Advisory Business and Principal Ownership MML Investment Advisers is a Delaware limited liability company that has been registered as an investment adviser with the SEC since November 2013. MML Investment Advisers is a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”). MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: MML Investment Advisers; Barings LLC (“Barings”); C.M. Life Insurance Company; MML Bay State Life Insurance Company; MassMutual Ascend Life Insurance Company; MML Investors Services, LLC (“MMLIS”); and MassMutual Trust Company, FSB. Further information regarding MML Investment Advisers’ affiliates can be found in Item 10 (“Other Financial Industry Activities and Affiliations”). Advisory Services –MassMutual Funds MML Investment Advisers serves as an investment adviser to open-end investment companies registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”) (collectively, the “MassMutual Funds” or “Funds”). As of December 31, 2023, there are 110 MassMutual Funds, encompassing a diversified mix of asset classes and investment styles. In its capacity as investment adviser to the MassMutual Funds, MML Investment Advisers serves primarily as a “Manager of Managers,” responsible for selecting and monitoring the subadvisers (the “Subadvisers”) to the MassMutual Funds. These Subadvisers are responsible for investment-related decisions of all or a portion of a MassMutual Fund’s portfolio. Subject to the oversight of the Board of Trustees of the MassMutual Funds (collectively, the “Trustees”), MML Investment Advisers has the ultimate responsibility to oversee the Subadvisers and recommend their hiring, termination, and replacement. This responsibility includes analysis and review of Subadviser performance, as well as assistance in the identification and vetting of new or replacement Subadvisers. In addition, MML Investment Advisers maintains responsibility for a number of other important obligations, including board reporting, assistance in the annual advisory contract renewal process, and, in general, the performance of all obligations not delegated to a Subadviser. MML Investment Advisers also provides advice and recommendations to the Trustees, and performs such review and oversight functions as the Trustees may reasonably request, as to the continuing appropriateness of the investment objective, strategies, and policies of each MassMutual Fund, valuations of portfolio securities, and other matters relating generally to the investment program of each MassMutual Fund. MML Investment Advisers is responsible for determining the allocation of portfolio assets and/or cash flows among Subadvisers for those MassMutual Funds with multiple Subadvisers. The allocation between and/or among Subadvisers is determined by the Adviser’s Investment Management Solutions group (“IMS”). This determination is based on IMS’ judgment of various factors that contribute to the MassMutual Fund’s strategy. These factors may include product attributes, capacity constraints, risk/volatility, manager expenses, and desired tracking errors. With respect to certain MassMutual Funds that operate as a “Fund of Funds,” MML Investment Advisers provides additional advisory services, such as allocating the Fund of Funds’ assets among other MassMutual Funds or non-affiliated funds (including some funds that are affiliated with subadvisers of the MassMutual Funds) in accordance with each Fund of Funds’ stated investment objective, strategies, and restrictions, as well as applicable regulatory requirements. Administrative and Compliance Support Services – MassMutual Funds MML Investment Advisers provides general administrative services to the MassMutual Funds, including through sub-admistration arrangements with MassMutual and an unaffiliated service provider. These services cover most of the day-to-day business operations of the MassMutual Funds, including, among other things, maintaining office facilities for the Funds; preparing and filing various federal and state tax returns and required tax filings; preparing the Funds’ annual and semi-annual reports to shareholders and amendments to its registration statements filed with the SEC; determining the daily pricing of the portfolio securities and computation of the net asset value and the net income of each Fund; maintaining the financial accounts and records of the Funds; providing officers for the Funds; performing various fund accounting services for the Funds; performing transfer agency services; and implementing the Funds’ policies and procedures with respect to market timing, late trading, anti-money laundering, customer identification, privacy, sales load breakpoints, and redemption fees, as applicable. Some of these services are provided to only certain MassMutual Funds. Under its administrative services agreements with certain of the MassMutual Select Funds and MassMutual Premier Funds, MML Investment Advisers has agreed to provide for shareholder servicing and recordkeeping services for direct and indirect investors in those funds. The MassMutual Select Funds and MassMutual Premier Funds have historically

