0001398344-23-004649.txt : 20230224 0001398344-23-004649.hdr.sgml : 20230224 20230224164508 ACCESSION NUMBER: 0001398344-23-004649 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230224 DATE AS OF CHANGE: 20230224 PERIOD START: 20230930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASSMUTUAL SELECT FUNDS CENTRAL INDEX KEY: 0000916053 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-08274 FILM NUMBER: 23668125 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 0000916053 S000061107 MassMutual Select T. 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603304.81 0.738579881021 Long DBT NUSS PH N 2 2045-12-10 Fixed 2.65 N N N N N N REPUBLIC OF SENEGAL 549300NP14ZLQGWIUZ97 SR UNSECURED REGS 03/28 4.75 ACI11B6Y7 300000 PA 276368.65 0.338336975359 Long DBT NUSS SN Y 2 2028-03-13 Fixed 4.75 N N N N N N REPUBLIC OF SENEGAL 549300NP14ZLQGWIUZ97 SR UNSECURED REGS 05/33 6.25 V7691DAX4 1750000 PA USD 1442000 1.765330179337 Long DBT NUSS SN Y 2 2033-05-23 Fixed 6.25 N N N N N N REPUBLIC OF SENEGAL 549300NP14ZLQGWIUZ97 SR UNSECURED REGS 05/33 6.25 BZ11YYII9 200000 PA USD 164800 0.201752020496 Long DBT NUSS SN Y 2 2033-05-23 Fixed 6.25 N N N N N N REPUBLIC OF SERBIA 254900W94OCY91V32O78 SR UNSECURED REGS 12/30 2.125 ACI1T2LC8 1100000 PA USD 788920 0.965814344718 Long DBT NUSS RS Y 2 2030-12-01 Fixed 2.125 N N N N N N REPUBLIC OF SOUTH AFRICA 378900AAFB4F17004C49 SR UNSECURED 03/41 6.25 836205AP9 400000 PA USD 340080 0.416333902489 Long DBT NUSS ZA N 2 2041-03-08 Fixed 6.25 N N N N N N REPUBLIC OF SOUTH AFRICA 378900AAFB4F17004C49 SR UNSECURED 09/47 5.65 836205AX2 210000 PA USD 153741 0.188213333635 Long DBT NUSS ZA N 2 2047-09-27 Fixed 5.65 N N N N N N REPUBLIC OF SOUTH AFRICA 378900AAFB4F17004C49 SR UNSECURED 04/32 5.875 836205BC7 425000 PA USD 382500 0.468265460192 Long DBT NUSS ZA N 2 2032-04-20 Fixed 5.875 N N N N N N REPUBLIC OF SOUTH AFRICA 378900AAFB4F17004C49 SR UNSECURED 04/52 7.3 836205BE3 560000 PA USD 481376 0.589311775596 Long DBT NUSS ZA N 2 2052-04-20 Fixed 7.3 N N N N N N REPUBLIC OF SRI LANKA N/A SR UNSECURED REGS 06/25 6.125 BYR8C9II8 200000 PA USD 63972.9 0.078317122767 Long DBT NUSS LK Y 2 2025-06-03 Fixed 6.125 Y Y N N N N REPUBLIC OF SRI LANKA N/A SR UNSECURED REGS 06/25 6.125 Y8137FAC2 500000 PA USD 159932.25 0.195792806917 Long DBT NUSS LK Y 2 2025-06-03 Fixed 6.125 Y Y N N N N REPUBLIC OF SRI LANKA N/A SR UNSECURED REGS 11/25 6.85 Y8137FAE8 1400000 PA USD 441129.85 0.540041495986 Long DBT NUSS LK Y 2 2025-11-03 Fixed 6.85 Y Y N N N N REPUBLIC OF SRI LANKA N/A SR UNSECURED REGS 07/26 6.825 Y8137FAF5 200000 PA USD 62301.3 0.076270710889 Long DBT NUSS LK Y 2 2026-07-18 Fixed 6.825 Y Y N N N N REPUBLIC OF SURINAME INT 254900SYU4G5JM13TN77 SR UNSECURED REGS 10/26 9.25 P68788AA9 631000 PA USD 500383 0.612580590241 Long DBT NUSS SR Y 2 2026-10-26 Fixed 9.25 Y Y N N N N REPUBLIC OF TURKEY 5493000PCHOG3B6S3Q85 SR UNSECURED 01/41 6 900123BJ8 350000 PA USD 252511 0.309129881356 Long DBT NUSS TR N 2 2041-01-14 Fixed 6 N N N N N N REPUBLIC OF TURKEY 5493000PCHOG3B6S3Q85 SR UNSECURED 04/43 4.875 900123CB4 450000 PA USD 291850.2 0.35728985153 Long DBT NUSS TR N 2 2043-04-16 Fixed 4.875 N N N N N N REPUBLIC OF TURKEY 5493000PCHOG3B6S3Q85 SR UNSECURED 04/26 4.25 900123CJ7 200000 PA USD 177700 0.217544502683 Long DBT NUSS TR N 2 2026-04-14 Fixed 4.25 N N N N N N REPUBLIC OF TURKEY 5493000PCHOG3B6S3Q85 SR UNSECURED 10/26 4.875 900123CK4 400000 PA USD 357526.4 0.437692194057 Long DBT NUSS TR N 2 2026-10-09 Fixed 4.875 N N N N N N REPUBLIC OF TURKEY 5493000PCHOG3B6S3Q85 SR UNSECURED 01/28 9.875 900123DF4 200000 PA USD 206950.8 0.253354017252 Long DBT NUSS TR N 2 2028-01-15 Fixed 9.875 N N N N N N REPUBLIC OF TURKEY 5493000PCHOG3B6S3Q85 SR UNSECURED 09/27 8.6 M88269US8 275000 PA USD 275152.9 0.33684862573 Long DBT NUSS TR N 2 2027-09-24 Fixed 8.6 N N N N N N REPUBLIC OF UZBEKISTAN 213800L6VDKUM3TCM927 SR UNSECURED 144A 02/29 5.375 91822Q2A4 200000 PA USD 185104 0.226608652924 Long DBT NUSS UZ Y 2 2029-02-20 Fixed 5.375 N N N N N N REPUBLIC OF UZBEKISTAN 213800L6VDKUM3TCM927 SR UNSECURED 144A 10/31 3.9 91822Q2E6 298000 PA USD 244360 0.299151236216 Long DBT NUSS UZ Y 2 2031-10-19 Fixed 3.9 N N N N N N REPUBLIC OF UZBEKISTAN 213800L6VDKUM3TCM927 SR UNSECURED REGS 10/31 3.9 ACI1Z6JB7 450000 PA USD 369000 0.45173844395 Long DBT NUSS UZ Y 2 2031-10-19 Fixed 3.9 N N N N N N REPUBLIC OF UZBEKISTAN 213800L6VDKUM3TCM927 SR UNSECURED REGS 02/29 5.375 ACI18G8Z4 400000 PA USD 370208 0.453217305848 Long DBT NUSS UZ Y 2 2029-02-20 Fixed 5.375 N N N N N N REPUBLIC OF VENEZUELA 529900XM8PJTJK5OJI77 SR UNSECURED 09/27 9.25 922646AS3 300000 PA USD 26250 0.032135864915 Long DBT NUSS VE N 2 2027-09-15 Fixed 9.25 Y Y N N N N REPUBLIC OF VENEZUELA 529900XM8PJTJK5OJI77 SR UNSECURED REGS 08/22 12.75 P17625AC1 255000 PA USD 19762.5 0.024193715443 Long DBT NUSS VE Y 2 2022-08-23 Fixed 12.75 Y Y N N N N REPUBLIC OF VENEZUELA 529900XM8PJTJK5OJI77 SR UNSECURED REGS 10/26 11.75 P17625AE7 300000 PA USD 25500 0.031217697346 Long DBT NUSS VE Y 2 2026-10-21 Fixed 11.75 Y Y N N N N REPUBLIC OF VENEZUELA 529900XM8PJTJK5OJI77 SR UNSECURED REGS 10/19 7.75 P97475AN0 1000000 PA USD 72500 0.088756198337 Long DBT NUSS VE Y 2 2019-10-13 Fixed 7.75 Y Y N N N N REPUBLIC OF ZAMBIA 213800DMLAZ6LGMMD849 UNSECURED REGS 09/22 5.375 V7179UAD1 1025000 PA USD 423837.5 0.518871796037 Long DBT NUSS ZM Y 2 2022-09-20 Fixed 5.375 Y Y N N N N REPUBLICA ORIENT URUGUAY 549300RDR012H2V82H43 SR UNSECURED 10/34 5.75 760942BE1 355000 PA USD 383064.13 0.468956081353 Long DBT NUSS UY N 2 2034-10-28 Fixed 5.75 N N N N N N Repurchase Agreement 549300H47WTHXPU08X20 FIXED INC CLEARING CORP.REPO 85748R009 1019104.12 PA USD 1019104.12 1.247611136563 Long RA CORP US N 1 Repurchase N 1.28 2023-01-03 1063900 USD 1039521.8 USD UST N N N ROMANIA 315700IASY927EDWBK92 SR UNSECURED REGS 01/50 3.375 ACI1J86R0 450000 PA 276767.82 0.338825648624 Long DBT NUSS RO Y 2 2050-01-28 Fixed 3.375 N N N N N N ROMANIA 315700IASY927EDWBK92 SR UNSECURED REGS 02/51 4 ACI1NVRZ3 722000 PA USD 477805.16 0.584940269619 Long DBT NUSS RO Y 2 2051-02-14 Fixed 4 N N N N N N ROMANIA 315700IASY927EDWBK92 SR UNSECURED 144A 02/31 3 77586RAH3 174000 PA USD 136718.76 0.167374308675 Long DBT NUSS RO Y 2 2031-02-14 Fixed 3 N N N N N N ROMANIA 315700IASY927EDWBK92 SR UNSECURED REGS 02/31 3 ACI1NVV88 300000 PA USD 235722 0.288576394268 Long DBT NUSS RO Y 2 2031-02-14 Fixed 3 N N N N N N ROMANIA 315700IASY927EDWBK92 SR UNSECURED 144A 02/51 4 77586RAJ9 160000 PA USD 105884.8 0.129626652547 Long DBT NUSS RO Y 2 2051-02-14 Fixed 4 N N N N N N ROMANIA 315700IASY927EDWBK92 UNSECURED 144A 04/42 2.875 ACI1Z3VF1 125000 PA 74716.84 0.091470105795 Long DBT NUSS RO Y 2 2042-04-13 Fixed 2.875 N N N N N N ROMANIA 315700IASY927EDWBK92 SR UNSECURED REGS 12/40 2.625 ACI1T3QH0 50000 PA 29786.33 0.036465122941 Long DBT NUSS RO Y 2 2040-12-02 Fixed 2.625 N N N N N N ROWE T PRICE GOV RES FD 5493002Y0IYARJVQ5N24 STIF-TYPE INSTRUMENT 76105Y109 3034703.86 PA USD 3034703.86 3.715155554376 Long STIV RF US N 1 N N N RUWAIS POWER CO PJSC 635400CH1S8AGGXHLZ09 SR SECURED REGS 08/36 6 M8220VAA2 400000 PA USD 410000 0.501931604389 Long DBT CORP AE Y 2 2036-08-31 Fixed 6 N N N N N N SAUDI ARABIAN OIL CO 5586006WD91QHB7J4X50 SR UNSECURED REGS 04/29 3.5 ACI1B8GK2 200000 PA USD 183452 0.224586235825 Long DBT CORP SA Y 2 2029-04-16 Fixed 3.5 N N N N N N SAUDI ARABIAN OIL CO 5586006WD91QHB7J4X50 SR UNSECURED REGS 04/39 4.25 M8237RAA2 800000 PA USD 714163.2 0.874295318954 Long DBT CORP SA Y 2 2039-04-16 Fixed 4.25 N N N N N N SAUDI INTERNATIONAL BOND 635400FMICXSM3SI3H65 SR UNSECURED REGS 02/32 2.75 ACI1J8C85 200000 PA USD 174184.8 0.213241112498 Long DBT NUSS SA Y 2 2032-02-03 Fixed 2.75 N N N N N N SAUDI INTERNATIONAL BOND 635400FMICXSM3SI3H65 SR UNSECURED REGS 01/55 3.75 ACI1J8HW7 400000 PA USD 314728 0.38529739021 Long DBT NUSS SA Y 2 2055-01-21 Fixed 3.75 N N N N N N SAUDI INTERNATIONAL BOND 635400FMICXSM3SI3H65 SR UNSECURED REGS 04/49 5 ACI121KG1 400000 PA USD 376150.4 0.46049213113 Long DBT NUSS SA Y 2 2049-04-17 Fixed 5 N N N N N N SEA LTD 529900OM6JLLW44YKI15 SR UNSECURED 09/26 0.25 81141RAG5 100000 PA USD 73250 0.089674365906 Long DBT CORP KY N 2 2026-09-15 Fixed 0.25 N N N N N Sea Ltd. Sea Ltd. SPONSORD ADS USD XXXX N N SRILANKAN AIRLINES LTD 25490011MNMX2MRPJ572 GOVT GUARANT REGS 06/24 7 ACI1CT4K8 300000 PA USD 126000 0.154252151593 Long DBT CORP LK Y 2 2024-06-25 Fixed 7 Y Y N N N N STATE OF QATAR 52990074F6OJOAXK4P65 SR UNSECURED 144A 04/50 4.4 74727PBE0 200000 PA USD 182950.8 0.223972655044 Long DBT NUSS QA Y 2 2050-04-16 Fixed 4.4 N N N N N N STATE OF QATAR 52990074F6OJOAXK4P65 SR UNSECURED REGS 04/50 4.4 ACI1LN9V2 200000 PA USD 182950.8 0.223972655044 Long DBT NUSS QA Y 2 2050-04-16 Fixed 4.4 N N N N N N STATE OF QATAR 52990074F6OJOAXK4P65 SR UNSECURED REGS 03/49 4.817 ACI19CPD2 800000 PA USD 778000 0.952445824913 Long DBT NUSS QA Y 2 2049-03-14 Fixed 4.817 N N N N N N State Street Navigator Securities Lending Trust 5493005HD34MZLK62085 Prime Portfolio 638995910 1320090 NS USD 1320090 1.616085101555 Long STIV RF US N 1 N N TELFON CELUAR DEL PARAGU 254900R8A8IKGF4THL54 SR UNSECURED 144A 04/27 5.875 87936VAB3 200000 PA USD 193600 0.237009655145 Long DBT CORP PY Y 2 2027-04-15 Fixed 5.875 N N N N N N THAIOIL TRSRY CENTER 549300NH03B9E8VGJR89 COMPANY GUAR REGS 10/49 3.5 88323AAE2 800000 PA USD 480497.58 0.588236393254 Long DBT CORP TH Y 2 2049-10-17 Fixed 3.5 N N N N N N THAIOIL TRSRY CENTER 549300NH03B9E8VGJR89 COMPANY GUAR 144A 10/49 3.5 88322YAE1 200000 PA USD 120124.4 0.147059104435 Long DBT CORP TH Y 2 2049-10-17 Fixed 3.5 N N N N N N TITULOS DE TESORERIA 549300MHDRBVRF6B9117 BONDS 03/31 7 ACI1YTYS4 1335300000 PA 194290.08 0.237854467247 Long DBT NUSS CO N 2 2031-03-26 Fixed 7 N N N N N N TRANSJAMAICAN HIGHWAY N/A SR SECURED 144A 10/36 5.75 893727AA5 142860.33 PA USD 114002.54 0.139564580016 Long DBT CORP JM Y 2 2036-10-10 Fixed 5.75 N N N N N N TRANSMANTARO 549300NL65DC6HVEJX96 SR UNSECURED 144A 04/34 4.7 210314AB6 200000 PA USD 181999.85 0.222808479778 Long DBT CORP PE Y 2 2034-04-16 Fixed 4.7 N N N N N N TREASURY BILL 254900HROIFWPRGM1V77 03/23 0.00000 912796U31 260000 PA USD 257580.06 0.315335543352 Long DBT UST US N 2 2023-03-23 None 2.413 N N N N N N UKRAINE GOVERNMENT 6354001WLTJXOMEXPY07 SR UNSECURED 144A 08/41 VAR 903724AW2 115000 PA USD 32058.78 0.039247109464 Long DBT NUSS UA Y 2 2041-08-01 Floating 0 N N N N N N US 10YR NOTE (CBT)MAR23 N/A XCBT 20230322 ADI26YV04 -61 NC USD 0 0 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short US Treasury 10 Year Note 2023-03-22 -6850109.38 USD 24695.85 N N N US ULTRA BOND CBT MAR23 N/A XCBT 20230322 ADI26YTH0 17 NC USD 0 0 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Long US Treasury Ultra Long Bond 2023-03-22 2283312.5 USD -97395.02 N N N VTR COMUNICACIONES SPA 213800XDZJKMC1AEUV94 SR SECURED 144A 01/28 5.125 918367AA1 200000 PA USD 124210.43 0.152061318077 Long DBT CORP CL Y 2 2028-01-15 Fixed 5.125 N N N N N N VTR COMUNICACIONES SPA 213800XDZJKMC1AEUV94 SR SECURED 144A 04/29 4.375 918367AC7 250000 PA USD 145625 0.178277536315 Long DBT CORP CL Y 2 2029-04-15 Fixed 4.375 N N N N N N 2023-02-23 MASSMUTUAL SELECT FUNDS /s/ Renee Hitchcock Renee Hitchcock Treasurer and CFO XXXX NPORT-EX 2 fp0081614-44_nportex.htm

 

MassMutual Total Return Bond Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 0.1%          
           
COMMON STOCK — 0.1%          
Communications — 0.1%          
Telecommunications — 0.1%          
Intelsat Emergence SA (a)   16,754   $376,965 
           
TOTAL COMMON STOCK
(Cost $1,575,355)		        376,965 
           
TOTAL EQUITIES
(Cost $1,575,355)		        376,965 
           
           
   Principal
Amount		    
BONDS & NOTES — 114.5%          
BANK LOANS — 2.1%          
Aerospace & Defense — 0.1%          
TransDigm, Inc.          
2020 Term Loan E, 3 mo. USD LIBOR + 2.250%          
6.980% VRN 5/30/25  $289,790    286,374 
2020 Term Loan F, 3 mo. USD LIBOR + 2.250%          
6.980% VRN 12/09/25   17,457    17,223 
         303,597 
Airlines — 0.0%          
American Airlines, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.750%          
8.993% VRN 4/20/28   48,698    48,431 
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
8.108% VRN 4/21/28   53,079    52,313 
         100,744 
Auto Parts & Equipment — 0.0%          
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%          
7.634% VRN 4/30/26   211,302    206,636 
Beverages — 0.0%          
Naked Juice LLC, Term Loan, 3 mo. USD SOFR + 3.250%          
7.930% VRN 1/24/29   90,597    80,807 
Chemicals — 0.0%          
Zep, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%          
8.580% VRN 8/12/24   257,988    222,128 
Commercial Services — 0.1%          
Amentum Government Services Holdings LLC, Term Loan B, 3 mo. USD LIBOR + 4.000%          
8.384% - 8.384% VRN 1/29/27   69,280    67,606 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Element Materials Technology Group US Holdings, Inc.          
2022 USD Term Loan,          
0.000% 7/06/29 (b)  $48,472   $47,260 
2022 USD Delayed Draw Term Loan,          
0.000% 7/06/29 (b)   22,372    21,813 
Pre-Paid Legal Services, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750%          
8.134% VRN 12/15/28   103,808    99,693 
Prime Security Services Borrower LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750%          
7.517% VRN 9/23/26   111,391    110,288 
Safe Fleet Holdings LLC, 2022 Term Loan, 1 mo. USD SOFR CME + 3.750%          
8.173% VRN 2/23/29   30,916    29,815 
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%          
7.144% VRN 3/04/28   230,968    193,955 
Trans Union LLC          
2019 Term Loan B5, 1 mo. USD LIBOR + 1.750%          
6.134% VRN 11/16/26   169,938    167,359 
2021 Term Loan B6, 1 mo. USD LIBOR + 2.250%          
6.634% VRN 12/01/28   69,514    68,741 
TruGreen Ltd. Partnership, 2020 Term Loan, 1 mo. USD LIBOR + 4.000%          
8.384% VRN 11/02/27   57,193    50,652 
         857,182 
Computers — 0.0%          
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750%          
8.134% VRN 2/01/28   70,285    68,513 
Cosmetics & Personal Care — 0.0%          
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 3 mo. USD LIBOR + 3.750%          
8.480% VRN 10/01/26   115,135    110,082 
Diversified Financial Services — 0.1%          
Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 1 mo. USD LIBOR + 1.750%          
6.103% VRN 1/15/25   70,325    70,003 
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD SOFR CME + 3.750%          
8.073% VRN 4/09/27   140,955    131,396 
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, 3 mo. USD LIBOR + 2.000%          
6.730% VRN 11/05/28   700,000    695,450 
         896,849 
Electronics — 0.0%          
II-VI, Inc., 2022 Term Loan B, 3 mo. USD LIBOR + 2.750%          
7.134% VRN 7/02/29   39,084    38,586 
Ingram Micro, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%          
8.230% VRN 6/30/28   127,887    125,649 
         164,235 
Entertainment — 0.1%          
Crown Finance US, Inc., 2022 DIP Term Loan, 3 mo. USD SOFR CME + 10.000%          
14.210% - 14.417% VRN 9/07/23 (b)   324,458    317,868 
Formula One Holdings Ltd., Term Loan B,          
0.000% 1/15/30 (b)   14,243    14,225 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
J&J Ventures Gaming LLC, Term Loan, 3 mo. USD LIBOR + 4.000%          
8.730% VRN 4/26/28  $32,351   $30,896 
Penn National Gaming, Inc., 2022 Term Loan B, 1 mo. USD SOFR CME + 2.750%          
7.173% VRN 5/03/29   52,934    52,323 
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD SOFR + 3.000%          
7.417% VRN 4/14/29   107,344    105,619 
         520,931 
Food — 0.0%          
Hostess Brands LLC, 2019 Term Loan, 1 mo. USD LIBOR + 2.250%, 3 mo. USD LIBOR + 2.250%          
6.665% VRN 8/03/25   173,986    173,260 
Health Care – Products — 0.1%          
Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250%          
6.634% VRN 11/08/27   302,359    300,511 
Bausch & Lomb, Inc., Term Loan, 3 mo. USD SOFR CME + 3.250%          
7.842% VRN 5/10/27 (b)   83,423    79,200 
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250%          
7.634% VRN 10/23/28   104,213    98,896 
         478,607 
Home Furnishing — 0.0%          
AI Aqua Merger Sub, Inc.          
2022 Delayed Draw Term loan, 1 mo. USD SOFRTE + 4.000%, 3 mo. USD SOFR CME + 3.750%          
0.500% VRN 7/31/28 (c)   14,605    13,729 
2022 Term Loan B, 3 mo. USD SOFR CME + 3.750%          
7.844% VRN 7/31/28   83,980    78,941 
         92,670 
Insurance — 0.2%          
Acrisure LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 3.500%          
7.884% VRN 2/15/27   197,964    185,344 
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%          
6.634% VRN 2/19/28   657,945    645,404 
Asurion LLC          
2020 Term Loan B8, 1 mo. USD LIBOR + 3.250%          
7.634% VRN 12/23/26   203,767    181,226 
2022 Term Loan B10, 3 mo. USD SOFR CME + 4.000%          
8.680% VRN 8/19/28   132,408    117,876 
2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250%          
9.634% VRN 1/20/29   37,468    28,957 
Hub International Ltd., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%          
7.528% VRN 4/25/25   113,866    112,702 
         1,271,509 
Internet — 0.1%          
Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.250%          
7.634% VRN 12/06/27   64,917    59,913 
NortonLifeLock, Inc., 2022 Term Loan B, 1 mo. USD SOFR CME + 2.000%          
6.423% VRN 9/12/29   550,000    539,803 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Proofpoint, Inc., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250%          
7.985% VRN 8/31/28  $9,975   $9,571 
         609,287 
Lodging — 0.1%          
Caesars Resort Collection LLC, 2020 Term Loan B1, 1 mo. USD LIBOR + 3.500%          
7.884% VRN 7/21/25   310,581    309,522 
Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD SOFR + 4.000%          
8.323% VRN 1/27/29   297,750    282,529 
         592,051 
Media — 0.1%          
Charter Communications Operating LLC, 2019 Term Loan B2, 1 mo. USD LIBOR + 1.750%          
6.140% VRN 2/01/27   96,992    94,585 
CSC Holdings LLC, 2017 Term Loan B1, 1 mo. USD LIBOR + 2.250%          
6.570% VRN 7/17/25   146,439    138,019 
Diamond Sports Group LLC, 2022 2nd Lien Term Loan, 6 mo. USD SOFR CME + 3.50%          
8.314% VRN 8/24/26   171,931    20,631 
DirecTV Financing LLC, Term Loan, 1 mo. USD LIBOR + 5.000%          
9.384% VRN 8/02/27   399,375    387,977 
Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD LIBOR + 2.000%          
6.318% VRN 4/30/28   300,000    291,450 
         932,662 
Metal Fabricate & Hardware — 0.0%          
AZZ, Inc., Term Loan B, 1 mo. USD SOFR CME + 4.250%          
8.673% VRN 5/13/29   23,553    23,524 
Packaging & Containers — 0.1%          
Berry Global, Inc., 2021 Term Loan Z, 1 mo. USD LIBOR + 1.750%          
6.024% VRN 7/01/26   971,309    962,480 
Pharmaceuticals — 0.4%          
Elanco Animal Health, Inc., Term Loan B, 1 mo. USD LIBOR + 1.750%          
6.119% VRN 8/01/27   609,681    584,434 
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%          
8.730% VRN 10/01/27   222,727    208,529 
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000%          
6.384% VRN 11/15/27   723,383    698,368 
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750%          
6.188% VRN 3/15/28   315,150    314,756 
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500%          
7.884% VRN 5/05/28   384,848    380,938 
Organon & Co., USD Term Loan, 3 mo. USD LIBOR + 3.000%          
7.750% VRN 6/02/28   461,595    456,402 
         2,643,427 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Retail — 0.1%          
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%, 3 mo. USD LIBOR + 1.750%          
6.165% VRN 11/19/26  $365,995   $359,133 
KFC Holding Co., 2021 Term Loan B, 1 mo. USD LIBOR + 1.750%          
6.089% VRN 3/15/28   101,645    100,248 
Whatabrands LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250%          
7.634% VRN 8/03/28   470,250    453,890 
         913,271 
Semiconductors — 0.0%          
Entegris, Inc., 2022 Term Loan B, 3 mo. USD SOFR + 3.000%          
7.580% VRN 7/06/29   130,000    129,513 
Software — 0.1%          
Athenahealth, Inc.          
2022 Delayed Draw Term Loan, 1 mo. USD SOFR CME + 3.500%, 3 mo. USD SOFR CME + 3.500%          
3.500% VRN 2/15/29 (c)   6,289    5,662 
2022 Term Loan B, 1 mo. USD SOFR + 3.500%          
7.821% VRN 2/15/29   36,918    33,239 
CDK Global, Inc., 2022 USD Term Loan B, 3 mo. USD SOFR + 4.500%          
9.080% VRN 7/06/29   183,478    181,601 
DTI Holdco, Inc., 2022 Term Loan, 3 mo. USD SOFR CME + 4.750%          
8.844% VRN 4/26/29   23,022    21,090 
Mitnick Corporate Purchaser, Inc., Term Loan, 3 mo. USD SOFR CME + 4.750%          
8.944% VRN 5/02/29   35,910    33,554 
Open Text Corp., 2022 Term Loan B,          
0.000% 11/16/29 (b)   49,202    48,009 
RealPage, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%          
7.384% VRN 4/24/28   35,819    33,992 
Sophia, L.P., 2021 Term Loan B, 3 mo. USD LIBOR + 3.500%          
8.230% VRN 10/07/27   97,908    94,298 
         451,445 
Telecommunications — 0.4%          
CommScope, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.250%          
7.634% VRN 4/06/26   290,250    272,908 
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750%          
6.134% VRN 3/01/27   1,131,435    1,081,935 
SBA Senior Finance II LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 1.750%          
6.140% VRN 4/11/25   477,500    475,380 
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000%          
7.384% VRN 3/09/27   837,204    675,799 
         2,506,022 
Transportation — 0.0%          
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000%          
6.730% VRN 12/30/26   66,641    66,208 
           
TOTAL BANK LOANS
(Cost $15,883,357)		        15,377,640 
           

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
CORPORATE DEBT — 29.3%          
Aerospace & Defense — 0.3%          
The Boeing Co.          
1.167% 2/04/23  $1,855,000   $1,847,875 
Agriculture — 0.5%          
BAT Capital Corp.          
4.390% 8/15/37   340,000    265,527 
4.540% 8/15/47   2,165,000    1,540,340 
5.650% 3/16/52   570,000    473,117 
Imperial Brands Finance PLC          
3.875% 7/26/29 (d)   50,000    42,749 
6.125% 7/27/27 (d)   690,000    687,669 
Reynolds American, Inc.          
5.850% 8/15/45   1,160,000    993,684 
         4,003,086 
Airlines — 0.1%          
U.S. Airways Pass-Through Trust          
7.125% 4/22/25   577,072    579,904 
Auto Manufacturers — 0.1%          
Allison Transmission, Inc.          
3.750% 1/30/31 (d)   475,000    390,687 
General Motors Co.          
4.875% 10/02/23   150,000    149,527 
         540,214 
Banks — 10.8%          
Bank of America Corp.          
SOFR + 1.370% 1.922% VRN 10/24/31   925,000    707,516 
SOFR + 1.060% 2.087% VRN 6/14/29   1,835,000    1,547,336 
SOFR + 1.220% 2.299% VRN 7/21/32   490,000    378,729 
SOFR + 1.210% 2.572% VRN 10/20/32   1,300,000    1,021,856 
SOFR + 2.150% 2.592% VRN 4/29/31   290,000    236,880 
SOFR + 1.320% 2.687% VRN 4/22/32   245,000    196,734 
SOFR + 1.330% 2.972% VRN 2/04/33   475,000    384,150 
3 mo. USD LIBOR + .810% 3.366% VRN 1/23/26   5,365,000    5,127,404 
3 mo. USD LIBOR + 1.070% 3.970% VRN 3/05/29   1,670,000    1,543,578 
Bank of New York Mellon Corp. SOFR + 2.074%          
5.834% VRN 10/25/33   715,000    743,680 
Citigroup, Inc.          
SOFR + .770% 1.462% VRN 6/09/27   1,225,000    1,063,865 
SOFR + 1.167% 2.561% VRN 5/01/32   1,030,000    815,822 
SOFR + 2.107% 2.572% VRN 6/03/31   1,070,000    867,976 
SOFR + 1.146% 2.666% VRN 1/29/31   430,000    353,680 
SOFR + 1.422% 2.976% VRN 11/05/30   500,000    421,560 
SOFR + 1.351% 3.057% VRN 1/25/33   2,590,000    2,101,258 
SOFR + 1.280% 3.070% VRN 2/24/28   410,000    370,150 
SOFR + 3.914% 4.412% VRN 3/31/31   830,000    764,287 
Credit Suisse Group AG          
SOFR + .980% 1.305% VRN 2/02/27 (d)   1,315,000    1,050,269 
SOFR + 1.730% 3.091% VRN 5/14/32 (d)   1,850,000    1,283,880 
SOFR + 3.700% 6.442% VRN 8/11/28 (d)   345,000    314,642 
SOFR + 3.920% 6.537% VRN 8/12/33 (d)   4,055,000    3,568,870 
SOFR + 5.020% 9.016% VRN 11/15/33 (d)   1,575,000    1,617,362 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Discover Bank          
4.200% 8/08/23  $1,120,000   $1,112,676 
DNB Bank ASA 1 year CMT + .680%          
1.605% VRN 3/30/28 (d)   1,400,000    1,186,106 
Global Bank Corp. 3 mo. USD LIBOR + 3.300%          
5.250% VRN 4/16/29 (d)   200,000    181,840 
The Goldman Sachs Group, Inc.          
SOFR + .486% 0.925% VRN 10/21/24   895,000    859,415 
SOFR + .789% 1.093% VRN 12/09/26   485,000    428,532 
1.217% 12/06/23   2,245,000    2,167,006 
SOFR + .798% 1.431% VRN 3/09/27   2,295,000    2,012,551 
SOFR + .913% 1.948% VRN 10/21/27   1,755,000    1,536,587 
SOFR + 1.090% 1.992% VRN 1/27/32   315,000    240,314 
SOFR + 1.248% 2.383% VRN 7/21/32   950,000    739,611 
SOFR + 1.264% 2.650% VRN 10/21/32   465,000    368,412 
HSBC Holdings PLC          
SOFR + 1.732% 2.013% VRN 9/22/28   1,370,000    1,146,918 
SOFR + 1.929% 2.099% VRN 6/04/26   1,480,000    1,349,449 
SOFR + 1.285% 2.206% VRN 8/17/29   1,135,000    921,427 
SOFR + 1.187% 2.804% VRN 5/24/32   1,250,000    967,517 
SOFR + 2.110% 4.755% VRN 6/09/28   1,080,000    1,022,313 
JP Morgan Chase & Co.          
SOFR + .580% 0.697% VRN 3/16/24   440,000    435,388 
3 mo. TSFR + .580% 0.969% VRN 6/23/25   2,650,000    2,470,180 
SOFR + .605% 1.561% VRN 12/10/25   1,890,000    1,750,726 
SOFR + .885% 1.578% VRN 4/22/27   1,360,000    1,196,975 
SOFR + 1.180% 2.545% VRN 11/08/32   850,000    674,200 
SOFR + 1.250% 2.580% VRN 4/22/32   390,000    313,566 
SOFR + 1.510% 2.739% VRN 10/15/30   540,000    454,077 
SOFR + 1.170% 2.947% VRN 2/24/28   535,000    485,061 
3 mo. USD LIBOR + 1.245% 3.960% VRN 1/29/27   630,000    601,181 
Lloyds Banking Group PLC          
1 year CMT + .850% 1.627% VRN 5/11/27   1,000,000    866,569 
3 mo. USD LIBOR + 1.205% 3.574% VRN 11/07/28   425,000    383,353 
1 year CMT + 3.500% 3.870% VRN 7/09/25   415,000    401,828 
1 year CMT + 2.300% 4.976% VRN 8/11/33   995,000    916,311 
Macquarie Group Ltd.          
SOFR + 1.069% 1.340% VRN 1/12/27 (d)   920,000    802,691 
SOFR + 1.440% 2.691% VRN 6/23/32 (d)   5,000    3,849 
SOFR + 1.532% 2.871% VRN 1/14/33 (d)   1,335,000    1,027,733 
SOFR + 2.405% 4.442% VRN 6/21/33 (d)   525,000    457,191 
Morgan Stanley          
SOFR + .560% 1.164% VRN 10/21/25   2,885,000    2,651,715 
SOFR + .879% 1.593% VRN 5/04/27   1,365,000    1,198,838 
SOFR + 1.020% 1.928% VRN 4/28/32   1,005,000    760,855 
SOFR + 1.178% 2.239% VRN 7/21/32   360,000    276,148 
SOFR + 1.360% 2.484% VRN 9/16/36   980,000    713,039 
SOFR + 1.200% 2.511% VRN 10/20/32   585,000    457,679 
SOFR + 1.290% 2.943% VRN 1/21/33   895,000    726,557 
Natwest Group PLC 3 mo. USD LIBOR + 1.762%          
4.269% VRN 3/22/25   1,710,000    1,672,719 
PNC Financial Services Group, Inc. SOFR + 2.140%          
6.037% VRN 10/28/33   705,000    736,448 
Santander UK Group Holdings PLC          
SOFR + .787% 1.089% VRN 3/15/25   1,825,000    1,705,677 
1 year CMT + 1.250% 1.532% VRN 8/21/26   295,000    260,084 
SOFR + .989% 1.673% VRN 6/14/27   340,000    289,484 
SOFR + 1.220% 2.469% VRN 1/11/28   285,000    243,706 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3 mo. USD LIBOR + 1.570% 4.796% VRN 11/15/24  $525,000   $516,295 
Santander UK PLC          
5.000% 11/07/23 (d)   1,390,000    1,385,741 
UBS Group AG Registered 1 year CMT + 1.550%          
4.488% VRN 5/12/26 (d)   445,000    435,255 
US Bancorp SOFR + 2.090%          
5.850% VRN 10/21/33   715,000    744,786 
Wells Fargo & Co.          
SOFR + 2.100% 2.393% VRN 6/02/28   1,710,000    1,511,526 
SOFR + 1.500% 3.350% VRN 3/02/33   3,750,000    3,170,115 
SOFR + 1.510% 3.526% VRN 3/24/28   1,800,000    1,669,001 
3 mo. USD LIBOR + 1.310% 3.584% VRN 5/22/28   1,345,000    1,250,676 
SOFR + 2.100% 4.897% VRN 7/25/33   1,025,000    970,544 
         79,309,925 
Beverages — 0.4%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
4.900% 2/01/46   2,215,000    2,030,125 
Bacardi Ltd.          
5.300% 5/15/48 (d)   275,000    245,850 
Constellation Brands, Inc.          
2.250% 8/01/31   845,000    673,479 
         2,949,454 
Chemicals — 0.2%          
International Flavors & Fragrances, Inc.          
2.300% 11/01/30 (d)   1,685,000    1,340,978 
5.000% 9/26/48   430,000    367,552 
SK Invictus Intermediate II Sarl          
5.000% 10/30/29 (d)   80,000    65,600 
         1,774,130 
Commercial Services — 0.3%          
Global Payments, Inc.          
5.400% 8/15/32   365,000    348,919 
5.950% 8/15/52   495,000    447,406 
Rent-A-Center, Inc.          
6.375% 2/15/29 (d)   85,000    68,761 
S&P Global, Inc.          
2.900% 3/01/32 (d)   415,000    355,139 
4.750% 8/01/28 (d)   750,000    742,413 
WASH Multifamily Acquisition, Inc.          
5.750% 4/15/26 (d)   85,000    80,112 
         2,042,750 
Computers — 0.1%          
Lenovo Group Ltd.          
6.536% 7/27/32 (d)   370,000    357,885 
NCR Corp.          
5.125% 4/15/29 (d)   175,000    146,396 
5.250% 10/01/30 (d)   90,000    74,250 
         578,531 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Diversified Financial Services — 1.2%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust          
3.300% 1/30/32  $2,270,000   $1,781,206 
3.875% 1/23/28   265,000    238,707 
4.125% 7/03/23   220,000    218,457 
Air Lease Corp.          
3.250% 3/01/25   950,000    900,870 
5.850% 12/15/27   905,000    904,592 
Avolon Holdings Funding Ltd.          
2.528% 11/18/27 (d)   1,109,000    887,822 
2.875% 2/15/25 (d)   45,000    41,550 
3.950% 7/01/24 (d)   380,000    364,029 
4.375% 5/01/26 (d)   815,000    738,989 
Capital One Financial Corp. SOFR + 1.790%          
3.273% VRN 3/01/30   1,160,000    993,874 
The Charles Schwab Corp.          
1.950% 12/01/31   445,000    349,260 
Discover Financial Services          
3.950% 11/06/24   150,000    146,096 
ORIX Corp.          
5.200% 9/13/32   745,000    728,612 
Park Aerospace Holdings Ltd.          
4.500% 3/15/23 (d)   700,000    698,273 
5.500% 2/15/24 (d)   75,000    74,044 
         9,066,381 
Electric — 1.5%          
Ameren Illinois Co.          
3.700% 12/01/47   480,000    382,815 
Consolidated Edison Co. of New York, Inc.          
4.650% 12/01/48   1,000,000    877,172 
Duke Energy Carolinas LLC          
3.700% 12/01/47   738,000    569,122 
Duke Energy Corp.          
3.750% 9/01/46   471,000    351,789 
Entergy Louisiana LLC          
3.780% 4/01/25   1,250,000    1,200,926 
Eversource Energy          
4.600% 7/01/27   735,000    725,067 
FirstEnergy Transmission LLC          
2.866% 9/15/28 (d)   1,401,000    1,224,062 
5.450% 7/15/44 (d)   600,000    561,433 
Florida Power & Light Co.          
3.990% 3/01/49   1,000,000    844,654 
Metropolitan Edison Co.          
4.000% 4/15/25 (d)   985,000    943,067 
MidAmerican Energy Co.          
4.400% 10/15/44   1,905,000    1,692,764 
Mong Duong Finance Holdings BV          
5.125% 5/07/29 (d)   250,000    207,520 
NextEra Energy Capital Holdings, Inc.          
4.625% 7/15/27   925,000    910,952 
Southwestern Electric Power Co.          
3.250% 11/01/51   425,000    281,685 
         10,773,028 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Engineering & Construction — 0.1%          
Artera Services LLC          
9.033% 12/04/25 (d)  $257,000   $214,104 
Heathrow Funding Ltd.          
1.875% 3/14/36 EUR (d) (e)   895,000    690,392 
         904,496 
Entertainment — 0.5%          
Caesars Entertainment, Inc.          
8.125% 7/01/27 (d) (f)   250,000    245,637 
Warnermedia Holdings, Inc.          
5.050% 3/15/42 (d)   1,760,000    1,353,123 
5.141% 3/15/52 (d)   3,001,000    2,192,282 
         3,791,042 
Environmental Controls — 0.0%          
Waste Pro USA, Inc.          
5.500% 2/15/26 (d)   400,000    353,240 
Food — 0.6%          
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
3.000% 2/02/29 (d)   730,000    603,753 
3.000% 5/15/32 (d)   410,000    313,691 
6.500% 12/01/52 (d)   900,000    856,410 
Kraft Heinz Foods Co.          
4.875% 10/01/49   815,000    709,686 
5.200% 7/15/45   750,000    695,149 
Pilgrim's Pride Corp.          
3.500% 3/01/32 (d)   500,000    391,250 
5.875% 9/30/27 (d)   75,000    72,748 
Post Holdings, Inc.          
5.750% 3/01/27 (d)   525,000    507,717 
Simmons Foods, Inc. /Simmons Prepared Foods, Inc. /Simmons Pet Food, Inc. /Simmons Feed          
4.625% 3/01/29 (d)   400,000    325,621 
         4,476,025 
Gas — 0.2%          
KeySpan Gas East Corp.          
5.819% 4/01/41 (d)   1,337,000    1,293,907 
Health Care – Services — 1.7%          
Aetna, Inc.          
3.500% 11/15/24   500,000    486,281 
Centene Corp.          
2.450% 7/15/28   1,951,000    1,645,127 
4.250% 12/15/27   590,000    553,877 
CommonSpirit Health          
2.782% 10/01/30   455,000    376,255 
3.347% 10/01/29   1,200,000    1,047,741 
HCA, Inc.          
2.375% 7/15/31   230,000    179,644 
3.500% 9/01/30   859,000    743,114 
4.125% 6/15/29   1,262,000    1,154,955 
5.125% 6/15/39   650,000    584,625 
5.250% 4/15/25   644,000    640,720 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
5.250% 6/15/49  $485,000   $415,341 
5.375% 9/01/26   590,000    583,965 
5.500% 6/15/47   775,000    690,859 
Humana, Inc.          
3.700% 3/23/29   2,050,000    1,880,466 
ModivCare Escrow Issuer, Inc.          
5.000% 10/01/29 (d)   425,000    358,403 
Molina Healthcare, Inc.          
3.875% 11/15/30 (d)   417,000    353,382 
3.875% 5/15/32 (d)   850,000    705,873 
         12,400,628 
Household Products & Wares — 0.0%          
Central Garden & Pet Co.          
5.125% 2/01/28   22,000    20,466 
Insurance — 1.5%          
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer          
6.750% 10/15/27 (d)   90,000    80,897 
Aon Corp. / Aon Global Holdings PLC          
3.900% 2/28/52   845,000    650,224 
AssuredPartners, Inc.          
5.625% 1/15/29 (d)   80,000    65,843 
Athene Global Funding          
1.985% 8/19/28 (d)   2,200,000    1,773,459 
3.205% 3/08/27 (d)   445,000    397,097 
Farmers Exchange Capital          
3 mo. USD LIBOR + 3.454% 5.454% VRN 10/15/54 (d)   3,290,000    3,012,818 
3 mo. USD LIBOR + 3.744% 6.151% VRN 11/01/53 (d)   350,000    335,693 
Marsh & McLennan Cos., Inc.          
5.750% 11/01/32   545,000    571,470 
Teachers Insurance & Annuity Association of America 3 mo. USD LIBOR + 2.661%          
4.375% VRN 9/15/54 (d)   4,000,000    3,827,589 
         10,715,090 
Internet — 0.2%          
Gen Digital, Inc.          
6.750% 9/30/27 (d)   400,000    392,000 
Tencent Holdings Ltd.          
3.680% 4/22/41 (d)   455,000    336,526 
3.840% 4/22/51 (d)   455,000    324,792 
3.975% 4/11/29 (d)   410,000    378,722 
         1,432,040 
Lodging — 0.1%          
Hyatt Hotels Corp.          
1.800% 10/01/24   930,000    871,730 
Machinery – Diversified — 0.0%          
OT Merger Corp.          
7.875% 10/15/29 (d)   125,000    66,250 
Media — 0.8%          
Cable One, Inc.          
4.000% 11/15/30 (d) (f)   1,085,000    851,417 
Charter Communications Operating LLC/Charter Communications Operating Capital          

