |
|  Liberty Media Corp-Liberty Formula One Class C (a) | 353735 | $30074550  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) (b) | 40292 | 6144933  |
| &nbsp;&nbsp;&nbsp; New York Times Co. <br>Class A (b) | 335199 | 28066212  |
| Reddit, Inc. Class A (a) | 132223 | 17803827  |
| ROBLOX Corp. Class A (a) | 161211 | 9118094  |
| Trade Desk, Inc. Class A (a) | 126425 | 2868583  |
|  |  | 94076199  |
| **Consumer Discretionary — 18.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Birkenstock Holding <br>PLC (a) (b) | 406801 | 14575680  |
| Burlington Stores, Inc. (a) | 143581 | 46718386  |
| Chipotle Mexican Grill, Inc. (a) | 153201 | 4903964  |
| Deckers Outdoor Corp. (a) | 50668 | 5071360  |
| Domino's Pizza, Inc. | 100799 | 36165673  |
| DraftKings, Inc. Class A (a) | 199700 | 4317514  |
| Dutch Bros, Inc. Class A (a) (b) | 115900 | 5871494  |
|  Floor & Decor Holdings, Inc. Class A (a) (b) | 56210 | 2855468  |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, <br>Inc. | 182234 | 55413715  |
|  Liberty Live Holdings, Inc. Class C (a) | 195008 | 18352203  |
| Lululemon Athletica, Inc. (a) | 30419 | 4657149  |
| McGraw Hill, Inc. (a) | 288506 | 3952532  |
| Murphy USA, Inc. | 16726 | 8262142  |
| Planet Fitness, Inc. Class A (a) | 364301 | 27096708  |
| Pool Corp. | 106126 | 21472473  |
| Ross Stores, Inc. | 102067 | 22110774  |
| Royal Caribbean Cruises Ltd. | 93765 | 25802253  |
| Service Corp. International (b) | 251347 | 20738641  |
| &nbsp;&nbsp;&nbsp; Sportradar Group AG <br>Class A (a) (b) | 540700 | 9051318  |
| Stride, Inc. (a) (b) | 100188 | 8833576  |
| Texas Roadhouse, Inc. | 53300 | 8801962  |
| TopBuild Corp. (a) (b) | 22650 | 7956945  |
| Tractor Supply Co. | 141827 | 6424763  |
| Ulta Beauty, Inc. (a) | 42528 | 22229811  |
| Viking Holdings Ltd. (a) | 549050 | 40344194  |
| Wingstop, Inc. (b) | 57872 | 8968424  |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, <br>Inc. | 155281 | 12613476  |
| Yum! Brands, Inc. | 242335 | 37678246  |
|  |  | 491240844  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Consumer Staples — 3.4%**<br>|  |  |
| Casey's General Stores, Inc. | 19183 | $13962538  |
| Celsius Holdings, Inc. (a) | 368317 | 13067887  |
| Church & Dwight Co., Inc. | 71619 | 6683485  |
| Dollar Tree, Inc. (a) | 268129 | 29362807  |
| McCormick & Co., Inc. | 255900 | 12907596  |
| US Foods Holding Corp. (a) | 180561 | 16649530  |
|  |  | 92633843  |
| **Energy — 4.1%**<br>|  |  |
| Cheniere Energy, Inc. | 104305 | 29597587  |
| DT Midstream, Inc. (a) | 88534 | 11922874  |
| EQT Corp. | 410459 | 26121611  |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. <br>Class A (b) | 316001 | 6737141  |
| TechnipFMC PLC | 515308 | 35623242  |
|  |  | 110002455  |
| **Financials — 6.7%**<br>|  |  |
| Aon PLC Class A | 13701 | 4422409  |
| Assurant, Inc. | 141904 | 30908110  |
| Block, Inc. (a) | 49495 | 2978609  |
| Bullish (a) (b) | 64700 | 2311731  |
| Carlyle Group, Inc. | 60809 | 2942547  |
| Cboe Global Markets, Inc. | 80286 | 22565986  |
| Corpay, Inc. (a) | 23345 | 6793162  |
| Lemonade, Inc. (a) | 54654 | 3425713  |
| Markel Group, Inc. (a) | 6900 | 13207083  |
| MSCI, Inc. | 68521 | 36933504  |
| Nasdaq, Inc. | 41856 | 3553156  |
| Raymond James Financial, Inc. | 149725 | 21678683  |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, <br>Inc. (b) | 173241 | 5845151  |
| TPG, Inc. | 141378 | 5727223  |
| Tradeweb Markets, Inc. Class A | 147752 | 17384500  |
|  |  | 180677567  |
| **Health Care — 19.6%**<br>|  |  |
| Agilent Technologies, Inc. | 434387 | 49511430  |
| Alcon AG (b) | 63587 | 4791281  |
| Align Technology, Inc. (a) | 51155 | 8769502  |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, <br>Inc. (a) | 121989 | 40362500  |
| &nbsp;&nbsp;&nbsp; Apogee Therapeutics, <br>Inc. (a) (b) | 75317 | 6339432  |
| Ascendis Pharma AS ADR (a) | 71578 | 16372036  |
| Avantor, Inc. (a) | 705000 | 5527200  |
| Biogen, Inc. (a) | 46700 | 8561511  |
| BioNTech SE ADR (a) | 95800 | 8514704  |
| Caris Life Sciences, Inc. (a) (b) | 249038 | 4452799  |
| Cencora, Inc. | 131835 | 41414647  |
| CG oncology, Inc. (a) (b) | 68390 | 4628635  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **14**<br>|  |

---

------

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

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Cooper Cos., Inc. (a) | 393256 | $28117804  |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics <br>AG (a) (b) | 96019 | 4567624  |
| Cytokinetics, Inc. (a) (b) | 158500 | 10446735  |
| Dexcom, Inc. (a) | 169248 | 10628774  |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, <br>Inc. (a) (b) | 824585 | 19732319  |
| Encompass Health Corp. | 136500 | 13203645  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 65615 | 4670476  |
| IDEXX Laboratories, Inc. (a) | 13913 | 7817576  |
| Insmed, Inc. (a) | 61681 | 10086077  |
| Insulet Corp. (a) | 79900 | 16766216  |
| Ionis Pharmaceuticals, Inc. (a) | 254240 | 19090882  |
| &nbsp;&nbsp;&nbsp; Kymera Therapeutics, <br>Inc. (a) (b) | 45100 | 3756379  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 37332 | 47083118  |
| Natera, Inc. (a) | 109546 | 21908105  |
| Nuvalent, Inc., Class A (a) | 24303 | 2489842  |
| Quidelortho Corp. (a) (b) | 172000 | 2825960  |
| ResMed, Inc. | 25569 | 5739729  |
| Revolution Medicines, Inc. (a) | 25000 | 2431250  |
| Steris PLC | 21657 | 4789012  |
| Teleflex, Inc. | 167300 | 20010753  |
| United Therapeutics Corp. (a) | 23226 | 13772554  |
| Vaxcyte, Inc. (a) | 140371 | 8156959  |
| Veeva Systems, Inc. Class A (a) | 160379 | 28172175  |
|  West Pharmaceutical Services, Inc. | 97700 | 24487528  |
|  |  | 529997169  |
| **Industrials — 20.2%**<br>|  |  |
| Acuity, Inc. | 20500 | 5744510  |
| API Group Corp. (a) | 465456 | 18860277  |
| ATI, Inc. (a) | 54092 | 7868222  |
|  Booz Allen Hamilton Holding Corp. | 256617 | 20023824  |
|  Broadridge Financial Solutions, Inc. | 33300 | 5410584  |
| Builders FirstSource, Inc. (a) | 111597 | 9187781  |
| BWX Technologies, Inc. | 56400 | 11533236  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. <br>Class A (a) | 6457 | 3511769  |
| Cintas Corp. | 24050 | 4067817  |
| Equifax, Inc. | 70226 | 12645596  |
| Esab Corp. | 248610 | 24030643  |
| Ferguson Enterprises, Inc. | 119039 | 27767037  |
| Fortive Corp. (b) | 110681 | 6118446  |
| FTAI Aviation Ltd. | 76655 | 18780475  |
| Ingersoll Rand, Inc. | 296171 | 23729221  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| ITT, Inc. | 80000 | $15242400  |
|  Knight-Swift Transportation Holdings, Inc. | 283485 | 16323066  |
| L3Harris Technologies, Inc. | 28343 | 9782586  |
| Mueller Industries, Inc. | 77635 | 8601958  |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br>Inc. | 155317 | 30348942  |
| Paylocity Holding Corp. (a) | 172218 | 18606433  |
| Quanta Services, Inc. | 50187 | 27553667  |
| QXO, Inc. (a) (b) | 339067 | 6584681  |
| RB Global, Inc. (b) | 153800 | 14741730  |
| RBC Bearings, Inc. (a) | 20807 | 11300698  |
| Rocket Lab Corp. (a) | 91533 | 5878249  |
| Rollins, Inc. | 159166 | 8501056  |
| StandardAero, Inc. (a) (b) | 510818 | 13194429  |
| Symbotic, Inc. (a) | 70643 | 3758208  |
| Textron, Inc. | 229833 | 20124177  |
| TransUnion (b) | 311726 | 21568322  |
| UL Solutions, Inc. Class A | 264118 | 22637554  |
| Veralto Corp. | 327700 | 28975234  |
| Vertiv Holdings Co. Class A | 18083 | 4531238  |
| Waste Connections, Inc. | 26824 | 4357291  |
| XPO, Inc. (a) (b) | 278637 | 54208828  |
|  |  | 546100185  |
| **Information Technology — 20.8%**<br>|  |  |
| Akamai Technologies, Inc. (a) | 154575 | 17752939  |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, <br>Inc. (a) (b) | 103594 | 3266319  |
| Amphenol Corp. Class A | 80112 | 10122151  |
| Arista Networks, Inc. (a) | 53623 | 6583832  |
| Astera Labs, Inc. (a) | 33414 | 3662174  |
| Atlassian Corp. Class A (a) | 104005 | 7098341  |
| Aurora Innovation, Inc. (a) (b) | 890623 | 3669367  |
| Circle Internet Group, Inc. (a) | 90926 | 8675250  |
| Cloudflare, Inc. Class A (a) | 61448 | 12679180  |
| Datadog, Inc. Class A (a) | 36670 | 4328893  |
| &nbsp;&nbsp;&nbsp; Descartes Systems Group, <br>Inc. (a) | 90674 | 6488631  |
| Entegris, Inc. | 47494 | 5568197  |
| Everpure, Inc. Class A (a) | 308330 | 18203803  |
| Fair Isaac Corp. (a) | 10417 | 11120564  |
| Guidewire Software, Inc. (a) | 89364 | 13365280  |
| Jabil, Inc. | 25192 | 6691751  |
| Keysight Technologies, Inc. (a) | 131442 | 37115277  |
| KLA Corp. | 3219 | 4739688  |
| Lattice Semiconductor Corp. (a) | 543762 | 50439363  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 129881 | 28842674  |
| Manhattan Associates, Inc. (a) | 149100 | 19848192  |
| Marvell Technology, Inc. | 212862 | 21083981  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

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

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Microchip Technology, Inc. | 433998 | $28040611  |
| MongoDB, Inc. (a) | 57108 | 13978325  |
| Monolithic Power Systems, Inc. | 48041 | 52525627  |
| Motorola Solutions, Inc. | 7692 | 3338097  |
| NXP Semiconductors NV | 95944 | 18887536  |
| PTC, Inc. (a) | 257993 | 36761423  |
| Ralliant Corp. | 107671 | 4478037  |
| Rambus, Inc. (a) | 69700 | 5996291  |
| Skyworks Solutions, Inc. | 71455 | 3826415  |
| Snowflake, Inc. Class A (a) | 27996 | 4222357  |
| Synaptics, Inc. (a) (b) | 49190 | 3445268  |
| Teradyne, Inc. | 50980 | 15113531  |
| Tyler Technologies, Inc. (a) | 89663 | 30698818  |
| Unity Software, Inc. (a) | 217287 | 4767277  |
| Workday, Inc. Class A (a) | 45537 | 5916167  |
| Zoom Communications, Inc. (a) | 182200 | 14647058  |
| Zscaler, Inc. (a) | 85125 | 11942186  |
|  |  | 559930871  |
| **Materials — 2.7%**<br>|  |  |
| Avery Dennison Corp. | 123533 | 21331678  |
| Ball Corp. | 272242 | 16092225  |
| Eagle Materials, Inc. | 36000 | 6820200  |
| Martin Marietta Materials, Inc. | 41611 | 24495563  |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, <br>Inc. | 63960 | 4871194  |
|  |  | 73610860  |
| **Real Estate — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, <br>Inc. | 97174 | 5621516  |
| **Utilities — 0.4%**<br>|  |  |
| Vistra Corp. | 75898 | 11409747  |
| **TOTAL COMMON STOCK (Cost $2,392,834,119)** |  | **2695301256**  |
| **TOTAL EQUITIES** <br>**(Cost $2,392,834,119)** |  | **2695301256**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $2,392,834,119)** |  | **2695301256**  |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.4%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.662% (c) | 9602527 | 9602527  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 1.024% (d) | 388 | $388 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 2.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/26, 2.000%, due 4/01/26 (e) | $62955965 | 62955965  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $72,558,880)** |  | **72558880**  |
| **TOTAL INVESTMENTS — 102.5% (Cost $2,465,392,999) (f)** |  | **2767860136**  |
| **Other Assets/**<br>(Liabilities) — (2.5)% |  | **(66895224)**  |
| **NET ASSETS — 100.0%** |  | **$2700964912** |

---

**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 March 31, 2026, was $224,859,818 or 8.33% of net assets. The Fund received $213,231,978
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2026. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate disclosed is the 7-day net yield as of March 31,
 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $62,959,463. Collateralized
 by U.S. Government Agency obligations with rates ranging from 1.000% - 4.375%, maturity dates ranging from 7/15/27 - 7/31/28, and an aggregate
 market value, including accrued interest, of $64,215,255.

&nbsp;&nbsp;&nbsp;&nbsp;(f) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

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

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments**<br>

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 96.7%**<br>|  |  |
| **Common Stock — 96.7%**<br>|  |  |
| **Communication Services — 1.0%** | **Communication Services — 1.0%** |  |
| Cargurus, Inc. (a) (b) | 104288 | $3551006  |
| EchoStar Corp. Class A (a) (b) | 7459 | 873225  |
| Magnite, Inc. (a) | 120809 | 1435211  |
|  |  | 5859442  |
| **Consumer Discretionary — 7.3%**<br>|  |  |
| Boot Barn Holdings, Inc. (a) | 28919 | 4232585  |
| Century Communities, Inc. | 15627 | 896677  |
| Champion Homes, Inc. (a) | 53210 | 3957228  |
| Cheesecake Factory, Inc. | 3389 | 185548  |
| Dana, Inc. | 53809 | 1810673  |
| Dutch Bros, Inc. Class A (a) (b) | 25991 | 1316704  |
| Five Below, Inc. (a) | 26657 | 6090591  |
| Garrett Motion, Inc. | 83731 | 1521392  |
| Genius Sports Ltd. (a) (b) | 59861 | 265184  |
| Gildan Activewear, Inc. (b) | 30933 | 1721421  |
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings, <br>Inc. (a) | 75824 | 2042699  |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, <br>Inc. (a) (b) | 73423 | 1901656  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc. (a) | 12879 | 1185383  |
| Patrick Industries, Inc. (b) | 28792 | 3197927  |
| Red Rock Resorts, Inc. Class A | 29297 | 1563288  |
| Shake Shack, Inc. Class A (a) | 21457 | 1898301  |
| Stride, Inc. (a) | 16222 | 1430294  |
| Valvoline, Inc. (a) | 54670 | 1841286  |
| Visteon Corp. (b) | 10732 | 977793  |
| Wingstop, Inc. (b) | 1658 | 256940  |
| Wolverine World Wide, Inc. | 83904 | 1369313  |
| YETI Holdings, Inc. (a) (b) | 36481 | 1334840  |
|  |  | 40997723  |
| **Consumer Staples — 1.0%**<br>|  |  |
| Chefs' Warehouse, Inc. (a) | 30993 | 1842534  |
| Freshpet, Inc. (a) | 21731 | 1281260  |
| Vita Coco Co., Inc. (a) | 57031 | 2732355  |
|  |  | 5856149  |
| **Energy — 4.7%**<br>|  |  |
| Archrock, Inc. | 72044 | 2507131  |
| Cactus, Inc. Class A (b) | 58805 | 2785593  |
| Chord Energy Corp. | 44349 | 6305541  |
| Excelerate Energy, Inc. Class A | 50534 | 1688846  |
| Golar LNG Ltd. | 21185 | 1146320  |
| Innovex International, Inc. (a) | 8876 | 216486  |
| Matador Resources Co. | 29644 | 1872908  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| TechnipFMC PLC | 80768 | $5583492  |
| Viper Energy, Inc. Class A | 91379 | 4293899  |
|  |  | 26400216  |
| **Financials — 9.3%**<br>|  |  |
| Ameris Bancorp | 58551 | 4566392  |
| Dave, Inc. (a) (b) | 2973 | 517570  |
| Eastern Bankshares, Inc. | 117724 | 2302681  |
| Enova International, Inc. (a) | 18540 | 2518288  |
| Evercore, Inc. Class A | 10020 | 2991070  |
|  First Interstate BancSystem, Inc. Class A (b) | 64892 | 2167393  |
|  HA Sustainable Infrastructure Capital, Inc. (b) | 125502 | 4612198  |
|  Hamilton Insurance Group Ltd. Class B | 58507 | 1745264  |
| Hancock Whitney Corp. | 37953 | 2413431  |
| Huntington Bancshares, Inc. | 165298 | 2586914  |
| Marex Group PLC | 40798 | 1818775  |
| Palomar Holdings, Inc. (a) | 7717 | 922181  |
| Perella Weinberg Partners (b) | 98886 | 1795770  |
| Piper Sandler Cos. | 32055 | 2453810  |
| PJT Partners, Inc. Class A | 13590 | 1898795  |
| Seacoast Banking Corp. of Florida | 157526 | 4771463  |
|  Simmons First National Corp. Class A | 106695 | 2075218  |
| SiriusPoint Ltd. (a) | 136156 | 2932800  |
| StepStone Group, Inc. Class A | 36176 | 1726319  |
| UMB Financial Corp. | 23123 | 2608043  |
| WisdomTree, Inc. (b) | 209864 | 3055620  |
|  |  | 52479995  |
| **Health Care — 21.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adaptive Biotechnologies <br>Corp. (a) | 45088 | 625821  |
| Alignment Healthcare, Inc. (a) | 351550 | 6194311  |
| Alkermes PLC (a) (b) | 37110 | 1312210  |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, <br>Inc. (a) (b) | 22766 | 915876  |
| Apogee Therapeutics, Inc. (a) (b) | 30419 | 2560367  |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, <br>Inc. (a) | 10299 | 645747  |
| AtriCure, Inc. (a) | 56504 | 1612059  |
| Axogen, Inc. (a) | 27014 | 894974  |
| Axsome Therapeutics, Inc. (a) | 32038 | 5415063  |
| Billiontoone, Inc. Class A (a) (b) | 6751 | 532924  |
| Bridgebio Pharma, Inc. (a) (b) | 63276 | 4698876  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br>Inc. (a) (b) | 124609 | 5309589  |
| Caris Life Sciences, Inc. (a) (b) | 30005 | 536489  |
| Celcuity, Inc. (a) (b) | 8164 | 931839  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