been offered almost exclusively to retirement plans making use of the MassMutual retirement services recordkeeping platform. (MassMutual provided recordkeeping services for the retirement plans and plan participants who invest in the MassMutual Funds and other mutual funds.) On December 31, 2020, MassMutual completed the sale of its retirement services business to Empower Retirement, LLC ("Empower"). The MassMutual Select Funds and MassMutual Premier Funds continue to be available on Empower’s recordkeeping platforms. In addition, with respect to these funds, the parent company of MML Investment Advisers (MassMutual) pays to an affiliate of Empower an amount equal to the profit realized by MML Investment Advisers with respect to shares beneficially owned by retirement plans through recordkeeping platforms maintained by Empower or an affiliate. MML Investment Advisers also causes ongoing shareholder servicing to be provided to investors in the MassMutual Funds by other third-party financial intermediaries (e.g., broker-dealers and retirement plan recordkeepers). In addition, MML Investment Advisers provides the MassMutual Funds with ongoing compliance support and oversight. These activities include having policies and procedures that are reasonably designed to prevent, detect, and correct violations of applicable federal securities laws. The Adviser has established a compliance program to satisfy the requirements of Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). To that end, the Adviser: (i) has adopted written policies and procedures reasonably designed to prevent violation of the Advisers Act and the rules thereunder ("Compliance Manual"); (ii) at least annually, conducts a review of the adequacy of these policies and procedures and the effectiveness of their implementation; and (iii) has designated a Chief Compliance Officer responsible for administering the compliance program. Other Advisory Services -- Collective Investment Trusts MML Investment Advisers provides certain advisory services to trust companies (“Trust Companies”) that advise and maintain collective investment trust funds exempt from registration pursuant to Section 3(c)(11) of the Investment Company Act (“CITs”). In this role, MML Investment Advisers functions either as an overlay adviser (“CIT Overlay Adviser”)” or as a subadviser (“CIT Subadviser)” retained by the Trust Company. MML Investment Advisers provides these services for CITs looking to invest in portfolios that are aligned with certain MassMutual Funds. In its role as a CIT Overlay Adviser, MML Investment Advisers may (i) recommend to a Trust Company one or more investment managers (“CIT Investment Managers”) to assist the Trust Company with respect to the assets held in a CIT’s portfolio; (ii) recommend investment objectives for each CIT portfolio; (iii) recommend target investment allocations among the CIT Investment Managers for each CIT portfolio; (iv) direct the rebalancing of the CIT portfolios in accordance with the target investment allocations as approved by the Trust Company; and (v) monitor the CIT Investment Managers and target investment allocations and recommend such changes to the Trust Company as it deems appropriate from time to time. In its role as a CIT Subadviser, MML Investment Advisers assists with the selection, monitoring, and allocation of assets to various portfolio managers (each a “CIT Sub-Subadviser”) for the management of investment of such assets as are from time to time held in a Subadvised CIT. Subject to the Trust Company’s authority to control the specific securities and investments purchased or sold, MML Investment Advisers invests and administers the assets of the Subadvised CIT in compliance with its agreements with the Trust Company and the CIT’s investment objectives, as well as its agreements with any CIT Sub-Subadvisers. Individual Tailored Services and Reasonable Restrictions The investment program of a MassMutual Fund or a CIT cannot be tailored to the individual needs of any particular investor. Investment in a MassMutual Fund or CIT does not create an advisory client relationship between the ultimate investor and the Adviser. Therefore, investors should consider whether a MassMutual Fund or CIT meets their investment objectives and risk tolerance prior to investing. Assets Under Management As of December 31, 2023, MML Investment Advisers managed, on a discretionary basis, $45,572,785,744 in client assets. MML Investment Advisers has no non-discretionary assets under management. This figure reflects the market value of all priced securities and cash held in the MassMutual Funds, as well as certain accruals. This figure also includes the assets of those MassMutual Funds that operate as Funds of Funds that invest in various underlying MassMutual Funds and other mutual funds and the assets managed by MML Investment Advisers as a CIT Subadviser. This figure does not include assets held in CIT portfolios for which MML Investment Advisers serves as a CIT Overlay Adviser. More information on MML Investment Advisers’ assets under management is included in MML Investment Advisers’ Form ADV Part 1A – Item 5.