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3.750% 2/15/28  $500,000   $451,836 
4.800% 3/01/50   375,000    272,985 
4.908% 7/23/25   1,105,000    1,083,893 
5.250% 4/01/53   250,000    194,241 
5.375% 4/01/38   5,000    4,169 
5.375% 5/01/47   180,000    141,947 
5.750% 4/01/48   1,088,000    896,929 
CSC Holdings LLC          
5.375% 2/01/28 (d)   150,000    120,938 
6.500% 2/01/29 (d)   1,033,000    844,477 
7.500% 4/01/28 (d)   80,000    54,200 
Diamond Sports Group LLC / Diamond Sports Finance Co.          
5.375% 8/15/26 (d)   1,175,000    138,063 
Time Warner Cable, Inc.          
5.500% 9/01/41   370,000    308,137 
5.875% 11/15/40   360,000    315,209 
         5,678,441 
Oil & Gas — 0.5%          
KazMunay Gas National Co.          
4.750% 4/19/27 (d)   200,000    184,200 
Occidental Petroleum Corp.          
0.000% 10/10/36   115,000    57,429 
4.500% 7/15/44   400,000    317,573 
Pertamina Persero PT          
3.100% 8/27/30 (d)   875,000    752,184 
Petroleos Mexicanos          
6.625% 6/15/35   2,100,000    1,524,391 
7.690% 1/23/50   295,000    204,144 
Petronas Capital Ltd.          
3.500% 4/21/30 (d)   200,000    182,316 
Saudi Arabian Oil Co.          
1.625% 11/24/25 (d)   200,000    182,163 
Transocean Guardian Ltd.          
5.875% 1/15/24 (d)   184,550    180,214 
Transocean Poseidon Ltd.          
6.875% 2/01/27 (d)   203,875    198,395 
         3,783,009 
Oil & Gas Services — 0.1%          
Transocean Proteus Ltd.          
6.250% 12/01/24 (d)   348,400    343,200 
USA Compression Partners LP/USA Compression Finance Corp.          
6.875% 4/01/26   70,000    67,150 
         410,350 
Packaging & Containers — 0.2%          
Berry Global, Inc.          
1.650% 1/15/27   85,000    72,801 
4.875% 7/15/26 (d)   585,000    562,400 
Mauser Packaging Solutions Holding Co.          
5.500% 4/15/24 (d)   70,000    68,056 
Sealed Air Corp.          
1.573% 10/15/26 (d)   1,200,000    1,037,547 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Trivium Packaging Finance BV          
8.500% 8/15/27 (d)  $75,000   $68,814 
         1,809,618 
Pharmaceuticals — 1.3%          
AbbVie, Inc.          
4.450% 5/14/46   695,000    601,090 
4.500% 5/14/35   234,000    217,386 
4.550% 3/15/35   576,000    541,026 
Bayer US Finance II LLC          
4.375% 12/15/28 (d)   3,281,000    3,093,131 
4.625% 6/25/38 (d)   1,310,000    1,141,638 
4.875% 6/25/48 (d)   220,000    191,173 
Becton Dickinson and Co.          
2.823% 5/20/30   1,735,000    1,493,244 
Cigna Corp.          
3.400% 3/15/51   210,000    149,913 
CVS Health Corp.          
5.050% 3/25/48   2,360,000    2,128,936 
Embecta Corp.          
5.000% 2/15/30 (d)   425,000    359,656 
         9,917,193 
Pipelines — 1.0%          
Energy Transfer LP          
4.950% 6/15/28   1,201,000    1,163,382 
5.350% 5/15/45   370,000    315,361 
5.400% 10/01/47   1,275,000    1,077,831 
5.500% 6/01/27   264,000    262,513 
5.950% 10/01/43   750,000    696,432 
6.250% 4/15/49   105,000    98,250 
Galaxy Pipeline Assets Bidco Ltd.          
2.160% 3/31/34 (d)   369,864    314,241 
Kinder Morgan, Inc.          
5.550% 6/01/45   565,000    517,359 
Plains All American Pipeline LP/PAA Finance Corp.          
3.550% 12/15/29   228,000    198,258 
Rockies Express Pipeline LLC          
4.950% 7/15/29 (d)   1,000,000    897,350 
6.875% 4/15/40 (d)   745,000    625,491 
Sabine Pass Liquefaction LLC          
4.500% 5/15/30   615,000    571,561 
Southern Gas Corridor CJSC          
6.875% 3/24/26 (d)   400,000    409,528 
         7,147,557 
Real Estate — 0.0%          
Vonovia SE          
1.500% 6/14/41 EUR (d) (e)   200,000    118,606 
Real Estate Investment Trusts (REITS) — 1.9%          
Alexandria Real Estate Equities, Inc.          
1.875% 2/01/33   480,000    358,401 
American Assets Trust LP          
3.375% 2/01/31   865,000    688,217 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
American Homes Rent          
3.625% 4/15/32  $1,650,000   $1,392,723 
CapLand Ascendas REIT          
0.750% 6/23/28 EUR (d) (e)   445,000    370,424 
CubeSmart LP          
2.000% 2/15/31   730,000    551,760 
Extra Space Storage LP          
2.350% 3/15/32   1,075,000    816,396 
GLP Capital LP/GLP Financing II, Inc.          
4.000% 1/15/30   60,000    52,549 
5.250% 6/01/25   600,000    589,368 
5.300% 1/15/29   620,000    586,638 
5.375% 4/15/26   1,820,000    1,786,017 
Healthcare Realty Holdings LP          
2.000% 3/15/31 (f)   275,000    208,458 
2.050% 3/15/31   71,000    52,072 
2.400% 3/15/30   615,000    481,306 
3.100% 2/15/30   825,000    690,967 
3.625% 1/15/28   157,000    139,435 
Hudson Pacific Properties LP          
4.650% 4/01/29   1,185,000    1,014,810 
Invitation Homes Operating Partnership LP          
2.000% 8/15/31   145,000    107,525 
4.150% 4/15/32   670,000    588,163 
Life Storage LP          
2.400% 10/15/31   925,000    714,066 
Physicians Realty LP          
2.625% 11/01/31   465,000    364,201 
VICI Properties LP          
3.750% 2/15/27 (d)   60,000    54,465 
3.875% 2/15/29 (d)   485,000    427,063 
4.500% 9/01/26 (d)   240,000    226,061 
4.500% 1/15/28 (d)   135,000    123,880 
4.625% 6/15/25 (d)   65,000    62,319 
5.125% 5/15/32   790,000    731,500 
5.625% 5/15/52   403,000    356,482 
5.750% 2/01/27 (d)   255,000    248,559 
         13,783,825 
Retail — 0.1%          
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.          
6.750% 1/15/30 (d)   85,000    68,561 
The Michaels Cos., Inc.          
5.250% 5/01/28 (d)   556,000    447,319 
7.875% 5/01/29 (d)   339,000    226,509 
Papa John's International, Inc.          
3.875% 9/15/29 (d) (f)   233,000    194,555 
         936,944 
Savings & Loans — 0.3%          
Nationwide Building Society          
SOFR + 1.290% 2.972% VRN 2/16/28 (d)   720,000    633,770 
3 mo. USD LIBOR + 1.064% 3.766% VRN 3/08/24 (d)   1,215,000    1,208,397 
3 mo. USD LIBOR + 1.392% 4.363% VRN 8/01/24 (d)   300,000    296,122 
         2,138,289 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Semiconductors — 0.1%          
Broadcom, Inc.          
2.600% 2/15/33 (d)  $412,000   $310,536 
3.419% 4/15/33 (d)   420,000    337,859 
         648,395 
Software — 0.5%          
Open Text Corp.          
6.900% 12/01/27 (d)   125,000    125,000 
Oracle Corp.          
2.875% 3/25/31   115,000    95,685 
3.800% 11/15/37   200,000    159,134 
3.950% 3/25/51   2,078,000    1,489,882 
6.900% 11/09/52   710,000    766,321 
Take-Two Interactive Software, Inc.          
4.000% 4/14/32   810,000    719,541 
         3,355,563 
Telecommunications — 2.1%          
AT&T, Inc.          
3.800% 12/01/57   3,110,000    2,162,762 
4.500% 5/15/35   110,000    100,167 
4.750% 5/15/46   100,000    85,094 
4.850% 3/01/39   366,000    329,993 
5.250% 3/01/37   850,000    825,148 
Intelsat Jackson Holdings S.A.          
6.500% 3/15/30 (d)   1,440,000    1,287,346 
Intelsat Jackson Holdings S.A., Escrow          
8.500% 10/15/24 (a) (d) (g) (h)   378,000    — 
9.750% 7/15/25 (a) (d) (g) (h)   1,379,000    — 
Level 3 Financing, Inc.          
3.400% 3/01/27 (d)   328,000    277,690 
3.875% 11/15/29 (d)   230,000    181,501 
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC          
4.738% 3/20/25 (d)   1,937,813    1,915,725 
5.152% 9/20/29 (d)   2,015,000    1,987,576 
T-Mobile USA, Inc.          
2.250% 2/15/26   1,217,000    1,106,678 
2.550% 2/15/31   955,000    783,022 
3.750% 4/15/27   1,270,000    1,197,830 
3.875% 4/15/30   580,000    526,762 
4.375% 4/15/40   840,000    720,802 
Verizon Communications, Inc.          
2.550% 3/21/31   410,000    337,743 
Vodafone Group PLC          
4.875% 6/19/49   1,260,000    1,062,152 
5.250% 5/30/48   1,000,000    886,081 
         15,774,072 
           
TOTAL CORPORATE DEBT
(Cost $243,979,588)		        215,292,054 
           
MUNICIPAL OBLIGATIONS — 0.3%          
City of New York NY, General Obligation          
3.000% 8/01/34   945,000    760,859 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
County of Miami-Dade FL Aviation Revenue, Revenue Bond          
2.707% 10/01/33  $375,000   $294,134 
New York State Dormitory Authority, Revenue Bond          
5.628% 3/15/39   860,000    882,055 
University of Michigan, Revenue Bond          
3.504% 4/01/52   335,000    261,321 
         2,198,369 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $2,639,569)		        2,198,369 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 16.6%          
Commercial Mortgage-Backed Securities — 2.6%          
BAMLL Commercial Mortgage Securities Trust          
Series 2019-BPR, Class AMP, 3.287% 11/05/32 (d)   1,920,000    1,725,173 
Series 2018-PARK, Class A, 4.091% VRN 8/10/38 (d) (i)   1,280,000    1,157,540 
BX Commercial Mortgage Trust          
Series 2019-XL, Class A, 1 mo. TSFR + 1.034% 5.370% FRN 10/15/36 (d)   2,330,986    2,298,996 
Series 2022-CSMO, Class A, 1 mo. TSFR + 2.115% 6.450% FRN 6/15/27 (d)   1,641,000    1,628,699 
BX Trust          
Series 2019-OC11, Class A, 3.202% 12/09/41 (d)   420,000    353,506 
Series 2022-VAMF, Class C, 1 mo. TSFR + 1.580% 5.916% FRN 1/15/39 (d)   1,057,000    1,001,557 
Series 2022-PSB, Class D, 1 mo. TSFR + 4.693% 9.029% FRN 8/15/39 (d)   1,324,674    1,317,460 
CALI Mortgage Trust, Series 2019-101C, Class A          
3.957% 3/10/39 (d)   945,000    818,018 
CPT Mortgage Trust, Series 2019-CPT, Class A          
2.865% 11/13/39 (d)   805,000    645,546 
DC Office Trust, Series 2019-MTC, Class A          
2.965% 9/15/45 (d)   860,000    706,949 
Hudson Yards Mortgage Trust          
Series 2019-55HY, Class A, 2.943% VRN 12/10/41 (d) (i)   860,000    725,110 
Series 2019-30HY, Class A, 3.228% 7/10/39 (d)   880,000    756,493 
JP Morgan Chase Commercial Mortgage Securities Trust          
Series 2019-OSB, Class A, 3.397% 6/05/39 (d)   900,000    786,094 
Series 2021-HTL5, Class A, 1 mo. USD LIBOR + 1.115% 5.433% FRN 11/15/38 (d)   2,138,000    2,044,552 
MKT Mortgage Trust, Series 2020-525M, Class A          
2.694% 2/12/40 (d)   570,000    448,713 
One Bryant Park Trust, Series 2019-OBP, Class A          
2.516% 9/15/54 (d)   1,085,000    891,889 
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A,          
3.834% VRN 1/15/32 (d) (i)   640,000    610,034 
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B,          
4.144% VRN 1/05/43 (d) (i)   50,000    33,867 
TTAN, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.400%          
6.718% FRN 3/15/38 (d)   1,332,220    1,254,046 
         19,204,242 
Home Equity Asset-Backed Securities — 0.8%          
Argent Securities, Inc., Series 2005-W2, Class M1, 1 mo. USD LIBOR + .735%          
5.124% FRN 10/25/35   1,947,374    1,866,139 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Morgan Stanley Capital, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD LIBOR + .580%          
4.969% FRN 1/25/36  $1,953,462   $1,881,822 
Option One Mortgage Loan Trust, Series 2006-3, Class 1A1, 1 mo. USD LIBOR + .140%          
4.529% FRN 2/25/37   3,625,138    2,330,096 
         6,078,057 
Other Asset-Backed Securities — 4.5%          
AGL CLO Ltd., Series 2021-13A, Class A1, 3 mo. USD LIBOR + 1.160%          
5.403% FRN 10/20/34 (d)   2,400,000    2,340,722 
AIG CLO Ltd., Series 2019-2A, Class BR, 3 mo. USD LIBOR + 1.600%          
5.958% FRN 10/25/33 (d)   2,400,000    2,306,974 
Aimco CLO Ltd., Series 2020-11A, Class AR, 3 mo. USD LIBOR + 1.130%          
5.209% FRN 10/17/34 (d)   2,075,000    2,019,824 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 1 mo. USD LIBOR + 1.070%          
5.388% FRN 8/15/34 (d)   2,018,000    1,911,326 
Barings CLO Ltd., Series 2013-IA, Class AR, 3 mo. USD LIBOR + .800%          
5.043% FRN 1/20/28 (d)   2,403,097    2,385,333 
Countrywide Asset-Backed Certificates Trust          
Series 2007-7, Class 1A, 1 mo. USD LIBOR + .200% 4.589% FRN 10/25/47   2,956,546    2,807,395 
Series 2004-5, Class M1, 1 mo. USD LIBOR + .855% 5.244% FRN 8/25/34   122,120    120,462 
First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720%          
5.109% FRN 10/25/35   53,772    53,696 
Flatiron CLO Ltd., Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.600%          
5.827% FRN 7/19/34 (d)   2,400,000    2,291,933 
GoldenTree Loan Opportunities Ltd., Series 2014-9A, Class AR2, 3 mo. USD LIBOR + 1.110%          
5.525% FRN 10/29/29 (d)   1,979,321    1,964,038 
GSAMP Trust, Series 2006-HE1, Class M1, 1 mo. USD LIBOR + .585%          
4.974% FRN 1/25/36   767,679    759,930 
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%          
5.319% FRN 7/15/27 (d)   301,836    300,674 
Magnetite Ltd., Series 2012-7A, Class A1R2, 3 mo. USD LIBOR + .800%          
4.879% FRN 1/15/28 (d)   1,358,588    1,341,246 
Morgan Stanley Capital, Inc. Trust, Series 2006-NC2, Class A2D, 1 mo. USD LIBOR + .580%          
4.969% FRN 2/25/36   1,722,933    1,677,089 
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1          
1.910% 10/20/61 (d)   1,646,000    1,392,591 
Progress Residential Trust          
Series 2021-SFR8, Class C, 1.931% 10/17/38 (d)   2,500,000    2,082,878 
Series 2020-SFR3, Class F, 2.796% 10/17/27 (d)   860,000    748,592 
Series 2021-SFR10, Class F, 4.608% 12/17/40 (d)   1,159,731    934,090 
Rockford Tower Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.120%          
5.363% FRN 4/20/34 (d)   2,435,000    2,361,383 
TRTX Issuer Ltd., Series 2019-FL3, Class A, 1 mo. TSFR + 1.264%          
5.590% FRN 10/15/34 (d)   431,088    431,087 
VOLT CIII LLC, Series 2021-CF1, Class A1,          
1.992% STEP 8/25/51 (d)   2,687,829    2,410,841 
         32,642,104 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Student Loans Asset-Backed Securities — 2.3%          
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700%          
5.089% FRN 7/25/56 (d)  $1,296,729   $1,237,895 
Education Loan Asset-Backed Trust, Series 2013-1, Class A2, 1 mo. USD LIBOR + .800%          
5.189% FRN 4/26/32 (d)   2,059,279    2,035,652 
Nelnet Student Loan Trust, Series 2006-1, Class A6, 3 mo. USD LIBOR + .450%          
5.142% FRN 8/23/36 (d)   1,723,227    1,675,914 
SLM Student Loan Trust          
Series 2014-1, Class A3, 1 mo. USD LIBOR + .600% 4.989% FRN 2/26/29   1,338,987    1,275,482 
Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 5.039% FRN 5/26/26   2,293,958    2,200,135 
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 6.208% FRN 7/25/73   3,735,000    3,538,376 
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 6.608% FRN 10/25/83   3,630,000    3,403,976 
Wachovia Student Loan Trust, Series 2006-1, Class A6, 3 mo. USD LIBOR + .170%          
4.528% FRN 4/25/40 (d)   1,764,871    1,684,659 
         17,052,089 
Whole Loan Collateral Collateralized Mortgage Obligations — 6.4%          
Ajax Mortgage Loan Trust          
Series 2019-,Class A1, 2.860% STEP 7/25/59 (d)   1,866,853    1,721,927 
Series 2022-B, Class A1, 3.500% STEP 3/27/62 (d)   3,061,214    2,800,179 
American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, 1 mo. USD LIBOR + .400%          
4.789% FRN 3/25/46   1,481,927    1,230,265 
Bear Stearns Trust, Series 2005-4, Class 25A1,          
3.245% VRN 5/25/35 (i)   655,188    585,824 
BINOM Securitization Trust, Series 2022-RPL1, Class A1,          
3.000% VRN 2/25/61 (d) (i)   2,881,562    2,573,704 
CIM Trust, Series 2021-J3, Class A1,          
2.500% VRN 6/25/51 (d) (i)   4,550,432    3,655,632 
Citigroup Mortgage Loan Trust, Series 2006-AR2, Class 1A2,          
2.968% VRN 3/25/36 (i)   2,554    2,321 
Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A,          
3.850% VRN 9/25/57 (d) (i)   1,612,633    1,484,330 
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1,          
4.042% VRN 11/25/35 (i)   1,331,397    1,126,798 
GS Mortgage-Backed Securities Trust, Series 2022-PJ6 , Class A4,          
3.000% VRN 1/25/53 (d) (i)   4,257,714    3,566,817 
HarborView Mortgage Loan Trust          
Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200% 4.539% FRN 11/19/36   2,656,475    2,082,988 
Series 2007-6, Class 1A1A, 1 mo. USD LIBOR + .200% 4.539% FRN 8/19/37   2,453,853    2,017,974 
HomeBanc Mortgage Trust, Series 2005-5, Class A1, 1 mo. USD LIBOR + .520%          
4.909% FRN 1/25/36   2,092,295    1,974,005 
JP Morgan Mortgage Trust          
Series 2021-13, Class A3, 2.500% VRN 4/25/52 (d) (i)   3,867,756    3,116,867 
Series 2005-A5, Class 1A2, 3.337% VRN 8/25/35 (i)   82,880    78,316 
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 4A1,          
2.690% VRN 4/25/34 (i)   479,204    421,692 
Preston Ridge Partners Mortgage          
Series 2021-5, Class A1, 1.793% STEP 6/25/26 (d)   3,773,665    3,398,440 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2021-6, Class A1, 1.793% STEP 7/25/26 (d)  $1,699,823   $1,524,359 
Series 2022-1, Class A1, 3.720% STEP 2/25/27 (d)   3,696,505    3,422,341 
Series 2022-4, Class A1, 5.000% STEP 8/25/27 (d) (i)   876,487    824,873 
RALI Trust, Series 2006-QA7, Class 2A1, 1 mo. USD LIBOR + .370%          
4.759% FRN 8/25/36   512,414    440,118 
Residential Asset Securitization Trust, Series 2006-A14C, Class 1A1          
6.250% 12/25/36   1,909,736    1,431,354 
Structured Asset Mortgage Investments Trust, Series 2006-AR1, Class 3A1, 1 mo. USD LIBOR + .460%          
4.849% FRN 2/25/36   1,485,070    1,150,866 
Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A1A, 1 mo. USD LIBOR + .620%          
5.009% FRN 1/25/45   486,548    459,163 
Washington Mutual Mortgage Pass-Through Certificates Trust          
Series 2006-AR12, Class 1A4 3.801% 10/25/36   4,027,280    3,470,150 
Series 2005-7, Class 4CB, 7.000% 8/25/35   2,565,176    1,940,925 
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR3, Class A4,          
2.892% VRN 4/25/37 (i)   812,314    713,829 
         47,216,057 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $129,851,707)		        122,192,549 
           
SOVEREIGN DEBT OBLIGATIONS — 1.0%          
Colombia Government International Bond          
8.000% 4/20/33   200,000    200,532 
Abu Dhabi Government International Bond          
2.500% 9/30/29 (d)   647,000    579,834 
Brazilian Government International Bond          
3.875% 6/12/30 (f)   730,000    633,628 
Chile Government International Bond          
2.450% 1/31/31 (f)   200,000    165,900 
2.550% 1/27/32 (f)   400,000    327,310 
Colombia Government International Bond          
3.000% 1/30/30   200,000    152,953 
3.125% 4/15/31   200,000    148,498 
4.500% 1/28/26   200,000    187,970 
Dominican Republic International Bond          
4.500% 1/30/30 (d)   440,000    374,387 
Egypt Government International Bond          
7.600% 3/01/29 (d)   200,000    162,470 
Hungary Government International Bond          
2.125% 9/22/31 (d)   250,000    185,165 
Indonesia Government International Bond          
2.850% 2/14/30   300,000    266,286 
Mexico Government International Bond          
2.659% 5/24/31   413,000    332,295 
3.750% 1/11/28   420,000    396,257 
4.750% 4/27/32 (f)   200,000    186,794 
Oman Government International Bond          
5.625% 1/17/28 (d)   200,000    197,212 
Panama Government International Bond          
2.252% 9/29/32   200,000    148,108 
3.160% 1/23/30   625,000    537,474 
Peruvian Government International Bond          
2.844% 6/20/30   200,000    168,709 
4.125% 8/25/27   254,000    242,959 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Philippine Government International Bond          
2.457% 5/05/30  $200,000   $173,525 
Qatar Government International Bond          
4.500% 4/23/28 (d)   600,000    603,264 
Republic of Poland Government International Bond          
5.750% 11/16/32   43,000    45,757 
Republic of South Africa Government International Bond          
4.850% 9/30/29 (f)   200,000    178,000 
4.875% 4/14/26   200,000    193,308 
5.875% 4/20/32   200,000    180,000 
Republic of Turkey International Bond          
3.250% 3/23/23   200,000    199,629 
Romanian Government International Bond          
3.000% 2/14/31 (d)   270,000    212,150 
Saudi Government International Bond          
3.625% 3/04/28 (d)   200,000    190,746 
         7,370,588 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $8,782,685)		        7,571,120 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (j) — 38.6%          
Collateralized Mortgage Obligations — 0.7%          
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
Series K155, Class A3 3.750% 4/25/33		   2,115,000    1,982,694 
Federal National Mortgage Association REMICS          
Series 2018-43, Class CT, 3.000% 6/25/48   568,489    506,333 
Series 2018-55, Class PA, 3.500% 1/25/47   449,090    435,028 
Series 2018-54, Class KA, 3.500% 1/25/47   432,766    419,216 
Series 2018-38, Class PA, 3.500% 6/25/47   670,519    640,869 
Government National Mortgage Association          
Series 2018-124, Class NW, 3.500% 9/20/48   531,770    495,853 
Series 2019-15, Class GT, 3.500% 2/20/49   580,906    541,962 
         5,021,955 
Pass-Through Securities — 36.1%          
Federal Home Loan Mortgage Corp.          
Pool #SD8193 2.000% 2/01/52   4,167,838    3,413,082 
Pool #SD8199 2.000% 3/01/52   2,205,236    1,805,200 
Pool #QE0312 2.000% 4/01/52   1,997,805    1,635,397 
Pool #SD8189 2.500% 1/01/52   2,380,628    2,027,836 
Pool #SD8194 2.500% 2/01/52   3,888,982    3,309,625 
Pool #SD8200 2.500% 3/01/52   2,331,527    1,984,190 
Pool #SD8205 2.500% 4/01/52   4,132,744    3,515,781 
Pool #SD8212 2.500% 5/01/52   4,016,017    3,416,479 
Pool #G18596 3.000% 4/01/31   245,953    234,991 
Pool #G18691 3.000% 6/01/33   93,118    88,531 
Pool #G08710 3.000% 6/01/46   57,470    51,907 
Pool #G08715 3.000% 8/01/46   1,228,170    1,109,280 
Pool #G08721 3.000% 9/01/46   165,673    149,635 
Pool #G08726 3.000% 10/01/46   2,208,450    1,991,906 
Pool #G08732 3.000% 11/01/46   1,575,383    1,420,913 
Pool #G08741 3.000% 1/01/47   1,062,886    958,668 
Pool #G18713 3.500% 11/01/33   669,094    646,467 
Pool #G16756 3.500% 1/01/34   270,793    261,636 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #G60038 3.500% 1/01/44  $549,351   $515,299 
Pool #G07848 3.500% 4/01/44   4,295,779    4,034,280 
Pool #G07924 3.500% 1/01/45   1,176,420    1,103,337 
Pool #G60138 3.500% 8/01/45   2,459,844    2,310,874 
Pool #G08711 3.500% 6/01/46   943,472    881,322 
Pool #G08716 3.500% 8/01/46   1,360,751    1,270,263 
Pool #G67703 3.500% 4/01/47   1,682,677    1,575,514 
Pool #G08792 3.500% 12/01/47   1,152,879    1,071,170 
Pool #G67706 3.500% 12/01/47   1,350,911    1,263,611 
Pool #G67707 3.500% 1/01/48   1,596,152    1,495,996 
Pool #G67708 3.500% 3/01/48   2,929,804    2,733,146 
Pool #G67709 3.500% 3/01/48   3,826,422    3,576,754 
Pool #G67711 4.000% 3/01/48   435,641    420,915 
Pool #G67713 4.000% 6/01/48   1,137,609    1,096,665 
Pool #G67714 4.000% 7/01/48   1,580,233    1,525,828 
Pool #G67717 4.000% 11/01/48   1,406,016    1,357,609 
Pool #G08843 4.500% 10/01/48   510,475    500,931 
Pool #G08826 5.000% 6/01/48   162,843    163,531 
Pool #G08844 5.000% 10/01/48   59,330    59,581 
Federal National Mortgage Association          
Pool #MA4093 2.000% 8/01/40   836,326    715,976 
Pool #MA4152 2.000% 10/01/40   3,145,479    2,692,836 
Pool #MA4176 2.000% 11/01/40   2,284,664    1,944,471 
Pool #MA4333 2.000% 5/01/41   681,442    578,270 
Pool #BQ6913 2.000% 12/01/51   4,360,580    3,575,009 
Pool #CB2767 2.000% 1/01/52   4,193,485    3,434,085 
Pool #CB2766 2.000% 2/01/52   2,862,961    2,344,506 
Pool #FS1598 2.000% 4/01/52   4,226,010    3,459,400 
Pool #BL6060 2.455% 4/01/40   1,265,000    894,406 
Pool #MA4548 2.500% 2/01/52   3,920,380    3,336,345 
Pool #MA4563 2.500% 3/01/52   4,018,792    3,420,096 
Pool #MA3029 3.000% 6/01/32   246,135    234,423 
Pool #MA1607 3.000% 10/01/33   1,819,415    1,716,226 
Pool #BN7755 3.000% 9/01/49   1,801,975    1,616,997 
Pool #BO2259 3.000% 10/01/49   3,116,161    2,793,357 
Pool #MA3811 3.000% 10/01/49   475,109    415,499 
Pool #MA4579 3.000% 4/01/52   3,910,032    3,446,646 
Pool #AB4262 3.500% 1/01/32   1,276,592    1,224,903 
Pool #MA1148 3.500% 8/01/42   2,390,787    2,245,049 
Pool #CA0996 3.500% 1/01/48   80,809    75,314 
Pool #MA3276 3.500% 2/01/48   178,016    165,134 
Pool #MA3305 3.500% 3/01/48   604,274    560,168 
Pool #MA3332 3.500% 4/01/48   24,123    22,362 
Pool #CA3633 3.500% 6/01/49   690,259    643,166 
Pool #MA2995 4.000% 5/01/47   503,599    483,923 
Pool #AS9830 4.000% 6/01/47   283,733    272,471 
Pool #MA3027 4.000% 6/01/47   461,469    443,151 
Pool #AS9972 4.000% 7/01/47   274,237    263,352 
Pool #AL9106 4.500% 2/01/46   231,488    229,406 
Pool #CA1710 4.500% 5/01/48   921,005    903,800 
Pool #CA1711 4.500% 5/01/48   16,706    16,394 
Pool #CA2208 4.500% 8/01/48   648,324    635,807 
Government National Mortgage Association II          
Pool #MA4126 3.000% 12/20/46   1,449,927    1,315,432 
Pool #MA4836 3.000% 11/20/47   1,022,574    926,761 
Pool #MA6209 3.000% 10/20/49   428,063    374,042 
Pool #MA4127 3.500% 12/20/46   988,971    926,365 
Pool #MA4382 3.500% 4/20/47   168,255    157,393 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #MA4719 3.500% 9/20/47  $1,476,584   $1,380,340 
Pool #MA4837 3.500% 11/20/47   201,546    188,410 
Pool #MA4962 3.500% 1/20/48   504,433    471,554 
Pool #MA5019 3.500% 2/20/48   693,350    647,724 
Pool #MA4838 4.000% 11/20/47   421,561    405,197 
Pool #MA4901 4.000% 12/20/47   345,533    332,120 
Pool #MA5078 4.000% 3/20/48   284,728    273,320 
Pool #MA5466 4.000% 9/20/48   196,709    188,582 
Pool #MA5528 4.000% 10/20/48   788,090    755,283 
Pool #MA4264 4.500% 2/20/47   212,587    211,438 
Pool #MA4512 4.500% 6/20/47   1,281,249    1,270,724 
Pool #MA3666 5.000% 5/20/46   28,987    29,379 
Pool #MA3806 5.000% 7/20/46   194,917    197,471 
Pool #MA4072 5.000% 11/20/46   38,999    39,469 
Pool #MA4454 5.000% 5/20/47   702,632    713,751 
Government National Mortgage Association II TBA 2.500% 1/23/53 (k)   11,675,000    10,133,536 
Uniform Mortgage Backed Securities TBA          
2.000% 1/12/53 (k)   27,200,000    22,244,500 
2.500% 12/25/51 (k)   26,700,000    22,686,656 
3.000% 2/25/52 (k)   19,250,000    16,947,519 
3.500% 2/25/49 (k)   5,575,000    5,078,912 
4.000% 1/12/53 (k)   8,250,000    7,757,578 
4.500% 1/12/53 (k)   33,925,000    32,742,924 
5.000% 1/12/53 (k)   38,125,000    37,630,565 
         265,808,043 
U.S. Agencies Notes — 1.1%          
Federal Home Loan Banks
1.040% 6/14/24		   8,900,000    8,431,683 
Whole Loans — 0.7%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1B, 30 day SOFR + 2.400%          
6.328% FRN 2/25/42 (d)   2,450,000    2,381,806 
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M2, 30 day SOFR + 3.500%          
7.428% FRN 3/25/42 (d)   2,400,000    2,429,495 
         4,811,301 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $296,985,112)		        284,072,982 
           
U.S. TREASURY OBLIGATIONS — 26.6%          
U.S. Treasury Bonds & Notes — 26.6%          
U.S. Treasury Bond          
2.000% 11/15/41   47,657,000    34,297,065 
2.375% 2/15/42   17,185,000    13,215,748 
4.000% 11/15/52   14,820,000    14,986,725 
U.S. Treasury Inflation Index          
0.625% 7/15/32   989,656    907,442 
U.S. Treasury Note          
3.875% 11/30/27 (f)   30,900,000    30,776,570 
3.875% 12/31/27 (k)   43,575,000    43,405,537 
4.125% 10/31/27   1,420,000    1,427,278 
4.125% 11/15/32   7,507,000    7,681,023 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.000% 12/15/25  $695,000   $691,334 
4.250% 12/31/24   3,565,000    3,554,765 
4.500% 11/30/24 (f)   44,560,000    44,586,856 
         195,530,343 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $205,364,512)		        195,530,343 
           
TOTAL BONDS & NOTES
(Cost $903,486,530)		        842,235,057 
           
           
   Number of
Shares		    
RIGHTS — 0.0%          
Communications — 0.0%          
Telecommunications — 0.0%          
Intelsat Jackson Holdings S.A. (a) (g) (h)   1,754    — 
Intelsat Jackson Holdings S.A. (a) (g) (h)   1,754    — 
         — 
           
TOTAL RIGHTS
(Cost $0)		        — 
           
MUTUAL FUNDS — 5.0%          
Diversified Financial Services — 5.0%          
State Street Navigator Securities Lending Government Money Market Portfolio (l)   37,216,875    37,216,875 
           
TOTAL MUTUAL FUNDS
(Cost $37,216,875)		        37,216,875 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $942,278,760)		        879,828,897 
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 13.6%          
Repurchase Agreement — 10.6%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (m)  $77,906,538   77,906,538 
U.S. Treasury Bill — 3.0%          
U.S. Treasury Bill          
4.608% 5/25/23 (n)   6,710,000    6,590,593 
4.622% 5/11/23 (n)   15,500,000    15,249,759 
         21,840,352 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $99,743,853)		        99,746,890 

 

 

 

 

MassMutual Total Return Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TOTAL INVESTMENTS — 133.2%
(Cost $1,042,022,613) (o)		       $979,575,787 
           
Less Unfunded Loan Commitments — (0.0)%        (11,344) 
           
NET INVESTMENTS — 133.2%
(Cost $1,042,011,269)		       $979,564,443 
           
Other Assets/(Liabilities) — (33.2)%        (244,064,333) 
           
NET ASSETS — 100.0%       $735,500,110 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
DIP Debtor In Possession
FRN Floating Rate Note
REMICS Real Estate Mortgage Investment Conduits
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) All or a portion of the security represents unsettled loan commitments at December 31, 2022 where the rate will be determined at time of settlement.
(c) Unfunded or partially unfunded loan commitments.
(d) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $157,876,453 or 21.47% of net assets.
(e) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(f) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $36,576,051 or 4.97% of net assets. The Fund received $108,062 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(g) Investment is valued using significant unobservable inputs.
(h) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets.
(i) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022.
(j) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(k) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(l) Represents investment of security lending cash collateral. (Note 2).
(m) Maturity value of $77,917,618. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $79,464,743.
(n) The rate shown represents yield-to-maturity.
(o) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  1/13/23  EUR  54,000   USD  52,960   $4,880 
Bank of America N.A.  1/13/23  USD  1,194,594   EUR  1,202,000    (92,893)
                    $(88,013)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
U.S. Treasury Ultra Bond  3/22/23   30   $4,058,525  $(29,150)
U.S. Treasury Note 2 Year  3/31/23   681    139,536,992    121,212 
                $92,062 
Short               
Euro-Bund  3/08/23   5   $(753,802)   $42,328 

 

Centrally Cleared Interest Rate Swaps
Paid by the Fund  Received by the Fund                      
Rate/ Reference  Frequency  Rate/ Reference   Frequency   Termination Date   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
12 Month USD SOFR  Annually   Fixed 1.950%    Annually    6/10/24   USD   41,670,000   $(1,623,655)   $—   $(1,623,655)
3-Month USD LIBOR BBA  Quarterly   Fixed 1.073%    Semi-Annually    7/24/25   USD   10,155,000    (607,512)    —    (607,512)
3-Month USD LIBOR BBA  Quarterly   Fixed 1.034%    Semi-Annually    7/24/25   USD   15,025,000    (909,669)    —    (909,669)
3-Month USD LIBOR BBA  Quarterly   Fixed 1.026%    Semi-Annually    7/24/25   USD   20,310,000    (1,232,640)    —    (1,232,640)
3-Month USD LIBOR BBA  Quarterly   Fixed 1.390%    Semi-Annually    9/28/25   USD   25,970,000    (1,314,635)    —    (1,314,635)
Fixed 1.808%  Semi-Annually   3-Month USD LIBOR BBA    Quarterly    7/24/53   USD   850,000    253,079    —    253,079
Fixed 1.785%  Semi-Annually   3-Month USD LIBOR BBA    Quarterly    7/24/53   USD   1,250,000    377,327    —    377,327
Fixed 1.773%  Semi-Annually   3-Month USD LIBOR BBA    Quarterly    7/24/53   USD   1,700,000    517,057    —    517,057
Fixed 1.870%  Semi-Annually   3-Month USD LIBOR BBA    Quarterly    9/28/53   USD   2,215,000    621,647    —    621,647 
                             $(3,919,001)   $—   $(3,919,001)