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

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Celldex Therapeutics, Inc. (a) | 33916 | $1075816  |
| CG oncology, Inc. (a) (b) | 36092 | 2442707  |
| Cogent Biosciences, Inc. (a) | 78428 | 3018694  |
| &nbsp;&nbsp;&nbsp; Corvus Pharmaceuticals, <br>Inc. (a) (b) | 39530 | 578324  |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, <br>Inc. (a) (b) | 55032 | 1998762  |
| Cytokinetics, Inc. (a) (b) | 33250 | 2191507  |
| Dianthus Therapeutics, Inc. (a) | 10710 | 898783  |
| Disc Medicine, Inc. (a) (b) | 24221 | 1548691  |
| Doximity, Inc. Class A (a) | 34370 | 800821  |
| Encompass Health Corp. | 26227 | 2536938  |
| Ensign Group, Inc. | 10490 | 2113735  |
| GeneDx Holdings Corp. (a) | 29032 | 1864435  |
| Glaukos Corp. (a) | 22807 | 2455402  |
| Guardant Health, Inc. (a) | 45707 | 4221956  |
|  Guardian Pharmacy Services, Inc. Class A (a) | 45952 | 1730552  |
| Halozyme Therapeutics, Inc. (a) | 44528 | 2877845  |
| HealthEquity, Inc. (a) | 17559 | 1467406  |
| HeartFlow, Inc. (a) (b) | 39175 | 953128  |
| Hims & Hers Health, Inc. (a) (b) | 17109 | 355183  |
| Hinge Health, Inc. Class A (a) | 32766 | 1263457  |
| Insmed, Inc. (a) | 9030 | 1476586  |
| Inspire Medical Systems, Inc. (a) | 5175 | 266927  |
| Ionis Pharmaceuticals, Inc. (a) | 8419 | 632183  |
| IRhythm Holdings, Inc. (a) (b) | 7024 | 828972  |
| Kymera Therapeutics, Inc. (a) (b) | 31097 | 2590069  |
| Lantheus Holdings, Inc. (a) (b) | 7313 | 554691  |
| LeMaitre Vascular, Inc. | 6494 | 708950  |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, <br>Inc. (a) (b) | 14802 | 2955219  |
|  Madrigal Pharmaceuticals, Inc. Sponsored ADR (a) (b) | 4241 | 2220036  |
| MBX Biosciences, Inc. (a) (b) | 12832 | 383035  |
| Mineralys Therapeutics, Inc. (a) | 19356 | 524354  |
| Mirum Pharmaceuticals, Inc. (a) | 19328 | 1785521  |
| Nuvalent, Inc., Class A (a) | 25636 | 2626408  |
| Oculis Holding AG (a) | 18560 | 493510  |
| Option Care Health, Inc. (a) (b) | 59146 | 1592210  |
| PACS Group, Inc. (a) | 50792 | 1631439  |
| Pharvaris NV (a) | 12999 | 367222  |
| Progyny, Inc. (a) (b) | 76122 | 1292552  |
| Protagonist Therapeutics, Inc. (a) | 54581 | 5752837  |
| PTC Therapeutics, Inc. (a) | 35626 | 2427199  |
| RadNet, Inc. (a) (b) | 28372 | 1585711  |
| Repligen Corp. (a) (b) | 13973 | 1646299  |
| Revolution Medicines, Inc. (a) | 23718 | 2306575  |
| Rhythm Pharmaceuticals, Inc. (a) | 8427 | 732896  |
| Scholar Rock Holding Corp. (a) (b) | 45111 | 2217657  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Soleno Therapeutics, Inc. (a) | 10547 | $353114  |
| Spyre Therapeutics, Inc. (a) (b) | 37517 | 1892357  |
| &nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. <br>ADR (a) | 31752 | 1530446  |
| Terns Pharmaceuticals, Inc. (a) | 8513 | 448805  |
| TransMedics Group, Inc. (a) (b) | 29436 | 2926233  |
| Trevi Therapeutics, Inc. (a) (b) | 68656 | 819066  |
| Twist Bioscience Corp. (a) (b) | 28857 | 1371285  |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, <br>Inc. (a) | 20291 | 425096  |
| Vaxcyte, Inc. (a) | 21630 | 1256919  |
| Veracyte, Inc. (a) (b) | 31347 | 1009687  |
| Viridian Therapeutics, Inc. (a) | 15603 | 305195  |
| Xenon Pharmaceuticals, Inc. (a) | 8177 | 475493  |
|  |  | 120993041  |
| **Industrials — 25.7%**<br>|  |  |
| AAON, Inc. (b) | 23378 | 1934529  |
| AAR Corp. (a) | 18245 | 1997098  |
| Acuity, Inc. | 5711 | 1600336  |
| &nbsp;&nbsp;&nbsp; Alliance Laundry Holdings, <br>Inc. (a) | 37757 | 783080  |
| Ameresco, Inc. Class A (a) (b) | 91770 | 2340135  |
|  Applied Industrial Technologies, Inc. | 9971 | 2645506  |
| Argan, Inc. (b) | 5252 | 2860502  |
| ATI, Inc. (a) | 23384 | 3401437  |
| &nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, <br>Inc. | 52597 | 2985932  |
| Bloom Energy Corp. Class A (a) | 36390 | 4930481  |
| Carpenter Technology Corp. | 11846 | 4669101  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) (b) | 24729 | 1961999  |
| Comfort Systems USA, Inc. | 1426 | 1966440  |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. <br>Class A (a) (b) | 26937 | 2993239  |
| Crane Co. | 6543 | 1118853  |
| Curtiss-Wright Corp. | 13428 | 9146079  |
| DXP Enterprises, Inc. (a) | 30282 | 4231304  |
| Embraer SA Sponsored ADR | 55823 | 3312537  |
| Enpro, Inc. | 8145 | 2041544  |
| ESCO Technologies, Inc. | 22019 | 6195486  |
| &nbsp;&nbsp;&nbsp; Everus Construction Group, <br>Inc. (a) | 18812 | 2220945  |
| Exlservice Holdings, Inc. (a) | 34538 | 1051682  |
| Forgent Power Solutions, Inc. (a) | 74588 | 2183191  |
| GATX Corp. | 12316 | 2102834  |
| Karman Holdings, Inc. (a) (b) | 45065 | 3607453  |
| Kirby Corp. (a) | 17555 | 2332708  |
|  Knight-Swift Transportation Holdings, Inc. | 48929 | 2817332  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

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

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Korn Ferry | 29302 | $1844561  |
| Kornit Digital Ltd. (a) | 45943 | 673524  |
|  Kratos Defense & Security Solutions, Inc. (a) (b) | 38580 | 2720276  |
| Leonardo DRS, Inc. | 30942 | 1377538  |
| Loar Holdings, Inc. (a) (b) | 10529 | 603206  |
| McGrath RentCorp | 13964 | 1539950  |
| Mercury Systems, Inc. (a) (b) | 39414 | 2873675  |
| Modine Manufacturing Co. (a) | 46890 | 10161532  |
| MYR Group, Inc. (a) | 8388 | 2368100  |
| Nextpower, Inc. Class A (a) | 37182 | 4482290  |
| Powell Industries, Inc. (b) | 3744 | 2025803  |
| Primoris Services Corp. | 22792 | 3260168  |
| Rush Enterprises, Inc. Class A | 56092 | 3708242  |
| Ryder System, Inc. | 11275 | 2308105  |
| SPX Technologies, Inc. (a) | 20363 | 4071378  |
| StandardAero, Inc. (a) (b) | 42095 | 1087314  |
| Sterling Infrastructure, Inc. (a) (b) | 11551 | 4704376  |
| Terex Corp. | 36146 | 2136229  |
| Trex Co., Inc. (a) | 25193 | 917529  |
| TriNet Group, Inc. | 14485 | 527688  |
| Verra Mobility Corp. (a) | 161652 | 2310007  |
| &nbsp;&nbsp;&nbsp; Voyager Technologies, Inc. <br>Class A (a) (b) | 62746 | 1467629  |
| VSE Corp. (b) | 13057 | 2407711  |
| Xometry, Inc. Class A (a) (b) | 50584 | 2065851  |
| Zurn Elkay Water Solutions Corp. | 79163 | 3549669  |
|  |  | 144624114  |
| **Information Technology — 18.5%**<br>|  |  |
| Advanced Energy Industries, Inc. | 27106 | 8747377  |
| Agilysys, Inc. (a) (b) | 31327 | 2228603  |
| Allegro MicroSystems, Inc. (a) | 29217 | 921212  |
| Amplitude, Inc. Class A (a) | 393574 | 2684175  |
| AvePoint, Inc. (a) | 100398 | 954785  |
| Belden, Inc. | 19499 | 2239070  |
| Calix, Inc. (a) | 39443 | 1932313  |
| Cirrus Logic, Inc. (a) | 12534 | 1812667  |
| Clear Secure, Inc. Class A | 23870 | 1155547  |
| Cognex Corp. | 23116 | 1132453  |
| Commvault Systems, Inc. (a) | 9420 | 733724  |
| Core Scientific, Inc. (a) (b) | 31046 | 464448  |
| Crane NXT Co. (b) | 3969 | 161102  |
|  Credo Technology Group Holding Ltd. (a) | 35034 | 3288642  |
| CyberArk Software Ltd. (a) (c) | 3858 | 173610  |
| DigitalOcean Holdings, Inc. (a) (b) | 23758 | 2037961  |
| Enphase Energy, Inc. (a) | 28356 | 1072140  |
| Fabrinet (a) | 14842 | 7740400  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Freshworks, Inc. Class A (a) | 161944 | $1300410  |
| Intapp, Inc. (a) | 97170 | 2496297  |
| IonQ, Inc. (a) (b) | 12542 | 361586  |
| JFrog Ltd. (a) | 38798 | 1820790  |
| Lattice Semiconductor Corp. (a) | 42588 | 3950463  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 26024 | 5779150  |
| MKS, Inc. | 30176 | 6934746  |
| Nova Ltd. (a) (b) | 9609 | 4172996  |
| Onto Innovation, Inc. (a) | 12442 | 2551481  |
| OSI Systems, Inc. (a) (b) | 6850 | 1818743  |
| Palo Alto Networks, Inc. (a) | 8334 | 1336107  |
| Power Integrations, Inc. (b) | 34048 | 1743258  |
| Rambus, Inc. (a) | 8786 | 755860  |
| Rubrik, Inc. Class A (a) | 22646 | 1108975  |
| Sanmina Corp. (a) | 16966 | 2199472  |
| Semtech Corp. (a) (b) | 27740 | 2132929  |
| ServiceTitan, Inc. Class A (a) | 6241 | 396054  |
|  Silicon Motion Technology Corp. Sponsored ADR | 10135 | 1138059  |
| SiTime Corp. (a) (b) | 14918 | 5151931  |
| Terawulf, Inc. (a) (b) | 139825 | 2017675  |
| Tower Semiconductor Ltd. (a) | 34194 | 6000363  |
| TTM Technologies, Inc. (a) | 52811 | 5144848  |
| Universal Display Corp. | 4537 | 415861  |
| Viavi Solutions, Inc. (a) (b) | 126277 | 4202498  |
|  |  | 104410781  |
| **Materials — 3.6%**<br>|  |  |
| Avient Corp. | 54299 | 1971054  |
| Cabot Corp. | 43527 | 3278018  |
| Century Aluminum Co. (a) | 41011 | 2406936  |
| Coeur Mining, Inc. (a) | 32971 | 618866  |
| Element Solutions, Inc. | 37170 | 1268984  |
| ERO Copper Corp. (a) | 65227 | 1739604  |
| Graphic Packaging Holding Co. | 39942 | 397024  |
| James Hardie Industries PLC (a) | 89128 | 1688084  |
| Methanex Corp. (b) | 34141 | 2032755  |
| MP Materials Corp. (a) (b) | 26144 | 1261709  |
| Orla Mining Ltd. (b) | 124541 | 2008846  |
| Taseko Mines Ltd. (a) | 220040 | 1419258  |
|  |  | 20091138  |
| **Real Estate — 2.8%**<br>|  |  |
| Acadia Realty Trust (b) | 49145 | 939653  |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, <br>Inc. (b) | 114456 | 5397745  |
|  Essential Properties Realty Trust, Inc. | 52172 | 1583942  |
| Janus Living, Inc. Class A (a) | 11000 | 259270 |
| LTC Properties, Inc.  | 26901  | 999641  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

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

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Phillips Edison & Co., Inc. | 122317 | $4577102  |
| Terreno Realty Corp. | 33955 | 2085516  |
|  |  | 15842869  |
| **Utilities — 1.3%**<br>|  |  |
| H2O America (b) | 20873 | 1224619  |
| IDACORP, Inc. (b) | 19421 | 2776620  |
| ONE Gas, Inc. | 25515 | 2197607  |
| Talen Energy Corp. (a) | 3622 | 1156251  |
|  |  | 7355097  |
| **TOTAL COMMON STOCK** <br>**(Cost $437,089,418)** |  | **544910565**  |
| **TOTAL EQUITIES** <br>**(Cost $437,089,418)** |  | **544910565**  |
| **Rights — 0.0%**<br>|  |  |
| **Health Care — 0.0%**<br>|  |  |
| Novo Nordisk AS, CVR (a) (c) (d) | 17050 | 11083  |
| **TOTAL RIGHTS** <br>**(Cost $11,083)** |  | **11083**  |
| **Exchange-Traded Funds — 0.7%** | **Exchange-Traded Funds — 0.7%** |  |
| iShares Russell 2000 ETF (b) | 14592 | 3618816  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Growth <br>ETF (b) | 779 | 244458  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $3,852,705)** |  | **3863274**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $440,953,206)** |  | **548784922**  |
| **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** |  |
| **Investment of Cash Collateral from Securities Loaned — 1.2%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.662% (e) | 6819512 | 6819512 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Repurchase Agreement — 3.0%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/26, 2.000%, due 4/01/26 (f) | $16721852 | $16721852  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $23,541,364)** |  | **23541364**  |
| **TOTAL INVESTMENTS — 101.6%** <br>**(Cost $464,494,570) (g)** |  | **572326286**  |
| **Other Assets/**<br>(Liabilities) — (1.6)% |  | **(9103368)**  |
| **NET ASSETS — 100.0%** |  | **$563222918** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR  | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| CVR  | &nbsp;&nbsp;&nbsp; Contingent Value Rights |
| ETF  | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| REIT  | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2026, was $132,144,379 or 23.46% of net assets. The Fund received $121,404,194
 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) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At March 31, 2026, these securities amounted to a value of $11,083
 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2026. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(f) Maturity value of $16,722,782. Collateralized
 by U.S. Government Agency obligations with rates ranging from 3.375% - 4.375%, maturity dates ranging from 7/15/27 - 4/15/32, and an aggregate
 market value, including accrued interest, of $17,056,487.

&nbsp;&nbsp;&nbsp;&nbsp;(g) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

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

 **MassMutual Overseas Fund — Portfolio of Investments**<br>

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 97.2%**<br>|  |  |
| **Common Stock — 96.8%**<br>|  |  |
| **Australia — 1.2%**<br>|  |  |
| Glencore PLC | 189900 | $1447038  |
| Rio Tinto PLC | 18114 | 1683729  |
|  |  | 3130767  |
| **Canada — 1.4%**<br>|  |  |
| Canadian National Railway Co. | 4204 | 432045  |
| Intact Financial Corp. | 5774 | 1046301  |
| Toronto-Dominion Bank (a) | 22911 | 2139744  |
|  |  | 3618090  |
| **China — 2.7%**<br>|  |  |
| Alibaba Group Holding Ltd. | 74340 | 1170299  |
| NetEase, Inc. | 68100 | 1515192  |
| Prosus NV (PRX NA) | 35799 | 1636481  |
| Tencent Holdings Ltd. | 43000 | 2714672  |
|  |  | 7036644  |
| **Denmark — 1.8%**<br>|  |  |
| Carlsberg AS Class B | 16841 | 2101336  |
| DSV AS | 7760 | 1853896  |
| Novo Nordisk AS Class B | 21206 | 781424  |
|  |  | 4736656  |
| **Finland — 1.0%**<br>|  |  |
| Kone OYJ Class B | 38870 | 2478208  |
| **France — 17.3%**<br>|  |  |
| Accor SA | 36770 | 1761736  |
| Air Liquide SA | 24012 | 4946480  |
| Airbus SE | 8320 | 1562707  |
| BNP Paribas SA | 61490 | 5857599  |
| Capgemini SE | 31205 | 3647390  |
| Cie de Saint-Gobain SA | 26047 | 2143545  |
|  Cie Generale des Etablissements Michelin SCA | 33965 | 1156588  |
| Danone SA | 16500 | 1325151  |
| Dassault Systemes SE | 82900 | 1687834  |
| Edenred SE | 85982 | 1711945  |
| Engie SA | 107378 | 3461887  |
| Kering SA | 4520 | 1366789  |
| Legrand SA | 11969 | 1849506  |
|  LVMH Moet Hennessy Louis Vuitton SE | 7283 | 4048366  |
| Pernod Ricard SA (a) | 39124 | 2920178  |
| Publicis Groupe SA | 17059 | 1410796  |
| TotalEnergies SE (TTE FP) | 47784 | 4412052  |
|  |  | 45270549  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Germany — 11.3%**<br>|  |  |
| adidas AG | 14985 | $2361429  |
| Allianz SE Registered | 2820 | 1168574  |
| Aumovio SE (b) | 6449 | 249096  |
| Bayer AG Registered | 35525 | 1615004  |
| Bayerische Motoren Werke AG | 20320 | 1835190  |
| Beiersdorf AG | 18768 | 1660451  |
| Brenntag SE | 22200 | 1464681  |
| Continental AG | 16899 | 1161693  |
| Daimler Truck Holding AG | 30261 | 1442582  |
| Deutsche Boerse AG | 12610 | 3666182  |
| Fresenius SE & Co. KGaA | 24000 | 1229389  |
| Merck KGaA | 18399 | 2284961  |
| MTU Aero Engines AG | 2611 | 934747  |
| SAP SE | 27048 | 4577416  |
| Siemens Healthineers AG (c) | 34100 | 1430507  |
| Symrise AG | 22000 | 1862706  |
| thyssenkrupp AG | 74817 | 645327  |
|  |  | 29589935  |
| **Hong Kong — 2.2%**<br>|  |  |
| AIA Group Ltd. | 271200 | 3046620  |
| Prudential PLC | 187437 | 2613871  |
|  |  | 5660491  |
| **India — 0.6%**<br>|  |  |
| Axis Bank Ltd. | 80405 | 1027213  |
| HDFC Bank Ltd. | 80989 | 647011  |
|  |  | 1674224  |
| **Indonesia — 0.5%**<br>|  |  |
| Bank Mandiri Persero Tbk. PT | 4595200 | 1288541  |
| **Ireland — 1.5%**<br>|  |  |
| AIB Group PLC | 277489 | 2951351  |
| Bank of Ireland Group PLC | 56472 | 1033467  |
|  |  | 3984818  |
| **Israel — 0.8%**<br>|  |  |
|  Check Point Software Technologies Ltd. (b) | 13939 | 1991186  |
| **Italy — 4.1%**<br>|  |  |
| Eni SpA (a) | 101181 | 2873166  |
| Intesa Sanpaolo SpA | 789888 | 4801507  |
|  Ryanair Holdings PLC Sponsored ADR | 53913 | 3116172  |
|  |  | 10790845  |
| **Japan — 15.1%**<br>|  |  |
| Asahi Group Holdings Ltd. | 130500 | 1309694  |
| Daikin Industries Ltd. | 16200 | 1965317  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

