MassMutual High Yield Fund

This annual shareholder report contains important information about the MassMutual High Yield Fund (the “Fund”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com

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

What were the fund costs for the last year?

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

Class Name

Class C

Costs of a $10,000 investment

$168

Costs paid as a percentage of a $10,000 investment

1.56%

How did the fund perform?

Global bond markets were broadly, and strongly, positive for the trailing one-year period. During the period, central banks responded to lower inflation data and began to lower policy interest rates, which was favorable for bond prices and returns. Macroeconomic sentiment centered, particularly more recently, on a soft-landing scenario in the U.S., providing a supportive credit risk environment. During the period, narrowing credit spreads were a positive return driver in the global bond market, in addition to the response to lower bond market yields. This resulted in broad gains across varied market sectors, including government bonds, investment grade and high yield corporate securities, mortgage- and asset-backed instruments, and emerging market issues

Top contributors to the Fund’s performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

  • Issue selection among consumer, non-cyclical bonds
  • Issue selection among capital goods bonds
  • Issue selection in total across all sectors

Top detractors to the Fund’s performance relative to the Bloomberg U.S. Corporate High-Yield Bond Index:

  • An out-of-index bank loan allocation as the asset class lagged high yield bond performance
  • Interest rate sensitivity primarily from yield curve effect

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

Growth of A hypothetical $10,000 investment  (December 13, 2021 through September 30, 2024)

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

MassMutual High Yeild Fund Class $10,807

Bloomberg U.S Aggregate Bond Index:$9,601

Bloomberg U.S Corporate High-Yield Bond Index:$10,969

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

Average annual total returns (%)   (as of September 30, 2024)

  (as of September 30, 2024)
1 year Since Inception (11/02/2015)
Class C - without sales charge 15.35 2.81
Class C - with maximum sales charge 14.35 2.81
Bloomberg U.S. Aggregate Bond Index¹ 11.57 -1.44
Bloomberg U.S. Corporate High-Yield Bond Index 15.74 3.35

1 Effective July 24, 2024, the Bloomberg U.S. Aggregate Bond Index replaced the Bloomberg U.S. Corporate High-Yield Bond Index as a broad measure of market performance in accordance with new regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. Corporate High-Yield Bond Index as a supplemental benchmark that MML Investment Advisers, LLC believes more closely reflects the market segments in which the Fund invests.

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

What are some key fund statistics  (as of September 30, 2024)

  (as of September 30, 2024)
Key Facts
Total Net Assets (Millions) $399.3
Total Number of Portfolio Holdings (includes derivative positions, if any) 284
Total Advisory Fees Paid During the Reporting Period $1,858,393
Portfolio Turnover Rate 69%

What did the fund invest in?   (as of September 30, 2024)

(as of September 30, 2024)

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

Portfolio Characteristics (% of Total Investments)
Corporate Debt 75.1%
Bank Loans 9.2%
Commercial Paper 7.5%
Investment of Cash Collateral from Securities Loaned 7.5%
Repurchase Agreement 0.7%

How has the fund changed?

The following is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus, including any applicable supplements, at https://www.massmutual.com/product-performance/mutual-funds or upon request at 1-888-309-3539 or fundinfo@massmutual.com

Effective February 1, 2024, the annual rate for administrative services for Class A shares of the Fund was reduced from 0.30% to 0.25% .

Effective February 1, 2024, MML Investment Advisers, LLC has agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed 0.54%, 0.64%, 0.74%, 0.84%, 0.99%, 1.04%, 1.24%, 0.59%, and 1.54% for Classes I, R5, Service, Administrative, R4, A, R3, Y, and C, respectively .

Where Can I find additional Information about the fund?

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.