 

Currency Legend

EUR Euro
USD U.S. Dollar

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 100.4%          
           
BANK LOANS — 2.7%          
Advertising — 0.0%          
CMG Media Corp., 2021 Term Loan, 3 mo. USD LIBOR + 3.500%          
8.230% VRN 12/17/26  $167,764   $156,710 
Airlines — 0.1%          
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%          
8.108% VRN 4/21/28   481,302    474,352 
Auto Parts & Equipment — 0.1%          
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%          
7.637% VRN 4/30/26   380,344    371,946 
Beverages — 0.1%          
Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500%          
8.230% VRN 3/31/28   482,651    447,176 
Commercial Services — 0.2%          
API Group DE, Inc., Term Loan B, 1 mo. USD LIBOR + 2.500%          
6.884% VRN 10/01/26   226,314    224,617 
Prime Security Services Borrower LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750%          
6.505% VRN 9/23/26   281,904    279,113 
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%          
8.384% VRN 8/27/25   512,728    508,426 
         1,012,156 
Computers — 0.1%          
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750%          
9.170% VRN 7/27/28   465,100    395,917 
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750%          
8.139% VRN 2/01/28   273,963    267,056 
         662,973 
Diversified Financial Services — 0.3%          
Avolon TLB Borrower 1 (US) LLC, 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250%          
6.603% VRN 12/01/27   87,459    87,163 
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750%          
7.519% VRN 10/22/26   315,653    312,439 
Citadel Securities LP, 2021 Term Loan B, 1 mo. USD SOFR CME + 2.500%          
6.823% VRN 2/02/28   52,305    51,220 
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD SOFR CME + 3.750%          
8.073% VRN 4/09/27   298,202    277,981 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Focus Financial Partners LLC, 2022 Term Loan B5, 1 mo. USD SOFR CME + 3.250%          
7.572% VRN 6/30/28  $119,700   $118,105 
Jane Street Group LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750%          
7.134% VRN 1/26/28   276,745    268,182 
VFH Parent LLC, 2022 Term Loan B, 1 mo. USD SOFR + 3.000%          
7.421% VRN 1/13/29   110,000    106,865 
         1,221,955 
Electronics — 0.0%          
II-VI, Inc., 2022 Term Loan B, 3 mo. USD LIBOR + 2.750%          
7.134% VRN 7/02/29   156,743    154,744 
Entertainment — 0.1%          
PCI Gaming Authority, Term Loan, 1 mo. USD LIBOR + 2.500%          
6.884% VRN 5/29/26   258,892    256,951 
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD SOFR CME + 3.000%          
7.417% VRN 4/14/29   238,800    234,962 
         491,913 
Health Care – Products — 0.1%          
Sotera Health Holdings LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750%          
7.165% VRN 12/11/26   260,000    239,200 
Health Care – Services — 0.1%          
Global Medical Response, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 4.250%          
8.422% VRN 10/02/25   381,052    265,547 
Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.250%          
7.634% VRN 3/05/26   487,403    455,824 
         721,371 
Housewares — 0.1%          
Solis IV B.V., USD Term Loan B1, 3 mo. USD SOFR CME + 3.500%          
7.859% VRN 2/26/29   368,150    322,459 
Insurance — 0.1%          
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%          
6.634% VRN 2/19/28   253,282    248,455 
Leisure Time — 0.1%          
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD LIBOR + 3.500%          
7.884% VRN 8/17/28   365,774    360,518 
Lodging — 0.1%          
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750%          
7.134% VRN 12/23/24   53,560    53,390 
Station Casinos LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.250%          
6.640% VRN 2/08/27   461,492    449,715 
         503,105 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Machinery – Diversified — 0.1%          
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 2.000%          
6.438% VRN 7/30/29  $256,489   $253,970 
Media — 0.2%          
iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 3.000%          
7.384% VRN 5/01/26   495,927    453,620 
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD LIBOR + 2.500%          
6.884% VRN 9/18/26   190,766    189,001 
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. USD LIBOR + 2.500%          
6.818% VRN 1/31/28   203,954    200,240 
         842,861 
Pharmaceuticals — 0.3%          
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000%          
6.384% VRN 11/15/27   307,795    297,152 
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750%          
6.188% VRN 3/15/28   471,600    471,010 
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500%          
7.884% VRN 5/05/28   435,231    430,809 
         1,198,971 
Retail — 0.1%          
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%, 3 mo. USD LIBOR + 1.750%          
6.165% - 6.165% VRN 11/19/26   20,175    19,796 
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750%          
7.134% VRN 10/19/27   372,572    354,197 
         373,993 
Software — 0.2%          
Athenahealth, Inc.          
2022 Delayed Draw Term Loan, 3 mo. USD SOFR CME + 3.500%, 3 mo. USD SOFR CME + 3.500%          
7.821% VRN 2/15/29 (a)   59,420    53,499 
2022 Term Loan B, 1 mo. USD SOFR CME + 3.500%          
7.821% VRN 2/15/29   348,827    314,070 
Cloudera, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750%          
8.134% VRN 10/08/28   198,500    186,219 
DCert Buyer, Inc., 2019 Term Loan B, 6 mo. USD SOFR CME + 4.000%          
8.696% VRN 10/16/26   111,700    107,751 
Rackspace Technology Global, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%          
7.380% VRN 2/15/28   432,201    268,552 
         930,091 
Telecommunications — 0.1%          
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750%          
6.134% VRN 3/01/27   316,209    302,374 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Transportation — 0.1%          
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000%          
6.730% VRN 12/30/26  $233,159   $231,643 
           
TOTAL BANK LOANS
(Cost $12,235,197)		        11,522,936 
           
CORPORATE DEBT — 31.3%          
Aerospace & Defense — 0.8%          
The Boeing Co.          
2.196% 2/04/26   230,000    209,196 
2.700% 2/01/27   90,000    81,347 
2.800% 3/01/27   150,000    135,538 
3.100% 5/01/26   80,000    75,364 
3.200% 3/01/29   290,000    255,314 
3.250% 2/01/35   360,000    275,561 
3.550% 3/01/38   80,000    59,231 
3.750% 2/01/50   240,000    166,041 
5.150% 5/01/30   160,000    156,529 
5.705% 5/01/40   110,000    104,896 
5.805% 5/01/50   380,000    353,792 
5.930% 5/01/60   40,000    36,672 
General Dynamics Corp.          
3.500% 5/15/25   50,000    48,756 
4.250% 4/01/40   20,000    18,353 
4.250% 4/01/50   50,000    44,513 
L3 Harris Technologies, Inc.          
5.054% 4/27/45   50,000    45,022 
Lockheed Martin Corp.          
3.550% 1/15/26   45,000    43,756 
3.900% 6/15/32   50,000    47,196 
4.150% 6/15/53   320,000    273,329 
4.500% 5/15/36   60,000    57,515 
Northrop Grumman Corp.          
2.930% 1/15/25   160,000    153,556 
3.250% 1/15/28   290,000    267,921 
5.250% 5/01/50   160,000    158,789 
Raytheon Technologies Corp.          
2.250% 7/01/30   110,000    91,827 
4.125% 11/16/28   160,000    153,448 
4.500% 6/01/42   80,000    72,519 
         3,385,981 
Agriculture — 0.4%          
Altria Group, Inc.          
2.450% 2/04/32   140,000    105,987 
4.400% 2/14/26   192,000    188,130 
5.800% 2/14/39   240,000    220,384 
5.950% 2/14/49   260,000    231,896 
6.200% 2/14/59   56,000    52,326 
BAT Capital Corp.          
3.557% 8/15/27   170,000    155,302 
4.540% 8/15/47   360,000    256,131 
Cargill, Inc.          
1.375% 7/23/23 (b)   180,000    176,330 
Philip Morris International, Inc.          
1.125% 5/01/23   190,000    187,641 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
2.100% 5/01/30  $40,000   $32,460 
4.500% 3/20/42   80,000    67,868 
Reynolds American, Inc.          
5.850% 8/15/45   110,000    94,229 
         1,768,684 
Airlines — 0.9%          
Delta Air Lines, Inc.          
3.800% 4/19/23 (c)   90,000    88,875 
2.900% 10/28/24   180,000    170,528 
7.000% 5/01/25 (b)   1,670,000    1,708,038 
7.375% 1/15/26 (c)   380,000    388,261 
Delta Air Lines, Inc./SkyMiles IP Ltd.          
4.500% 10/20/25 (b)   320,000    312,329 
4.750% 10/20/28 (b)   300,000    282,393 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.          
5.750% 1/20/26 (b)   10,000    9,050 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.          
6.500% 6/20/27 (b)   297,019    295,297 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.          
8.000% 9/20/25 (b)   240,000    240,773 
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.          
8.000% 9/20/25 (b) (c)   250,000    251,283 
United Airlines, Inc.          
4.375% 4/15/26 (b)   80,000    74,154 
4.625% 4/15/29 (b)   290,000    252,502 
         4,073,483 
Apparel — 0.1%          
NIKE, Inc.          
2.850% 3/27/30   280,000    250,867 
3.250% 3/27/40   130,000    105,924 
3.375% 3/27/50 (c)   40,000    31,499 
         388,290 
Auto Manufacturers — 1.1%          
Ford Motor Co.          
4.750% 1/15/43   90,000    64,641 
6.100% 8/19/32 (c)   90,000    83,261 
Ford Motor Credit Co. LLC          
2.900% 2/16/28   390,000    322,109 
3.625% 6/17/31   220,000    172,983 
4.000% 11/13/30   200,000    164,168 
4.125% 8/17/27   200,000    179,000 
4.950% 5/28/27   250,000    233,225 
5.125% 6/16/25   200,000    192,202 
General Motors Co.          
5.150% 4/01/38   40,000    34,661 
5.200% 4/01/45   960,000    785,866 
5.600% 10/15/32   1,840,000    1,718,986 
5.950% 4/01/49   110,000    96,433 
6.125% 10/01/25   20,000    20,371 
6.600% 4/01/36   10,000    9,859 
General Motors Financial Co., Inc.          
3.100% 1/12/32   40,000    31,453 
4.250% 5/15/23   10,000    9,959 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Nissan Motor Co. Ltd.          
3.043% 9/15/23 (b)  $200,000   $195,947 
3.522% 9/17/25 (b)   410,000    381,184 
4.345% 9/17/27 (b)   300,000    272,319 
         4,968,627 
Auto Parts & Equipment — 0.1%          
Aptiv PLC/Aptiv Corp.          
3.250% 3/01/32 (c)   520,000    427,178 
Banks — 9.7%          
ABN AMRO Bank NV          
4.750% 7/28/25 (b)   260,000    252,151 
Banco Santander SA          
2.746% 5/28/25   600,000    561,565 
3 mo. USD LIBOR + 1.120% 5.039% FRN 4/12/23   200,000    200,021 
Bank of America Corp.          
SOFR + 1.210% 2.572% VRN 10/20/32   60,000    47,163 
SOFR + 2.150% 2.592% VRN 4/29/31   360,000    294,058 
SOFR + 1.330% 2.972% VRN 2/04/33   670,000    541,854 
3 mo. USD LIBOR + 1.040% 3.419% VRN 12/20/28   570,000    516,194 
3 mo. USD LIBOR + .780% 3.550% VRN 3/05/24   260,000    259,074 
3 mo. USD LIBOR + 1.370% 3.593% VRN 7/21/28   270,000    248,939 
3 mo. USD LIBOR + 1.070% 3.970% VRN 3/05/29   890,000    822,625 
3 mo. USD LIBOR + 1.210% 3.974% VRN 2/07/30   270,000    245,812 
4.000% 4/01/24   270,000    266,685 
4.000% 1/22/25   270,000    264,415 
3 mo. USD LIBOR + 3.150% 4.083% VRN 3/20/51   4,500,000    3,551,369 
4.200% 8/26/24   380,000    374,320 
4.250% 10/22/26   50,000    48,364 
3 mo. USD LIBOR + 1.520% 4.330% VRN 3/15/50   90,000    74,354 
SOFR + 1.580% 4.376% VRN 4/27/28   300,000    287,310 
4.450% 3/03/26   50,000    49,034 
5.000% 1/21/44   130,000    119,467 
3 mo. USD LIBOR + 3.705% 6.250% VRN (d)   170,000    163,261 
Bank of Montreal          
1.850% 5/01/25   70,000    65,333 
5 year USD Swap + 1.432% 3.803% VRN 12/15/32   90,000    79,376 
The Bank of New York Mellon Corp.          
1.600% 4/24/25   170,000    158,067 
The Bank of Nova Scotia          
1.300% 6/11/25   120,000    110,034 
5 year CMT + 2.050% 4.588% VRN 5/04/37   100,000    85,619 
Barclays PLC 3 mo. USD LIBOR + 3.054%          
5.088% VRN 6/20/30   510,000    470,888 
BNP Paribas SA          
SOFR + 2.074% 2.219% VRN 6/09/26 (b)   200,000    183,773 
5 year USD Swap + 1.483% 4.375% VRN 3/01/33 (b)   220,000    194,768 
4.400% 8/14/28 (b)   400,000    379,493 
4.625% 3/13/27 (b)   260,000    246,874 
3 mo. USD LIBOR + 2.235% 4.705% VRN 1/10/25 (b)   390,000    386,208 
Canadian Imperial Bank of Commerce          
0.950% 6/23/23   120,000    117,759 
Citigroup, Inc.          
SOFR + 2.107% 2.572% VRN 6/03/31   170,000    137,903 
SOFR + 1.939% 3.785% VRN 3/17/33   1,890,000    1,622,318 
3 mo. USD LIBOR + 1.338% 3.980% VRN 3/20/30   180,000    162,736 
4.125% 7/25/28   150,000    139,894 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.300% 11/20/26  $670,000   $648,986 
SOFR + 3.914% 4.412% VRN 3/31/31   410,000    377,539 
4.450% 9/29/27   480,000    458,687 
4.650% 7/30/45   181,000    156,220 
4.650% 7/23/48   70,000    60,919 
SOFR + 1.887% 4.658% VRN 5/24/28   50,000    48,446 
4.750% 5/18/46   40,000    33,431 
SOFR + 2.086% 4.910% VRN 5/24/33   130,000    122,144 
5.300% 5/06/44   16,000    14,494 
3 mo. USD LIBOR + 4.068% 5.950% VRN (c) (d)   50,000    49,513 
3 mo. USD LIBOR + 3.905% 5.950% VRN (d)   150,000    137,063 
3 mo. USD LIBOR + 3.423% 6.300% VRN (d)   60,000    56,595 
6.625% 6/15/32   20,000    21,132 
8.125% 7/15/39   50,000    61,716 
Cooperatieve Rabobank UA          
1 year CMT + 1.220% 3.649% VRN 4/06/28 (b)   300,000    276,794 
4.375% 8/04/25   470,000    459,160 
Credit Agricole SA SOFR + 1.676%          
1.907% VRN 6/16/26 (b)   270,000    246,305 
Credit Suisse AG          
5.000% 7/09/27   250,000    228,122 
Credit Suisse Group AG          
SOFR + 2.044% 2.193% VRN 6/05/26 (b)   480,000    410,282 
SOFR + 1.730% 3.091% VRN 5/14/32 (b) (c)   350,000    242,896 
SOFR + 3.730% 4.194% VRN 4/01/31 (b)   250,000    194,597 
5 year CMT + 6.383% 9.750% VRN (b) (c) (d)   470,000    409,591 
Danske Bank A/S          
5.375% 1/12/24 (b)   240,000    238,077 
Goldman Sachs Capital II 3 mo. USD LIBOR + .768%          
5.528% VRN (d)   8,000    6,011 
The Goldman Sachs Group, Inc.          
SOFR + 1.472% 2.908% VRN 7/21/42   80,000    54,783 
SOFR + 1.513% 3.210% VRN 4/22/42   40,000    28,989 
3.500% 4/01/25   370,000    355,996 
3.500% 11/16/26   200,000    187,672 
SOFR + 1.846% 3.615% VRN 3/15/28   50,000    46,531 
3 mo. USD LIBOR + 1.510% 3.691% VRN 6/05/28   430,000    399,476 
3.850% 7/08/24   90,000    88,113 
4.000% 3/03/24   100,000    98,686 
3 mo. USD LIBOR + 1.301% 4.223% VRN 5/01/29   490,000    457,288 
4.250% 10/21/25   260,000    254,098 
4.750% 10/21/45   130,000    114,663 
5.150% 5/22/45   290,000    262,055 
5.700% 11/01/24   2,810,000    2,846,806 
6.250% 2/01/41   130,000    136,426 
6.750% 10/01/37   80,000    85,108 
HSBC Holdings PLC          
SOFR + 1.929% 2.099% VRN 6/04/26   510,000    465,013 
3.900% 5/25/26   200,000    190,705 
4.250% 8/18/25   330,000    317,708 
SOFR + 2.530% 4.762% VRN 3/29/33   200,000    173,900 
Intesa Sanpaolo SpA          
3.375% 1/12/23 (b)   350,000    349,827 
5.017% 6/26/24 (b)   900,000    865,517 
5.710% 1/15/26 (b)   200,000    192,395 
JP Morgan Chase & Co.          
SOFR + 1.850% 2.083% VRN 4/22/26   340,000    315,462 
SOFR + 2.040% 2.522% VRN 4/22/31   300,000    246,207 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
SOFR + 1.180% 2.545% VRN 11/08/32  $160,000   $126,908 
SOFR + 2.440% 3.109% VRN 4/22/51   80,000    52,835 
SOFR + 1.580% 3.328% VRN 4/22/52   350,000    239,516 
3 mo. USD LIBOR + .945% 3.509% VRN 1/23/29   70,000    63,634 
3.875% 9/10/24   300,000    293,776 
3 mo. USD LIBOR + 1.260% 4.203% VRN 7/23/29   310,000    289,381 
4.250% 10/01/27   70,000    67,452 
3 mo. USD LIBOR + 1.330% 4.452% VRN 12/05/29   830,000    781,149 
SOFR + 2.080% 4.912% VRN 7/25/33   1,770,000    1,693,329 
4.950% 6/01/45   140,000    125,515 
Lloyds Banking Group PLC          
4.550% 8/16/28   370,000    348,736 
Macquarie Group Ltd.          
6.207% 11/22/24 (b)   3,580,000    3,602,935 
Mitsubishi UFJ Financial Group, Inc. 1 year CMT + 1.125%          
3.837% VRN 4/17/26 (c)   200,000    192,768 
Morgan Stanley          
SOFR + 1.990% 2.188% VRN 4/28/26   340,000    316,190 
SOFR + 1.143% 2.699% VRN 1/22/31   10,000    8,287 
SOFR + 3.120% 3.622% VRN 4/01/31   750,000    656,597 
3 mo. USD LIBOR + 1.140% 3.772% VRN 1/24/29   350,000    321,052 
3 mo. USD LIBOR + 1.628% 4.431% VRN 1/23/30   10,000    9,359 
National Securities Clearing Corp.          
1.500% 4/23/25 (b)   250,000    231,915 
Natwest Group PLC 3 mo. USD LIBOR + 1.550%          
4.519% VRN 6/25/24   200,000    198,167 
Royal Bank of Canada          
1.150% 6/10/25   310,000    283,981 
1.600% 4/17/23   30,000    29,740 
3.875% 5/04/32   40,000    36,549 
Santander Holdings USA, Inc.          
4.500% 7/17/25   50,000    48,947 
The Toronto-Dominion Bank          
1.150% 6/12/25   300,000    273,663 
UBS Group AG          
4.253% 3/23/28 (b)   340,000    317,956 
5 year USD Swap + 4.344% 7.000% VRN (b) (d)   500,000    491,998 
US Bancorp          
1.450% 5/12/25   280,000    259,801 
Wells Fargo & Co.          
SOFR + 2.000% 2.188% VRN 4/30/26   200,000    186,273 
SOFR + 2.100% 2.393% VRN 6/02/28   230,000    203,305 
3 mo. TSFR + 1.432% 2.879% VRN 10/30/30   150,000    127,875 
3.000% 10/23/26   350,000    323,887 
SOFR + 1.500% 3.350% VRN 3/02/33   360,000    304,331 
4.300% 7/22/27   370,000    356,677 
4.400% 6/14/46   180,000    144,699 
SOFR + 4.032% 4.478% VRN 4/04/31   210,000    197,399 
4.650% 11/04/44   80,000    67,769 
4.750% 12/07/46   10,000    8,427 
4.900% 11/17/45   250,000    216,585 
SOFR + 4.502% 5.013% VRN 4/04/51   1,350,000    1,197,571 
5.375% 11/02/43   110,000    102,873 
3 mo. USD LIBOR + 3.990% 5.875% VRN (d)   50,000    48,378 
         42,069,407 
Beverages — 0.4%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3.650% 2/01/26  $320,000   $308,211 
4.900% 2/01/46   50,000    45,827 
Anheuser-Busch InBev Worldwide, Inc.          
3.500% 6/01/30   130,000    118,692 
4.000% 4/13/28   80,000    76,290 
4.350% 6/01/40   30,000    26,490 
4.600% 4/15/48   15,000    13,139 
4.750% 1/23/29   230,000    227,555 
5.550% 1/23/49   110,000    109,765 
The Coca-Cola Co.          
1.450% 6/01/27   250,000    221,069 
2.500% 6/01/40   10,000    7,335 
2.600% 6/01/50   80,000    53,855 
Constellation Brands, Inc.          
3.600% 5/09/24   60,000    58,770 
4.350% 5/09/27   80,000    78,016 
Molson Coors Beverage Co.          
3.000% 7/15/26   50,000    46,459 
4.200% 7/15/46   50,000    39,030 
PepsiCo, Inc.          
1.625% 5/01/30   170,000    139,005 
         1,569,508 
Biotechnology — 0.0%          
Amgen, Inc.          
4.663% 6/15/51   24,000    20,585 
Gilead Sciences, Inc.          
3.700% 4/01/24   130,000    127,837 
4.500% 2/01/45   10,000    8,863 
4.750% 3/01/46   40,000    36,131 
         193,416 
Building Materials — 0.0%          
Builders FirstSource, Inc.          
4.250% 2/01/32 (b)   20,000    16,232 
Carrier Global Corp.          
3.577% 4/05/50   20,000    14,361 
         30,593 
Chemicals — 0.2%          
Equate Petrochemical BV          
4.250% 11/03/26 (b)   230,000    219,713 
OCP SA          
3.750% 6/23/31 (b)   260,000    217,360 
5.125% 6/23/51 (b)   220,000    166,401 
Orbia Advance Corp. SAB de CV          
2.875% 5/11/31 (b)   490,000    382,812 
         986,286 
Commercial Services — 0.2%          
The ADT Security Corp.          
4.125% 8/01/29 (b)   10,000    8,505 
Allied Universal Holdco LLC / Allied Universal Finance Corp.          
6.625% 7/15/26 (b)   10,000    9,150 
Cintas Corp. No 2          
3.700% 4/01/27   160,000    154,456 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
DP World Ltd.          
5.625% 9/25/48 (b)  $330,000   $308,941 
PayPal Holdings, Inc.          
1.650% 6/01/25   270,000    250,441 
United Rentals North America, Inc.          
3.750% 1/15/32   80,000    65,266 
3.875% 11/15/27   60,000    55,529 
3.875% 2/15/31   20,000    16,766 
         869,054 
Computers — 0.4%          
Apple, Inc.          
2.450% 8/04/26   340,000    315,709 
Dell International LLC/EMC Corp.          
3.375% 12/15/41 (b) (c)   1,320,000    890,059 
International Business Machines Corp.          
3.000% 5/15/24   320,000    311,324 
         1,517,092 
Cosmetics & Personal Care — 0.1%          
GSK Consumer Healthcare Capital US LLC          
3.375% 3/24/29   260,000    234,302 
The Procter & Gamble Co.          
3.000% 3/25/30   100,000    91,424 
         325,726 
Distribution & Wholesale — 0.0%          
H&E Equipment Services, Inc.          
3.875% 12/15/28 (b)   20,000    17,036 
Diversified Financial Services — 0.7%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust          
2.450% 10/29/26   320,000    280,151 
3.000% 10/29/28   160,000    134,317 
3.150% 2/15/24   190,000    183,725 
3.300% 1/30/32   160,000    125,547 
Air Lease Corp.          
3.375% 7/01/25   80,000    75,758 
American Express Co.          
3.375% 5/03/24   130,000    127,404 
4.050% 5/03/29 (c)   210,000    200,391 
Blue Owl Finance LLC          
3.125% 6/10/31 (b)   1,610,000    1,199,599 
ILFC E-Capital Trust II          
6.538% VRN 12/21/65 (b) (e)   10,000    6,450 
Intercontinental Exchange, Inc.          
4.600% 3/15/33   80,000    76,781 
4.950% 6/15/52   20,000    18,666 
KKR Group Finance Co. II LLC          
5.500% 2/01/43 (b) (c)   20,000    18,495 
Mastercard, Inc.          
3.850% 3/26/50   50,000    42,240 
Park Aerospace Holdings Ltd.          
4.500% 3/15/23 (b)   10,000    9,975 
5.500% 2/15/24 (b)   50,000    49,363 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Vanguard Group, Inc.          
3.050% 8/22/50  $450,000   $290,682 
Visa, Inc.          
3.150% 12/14/25   200,000    192,838 
4.300% 12/14/45   160,000    146,905 
         3,179,287 
Electric — 0.2%          
American Transmission Systems, Inc.          
2.650% 1/15/32 (b)   440,000    362,340 
Consolidated Edison Co. of New York, Inc.          
3.350% 4/01/30   70,000    63,133 
3.950% 4/01/50   50,000    39,873 
Duke Energy Ohio, Inc.          
3.650% 2/01/29   260,000    242,024 
Exelon Corp.          
5.625% 6/15/35   40,000    40,738 
Pacific Gas and Electric Co.          
2.100% 8/01/27   140,000    119,637 
2.500% 2/01/31   40,000    31,255 
3.300% 8/01/40   50,000    34,043 
3.500% 8/01/50   80,000    50,554 
         983,597 
Electronics — 0.0%          
Honeywell International, Inc.          
1.350% 6/01/25   80,000    74,021 
Entertainment — 0.2%          
Warnermedia Holdings, Inc.          
3.755% 3/15/27 (b)   60,000    54,169 
4.054% 3/15/29 (b)   80,000    69,342 
4.279% 3/15/32 (b)   450,000    371,192 
5.050% 3/15/42 (b)   20,000    15,376 
5.141% 3/15/52 (b)   400,000    292,207 
         802,286 
Environmental Controls — 0.1%          
Republic Services, Inc.          
2.500% 8/15/24   230,000    220,502 
Food — 0.2%          
Danone SA          
2.589% 11/02/23 (b)   310,000    303,527 
The Hershey Co.          
0.900% 6/01/25   50,000    45,670 
Mars, Inc.          
2.700% 4/01/25 (b)   140,000    133,370 
3.200% 4/01/30 (b)   80,000    71,661 
Mondelez International, Inc.          
1.500% 5/04/25   390,000    361,241 
         915,469 
Forest Products & Paper — 0.1%          
Suzano Austria GmbH          
3.125% 1/15/32   80,000    62,374 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3.750% 1/15/31  $430,000   $360,908 
         423,282 
Health Care – Products — 0.1%          
Abbott Laboratories          
3.750% 11/30/26   139,000    135,482 
4.750% 11/30/36   80,000    79,608 
4.900% 11/30/46   100,000    97,494 
Medtronic, Inc.          
4.625% 3/15/45   18,000    16,871 
         329,455 
Health Care – Services — 0.4%          
Aetna, Inc.          
2.800% 6/15/23   40,000    39,578 
Centene Corp.          
2.625% 8/01/31   10,000    7,841 
3.000% 10/15/30   10,000    8,198 
4.250% 12/15/27   70,000    65,714 
4.625% 12/15/29   120,000    109,703 
CommonSpirit Health          
4.350% 11/01/42   20,000    16,973 
Elevance Health, Inc.          
3.350% 12/01/24   120,000    116,372 
3.650% 12/01/27   140,000    132,323 
4.100% 5/15/32   60,000    56,005 
4.550% 5/15/52   10,000    8,746 
Fresenius Medical Care US Finance II, Inc.          
4.750% 10/15/24 (b)   70,000    68,720 
HCA, Inc.          
3.500% 9/01/30   70,000    60,556 
4.500% 2/15/27   40,000    38,603 
5.000% 3/15/24   50,000    49,729 
5.250% 6/15/26   60,000    59,301 
5.500% 6/15/47   80,000    71,315 
Humana, Inc.          
2.150% 2/03/32   40,000    31,325 
4.500% 4/01/25   50,000    49,426 
4.625% 12/01/42   70,000    61,361 
4.800% 3/15/47   10,000    8,836 
Tenet Healthcare Corp.          
4.375% 1/15/30 (b)   10,000    8,656 
UnitedHealth Group, Inc.          
1.250% 1/15/26   110,000    99,821 
2.000% 5/15/30   100,000    82,669 
2.300% 5/15/31   20,000    16,702 
3.125% 5/15/60   30,000    20,520 
3.875% 12/15/28   110,000    105,113 
3.875% 8/15/59   90,000    70,835 
4.000% 5/15/29   100,000    95,545 
4.200% 5/15/32   70,000    66,640 
4.250% 6/15/48   110,000    95,681 
4.450% 12/15/48   50,000    44,659 
5.800% 3/15/36   70,000    74,107 
         1,841,573 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Home Builders — 0.0%          
Lennar Corp.          
4.500% 4/30/24  $100,000   $98,698 
4.750% 11/29/27   40,000    38,542 
MDC Holdings, Inc.          
6.000% 1/15/43   20,000    16,455 
         153,695 
Insurance — 1.0%          
Ambac Assurance Corp.          
5.100% (b) (d)   4,362    6,106 
Berkshire Hathaway Finance Corp.          
4.250% 1/15/49   160,000    143,617 
Brighthouse Financial, Inc.          
4.700% 6/22/47   11,000    8,111 
Chubb INA Holdings, Inc.          
3.350% 5/03/26   120,000    114,911 
Guardian Life Global Funding          
1.100% 6/23/25 (b)   120,000    108,777 
Jackson National Life Global Funding SOFR + 1.50%          
0.000% FRN6/28/24 (b)   3,450,000    3,450,686 
MetLife Capital Trust IV          
7.875% 12/15/67 (b)   200,000    216,022 
New York Life Global Funding          
0.950% 6/24/25 (b)   100,000    90,620 
Principal Life Global Funding II          
1.250% 6/23/25 (b)   110,000    100,121 
Teachers Insurance & Annuity Association of America          
4.900% 9/15/44 (b)   50,000    45,984 
6.850% 12/16/39 (b)   22,000    24,335 
         4,309,290 
Internet — 1.2%          
Alphabet, Inc.          
0.450% 8/15/25   50,000    45,106 
1.900% 8/15/40   100,000    66,808 
2.050% 8/15/50   60,000    35,333 
Amazon.com, Inc.          
2.100% 5/12/31   80,000    65,597 
2.500% 6/03/50   60,000    38,260 
3.150% 8/22/27   470,000    442,648 
3.300% 4/13/27   40,000    38,018 
3.450% 4/13/29   80,000    74,917 
3.600% 4/13/32   320,000    293,835 
4.050% 8/22/47   100,000    86,134 
4.250% 8/22/57   70,000    60,297 
4.950% 12/05/44   180,000    178,572 
Meta Platforms, Inc.          
4.450% 8/15/52   3,215,000    2,573,760 
Prosus NV          
3.061% 7/13/31 (b)   570,000    441,028 
3.832% 2/08/51 (b)   210,000    127,756 
4.027% 8/03/50 (b)   310,000    194,700 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Tencent Holdings Ltd.          
3.840% 4/22/51 (b)  $320,000   $228,425 
         4,991,194 
Investment Companies — 0.3%          
Golub Capital BDC, Inc.          
2.500% 8/24/26   1,570,000    1,334,595 
Iron & Steel — 0.1%          
ArcelorMittal SA          
7.000% STEP 10/15/39   60,000    61,180 
Vale Overseas Ltd.          
6.875% 11/21/36   174,000    183,689 
         244,869 
Leisure Time — 0.0%          
VOC Escrow Ltd.          
5.000% 2/15/28 (b)   210,000    180,621 
Lodging — 0.4%          
Las Vegas Sands Corp.          
2.900% 6/25/25   100,000    92,003 
3.200% 8/08/24   790,000    750,661 
Sands China Ltd.          
4.300% STEP 1/08/26   280,000    258,381 
5.625% STEP 8/08/25   750,000    718,388 
         1,819,433 
Machinery – Construction & Mining — 0.0%          
Vertiv Group Corp.          
4.125% 11/15/28 (b)   30,000    25,500 
Machinery – Diversified — 0.1%          
Deere & Co.          
3.100% 4/15/30   60,000    53,880 
3.750% 4/15/50 (c)   260,000    221,365 
Otis Worldwide Corp.          
2.056% 4/05/25   140,000    131,086 
         406,331 
Media — 1.1%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.500% 8/15/30 (b)   30,000    24,785 
4.500% 5/01/32   840,000    669,186 
4.750% 2/01/32 (b)   70,000    56,749 
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.500% 3/01/42   60,000    38,899 
4.200% 3/15/28   190,000    174,913 
4.400% 4/01/33   140,000    120,219 
4.800% 3/01/50   100,000    72,796 
4.908% 7/23/25   270,000    264,843 
5.050% 3/30/29   360,000    339,070 
5.125% 7/01/49   100,000    76,052 
5.375% 4/01/38   100,000    83,386 
5.375% 5/01/47   20,000    15,772 
5.500% 4/01/63   80,000    61,364 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
6.484% 10/23/45  $160,000   $144,901 
6.834% 10/23/55   60,000    55,616 
Comcast Corp.          
2.800% 1/15/51   30,000    19,079 
2.887% 11/01/51   320,000    206,721 
3.150% 3/01/26   280,000    266,886 
3.250% 11/01/39   30,000    23,494 
3.300% 4/01/27   120,000    113,249 
3.400% 4/01/30   180,000    164,458 
3.400% 7/15/46   30,000    22,074 
3.450% 2/01/50   40,000    29,231 
3.750% 4/01/40   80,000    66,360 
3.969% 11/01/47   80,000    63,955 
3.999% 11/01/49   20,000    15,877 
4.000% 8/15/47   20,000    16,090 
4.000% 3/01/48   50,000    39,966 
4.150% 10/15/28   180,000    172,937 
4.250% 10/15/30   230,000    220,623 
4.250% 1/15/33   20,000    18,876 
4.950% 10/15/58   10,000    9,118 
6.500% 11/15/35   41,000    45,792 
CSC Holdings LLC          
6.500% 2/01/29 (b)   250,000    204,375 
DISH DBS Corp.          
5.250% 12/01/26 (b)   120,000    101,080 
5.750% 12/01/28 (b)   120,000    95,775 
Fox Corp.          
5.476% 1/25/39   90,000    82,299 
Time Warner Cable Enterprises LLC          
8.375% 7/15/33   20,000    22,288 
Time Warner Cable, Inc.          
6.550% 5/01/37   50,000    47,795 
6.750% 6/15/39   120,000    113,840 
7.300% 7/01/38   100,000    99,475 
Virgin Media Secured Finance PLC          
5.500% 5/15/29 (b)   210,000    188,114 
The Walt Disney Co.          
6.200% 12/15/34   20,000    21,824 
6.650% 11/15/37   50,000    56,395 
         4,746,597 
Mining — 0.7%          
Anglo American Capital PLC          
4.750% 4/10/27 (b)   230,000    222,462 
Barrick North America Finance LLC          
5.700% 5/30/41   80,000    80,774 
5.750% 5/01/43   80,000    81,302 
BHP Billiton Finance USA Ltd.          
5.000% 9/30/43   100,000    97,520 
First Quantum Minerals Ltd.          
6.875% 10/15/27 (b) (c)   230,000    215,791 
Freeport-McMoRan, Inc.          
4.550% 11/14/24   10,000    9,860 
4.625% 8/01/30   120,000    111,796 
5.450% 3/15/43   466,000    420,351 
Glencore Funding LLC          
3.875% 10/27/27 (b)   90,000    84,010 
4.000% 3/27/27 (b)   270,000    255,179 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.125% 5/30/23 (b)  $130,000   $129,324 
4.125% 3/12/24 (b)   130,000    127,956 
Hudbay Minerals, Inc.          
6.125% 4/01/29 (b)   10,000    9,049 
Southern Copper Corp.          
5.250% 11/08/42   1,230,000    1,173,162 
Teck Resources Ltd.          
6.000% 8/15/40   20,000    19,182 
         3,037,718 
Miscellaneous - Manufacturing — 0.1%          
3M Co.          
2.375% 8/26/29 (c)   140,000    119,068 
3.050% 4/15/30 (c)   60,000    52,746 
3.700% 4/15/50 (c)   150,000    115,622 
Eaton Corp.          
4.150% 11/02/42   40,000    34,336 
         321,772 
Oil & Gas — 2.6%          
BP Capital Markets America, Inc.          
3.000% 2/24/50   340,000    228,768 
3.119% 5/04/26   290,000    275,226 
3.588% 4/14/27   100,000    95,386 
3.633% 4/06/30   120,000    110,351 
Chevron Corp.          
1.995% 5/11/27   110,000    98,941 
3.078% 5/11/50   20,000    14,593 
Chevron USA, Inc.          
3.850% 1/15/28   300,000    290,037 
ConocoPhillips Co.          
6.950% 4/15/29   75,000    83,147 
Continental Resources, Inc.          
2.268% 11/15/26 (b)   70,000    60,637 
4.375% 1/15/28   130,000    118,165 
5.750% 1/15/31 (b)   250,000    232,794 
Coterra Energy, Inc.          
3.900% 5/15/27   310,000    289,877 
4.375% 3/15/29   220,000    208,348 
Devon Energy Corp.          
4.750% 5/15/42 (c)   10,000    8,519 
5.000% 6/15/45   440,000    382,179 
5.250% 10/15/27   32,000    31,714 
5.600% 7/15/41   140,000    131,378 
5.850% 12/15/25   120,000    122,210 
5.875% 6/15/28   26,000    26,318 
7.875% 9/30/31 (c)   330,000    373,476 
8.250% 8/01/23   30,000    30,408 
Diamondback Energy, Inc.          
3.250% 12/01/26   10,000    9,315 
3.500% 12/01/29   160,000    140,765 
6.250% 3/15/33   1,620,000    1,647,637 
Ecopetrol SA          
5.875% 5/28/45   770,000    536,274 
EOG Resources, Inc.          
3.900% 4/01/35   200,000    179,184 
4.150% 1/15/26   70,000    68,703 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.375% 4/15/30  $60,000   $58,249 
4.950% 4/15/50   190,000    182,200 
EQT Corp.          
3.900% 10/01/27   280,000    258,563 
6.125% STEP 2/01/25   20,000    20,047 
7.000% STEP 2/01/30 (c)   50,000    51,856 
Exxon Mobil Corp.          
2.992% 3/19/25   340,000    327,824 
3.043% 3/01/26   130,000    124,135 
3.482% 3/19/30   190,000    177,479 
4.114% 3/01/46   200,000    170,655 
4.327% 3/19/50   20,000    17,643 
Hess Corp.          
7.300% 8/15/31   210,000    228,684 
7.875% 10/01/29   110,000    122,212 
KazMunayGas National Co. JSC          
5.375% 4/24/30 (b)   200,000    178,674 
Occidental Petroleum Corp.          
4.400% 4/15/46   40,000    31,241 
4.625% 6/15/45   80,000    64,255 
6.600% 3/15/46   630,000    648,264 
Petrobras Global Finance BV          
5.999% 1/27/28 (c)   780,000    775,398 
Petroleos Mexicanos          
6.375% 1/23/45   220,000    136,318 
6.625% 6/15/35 (c)   303,000    219,948 
6.875% 8/04/26   160,000    151,124 
Pioneer Natural Resources Co.          
1.125% 1/15/26   40,000    35,691 
2.150% 1/15/31   190,000    151,168 
Reliance Industries Ltd.          
3.625% 1/12/52 (b)   330,000    218,168 
Shell International Finance BV          
2.750% 4/06/30   160,000    140,627 
2.875% 5/10/26   130,000    122,632 
3.250% 4/06/50   230,000    166,210 
4.000% 5/10/46   180,000    147,744 
4.550% 8/12/43   100,000    90,622 
Sinopec Group Overseas Development Ltd.          
4.375% 4/10/24 (b)   330,000    327,545 
Southwestern Energy Co.          
4.750% 2/01/32 (c)   60,000    51,275 
5.375% 3/15/30   20,000    18,240 
         11,209,041 
Oil & Gas Services — 0.0%          
Halliburton Co.          
3.800% 11/15/25   2,000    1,947 
4.850% 11/15/35   20,000    18,591 
5.000% 11/15/45   110,000    97,776 
Schlumberger Holdings Corp.          
3.900% 5/17/28 (b)   31,000    28,934 
         147,248 
Packaging & Containers — 0.0%          
Ball Corp.          
3.125% 9/15/31 (c)   100,000    80,313 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pharmaceuticals — 1.5%          
AbbVie, Inc.          
2.600% 11/21/24  $550,000   $526,420 
2.950% 11/21/26   260,000    242,087 
3.200% 11/21/29   600,000    543,140 
3.600% 5/14/25   130,000    126,090 
3.800% 3/15/25   180,000    175,576 
4.250% 11/21/49   20,000    16,856 
4.550% 3/15/35   90,000    84,535 
4.875% 11/14/48   20,000    18,352 
Becton Dickinson and Co.          
3.363% 6/06/24   82,000    80,133 
4.685% 12/15/44   18,000    16,152 
Bristol-Myers Squibb Co.          
2.900% 7/26/24   206,000    200,052 
3.200% 6/15/26   204,000    194,690 
3.400% 7/26/29   19,000    17,657 
Cigna Corp.          
3.750% 7/15/23   161,000    159,933 
4.125% 11/15/25   100,000    97,770 
4.375% 10/15/28   160,000    154,610 
4.800% 8/15/38   240,000    223,432 
4.900% 12/15/48   100,000    90,768 
CVS Health Corp.          
1.875% 2/28/31   30,000    23,622 
2.125% 9/15/31   140,000    111,391 
3.750% 4/01/30   150,000    136,729 
4.125% 4/01/40   120,000    100,366 
4.250% 4/01/50   30,000    24,051 
4.300% 3/25/28   208,000    201,527 
5.050% 3/25/48   320,000    288,669 
5.125% 7/20/45   100,000    90,738 
CVS Pass-Through Trust          
5.298% 1/11/27 (b)   4,379    4,334 
5.880% 1/10/28   56,861    56,288 
6.036% 12/10/28   52,943    52,199 
6.943% 1/10/30   49,540    50,507 
Johnson & Johnson          
0.950% 9/01/27   40,000    34,502 
3.625% 3/03/37   320,000    283,692 
Merck & Co., Inc.          
0.750% 2/24/26   200,000    177,283 
1.450% 6/24/30   120,000    96,022 
2.750% 12/10/51   200,000    134,286 
Pfizer, Inc.          
1.700% 5/28/30 (c)   340,000    280,260 
Teva Pharmaceutical Finance Netherlands BV          
7.125% 1/31/25   390,000    387,812 
Teva Pharmaceutical Finance Netherlands III BV          
3.150% 10/01/26   900,000    787,050 
6.000% 4/15/24   350,000    343,029 
         6,632,610 
Pipelines — 1.6%          
Cameron LNG LLC          
2.902% 7/15/31 (b)   40,000    33,858 
3.302% 1/15/35 (b)   130,000    105,195 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Cheniere Energy Partners LP          
3.250% 1/31/32 (b)  $170,000   $135,163 
El Paso Natural Gas Co. LLC          
8.375% 6/15/32   289,000    327,808 
Energy Transfer LP          
2.900% 5/15/25   170,000    160,319 
3.750% 5/15/30   430,000    380,384 
4.950% 6/15/28   50,000    48,434 
5.250% 4/15/29   80,000    77,593 
5.300% 4/01/44   20,000    16,985 
5.400% 10/01/47   40,000    33,814 
6.100% 2/15/42   140,000    129,040 
3 mo. USD LIBOR + 4.028% 6.250% VRN (d)   20,000    17,000 
6.250% 4/15/49   260,000    243,285 
5 year CMT + 5.694% 6.500% VRN (d)   50,000    43,208 
5 year CMT + 5.134% 6.750% VRN (d)   160,000    138,400 
5 year CMT + 5.306% 7.125% VRN (d)   150,000    125,250 
Enterprise Products Operating LLC          
3.700% 1/31/51   260,000    188,877 
4.150% 10/16/28   980,000    929,639 
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78   40,000    30,561 
5.700% 2/15/42   40,000    38,964 
EQM Midstream Partners LP          
5.500% 7/15/28   10,000    8,942 
Kinder Morgan Energy Partners LP          
5.500% 3/01/44   30,000    27,299 
Kinder Morgan, Inc.          
4.300% 3/01/28   110,000    105,553 
5.200% 3/01/48   20,000    17,460 
MPLX LP          
4.500% 4/15/38   70,000    59,282 
4.700% 4/15/48   210,000    166,730 
4.800% 2/15/29   190,000    182,278 
4.875% 12/01/24   90,000    89,309 
5.500% 2/15/49   100,000    88,526 
Southern Natural Gas Co. LLC          
8.000% 3/01/32   148,000    162,827 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.          
6.000% 12/31/30 (b)   10,000    8,647 
Targa Resources Corp.          
4.200% 2/01/33   100,000    86,357 
4.950% 4/15/52   40,000    31,818 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
4.875% 2/01/31   130,000    116,683 
Tennessee Gas Pipeline Co. LLC          
2.900% 3/01/30 (b)   200,000    168,045 
Transcontinental Gas Pipe Line Co. LLC          
7.850% 2/01/26   60,000    64,096 
Venture Global Calcasieu Pass LLC          
3.875% 11/01/33 (b)   80,000    65,352 
Western Midstream Operating LP          
3.350% STEP 2/01/25   240,000    227,218 
4.300% STEP 2/01/30   900,000    778,519 
3 mo. USD LIBOR + 1.100% 5.041% FRN 1/13/23   90,000    89,865 
5.500% 8/15/48   20,000    16,599 
5.500% STEP 2/01/50   230,000    187,407 
The Williams Cos., Inc.          
3.750% 6/15/27   170,000    160,281 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
7.500% 1/15/31  $200,000   $219,522 
7.750% 6/15/31   350,000    387,041 
         6,719,433 
Real Estate Investment Trusts (REITS) — 0.4%          
CTR Partnership LP / CareTrust Capital Corp.          
3.875% 6/30/28 (b)   20,000    16,900 
Equinix, Inc.          
2.500% 5/15/31   1,641,000    1,322,901 
GLP Capital LP/GLP Financing II, Inc.          
5.250% 6/01/25   10,000    9,823 
5.375% 4/15/26   40,000    39,253 
MPT Operating Partnership LP / MPT Finance Corp.          
3.500% 3/15/31 (c)   110,000    75,403 
4.625% 8/01/29 (c)   10,000    7,626 
5.000% 10/15/27 (c)   30,000    25,216 
WEA Finance LLC/Westfield UK & Europe Finance PLC          
3.750% 9/17/24 (b)   220,000    208,022 
         1,705,144 
Retail — 1.1%          
Costco Wholesale Corp.          
1.375% 6/20/27   190,000    166,677 
1.600% 4/20/30   110,000    90,299 
The Home Depot, Inc.          
2.700% 4/15/30   70,000    61,067 
3.300% 4/15/40   120,000    96,147 
3.350% 4/15/50   220,000    163,827 
3.900% 12/06/28   30,000    28,929 
3.900% 6/15/47   40,000    33,103 
Lowe's Cos., Inc.          
4.500% 4/15/30   50,000    48,046 
5.625% 4/15/53   2,341,000    2,225,859 
McDonald's Corp.          
3.300% 7/01/25   60,000    58,045 
3.500% 7/01/27   180,000    171,003 
3.600% 7/01/30   190,000    174,734 
3.625% 9/01/49   40,000    30,275 
3.800% 4/01/28   110,000    105,439 
4.200% 4/01/50   140,000    117,366 
Starbucks Corp.          
2.550% 11/15/30   990,000    834,872 
Target Corp.          
2.250% 4/15/25   110,000    104,374 
Walmart, Inc.          
1.500% 9/22/28   80,000    68,715 
1.800% 9/22/31   40,000    32,672 
         4,611,449 
Semiconductors — 0.3%          
Broadcom, Inc.          
3.137% 11/15/35 (b)   490,000    361,938 
Intel Corp.          
1.600% 8/12/28   190,000    161,718 
3.050% 8/12/51   90,000    58,759 
3.700% 7/29/25   40,000    39,052 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.750% 3/25/50  $20,000   $17,399 
NVIDIA Corp.          
2.850% 4/01/30   90,000    78,593 
3.500% 4/01/40   240,000    195,587 
3.500% 4/01/50   170,000    128,743 
3.700% 4/01/60   170,000    126,519 
NXP BV / NXP Funding LLC / NXP USA, Inc.          
2.700% 5/01/25   120,000    113,033 
Texas Instruments, Inc.          
1.750% 5/04/30   110,000    90,762 
         1,372,103 
Software — 0.4%          
Microsoft Corp.          
2.400% 8/08/26   530,000    494,435 
2.525% 6/01/50   133,000    88,562 
2.921% 3/17/52   107,000    76,432 
3.041% 3/17/62   83,000    57,967 
3.300% 2/06/27   290,000    279,774 
Open Text Holdings, Inc.          
4.125% 2/15/30 (b)   10,000    8,047 
4.125% 12/01/31 (b)   10,000    7,773 
Oracle Corp.          
1.650% 3/25/26   300,000    269,151 
2.875% 3/25/31   350,000    291,214 
2.950% 4/01/30   20,000    17,137 
Salesforce, Inc.          
3.250% 4/11/23   60,000    59,784 
3.700% 4/11/28   50,000    48,051 
Workday, Inc.          
3.500% 4/01/27   50,000    46,806 
3.700% 4/01/29   80,000    73,367 
3.800% 4/01/32 (c)   100,000    88,609 
         1,907,109 
Telecommunications — 1.9%          
Altice France SA          
5.500% 10/15/29 (b)   210,000    160,131 
AT&T, Inc.          
1.650% 2/01/28   280,000    236,891 
2.250% 2/01/32   20,000    15,735 
2.300% 6/01/27   250,000    222,784 
2.550% 12/01/33   1,220,000    941,222 
3.300% 2/01/52 (c)   40,000    26,805 
3.500% 9/15/53   180,000    121,387 
3.550% 9/15/55   323,000    216,489 
3.650% 9/15/59   60,000    40,363 
3.800% 12/01/57   10,000    6,954 
4.350% 6/15/45   101,000    81,952 
5.350% 9/01/40   40,000    38,318 
5.550% 8/15/41   40,000    38,507 
CommScope, Inc.          
4.750% 9/01/29 (b)   20,000    16,124 
6.000% 3/01/26 (b)   60,000    55,147 
Sprint Capital Corp.          
8.750% 3/15/32   20,000    23,802 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC          
4.738% 9/20/29 (b)  $123,750   $122,340 
T-Mobile USA, Inc.          
2.250% 2/15/26   70,000    63,655 
2.250% 11/15/31   70,000    55,240 
2.550% 2/15/31   130,000    106,589 
2.625% 2/15/29   230,000    194,792 
2.875% 2/15/31   170,000    140,408 
3.000% 2/15/41   60,000    42,401 
3.300% 2/15/51   20,000    13,355 
3.375% 4/15/29   70,000    61,646 
3.500% 4/15/25   350,000    336,816 
3.500% 4/15/31   440,000    379,803 
3.750% 4/15/27   50,000    47,159 
3.875% 4/15/30   190,000    172,560 
5.650% 1/15/53   1,232,000    1,202,393 
Telefonica Emisiones SA          
5.213% 3/08/47   150,000    121,204 
Verizon Communications, Inc.          
1.750% 1/20/31   280,000    217,939 
2.355% 3/15/32   40,000    31,752 
2.550% 3/21/31   570,000    469,546 
2.650% 11/20/40   260,000    176,683 
2.875% 11/20/50   530,000    333,075 
3.400% 3/22/41   40,000    30,207 
3.850% 11/01/42   40,000    31,904 
3.875% 2/08/29   130,000    122,237 
4.000% 3/22/50   120,000    94,696 
4.125% 8/15/46   180,000    143,897 
4.329% 9/21/28   440,000    423,842 
4.400% 11/01/34   270,000    248,273 
4.500% 8/10/33   40,000    37,586 
5.250% 3/16/37   170,000    168,727 
5.500% 3/16/47   30,000    29,159 
Vmed O2 UK Financing I PLC          
4.750% 7/15/31 (b)   200,000    163,177 
         8,025,672 
Transportation — 0.1%          
Union Pacific Corp.          
2.150% 2/05/27   50,000    45,211 
2.891% 4/06/36   270,000    215,630 
3.750% 7/15/25   70,000    68,073 
3.750% 2/05/70   150,000    110,011 
3.839% 3/20/60   120,000    93,503 
XPO, Inc.          
6.250% 5/01/25 (b)   9,000    9,085 
         541,513 
           