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

 **MassMutual Overseas Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Denso Corp. | 135800 | $1686104  |
| FUJIFILM Holdings Corp. | 75500 | 1434926  |
| Fujitsu Ltd. | 42300 | 859645  |
| Hitachi Ltd. | 143800 | 4202644  |
| Hoya Corp. | 6600 | 1138473  |
| Kose Holdings Corp. (a) | 15100 | 563206  |
| LY Corp. (a) | 519900 | 1260057  |
| Mitsubishi Electric Corp. | 113700 | 3713156  |
| Olympus Corp. | 77200 | 734975  |
| Seven & i Holdings Co. Ltd. | 185600 | 2498064  |
| Shin-Etsu Chemical Co. Ltd. | 70000 | 2848131  |
| SMC Corp. | 3900 | 1525445  |
| Sompo Holdings, Inc. | 83800 | 3274344  |
| Sony Group Corp. | 122800 | 2532915  |
|  Sumitomo Mitsui Financial Group, Inc. | 92200 | 3039248  |
| Suzuki Motor Corp. | 140300 | 1680930  |
| Terumo Corp. | 117900 | 1578643  |
| Unicharm Corp. | 110300 | 642299  |
| ZOZO, Inc. (a) | 144900 | 1013411  |
|  |  | 39501627  |
| **Mexico — 0.5%**<br>|  |  |
|  Fomento Economico Mexicano SAB de CV Sponsored ADR | 11775 | 1307731  |
| **Netherlands — 3.0%**<br>|  |  |
| Akzo Nobel NV | 24725 | 1418848  |
| ASML Holding NV | 610 | 805706  |
| ASR Nederland NV | 17800 | 1226278  |
| IMCD NV (a) | 11320 | 1181457  |
| ING Groep NV | 122239 | 3194018  |
|  |  | 7826307  |
| **Portugal — 0.2%**<br>|  |  |
| Galp Energia SGPS SA | 25850 | 628453  |
| **Republic of Korea — 0.9%**<br>|  |  |
| Coupang, Inc. (b) | 49400 | 932672  |
| KB Financial Group, Inc. | 14221 | 1330448  |
|  |  | 2263120  |
| **Singapore — 0.8%**<br>|  |  |
| DBS Group Holdings Ltd. | 49850 | 2215002  |
| **Spain — 0.9%**<br>|  |  |
| Amadeus IT Group SA | 40853 | 2322300  |
| **Sweden — 0.6%**<br>|  |  |
| Hexagon AB Class B | 173211 | 1685319  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Switzerland — 4.3%**<br>|  |  |
|  Cie Financiere Richemont SA Registered Class A | 27257 | $4857003  |
| Sonova Holding AG Registered | 5220 | 1183234  |
| UBS Group AG Registered | 67300 | 2617567  |
| Zurich Insurance Group AG | 3471 | 2474825  |
|  |  | 11132629  |
| **Taiwan — 2.2%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 102000 | 5750295  |
| **United Kingdom — 11.3%**<br>|  |  |
| AstraZeneca PLC | 5555 | 1095557  |
| British American Tobacco PLC | 60566 | 3528012  |
| Bunzl PLC | 46600 | 1396126  |
| Compass Group PLC | 166574 | 4628048  |
| Diageo PLC | 42300 | 785947  |
| Intertek Group PLC | 18800 | 916629  |
|  London Stock Exchange Group PLC | 19441 | 2297653  |
| NatWest Group PLC | 446287 | 3311474  |
| Reckitt Benckiser Group PLC | 28266 | 1918206  |
| RELX PLC | 74723 | 2463558  |
| Rolls-Royce Holdings PLC | 236380 | 3609748  |
| Tesco PLC | 334032 | 2106184  |
| Unilever PLC | 26300 | 1474555  |
|  |  | 29531697  |
| **United States — 10.6%**<br>|  |  |
| CNH Industrial NV | 154897 | 1703867  |
| Experian PLC | 61310 | 2131049  |
| Flutter Entertainment PLC (a) (b) | 5842 | 595592  |
| GSK PLC | 103339 | 2834058  |
| Haleon PLC ADR ADR (a) | 76400 | 764764  |
| Nestle SA Registered | 17701 | 1755743  |
| Novartis AG Registered | 32427 | 4923377  |
| Qiagen NV | 26434 | 1058885  |
| Roche Holding AG | 13813 | 5454282  |
| Schneider Electric SE | 16060 | 4411201  |
| Sunbelt Rentals Holdings, Inc. (a) | 33964 | 2210717  |
|  |  | 27843535  |
| **TOTAL COMMON STOCK (Cost $215,485,864)** |  | **253258969**  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

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

 **MassMutual Overseas Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Preferred Stock — 0.4%**<br>|  |  |
| **Republic of Korea — 0.4%**<br>|  |  |
|  Samsung Electronics Co. Ltd. 1.464% | 14500 | $1154512  |
| **TOTAL PREFERRED STOCK (Cost $566,290)** |  | **1154512**  |
| **TOTAL EQUITIES** <br>**(Cost $216,052,154)** |  | **254413481**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $216,052,154)** |  | **254413481**  |
| **Short-Term Investments — 3.7%**<br>|  |  |
| **Investment of Cash Collateral from Securities Loaned — 2.3%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 3.662% (d) | 5968513 | 5968513 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 1.4%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/26, 2.000%, due 4/01/26 (e) | $3710142 | 3710142  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,678,655)** |  | **9678655**  |
| **TOTAL INVESTMENTS — 100.9% (Cost $225,730,809) (f)** |  | **264092136**  |
| **Other Assets/**<br>(Liabilities) — (0.9)% |  | **(2481383)**  |
| **NET ASSETS — 100.0%** |  | **$261610753** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2026, was $11,567,548 or 4.42% of net assets. The Fund received $6,259,870
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2026, the aggregate market value of these securities amounted to $1,430,507 or 0.55% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2026. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $3,710,348. Collateralized
 by U.S. Government Agency obligations with rates ranging from 3.375% - 3.500%, maturity dates ranging from 2/29/28 - 4/30/30, and an aggregate
 market value, including accrued interest, of $3,784,511.

&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:

---

| | |
|:---|:---|
| Financials | 22.3%  |
| Industrials | 18.6%  |
| Consumer Discretionary | 14.1%  |
| Health Care | 10.7%  |
| Consumer Staples | 9.9%  |
| Information Technology | 9.0%  |
| Materials | 5.7%  |
| Energy | 3.0%  |
| Communication Services | 2.6%  |
| Utilities | 1.3%  |
| Total Long-Term Investments | 97.2%  |
| Short-Term Investments and Other Assets and Liabilities | 2.8%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

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

 **MassMutual Funds**<br>

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Diversified** <br>**Value Fund** | **MM S&P 500** <br>**Index Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $434483566 | $2027135914  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 1860945 | 1939792  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 436344511 | 2029075706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 274759 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 104150 | 2463892  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | 126471  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 360678 | 1028832  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 209323 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)* |  | 515000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 78702 | 76323  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 437372123 | 2033286229  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 232275 | 1342018  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 226218 | 344459  |
| &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 | 67882 | 353693  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 193039 | 183611  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 66324 | 455592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 6022 | 229190  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | 12831 | 661658  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 86605 | 127884  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 891196 | 3698105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$436480927** | **$2029588124**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $363859675 | $850485696  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 72621252 | 1179102428  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$436480927** | **$2029588124**  |
| (a) Cost of investments: | $380521255 | $945019473  |
| (b) Cost of repurchase agreements: | $1860945 | $1939792  |
| (c) Securities on loan with market value of: | $3456680 | $6777762  |
| (d) Cost of foreign currency: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Blue Chip** <br>**Growth Fund** | **MassMutual** <br>**Mid Cap** <br>**Growth Fund** | **MassMutual** <br>**Small Cap** <br>**Growth** <br>**Equity Fund** | **MassMutual** <br>**Overseas Fund**  |
| $1773538439 | $2704904171 | $555604434 | $260381994  |
| 22739894 | 62955965 | 16721852 | 3710142  |
| 1796278333 | 2767860136 | 572326286 | 264092136  |
| 8 | 6 | 5370 | 2371  |
| 1 |  | 14 | 24619 |
|  | 2460044 | 1913047 | 294619  |
| 1689137 | 1126977 | 858239 | 177827  |
| 652503 | 842839 | 263048 | 868768  |
| 2269303 | 27052 |  | 3533944  |
| 81168 | 85138 | 74142 | 72141  |
| 1800970453 | 2772402192 | 575440146 | 269066425 |
|  | 4259821 | 4493962 | 213473  |
| 2138140 | 54784763 | 261655 | 836170  |
| 314604 | 528061 | 92093 | 73414  |
| 149850 | 150183 | 39966 | 28727  |
| 1010541 | 1649035 | 397910 | 121825  |
| 106570 | 63773 | 28553 | 21244  |
| 23206 | 10156 | 4951 | 3613  |
|  | 9602527 | 6819512 | 5968513  |
| 153065 | 388961 | 78626 | 188693  |
| 3895976 | 71437280 | 12217228 | 7455672  |
| **$1797074477** | **$2700964912** | **$563222918** | **$261610753**  |
| $1005487524 | $2201342351 | $425506293 | $198121152  |
| 791586953 | 499622561 | 137716625 | 63489601  |
| **$1797074477** | **$2700964912** | **$563222918** | **$261610753**  |
| $1034377551 | $2402437034 | $447772718 | $222020667  |
| $22739894 | $62955965 | $16721852 | $3710142  |
| $12803895 | $224859818 | $132144379 | $11567548  |
| $1 | $— | $15 | $24449 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Diversified** <br>**Value Fund** | **MM S&P 500** <br>**Index Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $105957292 | $523063661  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 12500519 | 37643413  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.48 | $13.90  |
| Class R5 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $134348045 | $306747244  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 15700785 | 21796266  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.56 | $14.07  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $26203272 | $271741628  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 3058066 | 19160595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.57 | $14.18  |
| Administrative Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $66972509 | $234383252  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 7667501 | 17560940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.73 | $13.35  |
| Class R4 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $15556118 | $308740711  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1894075 | 24115595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.21 | $12.80  |
| Class A shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $78044520 | $33091241  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 9117879 | 2646632  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $8.56 | $12.50  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum Offering price per share (100/[100-maximum sales charge] of net asset value) | $9.06 | $13.23  |
| Class R3 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9336082 | $351820387  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1109852 | 30487024  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.41 | $11.54  |
| Class Y shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $63089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 7355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.58 |  |

---

&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>|
| **26**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Blue Chip** <br>**Growth Fund** | **MassMutual** <br>**Mid Cap** <br>**Growth Fund** | **MassMutual** <br>**Small Cap Growth** <br>**Equity Fund** | **MassMutual** <br>**Overseas Fund**  |
| $1126174413 | $1942957777 | &nbsp;&nbsp; $391685199 | &nbsp;&nbsp; $173812458  |
| 66202551 | 120235952 | &nbsp;&nbsp; 25079206 | &nbsp;&nbsp; 20929108  |
| $17.01 | $16.16 | &nbsp;&nbsp; $15.62 | &nbsp;&nbsp; $8.30  |
| $233929315 | $518683025 | &nbsp;&nbsp; $97613293 | &nbsp;&nbsp; $34334911  |
| 13946036 | 33200810 | &nbsp;&nbsp; 6487118 | &nbsp;&nbsp; 4101181  |
| $16.77 | $15.62 | &nbsp;&nbsp; $15.05 | &nbsp;&nbsp; $8.37  |
| $109673259 | $68890161 | &nbsp;&nbsp; $12034973 | &nbsp;&nbsp; $9304527  |
| 6799008 | 4745820 | &nbsp;&nbsp; 918471 | &nbsp;&nbsp; 1124840  |
| $16.13 | $14.52 | &nbsp;&nbsp; $13.10 | &nbsp;&nbsp; $8.27  |
| $171373486 | $74531074 | &nbsp;&nbsp; $17353668 | &nbsp;&nbsp; $12017828  |
| 11297911 | 5869721 | &nbsp;&nbsp; 1568154 | &nbsp;&nbsp; 1427171  |
| $15.17 | $12.70 | &nbsp;&nbsp; $11.07 | &nbsp;&nbsp; $8.42  |
| $49874195 | $22838907 | &nbsp;&nbsp; $15842137 | &nbsp;&nbsp; $11561751  |
| 3992802 | 2292009 | &nbsp;&nbsp; 2018895 | &nbsp;&nbsp; 1480390  |
| $12.49 | $9.96 | &nbsp;&nbsp; $7.85 | &nbsp;&nbsp; $7.81  |
| $72490298 | $56990411 | &nbsp;&nbsp; $20889138 | &nbsp;&nbsp; $14842070  |
| 5846924 | 5920210 | &nbsp;&nbsp; 2745797 | &nbsp;&nbsp; 1824102  |
| $12.40 | $9.63 | &nbsp;&nbsp; $7.61 | &nbsp;&nbsp; $8.14  |
| $13.12 | $10.19 | &nbsp;&nbsp; $8.05 | &nbsp;&nbsp; $8.61  |
| $33475136 | $15990649 | &nbsp;&nbsp; $7743687 | &nbsp;&nbsp; $5637840  |
| 3868544 | 2306213 | &nbsp;&nbsp; 1729088 | &nbsp;&nbsp; 708748  |
| $8.65 | $6.93 | &nbsp;&nbsp; $4.48 | &nbsp;&nbsp; $7.95  |
| $84375 | $82908 | &nbsp;&nbsp; $60823 | &nbsp;&nbsp; $99368  |
| 5030 | 5308 | &nbsp;&nbsp; 4044 | &nbsp;&nbsp; 11891  |
| $16.77 | $15.62 | &nbsp;&nbsp; $15.04 | &nbsp;&nbsp; $8.36 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** <br>**MassMutual** <br>**Diversified** <br>**Value Fund** | **MM S&P 500** <br>**Index Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $5618648 | $13442924  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 23993 | 100496  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 4527 | 3644  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 5647168 | 13547064  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1120424 | 1106599  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 28402 | 86615  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 62297 | 28672  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 9716 | 70531  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1415 | 1429  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 17940 | 37954  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 25803 | 77297  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 29099 | 160985  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 68450 | 61800  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 993 | 1051  |
|  | 1364539 | 1632933  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 70425 | 198594  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 38889 | 374439  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 99757 | 442043  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 16316 | 425652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 102745 | 59628  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 9631 | 464010  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 33 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 20395 | 425652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 102745 | 42591  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 24080 | 928020  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1849555 | 4993562  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I administrative fees waived |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 1849555 | 4993562  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **3797613** | **8553502**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 20077991 | 123724736  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (556998)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **20077991** | **123167738**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 6730766 | (169793585)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (65466)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | (2614) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **6728152** | **(169859051)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **26806143** | **(46691313)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$30603756** | **$(38137811)**  |
| (a) Net of foreign withholding tax of: | $19748 | $2885  |
| \* Net of increase (decrease) in accrued foreign capital gains tax of: | $— | $— |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Blue Chip** <br>**Growth Fund** | **MassMutual** <br>**Mid Cap** <br>**Growth Fund** | **MassMutual** <br>**Small Cap** <br>**Growth** <br>**Equity Fund** | **MassMutual** <br>**Overseas Fund**  |
| $5075571 | $9022108 | $1837778 | $2537893  |
| 218501 | 889599 | 90688 | 40380  |
| 36085 | 125940 | 77909 | 8175  |
| 5330157 | 10037647 | 2006375 | 2586448  |
| 6376347 | 10983196 | 2323332 | 1210570  |
| 70399 | 139232 | 33589 | 116246  |
| 29224 | 33222 | 25314 | 46444  |
| 70861 | 132088 | 18686 | 11866  |
| 1486 | 1429 | 1429 | 1429  |
| 34900 | 59808 | 18339 | 16149  |
| 59464 | 197289 | 37948 | 30389  |
| 157908 | 286940 | 39822 | 26035  |
| 63794 | 71480 | 67429 | 63206  |
| 707 | 1051 | 1051 | 1051  |
| 6865090 | 11905735 | 2566939 | 1523385  |
| 132400 | 310924 | 53338 | 28274  |
| 182593 | 85672 | 12103 | 28983  |
| 292149 | 129102 | 26759 | 19624  |
| 58406 | 26825 | 16435 | 13003  |
| 104111 | 78898 | 25005 | 20072  |
| 39723 | 16083 | 7177 | 5810  |
| 62 | 47 | 41 | 55  |
| 73008 | 33531 | 20544 | 16254  |
| 104111 | 78898 | 25005 | 20072  |
| 99306 | 40208 | 17944 | 14526  |
| 7950959 | 12705923 | 2771290 | 1690058  |
|  — | (389972) |  | (182385)  |
|  — | (96934) |  | (61088)  |
|  — | (13184) |  | (31433)  |
|  — | (13495) |  | (14475)  |
|  — | (4209) |  | (14174)  |
|  — | (10022) |  | (17799)  |
|  — | (2516) |  | (6473)  |
|  — | (15) |  | (121)  |
|  — | (56795) |  | —  |
|  — | (21073) |  | —  |
| 7950959 | 12097708 | 2771290 | 1362110  |
| **(2620802)** | **(2060061)** | **(764915)** | **1224338**  |
| 123174267 | 305741886 | 39997745 | 31935876  |
| 175 | (14) | 1160 | (41954)  |
| **123174442** | **305741872** | **39998905** | **31893922**  |
| (334774114) | (367984748) | 3548599 | (34608517) \*  |
|  — |  | (158) | (45155)  |
| **(334774114)** | **(367984748)** | **3548441** | **(34653672)**  |
| **(211599672)** | **(62242876)** | **43547346** | **(2759750)**  |
| **$(214220474)** | **$(64302937)** | **$42782431** | **$(1535412)**  |
| $167027 | $35868 | $3002 | $230959  |
|  $— | $— | $— | $38216 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Diversified Value Fund** | **MassMutual** <br>**Diversified Value Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30, 2025+**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3797613 | &nbsp;&nbsp;&nbsp; $7606021  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 20077991 | &nbsp;&nbsp;&nbsp; 81574141  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6728152 | &nbsp;&nbsp;&nbsp; (38849829)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **30603756** | &nbsp;&nbsp;&nbsp; **50330333**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (2288049) | &nbsp;&nbsp;&nbsp; (51431579)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (3203395) | &nbsp;&nbsp;&nbsp; (30833153)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (907324) | &nbsp;&nbsp;&nbsp; (11758224)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1404190) | &nbsp;&nbsp;&nbsp; (13864161)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (350803) | &nbsp;&nbsp;&nbsp; (3880486)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1672998) | &nbsp;&nbsp;&nbsp; (16843140)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (196330) | &nbsp;&nbsp;&nbsp; (1162665)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (1321) | &nbsp;&nbsp;&nbsp; (62044)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(10024410)** | &nbsp;&nbsp;&nbsp; **(129835452)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 8892442 | &nbsp;&nbsp;&nbsp; (273304334)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (12606349) | &nbsp;&nbsp;&nbsp; 73013747  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (19116859) | &nbsp;&nbsp;&nbsp; 5215757  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1170308) | &nbsp;&nbsp;&nbsp; 33572269  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1587122) | &nbsp;&nbsp;&nbsp; 4879566  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (10029981) | &nbsp;&nbsp;&nbsp; 46678941  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (690438) | &nbsp;&nbsp;&nbsp; 7609064  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (146495) | &nbsp;&nbsp;&nbsp; 59578  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(36455110)** | &nbsp;&nbsp;&nbsp; **(102275412)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(15875764)** | &nbsp;&nbsp;&nbsp; **(181780531)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 452356691 | &nbsp;&nbsp;&nbsp; 634137222  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$436480927** | &nbsp;&nbsp;&nbsp; **$452356691** |