TOTAL CORPORATE DEBT
(Cost $149,493,477)		        135,883,083 
           
MUNICIPAL OBLIGATIONS — 0.0%          
State of California, General Obligation          
5.000% 11/01/43   50,000    50,558 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $50,430)		       $50,558 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.2%          
Automobile Asset-Backed Securities — 0.6%          
Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A          
1.380% 8/20/27 (b)  $490,000    427,427 
Hertz Vehicle Financing III LP, Series 2021-2A, Class C          
2.520% 12/27/27 (b)   2,500,000    2,012,242 
         2,439,669 
Commercial Mortgage-Backed Securities — 3.2%          
Banc of America Merrill Lynch Trust, Series 2016-GG10, Class AJA,          
5.621% VRN 8/10/45 (b) (e)   382,424    95,606 
BANK, Series 2017-BNK4, Class XA,          
1.342% VRN 5/15/50 (e)   3,042,172    131,282 
Benchmark Mortgage Trust, Series 2021-B29, Class XA,          
1.042% VRN 9/15/54 (e)   2,508,334    138,967 
BPR Trust, Series 2021-TY, Class A, 1 mo. USD LIBOR + 1.050%          
5.368% FRN 9/15/38 (b)   140,000    131,952 
BX Commercial Mortgage Trust          
Series 2021-VINO, Class A, 1 mo. USD LIBOR + .652% 4.970% FRN 5/15/38 (b)   830,000    799,168 
Series 2021-21M, Class A, 1 mo. USD LIBOR + .730% 5.048% FRN 10/15/36 (b)   722,661    694,457 
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B,          
4.175% VRN 7/10/47 (e)   350,000    331,254 
Credit Suisse Mortgage Trust          
Series 2014-USA, Class A2, 3.953% 9/15/37 (b)   190,000    171,344 
Series 2014-USA, Class E, 4.373% 9/15/37 (b)   140,000    77,634 
Series 2014-USA, Class F, 4.373% 9/15/37 (b)   2,440,000    1,177,707 
Series 2022-MARK, Class A, 1 mo. TSFR + 2.695% 7.031% FRN 6/15/39 (b)   130,000    128,472 
Series 2017-CHOP, Class G, 1 mo. USD LIBOR + 5.350% 9.668% FRN 7/15/32 (b)   1,160,000    1,043,724 
Deutsche Bank Commercial Mortgage Trust, Series 2016-C3, Class A4          
2.632% 8/10/49   160,000    145,628 
GS Mortgage Securities Trust, Series 2018-SRP5, Class A, 1 mo. USD LIBOR + 1.800%          
6.118% FRN 9/15/31 (b)   1,228,563    1,067,145 
JPMBB Commercial Mortgage Securities Trust          
Series 2014-C19, Class XA, 0.620% VRN 4/15/47 (e)   991,047    5,600 
Series 2015-C31, Class B, 4.622% VRN 8/15/48 (e)   160,000    138,853 
Series 2013-C17, Class B, 4.883% VRN 1/15/47 (e)   30,000    29,006 
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AJ,          
6.193% VRN 9/12/49 (e)   2,926    2,765 
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. TSFR + 1.397%          
5.733% FRN 3/15/39 (b)   190,000    184,948 
PFP Ltd., Series 2021-8, Class A, 1 mo. USD LIBOR + 1.000%          
5.326% FRN 8/09/37 (b)   659,278    628,409 
Shops at Crystals Trust, Series 2016-CSTL, Class A          
3.126% 7/05/36 (b)   320,000    277,551 
TTAN, Series 2021-MHC, Class A, 1 mo. USD LIBOR + .850%          
5.168% FRN 3/15/38 (b)   463,810    449,334 
UBS Commercial Mortgage Trust, Series 2017-C1, Class A4          
3.460% 6/15/50   170,000    156,639 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Waterfall Commercial Mortgage Trust, Series 2015-SBC5, Class A          
4.104% 9/14/49 (b)  $45,472   $44,756 
Wells Fargo Commercial Mortgage Trust          
Series 2019-C52, Class XA, 1.604% VRN 8/15/52 (e)   5,541,528    394,153 
Series 2017-C42, Class D, 2.800% VRN 12/15/50 (b) (e)   710,000    466,969 
Series 2013-LC12, Class B, 4.296% VRN 7/15/46 (e)   140,000    130,776 
WFRBS Commercial Mortgage Trust          
Series 2014-C24, Class B, 4.204% VRN 11/15/47 (e)   190,000    171,492 
Series 2014-C24, Class C, 4.290% VRN 11/15/47 (e)   190,000    161,471 
Series 2014-LC14, Class D, 4.586% VRN 3/15/47 (b) (e)   5,000,000    4,599,895 
         13,976,957 
Home Equity Asset-Backed Securities — 0.5%          
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A3B, 1 mo. USD LIBOR + .960%          
5.349% FRN 11/25/33   1,198,762    1,140,433 
GSAA Home Equity Trust, Series 2006-5, Class 2A3, 1 mo. USD LIBOR + .540%          
4.929% FRN 3/25/36   311,843    142,830 
RBSSP Resecuritization Trust, Series 2010-4, Class 6A2,          
5.825% STEP 2/26/36 (b)   646,546    615,138 
         1,898,401 
Manufactured Housing Asset-Backed Securities — 0.1%          
Conseco Finance Corp., Series 1996-4, Class M1,          
7.750% VRN 6/15/27 (e)   428,497    441,253 
Other Asset-Backed Securities — 2.1%          
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 1 mo. USD LIBOR + 1.070%          
5.388% FRN 8/15/34 (b)   790,000    748,240 
Dividend Solar Loans LLC, Series 2019-1, Class A          
3.670% 8/22/39 (b)   742,088    672,997 
First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A2, 1 mo. USD LIBOR + .120%          
4.509% FRN 11/25/36   282,843    258,276 
InStar Leasing III LLC, Series 2021-1A, Class A          
2.300% 2/15/54 (b)   572,410    473,597 
Magnolia Finance, Series 2019-1OTF, Class A1, 3 mo. USD LIBOR + 2.900%          
7.315% FRN 8/09/24 (b)   940,000    919,641 
Mortgage Repurchase Agreement Financing Trust II, Series 2022-S1 , Class A1, 30 day SOFR + 2.000%          
5.805% FRN 3/30/25 (b)   290,000    285,887 
Mosaic Solar Loans LLC, Series 2021-3A, Class B          
1.920% 6/20/52 (b)   811,811    612,455 
PFCA Home Equity Investment Trust, Series 2003-IFC6, Class A,          
4.769% VRN 4/22/35 (b) (e)   380,671    354,739 
Saxon Asset Securities Trust, Series 2006-3, Class A4, 1 mo. USD LIBOR + .240%          
4.629% FRN 10/25/46   440,000    372,734 
Structured Asset Investment Loan Trust, Series 2004-8, Class A9, 1 mo. USD LIBOR + 1.000%          
5.389% FRN 9/25/34   597,120    583,185 
Taco Bell Funding LLC, Series 2021-1A, Class A23          
2.542% 8/25/51 (b)   3,960,000    3,031,658 
US Small Business Administration          

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2019-25G, Class 1, 2.690% 7/01/44  $203,018   $172,880 
Series 2019-20D, Class 1, 2.980% 4/01/39   134,852    124,021 
USQ Rail LLC, Series 2021-1A, Class A          
2.250% 2/28/51 (b)   712,121    598,919 
         9,209,229 
Student Loans Asset-Backed Securities — 0.4%          
College Ave Student Loans LLC, Series 2019-A, Class A2          
3.280% 12/28/48 (b)   252,867    236,552 
Navient Private Education Refi Loan Trust, Series 2020-IA, Class A1A          
1.330% 4/15/69 (b)   385,809    327,227 
SLM Student Loan Trust, Series 2003-7A, Class A5A, 3 mo. USD LIBOR + 1.200%          
5.969% FRN 12/15/33 (b)   305,484    298,144 
SMB Private Education Loan Trust          
Series 2020-A, Class A2A, 2.230% 9/15/37 (b)   436,001    397,275 
Series 2021-A, Class B, 2.310% 1/15/53 (b)   600,000    504,189 
         1,763,387 
Whole Loan Collateral Collateralized Mortgage Obligations — 1.2%          
Bear Stearns Asset -Backed Securities I Trust, Series 2005-AC8, Class A3, 1 mo. USD LIBOR + 7.650%          
3.261% FRN 11/25/35   634,147    96,706 
BRAVO Residential Funding Trust, Series 2022-NQM3, Class A1,          
5.108% VRN 7/25/62 (b) (e)   336,271    335,235 
Citigroup Mortgage Loan Trust, Series 2007-6, Class 2A4, 1 mo. USD LIBOR + .350%          
4.739% FRN 5/25/37   1,361,928    729,106 
Credit Suisse Mortgage Trust, Series 2015-4R, Class 3A3, 1 mo. USD LIBOR + .310%          
3.304% FRN 10/27/36 (b)   676,675    314,385 
Flagstar Mortgage Trust, Series 2018-2, Class A4,          
3.500% VRN 4/25/48 (b) (e)   17,543    17,156 
GS Mortgage Securities Trust, Series 2014-2R, Class 3B          
0.702% 11/26/37 (b)   1,220,000    1,033,653 
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3,          
3.557% VRN 10/25/35 (e)   44,845    24,752 
HarborView Mortgage Loan Trust, Series 2006-2, Class 1A,          
3.721% VRN 2/25/36 (e)   27,306    9,925 
JP Morgan Mortgage Trust          
Series 2018-3, Class A1, 3.500% VRN 9/25/48 (b) (e)   244,539    211,619 
Series 2018-4, Class A1, 3.500% VRN 10/25/48 (b) (e)   103,980    90,149 
Series 2018-5, Class A1, 3.500% VRN 10/25/48 (b) (e)   130,847    113,300 
New Residential Mortgage Loan Trust          
Series 2018-RPL1, Class M2, 3.500% VRN 12/25/57 (b) (e)   730,000    577,820 
Series 2017-4A, Class A1, 4.000% VRN 5/25/57 (b) (e)   223,504    207,147 
Prime Mortgage Trust          
Series 2006-DR1, Class 1A1, 5.500% 5/25/35 (b)   4,478    4,365 
Series 2006-DR1, Class 2A2, 6.000% 5/25/35 (b)   479,138    408,057 
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-7, Class 1A1,          
3.513% VRN 8/25/36 (e)   156,050    109,031 
Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 4A1, 12 mo. MTA + 2.150%          
4.198% FRN 3/25/46   167,660    156,693 
Towd Point Mortgage Trust          
Series 2017-4, Class B2, 3.461% VRN 6/25/57 (b) (e)   740,000    541,953 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2022-4,Class A1, 3.750% 9/25/62 (b) (e)  $419,473   $389,989 
         5,371,041 
Whole Loan Collateral Planned Amortization Classes — 0.0%          
Countrywide Alternative Loan Trust, Series 2006-18CB, Class A6, 1 mo. USD LIBOR + 28.600%          
11.045% FRN 7/25/36   40,948    33,392 
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%          
Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1B, 12 mo. MTA + 1.000%          
3.048% FRN 2/25/46   454,890    390,981 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $40,593,636)		        35,524,310 
           
SOVEREIGN DEBT OBLIGATIONS — 3.9%          
Argentine Republic Government International Bond          
1.500% STEP 7/09/35   1,927,319    488,563 
3.500% STEP 7/09/41   110,000    31,017 
Brazilian Government International Bond          
5.000% 1/27/45   810,000    600,062 
5.625% 1/07/41   730,000    617,217 
Colombia Government International Bond          
3.250% 4/22/32   430,000    312,616 
4.125% 2/22/42   440,000    276,063 
Indonesia Government International Bond          
5.125% 1/15/45 (b)   220,000    212,315 
6.500% 2/15/31 IDR (f)   58,983,000,000    3,677,084 
Israel Government International Bond          
2.750% 7/03/30   310,000    281,247 
Mexican Bonos          
7.750% 11/23/34 MXN (f)   17,120,000    793,521 
7.750% 11/13/42 MXN (f)   46,165,600    2,067,164 
8.000% 11/07/47 MXN (f)   76,980,000    3,521,964 
8.500% 5/31/29 MXN (f)   28,500,000    1,422,053 
Mexico Government International Bond          
4.750% 3/08/44   830,000    669,001 
Nigeria Government International Bond          
7.143% 2/23/30 (b)   210,000    160,579 
Panama Government International Bond          
4.500% 4/01/56   350,000    254,783 
Peruvian Government International Bond          
6.550% 3/14/37   210,000    220,617 
Provincia de Buenos Aires/Government Bond,          
5.250% STEP 9/01/37 (b)   540,019    186,307 
Republic of Kenya Government International Bond          
6.300% 1/23/34 (b)   370,000    284,160 
Russian Federal Bond— OFZ          
6.900% 5/23/29 RUB (f)   128,828,000    471,641 
7.250% 5/10/34 RUB (f)   60,500,000    221,492 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
7.700% 3/16/39 RUB (f)  $86,260,000   $315,799 
         17,085,265 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $24,250,856)		        17,085,265 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (g) — 28.2%          
Collateralized Mortgage Obligations — 1.9%          
Federal Home Loan Mortgage Corp.          
Series 3422, Class AI, 0.250% STEP 1/15/38   6,976    49 
Series 353, Class S1, 1 mo. USD LIBOR + 6.000% 1.682% FRN 12/15/46   213,456    21,199 
Series 334, Class S7, 1 mo. USD LIBOR + 6.100% 1.782% FRN 8/15/44   88,260    8,992 
Series 3621, Class SB, 1 mo. USD LIBOR + 6.230% 1.912% FRN 1/15/40   20,244    1,953 
Series 4203, Class PS, 1 mo. USD LIBOR + 6.250% 1.932% FRN 9/15/42   83,883    6,265 
Series 5018, Class MI, 2.000% 10/25/50   347,549    45,551 
Series 3973, Class SA, 1 mo. USD LIBOR + 6.490% 2.172% FRN 12/15/41   128,170    14,302 
Series 5140, Class NI, 2.500% 5/25/49   275,083    38,418 
Series 5010, Class IK, 2.500% 9/25/50   208,757    30,225 
Series 5010, Class JI, 2.500% 9/25/50   494,025    77,882 
Series 5013, Class IN, 2.500% 9/25/50   253,386    40,310 
Series 5040, Class IB, 2.500% 11/25/50   149,047    21,000 
Series 5059, Class IB, 2.500% 1/25/51   700,293    111,569 
Series 5069, Class MI, 2.500% 2/25/51   79,780    11,489 
Series 4793, Class CB, 3.000% 5/15/48   195,848    177,239 
Series 4793, Class CD, 3.000% 6/15/48   123,944    112,127 
Series 4813, Class CJ, 3.000% 8/15/48   101,989    94,694 
Series 5224, Class HL, 4.000% 4/25/52   400,000    360,951 
Series R007, Class ZA, 6.000% 5/15/36   54,124    55,989 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates          
Series K741, Class X1, 0.571% VRN 12/25/27 (e)   2,994,882    68,346 
Series K094, Class X1, 0.880% VRN 6/25/29 (e)   994,527    44,742 
Series K743, Class X1, 0.925% VRN 5/25/28 (e)   3,997,845    162,943 
Series KC05, Class X1, 1.212% VRN 6/25/27 (e)   1,525,784    49,356 
Series K736, Class X1, 1.289% VRN 7/25/26 (e)   2,040,961    75,200 
Series K110, Class X1, 1.697% VRN 4/25/30 (e)   1,295,145    119,799 
Series 2019-KF58, Class B, 1 mo. USD LIBOR + 2.150% 6.292% FRN 1/25/26 (b)   506,574    471,889 
Federal Home Loan Mortgage Corp. REMICS          
Series 5085, Class NI, 2.000% 3/25/51   622,802    74,469 
Series 4391, Class MZ, 3.000% 9/15/44   256,085    219,797 
Federal National Mortgage Association          
Series 2006-88, Class IP, 0.000% VRN 3/25/36 (e)   25,204    1,323 
Series 2005-88, Class IP, 0.031% FRN 10/25/35 (e)   20,609    1,343 
Series 2006-59, Class IP, 0.155% FRN 7/25/36 (e)   55,766    793 
Series 2013-124, Class SB, 1 mo. USD LIBOR + 5.950% 1.561% FRN 12/25/43   206,852    19,888 
Series 2016-61, Class BS, 1 mo. USD LIBOR + 6.100% 1.711% FRN 9/25/46   74,142    5,281 
Series 2017-76, Class SB, 1 mo. USD LIBOR + 6.100% 1.711% FRN 10/25/57   438,083    45,471 
Series 2012-134, Class SK, 1 mo. USD LIBOR + 6.150% 1.761% FRN 12/25/42   121,392    14,294 
Series 2012-133, Class CS, 1 mo. USD LIBOR + 6.150% 1.761% FRN 12/25/42   64,368    8,571 
Series 2013-54, Class BS, 1 mo. USD LIBOR + 6.150% 1.761% FRN 6/25/43   154,589    16,795 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2017-85, Class SC, 1 mo. USD LIBOR + 6.200% 1.811% FRN 11/25/47  $125,526   $10,551 
Series 2020-47, Class GZ, 2.000% 7/25/50   315,368    182,779 
Series 2020-97, Class AI, 2.000% 1/25/51   180,604    23,237 
Series 2012-35, Class SC, 1 mo. USD LIBOR + 6.500% 2.111% FRN 4/25/42   58,254    6,594 
Series 2011-87, Class SG, 1 mo. USD LIBOR + 6.550% 2.161% FRN 4/25/40   49,970    905 
Series 2011-96, Class SA, 1 mo. USD LIBOR + 6.550% 2.161% FRN 10/25/41   127,077    10,200 
Series 2012-74, Class SA, 1 mo. USD LIBOR + 6.650% 2.261% FRN 3/25/42   31,764    2,386 
Series 2020-56, Class DI, 2.500% 8/25/50   398,543    62,819 
Series 2020-74, Class EI, 2.500% 10/25/50   157,262    23,778 
Series 2020-89, Class DI, 2.500% 12/25/50   1,094,838    161,175 
Series 2021-3, Class QI, 2.500% 2/25/51   740,122    111,523 
Series 409, Class C2, 3.000% 4/25/27   38,358    1,514 
Series 409, Class C13, 3.500% 11/25/41   50,676    7,501 
Series 2006-118, Class IP2, 3.644% FRN 12/25/36 (e)   38,002    2,339 
Series 409, Class C18, 4.000% 4/25/42   58,628    10,122 
Series 2006-118, Class IP1, 4.076% FRN 12/25/36 (e)   46,941    3,026 
Series 409, Class C22, 4.500% 11/25/39   38,783    6,774 
Series 2011-59, Class NZ, 5.500% 7/25/41   255,674    263,631 
Series 2013-9, Class CB, 5.500% 4/25/42   212,241    216,906 
Series 2012-46, Class BA, 6.000% 5/25/42   52,718    54,212 
Series 2012-28, Class B, 6.500% 6/25/39   3,894    3,956 
Series 2013-9, Class BC, 6.500% 7/25/42   62,016    64,975 
Series 2012-51, Class B, 7.000% 5/25/42   44,900    47,666 
Federal National Mortgage Association ACES          
Series 2020-M36, Class X1, 1.498% VRN 9/25/34 (e)   1,199,029    98,494 
Series 2019-M19, Class A2, 2.560% 9/25/29   434,068    389,559 
Federal National Mortgage Association Grantor Trust
Series 2017-T1, Class A 2.898% 6/25/27		   99,394    93,131 
Federal National Mortgage Association REMICS
Series 2014-6, Class Z 2.500% 2/25/44		   249,885    208,584 
Government National Mortgage Association          
Series 2017-H20, Class IB, 0.155% VRN 10/20/67 (e)   55,174    2,368 
Series 2017-H18, Class BI, 0.162% VRN 9/20/67 (e)   2,720,313    110,232 
Series 2012-144, Class IO, 0.323% VRN 1/16/53 (e)   2,207,330    26,597 
Series 2012-135, Class IO, 0.340% VRN 1/16/53 (e)   2,297,455    32,006 
Series 2014-186, Class IO, 0.374% VRN 8/16/54 (e)   348,322    3,568 
Series 2014-22, Class IA, 0.475% FRN 11/20/42 (e)   19,034    596 
Series 2017-41, Class IO, 0.601% VRN 7/16/58 (e)   525,393    16,588 
Series 2021-60, Class IO, 0.826% VRN 5/16/63 (e)   2,296,140    146,594 
Series 2012-H27, Class AI, 1.697% VRN 10/20/62 (e)   304,027    10,064 
Series 2017-H15, Class KI, 1.703% VRN 7/20/67 (e)   106,298    5,606 
Series 2016-135, Class SB, 1 mo. USD LIBOR + 6.100% 1.774% FRN 10/16/46   103,045    14,273 
Series 2016-21, Class ST, 1 mo. USD LIBOR + 6.150% 1.797% FRN 2/20/46   57,634    6,330 
Series 2022-3, Class B, 1.850% 2/16/61   200,000    118,884 
Series 2020-181, Class WI, 2.000% 12/20/50   1,348,126    147,278 
Series 2010-85, Class HS, 1 mo. USD LIBOR + 6.650% 2.297% FRN 1/20/40   4,623    48 
Series 2020-123, Class NI, 2.500% 8/20/50   404,914    54,488 
Series 2020-123, Class IL, 2.500% 8/20/50   158,958    21,060 
Series 2020-127, Class IN, 2.500% 8/20/50   159,591    21,764 
Series 2020-129, Class IE, 2.500% 9/20/50   164,620    22,132 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2020-160, Class IH, 2.500% 10/20/50  $167,890   $23,147 
Series 2020-160, Class YI, 2.500% 10/20/50   669,059    89,333 
Series 2020-160, Class VI, 2.500% 10/20/50   246,786    33,885 
Series 2022-115, Class MI, 2.500% 5/20/51   262,245    28,772 
Series 2022-189, Class PT, 2.500% 10/20/51   297,994    248,077 
Series 2013-107, Class AD, 2.846% VRN 11/16/47 (e)   155,245    143,266 
Series 2020-H09, Class FL, 1 mo. USD LIBOR + 1.150% 2.880% FRN 5/20/70   383,086    380,641 
Series 2020-H13, Class FA, 1 mo. USD LIBOR + .450% 2.980% FRN 7/20/70   131,003    128,119 
Series 2022-196, Class BE, 3.000% 10/16/64   200,000    152,534 
Series 2020-H13, Class FC, 1 mo. USD LIBOR + .450% 3.276% FRN 7/20/70   52,162    51,056 
Series 2013-53, Class OI, 3.500% 4/20/43   304,899    31,937 
Series 2020-47, Class MI, 3.500% 4/20/50   271,343    45,233 
Series 2020-47, Class NI, 3.500% 4/20/50   73,971    12,457 
Series 2014-176, Class IA, 4.000% 11/20/44   36,713    6,198 
Series 2015-167, Class OI, 4.000% 4/16/45   46,899    8,208 
Series 2018-H07, Class FD, 1 mo. USD LIBOR + .300% 4.142% FRN 5/20/68   236,534    234,116 
Series 2010-H28, Class FE, 1 mo. USD LIBOR + .400% 4.242% FRN 12/20/60   71,796    71,201 
Series 2014-H20, Class FA, 1 mo. USD LIBOR + .430% 4.272% FRN 10/20/64   814,039    804,452 
Series 2011-H08, Class FG, 1 mo. USD LIBOR + .480% 4.322% FRN 3/20/61   63,241    62,776 
Series 2011-H09, Class AF, 1 mo. USD LIBOR + .500% 4.342% FRN 3/20/61   39,239    38,988 
Series 2016-84, Class IG, 4.500% 11/16/45   215,877    42,431 
Series 2020-H09, Class NF, 1 mo. USD LIBOR + 1.250% 5.092% FRN 4/20/70   122,157    122,623 
         8,218,767 
Pass-Through Securities — 25.4%          
Federal Home Loan Mortgage Corp.          
Pool #RB5125 2.000% 9/01/41   891,270    754,101 
Pool #RB5145 2.000% 2/01/42   94,106    79,476 
Pool #RA3882 2.000% 11/01/50   329,746    271,681 
Pool #QB8602 2.000% 2/01/51   78,872    65,378 
Pool #QB9087 2.000% 2/01/51   394,664    326,894 
Pool #QB9482 2.000% 3/01/51   78,179    64,559 
Pool #QC0041 2.000% 3/01/51   78,071    64,470 
Pool #QC0160 2.000% 3/01/51   75,367    62,402 
Pool #QC0161 2.000% 3/01/51   82,337    67,993 
Pool #QB9290 2.000% 3/01/51   258,664    214,167 
Pool #SD0573 2.000% 4/01/51   151,957    125,816 
Pool #QC0885 2.000% 4/01/51   86,350    71,496 
Pool #QC1164 2.000% 4/01/51   78,792    65,188 
Pool #SD8146 2.000% 5/01/51   952,703    783,452 
Pool #SD8172 2.000% 10/01/51   277,264    227,574 
Pool #SD0745 2.000% 11/01/51   91,415    75,432 
Pool #QD2129 2.000% 11/01/51   1,035,667    849,089 
Pool #840698 5 year CMT + 1.284% 2.105% FRN 3/01/47   19,235    17,888 
Pool #SD7525 2.500% 10/01/50   149,498    129,329 
Pool #QB5092 2.500% 11/01/50   160,853    139,101 
Pool #QB5093 2.500% 11/01/50   78,319    67,581 
Pool #RA3913 2.500% 11/01/50   460,032    397,824 
Pool #RA4142 2.500% 12/01/50   77,106    66,679 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #QC0165 2.500% 3/01/51  $79,735   $68,966 
Pool #QC5830 2.500% 8/01/51   180,472    155,532 
Pool #QC6551 2.500% 9/01/51   87,237    75,127 
Pool #QC7411 2.500% 9/01/51   91,464    78,653 
Pool #SD1751 2.500% 10/01/51   195,455    168,261 
Pool #SD7548 2.500% 11/01/51   917,484    791,555 
Pool #SD0777 2.500% 11/01/51   91,960    78,562 
Pool #SD0849 2.500% 1/01/52   94,000    80,863 
Pool #RA6562 2.500% 1/01/52   181,136    156,274 
Pool #SD7552 2.500% 1/01/52   281,309    241,731 
Pool #QD6079 2.500% 2/01/52   94,099    80,948 
Pool #QD8675 2.500% 3/01/52   94,496    81,186 
Pool #SD1749 2.500% 4/01/52   297,102    254,095 
Pool #841077 12 mo. USD LIBOR + 1.619% 2.878% FRN 11/01/47   121,246    115,389 
Pool #ZS8669 3.000% 9/01/32   65,701    62,493 
Pool #ZS8673 3.000% 10/01/32   45,907    43,665 
Pool #ZT1257 3.000% 1/01/46   148,414    135,266 
Pool #G67701 3.000% 10/01/46   586,371    530,708 
Pool #G60985 3.000% 5/01/47   1,164,559    1,052,919 
Pool #SD7509 3.000% 11/01/49   49,590    44,499 
Pool #QC9154 3.000% 10/01/51   94,540    84,141 
Pool #841076 12 mo. USD LIBOR + 1.628% 3.009% FRN 11/01/48   466,069    442,669 
Pool #841081 12 mo. USD LIBOR + 1.621% 3.091% FRN 2/01/50   197,997    189,054 
Pool #ZS9316 3.500% 1/01/38   271,569    258,451 
Pool #Q41209 3.500% 6/01/46   123,003    114,977 
Pool #Q19135 4.000% 6/01/43   23,613    23,007 
Pool #Q19236 4.000% 6/01/43   15,369    14,927 
Pool #Q19615 4.000% 7/01/43   23,166    22,572 
Pool #Q19985 4.000% 7/01/43   677,718    660,315 
Pool #C09071 4.000% 2/01/45   131,045    126,656 
Pool #G67713 4.000% 6/01/48   484,662    467,218 
Pool #U92272 4.500% 12/01/43   2,641    2,603 
Pool #Q49177 4.500% 6/01/47   48,082    47,557 
Pool #SD1143 4.500% 9/01/50   90,330    88,558 
Pool #SD8245 4.500% 9/01/52   2,900,858    2,801,567 
Pool #SD8257 4.500% 10/01/52   2,051,199    1,980,349 
Pool #SD1305 5.000% 7/01/52   438,978    436,522 
Pool #G06875 5.500% 12/01/38   4,444    4,583 
Pool #SD8268 5.500% 11/01/52   6,900,065    6,928,230 
Pool #G07509 6.500% 9/01/39   8,054    8,614 
Pool #G06669 6.500% 9/01/39   8,733    9,285 
Pool #G07335 7.000% 3/01/39   18,399    20,134 
Federal National Mortgage Association          
Pool #FS2528 1.500% 1/01/51   97,694    75,650 
Pool #MA4280 1.500% 3/01/51   350,622    271,508 
Pool #MA4501 2.000% 12/01/41   92,540    78,298 
Pool #BQ0254 2.000% 8/01/50   71,500    59,356 
Pool #BQ1528 2.000% 9/01/50   69,846    57,983 
Pool #MA4237 2.000% 1/01/51   80,859    66,595 
Pool #BR2641 2.000% 2/01/51   79,635    65,961 
Pool #BR2643 2.000% 2/01/51   74,880    61,998 
Pool #BR2644 2.000% 2/01/51   75,077    61,997 
Pool #BR2664 2.000% 2/01/51   301,056    249,360 
Pool #BR3500 2.000% 2/01/51   62,251    51,269 
Pool #BR3256 2.000% 2/01/51   76,287    63,259 
Pool #BR3257 2.000% 2/01/51   79,493    65,893 
Pool #BR3286 2.000% 3/01/51   78,878    65,333 
Pool #BR4722 2.000% 3/01/51   76,798    63,418 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #BR4753 2.000% 3/01/51  $83,941   $69,527 
Pool #BR4756 2.000% 3/01/51   75,278    62,163 
Pool #BR5487 2.000% 3/01/51   84,345    69,651 
Pool #BR5587 2.000% 3/01/51   84,330    69,823 
Pool #BR5577 2.000% 3/01/51   85,319    70,455 
Pool #BR5649 2.000% 3/01/51   87,938    72,618 
Pool #BR5633 2.000% 3/01/51   86,063    71,070 
Pool #FM6343 2.000% 3/01/51   86,237    71,213 
Pool #BQ9453 2.000% 3/01/51   172,354    142,705 
Pool #FM6418 2.000% 3/01/51   84,046    69,640 
Pool #BR7745 2.000% 4/01/51   77,842    64,403 
Pool #BR7744 2.000% 4/01/51   81,732    67,647 
Pool #BR8478 2.000% 4/01/51   82,960    68,662 
Pool #BR8518 2.000% 4/01/51   78,168    64,672 
Pool #MA4325 2.000% 5/01/51   699,418    575,164 
Pool #FM9489 2.000% 11/01/51   185,843    152,363 
Pool #MA4465 2.000% 11/01/51   186,649    153,023 
Pool #FS0349 2.000% 1/01/52   188,502    155,014 
Pool #FS1014 2.000% 2/01/52   95,138    78,326 
Pool #FS1015 2.000% 2/01/52   284,950    234,239 
Pool #FS2040 2.000% 2/01/52   385,978    316,443 
Pool #FS1112 2.000% 3/01/52   191,438    158,087 
Pool #MA2749 2.500% 9/01/36   42,572    38,978 
Pool #FM3123 2.500% 3/01/38   415,015    379,970 
Pool #CA9358 2.500% 3/01/41   83,622    73,817 
Pool #CB0100 2.500% 4/01/41   170,361    150,492 
Pool #BK2620 2.500% 6/01/50   66,963    57,720 
Pool #MA4120 2.500% 9/01/50   58,426    50,123 
Pool #FM4577 2.500% 10/01/50   210,028    180,577 
Pool #BM6623 2.500% 10/01/50   93,303    77,551 
Pool #CA7257 2.500% 10/01/50   79,566    68,657 
Pool #FM5313 2.500% 10/01/50   85,371    73,239 
Pool #BQ5876 2.500% 11/01/50   82,988    71,610 
Pool #FM6460 2.500% 3/01/51   162,742    140,507 
Pool #CB0458 2.500% 5/01/51   929,577    794,435 
Pool #FM7675 2.500% 6/01/51   226,556    195,460 
Pool #FM7676 2.500% 6/01/51   87,964    75,726 
Pool #FM7900 2.500% 7/01/51   170,402    146,694 
Pool #BT3303 2.500% 8/01/51   89,261    76,926 
Pool # FS0024 2.500% 9/01/51   85,448    73,853 
Pool #FM8864 2.500% 10/01/51   175,556    151,186 
Pool #FM9335 2.500% 10/01/51   90,915    77,527 
Pool #FS0434 2.500% 11/01/51   91,046    78,806 
Pool #FS1104 2.500% 11/01/51   90,084    77,776 
Pool #BU2599 2.500% 1/01/52   92,743    79,781 
Pool #FS0366 2.500% 1/01/52   93,839    81,106 
Pool #FS0424 2.500% 1/01/52   93,611    80,426 
Pool #BV3089 2.500% 2/01/52   94,213    80,943 
Pool #FS0523 2.500% 2/01/52   94,172    80,732 
Pool #FS0551 2.500% 2/01/52   93,853    80,634 
Pool #FS0549 2.500% 2/01/52   284,074    242,731 
Pool #CB3044 2.500% 3/01/52   97,297    83,410 
Pool #CB3031 2.500% 3/01/52   186,851    159,015 
Pool #FS3368 2.500% 3/01/52   793,966    679,284 
Pool #BF0560 2.500% 9/01/61   94,372    79,177 
Pool #AM8674 2.810% 4/01/25   50,000    47,815 
Pool #MA2320 3.000% 7/01/35   39,683    37,247 
Pool #MA2523 3.000% 2/01/36   268,887    252,377 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #MA2579 3.000% 4/01/36  $194,983   $183,010 
Pool #MA2773 3.000% 10/01/36   898,043    841,497 
Pool #AQ7306 3.000% 1/01/43   24,862    22,209 
Pool #AR1202 3.000% 1/01/43   33,696    30,100 
Pool #AR7399 3.000% 6/01/43   19,252    17,499 
Pool #AS0038 3.000% 7/01/43   42,517    38,644 
Pool #AU6735 3.000% 10/01/43   27,077    24,611 
Pool #BC1509 3.000% 8/01/46   34,748    31,354 
Pool #AS7844 3.000% 9/01/46   60,500    54,592 
Pool #BC2817 3.000% 9/01/46   45,657    41,199 
Pool #BD8104 3.000% 10/01/46   167,688    151,470 
Pool #AL9397 3.000% 10/01/46   69,476    62,626 
Pool #BM1565 3.000% 4/01/47   650,399    587,496 
Pool #FM8576 3.000% 2/01/50   78,824    71,028 
Pool #FM4311 3.000% 8/01/50   75,552    67,254 
Pool #FM8577 3.000% 8/01/51   167,494    150,012 
Pool #FS0037 3.000% 8/01/51   80,720    72,384 
Pool #FM8648 3.000% 9/01/51   83,788    74,336 
Pool #CB1878 3.000% 10/01/51   179,929    158,675 
Pool #FS0034 3.000% 12/01/51   91,741    81,994 
Pool # FS0240 3.000% 1/01/52   91,903    82,225 
Pool #FS0331 3.000% 1/01/52   93,310    82,543 
Pool # FS1074 3.000% 3/01/52   469,955    419,547 
Pool #FS1289 3.000% 3/01/52   93,508    83,748 
Pool #CB3833 3.000% 6/01/52   96,779    85,491 
Pool #AN8048 3.080% 1/01/28   210,000    195,513 
Pool #BL2454 3.160% 5/01/29   85,703    79,382 
Pool #MA2110 3.500% 12/01/34   59,309    56,778 
Pool #MA2138 3.500% 1/01/35   30,497    29,196 
Pool #AS8740 3.500% 2/01/37   66,759    63,638 
Pool #FM5754 3.500% 3/01/37   52,204    49,976 
Pool #890827 3.500% 12/01/37   41,766    39,749 
Pool #FM6015 3.500% 8/01/39   54,209    51,675 
Pool #FM0068 3.500% 2/01/40   211,553    200,013 
Pool #FM0071 3.500% 2/01/40   43,820    41,430 
Pool #MA1177 3.500% 9/01/42   17,489    16,417 
Pool #MA1213 3.500% 10/01/42   105,633    99,162 
Pool #AL3026 3.500% 12/01/42   32,967    30,887 
Pool #AY6181 3.500% 4/01/45   84,630    79,246 
Pool #AS6328 3.500% 12/01/45   325,728    301,505 
Pool #AS6541 3.500% 1/01/46   90,042    84,286 
Pool #AL9546 3.500% 11/01/46   172,141    161,298 
Pool #FM3347 3.500% 5/01/47   190,350    177,646 
Pool #FM3469 3.500% 8/01/48   366,181    342,200 
Pool #FM3773 3.500% 11/01/48   384,792    359,110 
Pool #FS1240 3.500% 12/01/51   90,054    82,680 
Pool #CB2680 3.500% 1/01/52   92,902    85,272 
Pool #FS1462 3.500% 1/01/52   93,114    86,143 
Pool #BV5395 3.500% 4/01/52   93,687    86,402 
Pool #FS1092 3.500% 4/01/52   284,751    261,059 
Pool #FS1454 3.500% 4/01/52   96,912    88,851 
Pool #FS1555 3.500% 4/01/52   96,051    88,192 
Pool #BV8546 3.500% 5/01/52   95,469    87,867 
Pool #FS1556 3.500% 5/01/52   384,865    354,939 
Pool #BS6565 3.740% 9/01/32   100,000    95,168 
Pool #BS6215 3.840% 7/01/32   100,000    93,973 
Pool #BS6149 3.840% 8/01/32   100,000    93,854 
Pool #BS6131 3.890% 7/01/32   300,000    283,546 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #BS6949 3.980% 10/01/32  $200,000   $188,304 
Pool #AK8441 4.000% 4/01/42   13,474    13,056 
Pool #AO2711 4.000% 5/01/42   10,119    9,799 
Pool #AO6086 4.000% 6/01/42   21,191    20,521 
Pool #AP0692 4.000% 7/01/42   14,673    14,222 
Pool #AP5333 4.000% 7/01/42   145,615    140,975 
Pool #AP2530 4.000% 8/01/42   15,500    15,014 
Pool #AP4903 4.000% 9/01/42   24,855    24,083 
Pool #AP7399 4.000% 9/01/42   38,903    37,677 
Pool #AP9766 4.000% 10/01/42   61,801    59,441 
Pool #MA1217 4.000% 10/01/42   77,973    75,044 
Pool #AP9229 4.000% 10/01/42   8,461    8,191 
Pool #MA1253 4.000% 11/01/42   47,694    45,897 
Pool #AQ3599 4.000% 11/01/42   16,324    15,806 
Pool #AQ4555 4.000% 12/01/42   28,228    27,332 
Pool #AQ7003 4.000% 12/01/42   30,640    29,644 
Pool #AQ7082 4.000% 1/01/43   37,171    35,962 
Pool #AL3508 4.000% 4/01/43   24,694    24,038 
Pool #AQ4078 4.000% 6/01/43   22,727    22,123 
Pool #AQ4080 4.000% 6/01/43   16,306    15,821 
Pool #AT8394 4.000% 6/01/43   25,023    24,358 
Pool #AB9683 4.000% 6/01/43   34,362    33,277 
Pool #AT9637 4.000% 7/01/43   69,477    67,414 
Pool #AT9653 4.000% 7/01/43   53,376    51,958 
Pool #AT9657 4.000% 7/01/43   44,105    42,712 
Pool #AS0070 4.000% 8/01/43   23,519    22,579 
Pool #MA1547 4.000% 8/01/43   24,445    23,467 
Pool #AS4347 4.000% 1/01/45   40,143    38,926 
Pool #MA4626 4.000% 6/01/52   17,419,544    16,390,582 
Pool #BF0104 4.000% 2/01/56   79,741    76,177 
Pool #BF0183 4.000% 1/01/57   44,265    42,286 
Pool #BF0191 4.000% 6/01/57   77,664    74,145 
Pool #BS6124 4.060% 7/01/32   100,000    95,148 
Pool #MA0706 4.500% 4/01/31   10,253    10,180 
Pool #MA0734 4.500% 5/01/31   35,587    35,290 
Pool #MA0776 4.500% 6/01/31   12,200    12,098 
Pool #MA0913 4.500% 11/01/31   9,433    9,354 
Pool #MA0939 4.500% 12/01/31   9,208    9,131 
Pool #993117 4.500% 1/01/39   1,019    1,009 
Pool #AA0856 4.500% 1/01/39   6,425    6,376 
Pool #AA3495 4.500% 2/01/39   5,258    5,214 
Pool #935520 4.500% 8/01/39   9,677    9,601 
Pool #AD5481 4.500% 5/01/40   251,531    249,686 
Pool #AD6914 4.500% 6/01/40   28,378    28,167 
Pool #AD8685 4.500% 8/01/40   83,182    82,487 
Pool #MA1591 4.500% 9/01/43   45,879    45,223 
Pool #MA1629 4.500% 10/01/43   41,173    40,584 
Pool #AL4341 4.500% 10/01/43   2,828    2,807 
Pool #MA1664 4.500% 11/01/43   19,433    19,137 
Pool #MA1711 4.500% 12/01/43   43,487    42,824 
Pool #AL4741 4.500% 1/01/44   18,521    18,256 
Pool #AW0318 4.500% 2/01/44   46,176    45,833 
Pool #AL5562 4.500% 4/01/44   8,253    8,191 
Pool #890604 4.500% 10/01/44   192,551    191,361 
Pool #AS4271 4.500% 1/01/45   23,607    23,557 
Pool #CA2047 4.500% 7/01/48   170,264    168,201 
Pool #CA5379 4.500% 3/01/50   178,160    175,291 
Pool #MA4733 4.500% 9/01/52   4,168,233    4,025,561 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #BF0148 4.500% 4/01/56  $352,892   $347,229 
Pool #BF0222 4.500% 9/01/57   386,706    378,757 
Pool #BF0301 4.500% 8/01/58   39,699    38,696 
Pool #BF0338 4.500% 1/01/59   94,147    91,770 
Pool #915154 5.000% 4/01/37   29,043    29,375 
Pool #974965 5.000% 4/01/38   73,757    74,597 
Pool #983077 5.000% 5/01/38   21,345    21,582 
Pool #310088 5.000% 6/01/38   19,889    20,097 
Pool #AE2266 5.000% 3/01/40   51,042    51,661 
Pool #MA4785 5.000% 10/01/52   1,620,626    1,600,417 
Pool #MA4806 5.000% 11/01/52   8,963,362    8,851,593 
Pool #995072 5.500% 8/01/38   10,620    10,986 
Pool #MA4842 5.500% 12/01/52   547,293    549,527 
Pool #BF0141 5.500% 9/01/56   397,753    410,936 
Pool #481473 6.000% 2/01/29   10    10 
Pool #867557 6.000% 2/01/36   1,434    1,464 
Pool #AE0469 6.000% 12/01/39   82,886    86,858 
Pool #BM1948 6.000% 7/01/41   95,006    99,297 
Pool #AL4324 6.500% 5/01/40   53,289    56,966 
Pool #AE0758 7.000% 2/01/39   29,355    32,011 
Government National Mortgage Association          
Pool #AB2892 3.000% 9/15/42   76,542    70,062 
Pool #AA5649 3.000% 9/15/42   76,395    69,873 
Pool #783669 3.000% 9/15/42   141,426    129,505 
Pool #AB9108 3.000% 10/15/42   545,721    499,131 
Pool #AB9109 3.000% 10/15/42   46,146    42,223 
Pool #AB9207 3.000% 11/15/42   40,036    36,618 
Pool #784571 3.500% 6/15/48   167,448    157,008 
Pool #BS8439 3.500% 5/15/50   129,954    120,227 
Pool #487588 6.000% 4/15/29   613    627 
Pool #595077 6.000% 10/15/32   188    194 
Pool #596620 6.000% 10/15/32   64    66 
Pool #604706 6.000% 10/15/33   26,366    27,300 
Pool #636251 6.000% 3/15/35   3,591    3,734 
Pool #782034 6.000% 1/15/36   28,067    29,139 
Pool #658029 6.000% 7/15/36   7,224    7,535 
Government National Mortgage Association II          
Pool #MA7136 2.500% 1/20/51   66,404    58,034 
Pool #MA7312 2.500% 4/20/51   153,355    133,822 
Pool #MA7767 2.500% 12/20/51   738,699    642,015 
Pool #MA4068 3.000% 11/20/46   19,504    17,707 
Pool #MA7590 3.000% 9/20/51   336,227    301,466 
Pool #MA7706 3.000% 11/20/51   718,782    644,021 
Pool #CJ9477 3.000% 1/20/52   274,648    244,108 
Pool #785944 3.000% 2/20/52   95,114    84,656 
Pool #786095 3.000% 4/20/52   98,006    85,700 
Pool #786134 3.000% 4/20/52   93,506    82,933 
Pool #MA1995 3.500% 6/20/44   49,444    46,576 
Pool #MA2678 3.500% 3/20/45   21,267    20,027 
Pool #784106 3.500% 1/20/46   55,991    52,621 
Pool #MA3597 3.500% 4/20/46   88,357    82,930 
Pool #BC4732 3.500% 10/20/47   198,528    184,347 
Pool #BD0384 3.500% 10/20/47   143,572    133,316 
Pool #784825 3.500% 10/20/49   45,209    41,301 
Pool #BM7534 3.500% 2/20/50   61,148    56,532 
Pool #MA6711 3.500% 6/20/50   345,007    321,900 
Pool #MA6997 3.500% 11/20/50   421,532    393,003 
Pool #786216 3.500% 6/20/52   98,468    90,265 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #MA4511 4.000% 6/20/47  $550,114   $529,276 
Pool #MA4720 4.000% 9/20/47   358,652    344,730 
Pool #BM9734 4.000% 10/20/49   34,330    32,772 
Pool #BM9743 4.000% 11/20/49   42,096    40,186 
Pool #BS1728 4.000% 1/20/50   44,471    42,453 
Pool #BS1742 4.000% 2/20/50   36,245    34,601 
Pool #BS1757 4.000% 3/20/50   30,108    28,742 
Pool #BS8420 4.000% 4/20/50   144,737    138,169 
Pool #783298 4.500% 4/20/41   79,724    79,065 
Pool #783368 4.500% 7/20/41   11,774    11,677 
Pool #MA4654 4.500% 8/20/47   120,379    119,090 
Pool #MA5138 4.500% 4/20/48   181,721    178,979 
Pool #MA5193 4.500% 5/20/48   186,893    183,898 
Pool #MA5265 4.500% 6/20/48   162,333    159,681 
Pool #MA5331 4.500% 7/20/48   40,762    40,083 
Pool #MA5818 4.500% 3/20/49   53,938    53,057 
Pool #G24747 5.000% 7/20/40   49,450    50,046 
Government National Mortgage Association II TBA          
2.500% 1/23/53 (h)   3,100,000    2,690,703 
2.500% 2/21/53 (h)   100,000    86,867 
3.000% 1/23/53 (h)   1,200,000    1,070,906 
3.000% 2/21/53 (h)   300,000    267,879 
3.500% 1/23/53 (h)   1,100,000    1,012,258 
3.500% 2/21/53 (h)   400,000    368,266 
4.000% 2/21/53 (h)   900,000    853,664 
4.500% 2/21/53 (h)   1,000,000    971,563 
5.000% 2/21/53 (h)   1,400,000    1,387,914 
5.500% 2/21/53 (h)   1,000,000    1,004,961 
6.000% 2/21/53 (h)   400,000    405,750 
Uniform Mortgage Backed Securities TBA          
2.000% 1/12/53 (h)   1,000,000    817,813 
2.000% 2/13/53 (h)   100,000    81,875 
2.500% 2/13/53 (h)   300,000    255,141 
2.500% 12/01/53 (h)   4,400,000    3,738,625 
3.000% 2/14/52 (h)   1,000,000    881,016 
3.000% 12/01/53 (h)   2,700,000    2,377,055 
3.500% 2/25/49 (h)   3,000,000    2,733,047 
3.500% 2/13/53 (h)   600,000    546,891 
4.000% 1/12/53 (h)   500,000    470,156 
4.000% 2/13/53 (h)   1,300,000    1,222,609 
4.500% 1/12/53 (h)   800,000    772,125 
4.500% 2/13/53 (h)   1,200,000    1,158,187 
5.000% 2/13/53 (h)   900,000    888,047 
5.500% 2/13/53 (h)   300,000    300,973 
         110,336,487 
Whole Loans — 0.9%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2020-DNA6, Class M2, 30 day SOFR + 2.000% 5.928% FRN 12/25/50 (b)   679,338    673,970 
Series 2020-DNA2, Class M2, 1 mo. USD LIBOR + 1.850% 6.239% FRN 2/25/50 (b)   330,520    329,084 
Series 2020-DNA1, Class B1, 1 mo. USD LIBOR + 2.300% 6.689% FRN 1/25/50 (b)   380,000    358,386 
Series 2017-DNA1, Class B1, 1 mo. USD LIBOR + 4.950% 9.339% FRN 7/25/29   1,450,000    1,526,280 
Federal National Mortgage Association Connecticut Avenue Securities Trust          

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2019-R07, Class 1M2, 1 mo. USD LIBOR + 2.100% 6.489% FRN 10/25/39 (b)  $45,686   $45,673 
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 6.689% FRN 8/25/31 (b)   55,915    55,930 
Series 2022-R04, Class 1M2, 30 day SOFR + 3.100% 7.028% FRN 3/25/42 (b)   680,000    677,462 
Series 2018-C05, Class 1B1, 1 mo. USD LIBOR + 4.250% 8.639% FRN 1/25/31   370,000    380,878 
         4,047,663 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $128,736,576)		        122,602,917 
           
U.S. TREASURY OBLIGATIONS — 26.1%          
U.S. Treasury Bonds & Notes — 26.1%          
U.S. Treasury Bond          
1.625% 11/15/50   710,000    427,645 
1.750% 8/15/41   110,000    75,866 
1.875% 2/15/51   2,320,000    1,491,753 
1.875% 11/15/51   2,067,000    1,324,368 
2.000% 11/15/41   160,000    115,146 
2.000% 2/15/50   1,730,000    1,155,856 
2.250% 5/15/41   300,000    227,069 
2.250% 2/15/52   19,590,000    13,778,766 
2.375% 5/15/51   1,770,000    1,283,387 
2.875% 5/15/52   44,310,000    35,900,423 
3.000% 2/15/48   16,000    13,245 
3.000% 8/15/52   10,580,000    8,825,131 
3.750% 11/15/43   800,000    755,160 
4.000% 11/15/42 (c) (h)   4,290,000    4,231,107 
4.000% 11/15/52   120,000    121,350 
U.S. Treasury Floating Rate Note          
3 mo. Treasury money market yield - .075% 4.323% FRN 4/30/24   10,150,000    10,126,444 
3 mo. Treasury money market yield + .037% 4.435% FRN 7/31/24   7,296,900    7,285,089 
U.S. Treasury Note          
0.250% 11/15/23   70,000    67,328 
1.375% 11/15/31   1,190,000    972,044 
2.625% 5/31/27   60,000    56,625 
2.750% 8/15/32   1,570,000    1,433,861 
3.125% 8/31/29   780,000    742,301 
3.875% 11/30/27 (c)   1,750,000    1,743,010 
4.000% 12/15/25   790,000    785,833 
4.000% 10/31/29   2,840,000    2,847,785 
4.125% 9/30/27   210,000    211,113 
4.125% 10/31/27   5,770,000    5,799,572 
4.125% 11/15/32   10,850,000    11,101,518 
U.S. Treasury Strip          
0.000% 5/15/49   1,450,000    516,210 
         113,415,005 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $126,546,723)		        113,415,005 
           
TOTAL BONDS & NOTES
(Cost $481,906,895)		        436,084,074 
           

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TOTAL PURCHASED
OPTIONS(#) — 0.0%
(Cost $159,395)		       $100,563 
           
MUTUAL FUNDS — 2.2%          
    Number
of Shares		      
Diversified Financial Services — 2.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (i)   9,365,725    9,365,725
           
TOTAL MUTUAL FUNDS
(Cost $9,365,725)		        9,365,725 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $491,432,015)		        445,550,362 
           
SHORT-TERM INVESTMENTS — 4.0%          

 

    Principal
Amount		      
Discount Notes — 2.1%          
Federal Home Loan Bank          
4.060% , due 1/11/23 (j)  $340,000    339,670 
4.320% , due 2/15/23 (j)   1,270,000    1,263,312 
4.418% , due 2/22/23 (j)   3,620,000    3,597,416 
4.450% , due 2/28/23 (j)   1,580,000    1,569,172 
4.464% , due 3/08/23 (j)   2,420,000    2,401,000 
Repurchase Agreement — 1.9%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (k)   8,365,075    8,365,075 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,534,021)		        17,535,645 
           
TOTAL INVESTMENTS — 106.6%
(Cost $508,966,036) (l)		        463,086,007 
           
Less Unfunded Loan Commitments — (0.0)%        (59,420) 
           
NET INVESTMENTS — 106.6%
(Cost $508,906,616)		        463,026,587 
           
Other Assets/(Liabilities) — (6.6)%        (28,576,629) 
           
NET ASSETS — 100.0%       $434,449,958 

 

Abbreviation Legend

FRN Floating Rate Note
REMICS Real Estate Mortgage Investment Conduits
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Unfunded or partially unfunded loan commitments.
(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $61,343,943 or 14.12% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $9,976,939 or 2.30% of net assets. The Fund received $816,996 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) Security is perpetual and has no stated maturity date.
(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022.
(f) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(g) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(h) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(i) Represents investment of security lending cash collateral. (Note 2).
(j) The rate shown represents yield-to-maturity.
(k) Maturity value of $8,366,265. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 1/31/23 – 5/15/28, and an aggregate market value, including accrued interest, of $8,532,526.
(l) See Note 3 for aggregate cost for federal tax purposes.

 

(#) Exchange-Traded Options Purchased
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid (Received)   Unrealized Appreciation/ (Depreciation) 
Call       
U.S. Treasury Note 10 Year Future  1/27/23   114.00    105   USD   11,791,172   $32,813   $59,338   $(26,525)
3 Month SOFR Future  6/16/23   95.50    21   USD   4,989,600    4,594    6,869    (2,275) 
                        $37,407   $66,207   $(28,800)
Put       
SOFR 1 Year Mid Curve Future  1/13/23   95.63    104   USD   24,923,600   $13,650   $36,619   $(22,969)
SOFR 1 Year Mid Curve Future  1/13/23   95.88    107   USD   25,642,550    38,787    45,399    (6,612)
U.S. Treasury Note 10 Year Future  1/27/23   109.00    98   USD   11,005,094    10,719    11,170    (451) 
                        $63,156   $93,188   $(30,032)
                        $100,563   $159,395   $(58,832)

 

Exchange-Traded Options Written
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid (Received)   Unrealized Appreciation/ (Depreciation) 
Call       
U.S. Treasury Note 10 Year Future  2/24/23   115.50    84   USD   9,432,938   $(26,250)   $(36,011)   $9,761
3 Month SOFR Future  6/16/23   96.00    21   USD   4,989,600    (2,100)    (2,581)    481
3 Month SOFR Future  9/15/23   98.75    43   USD   10,285,600    (1,344)    (14,560)    13,216
3 Month SOFR Future  12/15/23   96.50    74   USD   17,661,950    (36,075)    (72,020)    35,945
3 Month SOFR Future  12/15/23   96.63    21   USD   5,012,175    (9,056)    (19,168)    10,112 
                        $(74,825)   $(144,340)   $69,515
Put       
Eurodollar Future  6/20/23   97.00    22   USD   5,215,925   $(119,213)   $(4,354)   $(114,859) 
                        $(194,038)   $(148,694)   $(45,344)

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  1/18/23  MXN  8,868,000   USD  444,779   $9,170 
Bank of America N.A.  1/18/23  USD  323,428   MXN  6,589,531    (13,887) 
Citibank N.A.  1/18/23  JPY  720,075,722   USD  5,030,858    465,327 
Citibank N.A.  1/18/23  NOK  12,358,698   EUR  1,181,723    (3,953) 
Goldman Sachs International  1/18/23  USD  2,044,026   IDR  31,594,508,090    14,797 
Goldman Sachs International  1/18/23  USD  307,422   JPY  43,554,766    (25,022) 
Goldman Sachs International  1/18/23  ZAR  6,889,002   USD  382,446    22,516 
Goldman Sachs International  1/18/23  GBP  1,415,114   USD  1,628,549    82,883 
Morgan Stanley & Co. LLC  1/18/23  USD  1,412,247   CNH  10,055,443    (42,346) 
Morgan Stanley & Co. LLC  1/18/23  USD  1,159,601   CAD  1,592,890    (16,917) 
Morgan Stanley & Co. LLC  1/18/23  USD  1,984,349   GBP  1,648,199    (8,975) 
Morgan Stanley & Co. LLC  1/18/23  USD  2,463,162   JPY  326,450,250    (28,563) 
Morgan Stanley & Co. LLC  1/18/23  AUD  8,863,997   USD  5,726,142    312,325 
Morgan Stanley & Co. LLC  1/18/23  CAD  9,458,985   USD  6,926,767    59,697 
Morgan Stanley & Co. LLC  1/18/23  USD  327,378   EUR  325,834    (21,742)
                    $805,310

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
Euro-BOBL  3/08/23   9   $1,156,097  $(40,956) 
Euro-Bund  3/08/23   11    1,614,712   (49,469) 
Euro-OAT  3/08/23   15    2,201,880   (157,857) 
90 Day Eurodollar  3/13/23   36    8,556,337   (13,087) 
Australia Treasury Bond 10 Year  3/15/23   36    2,998,497   (163,075) 
U.S. Treasury Long Bond  3/22/23   144    18,120,308   (70,808) 
U.S. Treasury Ultra Bond  3/22/23   156    21,064,987   (112,237) 
UK Long Gilt  3/29/23   14    1,784,253   (93,415) 
U.S. Treasury Note 5 Year  3/31/23   1,721    186,394,997   (648,004) 
90 Day Eurodollar  6/19/23   5    1,212,508   (27,070) 
3 Month SOFR  9/19/23   1    241,415   (3,815) 
90 Day Eurodollar  12/18/23   22    5,357,071   (120,521) 
3 Month SOFR  3/18/25   106    25,551,473   63,427 
3 Month SOFR  3/17/26   24    5,783,134    26,066 
                $(1,410,821) 
Short               
Euro-Buxl 30 Year Bond  3/08/23   2   $(343,183)  $53,648 
Japanese 10 Year Bond  3/13/23   4    (4,517,043)   83,639 
U.S. Treasury Note 10 Year  3/22/23   862    (97,332,034)   532,128 
U.S. Treasury Ultra 10 Year  3/22/23   49    (5,842,401)   46,620 
U.S. Treasury Note 2 Year  3/31/23   299    (61,264,116)   (54,244) 
3 Month SOFR  3/19/24   169    (40,482,901)   146,826 
90 Day Eurodollar  3/17/25   91    (22,266,417)    316,079 
                $1,124,696 

 

Centrally Cleared Credit Default Swaps - Buy Protection
Reference
Obligation/Index		  Rate Paid by Fund  Payment Frequency   Termination Date   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
CDX.NA.HY Series 39†  5.000%   Quarterly    12/20/2027   USD   842,100   $(5,186)   $37,735   $(42,921) 

 

Centrally Cleared Credit Default Swaps - Sell Protection††
Reference
Obligation/ Index		  Rate Received by Fund  Payment Frequency   Termination Date   Credit Rating   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
CDX.NA.IG Series 39†  1.000%   Quarterly    12/20/27    BBB+*   USD   54,179,000   $433,215   $(45,293)   $478,508 

 

Centrally Cleared Interest Rate Swaps
Paid by the Fund  Received by the Fund                      
Rate/ Reference  Frequency  Rate/ Reference   Frequency   Termination Date   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
28 Day-MXN-TIIE-Banxico  Monthly   Fixed 7.450%    Monthly    7/18/29   MXN   88,370,000   $(290,920)   $37,242   $(328,162)
Fixed 1.130%  Annually   12-Month USD SOFR    Annually    8/15/28   USD   980,000    124,883    6,525    118,358
Fixed 1.220%  Annually   12-Month USD SOFR    Annually    8/15/28   USD   2,942,000    361,620    (190)    361,810
Fixed 2.850%  Annually   12-Month USD SOFR    Annually    2/15/29   USD   3,019,000    128,283    (3,872)    132,155
Fixed 3.270%  Annually   12-Month USD SOFR    Annually    4/30/29   USD   8,086,000    158,242    (34,958)    193,200
Fixed 3.850%  Annually   12-Month USD SOFR    Annually    6/30/29   USD   6,935,000    (96,124)    3,712    (99,836)
Fixed 2.000%  Annually   12-Month USD SOFR    Annually    3/18/32   USD   1,542,000    183,620    10,018    173,602
Fixed 0.560%  Annually   12-Month USD SOFR    Annually    7/20/45   USD   3,470,000    1,516,018    78,573    1,437,445
Fixed 1.729%  Annually   Fed Funds    Annually    2/15/47   USD   1,725,000    448,249    25,406    422,843
Fixed 1.520%  Annually   12-Month USD SOFR    Annually    2/15/47   USD   1,137,000    334,162    (29,927)    364,089
Fixed 1.630%  Annually   12-Month USD SOFR    Annually    5/15/47   USD   580,000    160,556    25,406    135,150
Fixed 1.650%  Annually   12-Month USD SOFR    Annually    8/15/47   USD   226,000    61,997    22,724    39,273
Fixed 2.620%  Annually   12-Month USD SOFR    Annually    2/15/48   USD   505,000    57,106    577    56,529
Fixed 2.510%  Annually   12-Month USD SOFR    Annually    2/15/48   USD   1,829,000    240,562    11,993    228,569
Fixed 2.600%  Annually   12-Month USD SOFR    Annually    2/15/48   USD   1,281,000    149,107    88,053    61,054
Fixed 2.500%  Annually   12-Month USD SOFR    Annually    4/21/52   USD   1,900,000    243,752    3,408    240,344 
                             $3,781,113   $244,690   $3,536,423

 

* Rating is determined by Western Asset Management Company and represents a weighted average of the ratings of all securities included in the underlying index for the credit default swap. Ratings used in the weighted average are from Moody's Investors Service, Inc., S&P Global Ratings, or Fitch Ratings, whichever is the highest for each constituent. All ratings are as of the report date and do not reflect subsequent changes.
† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.
†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings or Western Asset Management Company's rating category, as applicable. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

 

Currency Legend

AUD Australian Dollar
CAD Canadian Dollar
CNH Offshore Chinese Yuan
EUR Euro
GBP British Pound
IDR Indonesian Rupiah
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
RUB Russian Ruble
USD U.S. Dollar
ZAR South African Rand