---

---

| | |
|:---|:---|
| +<br>| Effective September 15, 2025, the MassMutual Equity Opportunities Fund reorganized into the MassMutual Diversified Value Fund. Prior to September 15, 2025, information provided reflects MassMutual Diversified Value Fund, which was the accounting and performance survivor of the reorganization. Please reference Note 7 "Prior Year Acquisition of MassMutual Equity Opportunities Fund" in the Notes to the Financial Statements for additional information.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MM S&P 500 Index Fund** | **MM S&P 500 Index Fund** | **MassMutual Blue Chip Growth Fund**  | **MassMutual Blue Chip Growth Fund**  |
| **Six Months Ended March 31, 2026 (Unaudited)** | **Year Ended** <br>**September 30, 2025**<br>| **Six Months Ended March 31, 2026 (Unaudited)** | **Year Ended** <br>**September 30, 2025** <br>|
| &nbsp;&nbsp; $8553502 | &nbsp;&nbsp; $19917907 | &nbsp;&nbsp; $(2620802) | &nbsp;&nbsp; $(5175263)  |
| &nbsp;&nbsp; 123167738 | &nbsp;&nbsp; 347574000 | &nbsp;&nbsp; 123174442 | &nbsp;&nbsp; 715240565  |
| &nbsp;&nbsp; (169859051) | &nbsp;&nbsp; (16910892) | &nbsp;&nbsp; (334774114) | &nbsp;&nbsp; (177236898)  |
| &nbsp;&nbsp; **(38137811)** | &nbsp;&nbsp; **350581015** | &nbsp;&nbsp; **(214220474)** | &nbsp;&nbsp; **532828404**  |
| &nbsp;&nbsp; (76084497) | &nbsp;&nbsp; (148284004) | &nbsp;&nbsp; (383804488) | &nbsp;&nbsp; (32879931)  |
| &nbsp;&nbsp; (61224272) | &nbsp;&nbsp; (97033866) | &nbsp;&nbsp; (82239936) | &nbsp;&nbsp; (5610550)  |
| &nbsp;&nbsp; (43430455) | &nbsp;&nbsp; (78582408) | &nbsp;&nbsp; (62695054) | &nbsp;&nbsp; (3308492)  |
| &nbsp;&nbsp; (38325797) | &nbsp;&nbsp; (65752921) | &nbsp;&nbsp; (65057053) | &nbsp;&nbsp; (3748973)  |
| &nbsp;&nbsp; (53353147) | &nbsp;&nbsp; (89255126) | &nbsp;&nbsp; (22624970) | &nbsp;&nbsp; (1294320)  |
| &nbsp;&nbsp; (5404686) | &nbsp;&nbsp; (6920657) | &nbsp;&nbsp; (31738294) | &nbsp;&nbsp; (2047474)  |
| &nbsp;&nbsp; (62396482) | &nbsp;&nbsp; (90177969) | &nbsp;&nbsp; (18989118) | &nbsp;&nbsp; (1139715)  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (42246) | &nbsp;&nbsp; (4664)  |
| &nbsp;&nbsp; **(340219336)** | &nbsp;&nbsp; **(576006951)** | &nbsp;&nbsp; **(667191159)** | &nbsp;&nbsp; **(50034119)**  |
| &nbsp;&nbsp; 91144637 | &nbsp;&nbsp; (75832367) | &nbsp;&nbsp; 343302680 | &nbsp;&nbsp; (874867251)  |
| &nbsp;&nbsp; (33357415) | &nbsp;&nbsp; 42585720 | &nbsp;&nbsp; 63831905 | &nbsp;&nbsp; (91649231)  |
| &nbsp;&nbsp; 14708789 | &nbsp;&nbsp; 12927493 | &nbsp;&nbsp; (14270987) | &nbsp;&nbsp; (9191111)  |
| &nbsp;&nbsp; 20305236 | &nbsp;&nbsp; 14424662 | &nbsp;&nbsp; 50330661 | &nbsp;&nbsp; (35722523)  |
| &nbsp;&nbsp; 12302049 | &nbsp;&nbsp; 8438899 | &nbsp;&nbsp; 14019229 | &nbsp;&nbsp; (5682797)  |
| &nbsp;&nbsp; 6315625 | &nbsp;&nbsp; 10514978 | &nbsp;&nbsp; 23284677 | &nbsp;&nbsp; (20950158)  |
| &nbsp;&nbsp; 49259587 | &nbsp;&nbsp; 84274152 | &nbsp;&nbsp; 14083423 | &nbsp;&nbsp; (9156384)  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (194953) | &nbsp;&nbsp; 30380  |
| &nbsp;&nbsp; **160678508** | &nbsp;&nbsp; **97333537** | &nbsp;&nbsp; **494386635** | &nbsp;&nbsp; **(1047189075)**  |
| &nbsp;&nbsp; **(217678639)** | &nbsp;&nbsp; **(128092399)** | &nbsp;&nbsp; **(387024998)** | &nbsp;&nbsp; **(564394790)**  |
| &nbsp;&nbsp; 2247266763 | &nbsp;&nbsp; 2375359162 | &nbsp;&nbsp; 2184099475 | &nbsp;&nbsp; 2748494265  |
| &nbsp;&nbsp; **$2029588124** | &nbsp;&nbsp; **$2247266763** | &nbsp;&nbsp; **$1797074477** | &nbsp;&nbsp; **$2184099475** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Mid Cap Growth Fund**  | **MassMutual** <br>**Mid Cap Growth Fund**  |
|  | **Six Months Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30, 2025**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2060061) | &nbsp;&nbsp; $(4601581)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 305741872 | &nbsp;&nbsp; 659788590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (367984748) | &nbsp;&nbsp; (502199248)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(64302937)** | &nbsp;&nbsp; **152987761**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (436992928) | &nbsp;&nbsp; (478913090)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (111233052) | &nbsp;&nbsp; (107689368)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (16086327) | &nbsp;&nbsp; (18529441)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (18700625) | &nbsp;&nbsp; (17063745)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (6492179) | &nbsp;&nbsp; (7370190)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (16244854) | &nbsp;&nbsp; (12990153)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (5116672) | &nbsp;&nbsp; (3576753)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (18057) | &nbsp;&nbsp; (15029)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(610884694)** | &nbsp;&nbsp; **(646147769)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (352142459) | &nbsp;&nbsp; (720634635)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (48049041) | &nbsp;&nbsp; (71626358)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (32131689) | &nbsp;&nbsp; (12647422)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 131232 | &nbsp;&nbsp; (8968820)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2277121) | &nbsp;&nbsp; (7417113)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 8534123 | &nbsp;&nbsp; 1490195  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 5802871 | &nbsp;&nbsp; 1340730  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(420132084)** | &nbsp;&nbsp; **(818463423)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(1095319715)** | &nbsp;&nbsp; **(1311623431)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3796284627 | &nbsp;&nbsp; 5107908058  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$2700964912** | &nbsp;&nbsp; **$3796284627** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Small Cap Growth Equity Fund** | **MassMutual** <br>**Small Cap Growth Equity Fund** | **MassMutual Overseas Fund**  | **MassMutual Overseas Fund**  |
| **Six Months Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30, 2025**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $(764915) | &nbsp;&nbsp;&nbsp;&nbsp; $(1724987) | &nbsp;&nbsp;&nbsp;&nbsp; $1224338 | &nbsp;&nbsp;&nbsp;&nbsp; $6949680  |
| &nbsp;&nbsp;&nbsp;&nbsp; 39998905 | &nbsp;&nbsp;&nbsp;&nbsp; 112022276 | &nbsp;&nbsp;&nbsp;&nbsp; 31893922 | &nbsp;&nbsp;&nbsp;&nbsp; 54305105  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3548441 | &nbsp;&nbsp;&nbsp;&nbsp; (70523858) | &nbsp;&nbsp;&nbsp;&nbsp; (34653672) | &nbsp;&nbsp;&nbsp;&nbsp; (30161106)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **42782431** | &nbsp;&nbsp;&nbsp;&nbsp; **39773431** | &nbsp;&nbsp;&nbsp;&nbsp; **(1535412)** | &nbsp;&nbsp;&nbsp;&nbsp; **31093679**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (62371744) | &nbsp;&nbsp;&nbsp;&nbsp; (30026132) | &nbsp;&nbsp;&nbsp;&nbsp; (27857136) | &nbsp;&nbsp;&nbsp;&nbsp; (15329648)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (16640606) | &nbsp;&nbsp;&nbsp;&nbsp; (4992496) | &nbsp;&nbsp;&nbsp;&nbsp; (11265351) | &nbsp;&nbsp;&nbsp;&nbsp; (6546674)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2173443) | &nbsp;&nbsp;&nbsp;&nbsp; (624408) | &nbsp;&nbsp;&nbsp;&nbsp; (5286306) | &nbsp;&nbsp;&nbsp;&nbsp; (1751931)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3748034) | &nbsp;&nbsp;&nbsp;&nbsp; (1122350) | &nbsp;&nbsp;&nbsp;&nbsp; (1979463) | &nbsp;&nbsp;&nbsp;&nbsp; (710106)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4512968) | &nbsp;&nbsp;&nbsp;&nbsp; (1262806) | &nbsp;&nbsp;&nbsp;&nbsp; (2263454) | &nbsp;&nbsp;&nbsp;&nbsp; (842804)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5892575) | &nbsp;&nbsp;&nbsp;&nbsp; (1378424) | &nbsp;&nbsp;&nbsp;&nbsp; (2484327) | &nbsp;&nbsp;&nbsp;&nbsp; (728185)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3018076) | &nbsp;&nbsp;&nbsp;&nbsp; (471231) | &nbsp;&nbsp;&nbsp;&nbsp; (915834) | &nbsp;&nbsp;&nbsp;&nbsp; (269229)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (13311) | &nbsp;&nbsp;&nbsp;&nbsp; (10015) | &nbsp;&nbsp;&nbsp;&nbsp; (18992) | &nbsp;&nbsp;&nbsp;&nbsp; (6271)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(98370757)** | &nbsp;&nbsp;&nbsp;&nbsp; **(39887862)** | &nbsp;&nbsp;&nbsp;&nbsp; **(52070863)** | &nbsp;&nbsp;&nbsp;&nbsp; **(26184848)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30206868 | &nbsp;&nbsp;&nbsp;&nbsp; (208104820) | &nbsp;&nbsp;&nbsp;&nbsp; 32796831 | &nbsp;&nbsp;&nbsp;&nbsp; (128444158)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3224430 | &nbsp;&nbsp;&nbsp;&nbsp; 1424086 | &nbsp;&nbsp;&nbsp;&nbsp; (28487771) | &nbsp;&nbsp;&nbsp;&nbsp; (50273408)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1605698 | &nbsp;&nbsp;&nbsp;&nbsp; (1106657) | &nbsp;&nbsp;&nbsp;&nbsp; (19983939) | &nbsp;&nbsp;&nbsp;&nbsp; (815320)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1991157 | &nbsp;&nbsp;&nbsp;&nbsp; 31904 | &nbsp;&nbsp;&nbsp;&nbsp; 640954 | &nbsp;&nbsp;&nbsp;&nbsp; (762472)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3156750 | &nbsp;&nbsp;&nbsp;&nbsp; 29815 | &nbsp;&nbsp;&nbsp;&nbsp; 561304 | &nbsp;&nbsp;&nbsp;&nbsp; (6777504)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8965437 | &nbsp;&nbsp;&nbsp;&nbsp; (685750) | &nbsp;&nbsp;&nbsp;&nbsp; 1145454 | &nbsp;&nbsp;&nbsp;&nbsp; (3344)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4902504 | &nbsp;&nbsp;&nbsp;&nbsp; 1122158 | &nbsp;&nbsp;&nbsp;&nbsp; 1140682 | &nbsp;&nbsp;&nbsp;&nbsp; (295511)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (136638) | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; **53916206** | &nbsp;&nbsp;&nbsp;&nbsp; **(207289072)** | &nbsp;&nbsp;&nbsp;&nbsp; **(12186485)** | &nbsp;&nbsp;&nbsp;&nbsp; **(187371717)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(1672120)** | &nbsp;&nbsp;&nbsp;&nbsp; **(207403503)** | &nbsp;&nbsp;&nbsp;&nbsp; **(65792760)** | &nbsp;&nbsp;&nbsp;&nbsp; **(182462886)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 564895038 | &nbsp;&nbsp;&nbsp;&nbsp; 772298541 | &nbsp;&nbsp;&nbsp;&nbsp; 327403513 | &nbsp;&nbsp;&nbsp;&nbsp; 509866399  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$563222918** | &nbsp;&nbsp;&nbsp;&nbsp; **$564895038** | &nbsp;&nbsp;&nbsp;&nbsp; **$261610753** | &nbsp;&nbsp;&nbsp;&nbsp; **$327403513** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Diversified Value Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$8.11** | $0.08 | $0.49 | $0.57 | $(0.04) | $(0.16) | $(0.20) | **$8.48** | 7.09%<sup>b</sup> | $105957 | 0.61%<sup>a</sup> | 1.90%<sup>a</sup> |
| 9/30/25  | 10.46 | 0.20 | 0.93 | 1.13 | (0.23) | (3.25) | (3.48) | 8.11 | 12.05% | 93376 | 0.59% | 1.99%  |
| 9/30/24 | 11.03 | 0.23 | 2.80 | 3.03 | (0.44) | (3.16) | (3.60) | 10.46 | 29.01% | 395525 | 0.64% | 1.96% |
| 9/30/23 | 10.87 | 0.26 | 1.39 | 1.65 | (0.26) | (1.23) | (1.49) | 11.03 | 14.93% | 174006 | 0.61% | 2.31%  |
| 9/30/22 | 13.48 | 0.25 | (1.15) | (0.90) | (0.26) | (1.45) | (1.71) | 10.87 | (8.47%) | 168929 | 0.58% | 1.97%  |
| 9/30/21 | 9.87 | 0.23 | 3.62 | 3.85 | (0.24) |  | (0.24) | 13.48 | 39.59% | 230230 | 0.57% | 1.84%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$8.18** | $0.08 | $0.50 | $0.58 | $(0.04) | $(0.16) | $(0.20) | **$8.56** | 7.07%<sup>b</sup> | $134348 | 0.71%<sup>a</sup> | 1.80%<sup>a</sup>  |
| 9/30/25  | 10.51 | 0.17 | 0.96 | 1.13 | (0.21) | (3.25) | (3.46) | 8.18 | 12.04% | 140690 | 0.69% | 1.76%  |
| 9/30/24 | 11.06 | 0.22 | 2.82 | 3.04 | (0.43) | (3.16) | (3.59) | 10.51 | 28.97% | 87691 | 0.75% | 1.85% |
| 9/30/23 | 10.90 | 0.25 | 1.39 | 1.64 | (0.25) | (1.23) | (1.48) | 11.06 | 14.76% | 46196 | 0.71% | 2.21%  |
| 9/30/22 | 13.50 | 0.24 | (1.15) | (0.91) | (0.24) | (1.45) | (1.69) | 10.90 | (8.48%) | 48259 | 0.68% | 1.86%  |
| 9/30/21 | 9.89 | 0.22 | 3.62 | 3.84 | (0.23) |  | (0.23) | 13.50 | 39.38% | 70251 | 0.67% | 1.74%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 3/31/26<sup>r</sup>  | **$8.19** | $0.07 | $0.50 | $0.57 | $(0.03) | $(0.16) | $(0.19) | **$8.57** | 6.92%<sup>b</sup> | $26203 | 0.81%<sup>a</sup> | 1.71%<sup>a</sup>  |
| 9/30/25 | 10.51 | 0.17 | 0.96 | 1.13 | (0.20) | (3.25) | (3.45) | 8.19 | 11.98% | 42740 | 0.79% | 1.67%  |
| 9/30/24 | 11.06 | 0.20 | 2.83 | 3.03 | (0.42) | (3.16) | (3.58) | 10.51 | 28.86% | 44521 | 0.85% | 1.74%  |
| 9/30/23 | 10.90 | 0.24 | 1.38 | 1.62 | (0.23) | (1.23) | (1.46) | 11.06 | 14.60% | 11363 | 0.81% | 2.10%  |
| 9/30/22 | 13.50 | 0.23 | (1.15) | (0.92) | (0.23) | (1.45) | (1.68) | 10.90 | (8.57%) | 11979 | 0.78% | 1.77%  |
| 9/30/21 | 9.89 | 0.20 | 3.63 | 3.83 | (0.22) |  | (0.22) | 13.50 | 39.28% | 15170 | 0.77% | 1.65% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>** | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 38% | 68% | 46% | 45% | 43% | 60% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/26<sup>r</sup>  | **$8.35** | $0.07 | $0.50 | $0.57 | $(0.03) | $(0.16) | $(0.19) | **$8.73** | 6.78%<sup>b</sup> | $66973 | 0.91%<sup>a</sup> | 1.60%<sup>a</sup>  |
| 9/30/25  | 10.65 | 0.16 | 0.98 | 1.14 | (0.19) | (3.25) | (3.44) | 8.35 | 11.92% | 65100 | 0.89% | 1.57%  |
| 9/30/24 | 11.17 | 0.20 | 2.85 | 3.05 | (0.41) | (3.16) | (3.57) | 10.65 | 28.74% | 41046 | 0.95% | 1.64%  |
| 9/30/23 | 10.99 | 0.23 | 1.40 | 1.63 | (0.22) | (1.23) | (1.45) | 11.17 | 14.56% | 17730 | 0.91% | 2.01%  |
| 9/30/22 | 13.61 | 0.21 | (1.17) | (0.96) | (0.21) | (1.45) | (1.66) | 10.99 | (8.76%) | 16695 | 0.88% | 1.66%  |
| 9/30/21 | 9.96 | 0.19 | 3.67 | 3.86 | (0.21) |  | (0.21) | 13.61 | 39.24% | 21354 | 0.87% | 1.54%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$7.85** | $0.06 | $0.48 | $0.54 | $(0.02) | $(0.16) | $(0.18) | **$8.21** | 6.81%<sup>b</sup> | $15556 | 1.06%<sup>a</sup> | 1.45%<sup>a</sup>  |
| 9/30/25 | 10.19 | 0.13 | 0.93 | 1.06 | (0.15) | (3.25) | (3.40) | 7.85 | 11.62% | 16387 | 1.04% | 1.41%  |
| 9/30/24 | 10.79 | 0.17 | 2.75 | 2.92 | (0.36) | (3.16) | (3.52) | 10.19 | 28.57% | 13949 | 1.09% | 1.50%  |
| 9/30/23 | 10.66 | 0.21 | 1.35 | 1.56 | (0.20) | (1.23) | (1.43) | 10.79 | 14.35% | 9562 | 1.06% | 1.87%  |
| 9/30/22 | 13.24 | 0.19 | (1.12) | (0.93) | (0.20) | (1.45) | (1.65) | 10.66 | (8.83%) | 8853 | 1.03% | 1.51%  |
| 9/30/21 | 9.70 | 0.17 | 3.57 | 3.74 | (0.20) |  | (0.20) | 13.24 | 39.00% | 12608 | 1.02% | 1.39%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$8.18** | $0.06 | $0.49 | $0.55 | $(0.01) | $(0.16) | $(0.17) | **$8.56** | 6.75%<sup>b</sup> | $78045 | 1.11%<sup>a</sup> | 1.40%<sup>a</sup>  |
| 9/30/25 | 10.49 | 0.13 | 0.97 | 1.10 | (0.16) | (3.25) | (3.41) | 8.18 | 11.66% | 84262 | 1.09% | 1.35%  |
| 9/30/24 | 11.02 | 0.17 | 2.81 | 2.98 | (0.35) | (3.16) | (3.51) | 10.49 | 28.45% | 48480 | 1.16% | 1.43% |
| 9/30/23 | 10.86 | 0.20 | 1.38 | 1.58 | (0.19) | (1.23) | (1.42) | 11.02 | 14.25% | 22250 | 1.16% | 1.77%  |
| 9/30/22 | 13.45 | 0.18 | (1.15) | (0.97) | (0.17) | (1.45) | (1.62) | 10.86 | (8.93%) | 21805 | 1.13% | 1.42%  |
| 9/30/21 | 9.85 | 0.16 | 3.63 | 3.79 | (0.19) |  | (0.19) | 13.45 | 38.84% | 26835 | 1.12% | 1.29%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$8.05** | $0.05 | $0.48 | $0.53 | $(0.01) | $(0.16) | $(0.17) | **$8.41** | 6.61%<sup>b</sup> | $9336 | 1.31%<sup>a</sup> | 1.20%<sup>a</sup>  |
| 9/30/25 | 10.39 | 0.11 | 0.95 | 1.06 | (0.15) | (3.25) | (3.40) | 8.05 | 11.38% | 9593 | 1.29% | 1.14%  |
| 9/30/24 | 10.91 | 0.15 | 2.79 | 2.94 | (0.30) | (3.16) | (3.46) | 10.39 | 28.30% | 2737 | 1.35% | 1.25%  |
| 9/30/23 | 10.78 | 0.18 | 1.37 | 1.55 | (0.19) | (1.23) | (1.42) | 10.91 | 14.07% | 684 | 1.31% | 1.60%  |
| 9/30/22 | 13.35 | 0.16 | (1.14) | (0.98) | (0.14) | (1.45) | (1.59) | 10.78 | (9.09%) | 1395 | 1.28% | 1.31%  |
| 9/30/21 | 9.77 | 0.14 | 3.61 | 3.75 | (0.17) |  | (0.17) | 13.35 | 38.73% | 1082 | 1.27% | 1.14%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$8.18** | $0.07 | $0.51 | $0.58 | $(0.02) | $(0.16) | $(0.18) | **$8.58** | 7.13%<sup>b</sup> | $63 | 0.71%<sup>a</sup> | 1.77%<sup>a</sup>  |
| 9/30/25  | 10.51 | 0.18 | 0.95 | 1.13 | (0.21) | (3.25) | (3.46) | 8.18 | 12.03% | 207 | 0.69% | 1.77% |
| 9/30/24 | 11.06 | 0.22 | 2.82 | 3.04 | (0.43) | (3.16) | (3.59) | 10.51 | 29.02% | 188 | 0.75% | 1.85% |
| 9/30/23<sup>g</sup> | 11.66 | 0.17 | (0.77)<sup>aa</sup> | (0.60) |  |  |  | 11.06 | (5.15%)<sup>b</sup> | 95 | 0.71%<sup>a</sup> | 2.26%<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MM S&P 500</u><sup><u>®</u></sup> <u>Index Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$16.63** | $0.08 | $(0.29) | $(0.21) | $(0.18) | $(2.34) | $(2.52) | **$13.90** | (1.85%)<sup>b</sup> | $523064 | 0.15%<sup>a</sup> | 1.08%<sup>a</sup>  |
| 9/30/25  | 18.61 | 0.18 | 2.52 | 2.70 | (0.25) | (4.43) | (4.68) | 16.63 | 17.39% | 519070 | 0.14% | 1.17%  |
| 9/30/24 | 14.69 | 0.22 | 4.81 | 5.03 | (0.22) | (0.89) | (1.11) | 18.61 | 36.07% | 653044 | 0.14% | 1.34% |
| 9/30/23 | 15.93 | 0.23 | 2.82 | 3.05 | (0.28) | (4.01) | (4.29) | 14.69 | 21.49% | 985761 | 0.14% | 1.54%  |
| 9/30/22 | 21.46 | 0.27 | (2.98) | (2.71) | (0.29) | (2.53) | (2.82) | 15.93 | (15.56%) | 900471 | 0.12% | 1.36%  |
| 9/30/21 | 19.31 | 0.28 | 4.91 | 5.19 | (0.39) | (2.65) | (3.04) | 21.46 | 29.93% | 1495161 | 0.12% | 1.36%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$16.80** | $0.08 | $(0.31) | $(0.23) | $(0.16) | $(2.34) | $(2.50) | **$14.07** | (1.94%)<sup>b</sup> | $306747 | 0.25%<sup>a</sup> | 0.97%<sup>a</sup>  |
| 9/30/25 | 18.75 | 0.17 | 2.54 | 2.71 | (0.23) | (4.43) | (4.66) | 16.80 | 17.28% | 403951 | 0.24% | 1.07%  |
| 9/30/24 | 14.79 | 0.20 | 4.86 | 5.06 | (0.21) | (0.89) | (1.10) | 18.75 | 35.96% | 395100 | 0.24% | 1.23%  |
| 9/30/23 | 16.00 | 0.21 | 2.85 | 3.06 | (0.26) | (4.01) | (4.27) | 14.79 | 21.40% | 320371 | 0.24% | 1.44%  |
| 9/30/22 | 21.55 | 0.25 | (3.01) | (2.76) | (0.26) | (2.53) | (2.79) | 16.00 | (15.68%) | 300070 | 0.22% | 1.27%  |
| 9/30/21 | 19.38 | 0.26 | 4.93 | 5.19 | (0.37) | (2.65) | (3.02) | 21.55 | 29.78% | 471641 | 0.22% | 1.26%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 3/31/26<sup>r</sup>  | **$16.90** | $0.06 | $(0.30) | $(0.24) | $(0.14) | $(2.34) | $(2.48) | **$14.18** | (2.02%)<sup>b</sup> | $271742 | 0.40%<sup>a</sup> | 0.83%<sup>a</sup>  |
| 9/30/25 | 18.83 | 0.15 | 2.55 | 2.70 | (0.20) | (4.43) | (4.63) | 16.90 | 17.12% | 305928 | 0.39% | 0.92%  |
| 9/30/24 | 14.85 | 0.18 | 4.87 | 5.05 | (0.18) | (0.89) | (1.07) | 18.83 | 35.74% | 326017 | 0.39% | 1.08%  |
| 9/30/23 | 16.04 | 0.19 | 2.86 | 3.05 | (0.23) | (4.01) | (4.24) | 14.85 | 21.24% | 263472 | 0.39% | 1.29%  |
| 9/30/22 | 21.60 | 0.22 | (3.02) | (2.80) | (0.23) | (2.53) | (2.76) | 16.04 | (15.84%) | 244212 | 0.37% | 1.12%  |
| 9/30/21 | 19.41 | 0.23 | 4.95 | 5.18 | (0.34) | (2.65) | (2.99) | 21.60 | 29.63% | 371149 | 0.37% | 1.11% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 2% | 5% | 4% | 2% | 2% | 4% |

---

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. 