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.4%          
           
COMMON STOCK — 97.3%          
Basic Materials — 3.9%          
Chemicals — 1.8%          
CF Industries Holdings, Inc.   37,550   $3,199,261 
Dow, Inc.   14,900    750,811 
Eastman Chemical Co.   2,500    203,600 
FMC Corp.   2,500    312,000 
Huntsman Corp.   2,200    60,456 
LyondellBasell Industries NV Class A   6,900    572,907 
The Mosaic Co.   10,100    443,087 
Olin Corp.   2,900    153,526 
         5,695,648 
Forest Products & Paper — 0.8%          
International Paper Co.   69,015    2,389,989 
Iron & Steel — 0.7%          
Nucor Corp.   8,100    1,067,661 
Reliance Steel & Aluminum Co.   1,700    344,148 
Steel Dynamics, Inc.   5,700    556,890 
United States Steel Corp.   5,000    125,250 
         2,093,949 
Mining — 0.6%          
Freeport-McMoRan, Inc.   30,300    1,151,400 
Newmont Corp.   15,800    745,760 
         1,897,160 
         12,076,746 
Communications — 5.9%          
Advertising — 0.2%          
The Interpublic Group of Cos., Inc.   8,200    273,142 
Omnicom Group, Inc.   5,800    473,106 
         746,248 
Media — 3.2%          
Comcast Corp. Class A   140,210    4,903,144 
Fox Corp. Class A   9,000    273,330 
News Corp. Class A   151,566    2,758,501 
Nexstar Media Group, Inc. Class A   800    140,024 
The Walt Disney Co. (a)   20,660    1,794,941 
         9,869,940 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Telecommunications — 2.5%          
AT&T, Inc.   150,900   $2,778,069 
Cisco Systems, Inc.   87,700    4,178,028 
Corning, Inc.   17,900    571,726 
Frontier Communications Parent, Inc. (a)   5,200    132,496 
         7,660,319 
         18,276,507 
Consumer, Cyclical — 5.2%          
Apparel — 0.2%          
Capri Holdings Ltd. (a)   2,900    166,228 
Ralph Lauren Corp.   900    95,103 
Skechers U.S.A., Inc. Class A (a)   2,800    117,460 
Tapestry, Inc.   5,100    194,208 
         572,999 
Auto Manufacturers — 1.2%          
Cummins, Inc.   3,000    726,870 
Ford Motor Co.   103,900    1,208,357 
General Motors Co.   30,100    1,012,564 
PACCAR, Inc.   7,400    732,378 
         3,680,169 
Auto Parts & Equipment — 0.1%          
BorgWarner, Inc.   5,000    201,250 
Lear Corp.   1,300    161,226 
         362,476 
Distribution & Wholesale — 0.1%          
LKQ Corp.   8,000    427,280 
Home Builders — 0.7%          
D.R. Horton, Inc.   9,700    864,658 
Lennar Corp. Class A   7,300    660,650 
NVR, Inc. (a)   80    369,006 
PulteGroup, Inc.   7,200    327,816 
         2,222,130 
Home Furnishing — 0.1%          
Whirlpool Corp.   1,700    240,482 
Leisure Time — 0.1%          
Brunswick Corp.   2,000    144,160 
Harley-Davidson, Inc.   3,100    128,960 
Polaris, Inc.   1,200    121,200 
         394,320 
Lodging — 0.7%          
Boyd Gaming Corp.   2,200    119,966 
Las Vegas Sands Corp. (a)   39,326    1,890,401 
         2,010,367 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Retail — 2.0%          
AutoNation, Inc. (a)   2,300   $246,790 
Bath & Body Works, Inc.   4,800    202,272 
Best Buy Co., Inc.   4,700    376,987 
Dick's Sporting Goods, Inc.   1,300    156,377 
Lowe's Cos., Inc.   19,500    3,885,180 
Macy's, Inc.   5,300    109,445 
Penske Automotive Group, Inc.   1,700    195,381 
Walgreens Boots Alliance, Inc.   18,000    672,480 
Williams-Sonoma, Inc.   1,300    149,396 
         5,994,308 
         15,904,531 
Consumer, Non-cyclical — 26.8%          
Agriculture — 2.9%          
Altria Group, Inc.   38,400    1,755,264 
Archer-Daniels-Midland Co.   14,800    1,374,180 
Darling Ingredients, Inc. (a)   3,400    212,806 
Philip Morris International, Inc.   55,828    5,650,352 
         8,992,602 
Beverages — 0.1%          
Molson Coors Beverage Co. Class B   4,200    216,384 
Biotechnology — 2.9%          
Amgen, Inc.   11,300    2,967,832 
Biogen, Inc. (a)   2,200    609,224 
Gilead Sciences, Inc.   24,700    2,120,495 
Moderna, Inc. (a)   8,100    1,454,922 
Regeneron Pharmaceuticals, Inc. (a)   2,200    1,587,278 
         8,739,751 
Commercial Services — 0.5%          
FleetCor Technologies, Inc. (a)   1,600    293,888 
Global Payments, Inc.   1,500    148,980 
Service Corp. International   4,700    324,958 
U-Haul Holding Co. (b)   600    36,114 
U-Haul Holding Co.   5,400    296,892 
United Rentals, Inc. (a)   1,500    533,130 
         1,633,962 
Food — 2.2%          
Conagra Brands, Inc.   73,031    2,826,300 
Ingredion, Inc.   1,400    137,102 
Kellogg Co.   6,600    470,184 
The Kraft Heinz Co.   25,900    1,054,389 
The Kroger Co.   15,500    690,990 
Tyson Foods, Inc. Class A   27,564    1,715,859 
         6,894,824 
Health Care – Products — 0.7%          
Hologic, Inc. (a)   4,900    366,569 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Zimmer Biomet Holdings, Inc.   12,800   $1,632,000 
         1,998,569 
Health Care – Services — 4.1%          
Centene Corp. (a)   12,000    984,120 
Elevance Health, Inc.   15,652    8,029,006 
HCA Healthcare, Inc.   9,000    2,159,640 
Laboratory Corp. of America Holdings   2,700    635,796 
Quest Diagnostics, Inc.   3,600    563,184 
Universal Health Services, Inc. Class B   2,100    295,869 
         12,667,615 
Household Products & Wares — 0.8%          
Kimberly-Clark Corp.   18,153    2,464,270 
Pharmaceuticals — 12.6%          
AbbVie, Inc.   48,966    7,913,395 
AmerisourceBergen Corp.   5,600    927,976 
Becton Dickinson and Co.   13,486    3,429,490 
Bristol-Myers Squibb Co.   45,000    3,237,750 
Cardinal Health, Inc.   4,900    376,663 
Cigna Corp.   7,200    2,385,648 
CVS Health Corp.   27,800    2,590,682 
Henry Schein, Inc. (a)   2,800    223,636 
Johnson & Johnson   13,700    2,420,105 
McKesson Corp.   4,200    1,575,504 
Merck & Co., Inc.   47,800    5,303,410 
Pfizer, Inc.   118,900    6,092,436 
Sanofi ADR   45,903    2,223,082 
         38,699,777 
         82,307,754 
Energy — 10.9%          
Oil & Gas — 10.1%          
APA Corp.   7,100    331,428 
Chevron Corp.   13,800    2,476,962 
ConocoPhillips   26,400    3,115,200 
Devon Energy Corp.   13,800    848,838 
Diamondback Energy, Inc.   3,000    410,340 
EOG Resources, Inc.   26,932    3,488,232 
Exxon Mobil Corp.   83,100    9,165,930 
Marathon Oil Corp.   15,300    414,171 
Occidental Petroleum Corp.   19,200    1,209,408 
Ovintiv, Inc.   5,300    268,763 
PDC Energy, Inc.   2,000    126,960 
Pioneer Natural Resources Co.   5,000    1,141,950 
Range Resources Corp.   5,100    127,602 
TotalEnergies SE   83,325    5,200,743 
TotalEnergies SE Sponsored ADR   24,258    1,505,937 
Valero Energy Corp.   8,600    1,090,996 
         30,923,460 
Pipelines — 0.8%          
Kinder Morgan, Inc.   47,600    860,608 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
ONEOK, Inc.   8,800   $578,160 
TC Energy Corp.   26,638    1,061,791 
         2,500,559 
         33,424,019 
Financial — 22.9%          
Banks — 12.3%          
Bank of America Corp.   176,800    5,855,616 
The Bank of New York Mellon Corp.   18,500    842,120 
BOK Financial Corp.   1,400    145,306 
Comerica, Inc.   2,800    187,180 
Commerce Bancshares, Inc.   2,730    185,831 
East West Bancorp, Inc.   3,000    197,700 
Fifth Third Bancorp   77,850    2,554,258 
The Goldman Sachs Group, Inc.   11,045    3,792,632 
Huntington Bancshares, Inc.   207,756    2,929,360 
JP Morgan Chase & Co.   62,100    8,327,610 
KeyCorp.   20,300    353,626 
Morgan Stanley   35,800    3,043,716 
Northern Trust Corp.   4,400    389,356 
Pinnacle Financial Partners, Inc.   800    58,720 
The PNC Financial Services Group, Inc.   8,900    1,405,666 
Prosperity Bancshares, Inc.   1,900    138,092 
Regions Financial Corp.   20,100    433,356 
Synovus Financial Corp.   1,300    48,815 
Truist Financial Corp.   27,900    1,200,537 
Wells Fargo & Co.   130,616    5,393,135 
Zions Bancorp NA   3,400    167,144 
         37,649,776 
Diversified Financial Services — 1.6%          
American Express Co.   16,100    2,378,775 
Ameriprise Financial, Inc.   2,400    747,288 
Credit Acceptance Corp. (a) (b)   400    189,760 
Discover Financial Services   6,100    596,763 
SEI Investments Co.   3,100    180,730 
Synchrony Financial   9,500    312,170 
T. Rowe Price Group, Inc.   4,700    512,582 
UWM Holdings Corp.   1,800    5,958 
The Western Union Co.   6,800    93,636 
         5,017,662 
Insurance — 7.3%          
Aflac, Inc.   14,400    1,035,936 
The Allstate Corp.   6,200    840,720 
American Financial Group, Inc.   1,800    247,104 
American International Group, Inc.   53,227    3,366,075 
Arch Capital Group Ltd. (a)   8,300    521,074 
Assurant, Inc.   1,200    150,072 
Chubb Ltd.   25,975    5,730,085 
Cincinnati Financial Corp.   3,400    348,126 
Equitable Holdings, Inc.   83,223    2,388,500 
Everest Re Group Ltd.   1,000    331,270 
Fidelity National Financial, Inc.   5,900    221,958 
Globe Life, Inc.   1,900    229,045 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
The Hartford Financial Services Group, Inc.   7,500   $568,725 
Loews Corp.   5,500    320,815 
Markel Corp. (a)   320    421,597 
MetLife, Inc.   18,600    1,346,082 
Old Republic International Corp.   6,400    154,560 
Principal Financial Group, Inc.   5,800    486,736 
Prudential Financial, Inc.   8,200    815,572 
Reinsurance Group of America, Inc.   1,400    198,926 
RenaissanceRe Holdings Ltd.   1,000    184,230 
The Travelers Cos., Inc.   9,800    1,837,402 
Unum Group   4,200    172,326 
Voya Financial, Inc.   2,800    172,172 
W.R. Berkley Corp.   5,600    406,392 
         22,495,500 
Real Estate — 0.2%          
CBRE Group, Inc. Class A (a)   6,700    515,632 
Jones Lang LaSalle, Inc. (a)   1,300    207,181 
         722,813 
Real Estate Investment Trusts (REITS) — 1.5%          
Equity Residential   39,267    2,316,753 
Weyerhaeuser Co.   70,498    2,185,438 
         4,502,191 
         70,387,942 
Industrial — 9.2%          
Aerospace & Defense — 1.4%          
The Boeing Co. (a)   6,394    1,217,993 
L3 Harris Technologies, Inc.   14,197    2,955,957 
         4,173,950 
Building Materials — 0.5%          
Builders FirstSource, Inc. (a)   3,100    201,128 
Carrier Global Corp.   15,866    654,473 
Fortune Brands Innovations, Inc.   2,700    154,197 
Masco Corp.   7,000    326,690 
Owens Corning   2,900    247,370 
         1,583,858 
Electronics — 0.2%          
Arrow Electronics, Inc. (a)   2,000    209,140 
Jabil, Inc.   4,100    279,620 
Sensata Technologies Holding PLC   3,200    129,216 
         617,976 
Engineering & Construction — 0.0%          
TopBuild Corp. (a)   200    31,298 
Environmental Controls — 0.1%          
Pentair PLC   3,500    157,430 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Hand & Machine Tools — 0.6%          
Snap-on, Inc.   1,500   $342,735 
Stanley Black & Decker, Inc.   18,300    1,374,696 
         1,717,431 
Machinery – Construction & Mining — 0.7%          
Caterpillar, Inc.   8,800    2,108,128 
Oshkosh Corp.   1,300    114,647 
         2,222,775 
Machinery – Diversified — 0.2%          
AGCO Corp.   1,600    221,904 
Dover Corp.   2,700    365,607 
         587,511 
Miscellaneous - Manufacturing — 2.3%          
Carlisle Cos., Inc.   1,100    259,215 
General Electric Co.   67,323    5,640,994 
Parker-Hannifin Corp.   2,700    785,700 
Textron, Inc.   6,100    431,880 
         7,117,789 
Packaging & Containers — 0.6%          
Amcor PLC   41,900    499,029 
Berry Global Group, Inc.   2,600    157,118 
Crown Holdings, Inc.   3,600    295,956 
Graphic Packaging Holding Co.   6,500    144,625 
Packaging Corp. of America   2,600    332,566 
Sealed Air Corp.   4,200    209,496 
Sonoco Products Co.   2,100    127,491 
WestRock Co.   5,000    175,800 
         1,942,081 
Shipbuilding — 0.1%          
Huntington Ingalls Industries, Inc.   900    207,612 
Transportation — 2.5%          
C.H. Robinson Worldwide, Inc.   2,600    238,056 
Expeditors International of Washington, Inc.   3,400    353,328 
FedEx Corp.   5,300    917,960 
Knight-Swift Transportation Holdings, Inc.   3,500    183,435 
Landstar System, Inc.   800    130,320 
United Parcel Service, Inc. Class B   34,347    5,970,882 
         7,793,981 
         28,153,692 
Technology — 6.3%          
Computers — 1.6%          
CACI International, Inc. Class A (a)   400    120,236 
Dell Technologies, Inc. Class C   5,100    205,122 
DXC Technology Co. (a)   4,900    129,850 
Hewlett Packard Enterprise Co.   34,500    550,620 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
HP, Inc.   34,400   $924,328 
International Business Machines Corp.   17,600    2,479,664 
Leidos Holdings, Inc.   2,500    262,975 
NetApp, Inc.   4,300    258,258 
         4,931,053 
Semiconductors — 3.2%          
Applied Materials, Inc.   17,900    1,743,102 
KLA Corp.   2,800    1,055,684 
Lam Research Corp.   2,900    1,218,870 
QUALCOMM, Inc.   52,827    5,807,801 
         9,825,457 
Software — 1.5%          
Fidelity National Information Services, Inc.   10,100    685,285 
Fiserv, Inc. (a)   11,200    1,131,984 
Microsoft Corp.   11,409    2,736,106 
         4,553,375 
         19,309,885 
Utilities — 6.2%          
Electric — 6.1%          
Alliant Energy Corp.   5,200    287,092 
Dominion Energy, Inc.   42,900    2,630,628 
Duke Energy Corp.   16,300    1,678,737 
Edison International   7,400    470,788 
Entergy Corp.   4,300    483,750 
Evergy, Inc.   4,900    308,357 
Eversource Energy   6,700    561,728 
Exelon Corp.   26,000    1,123,980 
OGE Energy Corp.   4,200    166,110 
Pinnacle West Capital Corp.   2,400    182,496 
PPL Corp.   15,600    455,832 
Public Service Enterprise Group, Inc.   14,100    863,907 
Sempra Energy   32,309    4,993,033 
The Southern Co.   60,358    4,310,165 
Vistra Corp.   9,600    222,720 
         18,739,323 
Gas — 0.1%          
National Fuel Gas Co.   1,600    101,280 
UGI Corp.   4,400    163,108 
         264,388 
         19,003,711 
           
TOTAL COMMON STOCK
(Cost $255,316,980)		        298,844,787 
           
PREFERRED STOCK — 1.1%          
Consumer, Cyclical — 1.0%          
Auto Manufacturers — 1.0%          
Dr Ing hc F Porsche AG (a)   13,278    1,347,136 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Volkswagen AG 6.014%   12,535   $1,562,347 
         2,909,483 
Consumer, Non-cyclical — 0.1%          
Pharmaceuticals — 0.1%          
Becton Dickinson and Co. Convertible 6.000%   8,676    434,494 
           
TOTAL PREFERRED STOCK
(Cost $4,178,984)		        3,343,977 
           
TOTAL EQUITIES
(Cost $259,495,964)		        302,188,764 
           
           
MUTUAL FUNDS — 0.8%          
Diversified Financial Services — 0.8%          
iShares Russell 1000 Value ETF   15,200    2,305,080 
State Street Navigator Securities Lending Government Money Market Portfolio (c)   191,664    191,664 
         2,496,744 
           
TOTAL MUTUAL FUNDS
(Cost $2,546,232)		        2,496,744 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $262,042,196)		        304,685,508 
           
SHORT-TERM INVESTMENTS — 1.0%          
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund   105    105 
           
   Principal
Amount		    
Repurchase Agreement — 1.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d)  $3,018,921    3,018,921 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,019,026)		        3,019,026 
           
TOTAL INVESTMENTS — 100.2%
(Cost $265,061,222) (e)		        307,704,534 
           
Other Assets/(Liabilities) — (0.2)%        (471,138) 
           
NET ASSETS — 100.0%       $307,233,396 

 

Abbreviation Legend

ADR American Depositary Receipt
ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $223,788 or 0.07% of net assets. The Fund received $36,734 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $3,019,350. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 3.000%, maturity dates ranging from 6/29/23 - 6/30/24, and an aggregate market value, including accrued interest, of $3,079,334.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.4%          
           
COMMON STOCK — 98.4%          
Basic Materials — 5.8%          
Chemicals — 5.8%          
Air Products & Chemicals, Inc.   23,665   $7,294,973 
Axalta Coating Systems Ltd. (a)   151,749    3,865,047 
DuPont de Nemours, Inc.   120,064    8,239,992 
Element Solutions, Inc.   85,834    1,561,320 
International Flavors & Fragrances, Inc.   42,034    4,406,845 
Olin Corp.   35,118    1,859,147 
         27,227,324 
         27,227,324 
Communications — 4.4%          
Internet — 1.4%          
Alphabet, Inc. Class A (a)   59,356    5,236,980 
Booking Holdings, Inc. (a)   697    1,404,650 
         6,641,630 
Media — 0.8%          
Comcast Corp. Class A   112,061    3,918,773 
Telecommunications — 2.2%          
Cisco Systems, Inc.   98,691    4,701,639 
T-Mobile US, Inc. (a)   39,835    5,576,900 
         10,278,539 
         20,838,942 
Consumer, Cyclical — 5.3%          
Auto Parts & Equipment — 0.3%          
Aptiv PLC (a)   13,425    1,250,270 
Distribution & Wholesale — 0.4%          
LKQ Corp.   38,564    2,059,703 
Entertainment — 0.5%          
Marriott Vacations Worldwide Corp.   7,255    976,451 
SeaWorld Entertainment, Inc. (a)   28,955    1,549,382 
         2,525,833 
Food Services — 0.5%          
Aramark   53,665    2,218,511 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Home Furnishing — 0.4%          
Sony Group Corp. Sponsored ADR (b)   26,432   $2,016,233 
Lodging — 0.8%          
Las Vegas Sands Corp. (a)   52,898    2,542,807 
MGM Resorts International   32,394    1,086,171 
         3,628,978 
Retail — 2.4%          
Advance Auto Parts, Inc.   19,027    2,797,540 
AutoZone, Inc. (a)   2,236    5,514,378 
Dollar General Corp.   8,910    2,194,087 
Lithia Motors, Inc.   3,098    634,285 
         11,140,290 
         24,839,818 
Consumer, Non-cyclical — 28.4%          
Agriculture — 1.7%          
Philip Morris International, Inc.   78,293    7,924,035 
Beverages — 2.5%          
Coca-Cola Europacific Partners PLC   102,335    5,661,172 
Keurig Dr Pepper, Inc.   122,582    4,371,274 
Molson Coors Beverage Co. Class B   37,832    1,949,105 
         11,981,551 
Biotechnology — 0.2%          
Corteva, Inc.   15,627    918,555 
Commercial Services — 1.2%          
FleetCor Technologies, Inc. (a)   9,800    1,800,064 
Global Payments, Inc.   11,307    1,123,011 
United Rentals, Inc. (a)   7,537    2,678,801 
         5,601,876 
Cosmetics & Personal Care — 0.5%          
The Procter & Gamble Co.   14,849    2,250,514 
Food — 0.4%          
US Foods Holding Corp. (a)   59,481    2,023,544 
Health Care – Products — 2.2%          
Avantor, Inc. (a)   76,723    1,618,088 
Envista Holdings Corp. (a)   55,473    1,867,776 
Hologic, Inc. (a)   20,148    1,507,272 
LivaNova PLC (a)   19,283    1,070,978 
Medtronic PLC   52,689    4,094,989 
         10,159,103 
Health Care – Services — 5.2%          
Centene Corp. (a)   51,736    4,242,869 
Elevance Health, Inc.   5,410    2,775,168 
Humana, Inc.   7,102    3,637,573 
ICON PLC (a)   10,022    1,946,774 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
UnitedHealth Group, Inc.   22,207   $11,773,707 
         24,376,091 
Pharmaceuticals — 14.5%          
AbbVie, Inc.   20,134    3,253,856 
AmerisourceBergen Corp.   18,584    3,079,554 
Becton Dickinson and Co.   9,928    2,524,690 
Bristol-Myers Squibb Co.   86,291    6,208,637 
Cigna Corp.   34,188    11,327,852 
CVS Health Corp.   117,984    10,994,929 
Johnson & Johnson   61,332    10,834,298 
McKesson Corp.   3,164    1,186,880 
Merck & Co., Inc.   87,146    9,668,849 
Perrigo Co. PLC   93,283    3,180,017 
Sanofi ADR   122,139    5,915,192 
         68,174,754 
         133,410,023 
Energy — 11.0%          
Oil & Gas — 8.9%          
Canadian Natural Resources Ltd.   55,319    3,071,864 
Cenovus Energy, Inc. (b)   161,613    3,136,908 
ConocoPhillips   50,419    5,949,442 
Devon Energy Corp.   40,293    2,478,423 
EOG Resources, Inc.   12,393    1,605,141 
Hess Corp.   49,164    6,972,439 
Marathon Petroleum Corp.   36,849    4,288,855 
Phillips 66   70,502    7,337,848 
Pioneer Natural Resources Co.   23,339    5,330,394 
Valero Energy Corp.   11,904    1,510,142 
         41,681,456 
Oil & Gas Services — 1.5%          
Halliburton Co.   80,984    3,186,720 
Schlumberger NV   70,065    3,745,675 
         6,932,395 
Pipelines — 0.6%          
Enbridge, Inc.   79,999    3,127,961 
         51,741,812 
Financial — 19.3%          
Banks — 8.7%          
Bank of America Corp.   117,166    3,880,538 
The Goldman Sachs Group, Inc.   9,532    3,273,098 
JP Morgan Chase & Co.   93,338    12,516,626 
M&T Bank Corp.   13,547    1,965,128 
Northern Trust Corp.   40,093    3,547,829 
Truist Financial Corp.   44,087    1,897,064 
US Bancorp   85,070    3,709,903 
Wells Fargo & Co.   242,735    10,022,528 
         40,812,714 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Diversified Financial Services — 2.1%          
AerCap Holdings NV (a)   20,895   $1,218,596 
American Express Co.   7,207    1,064,834 
Capital One Financial Corp.   9,259    860,717 
The Charles Schwab Corp.   67,094    5,586,247 
Intercontinental Exchange, Inc.   13,451    1,379,938 
         10,110,332 
Insurance — 7.0%          
The Allstate Corp.   51,741    7,016,080 
American International Group, Inc.   37,804    2,390,725 
Axis Capital Holdings Ltd.   23,991    1,299,592 
Berkshire Hathaway, Inc. Class B (a)   32,884    10,157,868 
Chubb Ltd.   39,140    8,634,284 
Everest Re Group Ltd.   3,521    1,166,402 
Willis Towers Watson PLC   8,954    2,189,969 
         32,854,920 
Real Estate — 0.2%          
The Howard Hughes Corp. (a)   13,282    1,015,010 
Real Estate Investment Trusts (REITS) — 1.3%          
Corporate Office Properties Trust   119,918    3,110,673 
VICI Properties, Inc.   89,503    2,899,897 
         6,010,570 
         90,803,546 
Industrial — 12.0%          
Aerospace & Defense — 3.2%          
General Dynamics Corp.   21,662    5,374,559 
Howmet Aerospace, Inc.   74,536    2,937,464 
Raytheon Technologies Corp.   65,894    6,650,022 
         14,962,045 
Building Materials — 1.6%          
CRH PLC Sponsored ADR (b)   56,545    2,249,926 
Masco Corp.   38,015    1,774,160 
MDU Resources Group, Inc.   63,507    1,926,802 
Mohawk Industries, Inc. (a)   16,230    1,659,031 
         7,609,919 
Electronics — 0.5%          
Allegion PLC   11,925    1,255,225 
Fortive Corp.   21,224    1,363,642 
         2,618,867 
Engineering & Construction — 0.5%          
AECOM   25,721    2,184,485 
Hand & Machine Tools — 0.7%          
Stanley Black & Decker, Inc.   44,791    3,364,700 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Machinery – Construction & Mining — 1.4%          
BWX Technologies, Inc.   34,573   $2,008,000 
Caterpillar, Inc.   8,975    2,150,051 
Vertiv Holdings Co.   165,209    2,256,755 
         6,414,806 
Machinery – Diversified — 2.6%          
Deere & Co.   18,071    7,748,122 
Dover Corp.   7,951    1,076,645 
Otis Worldwide Corp.   22,572    1,767,613 
Westinghouse Air Brake Technologies Corp.   15,136    1,510,724 
         12,103,104 
Miscellaneous - Manufacturing — 0.5%          
Eaton Corp. PLC   15,181    2,382,658 
Transportation — 1.0%          
J.B. Hunt Transport Services, Inc.   12,398    2,161,715 
Union Pacific Corp.   12,002    2,485,254 
         4,646,969 
         56,287,553 
Technology — 8.4%          
Computers — 1.4%          
CACI International, Inc. Class A (a)   6,479    1,947,523 
Cognizant Technology Solutions Corp. Class A   47,157    2,696,909 
Leidos Holdings, Inc.   18,954    1,993,771 
         6,638,203 
Semiconductors — 4.0%          
Advanced Micro Devices, Inc. (a)   21,799    1,411,921 
Applied Materials, Inc.   23,839    2,321,442 
Broadcom, Inc.   3,957    2,212,477 
Lam Research Corp.   2,649    1,113,375 
Microchip Technology, Inc.   49,266    3,460,936 
Micron Technology, Inc.   37,121    1,855,308 
NXP Semiconductor NV   4,887    772,293 
Qorvo, Inc. (a)   7,416    672,186 
QUALCOMM, Inc.   45,517    5,004,139 
         18,824,077 
Software — 3.0%          
Activision Blizzard, Inc.   18,698    1,431,332 
Electronic Arts, Inc.   15,692    1,917,248 
Fidelity National Information Services, Inc.   44,188    2,998,156 
Oracle Corp.   72,210    5,902,445 
SS&C Technologies Holdings, Inc   35,764    1,861,874 
         14,111,055 
         39,573,335 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Utilities — 3.8%          
Electric — 3.8%          
CenterPoint Energy, Inc.   138,665   $4,158,563 
Entergy Corp.   39,638    4,459,275 
Exelon Corp.   38,898    1,681,561 
FirstEnergy Corp.   59,338    2,488,636 
Pinnacle West Capital Corp.   63,747    4,847,322 
         17,635,357 
         17,635,357 
           
TOTAL COMMON STOCK
(Cost $383,384,429)		        462,357,710 
           
TOTAL EQUITIES
(Cost $383,384,429)		        462,357,710 
           
MUTUAL FUNDS — 0.8%          
Diversified Financial Services — 0.8%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   3,534,820    3,534,820 
           
TOTAL MUTUAL FUNDS
(Cost $3,534,820)		        3,534,820 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $386,919,249)		        465,892,530 

 

   Principal
Amount		    
SHORT-TERM INVESTMENTS — 1.8%          
Repurchase Agreement — 1.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d)  $8,446,525    8,446,525 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,446,525)		        8,446,525 
           
TOTAL INVESTMENTS — 101.0%
(Cost $395,365,774) (e)		        474,339,055 
           
Other Assets/(Liabilities) — (1.0)%        (4,499,504) 
           
NET ASSETS — 100.0%       $469,839,551 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $5,346,789 or 1.14% of net assets. The Fund received $1,963,124 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $8,447,726. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $8,615,554.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.3%          
           
COMMON STOCK — 99.3%          
Basic Materials — 2.2%          
Chemicals — 1.7%          
Air Products & Chemicals, Inc.   15,951   $4,917,055 
Albemarle Corp.   8,375    1,816,203 
Celanese Corp.   7,292    745,534 
CF Industries Holdings, Inc.   14,104    1,201,661 
Dow, Inc.   50,756    2,557,595 
DuPont de Nemours, Inc.   35,748    2,453,385 
Eastman Chemical Co.   8,604    700,710 
Ecolab, Inc.   17,670    2,572,045 
FMC Corp.   9,115    1,137,552 
International Flavors & Fragrances, Inc.   18,223    1,910,499 
Linde PLC   35,469    11,569,279 
LyondellBasell Industries NV Class A   18,305    1,519,864 
The Mosaic Co.   24,397    1,070,296 
PPG Industries, Inc.   16,971    2,133,934 
The Sherwin-Williams Co.   16,883    4,006,842 
         40,312,454 
Forest Products & Paper — 0.0%          
International Paper Co.   25,658    888,537 
Iron & Steel — 0.2%          
Nucor Corp.   18,482    2,436,112 
Steel Dynamics, Inc.   11,963    1,168,785 
         3,604,897 
Mining — 0.3%          
Freeport-McMoRan, Inc.   102,224    3,884,512 
Newmont Corp.   56,870    2,684,264 
         6,568,776 
         51,374,664 
Communications — 10.8%          
Advertising — 0.1%          
The Interpublic Group of Cos., Inc.   28,018    933,280 
Omnicom Group, Inc.   14,794    1,206,746 
         2,140,026 
Internet — 7.3%          
Alphabet, Inc. Class A (a)   428,449    37,802,055 
Alphabet, Inc. Class C (a)   380,039    33,720,860 
Amazon.com, Inc. (a)   636,741    53,486,244 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Booking Holdings, Inc. (a)   2,791   $5,624,647 
CDW Corp.   9,752    1,741,512 
eBay, Inc.   39,026    1,618,408 
Etsy, Inc. (a)   8,940    1,070,833 
Expedia Group, Inc. (a)   10,801    946,168 
F5, Inc. (a)   4,251    610,061 
Gen Digital, Inc.   41,461    888,509 
Match Group, Inc. (a)   20,345    844,114 
Meta Platforms, Inc. Class A (a)   161,311    19,412,166 
Netflix, Inc. (a)   31,911    9,409,916 
VeriSign, Inc. (a)   6,625    1,361,040 
         168,536,533 
Media — 1.3%          
Charter Communications, Inc. Class A (a)   7,724    2,619,208 
Comcast Corp. Class A   309,285    10,815,696 
DISH Network Corp. Class A (a)   17,859    250,740 
FactSet Research Systems, Inc.   2,760    1,107,340 
Fox Corp. Class A   21,464    651,862 
Fox Corp. Class B   9,428    268,227 
News Corp. Class A   27,151    494,148 
News Corp. Class B   8,697    160,373 
Paramount Global Class B   35,813    604,523 
The Walt Disney Co. (a)   130,677    11,353,218 
Warner Bros Discovery, Inc. (a)   157,941    1,497,281 
         29,822,616 
Telecommunications — 2.1%          
Arista Networks, Inc. (a)   17,823    2,162,821 
AT&T, Inc.   510,996    9,407,436 
Cisco Systems, Inc.   294,989    14,053,276 
Corning, Inc.   54,404    1,737,664 
Juniper Networks, Inc.   23,191    741,184 
Lumen Technologies, Inc.   69,237    361,417 
Motorola Solutions, Inc.   11,998    3,092,005 
T-Mobile US, Inc. (a)   42,881    6,003,340 
Verizon Communications, Inc.   301,196    11,867,123 
         49,426,266 
         249,925,441 
Consumer, Cyclical — 9.0%          
Airlines — 0.2%          
Alaska Air Group, Inc. (a)   9,425    404,709 
American Airlines Group, Inc. (a)   47,461    603,704 
Delta Air Lines, Inc. (a)   46,371    1,523,751 
Southwest Airlines Co. (a)   42,714    1,438,180 
United Airlines Holdings, Inc. (a)   23,501    885,988 
         4,856,332 
Apparel — 0.5%          
NIKE, Inc. Class B   90,246    10,559,684 
Ralph Lauren Corp.   2,898    306,232 
Tapestry, Inc.   17,170    653,834 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
VF Corp.   23,513   $649,194 
         12,168,944 
Auto Manufacturers — 1.5%          
Cummins, Inc.   10,174    2,465,058 
Ford Motor Co.   282,174    3,281,684 
General Motors Co.   102,345    3,442,886 
PACCAR, Inc.   24,789    2,453,367 
Tesla, Inc. (a)   192,517    23,714,244 
         35,357,239 
Auto Parts & Equipment — 0.1%          
Aptiv PLC (a)   19,596    1,824,976 
BorgWarner, Inc.   16,553    666,258 
         2,491,234 
Distribution & Wholesale — 0.3%          
Copart, Inc. (a)   30,868    1,879,552 
Fastenal Co.   41,140    1,946,745 
LKQ Corp.   18,498    987,978 
Pool Corp.   2,796    845,315 
W.W. Grainger, Inc.   3,224    1,793,350 
         7,452,940 
Entertainment — 0.1%          
Caesars Entertainment, Inc. (a)   15,736    654,617 
Live Nation Entertainment, Inc. (a)   10,370    723,204 
         1,377,821 
Home Builders — 0.3%          
D.R. Horton, Inc.   22,570    2,011,890 
Lennar Corp. Class A   18,447    1,669,453 
NVR, Inc. (a)   215    991,705 
PulteGroup, Inc.   16,261    740,363 
         5,413,411 
Home Furnishing — 0.0%          
Whirlpool Corp.   3,945    558,060 
Housewares — 0.0%          
Newell Brands, Inc.   27,141    355,004 
Leisure Time — 0.1%          
Carnival Corp. (a)   72,736    586,252 
Norwegian Cruise Line Holdings Ltd. (a)   30,620    374,789 
Royal Caribbean Cruises Ltd. (a)   15,669    774,519 
         1,735,560 
Lodging — 0.4%          
Hilton Worldwide Holdings, Inc.   19,404    2,451,890 
Las Vegas Sands Corp. (a)   23,593    1,134,116 
Marriott International, Inc. Class A   19,326    2,877,448 
MGM Resorts International   22,521    755,129 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Wynn Resorts Ltd. (a)   7,403   $610,525 
         7,829,108 
Retail — 5.5%          
Advance Auto Parts, Inc.   4,379    643,844 
AutoZone, Inc. (a)   1,367    3,371,268 
Bath & Body Works, Inc.   16,380    690,253 
Best Buy Co., Inc.   14,236    1,141,870 
CarMax, Inc. (a)   11,265    685,926 
Chipotle Mexican Grill, Inc. (a)   1,978    2,744,455 
Costco Wholesale Corp.   31,745    14,491,593 
Darden Restaurants, Inc.   8,793    1,216,336 
Dollar General Corp.   16,121    3,969,796 
Dollar Tree, Inc. (a)   15,099    2,135,603 
Domino's Pizza, Inc.   2,545    881,588 
Genuine Parts Co.   10,203    1,770,323 
The Home Depot, Inc.   73,414    23,188,546 
Lowe's Cos., Inc.   44,463    8,858,808 
McDonald's Corp.   52,499    13,835,061 
O'Reilly Automotive, Inc. (a)   4,505    3,802,355 
Ross Stores, Inc.   24,945    2,895,366 
Starbucks Corp.   82,211    8,155,331 
Target Corp.   33,092    4,932,032 
The TJX Cos., Inc.   83,514    6,647,714 
Tractor Supply Co.   7,850    1,766,015 
Ulta Beauty, Inc. (a)   3,690    1,730,868 
Walgreens Boots Alliance, Inc.   51,345    1,918,249 
Walmart, Inc.   101,397    14,377,081 
Yum! Brands, Inc.   20,293    2,599,127 
         128,449,408 
Toys, Games & Hobbies — 0.0%          
Hasbro, Inc.   9,474    578,009 
         208,623,070 
Consumer, Non-cyclical — 23.3%          
Agriculture — 0.9%          
Altria Group, Inc.   128,440    5,870,993 
Archer-Daniels-Midland Co.   39,532    3,670,546 
Philip Morris International, Inc.   111,229    11,257,487 
         20,799,026 
Beverages — 1.9%          
Brown-Forman Corp. Class B   13,258    870,785 
The Coca-Cola Co.   279,039    17,749,671 
Constellation Brands, Inc. Class A   11,693    2,709,853 
Keurig Dr Pepper, Inc.   60,532    2,158,571 
Molson Coors Beverage Co. Class B   13,232    681,713 
Monster Beverage Corp. (a)   27,353    2,777,150 
PepsiCo, Inc.   98,882    17,864,022 
         44,811,765 
Biotechnology — 1.9%          
Amgen, Inc.   38,229    10,040,465 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Bio-Rad Laboratories, Inc. Class A (a)   1,564   $657,646 
Biogen, Inc. (a)   10,309    2,854,768 
Corteva, Inc.   51,495    3,026,876 
Gilead Sciences, Inc.   90,192    7,742,983 
Illumina, Inc. (a)   11,364    2,297,801 
Incyte Corp. (a)   13,316    1,069,541 
Moderna, Inc. (a)   23,770    4,269,568 
Regeneron Pharmaceuticals, Inc. (a)   7,676    5,538,157 
Vertex Pharmaceuticals, Inc. (a)   18,450    5,327,991 
         42,825,796 
Commercial Services — 1.8%          
Automatic Data Processing, Inc.   29,749    7,105,846 
Cintas Corp.   6,222    2,809,980 
CoStar Group, Inc. (a)   29,192    2,255,958 
Equifax, Inc.   8,704    1,691,709 
FleetCor Technologies, Inc. (a)   5,260    966,157 
Gartner, Inc. (a)   5,707    1,918,351 
Global Payments, Inc.   19,416    1,928,397 
MarketAxess Holdings, Inc.   2,684    748,541 
Moody's Corp.   11,297    3,147,570 
PayPal Holdings, Inc. (a)   81,975    5,838,259 
Quanta Services, Inc.   10,203    1,453,927 
Robert Half International, Inc.   7,689    567,679 
Rollins, Inc.   16,887    617,051 
S&P Global, Inc.   23,920    8,011,765 
United Rentals, Inc. (a)   4,966    1,765,016 
Verisk Analytics, Inc.   11,130    1,963,555 
         42,789,761 
Cosmetics & Personal Care — 1.5%          
Colgate-Palmolive Co.   59,964    4,724,563 
The Estee Lauder Cos., Inc. Class A   16,624    4,124,581 
The Procter & Gamble Co.   170,161    25,789,601 
         34,638,745 
Food — 1.3%          
Campbell Soup Co.   14,375    815,781 
Conagra Brands, Inc.   34,302    1,327,487 
General Mills, Inc.   42,720    3,582,072 
The Hershey Co.   10,578    2,449,547 
Hormel Foods Corp.   20,880    951,084 
The J.M. Smucker Co.   7,665    1,214,596 
Kellogg Co.   18,427    1,312,740 
The Kraft Heinz Co.   57,497    2,340,703 
The Kroger Co.   46,533    2,074,441 
Lamb Weston Holdings, Inc.   10,162    908,076 
McCormick & Co., Inc.   18,116    1,501,635 
Mondelez International, Inc. Class A   97,915    6,526,035 
Sysco Corp.   36,504    2,790,731 
Tyson Foods, Inc. Class A   20,522    1,277,495 
         29,072,423 
Health Care – Products — 3.8%          
Abbott Laboratories   125,176    13,743,073 
Align Technology, Inc. (a)   5,266    1,110,599 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Baxter International, Inc.   36,028   $1,836,347 
Bio-Techne Corp.   11,312    937,539 
Boston Scientific Corp. (a)   102,431    4,739,482 
The Cooper Cos., Inc.   3,537    1,169,580 
Danaher Corp.   46,975    12,468,104 
Edwards Lifesciences Corp. (a)   44,463    3,317,384 
Hologic, Inc. (a)   18,049    1,350,246 
IDEXX Laboratories, Inc. (a)   5,957    2,430,218 
Intuitive Surgical, Inc. (a)   25,414    6,743,605 
Medtronic PLC   95,248    7,402,675 
PerkinElmer, Inc.   9,079    1,273,057 
ResMed, Inc.   10,490    2,183,284 
Steris PLC   7,091    1,309,637 
Stryker Corp.   24,141    5,902,233 
Teleflex, Inc.   3,353    837,009 
Thermo Fisher Scientific, Inc.   28,126    15,488,707 
Waters Corp. (a)   4,254    1,457,335 
West Pharmaceutical Services, Inc.   5,378    1,265,712 
Zimmer Biomet Holdings, Inc.   15,133    1,929,458 
         88,895,284 
Health Care – Services — 2.8%          
Catalent, Inc. (a)   13,242    596,022 
Centene Corp. (a)   40,811    3,346,910 
Charles River Laboratories International, Inc. (a)   3,677    801,218 
DaVita, Inc. (a)   3,739    279,191 
Elevance Health, Inc.   17,106    8,774,865 
HCA Healthcare, Inc.   15,251    3,659,630 
Humana, Inc.   9,099    4,660,417 
IQVIA Holdings, Inc. (a)   13,341    2,733,438 
Laboratory Corp. of America Holdings   6,374    1,500,950 
Molina Healthcare, Inc. (a)   4,179    1,379,989 
Quest Diagnostics, Inc.   8,204    1,283,434 
UnitedHealth Group, Inc.   67,080    35,564,474 
Universal Health Services, Inc. Class B   4,480    631,187 
         65,211,725 
Household Products & Wares — 0.3%          
Avery Dennison Corp.   5,825    1,054,325 
Church & Dwight Co., Inc.   17,473    1,408,498 
The Clorox Co.   8,929    1,253,007 
Kimberly-Clark Corp.   24,185    3,283,114 
         6,998,944 
Pharmaceuticals — 7.1%          
AbbVie, Inc.   126,808    20,493,441 
AmerisourceBergen Corp.   11,575    1,918,093 
Becton Dickinson and Co.   20,466    5,204,504 
Bristol-Myers Squibb Co.   152,357    10,962,086 
Cardinal Health, Inc.   18,831    1,447,539 
Cigna Corp.   21,891    7,253,364 
CVS Health Corp.   94,268    8,784,835 
Dentsply Sirona, Inc.   15,796    502,945 
DexCom, Inc. (a)   27,767    3,144,335 
Eli Lilly & Co.   56,549    20,687,886 
Henry Schein, Inc. (a)   9,685    773,541 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Johnson & Johnson   187,711   $33,159,148 
McKesson Corp.   10,201    3,826,599 
Merck & Co., Inc.   181,906    20,182,471 
Organon & Co.   18,329    511,929 
Pfizer, Inc.   402,788    20,638,857 
Viatris, Inc.   87,554    974,476 
Zoetis, Inc.   33,336    4,885,391 
         165,351,440 
         541,394,909 
Energy — 5.4%          
Energy – Alternate Sources — 0.2%          
Enphase Energy, Inc. (a)   9,770    2,588,659 
First Solar, Inc. (a)   7,118    1,066,206 
SolarEdge Technologies, Inc. (a)   4,026    1,140,445 
         4,795,310 
Oil & Gas — 4.4%          
APA Corp.   23,042    1,075,601 
Chevron Corp.   127,564    22,896,462 
ConocoPhillips   89,290    10,536,220 
Coterra Energy, Inc.   56,626    1,391,301 
Devon Energy Corp.   46,672    2,870,795 
Diamondback Energy, Inc.   12,630    1,727,531 
EOG Resources, Inc.   42,044    5,445,539 
EQT Corp.   26,082    882,354 
Exxon Mobil Corp.   295,378    32,580,193 
Hess Corp.   19,982    2,833,847 
Marathon Oil Corp.   45,622    1,234,988 
Marathon Petroleum Corp.   33,750    3,928,162 
Occidental Petroleum Corp.   52,329    3,296,204 
Phillips 66   34,036    3,542,467 
Pioneer Natural Resources Co.   17,115    3,908,895 
Valero Energy Corp.   27,750    3,520,365 
         101,670,924 
Oil & Gas Services — 0.4%          
Baker Hughes Co.   71,955    2,124,831 
Halliburton Co.   65,586    2,580,809 
Schlumberger NV   101,430    5,422,448 
         10,128,088 
Pipelines — 0.4%          
Kinder Morgan, Inc.   142,156    2,570,180 
ONEOK, Inc.   32,265    2,119,811 
Targa Resources Corp.   16,404    1,205,694 
The Williams Cos., Inc.   87,427    2,876,348 
         8,772,033 
         125,366,355 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Financial — 15.5%          
Banks — 4.8%          
Bank of America Corp.   500,342   $16,571,327 
The Bank of New York Mellon Corp.   53,082    2,416,293 
Citigroup, Inc.   138,624    6,269,964 
Citizens Financial Group, Inc.   34,914    1,374,564 
Comerica, Inc.   9,176    613,416 
Fifth Third Bancorp   49,716    1,631,182 
First Republic Bank   13,173    1,605,657 
The Goldman Sachs Group, Inc.   24,254    8,328,338 
Huntington Bancshares, Inc.   104,334    1,471,109 
JP Morgan Chase & Co.   210,554    28,235,291 
KeyCorp.   66,841    1,164,370 
M&T Bank Corp.   12,376    1,795,263 
Morgan Stanley   94,415    8,027,163 
Northern Trust Corp.   15,138    1,339,562 
The PNC Financial Services Group, Inc.   28,917    4,567,151 
Regions Financial Corp.   67,236    1,449,608 
Signature Bank   4,649    535,658 
State Street Corp.   26,123    2,026,361 
SVB Financial Group (a)   4,261    980,627 
Truist Financial Corp.   94,815    4,079,889 
US Bancorp   96,646    4,214,732 
Wells Fargo & Co.   273,049    11,274,193 
Zions Bancorp NA   11,051    543,267 
         110,514,985 
Diversified Financial Services — 3.9%          
American Express Co.   42,965    6,348,079 
Ameriprise Financial, Inc.   7,650    2,381,981 
BlackRock, Inc.   10,762    7,626,276 
Capital One Financial Corp.   27,457    2,552,403 
Cboe Global Markets, Inc.   7,677    963,233 
The Charles Schwab Corp.   109,336    9,103,315 
CME Group, Inc.   25,908    4,356,689 
Discover Financial Services   19,728    1,929,990 
Franklin Resources, Inc.   19,879    524,408 
Intercontinental Exchange, Inc.   39,922    4,095,598 
Invesco Ltd.   33,387    600,632 
Mastercard, Inc. Class A   60,895    21,175,018 
Nasdaq, Inc.   24,487    1,502,278 
Raymond James Financial, Inc.   13,839    1,478,697 
Synchrony Financial   32,382    1,064,073 
T. Rowe Price Group, Inc.   16,016    1,746,705 
Visa, Inc. Class A   117,325    24,375,442 
         91,824,817 
Insurance — 4.1%          
Aflac, Inc.   40,561    2,917,958 
The Allstate Corp.   19,071    2,586,028 
American International Group, Inc.   53,419    3,378,218 
Aon PLC Class A   14,872    4,463,682 
Arch Capital Group Ltd. (a)   26,680    1,674,970 
Arthur J Gallagher & Co.   15,195    2,864,865 
Assurant, Inc.   3,704    463,222 
Berkshire Hathaway, Inc. Class B (a)   129,348    39,955,597 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Brown & Brown, Inc.   16,835   $959,090 
Chubb Ltd.   29,823    6,578,954 
Cincinnati Financial Corp.   11,122    1,138,782 
Everest Re Group Ltd.   2,784    922,256 
Globe Life, Inc.   6,542    788,638 
The Hartford Financial Services Group, Inc.   22,783    1,727,635 
Lincoln National Corp.   11,351    348,703 
Loews Corp.   14,094    822,103 
Marsh & McLennan Cos., Inc.   35,635    5,896,880 
MetLife, Inc.   47,487    3,436,634 
Principal Financial Group, Inc.   16,307    1,368,483 
The Progressive Corp.   41,857    5,429,271 
Prudential Financial, Inc.   26,546    2,640,265 
The Travelers Cos., Inc.   16,839    3,157,144 
W.R. Berkley Corp.   14,837    1,076,721 
Willis Towers Watson PLC   7,767    1,899,653 
         96,495,752 
Real Estate — 0.1%          
CBRE Group, Inc. Class A (a)   22,784    1,753,457 
Real Estate Investment Trusts (REITS) — 2.6%          
Alexandria Real Estate Equities, Inc.   10,770    1,568,866 
American Tower Corp.   33,447    7,086,081 
AvalonBay Communities, Inc.   10,001    1,615,362 
Boston Properties, Inc.   10,064    680,125 
Camden Property Trust   7,755    867,629 
Crown Castle, Inc.   30,957    4,199,007 
Digital Realty Trust, Inc.   20,594    2,064,960 
Equinix, Inc.   6,661    4,363,155 
Equity Residential   24,316    1,434,644 
Essex Property Trust, Inc.   4,673    990,302 
Extra Space Storage, Inc.   9,654    1,420,876 
Federal Realty Investment Trust   5,346    540,160 
Healthpeak Properties, Inc.   38,552    966,499 
Host Hotels & Resorts, Inc.   51,639    828,806 
Invitation Homes, Inc.   41,640    1,234,210 
Iron Mountain, Inc.   20,986    1,046,152 
Kimco Realty Corp.   44,233    936,855 
Mid-America Apartment Communities, Inc.   8,301    1,303,174 
Prologis, Inc.   66,102    7,451,678 
Public Storage   11,289    3,163,065 
Realty Income Corp.   45,081    2,859,488 
Regency Centers Corp.   11,008    688,000 
SBA Communications Corp.   7,727    2,165,955 
Simon Property Group, Inc.   23,477    2,758,078 
UDR, Inc.   22,305    863,873 
Ventas, Inc.   28,852    1,299,783 
VICI Properties, Inc.   69,511    2,252,156 
Vornado Realty Trust   11,626    241,937 
Welltower, Inc.   33,978    2,227,258 
Weyerhaeuser Co.   52,969    1,642,039 
         60,760,173 
         361,349,184 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Industrial — 8.4%          
Aerospace & Defense — 1.8%          
The Boeing Co. (a)   40,119   $7,642,268 
General Dynamics Corp.   16,213    4,022,607 
Howmet Aerospace, Inc.   26,626    1,049,331 
L3 Harris Technologies, Inc.   13,679    2,848,105 
Lockheed Martin Corp.   16,709    8,128,761 
Northrop Grumman Corp.   10,358    5,651,428 
Raytheon Technologies Corp.   105,657    10,662,905 
TransDigm Group, Inc.   3,723    2,344,187 
         42,349,592 
Building Materials — 0.4%          
Carrier Global Corp.   60,074    2,478,053 
Johnson Controls International PLC   49,186    3,147,904 
Martin Marietta Materials, Inc.   4,409    1,490,110 
Masco Corp.   16,041    748,633 
Mohawk Industries, Inc. (a)   3,820    390,480 
Vulcan Materials Co.   9,625    1,685,434 
         9,940,614 
Electrical Components & Equipment — 0.3%          
AMETEK, Inc.   16,574    2,315,719 
Emerson Electric Co.   42,260    4,059,495 
Generac Holdings, Inc. (a)   4,457    448,642 
         6,823,856 
Electronics — 1.2%          
Agilent Technologies, Inc.   21,136    3,163,003 
Allegion PLC   6,240    656,822 
Amphenol Corp. Class A   42,892    3,265,797 
Fortive Corp.   25,589    1,644,093 
Garmin Ltd.   10,981    1,013,437 
Honeywell International, Inc.   48,221    10,333,760 
Keysight Technologies, Inc. (a)   12,812    2,191,749 
Mettler-Toledo International, Inc. (a)   1,603    2,317,056 
TE Connectivity Ltd.   22,859    2,624,213 
Trimble, Inc. (a)   17,983    909,221 
         28,119,151 
Engineering & Construction — 0.1%          
Jacobs Solutions, Inc.   9,248    1,110,407 
Environmental Controls — 0.3%          
Pentair PLC   12,006    540,030 
Republic Services, Inc.   14,617    1,885,447 
Waste Management, Inc.   26,768    4,199,364 
         6,624,841 
Hand & Machine Tools — 0.1%          
Snap-on, Inc.   3,846    878,773 
Stanley Black & Decker, Inc.   10,468    786,356 
         1,665,129 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Machinery – Construction & Mining — 0.4%          
Caterpillar, Inc.   37,311   $8,938,223 
Machinery – Diversified — 0.9%          
Deere & Co.   19,693    8,443,571 
Dover Corp.   9,999    1,353,965 
IDEX Corp.   5,341    1,219,510 
Ingersoll Rand, Inc.   29,219    1,526,693 
Nordson Corp.   3,842    913,320 
Otis Worldwide Corp.   30,019    2,350,788 
Rockwell Automation, Inc.   8,237    2,121,604 
Westinghouse Air Brake Technologies Corp.   13,052    1,302,720 
Xylem, Inc.   12,785    1,413,637 
         20,645,808 
Miscellaneous - Manufacturing — 1.2%          
3M Co.   39,558    4,743,795 
A.O. Smith Corp.   9,116    521,800 
Eaton Corp. PLC   28,434    4,462,716 
General Electric Co.   78,557    6,582,291 
Illinois Tool Works, Inc.   19,985    4,402,696 
Parker-Hannifin Corp.   9,158    2,664,978 
Teledyne Technologies, Inc. (a)   3,378    1,350,896 
Textron, Inc.   14,863    1,052,300 
Trane Technologies PLC   16,527    2,778,024 
         28,559,496 
Packaging & Containers — 0.2%          
Amcor PLC   106,614    1,269,773 
Ball Corp.   22,705    1,161,134 
Packaging Corp. of America   6,617    846,380 
Sealed Air Corp.   10,235    510,522 
WestRock Co.   18,379    646,205 
         4,434,014 
Shipbuilding — 0.0%          
Huntington Ingalls Industries, Inc.   2,838    654,670 
Transportation — 1.5%          
C.H. Robinson Worldwide, Inc.   8,503    778,535 
CSX Corp.   151,077    4,680,366 
Expeditors International of Washington, Inc.   11,457    1,190,611 
FedEx Corp.   17,143    2,969,168 
J.B. Hunt Transport Services, Inc.   5,884    1,025,934 
Norfolk Southern Corp.   16,624    4,096,486 
Old Dominion Freight Line, Inc.   6,500    1,844,570 
Union Pacific Corp.   44,128    9,137,585 
United Parcel Service, Inc. Class B   52,424    9,113,388 
         34,836,643 
         194,702,444 
Technology — 21.5%          
Computers — 7.5%          
Accenture PLC Class A   45,184    12,056,898 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Apple, Inc.   1,073,100   $139,427,883 
Cognizant Technology Solutions Corp. Class A   36,889    2,109,682 
DXC Technology Co. (a)   16,034    424,901 
EPAM Systems, Inc. (a)   4,155    1,361,760 
Fortinet, Inc. (a)   46,574    2,277,003 
Hewlett Packard Enterprise Co.   92,223    1,471,879 
HP, Inc.   63,887    1,716,644 
International Business Machines Corp.   64,858    9,137,843 
Leidos Holdings, Inc.   9,877    1,038,962 
NetApp, Inc.   15,579    935,675 
Seagate Technology Holdings PLC   13,705    721,020 
Western Digital Corp. (a)   22,546    711,326 
         173,391,476 
Office & Business Equipment — 0.0%          
Zebra Technologies Corp. Class A (a)   3,742    959,486 
Semiconductors — 4.8%          
Advanced Micro Devices, Inc. (a)   115,458    7,478,215 
Analog Devices, Inc.   36,987    6,066,978 
Applied Materials, Inc.   61,858    6,023,732 
Broadcom, Inc.   29,059    16,247,759 
Intel Corp.   295,708    7,815,562 
KLA Corp.   10,127    3,818,183 
Lam Research Corp.   9,808    4,122,302 
Microchip Technology, Inc.   39,535    2,777,334 
Micron Technology, Inc.   78,256    3,911,235 
Monolithic Power Systems, Inc.   3,243    1,146,757 
NVIDIA Corp.   178,623    26,103,965 
NXP Semiconductor NV   18,633    2,944,573 
ON Semiconductor Corp. (a)   30,776    1,919,499 
Qorvo, Inc. (a)   7,267    658,681 
QUALCOMM, Inc.   80,400    8,839,176 
Skyworks Solutions, Inc.   11,496    1,047,630 
Teradyne, Inc.   11,065    966,528 
Texas Instruments, Inc.   65,160    10,765,735 
         112,653,844 
Software — 9.2%          
Activision Blizzard, Inc.   51,144    3,915,073 
Adobe, Inc. (a)   33,332    11,217,218 
Akamai Technologies, Inc. (a)   11,253    948,628 
ANSYS, Inc. (a)   6,300    1,522,017 
Autodesk, Inc. (a)   15,406    2,878,919 
Broadridge Financial Solutions, Inc.   8,430    1,130,716 
Cadence Design Systems, Inc. (a)   19,587    3,146,456 
Ceridian HCM Holding, Inc. (a)   11,217    719,570 
Electronic Arts, Inc.   18,833    2,301,016 
Fidelity National Information Services, Inc.   42,673    2,895,363 
Fiserv, Inc. (a)   45,404    4,588,982 
Intuit, Inc.   20,186    7,856,795 
Jack Henry & Associates, Inc.   5,221    916,599 
Microsoft Corp.   535,007    128,305,379 
MSCI, Inc.   5,733    2,666,820 
Oracle Corp.   110,220    9,009,383 
Paychex, Inc.   22,878    2,643,782 
Paycom Software, Inc. (a)   3,494    1,084,223 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
PTC, Inc. (a)   7,646   $917,826 
Roper Technologies, Inc.   7,646    3,303,760 
Salesforce, Inc. (a)   71,636    9,498,217 
ServiceNow, Inc. (a)   14,455    5,612,443 
Synopsys, Inc. (a)   10,965    3,501,015 
Take-Two Interactive Software, Inc. (a)   11,432    1,190,414 
Tyler Technologies, Inc. (a)   3,003    968,197 
         212,738,811 
         499,743,617 
Utilities — 3.2%          
Electric — 3.0%          
The AES Corp.   48,428    1,392,789 
Alliant Energy Corp.   18,035    995,712 
Ameren Corp.   18,612    1,654,979 
American Electric Power Co., Inc.   36,842    3,498,148 
CenterPoint Energy, Inc.   45,504    1,364,665 
CMS Energy Corp.   20,729    1,312,768 
Consolidated Edison, Inc.   25,461    2,426,688 
Constellation Energy Corp.   23,387    2,016,193 
Dominion Energy, Inc.   59,735    3,662,950 
DTE Energy Co.   13,832    1,625,675 
Duke Energy Corp.   55,341    5,699,570 
Edison International   27,543    1,752,286 
Entergy Corp.   14,659    1,649,138 
Evergy, Inc.   16,675    1,049,358 
Eversource Energy   25,013    2,097,090 
Exelon Corp.   71,357    3,084,763 
FirstEnergy Corp.   39,076    1,638,847 
NextEra Energy, Inc.   142,576    11,919,354 
NRG Energy, Inc.   16,466    523,948 
PG&E Corp. (a)   116,300    1,891,038 
Pinnacle West Capital Corp.   8,124    617,749 
PPL Corp.   53,210    1,554,796 
Public Service Enterprise Group, Inc.   35,534    2,177,168 
Sempra Energy   22,456    3,470,350 
The Southern Co.   78,284    5,590,260 
WEC Energy Group, Inc.   22,466    2,106,412 
Xcel Energy, Inc.   39,326    2,757,146 
         69,529,840 
Gas — 0.1%          
Atmos Energy Corp.   10,040    1,125,183 
NiSource, Inc.   28,803    789,778 
         1,914,961 
Water — 0.1%          
American Water Works Co., Inc.   12,943    1,972,772 