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/26<sup>r</sup>  | **$16.04** | $0.05 | $(0.28) | $(0.23) | $(0.12) | $(2.34) | $(2.46) | **$13.35** | (2.03%)<sup>b</sup> | $234383 | 0.50%<sup>a</sup> | 0.73%<sup>a</sup>  |
| 9/30/25  | 18.10 | 0.12 | 2.43 | 2.55 | (0.18) | (4.43) | (4.61) | 16.04 | 16.96% | 256711 | 0.49% | 0.82%  |
| 9/30/24 | 14.30 | 0.16 | 4.70 | 4.86 | (0.17) | (0.89) | (1.06) | 18.10 | 35.72% | 268409 | 0.49% | 0.98% |
| 9/30/23 | 15.59 | 0.17 | 2.76 | 2.93 | (0.21) | (4.01) | (4.22) | 14.30 | 21.04% | 219664 | 0.49% | 1.19%  |
| 9/30/22 | 21.05 | 0.19 | (2.92) | (2.73) | (0.20) | (2.53) | (2.73) | 15.59 | (15.88%) | 213739 | 0.47% | 1.01%  |
| 9/30/21 | 18.99 | 0.20 | 4.83 | 5.03 | (0.32) | (2.65) | (2.97) | 21.05 | 29.45% | 368149 | 0.47% | 1.01%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$15.47** | $0.04 | $(0.27) | $(0.23) | $(0.10) | $(2.34) | $(2.44) | **$12.80** | (2.13%)<sup>b</sup> | $308741 | 0.65%<sup>a</sup> | 0.58%<sup>a</sup>  |
| 9/30/25 | 17.60 | 0.10 | 2.35 | 2.45 | (0.15) | (4.43) | (4.58) | 15.47 | 16.78% | 355844 | 0.64% | 0.67%  |
| 9/30/24 | 13.94 | 0.13 | 4.57 | 4.70 | (0.15) | (0.89) | (1.04) | 17.60 | 35.46% | 382613 | 0.64% | 0.84%  |
| 9/30/23 | 15.29 | 0.15 | 2.70 | 2.85 | (0.19) | (4.01) | (4.20) | 13.94 | 20.87% | 360408 | 0.64% | 1.04%  |
| 9/30/22 | 20.69 | 0.16 | (2.87) | (2.71) | (0.16) | (2.53) | (2.69) | 15.29 | (16.01%) | 333263 | 0.62% | 0.87%  |
| 9/30/21 | 18.71 | 0.17 | 4.75 | 4.92 | (0.29) | (2.65) | (2.94) | 20.69 | 29.26% | 494937 | 0.62% | 0.87%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$15.17** | $0.03 | $(0.26) | $(0.23) | $(0.10) | $(2.34) | $(2.44) | **$12.50** | (2.20%)<sup>b</sup> | $33091 | 0.75%<sup>a</sup> | 0.48%<sup>a</sup>  |
| 9/30/25 | 17.36 | 0.08 | 2.32 | 2.40 | (0.16) | (4.43) | (4.59) | 15.17 | 16.72% | 32921 | 0.74% | 0.57%  |
| 9/30/24 | 13.76 | 0.11 | 4.51 | 4.62 | (0.13) | (0.89) | (1.02) | 17.36 | 35.29% | 24688 | 0.74% | 0.72% |
| 9/30/23 | 15.15 | 0.13 | 2.67 | 2.80 | (0.18) | (4.01) | (4.19) | 13.76 | 20.73% | 14603 | 0.74% | 0.95%  |
| 9/30/22 | 20.51 | 0.14 | (2.83) | (2.69) | (0.14) | (2.53) | (2.67) | 15.15 | (16.06%) | 18172 | 0.72% | 0.77%  |
| 9/30/21 | 18.57 | 0.15 | 4.72 | 4.87 | (0.28) | (2.65) | (2.93) | 20.51 | 29.14% | 25655 | 0.72% | 0.76%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$14.17** | $0.02 | $(0.23) | $(0.21) | $(0.08) | $(2.34) | $(2.42) | **$11.54** | (2.20%)<sup>b</sup> | $351820 | 0.90%<sup>a</sup> | 0.33%<sup>a</sup>  |
| 9/30/25 | 16.50 | 0.06 | 2.17 | 2.23 | (0.13) | (4.43) | (4.56) | 14.17 | 16.49% | 372841 | 0.89% | 0.42%  |
| 9/30/24 | 13.14 | 0.08 | 4.29 | 4.37 | (0.12) | (0.89) | (1.01) | 16.50 | 35.06% | 325488 | 0.89% | 0.58% |
| 9/30/23 | 14.62 | 0.10 | 2.58 | 2.68 | (0.15) | (4.01) | (4.16) | 13.14 | 20.62% | 242145 | 0.89% | 0.78%  |
| 9/30/22 | 19.92 | 0.11 | (2.74) | (2.63) | (0.14) | (2.53) | (2.67) | 14.62 | (16.25%) | 212307 | 0.87% | 0.63%  |
| 9/30/21 | 18.12 | 0.11 | 4.60 | 4.71 | (0.26) | (2.65) | (2.91) | 19.92 | 28.96% | 271678 | 0.87% | 0.60% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Blue Chip Growth Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period** | **Net investment** <br>**income** <br>(loss)<sup>c</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments** | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net investment income** | **From net** <br>**realized** <br>**gains** | **Total distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Total** <br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>** | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$27.21** | $(0.02) | $(1.98) | $(2.00) | $— | $(8.20) | $(8.20) | **$17.01** | (10.45%)<sup>b</sup> | $1126174 | 0.67%<sup>a</sup> | (0.15%)<sup>a</sup>  |
| 9/30/25  | 22.27 | (0.03) | 5.38 | 5.35 |  | (0.41) | (0.41) | 27.21 | 24.23% | 1297133 | 0.65% | (0.13%)  |
| 9/30/24 | 21.48 | (0.02) | 8.01 | 7.99 |  | (7.20) | (7.20) | 22.27 | 43.54% | 1853589 | 0.65% | (0.10%)  |
| 9/30/23 | 18.74 | (0.02) | 5.76 | 5.74 | (0.09) | (2.91) | (3.00) | 21.48 | 34.60% | 1436141 | 0.65% | (0.09%)  |
| 9/30/22 | 33.66 | (0.04) | (8.56) | (8.60) |  | (6.32) | (6.32) | 18.74 | (31.96%) | 1748402 | 0.64% | (0.15%)  |
| 9/30/21 | 28.98 | (0.05) | 6.11 | 6.06 |  | (1.38) | (1.38) | 33.66 | 21.60% | 2790281 | 0.63% | (0.15%)  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$26.96** | $(0.03) | $(1.96) | $(1.99) | $— | $(8.20) | $(8.20) | **$16.77** | (10.52%)<sup>b</sup> | $233929 | 0.77%<sup>a</sup> | (0.25%)<sup>a</sup>  |
| 9/30/25 | 22.09 | (0.05) | 5.33 | 5.28 |  | (0.41) | (0.41) | 26.96 | 24.11% | 280016 | 0.76% | (0.22%)  |
| 9/30/24 | 21.37 | (0.04) | 7.96 | 7.92 |  | (7.20) | (7.20) | 22.09 | 43.42% | 319891 | 0.75% | (0.20%) |
| 9/30/23 | 18.65 | (0.04) | 5.74 | 5.70 | (0.07) | (2.91) | (2.98) | 21.37 | 34.48% | 272965 | 0.75% | (0.19%)  |
| 9/30/22 | 33.56 | (0.06) | (8.53) | (8.59) |  | (6.32) | (6.32) | 18.65 | (32.04%) | 333396 | 0.74% | (0.25%)  |
| 9/30/21 | 28.93 | (0.08) | 6.09 | 6.01 |  | (1.38) | (1.38) | 33.56 | 21.46% | 616307 | 0.73% | (0.25%)  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 3/31/26<sup>r</sup>  | **$26.25** | $(0.04) | $(1.88) | $(1.92) | $— | $(8.20) | $(8.20) | **$16.13** | (10.55%)<sup>b</sup> | $109673 | 0.86%<sup>a</sup> | (0.37%)<sup>a</sup>  |
| 9/30/25 | 21.54 | (0.07) | 5.19 | 5.12 |  | (0.41) | (0.41) | 26.25 | 23.98% | 203178 | 0.86% | (0.32%)  |
| 9/30/24 | 21.00 | (0.07) | 7.81 | 7.74 |  | (7.20) | (7.20) | 21.54 | 43.30% | 175054 | 0.85% | (0.30%) |
| 9/30/23 | 18.37 | (0.06) | 5.65 | 5.59 | (0.05) | (2.91) | (2.96) | 21.00 | 34.34% | 132292 | 0.85% | (0.29%)  |
| 9/30/22 | 33.18 | (0.09) | (8.40) | (8.49) |  | (6.32) | (6.32) | 18.37 | (32.12%) | 121094 | 0.84% | (0.35%)  |
| 9/30/21 | 28.64 | (0.11) | 6.03 | 5.92 |  | (1.38) | (1.38) | 33.18 | 21.36% | 207565 | 0.83% | (0.35%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate** <br>| 2% | 14% | 11% | 16% | 16% | 20% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period** | **Net investment** <br>**income** <br>(loss)<sup>c</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments** | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net investment income** | **From net** <br>**realized** <br>**gains** | **Total distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Total** <br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>** | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/26<sup>r</sup>  | **$25.19** | $(0.04) | $(1.78) | $(1.82) | $— | $(8.20) | $(8.20) | **$15.17** | (10.60%)<sup>b</sup> | $171373 | 0.97%<sup>a</sup> | (0.45%)<sup>a</sup>  |
| 9/30/25  | 20.70 | (0.09) | 4.99 | 4.90 |  | (0.41) | (0.41) | 25.19 | 23.88% | 206628 | 0.96% | (0.42%)  |
| 9/30/24 | 20.43 | (0.08) | 7.55 | 7.47 |  | (7.20) | (7.20) | 20.70 | 43.17% | 203151 | 0.95% | (0.40%) |
| 9/30/23 | 17.95 | (0.07) | 5.48 | 5.41 | (0.02) | (2.91) | (2.93) | 20.43 | 34.14% | 152817 | 0.95% | (0.39%)  |
| 9/30/22 | 32.58 | (0.11) | (8.20) | (8.31) |  | (6.32) | (6.32) | 17.95 | (32.16%) | 171168 | 0.94% | (0.46%)  |
| 9/30/21 | 28.18 | (0.14) | 5.92 | 5.78 |  | (1.38) | (1.38) | 32.58 | 21.21% | 347256 | 0.93% | (0.45%)  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$22.20** | $(0.05) | $(1.46) | $(1.51) | $— | $(8.20) | $(8.20) | **$12.49** | (10.65%)<sup>b</sup> | $49874 | 1.12%<sup>a</sup> | (0.60%)<sup>a</sup>  |
| 9/30/25 | 18.32 | (0.11) | 4.40 | 4.29 |  | (0.41) | (0.41) | 22.20 | 23.65% | 64505 | 1.11% | (0.57%)  |
| 9/30/24 | 18.79 | (0.11) | 6.84 | 6.73 |  | (7.20) | (7.20) | 18.32 | 42.97% | 58530 | 1.10% | (0.55%) |
| 9/30/23 | 16.73 | (0.09) | 5.06 | 4.97 |  | (2.91) | (2.91) | 18.79 | 33.92% | 45784 | 1.10% | (0.54%)  |
| 9/30/22 | 30.82 | (0.14) | (7.63) | (7.77) |  | (6.32) | (6.32) | 16.73 | (32.26%) | 48674 | 1.08% | (0.59%)  |
| 9/30/21 | 26.76 | (0.17) | 5.61 | 5.44 |  | (1.38) | (1.38) | 30.82 | 21.05% | 128730 | 1.08% | (0.60%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$22.10** | $(0.05) | $(1.45) | $(1.50) | $— | $(8.20) | $(8.20) | **$12.40** | (10.66%)<sup>b</sup> | $72490 | 1.17%<sup>a</sup> | (0.65%)<sup>a</sup>  |
| 9/30/25 | 18.25 | (0.12) | 4.38 | 4.26 |  | (0.41) | (0.41) | 22.10 | 23.58% | 89744 | 1.16% | (0.62%)  |
| 9/30/24 | 18.75 | (0.12) | 6.82 | 6.70 |  | (7.20) | (7.20) | 18.25 | 42.90% | 93830 | 1.17% | (0.62%)  |
| 9/30/23 | 16.71 | (0.11) | 5.06 | 4.95 |  | (2.91) | (2.91) | 18.75 | 33.82% | 81524 | 1.20% | (0.64%)  |
| 9/30/22 | 30.82 | (0.16) | (7.63) | (7.79) |  | (6.32) | (6.32) | 16.71 | (32.34%) | 80084 | 1.19% | (0.70%)  |
| 9/30/21 | 26.79 | (0.20) | 5.61 | 5.41 |  | (1.38) | (1.38) | 30.82 | 20.91% | 142265 | 1.18% | (0.69%)  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$17.92** | $(0.05) | $(1.02) | $(1.07) | $— | $(8.20) | $(8.20) | **$8.65** | (10.78%)<sup>b</sup> | $33475 | 1.37%<sup>a</sup> | (0.85%)<sup>a</sup>  |
| 9/30/25  | 14.90 | (0.13) | 3.56 | 3.43 |  | (0.41) | (0.41) | 17.92 | 23.31% | 42565 | 1.35% | (0.82%) |
| 9/30/24 | 16.43 | (0.13) | 5.80 | 5.67 |  | (7.20) | (7.20) | 14.90 | 42.63% | 44207 | 1.35% | (0.80%) |
| 9/30/23 | 15.00 | (0.12) | 4.46 | 4.34 |  | (2.91) | (2.91) | 16.43 | 33.59% | 34246 | 1.35% | (0.80%)  |
| 9/30/22 | 28.32 | (0.18) | (6.82) | (7.00) |  | (6.32) | (6.32) | 15.00 | (32.41%) | 30331 | 1.34% | (0.85%)  |
| 9/30/21 | 24.76 | (0.23) | 5.17 | 4.94 |  | (1.38) | (1.38) | 28.32 | 20.72% | 55690 | 1.33% | (0.85%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$26.96** | $(0.03) | $(1.96) | $(1.99) | $— | $(8.20) | $(8.20) | **$16.77** | (10.52%)<sup>b</sup> | $84 | 0.76%<sup>a</sup> | (0.27%)<sup>a</sup>  |
| 9/30/25 | 22.09 | (0.05) | 5.33 | 5.28 |  | (0.41) | (0.41) | 26.96 | 24.11% | 332 | 0.76% | (0.22%)  |
| 9/30/24 | 21.37 | (0.05) | 7.97 | 7.92 |  | (7.20) | (7.20) | 22.09 | 43.40% | 243 | 0.75% | (0.20%) |
| 9/30/23<sup>g</sup> | 18.41 | (0.03) | 2.99 | 2.96 |  |  |  | 21.37 | 16.08%<sup>b</sup> | 116 | 0.76%<sup>a</sup> | (0.20%)<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Mid Cap Growth Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/26<sup>r</sup>  | **$19.97** | $(0.01) | $(0.40) | $(0.41) | $— | $(3.40) | $(3.40) | **$16.16** | (2.72%)<sup>b</sup> | $1942958 | 0.70%<sup>a</sup> | 0.67%<sup>a</sup>  | (0.07%)<sup>a</sup> |
| 9/30/25  | 21.93  | (0.01)  | 0.91  | 0.90  | (0.15)  | (2.71)  | (2.86)  | 19.97  | 3.89%  | 2777305  | 0.68%  | 0.66%  | (0.06%) |
| 9/30/24 | 18.72 | (0.01) | 4.29 | 4.28 |  | (1.07) | (1.07) | 21.93 | 23.63% | 3860412 | 0.67% | 0.66% | (0.03%)  |
| 9/30/23  | 18.55  | 0.01  | 2.79  | 2.80  | —  | (2.63)  | (2.63)  | 18.72  | 15.49%  | 3729654  | 0.72%  | 0.68%  | 0.05%  |
| 9/30/22 | 31.23 | (0.05) | (6.68) | (6.73) |  | (5.95) | (5.95) | 18.55 | (26.70%) | 3824988 | 0.71% | 0.69% | (0.19%)  |
| 9/30/21 | 25.51 | (0.08) | 7.39 | 7.31 |  | (1.59) | (1.59) | 31.23 | 29.56% | 6514823 | 0.70% | N/A | (0.26%)  |
| **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  |
| 3/31/26<sup>r</sup>  | **$19.43** | $(0.02) | $(0.39) | $(0.41) | $— | $(3.40) | $(3.40) | **$15.62** | (2.81%)<sup>b</sup> | $518683 | 0.80%<sup>a</sup> | 0.77%<sup>a</sup>  | (0.18%)<sup>a</sup>  |
| 9/30/25  | 21.41  | (0.03)  | 0.88  | 0.85  | (0.12)  | (2.71)  | (2.83)  | 19.43  | 3.79%  | 691273  | 0.78%  | 0.76%  | (0.16%)  |
| 9/30/24 | 18.32 | (0.02) | 4.18 | 4.16 |  | (1.07) | (1.07) | 21.41 | 23.48% | 846108 | 0.77% | 0.76% | (0.12%) |
| 9/30/23  | 18.22  | (0.01)<sup>bb</sup>  | 2.74  | 2.73  | —  | (2.63)  | (2.63)  | 18.32  | 15.38%  | 848344  | 0.82%  | 0.78%  | (0.05%)  |
| 9/30/22 | 30.80 | (0.07) | (6.56) | (6.63) |  | (5.95) | (5.95) | 18.22 | (26.76%) | 834945 | 0.81% | 0.79% | (0.30%)  |
| 9/30/21 | 25.20 | (0.11) | 7.30 | 7.19 |  | (1.59) | (1.59) | 30.80 | 29.44% | 1668653 | 0.80% | N/A | (0.36%)  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 3/31/26<sup>r</sup>  | **$18.30** | $(0.02) | $(0.36) | $(0.38) | $— | $(3.40) | $(3.40) | **$14.52** | (2.82%)<sup>b</sup> | $68890 | 0.90%<sup>a</sup> | 0.87%<sup>a</sup>  | (0.28%)<sup>a</sup>  |
| 9/30/25  | 20.32  | (0.05)  | 0.84  | 0.79  | (0.10)  | (2.71)  | (2.81)  | 18.30  | 3.67%  | 118296  | 0.88%  | 0.86%  | (0.26%)  |
| 9/30/24 | 17.45 | (0.04) | 3.98 | 3.94 |  | (1.07) | (1.07) | 20.32 | 23.39% | 144867 | 0.87% | 0.86% | (0.22%) |
| 9/30/23  | 17.48  | (0.03)<sup>bb</sup>  | 2.63  | 2.60  | —  | (2.63)  | (2.63)  | 17.45  | 15.27%  | 138437  | 0.92%  | 0.88%  | (0.15%)  |
| 9/30/22 | 29.82 | (0.09) | (6.30) | (6.39) |  | (5.95) | (5.95) | 17.48 | (26.85%) | 158487 | 0.91% | 0.89% | (0.39%)  |
| 9/30/21 | 24.47 | (0.13) | 7.07 | 6.94 |  | (1.59) | (1.59) | 29.82 | 29.29% | 325714 | 0.90% | N/A | (0.46%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate**  | 22% | 38% | 32% | 32% | 22% | 29% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/26<sup>r</sup>  | **$16.44** | $(0.03) | $(0.31) | $(0.34) | $— | $(3.40) | $(3.40) | **$12.70** | (2.90%)<sup>b</sup> | $74531 | 1.00%<sup>a</sup> | 0.97%<sup>a</sup>  | (0.37%)<sup>a</sup>  |
| 9/30/25  | 18.52  | (0.06)  | 0.77  | 0.71  | (0.08)  | (2.71)  | (2.79)  | 16.44  | 3.61%  | 94918  | 0.98%  | 0.96%  | (0.36%)  |
| 9/30/24 | 16.01 | (0.06) | 3.64 | 3.58 |  | (1.07) | (1.07) | 18.52 | 23.24% | 117654 | 0.97% | 0.96% | (0.33%)  |
| 9/30/23  | 16.24  | (0.04)<sup>bb</sup>  | 2.44  | 2.40  | —  | (2.63)  | (2.63)  | 16.01  | 15.19%  | 123684  | 1.02%  | 0.98%  | (0.25%)  |
| 9/30/22 | 28.15 | (0.10) | (5.86) | (5.96) |  | (5.95) | (5.95) | 16.24 | (26.93%) | 136292 | 1.01% | 0.99% | (0.49%)  |
| 9/30/21 | 23.20 | (0.15) | 6.69 | 6.54 |  | (1.59) | (1.59) | 28.15 | 29.16% | 246666 | 1.00% | N/A | (0.56%)  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$13.63** | $(0.03) | $(0.24) | $(0.27) | $— | $(3.40) | $(3.40) | **$9.96** | (3.00%)<sup>b</sup> | $22839 | 1.15%<sup>a</sup> | 1.12%<sup>a</sup>  | (0.54%)<sup>a</sup>  |
| 9/30/25  | 15.82 | (0.07) | 0.66 | 0.59 | (0.07) | (2.71) | (2.78) | 13.63 | 3.40% | 32235 | 1.13% | 1.11% | (0.51%)  |
| 9/30/24 | 13.83 | (0.07) | 3.13 | 3.06 |  | (1.07) | (1.07) | 15.82 | 23.13% | 45671 | 1.12% | 1.11% | (0.48%) |
| 9/30/23 | 14.37 | (0.06)<sup>bb</sup> | 2.15 | 2.09 |  | (2.63) | (2.63) | 13.83 | 14.99% | 46605 | 1.17% | 1.13% | (0.40%)  |
| 9/30/22 | 25.63 | (0.13) | (5.18) | (5.31) |  | (5.95) | (5.95) | 14.37 | (27.06%) | 59611 | 1.16% | 1.14% | (0.66%)  |
| 9/30/21 | 21.28 | (0.17) | 6.11 | 5.94 |  | (1.59) | (1.59) | 25.63 | 28.97% | 155374 | 1.15% | N/A | (0.72%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$13.29** | $(0.03) | $(0.23) | $(0.26) | $— | $(3.40) | $(3.40) | **$9.63** | (2.99%)<sup>b</sup> | $56990 | 1.20%<sup>a</sup> | 1.17%<sup>a</sup>  | (0.57%)<sup>a</sup>  |
| 9/30/25  | 15.48 | (0.07) | 0.64 | 0.57 | (0.05) | (2.71) | (2.76) | 13.29 | 3.39% | 66325 | 1.18% | 1.16% | (0.56%)  |
| 9/30/24 | 13.57 | (0.08) | 3.06 | 2.98 |  | (1.07) | (1.07) | 15.48 | 22.98% | 75519 | 1.18% | 1.17% | (0.54%)  |
| 9/30/23 | 14.15 | (0.07)<sup>bb</sup> | 2.12 | 2.05 |  | (2.63) | (2.63) | 13.57 | 14.94% | 84046 | 1.27% | 1.23% | (0.50%)  |
| 9/30/22 | 25.35 | (0.14) | (5.11) | (5.25) |  | (5.95) | (5.95) | 14.15 | (27.14%) | 87758 | 1.26% | 1.24% | (0.74%)  |
| 9/30/21 | 21.08 | (0.20) | 6.06 | 5.86 |  | (1.59) | (1.59) | 25.35 | 28.86% | 167114 | 1.25% | N/A | (0.81%)  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$10.52** | $(0.03) | $(0.16) | $(0.19) | $— | $(3.40) | $(3.40) | **$6.93** | (3.17%)<sup>b</sup> | $15991 | 1.40%<sup>a</sup> | 1.37%<sup>a</sup>  | (0.77%)<sup>a</sup>  |
| 9/30/25  | 12.82 | (0.08) | 0.54 | 0.46 | (0.05) | (2.71) | (2.76) | 10.52 | 3.17% | 15830 | 1.38% | 1.36% | (0.75%)  |
| 9/30/24 | 11.42 | (0.09) | 2.56 | 2.47 |  | (1.07) | (1.07) | 12.82 | 22.83% | 17564 | 1.37% | 1.36% | (0.72%) |
| 9/30/23 | 12.30 | (0.08)<sup>bb</sup> | 1.83 | 1.75 |  | (2.63) | (2.63) | 11.42 | 14.70% | 18253 | 1.42% | 1.38% | (0.65%)  |
| 9/30/22 | 22.84 | (0.14) | (4.45) | (4.59) |  | (5.95) | (5.95) | 12.30 | (27.25%) | 19336 | 1.41% | 1.39% | (0.89%)  |
| 9/30/21 | 19.16 | (0.21) | 5.48 | 5.27 |  | (1.59) | (1.59) | 22.84 | 28.65% | 31715 | 1.40% | N/A | (0.96%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$19.43** | $(0.01) | $(0.40) | $(0.41) | $— | $(3.40) | $(3.40) | **$15.62** | (2.80%)<sup>b</sup> | $83 | 0.80%<sup>a</sup> | 0.77%<sup>a</sup>  | (0.16%)<sup>a</sup>  |
| 9/30/25  | 21.41 | (0.03) | 0.88 | 0.85 | (0.12) | (2.71) | (2.83) | 19.43 | 3.79% | 103 | 0.78% | 0.76% | (0.15%)  |
| 9/30/24 | 18.32 | (0.02) | 4.18 | 4.16 |  | (1.07) | (1.07) | 21.41 | 23.48% | 114 | 0.77% | 0.76% | (0.12%)  |
| 9/30/23<sup>g</sup> | 18.84 | (0.00)<sup>d,bb</sup> | (0.52)<sup>aa</sup> | (0.52) |  |  |  | 18.32 | (2.76%)<sup>b</sup> | 97 | 0.82%<sup>a</sup> | 0.79%<sup>a</sup> | (0.04%)<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Small Cap Growth Equity Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and** <br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$17.17** | $(0.02) | $1.28 | $1.26 | $— | $(2.81) | $(2.81) | **$15.62** | 7.63%<sup>b</sup> | $391685 | 0.88%<sup>a</sup> | (0.19%)<sup>a</sup>  |
| 9/30/25  | 16.94  | (0.04)  | 1.09  | 1.05  | (0.00)<sup>d</sup> | (0.82)  | (0.82)  | 17.17  | 6.28%  | 394330  | 0.88%  | (0.22%)  |
| 9/30/24 | 13.05 | (0.01) | 3.90 | 3.89 |  |  |  | 16.94 | 29.81% | 601905 | 0.85% | (0.03%)  |
| 9/30/23 | 11.96 | 0.01 | 1.08 | 1.09 | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | 13.05 | 9.15% | 562807 | 0.86% | 0.07%  |
| 9/30/22 | 20.88 | (0.02) | (4.41) | (4.43) |  | (4.49) | (4.49) | 11.96 | (26.63%) | 368199 | 0.87% | (0.12%)  |
| 9/30/21 | 16.42 | (0.07) | 5.93 | 5.86 |  | (1.40) | (1.40) | 20.88 | 36.62% | 487031 | 0.86% | (0.37%)  |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| 3/31/26<sup>r</sup>  | **$16.65** | $(0.02) | $1.23 | $1.21 | $— | $(2.81) | $(2.81) | **$15.05** | 7.57%<sup>b</sup> | $97613 | 0.98%<sup>a</sup> | (0.29%)<sup>a</sup>  |
| 9/30/25  | 16.46 | (0.05) | 1.06 | 1.01 |  | (0.82) | (0.82) | 16.65 | 6.19% | 103258 | 0.98% | (0.31%)  |
| 9/30/24 | 12.69 | (0.02) | 3.79 | 3.77 |  |  |  | 16.46 | 29.71% | 101773 | 0.95% | (0.13%)  |
| 9/30/23 | 11.64 | (0.00)<sup>d,bb</sup> | 1.05 | 1.05 |  |  |  | 12.69 | 9.02% | 135631 | 0.96% | (0.02%)  |
| 9/30/22 | 20.47 | (0.04) | (4.30) | (4.34) |  | (4.49) | (4.49) | 11.64 | (26.73%) | 88121 | 0.97% | (0.24%)  |
| 9/30/21 | 16.13 | (0.09) | 5.83 | 5.74 |  | (1.40) | (1.40) | 20.47 | 36.53% | 155912 | 0.96% | (0.47%)  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 3/31/26<sup>r</sup>  | **$14.85** | $(0.03) | $1.09 | $1.06 | $— | $(2.81) | $(2.81) | **$13.10** | 7.47%<sup>b</sup> | $12035 | 1.08%<sup>a</sup> | (0.39%)<sup>a</sup>  |
| 9/30/25  | 14.78 | (0.06) | 0.95 | 0.89 |  | (0.82) | (0.82) | 14.85 | 6.08% | 11728 | 1.08% | (0.41%)  |
| 9/30/24 | 11.41 | (0.03) | 3.40 | 3.37 |  |  |  | 14.78 | 29.54% | 12621 | 1.05% | (0.23%)  |
| 9/30/23 | 10.47 | (0.01)<sup>bb</sup> | 0.95 | 0.94 |  |  |  | 11.41 | 8.98% | 13031 | 1.06% | (0.13%)  |
| 9/30/22 | 18.89 | (0.05) | (3.88) | (3.93) |  | (4.49) | (4.49) | 10.47 | (26.82%) | 17932 | 1.06% | (0.34%)  |
| 9/30/21 | 14.99 | (0.10) | 5.40 | 5.30 |  | (1.40) | (1.40) | 18.89 | 36.36% | 36258 | 1.06% | (0.57%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate**  | 39% | 76% | 54% | 64% | 75% | 81% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

---

| | |
|:---|:---|
| e<br>| Amount is less than 0.005%. |

---

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/26<sup>r</sup>  | **$12.96** | $(0.03) | $0.95 | $0.92 | $— | $(2.81) | $(2.81) | **$11.07** | 7.49%<sup>b</sup> | $17354 | 1.18%<sup>a</sup> | (0.49%)<sup>a</sup>  |
| 9/30/25  | 13.01  | (0.06)  | 0.83  | 0.77  | —  | (0.82)  | (0.82)  | 12.96  | 5.98%  | 17831  | 1.18%  | (0.51%) |
| 9/30/24 | 10.05 | (0.04) | 3.00 | 2.96 |  |  |  | 13.01 | 29.45% | 17985 | 1.15% | (0.33%)  |
| 9/30/23 | 9.24 | (0.02)<sup>bb</sup> | 0.83 | 0.81 |  |  |  | 10.05 | 8.77% | 16287 | 1.17% | (0.23%)  |
| 9/30/22 | 17.21 | (0.05) | (3.43) | (3.48) |  | (4.49) | (4.49) | 9.24 | (26.83%) | 18393 | 1.17% | (0.43%)  |
| 9/30/21 | 13.77 | (0.11) | 4.95 | 4.84 |  | (1.40) | (1.40) | 17.21 | 36.23% | 29715 | 1.16% | (0.67%)  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$9.97** | $(0.03) | $0.72 | $0.69 | $— | $(2.81) | $(2.81) | **$7.85** | 7.41%<sup>b</sup> | $15842 | 1.33%<sup>a</sup> | (0.65%)<sup>a</sup>  |
| 9/30/25  | 10.20 | (0.06) | 0.65 | 0.59 |  | (0.82) | (0.82) | 9.97 | 5.85% | 15947 | 1.33% | (0.65%)  |
| 9/30/24 | 7.90 | (0.04) | 2.34 | 2.30 |  |  |  | 10.20 | 29.11% | 16166 | 1.30% | (0.48%)  |
| 9/30/23 | 7.27 | (0.03)<sup>bb</sup> | 0.66 | 0.63 |  |  |  | 7.90 | 8.67% | 12210 | 1.32% | (0.38%)  |
| 9/30/22 | 14.53 | (0.05) | (2.72) | (2.77) |  | (4.49) | (4.49) | 7.27 | (26.91%) | 11840 | 1.32% | (0.58%)  |
| 9/30/21 | 11.82 | (0.12) | 4.23 | 4.11 |  | (1.40) | (1.40) | 14.53 | 36.02% | 17129 | 1.31% | (0.82%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$9.75** | $(0.03) | $0.70 | $0.67 | $— | $(2.81) | $(2.81) | **$7.61** | 7.35%<sup>b</sup> | $20889 | 1.38%<sup>a</sup> | (0.68%)<sup>a</sup>  |
| 9/30/25  | 10.00 | (0.07) | 0.64 | 0.57 |  | (0.82) | (0.82) | 9.75 | 5.76% | 16254 | 1.38% | (0.71%)  |
| 9/30/24 | 7.74 | (0.05) | 2.31 | 2.26 |  |  |  | 10.00 | 29.20% | 17445 | 1.37% | (0.55%)  |
| 9/30/23 | 7.13 | (0.04)<sup>bb</sup> | 0.65 | 0.61 |  |  |  | 7.74 | 8.56% | 15900 | 1.42% | (0.48%)  |
| 9/30/22 | 14.36 | (0.06) | (2.68) | (2.74) |  | (4.49) | (4.49) | 7.13 | (27.06%) | 18688 | 1.42% | (0.69%)  |
| 9/30/21 | 11.71 | (0.13) | 4.18 | 4.05 |  | (1.40) | (1.40) | 14.36 | 35.83% | 31656 | 1.41% | (0.91%)  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$6.84** | $(0.02) | $0.47 | $0.45 | $— | $(2.81) | $(2.81) | **$4.48** | 7.25%<sup>b</sup> | $7744 | 1.58%<sup>a</sup> | (0.87%)<sup>a</sup>  |
| 9/30/25  | 7.26 | (0.06) | 0.46 | 0.40 |  | (0.82) | (0.82) | 6.84 | 5.58% | 5343 | 1.58% | (0.90%)  |
| 9/30/24 | 5.63 | (0.05) | 1.68 | 1.63 |  |  |  | 7.26 | 28.95% | 4202 | 1.55% | (0.72%)  |
| 9/30/23 | 5.20 | (0.04)<sup>bb</sup> | 0.47 | 0.43 |  |  |  | 5.63 | 8.27% | 3751 | 1.56% | (0.63%)  |
| 9/30/22 | 11.72 | (0.06) | (1.97) | (2.03) |  | (4.49) | (4.49) | 5.20 | (27.10%) | 3408 | 1.57% | (0.83%)  |
| 9/30/21 | 9.78 | (0.12) | 3.46 | 3.34 |  | (1.40) | (1.40) | 11.72 | 35.63% | 4813 | 1.56% | (1.07%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/26<sup>r</sup>  | **$16.65** | $(0.03) | $1.23 | $1.20 | $— | $(2.81) | $(2.81) | **$15.04** | 7.51%<sup>b</sup> | $61 | 0.98%<sup>a</sup> | (0.32%)<sup>a</sup>  |
| 9/30/25  | 16.45 | (0.05) | 1.07 | 1.02 |  | (0.82) | (0.82) | 16.65 | 6.26% | 203 | 0.98% | (0.31%)  |
| 9/30/24 | 12.69 | (0.02) | 3.78 | 3.76 |  |  |  | 16.45 | 29.63% | 201 | 0.95% | (0.13%)  |
| 9/30/23<sup>g</sup> | 13.36 | (0.00)<sup>d,bb</sup> | (0.67)<sup>aa</sup> | (0.67) |  |  |  | 12.69 | (5.01%)<sup>b</sup> | 95 | 0.97%<sup>a</sup> | (0.00%)<sup>a,e</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

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

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Overseas Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/26<sup>r</sup>  | **$9.97** | $0.05 | $(0.12) | $(0.07) | $(0.28) | $(1.32) | $(1.60) | **$8.30** | (1.31%)<sup>b</sup> | $173812 | 1.01%<sup>a</sup> | 0.79%<sup>a</sup>  | 1.05%<sup>a</sup>  |
| 9/30/25  | 9.53  | 0.16  | 0.82  | 0.98  | (0.16)  | (0.38)  | (0.54)  | 9.97  | 11.24%  | 172290  | 0.92%  | 0.79%  | 1.73% |
| 9/30/24 | 8.03 | 0.15 | 1.59 | 1.74 | (0.15) | (0.09) | (0.24) | 9.53 | 22.03% | 304638 | 0.92% | 0.79% | 1.69% |
| 9/30/23 | 6.94 | 0.14 | 1.69 | 1.83 | (0.17) | (0.57) | (0.74) | 8.03 | 26.64% | 268465 | 0.91% | 0.79% | 1.71%  |
| 9/30/22 | 10.17 | 0.16 | (2.40) | (2.24) | (0.15) | (0.84) | (0.99) | 6.94 | (24.66%) | 232441 | 0.91% | 0.79% | 1.75%  |
| 9/30/21 | 7.99 | 0.12 | 2.27 | 2.39 | (0.05) | (0.16) | (0.21) | 10.17 | 30.17% | 383223 | 0.88% | 0.79% | 1.23%  |
| **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  |
| 3/31/26<sup>r</sup>  | **$10.03** | $0.03 | $(0.10) | $(0.07) | $(0.27) | $(1.32) | $(1.59) | **$8.37** | (1.33%)<sup>b</sup> | $34335 | 1.11%<sup>a</sup> | 0.89%<sup>a</sup>  | 0.60%<sup>a</sup>  |
| 9/30/25  | 9.58 | 0.17 | 0.81 | 0.98 | (0.15) | (0.38) | (0.53) | 10.03 | 11.17% | 73378 | 1.02% | 0.89% | 1.85%  |
| 9/30/24 | 8.07 | 0.14 | 1.60 | 1.74 | (0.14) | (0.09) | (0.23) | 9.58 | 21.91% | 118322 | 1.02% | 0.89% | 1.62% |
| 9/30/23 | 6.97 | 0.14 | 1.69 | 1.83 | (0.16) | (0.57) | (0.73) | 8.07 | 26.54% | 94523 | 1.01% | 0.89% | 1.64%  |
| 9/30/22 | 10.21 | 0.15 | (2.42) | (2.27) | (0.13) | (0.84) | (0.97) | 6.97 | (24.74%) | 86220 | 1.00% | 0.89% | 1.64%  |
| 9/30/21 | 8.02 | 0.11 | 2.28 | 2.39 | (0.04) | (0.16) | (0.20) | 10.21 | 30.07% | 158046 | 0.98% | 0.89% | 1.11%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 3/31/26<sup>r</sup>  | **$9.94** | $0.01 | $(0.10) | $(0.09) | $(0.26) | $(1.32) | $(1.58) | **$8.27** | (1.53%)<sup>b</sup> | $9305 | 1.21%<sup>a</sup> | 0.99%<sup>a</sup>  | 0.29%<sup>a</sup>  |
| 9/30/25  | 9.50 | 0.16 | 0.80 | 0.96 | (0.14) | (0.38) | (0.52) | 9.94 | 11.05% | 32886 | 1.12% | 0.99% | 1.77%  |
| 9/30/24 | 8.01 | 0.13 | 1.58 | 1.71 | (0.13) | (0.09) | (0.22) | 9.50 | 21.71% | 32118 | 1.12% | 0.99% | 1.50%  |
| 9/30/23 | 6.92 | 0.11 | 1.70 | 1.81 | (0.15) | (0.57) | (0.72) | 8.01 | 26.45% | 26462 | 1.11% | 0.99% | 1.31%  |
| 9/30/22 | 10.14 | 0.14 | (2.40) | (2.26) | (0.12) | (0.84) | (0.96) | 6.92 | (24.79%) | 30651 | 1.10% | 0.99% | 1.61%  |
| 9/30/21 | 7.97 | 0.10 | 2.26 | 2.36 | (0.03) | (0.16) | (0.19) | 10.14 | 29.91% | 45454 | 1.08% | 0.99% | 1.02% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2026<sup>b,r</sup>**  | **2025**  | **2024** | **2023**  | **2022**  | **2021**  |
| **Portfolio turnover rate**  | 18% | 25% | 21% | 16% | 17% | 27% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