 

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
        $73,417,573 
           
TOTAL COMMON STOCK
(Cost $1,408,679,391)		        2,305,897,257 
           
TOTAL EQUITIES
(Cost $1,408,679,391)		        2,305,897,257 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,408,679,391)		        2,305,897,257 
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 0.9%          
           
Repurchase Agreement — 0.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (b)  $19,093,888    19,093,888 
U.S. Treasury Bill — 0.1%          
U.S. Treasury Bill          
4.618% 5/11/23 (c) (d)   3,365,000    3,310,674 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $22,404,276) 		        22,404,562 
           
TOTAL INVESTMENTS — 100.2%
(Cost $1,431,083,667) (d) (e)		        2,328,301,819 
           
Other Assets/(Liabilities) — (0.2)%        (5,167,423) 
           
NET ASSETS — 100.0%       $2,323,134,396 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $19,096,603. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $19,475,767.
(c) The rate shown represents yield-to-maturity.
(d) All or a portion of this security is pledged/held as collateral for open derivatives.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
S&P 500 E Mini Index  3/17/23   125   $24,595,622  $(464,372) 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.9%          
           
COMMON STOCK — 97.0%          
Basic Materials — 7.2%          
Chemicals — 6.7%          
CF Industries Holdings, Inc.   53,700   $4,575,240 
Ecolab, Inc.   117,440    17,094,567 
Linde PLC   61,617    20,098,233 
         41,768,040 
Forest Products & Paper — 0.5%          
International Paper Co.   97,600    3,379,888 
         45,147,928 
Communications — 1.5%          
Media — 1.5%          
Comcast Corp. Class A   70,700    2,472,379 
News Corp. Class A   234,500    4,267,900 
The Walt Disney Co. (a)   33,700    2,927,856 
         9,668,135 
         9,668,135 
Consumer, Cyclical — 11.6%          
Apparel — 4.0%          
NIKE, Inc. Class B   216,220    25,299,902 
Lodging — 0.5%          
Las Vegas Sands Corp. (a)   62,400    2,999,568 
Retail — 7.1%          
McDonald's Corp.   65,434    17,243,822 
The TJX Cos., Inc.   347,393    27,652,483 
         44,896,305 
         73,195,775 
Consumer, Non-cyclical — 32.7%          
Agriculture — 0.6%          
Philip Morris International, Inc.   36,500    3,694,165 
Beverages — 4.8%          
The Coca-Cola Co.   142,970    9,094,322 
PepsiCo, Inc.   116,171    20,987,453 
         30,081,775 

 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Cosmetics & Personal Care — 6.2%          
Colgate-Palmolive Co.   252,480   $19,892,899 
The Procter & Gamble Co.   124,457    18,862,703 
         38,755,602 
Food — 0.9%          
Conagra Brands, Inc.   99,700    3,858,390 
Tyson Foods, Inc. Class A   33,900    2,110,275 
         5,968,665 
Health Care – Products — 9.8%          
Baxter International, Inc.   171,422    8,737,379 
Danaher Corp.   74,980    19,901,192 
Medtronic PLC   144,997    11,269,167 
Stryker Corp.   77,839    19,030,857 
Zimmer Biomet Holdings, Inc.   20,300    2,588,250 
         61,526,845 
Health Care – Services — 4.9%          
Elevance Health, Inc.   14,360    7,366,249 
UnitedHealth Group, Inc.   43,611    23,121,680 
         30,487,929 
Household Products & Wares — 0.6%          
Kimberly-Clark Corp.   28,800    3,909,600 
Pharmaceuticals — 4.9%          
AbbVie, Inc.   18,400    2,973,624 
Becton Dickinson and Co.   21,700    5,518,310 
Johnson & Johnson   107,870    19,055,235 
Sanofi ADR   72,600    3,516,018 
         31,063,187 
         205,487,768 
Energy — 2.3%          
Oil & Gas — 2.0%          
EOG Resources, Inc.   17,800    2,305,456 
TotalEnergies SE   132,000    8,238,800 
TotalEnergies SE Sponsored ADR   37,900    2,352,832 
         12,897,088 
Pipelines — 0.3%          
TC Energy Corp.   42,200    1,682,092 
         14,579,180 
Financial — 19.9%          
Banks — 2.9%          
Fifth Third Bancorp   102,500    3,363,025 
The Goldman Sachs Group, Inc.   6,400    2,197,632 
Huntington Bancshares, Inc.   286,700    4,042,470 

 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Wells Fargo & Co.   208,000   $8,588,320 
         18,191,447 
Diversified Financial Services — 5.5%          
American Express Co.   92,687    13,694,504 
Visa, Inc. Class A   101,110    21,006,614 
         34,701,118 
Insurance — 8.8%          
American International Group, Inc.   84,300    5,331,132 
Chubb Ltd.   121,797    26,868,418 
Equitable Holdings, Inc.   120,200    3,449,740 
Marsh & McLennan Cos., Inc.   120,865    20,000,740 
         55,650,030 
Real Estate Investment Trusts (REITS) — 2.7%          
American Tower Corp.   44,782    9,487,515 
Equity Residential   62,200    3,669,800 
Weyerhaeuser Co.   114,400    3,546,400 
         16,703,715 
         125,246,310 
Industrial — 13.1%          
Aerospace & Defense — 4.8%          
The Boeing Co. (a)   10,200    1,942,998 
L3 Harris Technologies, Inc.   22,700    4,726,367 
Lockheed Martin Corp.   10,474    5,095,496 
Northrop Grumman Corp.   33,236    18,133,894 
         29,898,755 
Electronics — 3.8%          
Honeywell International, Inc.   110,225    23,621,218 
Hand & Machine Tools — 0.3%          
Stanley Black & Decker, Inc.   29,000    2,178,480 
Miscellaneous - Manufacturing — 1.4%          
General Electric Co.   106,800    8,948,772 
Transportation — 2.8%          
Union Pacific Corp.   59,046    12,226,655 
United Parcel Service, Inc. Class B   29,900    5,197,816 
         17,424,471 
         82,071,696 
Technology — 6.2%          
Computers — 2.3%          
Accenture PLC Class A   54,564    14,559,858 
Semiconductors — 0.9%          
QUALCOMM, Inc.   52,800    5,804,832 

 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Software — 3.0%          
Microsoft Corp.   77,106   $18,491,561 
         38,856,251 
Utilities — 2.5%          
Electric — 2.5%          
Dominion Energy, Inc.   42,800    2,624,497 
Sempra Energy   40,600    6,274,324 
The Southern Co.   95,600    6,826,795 
         15,725,616 
           
TOTAL COMMON STOCK
(Cost $519,970,216)		        609,978,659 
           
PREFERRED STOCK — 0.9%          
Consumer, Cyclical — 0.8%          
Auto Manufacturers — 0.8%          
Dr Ing hc F Porsche AG (a)   21,900    2,221,892 
Volkswagen AG 6.014%   19,400    2,417,992 
         4,639,884 
Consumer, Non-cyclical — 0.1%          
Pharmaceuticals — 0.1%          
Becton Dickinson and Co. Convertible 6.000%   14,700    736,176 
           
TOTAL PREFERRED STOCK
(Cost $6,751,096)		        5,376,060 
           
TOTAL EQUITIES
(Cost $526,721,312)		        615,354,719 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $526,721,312)		        615,354,719 
           
SHORT-TERM INVESTMENTS — 2.4%          
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund  159    159 
         
   Principal
Amount		    
Repurchase Agreement — 2.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (b)  $14,949,988   14,949,988 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $14,950,147)		        14,950,147 
           

 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TOTAL INVESTMENTS — 100.3%
(Cost $541,671,459) (c)		       $630,304,866 
           
Other Assets/(Liabilities) — (0.3)%        (1,796,594) 
           
NET ASSETS — 100.0%       $628,508,272 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Maturity value of $14,952,114. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 06/29/23, and an aggregate market value, including accrued interest, of $15,249,088.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.0%          
           
COMMON STOCK — 98.0%          
Basic Materials — 0.8%          
Chemicals — 0.8%          
Celanese Corp.   2,090   $213,682 
Communications — 9.0%          
Internet — 8.2%          
CDW Corp.   3,869    690,926 
Etsy, Inc. (a)   6,278    751,979 
Match Group, Inc. (a)   6,460    268,025 
Palo Alto Networks, Inc. (a)   4,002    558,439 
         2,269,369 
Telecommunications — 0.8%          
Nice Ltd. Sponsored ADR (a) (b)   1,090    209,607 
         2,478,976 
Consumer, Cyclical — 16.9%          
Apparel — 1.0%          
Tapestry, Inc.   7,220    274,938 
Auto Parts & Equipment — 0.7%          
Aptiv PLC (a)   2,150    200,229 
Distribution & Wholesale — 2.4%          
Copart, Inc. (a)   3,940    239,907 
WESCO International, Inc. (a)   3,310    414,412 
         654,319 
Entertainment — 1.6%          
Live Nation Entertainment, Inc. (a)   2,520    175,745 
Vail Resorts, Inc.   1,130    269,335 
         445,080 
Lodging — 3.3%          
Hilton Worldwide Holdings, Inc.   7,200    909,792 
Retail — 7.9%          
Chipotle Mexican Grill, Inc. (a)   246    341,322 
Freshpet, Inc. (a) (b)   9,132    481,896 
Lululemon Athletica, Inc. (a)   2,889    925,578 

 

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Wingstop, Inc.   3,220   $443,136 
         2,191,932 
         4,676,290 
Consumer, Non-cyclical — 25.4%          
Biotechnology — 3.4%          
Illumina, Inc. (a)   1,259    254,570 
Sarepta Therapeutics, Inc. (a)   1,530    198,258 
Seagen, Inc. (a)   3,732    479,599 
         932,427 
Commercial Services — 8.2%          
CoStar Group, Inc. (a)   2,950    227,976 
FTI Consulting, Inc. (a)   860    136,568 
Gartner, Inc. (a)   2,786    936,486 
Global Payments, Inc.   2,330    231,416 
Shift4 Payments, Inc. Class A (a)   6,823    381,610 
TransUnion   6,507    369,272 
         2,283,328 
Health Care – Products — 6.0%          
Align Technology, Inc. (a)   1,628    343,345 
Avantor, Inc. (a)   10,130    213,642 
The Cooper Cos., Inc.   770    254,616 
IDEXX Laboratories, Inc. (a)   783    319,433 
Insulet Corp. (a)   760    223,736 
Omnicell, Inc. (a)   6,132    309,175 
         1,663,947 
Health Care – Services — 4.7%          
ICON PLC (a)   5,462    1,060,993 
Quest Diagnostics, Inc.   1,570    245,611 
         1,306,604 
Pharmaceuticals — 3.1%          
Ascendis Pharma A/S ADR (a)   3,440    420,127 
DexCom, Inc. (a)   3,780    428,048 
         848,175 
         7,034,481 
Energy — 2.6%          
Oil & Gas — 1.5%          
Devon Energy Corp.   6,660    409,656 
Pipelines — 1.1%          
Cheniere Energy, Inc.   2,132    319,715 
         729,371 

 

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Financial — 8.6%          
Banks — 0.6%          
First Republic Bank   1,420   $173,084 
Diversified Financial Services — 3.0%          
Hamilton Lane, Inc. Class A   9,500    606,860 
LPL Financial Holdings, Inc.   1,020    220,494 
         827,354 
Insurance — 1.8%          
The Allstate Corp.   1,540    208,824 
Arthur J Gallagher & Co.   1,480    279,039 
         487,863 
Private Equity — 1.6%          
Ares Management Corp. Class A   6,652    455,263 
Real Estate Investment Trusts (REITS) — 1.6%          
Essex Property Trust, Inc.   1,210    256,423 
Sun Communities, Inc.   1,280    183,040 
         439,463 
         2,383,027 
Industrial — 14.9%          
Aerospace & Defense — 3.1%          
Hexcel Corp.   8,479    498,989 
TransDigm Group, Inc.   572    360,160 
         859,149 
Building Materials — 0.9%          
Vulcan Materials Co.   1,410    246,905 
Electrical Components & Equipment — 1.0%          
AMETEK, Inc.   2,090    292,015 
Electronics — 3.7%          
Agilent Technologies, Inc.   6,769    1,012,981 
Environmental Controls — 0.8%          
Waste Connections, Inc.   1,690    224,026 
Machinery – Construction & Mining — 2.4%          
BWX Technologies, Inc.   11,257    653,806 
Machinery – Diversified — 2.2%          
IDEX Corp.   1,170    267,146 
Rockwell Automation, Inc.   1,375    354,159 
         621,305 
Miscellaneous - Manufacturing — 0.8%          
Teledyne Technologies, Inc. (a)   525    209,953 
         4,120,140 

 

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Technology — 19.8%          
Computers — 3.2%          
Fortinet, Inc. (a)   6,680   $326,585 
Genpact Ltd.   4,620    213,998 
NetApp, Inc.   3,910    234,835 
Zscaler, Inc. (a)   1,130    126,447 
         901,865 
Semiconductors — 4.9%          
KLA Corp.   651    245,446 
Marvell Technology, Inc.   6,050    224,092 
Microchip Technology, Inc.   3,920    275,380 
ON Semiconductor Corp. (a)   5,394    336,424 
Synaptics, Inc. (a)   2,962    281,864 
         1,363,206 
Software — 11.7%          
Ceridian HCM Holding, Inc. (a)   14,129    906,376 
Electronic Arts, Inc.   4,968    606,990 
HubSpot, Inc. (a)   924    267,156 
Lightspeed Commerce, Inc. (a) (b)   7,230    103,389 
MongoDB, Inc. (a)   2,899    570,639 
MSCI, Inc.   635    295,383 
ZoomInfo Technologies, Inc. (a)   16,022    482,423 
         3,232,356 
         5,497,427 
           
TOTAL COMMON STOCK
(Cost $29,685,452)		        27,133,394 
           
TOTAL EQUITIES
(Cost $29,685,452)		        27,133,394 
           
MUTUAL FUNDS — 0.4%          
Diversified Financial Services — 0.4%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   105,566    105,566 
           
TOTAL MUTUAL FUNDS
(Cost $105,566)		        105,566 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $29,791,018)		        27,238,960 

 

   Principal
Amount		    
SHORT-TERM INVESTMENTS — 2.0%          
Repurchase Agreement — 2.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d)  $559,039   $559,039 

 

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TOTAL SHORT-TERM INVESTMENTS
(Cost $559,039)		       $559,039 
           
TOTAL INVESTMENTS — 100.4%
(Cost $30,350,057) (e)		        27,797,999 
           
Other Assets/(Liabilities) — (0.4)%        (103,812) 
           
NET ASSETS — 100.0%       $27,694,187 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $593,574 or 2.14% of net assets. The Fund received $503,552 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $559,119. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $570,325.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Blue Chip Growth Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.7%          
           
COMMON STOCK — 99.6%          
Basic Materials — 0.7%          
Chemicals — 0.7%          
Linde PLC   24,792   $8,086,655 
The Sherwin-Williams Co.   32,513    7,716,310 
         15,802,965 
         15,802,965 
Communications — 23.8%          
Internet — 20.8%          
Alibaba Group Holding Ltd. Sponsored ADR (a)   173,994    15,327,132 
Alphabet, Inc. Class A (a)   628,888    55,486,788 
Alphabet, Inc. Class C (a)   1,206,880    107,086,462 
Amazon.com, Inc. (a)   1,567,961    131,708,724 
Booking Holdings, Inc. (a)   4,910    9,895,025 
DoorDash, Inc., Class A (a)   51,007    2,490,162 
Meta Platforms, Inc. Class A (a)   628,591    75,644,641 
Netflix, Inc. (a)   195,488    57,645,502 
Sea Ltd. ADR (a)   109,236    5,683,549 
Shopify, Inc. Class A (a)   599,044    20,792,817 
Tencent Holdings Ltd.   130,200    5,533,787 
         487,294,589 
Media — 2.4%          
FactSet Research Systems, Inc.   55,350    22,206,973 
The Walt Disney Co. (a)   409,002    35,534,094 
         57,741,067 
Telecommunications — 0.6%          
T-Mobile US, Inc. (a)   95,525    13,373,500 
         558,409,156 
Consumer, Cyclical — 7.3%          
Apparel — 0.5%          
NIKE, Inc. Class B   104,353    12,210,344 
Auto Manufacturers — 1.9%          
Tesla, Inc. (a)   368,704    45,416,959 
Retail — 4.9%          
Chipotle Mexican Grill, Inc. (a)   8,914    12,368,086 
Dollar General Corp.   61,860    15,233,025 
Lululemon Athletica, Inc. (a)   29,277    9,379,765 
Ross Stores, Inc.   146,009    16,947,265 

 

 

 

 

MassMutual Blue Chip Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Starbucks Corp.   296,543   $29,417,065 
The TJX Cos., Inc.   36,158    2,878,177 
Yum China Holdings, Inc.   170,821    9,335,368 
Yum! Brands, Inc.   145,380    18,620,270 
         114,179,021 
         171,806,324 
Consumer, Non-cyclical — 20.7%          
Beverages — 1.9%          
Monster Beverage Corp. (a)   437,861    44,456,027 
Biotechnology — 3.7%          
Illumina, Inc. (a)   100,578    20,336,872 
Regeneron Pharmaceuticals, Inc. (a)   41,446    29,902,874 
Vertex Pharmaceuticals, Inc. (a)   121,756    35,160,698 
         85,400,444 
Commercial Services — 2.4%          
Adyen NV Sponsored ADR (a)   251,418    3,469,568 
Affirm Holdings, Inc. (a) (b)   71,534    691,734 
Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $3,358,253) (a) (c) (d) (e)   881,113    1,788,659 
Block, Inc. (a)   296,009    18,601,206 
Cintas Corp.   6,206    2,802,754 
PayPal Holdings, Inc. (a)   258,887    18,437,932 
S&P Global, Inc.   27,555    9,229,272 
TransUnion   29,591    1,679,289 
         56,700,414 
Health Care – Products — 3.9%          
Align Technology, Inc. (a)   6,965    1,468,919 
Danaher Corp.   80,091    21,257,753 
Intuitive Surgical, Inc. (a)   152,332    40,421,296 
Stryker Corp.   43,409    10,613,066 
Teleflex, Inc.   10,011    2,499,046 
Thermo Fisher Scientific, Inc.   26,068    14,355,387 
         90,615,467 
Health Care – Services — 3.7%          
Elevance Health, Inc.   16,486    8,456,823 
Humana, Inc.   27,815    14,246,565 
UnitedHealth Group, Inc.   121,943    64,651,740 
         87,355,128 
Pharmaceuticals — 5.1%          
AstraZeneca PLC Sponsored ADR   78,129    5,297,146 
Eli Lilly & Co.   86,063    31,485,288 
Novartis AG Sponsored ADR (b)   341,449    30,976,254 
Novo Nordisk A/S Sponsored ADR   157,903    21,370,592 
Roche Holding AG Sponsored ADR   574,688    22,499,035 

 

 

 

 

MassMutual Blue Chip Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Zoetis, Inc.   55,869   $8,187,602 
         119,815,917 
         484,343,397 
Financial — 10.0%          
Banks — 0.7%          
The Goldman Sachs Group, Inc.   47,921    16,455,113 
Diversified Financial Services — 8.2%          
The Charles Schwab Corp.   147,065    12,244,632 
Mastercard, Inc. Class A   115,200    40,058,496 
SEI Investments Co.   315,298    18,381,873 
Visa, Inc. Class A (b)   584,355    121,405,595 
         192,090,596 
Insurance — 1.1%          
Chubb Ltd.   67,862    14,970,357 
Marsh & McLennan Cos., Inc.   58,356    9,656,751 
         24,627,108 
         233,172,817 
Industrial — 4.9%          
Aerospace & Defense — 3.0%          
The Boeing Co. (a)   363,984    69,335,312 
Electronics — 0.1%          
TE Connectivity Ltd.   24,863    2,854,272 
Machinery – Diversified — 0.5%          
Deere & Co.   26,014    11,153,763 
Miscellaneous - Manufacturing — 0.2%          
General Electric Co.   60,048    5,031,422 
Transportation — 1.1%          
Expeditors International of Washington, Inc.   210,069    21,830,371 
Old Dominion Freight Line, Inc.   18,039    5,119,107 
         26,949,478 
         115,324,247 
Technology — 32.2%          
Computers — 5.4%          
Apple, Inc.   951,089    123,574,994 
Crowdstrike Holdings, Inc. Class A (a)   16,538    1,741,286 
Fortinet, Inc. (a)   27,321    1,335,724 
         126,652,004 
Semiconductors — 7.0%          
Advanced Micro Devices, Inc. (a)   175,682    11,378,923 
ASML Holding NV   33,389    18,243,750 
Lam Research Corp.   4,875    2,048,963 

 

 

 

 

MassMutual Blue Chip Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Marvell Technology, Inc.   116,699   $4,322,531 
Monolithic Power Systems, Inc.   19,966    7,060,177 
NVIDIA Corp.   586,910    85,771,027 
QUALCOMM, Inc.   203,352    22,356,519 
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR   57,974    4,318,483 
Texas Instruments, Inc.   54,894    9,069,587 
         164,569,960 
Software — 19.8%          
Atlassian Corp. (a)   39,645    5,101,519 
Autodesk, Inc. (a)   211,854    39,589,157 
Bill.com Holdings, Inc. (a)   47,175    5,140,188 
Canva, Inc. (Acquired 8/16/21-12/17/21, Cost $2,302,739) (a) (c) (d) (e)   1,351    745,482 
Confluent, Inc. Class A (a)   67,084    1,491,948 
Datadog, Inc. Class A (a)   33,508    2,462,838 
Gusto, Inc. (Acquired 10/04/21, Cost $765,943) (a) (c) (d) (e)   26,606    500,991 
Intuit, Inc.   56,229    21,885,451 
Microsoft Corp.   922,085    221,134,425 
MongoDB, Inc. (a)   29,263    5,760,129 
MSCI, Inc.   4,852    2,257,005 
Oracle Corp.   636,945    52,063,884 
Paycom Software, Inc. (a)   5,100    1,582,581 
Roper Technologies, Inc.   25,590    11,057,183 
Salesforce, Inc. (a)   212,695    28,201,230 
ServiceNow, Inc. (a)   76,836    29,833,114 
Snowflake, Inc. Class A (a)   20,161    2,893,910 
Synopsys, Inc. (a)   48,201    15,390,097 
Veeva Systems, Inc. Class A (a)   21,680    3,498,718 
Workday, Inc. Class A (a)   74,125    12,403,336 
         462,993,186 
         754,215,150 
           
TOTAL COMMON STOCK
(Cost $1,933,289,255)		        2,333,074,056 
           
PREFERRED STOCK — 0.1%          
Technology — 0.1%          
Software — 0.1%          
Canva, Inc., Series A (Acquired 11/04/21-12/17/2021, Cost $144,893) (a) (c) (d) (e)   85    46,903 
Canva, Inc., Series A-3 (Acquired 11/04/21-12/17/2021, Cost $17,043) (a) (c) (d) (e)   10    5,518 
Databricks, Inc., Series G (Acquired 2/01/21, Cost $815,183) (a) (c) (d) (e)   13,788    827,280 
Databricks, Inc., Series H (Acquired 8/31/21, Cost $2,202,319) (a) (c) (d) (e)   29,970    1,798,200 
Gusto, Inc., Series E (Acquired 7/13/21, Cost $1,117,484) (a) (c) (d) (e)   36,765    692,285 
         3,370,186 
           
TOTAL PREFERRED STOCK
(Cost $4,296,922)		        3,370,186 
           
TOTAL EQUITIES
(Cost $1,937,586,177)		        2,336,444,242 
           

 

 

 

 

MassMutual Blue Chip Growth Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
BONDS & NOTES — 0.1%          
           
CORPORATE DEBT — 0.1%          
Retail — 0.1%          
Carvana Co. (f)  $3,685,000   $1,731,520 
           
TOTAL CORPORATE DEBT
(Cost $3,685,000)		        1,731,520 
           
TOTAL BONDS & NOTES
(Cost $3,685,000)		        1,731,520 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,941,271,177)		        2,338,175,762 
           
           
  

Number of

Shares

    
SHORT-TERM INVESTMENTS — 1.0%          
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund   102    102 
           
   Principal
Amount		    
Repurchase Agreement — 1.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (g)  $22,109,521   22,109,521 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $22,109,623)		        22,109,623 
           
TOTAL INVESTMENTS — 100.8%
(Cost $1,963,380,800) (h)		        2,360,285,385 
           
Other Assets/(Liabilities) — (0.8)%        (18,495,897) 
           
NET ASSETS — 100.0%       $2,341,789,488 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $6,027,526 or 0.26% of net assets. The Fund received $6,161,668 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Investment is valued using significant unobservable inputs.
(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $6,405,318 or 0.27% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $6,405,318 or 0.27% of net assets.
(f) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $1,731,520 or 0.07% of net assets.
(g) Maturity value of $22,112,665. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $22,551,829.
(h) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Growth Opportunities Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.4%          
           
COMMON STOCK — 97.4%          
Communications — 20.2%          
Internet — 19.5%          
Airbnb, Inc. Class A (a)   37,966   $3,246,093 
Amazon.com, Inc. (a)   184,821    15,524,964 
DoorDash, Inc., Class A (a)   47,953    2,341,066 
Match Group, Inc. (a)   113,293    4,700,527 
Netflix, Inc. (a)   18,572    5,476,511 
Sea Ltd. ADR (a)   40,613    2,113,094 
Shopify, Inc. Class A (a)   126,013    4,373,911 
Uber Technologies, Inc. (a)   329,712    8,153,778 
         45,929,944 
Media — 0.7%          
Charter Communications, Inc. Class A (a)   4,926    1,670,406 
         47,600,350 
Consumer, Cyclical — 5.7%          
Apparel — 2.1%          
NIKE, Inc. Class B   42,885    5,017,974 
Distribution & Wholesale — 0.8%          
Copart, Inc. (a)   31,398    1,911,824 
Entertainment — 1.6%          
Warner Music Group Corp. Class A   110,511    3,870,095 
Retail — 1.2%          
Floor & Decor Holdings, Inc. Class A (a)   39,353    2,740,150 
         13,540,043 
Consumer, Non-cyclical — 21.2%          
Biotechnology — 1.2%          
Sarepta Therapeutics, Inc. (a)   22,176    2,873,566 
Commercial Services — 6.8%          
Block, Inc. (a)   96,297    6,051,304 
CoStar Group, Inc. (a)   79,740    6,162,307 
S&P Global, Inc.   11,129    3,727,547 
         15,941,158 
Health Care – Products — 9.2%          
10X Genomics, Inc. Class A (a)   34,306    1,250,111 
Align Technology, Inc. (a)   23,502    4,956,572 
Danaher Corp.   14,079    3,736,848 

 

 

 

 

MassMutual Growth Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Edwards Lifesciences Corp. (a)   93,219   $6,955,069 
Intuitive Surgical, Inc. (a)   17,769    4,715,004 
         21,613,604 
Pharmaceuticals — 4.0%          
DexCom, Inc. (a)   83,453    9,450,218 
         49,878,546 
Financial — 15.7%          
Diversified Financial Services — 14.4%          
CME Group, Inc.   28,812    4,845,026 
Mastercard, Inc. Class A   27,921    9,708,970 
Visa, Inc. Class A   93,920    19,512,819 
         34,066,815 
Private Equity — 1.3%          
KKR & Co., Inc.   65,607    3,045,477 
         37,112,292 
Industrial — 6.8%          
Aerospace & Defense — 2.5%          
The Boeing Co. (a)   31,286    5,959,670 
Environmental Controls — 1.9%          
Waste Management, Inc.   28,444    4,462,295 
Transportation — 2.4%          
Canadian Pacific Railway Ltd. (b)   74,454    5,553,524 
         15,975,489 
Technology — 27.8%          
Semiconductors — 4.8%          
Advanced Micro Devices, Inc. (a)   41,134    2,664,249 
Lam Research Corp.   8,366    3,516,230 
NVIDIA Corp.   34,819    5,088,449 
         11,268,928 
Software — 23.0%          
Atlassian Corp. (a)   29,815    3,836,594 
Cloudflare, Inc. Class A (a)   68,127    3,080,022 
Coupa Software, Inc. (a)   31,461    2,490,767 
Datadog, Inc. Class A (a)   64,739    4,758,316 
Intuit, Inc.   12,398    4,825,550 
Microsoft Corp.   58,729    14,084,389 
ServiceNow, Inc. (a)   33,931    13,174,389 
Snowflake, Inc. Class A (a)   24,907    3,575,151 

 

 

 

 

MassMutual Growth Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Veeva Systems, Inc. Class A (a)   26,535   $4,282,218 
         54,107,396 
         65,376,324 
           
TOTAL COMMON STOCK
(Cost $258,375,726)		        229,483,044 
           
TOTAL EQUITIES
(Cost $258,375,726)		        229,483,044 
           
           
MUTUAL FUNDS — 2.4%          
Diversified Financial Services — 2.4%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   5,620,311    5,620,311 
           
TOTAL MUTUAL FUNDS
(Cost $5,620,311)		        5,620,311 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $263,996,037)		        235,103,355 
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 2.7%          
Repurchase Agreement — 2.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d)  $6,321,528   $6,321,528 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,321,528)		        6,321,528 
           
TOTAL INVESTMENTS — 102.5%
(Cost $270,317,565) (e)		        241,424,883 
           
Other Assets/(Liabilities) — (2.5)%        (5,992,985) 
           