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

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  |
| 3/31/26<sup>r</sup>  | **$10.07** | $0.03 | $(0.11) | $(0.08) | $(0.25) | $(1.32) | $(1.57) | **$8.42** | (1.40%)<sup>b</sup> | $12018 | 1.31%<sup>a</sup> | 1.09%<sup>a</sup>  | 0.67%<sup>a</sup>  |
| 9/30/25  | 9.62  | 0.15  | 0.81  | 0.96  | (0.13)  | (0.38)  | (0.51)  | 10.07  | 10.86%  | 13489  | 1.22%  | 1.09%  | 1.67%  |
| 9/30/24 | 8.10 | 0.12 | 1.61 | 1.73 | (0.12) | (0.09) | (0.21) | 9.62 | 21.70% | 13616 | 1.22% | 1.09% | 1.37%  |
| 9/30/23 | 6.99 | 0.12 | 1.70 | 1.82 | (0.14) | (0.57) | (0.71) | 8.10 | 26.34% | 13549 | 1.21% | 1.09% | 1.44%  |
| 9/30/22 | 10.24 | 0.13 | (2.43) | (2.30) | (0.11) | (0.84) | (0.95) | 6.99 | (24.93%) | 13633 | 1.20% | 1.09% | 1.47%  |
| 9/30/21 | 8.05 | 0.08 | 2.30 | 2.38 | (0.03) | (0.16) | (0.19) | 10.24 | 29.72% | 19735 | 1.18% | 1.09% | 0.81%  |
| **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  |
| 3/31/26<sup>r</sup>  | **$9.45** | $0.02 | $(0.09) | $(0.07) | $(0.25) | $(1.32) | $(1.57) | **$7.81** | (1.49%)<sup>b</sup> | $11562 | 1.46%<sup>a</sup> | 1.24%<sup>a</sup>  | 0.49%<sup>a</sup> |
| 9/30/25  | 9.05 | 0.11 | 0.78 | 0.89 | (0.11) | (0.38) | (0.49) | 9.45 | 10.72% | 13331 | 1.37% | 1.24% | 1.29%  |
| 9/30/24 | 7.64 | 0.11 | 1.50 | 1.61 | (0.11) | (0.09) | (0.20) | 9.05 | 21.40% | 20001 | 1.37% | 1.24% | 1.28%  |
| 9/30/23 | 6.63 | 0.10 | 1.61 | 1.71 | (0.13) | (0.57) | (0.70) | 7.64 | 26.11% | 18860 | 1.36% | 1.24% | 1.27%  |
| 9/30/22 | 9.75 | 0.11 | (2.29) | (2.18) | (0.10) | (0.84) | (0.94) | 6.63 | (24.94%) | 16144 | 1.35% | 1.24% | 1.34%  |
| 9/30/21 | 7.68 | 0.07 | 2.18 | 2.25 | (0.02) | (0.16) | (0.18) | 9.75 | 29.46% | 20875 | 1.33% | 1.24% | 0.70%  |
| **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  |
| 3/31/26<sup>r</sup>  | **$9.77** | $0.02 | $(0.10) | $(0.08) | $(0.23) | $(1.32) | $(1.55) | **$8.14** | (1.42%)<sup>b</sup> | $14842 | 1.51%<sup>a</sup> | 1.29%<sup>a</sup>  | 0.48%<sup>a</sup>  |
| 9/30/25  | 9.35 | 0.14 | 0.77 | 0.91 | (0.11) | (0.38) | (0.49) | 9.77 | 10.58% | 16414 | 1.42% | 1.29% | 1.58%  |
| 9/30/24 | 7.88 | 0.10 | 1.56 | 1.66 | (0.10) | (0.09) | (0.19) | 9.35 | 21.38% | 15496 | 1.44% | 1.31% | 1.17%  |
| 9/30/23 | 6.81 | 0.10 | 1.66 | 1.76 | (0.12) | (0.57) | (0.69) | 7.88 | 26.07% | 14642 | 1.46% | 1.34% | 1.21%  |
| 9/30/22 | 9.98 | 0.11 | (2.36) | (2.25) | (0.08) | (0.84) | (0.92) | 6.81 | (25.07%) | 12858 | 1.45% | 1.34% | 1.22%  |
| 9/30/21 | 7.85 | 0.06 | 2.24 | 2.30 | (0.01) | (0.16) | (0.17) | 9.98 | 29.45% | 24231 | 1.43% | 1.34% | 0.59%  |
| **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  |
| 3/31/26<sup>r</sup>  | **$9.58** | $0.01 | $(0.10) | $(0.09) | $(0.22) | $(1.32) | $(1.54) | **$7.95** | (1.62%)<sup>b</sup> | $5638 | 1.71%<sup>a</sup> | 1.49%<sup>a</sup>  | 0.30%<sup>a</sup>  |
| 9/30/25  | 9.18 | 0.11 | 0.76 | 0.87 | (0.09) | (0.38) | (0.47) | 9.58 | 10.34% | 5497 | 1.62% | 1.49% | 1.27%  |
| 9/30/24 | 7.74 | 0.08 | 1.54 | 1.62 | (0.09) | (0.09) | (0.18) | 9.18 | 21.26% | 5562 | 1.62% | 1.49% | 0.97%  |
| 9/30/23 | 6.70 | 0.08 | 1.64 | 1.72 | (0.11) | (0.57) | (0.68) | 7.74 | 25.83% | 5064 | 1.61% | 1.49% | 1.01%  |
| 9/30/22 | 9.85 | 0.10 | (2.34) | (2.24) | (0.07) | (0.84) | (0.91) | 6.70 | (25.23%) | 4036 | 1.61% | 1.49% | 1.16%  |
| 9/30/21 | 7.76 | 0.05 | 2.21 | 2.26 | (0.01) | (0.16) | (0.17) | 9.85 | 29.29% | 6971 | 1.58% | 1.49% | 0.51%  |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 3/31/26<sup>r</sup>  | **$10.02** | $0.04 | $(0.11) | $(0.07) | $(0.27) | $(1.32) | $(1.59) | **$8.36** | (1.28%)<sup>b</sup> | $99 | 1.11%<sup>a</sup> | 0.89%<sup>a</sup>  | 0.85%<sup>a</sup>  |
| 9/30/25  | 9.58 | 0.17 | 0.80 | 0.97 | (0.15) | (0.38) | (0.53) | 10.02 | 11.07% | 119 | 1.02% | 0.89% | 1.88%  |
| 9/30/24  | 8.07 | 0.14 | 1.60 | 1.74 | (0.14) | (0.09) | (0.23) | 9.58 | 21.94% | 114 | 1.02% | 0.89% | 1.60% |
| 9/30/23<sup>g</sup> | 8.41 | 0.13 | (0.47)<sup>aa</sup> | (0.34) |  |  |  | 8.07 | (4.04%)<sup>b</sup> | 96 | 1.01%<sup>a</sup> | 0.89%<sup>a</sup> | 2.40%<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

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

 **Notes to Financial Statements (Unaudited)**<br>

1. The Funds

MassMutual Select Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

MassMutual Diversified Value Fund ("Diversified Value Fund")

MM S&P 500<sup>®</sup> Index Fund ("S&P 500 Index Fund")

MassMutual Blue Chip Growth Fund ("Blue Chip Growth Fund")

MassMutual Mid Cap Growth Fund ("Mid Cap Growth Fund")

MassMutual Small Cap Growth Equity Fund ("Small Cap Growth Equity Fund")

MassMutual Overseas Fund ("Overseas Fund")

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds' Prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Effective October 1, 2024, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. A senior management team comprised of the Funds' Principal Executive Officer and Principal Financial Officer 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 Investment Advisers, LLC ("MML Advisers") will determine the fair value of a Fund's securities in accordance with MML Advisers' fair valuation

**46**<br>

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

policy and procedures. On holidays and other days when the NYSE is closed, each Fund's net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund's assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of over-the-counter ("OTC") securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities 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

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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 March 31, 2026, for the Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Diversified Value Fund</u>** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $424834218 | $— | $— | $424834218  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 9636517 |  |  | 9636517  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 12831 | 1860945 |  | 1873776  |
| Total Investments | $434483566 | $1860945 | $— | $436344511  |
| **<u>S&P 500 Index Fund</u>** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $2026474256 | $— | $— | $2026474256  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 661658 | 1939792 |  | 2601450  |
| Total Investments | $2027135914 | $1939792 | $— | $2029075706  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(40683) | $— | $— | $(40683)  |
| **<u>Blue Chip Growth Fund</u>** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $1761502735 | $9,413,049\* | $— | $1770915784  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 2622552 |  | 2622552  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 103 | 22739894 |  | 22739997  |
| Total Investments | $1761502838 | $34775495 | $— | $1796278333  |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Mid Cap Growth Fund</u>** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $2695301256 | $— | $— | $2695301256  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 9602915 | 62955965 |  | 72558880  |
| Total Investments | $2704904171 | $62955965 | $— | $2767860136  |
| **<u>Small Cap Growth Equity Fund</u>** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $544910565 | $— | $— | $544910565  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 11083 | 11083  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 3863274 |  |  | 3863274  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 6819512 | 16721852 |  | 23541364  |
| Total Investments | $555593351 | $16721852 | $11083 | $572326286  |
| **<u>Overseas Fund</u>** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $3130767 | $— | $3130767  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 3618090 |  |  | 3618090  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 7036644 |  | 7036644  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 4736656 |  | 4736656  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 2478208 |  | 2478208  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 45270549 |  | 45270549  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 29589935 |  | 29589935  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 5660491 |  | 5660491  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 1674224 |  | 1674224  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1288541 |  | 1288541  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 3984818 |  | 3984818  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 1991186 |  |  | 1991186  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 3116172 | 7674673 |  | 10790845  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 39501627 |  | 39501627  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1307731 |  |  | 1307731  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 805706 | 7020601 |  | 7826307  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 628453 |  | 628453  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 932672 | 1330448 |  | 2263120  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 2215002 |  | 2215002  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 2322300 |  | 2322300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1685319 |  | 1685319  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 11132629 |  | 11132629  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 5750295 |  | 5750295  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 29531697 |  | 29531697  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 5274940 | 22568595 |  | 27843535  |
| &nbsp;&nbsp;&nbsp; Preferred Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 1154512 |  | 1154512  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 5968513 | 3710142 |  | 9678655  |
| Total Investments | $23015010 | $241077126 | $— | $264092136 |

---

\* 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.

The Funds had no Level 3 transfers during the period ended March 31, 2026.

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Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

At March 31, 2026, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk** | **Total**  |
| **<u>S&P 500 Index Fund</u>**<br>|  |  |
| **Liability Derivatives**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup><br>| $(40683) | $(40683)  |
| **Realized Gain (Loss)<sup>#</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| $(556998) | $(556998)  |
| **Change in Appreciation (Depreciation)<sup>##</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<br>| $(65466) | $(65466) |

---

^^ Cumulative appreciation (depreciation) on futures contracts is reported in "Futures Contracts" in each applicable Fund's Portfolio of Investments. Only current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.

# Statements of Operations location: Amounts are included in net realized gain (loss) on futures contracts.

---

| | |
|:---|:---|
| ##<br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on futures contracts.  |

---

For the period ended March 31, 2026, the average balances for each derivative type were as follows:

---

| | |
|:---|:---|
|  | **Average Balances of Outstanding** <br>**Derivative Financial Instruments**  |
|  | **S&P 500 Index Fund**  |
| **Futures Contracts:** <br>|  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long | 37 |

---

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing

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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.

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.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Due to the short-term nature of repurchase agreements, face value approximates fair value.

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2026, 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.

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Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower ("Borrowing Agreement"), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended March 31, 2026, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

Foreign Securities

The Overseas Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund's shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

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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.

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

Because distributions are determined in accordance with income tax regulations, the character of distributions is subject to final determination based on the Fund's year-end tax calculations. Accordingly, amounts distributed during the period may differ from the final characterization of such distributions, which may include reclassification as return of capital or other distribution components for financial reporting purposes.

Shareholders will be notified of the final tax character of distributions, including any return of capital, on Form 1099-DIV, where applicable. In addition, information regarding return of capital distribution recharacterizations is reported on Form 8937, which is made available in January at https://www.massmutual.com/product-performance/mutual-funds.

3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives investment advisory fees, based upon each Fund's average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for each Fund with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

The Funds' subadvisory fees, if applicable, are paid monthly by MML Advisers out of the investment advisory fees.

---

| | | |
|:---|:---|:---|
| **Fund**  | **Investment Advisory Fee**  | **Investment Subadviser(s)**  |
| Diversified Value Fund  | 0.50% on the first $400 million; and <br>0.475% on any excess over $400 million  | Brandywine Global Investment Management, LLC  |
| S&P 500 Index Fund  | 0.10% on the first $2.5 billion; <br>0.08% on the next $2.5 billion; and <br>0.05% on any excess over $5 billion  | BlackRock Investment Management, LLC  |
| Blue Chip Growth Fund  | 0.65% on the first $750 million; and <br>0.60% on any excess over $750 million  | Loomis, Sayles & Company, L.P.; and <br>T. Rowe Price Associates, Inc.  |
| Mid Cap Growth Fund\*  | 0.67% on the first $2 billion; and <br>0.62% on any excess over $2 billion  | Frontier Capital Management Company, LLC; <br>and T. Rowe Price Associates, Inc.  |

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| | | |
|:---|:---|:---|
| **Fund**  | **Investment Advisory Fee**  | **Investment Subadviser(s)**  |
| Small Cap Growth Equity Fund  | 0.80% on the first $1 billion; and <br>0.78% on any excess over $1 billion  | Invesco Advisers, Inc.; and Wellington Management Company LLP  |
| Overseas Fund  | 0.80% on the first $750 million; <br>0.775% on the next $500 million; and 0.75% on any excess over $1.25 billion  | Harris Associates L.P.; and <br>Massachusetts Financial Services Company |

---

\* T. Rowe Price Investment Management, Inc. serves as a sub-subadviser of the Fund.

Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class R5**  | **Service** <br>**Class**  | **Administrative** <br>**Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Diversified Value Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| S&P 500 Index Fund  |  | 0.10%  | 0.25%  | 0.35%  | 0.25%  | 0.35%  | 0.25%  | N/A  |
| Blue Chip Growth Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Mid Cap Growth Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Small Cap Growth Equity Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Overseas Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10% |

---

Distribution and Service Fees

MML Distributors, LLC (the "Distributor") acts as distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class R4 shares and Class A shares of each Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares of each Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund's shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Sales Charges

Unless waived, purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. The Distributor retained the following amounts during the period ended March 31, 2026:

---

| | |
|:---|:---|
|  | **Front-End** <br>**Sales Charges** <br>**Retained by** <br>**Distributor**  |
| Diversified Value Fund  | $96 |
| S&P 500 Index Fund | 31  |
| Blue Chip Growth Fund  | 324  |

---

Unless waived, redemptions of Class A shares made within 18 months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1.00% of the amount redeemed. The Distributor receives all contingent deferred sales charges. For the period ended March 31, 2026, no amounts have been retained by the Distributor.

**54**<br>

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

With respect to Class A shares, the Distributor may pay an up-front concession to financial intermediaries through which sales are made as described in the Funds' Prospectus.

Expense Caps and Waivers

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**  |
| Overseas Fund  | 0.79%  | 0.89%  | 0.99%  | 1.09%  | 1.24%  | 1.29%  | 1.49%  | 0.89% |

---

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

Prior to February 1, 2026, 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**  |
| Mid Cap Growth Fund  | 0.66%  | 0.76%  | 0.86%  | 0.96%  | 1.11%  | 1.16%  | 1.36%  | 0.76% |

---

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

Effective February 1, 2026, MML Advisers has agreed to waive 0.02% of the advisory fees of the Mid Cap Growth Fund through January 31, 2027.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Affiliated Brokerage Commissions

The Funds listed below had portfolio transactions that were placed with brokerage firms which are affiliates of the Funds' investment adviser or subadviser. Brokerage commissions are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Affiliated** <br>**Brokerage** <br>**Commissions**  |
| Blue Chip Growth Fund  | $53 |
| Mid Cap Growth Fund  | 22412  |
| Small Cap Growth Equity Fund  | 2090 |
| Overseas Fund | 15 |

---

**55**<br>

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

 **Notes to Financial Statements (Unaudited) (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 period ended March 31, 2026, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated** <br>**Commissions**  |
| Diversified Value Fund | $5983 |
| Blue Chip Growth Fund | 1043 |
| Mid Cap Growth Fund | 31559 |
| Small Cap Growth Equity Fund | 12647 |

---

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 March 31, 2026:

---

| | |
|:---|:---|
|  | **Total % Ownership** <br>**by Related Party**  |
| Diversified Value Fund | 94.4% |
| S&P 500 Index Fund | 88.1% |
| Blue Chip Growth Fund | 92.2% |
| Mid Cap Growth Fund | 85.6%  |
| Small Cap Growth Equity Fund | 73.6%  |
| Overseas Fund | 88.0% |

---

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S. Government** <br>**Securities** | **Other Long-Term Securities** | **Long-Term U.S.** <br>**Government** <br>**Securities** | **Other Long-Term Securities**  |
| Diversified Value Fund | $— | $171393097 | $— | $214329978  |
| S&P 500 Index Fund |  | 50936115 |  | 227429485  |
| Blue Chip Growth Fund |  | 48085745 |  | 232370152  |
| Mid Cap Growth Fund |  | 730481433 |  | 1711078744  |
| Small Cap Growth Equity Fund |  | 223169425 |  | 279312206  |
| Overseas Fund |  | 53419444 |  | 118871715 |

---

**56**<br>

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

 **Notes to Financial Statements (Unaudited) (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 cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases**  | **Sales**  | **Realized** <br>**Gains/(Losses)** |
| S&P 500 Index Fund  | $2683384  | $42202794  | $27357410 |

---

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Year Ended September 30, 2025**  | **Year Ended September 30, 2025**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Diversified Value Fund Class I**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2993915 | $25849494 | 2101846 | $20578756  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 3469370 | 27859039  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 276001 | 2288049 | 5674906 | 51431579  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2285916) | (19245101) | (37544556) | (373173708)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 984000 | $8892442 | (26298434) | $(273304334)  |
| **Diversified Value Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 763719 | $6426269 | 2152350 | $21520591  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 5402686 | 43761746  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 382723 | 3203395 | 3666348 | 30833153  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2640812) | (22236013) | (2368758) | (23101743)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1494370) | $(12606349) | 8852626 | $73013747  |
| **Diversified Value Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 255636 | $2157842 | 1000678 | $9820745  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 1129156 | 9157455  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 108144 | 907324 | 1375345 | 11758224  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2524939) | (22182025) | (2522023) | (25520667)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2161159) | $(19116859) | 983156 | $5215757  |
| **Diversified Value Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 368941 | $3174352 | 1264768 | $13048891  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 2507619 | 20738005  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 164233 | 1404190 | 1615939 | 13864161  |
| &nbsp;&nbsp;&nbsp; Redeemed | (665813) | (5748850) | (1441770) | (14078788)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (132639) | $(1170308) | 3946556 | $33572269  |
| **Diversified Value Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 69136 | $556658 | 143437 | $1336210  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 600025 | 4668191  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 43578 | 350803 | 478044 | 3880486  |
| &nbsp;&nbsp;&nbsp; Redeemed | (305463) | (2494583) | (503832) | (5005321)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (192749) | $(1587122) | 717674 | $4879566  |

---

**57**<br>

------

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Year Ended September 30, 2025**  | **Year Ended September 30, 2025**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Diversified Value Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 293394 | $2465404 | 1040792 | $10284497  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 3803579 | 30809010  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 199039 | 1669937 | 2002722 | 16829831  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1678636) | (14165322) | (1164522) | (11244397)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1186203) | $(10029981) | 5682571 | $46678941  |
| **Diversified Value Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 37999 | $315800 | 120456 | $1239312  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 731330 | 5828696  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 23798 | 196330 | 140443 | 1162665  |
| &nbsp;&nbsp;&nbsp; Redeemed | (144166) | (1202568) | (63557) | (621609)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (82369) | $(690438) | 928672 | $7609064  |
| **Diversified Value Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $— |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 7355 | 59578  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (17909) | (146495) |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (17909) | $(146495) | 7355 | $59578  |
| **S&P 500 Index Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 9002436 | $134494179 | 12889916 | $197421949  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5261722 | 76084497 | 9945272 | 148284004  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7842571) | (119434039) | (26706988) | (421538320)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 6421587 | $91144637 | (3871800) | $(75832367)  |
| **S&P 500 Index Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2679361 | $42209614 | 5827695 | $91338832  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4179131 | 61224272 | 6434607 | 97033866  |
| &nbsp;&nbsp;&nbsp; Redeemed | (9108463) | (136791301) | (9283148) | (145786978)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2249971) | $(33357415) | 2979154 | $42585720  |
| **S&P 500 Index Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1522041 | $23662591 | 2983739 | $46783303  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2940451 | 43430455 | 5176707 | 78582408  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3408384) | (52384257) | (7364037) | (112438218)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1054108 | $14708789 | 796409 | $12927493  |
| **S&P 500 Index Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1645549 | $24142430 | 3096037 | $46235012  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2755269 | 38325797 | 4559842 | 65752921  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2848440) | (42162991) | (6479372) | (97563271)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1552378 | $20305236 | 1176507 | $14424662  |
| **S&P 500 Index Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1631844 | $23061624 | 4241117 | $61381681  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3995745 | 53343196 | 6406078 | 89236664  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4515425) | (64102771) | (9384239) | (142179446)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1112164 | $12302049 | 1262956 | $8438899  |

---

**58**<br>

------

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Year Ended September 30, 2025**  | **Year Ended September 30, 2025**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **S&P 500 Index Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 315820 | $4419497 | 674557 | $9664297  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 414430 | 5404170 | 506210 | 6919897  |
| &nbsp;&nbsp;&nbsp; Redeemed | (254217) | (3508042) | (431919) | (6069216)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 476033 | $6315625 | 748848 | $10514978  |
| **S&P 500 Index Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 3648608 | $46860919 | 7340202 | $98369752  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5182432 | 62396482 | 7050662 | 90177969  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4649276) | (59997814) | (7807229) | (104273569)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 4181764 | $49259587 | 6583635 | $84274152  |
| **Blue Chip Growth Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 7895177 | $154502454 | 8250583 | $194297978  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 20226479 | 383696303 | 1350159 | 32876382  |
| &nbsp;&nbsp;&nbsp; Redeemed | (9585055) | (194896077) | (45161884) | (1102041611)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 18536601 | $343302680 | (35561142) | $(874867251)  |
| **Blue Chip Growth Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 554696 | $11667990 | 2786142 | $63967939  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4395507 | 82239936 | 232417 | 5610550  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1390612) | (30076021) | (7114357) | (161227720)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 3559591 | $63831905 | (4095798) | $(91649231)  |
| **Blue Chip Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 406938 | $8398132 | 1178051 | $26742767  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3483059 | 62695054 | 140667 | 3308492  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4831245) | (85364173) | (1706594) | (39242370)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (941248) | $(14270987) | (387876) | $(9191111)  |
| **Blue Chip Growth Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 552013 | $10813588 | 1764790 | $38954777  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3842708 | 65057053 | 165957 | 3748973  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1300897) | (25539980) | (3540978) | (78426273)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 3093824 | $50330661 | (1610231) | $(35722523)  |
| **Blue Chip Growth Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 315924 | $5823178 | 422294 | $8195538  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1621862 | 22624970 | 64911 | 1294320  |
| &nbsp;&nbsp;&nbsp; Redeemed | (850223) | (14428919) | (777179) | (15172655)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1087563 | $14019229 | (289974) | $(5682797)  |
| **Blue Chip Growth Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 209861 | $3276883 | 580944 | $11039173  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2288943 | 31701857 | 103056 | 2045665  |
| &nbsp;&nbsp;&nbsp; Redeemed | (712305) | (11694063) | (1766069) | (34034996)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1786499 | $23284677 | (1082069) | $(20950158)  |

---

**59**<br>

------

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Year Ended September 30, 2025**  | **Year Ended September 30, 2025**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Blue Chip Growth Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 315398 | $3620658 | 537788 | $8428147  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1963714 | 18989118 | 70658 | 1139715  |
| &nbsp;&nbsp;&nbsp; Redeemed | (785260) | (8526353) | (1201584) | (18724246)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1493852 | $14083423 | (593138) | $(9156384)  |
| **Blue Chip Growth Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— | 1755 | $40900  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 530 | 9912 | 8 | 184  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7805) | (204865) | (459) | (10704)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (7275) | $(194953) | 1304 | $30380  |
| **Mid Cap Growth Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 8061251 | $144757463 | 13634393 | $269734320  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 25810885 | 434397193 | 23447633 | 474814572  |
| &nbsp;&nbsp;&nbsp; Redeemed | (52682115) | (931297115) | (74074039) | (1465183527)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (18809979) | $(352142459) | (36992013) | $(720634635)  |
| **Mid Cap Growth Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1855831 | $32177368 | 7978282 | $151935586  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 6832497 | 111233052 | 5463692 | 107689368  |
| &nbsp;&nbsp;&nbsp; Redeemed | (11058630) | (191459461) | (17392400) | (331251312)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2370302) | $(48049041) | (3950426) | $(71626358)  |
| **Mid Cap Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 300668 | $4834336 | 744762 | $13267489  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1063207 | 16086327 | 997279 | 18529441  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3081292) | (53052352) | (2409307) | (44444352)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1717417) | $(32131689) | (667266) | $(12647422)  |
| **Mid Cap Growth Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 264899 | $3829994 | 657861 | $10665617  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1412434 | 18700625 | 1021781 | 17063745  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1581705) | (22399387) | (2258443) | (36698182)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 95628 | $131232 | (578801) | $(8968820)  |
| **Mid Cap Growth Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 154662 | $1742671 | 343289 | $4494484  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 624849 | 6492179 | 531376 | 7370190  |
| &nbsp;&nbsp;&nbsp; Redeemed | (851874) | (10511971) | (1397931) | (19281787)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (72363) | $(2277121) | (523266) | $(7417113)  |
| **Mid Cap Growth Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 403102 | $4322377 | 498050 | $6649525  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1617351 | 16238207 | 960411 | 12984755  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1091725) | (12026461) | (1346441) | (18144085)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 928728 | $8534123 | 112020 | $1490195  |

---

**60**<br>

------

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Year Ended September 30, 2025**  | **Year Ended September 30, 2025**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Mid Cap Growth Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 292454 | $2286249 | 258692 | $2731833  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 706723 | 5116672 | 333652 | 3576753  |
| &nbsp;&nbsp;&nbsp; Redeemed | (198021) | (1600050) | (457838) | (4967856)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 801156 | $5802871 | 134506 | $1340730  |
| **Mid Cap Growth Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | —  | $—  | —  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease)  | —  | $—  | —  | $— |
| **Small Cap Growth Equity Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2387116 | $39912339 | 7681255 | $124952020  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4063075 | 62368200 | 1765122 | 30024725  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4333474) | (72073671) | (22018094) | (363081565)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2116717 | $30206868 | (12571717) | $(208104820)  |
| **Small Cap Growth Equity Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 878740 | $14221459 | 2891397 | $45925329  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1125126 | 16640606 | 302392 | 4992496  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1718046) | (27637635) | (3176065) | (49493739)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 285820 | $3224430 | 17724 | $1424086  |
| **Small Cap Growth Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 45744 | $634417 | 156211 | $2121380  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 168746 | 2173443 | 42390 | 624408  |
| &nbsp;&nbsp;&nbsp; Redeemed | (85769) | (1202162) | (262948) | (3852445)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 128721 | $1605698 | (64347) | $(1106657)  |
| **Small Cap Growth Equity Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 67525 | $816478 | 185259 | $2278995  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 344488 | 3748034 | 87207 | 1122350  |
| &nbsp;&nbsp;&nbsp; Redeemed | (219638) | (2573355) | (279201) | (3369441)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 192375 | $1991157 | (6735) | $31904  |
| **Small Cap Growth Equity Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 132988 | $1196100 | 293242 | $2689467  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 584581 | 4512968 | 127427 | 1262806  |
| &nbsp;&nbsp;&nbsp; Redeemed | (298097) | (2552318) | (405868) | (3922458)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 419472 | $3156750 | 14801 | $29815  |
| **Small Cap Growth Equity Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 662564 | $6090317 | 137564 | $1276315  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 785938 | 5886677 | 141928 | 1376700  |
| &nbsp;&nbsp;&nbsp; Redeemed | (370068) | (3011557) | (357246) | (3338765)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1078434 | $8965437 | (77754) | $(685750)  |
| **Small Cap Growth Equity Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 471208 | $3022882 | 343399 | $2012241  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 684371 | 3018076 | 69197 | 471231  |
| &nbsp;&nbsp;&nbsp; Redeemed | (207695) | (1138454) | (210198) | (1361314)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 947884 | $4902504 | 202398 | $1122158  |

---

**61**<br>

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Year Ended September 30, 2025**  | **Year Ended September 30, 2025**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Small Cap Growth Equity Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 99 | $1575 | 19 | $297  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 901 | 13311 | 234 | 3863  |
| &nbsp;&nbsp;&nbsp; Redeemed | (9150) | (151524) | (252) | (3968)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (8150) | $(136638) | 1 | $192  |
| **Overseas Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 4464133 | $40679339 | 4027601 | $36182381  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3214476 | 27837359 | 1809114 | 15323195  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4031420) | (35719867) | (20509437) | (179949734)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 3647189 | $32796831 | (14672722) | $(128444158)  |
| **Overseas Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 540882 | $5106209 | 2118775 | $19292901  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1290418 | 11265351 | 767488 | 6546674  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5049372) | (44859331) | (7914148) | (76112983)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3218072) | $(28487771) | (5027885) | $(50273408)  |
| **Overseas Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 184464 | $1696755 | 448899 | $4064268  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 611134 | 5286306 | 207084 | 1751931  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2980512) | (26967000) | (725946) | (6631519)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2184914) | $(19983939) | (69963) | $(815320)  |
| **Overseas Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 97364 | $911150 | 126249 | $1163274  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 225195 | 1979463 | 82763 | 710106  |
| &nbsp;&nbsp;&nbsp; Redeemed | (234850) | (2249659) | (284948) | (2635852)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 87709 | $640954 | (75936) | $(762472)  |
| **Overseas Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 225422 | $1966406 | 407024 | $3584534  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 277384 | 2263454 | 104566 | 842804  |
| &nbsp;&nbsp;&nbsp; Redeemed | (433379) | (3668556) | (1310213) | (11204842)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 69427 | $561304 | (798623) | $(6777504)  |
| **Overseas Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 142295 | $1274793 | 492398 | $4353032  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 292253 | 2484152 | 87306 | 728130  |
| &nbsp;&nbsp;&nbsp; Redeemed | (289890) | (2613491) | (557795) | (5084506)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 144658 | $1145454 | 21909 | $(3344)  |
| **Overseas Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 76617 | $691103 | 104510 | $918677  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 110076 | 915834 | 32873 | 269229  |
| &nbsp;&nbsp;&nbsp; Redeemed | (51519) | (466255) | (169883) | (1483417)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 135174 | $1140682 | (32500) | $(295511) |
| **Overseas Fund Class Y**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  | —  | $—  | —  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease)  | —  | $—  | —  | $— |

---

**62**<br>

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

6. Federal Income Tax Information

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.

At March 31, 2026, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal** <br>**Income Tax** <br>**Cost** | **Tax Basis Unrealized Appreciation** | **Tax Basis Unrealized (Depreciation)** | **Net Unrealized Appreciation (Depreciation)**  |
| Diversified Value Fund | $382382200 | $63386093 | $(9423782) | $53962311  |
| S&P 500 Index Fund | 946959265 | 1129050983 | (46934542) | 1082116441  |
| Blue Chip Growth Fund | 1057117445 | 774317668 | (35156780) | 739160888  |
| Mid Cap Growth Fund | 2465392999 | 520282967 | (217815830) | 302467137  |
| Small Cap Growth Equity Fund | 464494570 | 133560725 | (25729009) | 107831716  |
| Overseas Fund | 225730809 | 53237942 | (14876615) | 38361327 |

---

At September 30, 2025, for federal income tax purposes, there were no unused capital losses.

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2025, late year ordinary losses:

---

| | |
|:---|:---|
|  | **Amount** |
| Blue Chip Growth Fund | $3853603  |
| Mid Cap Growth Fund | 3072645 |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gain** |
| Diversified Value Fund | $18971139 | $110864313  |
| S&P 500 Index Fund | 27238055 | 548768896  |
| Blue Chip Growth Fund |  | 50034119  |
| Mid Cap Growth Fund | 30752611 | 615395158  |
| Small Cap Growth Equity Fund | 1848634 | 38039228  |
| Overseas Fund | 8106180 | 18078668 |

---

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2025:

---

| | |
|:---|:---|
|  | **Amount** |
| Overseas Fund | $1109912 |

---

**63**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2025, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred trustee compensation, and other temporary basis adjustments.

At September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**  | **Undistributed** <br>**Long Term** <br>**Capital Gain** <br>**(Capital Loss)** <br>**Carryover**  | **Other** <br>**Temporary** <br>**Differences**  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Total** |
| Diversified Value Fund | $2147558 | $3729127 | $(238219) | $46403440 | $52041906  |
| S&P 500 Index Fund | 14755043 | 308033695 | (273395) | 1234944232 | 1557459575  |
| Blue Chip Growth Fund | 15247933 | 629572439 | (228035) | 1028406249 | 1672998586  |
| Mid Cap Growth Fund | 40946198 | 506832501 | (355587) | 627387080 | 1174810192  |
| Small Cap Growth Equity Fund | 6370803 | 87270897 | (69100) | 99732351 | 193304951  |
| Overseas Fund | 10522684 | 41521974 | (61203) | 65112421 | 117095876 |

---

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2026, 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.

The Funds adopted Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, during the reporting period. The adoption of (ASU) 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosures.

7. Prior Year Acquisition of MassMutual Equity Opportunities Fund

Effective September 15, 2025, the MassMutual Equity Opportunities Fund ("Equity Opportunities Fund") reorganized into the Diversified Value Fund, pursuant to the terms of an Agreement and Plan of Reorganization.

The Equity Opportunities Fund's assets and liabilities were transferred to the Diversified Value Fund in return for shares of the Diversified Value Fund. The Reorganization of the Equity Opportunities Fund into the Diversified Value Fund was intended to enable shareholders of the Equity Opportunities Fund to invest in a larger, potentially more efficient portfolio while continuing to pursue a substantially similar investment objective. The acquisition was accomplished by a tax-free exchange of the shares of the Diversified Value Fund in the following amounts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Equity Opportunities Fund** <br>**Share Class**  | **Shares of the** <br>**Equity Opportunities** <br>**Fund as of the** <br>**Reorganization Date**  | **Conversion** <br>**Rate**  | **Value of Shares** <br>**of the** <br>**Equity Opportunities** <br>**Fund**  | **Diversified** <br>**Value Fund** <br>**Share Class**  | **Shares Issued by** <br>**the Diversified** <br>**Value Fund**  |
| Class I  | 2829764  | 1.226028  | $27859039  | Class I  | 3469370 |
| Class R5  | 4371197  | 1.235974  | 43761746  | Class R5  | 5402686 |
| Service Class  | 978809  | 1.153602  | 9157455  | Service Class  | 1129156 |
| Administrative Class  | 2344391  | 1.069625  | 20738005  | Administrative Class  | 2507619 |
| Class R4  | 695988  | 0.862120  | 4668191  | Class R4  | 600025 |
| Class A  | 4238916  | 0.897300  | 30809010  | Class A  | 3803579 |
| Class R3  | 1213618  | 0.602603  | 5828696  | Class R3  | 731330 |
| Class Y  | 5963  | 1.233492  | 59578  | Class Y  | 7355 |
|  | 16678646 |  | $142881720 |  | 17651120 |

---

**64**<br>

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

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The investment portfolio of the Equity Opportunities Fund, with a value of $146,596,101 in investments and a cost basis of $141,871,153 at September 12, 2025, was the principal asset acquired by the Diversified Value Fund.

For financial reporting purposes, assets received and shares issued by the Diversified Value Fund were recorded at fair value; however, the cost basis of the investments received from the Equity Opportunities Fund was carried forward to align ongoing reporting of the Diversified Value Fund's realized and unrealized gains and losses with amounts distributable to shareholders for U.S. federal income tax purposes. Immediately prior to the acquisition, the Diversified Value Fund's net assets were $309,273,223.

Assuming the acquisition had been completed on October 1, 2024, the beginning of the annual reporting period of the Diversified Value Fund, the Diversified Value Fund's pro forma results of operations for the twelve month period ended September 30, 2025, would have been as follows:

---

| | |
|:---|:---|
|  | **Diversified** <br>**Value Fund**  |
| Net investment income (loss)  | $11581822  |
| Net realized and unrealized gain (loss) on investments  | 35040833  |
| Net increase (decrease) in net assets resulting from operations  | 46622655 |

---

Because the Equity Opportunities Fund and the Diversified Value Fund continuously sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolio has been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Equity Opportunities Fund that have been included in the Diversified Value Fund's Statement of Operations since September 15, 2025.

See Note 5. Capital Share Transactions, for the changes in shares outstanding for the Diversified Value Fund during the period.

8. 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.

**65**<br>

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**66**<br>

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

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**67**<br>

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

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**68**<br>

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

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Trustees' Approval of Investment Advisory Contracts

At their meeting in March 2026, the Trustees, including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the "Independent Trustees"), reviewed and approved a proposal to make changes to the existing subadvisory agreement with T. Rowe Price Associates, Inc. ("T. Rowe Price") for the Mid Cap Growth Fund (the "Amended Subadvisory Agreement") intended to lower the fees payable under the agreement. In preparation for the meeting, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the Amended Subadvisory Agreement. In their deliberations, the Trustees were advised by independent counsel.

In arriving at their decision, the Trustees discussed the fees payable to T. Rowe Price by MML Advisers under the Amended Subadvisory Agreement and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers' projected level of profitability due to the Amended Subadvisory Agreement is not excessive and the subadvisory fee amount under the Amended Subadvisory Agreement is fair and reasonable.

Prior to the vote being taken to approve the Amended Subadvisory Agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

Based on the foregoing, and following their review, the Trustees, including a majority of the Independent Trustees voting separately, unanimously voted to approve the Amended Subadvisory Agreement.

The Amended Subadvisory Agreement became retroactively effective on September 1, 2025.

**69**<br>

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**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)© 2026 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;(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;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Code of Ethics (Item 2) – Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 (17 CFR 240.10D-1) – Not applicable.

[(a)(3) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.](mmsf-efp23316_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;[(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.](mmsf-efp23316_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.

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| | |
|:---|:---|
| (Registrant) | MassMutual Select Funds |
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>5/20/26</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.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>5/20/26</u>

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

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Date <u>5/20/26</u>

## Ex-99.Cert

**<u>EX-99.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Douglas Steele, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Select Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 5/20/26 | /s/ Douglas Steele |
| | | Douglas Steele<br> President and Principal Executive Officer |

---

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Select Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 5/20/26 | /s/ Renée Hitchcock |
| | | Renée Hitchcock |
| | | Treasurer and Principal Financial Officer |

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## Exhibit 99.906

**<u>EX-99.906.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Select Funds (the "Trust") on Form N-CSR for the period ending March 31, 2026, 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.

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| | | |
|:---|:---|:---|
| Date: | 5/20/26 | /s/ Douglas Steele |
| | | Douglas Steele<br> President and Principal Executive Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Select Funds (the "Trust") on Form N-CSR for the period ending March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 5/20/26 | /s/ Renée Hitchcock |
| | | Renée Hitchcock<br> 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.