NET ASSETS — 100.0%       $235,431,898 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $5,497,954 or 2.34% of net assets. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $6,322,427. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 3.000%, maturity dates ranging from 6/29/23 - 6/30/24, and an aggregate market value, including accrued interest, of $6,448,078.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.1%          
           
COMMON STOCK — 96.7%          
Basic Materials — 3.4%          
Chemicals — 2.6%          
Akzo Nobel NV   6,193   $413,234 
Axalta Coating Systems Ltd. (a)   14,214    362,031 
CF Industries Holdings, Inc.   151    12,865 
Huntsman Corp.   1,047    28,772 
LyondellBasell Industries NV Class A   7,600    631,028 
The Mosaic Co.   9,300    407,991 
Olin Corp.   18,663    988,019 
         2,843,940 
Forest Products & Paper — 0.0%          
Mondi PLC   2,711    46,042 
Iron & Steel — 0.8%          
Cleveland-Cliffs, Inc. (a)   16,900    272,259 
United States Steel Corp.   22,104    553,705 
         825,964 
         3,715,946 
Communications — 8.3%          
Advertising — 0.3%          
Omnicom Group, Inc.   4,045    329,951 
Internet — 1.9%          
eBay, Inc.   12,462    516,799 
F5, Inc. (a)   3,017    432,970 
GoDaddy, Inc. Class A (a)   7,165    536,085 
IAC, Inc. (a)   13,700    608,280 
         2,094,134 
Media — 5.1%          
Altice USA, Inc. Class A (a)   50,800    233,680 
DISH Network Corp. Class A (a)   39,100    548,964 
Fox Corp. Class A   33,835    1,027,569 
Fox Corp. Class B   15,542    442,170 
Liberty Broadband Corp. Class C (a)   13,100    999,137 
Liberty Global PLC Class A (a)   35,600    673,908 
Liberty Media Corp-Liberty SiriusXM Class C (a)   20,100    786,513 
News Corp. Class A   26,300    478,660 
Warner Bros Discovery, Inc. (a)   52,427    497,008 
         5,687,609 

 

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Telecommunications — 1.0%          
Corning, Inc.   23,405   $747,556 
Juniper Networks, Inc.   10,016    320,111 
         1,067,667 
         9,179,361 
Consumer, Cyclical — 8.7%          
Airlines — 1.6%          
Alaska Air Group, Inc. (a)   672    28,856 
Southwest Airlines Co. (a)   35,801    1,205,419 
United Airlines Holdings, Inc. (a)   14,110    531,947 
         1,766,222 
Apparel — 0.5%          
Tapestry, Inc.   13,342    508,063 
Auto Manufacturers — 0.2%          
Cummins, Inc.   913    221,211 
Auto Parts & Equipment — 0.9%          
Aptiv PLC (a)   1,800    167,634 
BorgWarner, Inc.   14,828    596,827 
Cie Generale des Etablissements Michelin SCA   7,877    219,035 
         983,496 
Distribution & Wholesale — 0.7%          
LKQ Corp.   14,400    769,104 
Food Services — 0.3%          
Sodexo SA   3,810    364,475 
Home Builders — 0.0%          
Thor Industries, Inc. (b)   283    21,364 
Lodging — 0.1%          
Boyd Gaming Corp.   1,311    71,489 
Retail — 4.4%          
Advance Auto Parts, Inc.   6,336    931,582 
Bath & Body Works, Inc.   12,076    508,883 
Beacon Roofing Supply, Inc. (a)   4,025    212,480 
Best Buy Co., Inc.   6,517    522,728 
Dollar Tree, Inc. (a)   8,895    1,258,109 
Macy's, Inc.   14,624    301,986 
MSC Industrial Direct Co., Inc. Class A   6,588    538,239 
Ross Stores, Inc.   3,900    452,673 
Williams-Sonoma, Inc.   1,003    115,265 
         4,841,945 
         9,547,369 
Consumer, Non-cyclical — 18.8%          
Agriculture — 0.0%          
Archer-Daniels-Midland Co.   205    19,034 

 

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Beverages — 0.6%          
Molson Coors Beverage Co. Class B   12,900   $664,608 
Biotechnology — 0.8%          
Bio-Rad Laboratories, Inc. Class A (a)   1,700    714,833 
Incyte Corp. (a)   1,815    145,781 
         860,614 
Commercial Services — 1.4%          
FleetCor Technologies, Inc. (a)   4,400    808,192 
Gartner, Inc. (a)   48    16,134 
Global Payments, Inc.   7,000    695,240 
ManpowerGroup, Inc.   275    22,883 
         1,542,449 
Cosmetics & Personal Care — 0.0%          
Coty, Inc. Class A (a)   1,719    14,714 
Food — 3.9%          
Campbell Soup Co.   9,816    557,058 
Conagra Brands, Inc.   18,657    722,026 
The J.M. Smucker Co.   2,621    415,324 
Kellogg Co.   602    42,887 
Koninklijke Ahold Delhaize NV   25,352    728,461 
The Kraft Heinz Co.   8,500    346,035 
The Kroger Co.   14,673    654,122 
Post Holdings, Inc. (a)   9,100    821,366 
         4,287,279 
Health Care – Products — 3.4%          
Baxter International, Inc.   3,825    194,960 
Dentsply Sirona, Inc.   8,329    265,196 
Envista Holdings Corp. (a)   5,472    184,242 
Hologic, Inc. (a)   11,142    833,533 
Koninklijke Philips NV   35,100    526,149 
QIAGEN NV (a)   11,270    562,035 
Zimmer Biomet Holdings, Inc.   9,344    1,191,360 
         3,757,475 
Health Care – Services — 4.1%          
Centene Corp. (a)   6,600    541,266 
Encompass Health Corp.   532    31,819 
HCA Healthcare, Inc.   450    107,982 
IQVIA Holdings, Inc. (a)   78    15,981 
Laboratory Corp. of America Holdings   7,709    1,815,315 
Molina Healthcare, Inc. (a)   911    300,831 
Quest Diagnostics, Inc.   7,268    1,137,006 
Universal Health Services, Inc. Class B   4,230    595,965 
         4,546,165 
Household Products & Wares — 0.5%          
Kimberly-Clark Corp.   4,272    579,924 
Pharmaceuticals — 4.1%          
AmerisourceBergen Corp.   7,519    1,245,973 

 

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Becton Dickinson and Co.   667   $169,618 
Cardinal Health, Inc.   10,123    778,155 
Embecta Corp.   10,861    274,675 
Henry Schein, Inc. (a)   7,955    635,366 
Jazz Pharmaceuticals PLC (a)   1,966    313,203 
Organon & Co.   6,700    187,131 
Perrigo Co. PLC   25,700    876,113 
Premier, Inc. Class A   625    21,863 
         4,502,097 
         20,774,359 
Energy — 5.5%          
Oil & Gas — 3.4%          
APA Corp.   14,340    669,391 
Chesapeake Energy Corp.   5,600    528,472 
Devon Energy Corp.   3,710    228,202 
Diamondback Energy, Inc.   4,352    595,267 
EQT Corp.   13,884    469,696 
HF Sinclair Corp.   7,373    382,585 
Marathon Oil Corp.   24,403    660,589 
Phillips 66   1,424    148,210 
Range Resources Corp.   2,320    58,046 
         3,740,458 
Oil & Gas Services — 0.4%          
Baker Hughes Co.   13,005    384,038 
Pipelines — 1.7%          
Enterprise Products Partners LP (c)   20,086    484,474 
Kinder Morgan, Inc.   36,100    652,688 
The Williams Cos., Inc.   23,700    779,730 
         1,916,892 
         6,041,388 
Financial — 25.3%          
Banks — 7.9%          
The Bank of New York Mellon Corp.   37,017    1,685,014 
Bank OZK   598    23,956 
Comerica, Inc.   6,723    449,432 
East West Bancorp, Inc.   7,513    495,107 
First Citizens BancShares, Inc. Class A   994    753,810 
First Hawaiian, Inc.   23,139    602,540 
First Republic Bank   5,554    676,977 
KeyCorp.   33,807    588,918 
Northern Trust Corp.   12,130    1,073,384 
Prosperity Bancshares, Inc.   7,014    509,777 
Regions Financial Corp.   28,243    608,919 
Truist Financial Corp.   15,359    660,898 
US Bancorp   9,377    408,931 
Westamerica Bancorp.   2,922    172,427 
         8,710,090 

 

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Diversified Financial Services — 2.2%          
Affiliated Managers Group, Inc.   1,872   $296,581 
Ally Financial, Inc.   22,850    558,683 
Ameriprise Financial, Inc.   2,378    740,438 
Stifel Financial Corp.   3,858    225,191 
T. Rowe Price Group, Inc.   5,239    571,365 
         2,392,258 
Insurance — 7.3%          
Aflac, Inc.   3,646    262,293 
The Allstate Corp.   11,482    1,556,959 
American Financial Group, Inc.   3,254    446,709 
Arch Capital Group Ltd. (a)   10,700    671,746 
Axis Capital Holdings Ltd.   409    22,156 
Chubb Ltd.   487    107,432 
Equitable Holdings, Inc.   1,120    32,144 
Fidelity National Financial, Inc.   19,962    750,970 
The Hanover Insurance Group, Inc.   2,471    333,906 
The Hartford Financial Services Group, Inc.   8,885    673,750 
Loews Corp.   5,400    314,982 
Markel Corp. (a)   500    658,745 
Old Republic International Corp.   18,000    434,700 
Reinsurance Group of America, Inc.   6,684    949,730 
Voya Financial, Inc.   516    31,729 
Willis Towers Watson PLC   3,487    852,850 
         8,100,801 
Private Equity — 0.3%          
The Carlyle Group, Inc.   11,190    333,910 
Real Estate — 0.6%          
CBRE Group, Inc. Class A (a)   7,972    613,525 
Real Estate Investment Trusts (REITS) — 6.9%          
Annaly Capital Management, Inc.   23,150    488,002 
AvalonBay Communities, Inc.   3,652    589,871 
Camden Property Trust   4,793    536,241 
Equinix, Inc.   716    469,002 
Equity Residential   9,802    578,318 
Essex Property Trust, Inc.   1,965    416,423 
First Industrial Realty Trust, Inc.   694    33,492 
Gaming and Leisure Properties, Inc.   8,500    442,765 
Healthpeak Properties, Inc.   22,692    568,888 
JBG SMITH Properties   28,743    545,542 
Mid-America Apartment Communities, Inc.   3,655    573,798 
Prologis, Inc.   138    15,557 
Public Storage   1,189    333,146 
Realty Income Corp.   8,573    543,785 
Regency Centers Corp.   16,346    1,021,625 
VICI Properties, Inc.   3,457    112,007 
Weyerhaeuser Co.   3,507    108,717 
WP Carey, Inc.   2,786    217,726 
         7,594,905 
Savings & Loans — 0.1%          
Capitol Federal Financial, Inc.   17,778    153,780 

 

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
        $27,899,269 
Industrial — 12.8%          
Building Materials — 1.7%          
Builders FirstSource, Inc. (a)   4,500   $291,960 
Cie de Saint-Gobain   8,235    404,287 
Louisiana-Pacific Corp.   7,263    429,970 
Masco Corp.   9,409    439,118 
Owens Corning   3,507    299,147 
         1,864,482 
Electrical Components & Equipment — 0.8%          
Emerson Electric Co.   5,915    568,195 
Legrand SA   3,909    314,742 
         882,937 
Electronics — 2.4%          
Atkore, Inc. (a)   1,513    171,604 
Flex Ltd. (a)   17,700    379,842 
Hubbell, Inc.   2,297    539,060 
nVent Electric PLC   17,547    675,033 
TE Connectivity Ltd.   3,622    415,806 
Vontier Corp.   24,002    463,959 
         2,645,304 
Engineering & Construction — 0.4%          
Vinci SA   4,164    415,880 
Environmental Controls — 0.2%          
Republic Services, Inc.   1,346    173,620 
Tetra Tech, Inc.   166    24,102 
         197,722 
Machinery – Construction & Mining — 0.8%          
Oshkosh Corp.   10,794    951,923 
Machinery – Diversified — 0.5%          
CNH Industrial NV   19,000    305,140 
IMI PLC   18,850    293,413 
         598,553 
Miscellaneous - Manufacturing — 0.9%          
A.O. Smith Corp.   6,160    352,598 
Textron, Inc.   8,926    631,961 
         984,559 
Packaging & Containers — 2.4%          
Amcor PLC   30,628    364,780 
Graphic Packaging Holding Co.   27,000    600,750 
Packaging Corp. of America   4,848    620,108 
Sealed Air Corp.   7,464    372,304 
Sonoco Products Co.   3,578    217,220 

 

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
WestRock Co.   13,281   $466,960 
         2,642,122 
Shipbuilding — 1.2%          
Huntington Ingalls Industries, Inc.   5,604    1,292,731 
Transportation — 1.5%          
Expeditors International of Washington, Inc.   5,800    602,736 
FedEx Corp.   3,200    554,240 
Heartland Express, Inc.   16,793    257,604 
Kirby Corp. (a)   318    20,463 
Knight-Swift Transportation Holdings, Inc.   819    42,924 
Ryder System, Inc.   1,979    165,385 
XPO, Inc. (a)   516    17,178 
         1,660,530 
         14,136,743 
Technology — 3.6%          
Computers — 2.4%          
Amdocs Ltd.   4,715    428,593 
DXC Technology Co. (a)   9,251    245,152 
Hewlett Packard Enterprise Co.   37,815    603,527 
HP, Inc.   30,886    829,907 
Western Digital Corp. (a)   15,766    497,417 
         2,604,596 
Semiconductors — 0.4%          
Applied Materials, Inc.   1,803    175,576 
Teradyne, Inc.   3,008    262,749 
         438,325 
Software — 0.8%          
Cadence Design Systems, Inc. (a)   106    17,028 
DocuSign, Inc. (a)   61    3,381 
Dropbox, Inc. Class A (a)   736    16,472 
Electronic Arts, Inc.   6,935    847,318 
Manhattan Associates, Inc. (a)   229    27,800 
Synopsys, Inc. (a)   54    17,242 
Teradata Corp. (a)   409    13,767 
         943,008 
         3,985,929 
Utilities — 10.3%          
Electric — 8.4%          
CenterPoint Energy, Inc.   18,900    566,811 
Consolidated Edison, Inc.   6,634    632,287 
DTE Energy Co.   5,428    637,953 
Duke Energy Corp.   4,155    427,923 
Edison International   23,423    1,490,171 
Evergy, Inc.   14,712    925,826 
Eversource Energy   10,542    883,841 
Exelon Corp.   9,900    427,977 

 

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
NorthWestern Corp.   10,403   $617,314 
OGE Energy Corp.   17,100    676,305 
PG&E Corp. (a)   36,745    597,474 
Pinnacle West Capital Corp.   4,212    320,280 
Vistra Corp.   28,200    654,240 
Xcel Energy, Inc.   5,514    386,587 
         9,244,989 
Gas — 1.9%          
Atmos Energy Corp.   899    100,751 
NiSource, Inc.   27,100    743,082 
Spire, Inc.   11,260    775,364 
UGI Corp.   12,800    474,496 
         2,093,693 
         11,338,682 
           
TOTAL COMMON STOCK
(Cost $109,483,432)		        106,619,046 
           
PREFERRED STOCK — 0.4%          
Consumer, Non-cyclical — 0.4%          
Household Products & Wares — 0.4%          
Henkel AG & Co. KGaA 2.84%   5,707    397,287 
           
TOTAL PREFERRED STOCK
(Cost $371,512)		        397,287 
           
TOTAL EQUITIES
(Cost $109,854,944)		        107,016,333 
           
           
MUTUAL FUNDS — 0.4%          
Diversified Financial Services — 0.4%          
iShares Russell Mid-Cap Value ETF (b)   4,395    462,969 
           
TOTAL MUTUAL FUNDS
(Cost $433,385)		        462,969 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $110,288,329)		        107,479,302 
           
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 2.4%          
Repurchase Agreement — 2.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d)  $2,617,871   $2,617,871 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,617,871)		        2,617,871 
           

 

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TOTAL INVESTMENTS — 99.9%
(Cost $112,906,200) (e)		       $110,097,173 
           
Other Assets/(Liabilities) — 0.1%        127,561 
           
NET ASSETS — 100.0%       $110,224,734 

 

Abbreviation Legend

ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $204,697 or 0.19% of net assets. The Fund received $209,338 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Security is a Master Limited Partnership.
(d) Maturity value of $2,618,244. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 6/29/23 - 5/15/28, and an aggregate market value, including accrued interest, of $2,670,350.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  3/31/23  GBP  34,026   USD  41,194   $28 
Bank of America N.A.  3/31/23  USD  339,185   GBP  278,220    2,114 
JP Morgan Chase Bank N.A.  3/31/23  USD  2,798,880   EUR  2,614,181    (16,160) 
UBS AG  3/31/23  NOK  233,181   USD  23,744    148 
UBS AG  3/31/23  USD  23,635   NOK  233,181    (257)
                    $(14,127)

 

Currency Legend

EUR Euro
GBP British Pound
NOK Norwegian Krone
USD U.S. Dollar

 

 

 

MassMutual Small Cap Value Equity Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.1%          
           
COMMON STOCK — 97.1%          
Basic Materials — 8.4%          
Chemicals — 4.6%          
Axalta Coating Systems Ltd. (a)   12,585   $320,540 
Cabot Corp.   10,529    703,758 
Element Solutions, Inc.   25,645    466,482 
H.B. Fuller Co.   4,314    308,969 
Mativ Holdings, Inc.   18,492    386,483 
Orion Engineered Carbons SA   12,643    225,172 
         2,411,404 
Iron & Steel — 2.0%          
ATI, Inc. (a)   34,284    1,023,720 
Mining — 1.8%          
Ferroglobe PLC (a)   46,530    179,141 
Kaiser Aluminum Corp.   9,549    725,342 
         904,483 
         4,339,607 
Communications — 4.3%          
Internet — 2.2%          
ePlus, Inc. (a)   6,123    271,126 
Perficient, Inc. (a)   2,676    186,865 
Shutterstock, Inc.   6,541    344,842 
Ziff Davis, Inc. (a)   4,439    351,125 
         1,153,958 
Media — 0.3%          
WideOpenWest, Inc. (a)   17,150    156,237 
Telecommunications — 1.8%          
Ciena Corp. (a)   8,815    449,388 
Infinera Corp. (a) (b)   71,997    485,260 
         934,648 
         2,244,843 
Consumer, Cyclical — 12.2%          
Apparel — 1.6%          
Deckers Outdoor Corp. (a)   944    376,807 
Kontoor Brands, Inc.   10,779    431,052 
         807,859 

 

 

 

 

MassMutual Small Cap Value Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Auto Parts & Equipment — 5.1%          
Adient PLC (a)   22,039   $764,533 
American Axle & Manufacturing Holdings, Inc. (a)   80,078    626,210 
Gentherm, Inc. (a)   14,771    964,399 
Visteon Corp. (a)   2,494    326,290 
         2,681,432 
Food Services — 1.1%          
Aramark   14,235    588,475 
Home Builders — 1.3%          
Century Communities, Inc.   6,862    343,168 
TRI Pointe Homes, Inc. (a)   19,037    353,898 
         697,066 
Home Furnishing — 0.3%          
Sonos, Inc. (a)   10,010    169,169 
Lodging — 0.5%          
Wyndham Hotels & Resorts, Inc.   3,474    247,731 
Office Furnishings — 0.8%          
Interface, Inc.   40,895    403,634 
Retail — 0.7%          
Five Below, Inc. (a)   2,068    365,767 
Textiles — 0.8%          
UniFirst Corp.   2,108    406,823 
         6,367,956 
Consumer, Non-cyclical — 13.5%          
Agriculture — 1.6%          
Darling Ingredients, Inc. (a)   13,223    827,628 
Beverages — 0.5%          
C&C Group PLC (a)   125,006    263,965 
Commercial Services — 4.5%          
BrightView Holdings, Inc. (a)   26,567    183,047 
Huron Consulting Group, Inc. (a)   5,456    396,106 
ICF International, Inc.   2,771    274,467 
Monro, Inc.   8,686    392,607 
Sterling Check Corp. (a)   15,851    245,215 
WillScot Mobile Mini Holdings Corp. (a)   19,101    862,792 
         2,354,234 
Food — 2.3%          
Cranswick PLC   6,218    231,393 
Post Holdings, Inc. (a)   2,739    247,222 
SunOpta, Inc. (a)   50,447    425,773 
United Natural Foods, Inc. (a)   8,222    318,274 
         1,222,662 

 

 

 

 

MassMutual Small Cap Value Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Health Care – Products — 2.7%          
Azenta, Inc.   7,592   $442,006 
Haemonetics Corp. (a)   3,984   313,341 
ICU Medical, Inc. (a)   2,365    372,440 
Integra LifeSciences Holdings Corp. (a)   5,282    296,162 
         1,423,950 
Health Care – Services — 0.5%          
Syneos Health, Inc. (a)   6,421    235,522 
Household Products & Wares — 1.0%          
ACCO Brands Corp.   38,146    213,236 
Spectrum Brands Holdings, Inc.   4,707    286,751 
         499,987 
Pharmaceuticals — 0.4%          
Owens & Minor, Inc.   11,304    220,767 
         7,048,714 
Energy — 2.2%          
Oil & Gas — 1.3%          
Chord Energy Corp.   2,463    336,963 
Sitio Royalties Corp. Class A (a)   12,609    363,774 
         700,737 
Oil & Gas Services — 0.9%          
NOW, Inc. (a)   35,263    447,840 
         1,148,577 
Financial — 22.8%          
Banks — 11.9%          
Cadence Bank   12,313    303,638 
Eastern Bankshares, Inc.   18,848    325,128 
First Citizens BancShares, Inc. Class A   564    427,715 
First Interstate BancSystem, Inc. Class A   7,701    297,644 
Hancock Whitney Corp.   8,271    400,234 
International Bancshares Corp.   6,989    319,816 
OFG Bancorp   32,080    884,125 
Old National Bancorp   43,099    774,920 
Seacoast Banking Corp. of Florida   10,720    334,357 
Synovus Financial Corp.   8,426    316,396 
Texas Capital Bancshares, Inc. (a)   14,448    871,359 
Umpqua Holdings Corp.   37,222    664,413 
Webster Financial Corp.   6,111    289,295 
         6,209,040 
Diversified Financial Services — 1.1%          
Air Lease Corp.   10,196    391,730 
Houlihan Lokey, Inc.   1,804    157,237 
         548,967 
Insurance — 4.7%          
Assured Guaranty Ltd.   5,373    334,523 

 

 

 

 

MassMutual Small Cap Value Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Kemper Corp.   9,179   $451,607 
NMI Holdings, Inc. Class A (a)   15,077    315,109 
ProAssurance Corp.   18,846    329,239 
Reinsurance Group of America, Inc.   3,376    479,696 
SiriusPoint Ltd. (a)   32,703    192,948 
White Mountains Insurance Group Ltd.   250    353,582 
         2,456,704 
Real Estate — 0.5%          
Alexander & Baldwin, Inc.   14,404    269,787 
Real Estate Investment Trusts (REITS) — 4.0%          
Centerspace   4,997    293,174 
Kimco Realty Corp.   11,140    235,945 
LXP Industrial Trust   21,230    212,725 
Pebblebrook Hotel Trust (b)   23,033    308,412 
Phillips Edison & Co., Inc.   10,516    334,829 
PotlatchDeltic Corp.   7,119    313,165 
RPT Realty   38,597    387,514 
         2,085,764 
Savings & Loans — 0.6%          
Banc of California, Inc.   19,781    315,111 
         11,885,373 
Industrial — 23.4%          
Aerospace & Defense — 0.6%          
Hexcel Corp.   4,812    283,186 
Building Materials — 4.4%          
American Woodmark Corp. (a)   5,277    257,834 
Apogee Enterprises, Inc.   15,918    707,714 
The AZEK Co., Inc (a)   7,150    145,288 
Fortune Brands Innovations, Inc.   4,260    243,289 
Gibraltar Industries, Inc. (a)   15,427    707,791 
Masonite International Corp. (a)   3,064    246,989 
         2,308,905 
Electrical Components & Equipment — 0.8%          
Belden, Inc.   5,478    393,868 
Electronics — 3.6%          
Brady Corp. Class A   2,600    122,460 
Coherent Corp. (a)   18,366    644,647 
CTS Corp.   8,064    317,883 
FARO Technologies, Inc. (a)   7,346    216,046 
National Instruments Corp.   8,656    319,406 
Vishay Precision Group, Inc. (a)   6,367    246,084 
         1,866,526 
Environmental Controls — 1.4%          
Clean Harbors, Inc. (a)   2,472    282,105 
Harsco Corp. (a)   68,079    428,217 
         710,322 

 

 

 

 

MassMutual Small Cap Value Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Hand & Machine Tools — 3.2%          
Enerpac Tool Group Corp.   35,508   $903,679 
Kennametal, Inc.   23,264    559,732 
Luxfer Holdings PLC   16,236    222,758 
         1,686,169 
Machinery – Diversified — 0.5%          
Thermon Group Holdings, Inc. (a)   12,773    256,482 
Metal Fabricate & Hardware — 0.7%          
Standex International Corp.   3,672    376,050 
Miscellaneous - Manufacturing — 1.3%          
John Bean Technologies Corp.   2,757    251,797 
Materion Corp.   4,652    407,096 
         658,893 
Packaging & Containers — 1.9%          
Sealed Air Corp.   9,575    477,601 
TriMas Corp.   18,749    520,097 
         997,698 
Transportation — 2.8%          
Air Transport Services Group, Inc. (a)   30,611    795,274 
Kirby Corp. (a)   10,529    677,541 
         1,472,815 
Trucking & Leasing — 2.2%          
GATX Corp.   3,418    363,470 
The Greenbrier Cos., Inc.   23,753    796,438 
         1,159,908 
         12,170,822 
Technology — 8.5%          
Computers — 3.6%          
Science Applications International Corp.   2,960    328,353 
Super Micro Computer, Inc. (a)   14,205    1,166,230 
WNS Holdings Ltd. ADR (a)   4,937    394,911 
         1,889,494 
Semiconductors — 2.5%          
Cohu, Inc. (a)   18,856    604,335 
Diodes, Inc. (a)   7,591    577,978 
Onto Innovation, Inc. (a)   1,398    95,190 
         1,277,503 

 

 

 

 

MassMutual Small Cap Value Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Software — 2.4%          
ACI Worldwide, Inc. (a)   16,945   $389,735 
Concentrix Corp.   3,037    404,407 
Progress Software Corp.   9,437    476,097 
         1,270,239 
         4,437,236 
Utilities — 1.8%          
Electric — 0.5%          
Portland General Electric Co.   5,458    267,442 
Gas — 1.3%          
New Jersey Resources Corp.   5,722    283,926 
Spire, Inc.   2,676    184,269 
UGI Corp.   5,395    199,993 
         668,188 
         935,630 
           
TOTAL COMMON STOCK
(Cost $45,155,346)		        50,578,758 
           
TOTAL EQUITIES
(Cost $45,155,346)		        50,578,758 
           
MUTUAL FUNDS — 0.9%          
Diversified Financial Services — 0.9%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   452,296    452,296 
           
TOTAL MUTUAL FUNDS
(Cost $452,296)		        452,296 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $45,607,642)		        51,031,054 
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 2.9%          
Repurchase Agreement — 2.9%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d)  $1,532,239   $1,532,239 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,532,239)		        1,532,239 
           
TOTAL INVESTMENTS — 100.9%
(Cost $47,139,881) (e)		        52,563,293 
           
Other Assets/(Liabilities) — (0.9)%        (452,257) 
           
NET ASSETS — 100.0%       $52,111,036 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $766,535 or 1.47% of net assets. The Fund received $336,401 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $1,532,457. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,563,044.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.4%          
           
COMMON STOCK — 99.4%          
Basic Materials — 3.6%          
Chemicals — 2.3%          
AdvanSix, Inc.   41,060   $1,561,101 
Element Solutions, Inc.   16,536    300,790 
H.B. Fuller Co.   19,640    1,406,617 
Innospec, Inc.   7,830    805,394 
Minerals Technologies, Inc.   12,669    769,261 
         4,843,163 
Iron & Steel — 1.3%          
ATI, Inc. (a)   64,310    1,920,297 
Haynes International, Inc.   18,880    862,627 
         2,782,924 
         7,626,087 
Communications — 2.3%          
Advertising — 0.2%          
Entravision Communications Corp. Class A   100,460    482,208 
Internet — 0.8%          
Criteo SA Sponsored ADR (a)   63,861    1,664,218 
Solo Brands, Inc. Class A (a)   33,845    125,903 
         1,790,121 
Media — 0.3%          
Cable One, Inc.   725    516,098 
Townsquare Media, Inc. Class A (a)   11,915    86,384 
         602,482 
Telecommunications — 1.0%          
A10 Networks, Inc.   88,149    1,465,918 
Casa Systems, Inc. (a)   203,780    556,320 
         2,022,238 
         4,897,049 
Consumer, Cyclical — 18.7%          
Airlines — 0.7%          
Alaska Air Group, Inc. (a)   36,590    1,571,175 
Apparel — 0.7%          
Tapestry, Inc.   36,253    1,380,514 

 

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Auto Manufacturers — 1.3%          
Blue Bird Corp. (a)   81,556   $873,465 
REV Group, Inc.   144,380    1,822,075 
         2,695,540 
Auto Parts & Equipment — 2.6%          
Dana, Inc.   92,286    1,396,287 
The Goodyear Tire & Rubber Co. (a)   174,550    1,771,682 
The Shyft Group, Inc.   91,738    2,280,607 
         5,448,576 
Distribution & Wholesale — 1.2%          
A-Mark Precious Metals, Inc.   16,449    571,274 
H&E Equipment Services, Inc.   33,858    1,537,153 
KAR Auction Services, Inc. (a)   37,063    483,672 
         2,592,099 
Entertainment — 1.6%          
Accel Entertainment, Inc. (a)   52,142    401,493 
IMAX Corp. (a)   89,000    1,304,740 
Penn Entertainment, Inc. (a)   9,407    279,388 
Six Flags Entertainment Corp. (a)   62,630    1,456,148 
         3,441,769 
Home Builders — 2.6%          
KB Home   56,280    1,792,518 
Skyline Champion Corp. (a)   27,315    1,406,996 
Taylor Morrison Home Corp. (a)   79,184    2,403,234 
         5,602,748 
Home Furnishing — 0.1%          
Vizio Holding Corp. Class A (a)   20,573    152,446 
Leisure Time — 0.9%          
Brunswick Corp.   18,519    1,334,849 
Malibu Boats, Inc. Class A (a)   12,732    678,616 
         2,013,465 
Lodging — 0.9%          
Boyd Gaming Corp.   5,695    310,549 
Hilton Grand Vacations, Inc. (a)   39,580    1,525,413 
         1,835,962 
Retail — 6.1%          
Beacon Roofing Supply, Inc. (a)   25,379    1,339,757 
Citi Trends, Inc. (a)   43,009    1,138,878 
Dave & Buster's Entertainment, Inc. (a)   20,138    713,691 
Dine Brands Global, Inc.   25,708    1,660,737 
Genesco, Inc. (a)   30,560    1,406,371 
GMS, Inc. (a)   17,759    884,398 
MarineMax, Inc. (a)   20,285    633,298 
OneWater Marine, Inc. Class A (a)   18,531    529,987 
Papa John's International, Inc.   18,380    1,512,858 

 

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Penske Automotive Group, Inc.   5,877   $675,444 
Red Robin Gourmet Burgers, Inc. (a) (b)   20,554    114,691 
RH (a) (b)   1,026    274,137 
Sally Beauty Holdings, Inc. (a)   166,960    2,090,339 
         12,974,586 
         39,708,880 
Consumer, Non-cyclical — 12.4%          
Commercial Services — 5.0%          
Adtalem Global Education, Inc. (a)   44,759    1,588,945 
AMN Healthcare Services, Inc. (a)   1,188    122,150 
Barrett Business Services, Inc.   3,886    362,486 
The Brink's Co.   22,183    1,191,449 
Deluxe Corp.   29,878    507,328 
Euronet Worldwide, Inc. (a)   4,365    411,969 
EVERTEC, Inc.   44,898    1,453,797 
Herc Holdings, Inc.   16,284    2,142,486 
Korn Ferry   48,619    2,461,094 
Loomis AB   15,068    412,754 
         10,654,458 
Cosmetics & Personal Care — 0.6%          
Edgewell Personal Care Co.   30,899    1,190,847 
Food — 1.6%          
The Hain Celestial Group, Inc. (a)   87,244    1,411,608 
Nomad Foods Ltd. (a)   120,248    2,073,075 
         3,484,683 
Health Care – Products — 1.8%          
Envista Holdings Corp. (a)   39,720    1,337,372 
Integra LifeSciences Holdings Corp. (a)   41,600    2,332,512 
Zimvie, Inc. (a)   11,847    110,651 
         3,780,535 
Health Care – Services — 2.1%          
Acadia Healthcare Co., Inc. (a)   25,210    2,075,287 
Pediatrix Medical Group, Inc. (a)   94,880    1,409,917 
Syneos Health, Inc. (a)   23,960    878,853 
         4,364,057 
Household Products & Wares — 0.7%          
Spectrum Brands Holdings, Inc.   26,055    1,587,271 
Pharmaceuticals — 0.6%          
Embecta Corp.   16,821    425,403 
Patterson Cos., Inc.   29,581    829,156 
         1,254,559 
         26,316,410 

 

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Energy — 3.8%          
Energy – Alternate Sources — 0.3%          
Enviva, Inc. (b)   11,562   $612,439 
Oil & Gas — 3.0%          
Earthstone Energy, Inc. Class A (a)   16,170    230,099 
Helmerich & Payne, Inc.   45,590    2,259,897 
HF Sinclair Corp.   29,980    1,555,662 
Magnolia Oil & Gas Corp. Class A   97,320    2,282,154 
         6,327,812 
Oil & Gas Services — 0.5%          
ChampionX Corp.   33,757    978,615 
NCS Multistage Holdings, Inc. (a)   748    18,700 
         997,315 
         7,937,566 
Financial — 34.1%          
Banks — 19.5%          
1st Source Corp.   31,748    1,685,501 
Ameris Bancorp   16,739    789,076 
Associated Banc-Corp.   106,939    2,469,222 
Bank of Marin Bancorp   28,346    932,016 
BankUnited, Inc.   83,342    2,831,128 
Carter Bankshares, Inc. (a)   66,675    1,106,138 
ConnectOne Bancorp, Inc.   13,929    337,221 
F.N.B. Corp.   104,681    1,366,087 
First BanCorp   261,812    3,330,249 
First Interstate BancSystem, Inc. Class A   12,393    478,989 
First Merchants Corp.   8,001    328,921 
First Mid Bancshares, Inc.   4,018    128,897 
HarborOne Bancorp, Inc.   125,437    1,743,574 
Heritage Financial Corp.   75,852    2,324,105 
Home BancShares, Inc.   49,159    1,120,334 
Independent Bank Group, Inc.   35,282    2,119,743 
Old National Bancorp   86,729    1,559,387 
Origin Bancorp, Inc.   9,158    336,099 
PacWest Bancorp   10,607    243,431 
Premier Financial Corp.   74,238    2,002,199 
QCR Holdings, Inc.   5,237    259,965 
Sandy Spring Bancorp, Inc.   36,129    1,272,825 
SouthState Corp.   17,316    1,322,250 
Synovus Financial Corp.   40,987    1,539,062 
Texas Capital Bancshares, Inc. (a)   37,450    2,258,610 
Towne Bank   10,822    333,750 
TriCo Bancshares   41,210    2,101,298 
UMB Financial Corp.   15,619    1,304,499 
Umpqua Holdings Corp.   67,004    1,196,021 
Valley National Bancorp   98,489    1,113,911 
Veritex Holdings, Inc.   23,539    660,975 
Webster Financial Corp.   12,812    606,520 
         41,202,003 

 

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Diversified Financial Services — 1.2%          
Enact Holdings, Inc.   4,035   $97,324 
Moelis & Co. Class A   44,059    1,690,544 
Stifel Financial Corp.   13,155    767,857 
         2,555,725 
Insurance — 2.7%          
Axis Capital Holdings Ltd.   19,459    1,054,094 
The Hanover Insurance Group, Inc.   13,180    1,781,014 
ProAssurance Corp.   5,198    90,809 
Selective Insurance Group, Inc.   31,784    2,816,380 
         5,742,297 
Investment Companies — 0.5%          
Compass Diversified Holdings (b)   62,139    1,132,794 
Private Equity — 0.1%          
Patria Investments Ltd. Class A   14,892    207,446 
Real Estate Investment Trusts (REITS) — 6.7%          
Broadstone Net Lease, Inc.   99,420    1,611,598 
CareTrust REIT, Inc.   18,967    352,407 
Cousins Properties, Inc.   34,432    870,785 
Easterly Government Properties, Inc.   16,536    235,969 
Four Corners Property Trust, Inc.   22,617    586,459 
Getty Realty Corp.   5,723    193,724 
Highwoods Properties, Inc.   17,262    482,991 
Independence Realty Trust, Inc.   111,740    1,883,936 
Kite Realty Group Trust   24,048    506,210 
National Health Investors, Inc.   7,457    389,404 
National Storage Affiliates Trust   30,354    1,096,386 
NETSTREIT Corp.   93,303    1,710,244 
Physicians Realty Trust   141,431    2,046,507 
STAG Industrial, Inc.   52,032    1,681,154 
Summit Hotel Properties, Inc.   36,422    262,967 
UMH Properties, Inc.   10,562    170,048 
         14,080,789 
Savings & Loans — 3.4%          
Berkshire Hills Bancorp, Inc.   72,857    2,178,425 
Pacific Premier Bancorp, Inc.   90,368    2,852,014 
Provident Financial Services, Inc.   15,803    337,552 
WSFS Financial Corp.   42,245    1,915,388 
         7,283,379 
         72,204,433 
Industrial — 17.2%          
Aerospace & Defense — 0.8%          
Leonardo DRS, Inc. (a)   12,228    156,274 
Spirit AeroSystems Holdings, Inc. Class A   51,430    1,522,328 
         1,678,602 

 

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Building Materials — 1.6%          
Hayward Holdings, Inc. (a) (b)   37,750   $354,850 
Masonite International Corp. (a)   23,867    1,923,919 
Mohawk Industries, Inc. (a)   3,939    402,645 
Tecnoglass, Inc.   21,837    671,924 
         3,353,338 
Electrical Components & Equipment — 0.9%          
Belden, Inc.   24,960    1,794,624 
Graham Corp.   4,958    47,696 
         1,842,320 
Electronics — 2.8%          
Advanced Energy Industries, Inc.   2,335    200,296 
Avnet, Inc.   32,210    1,339,292 
Coherent Corp. (a)   49,706    1,744,680 
TTM Technologies, Inc. (a)   132,450    1,997,346 
Vontier Corp.   39,817    769,663 
         6,051,277 
Engineering & Construction — 3.1%          
Arcosa, Inc.   33,560    1,823,650 
Dycom Industries, Inc. (a)   25,543    2,390,825 
Fluor Corp. (a)   41,351    1,433,226 
Great Lakes Dredge & Dock Corp. (a)   156,810    933,019 
         6,580,720 
Environmental Controls — 0.4%          
CECO Environmental Corp. (a)   12,736    148,756 
Charah Solutions, Inc. (a)   2,643    14,273 
Heritage-Crystal Clean, Inc. (a)   23,824    773,804 
         936,833 
Hand & Machine Tools — 0.1%          
Luxfer Holdings PLC   9,596    131,657 
Machinery – Construction & Mining — 0.6%          
Terex Corp.   29,319    1,252,508 
Machinery – Diversified — 2.7%          
Cactus, Inc. Class A   29,580    1,486,691 
DXP Enterprises, Inc. (a)   11,754    323,823 
Enovis Corp. (a)   13,988    748,638 
Esab Corp.   9,337    438,092 
Gates Industrial Corp. PLC (a)   73,712    841,054 
Ichor Holdings Ltd. (a)   67,180    1,801,767 
         5,640,065 
Metal Fabricate & Hardware — 0.8%          
Hillman Solutions Corp. (a)   57,777    416,572 
The Timken Co.   17,315    1,223,651 
         1,640,223 

 

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Miscellaneous - Manufacturing — 0.0%          
DIRTT Environmental Solutions (a) (b)   61,401   $32,542 
Packaging & Containers — 1.8%          
Graphic Packaging Holding Co.   68,971    1,534,605 
Karat Packaging, Inc.   5,242    75,328 
O-I Glass, Inc. (a)   100,960    1,672,907 
Pactiv Evergreen, Inc.   56,607    643,055 
         3,925,895 
Transportation — 1.6%          
ArcBest Corp.   28,440    1,991,938 
Star Bulk Carriers Corp.   76,510    1,471,287 
         3,463,225 
         36,529,205 
Technology — 5.2%          
Computers — 0.2%          
Unisys Corp. (a)   80,062    409,117 
Semiconductors — 2.2%          
Cohu, Inc. (a)   14,267    457,257 
Kulicke & Soffa Industries, Inc.   54,898    2,429,785 
Magnachip Semiconductor Corp. (a)   149,800    1,406,622 
MKS Instruments, Inc.   3,772    319,602 
         4,613,266 
Software — 2.8%          
ACI Worldwide, Inc. (a)   59,970    1,379,310 
CommVault Systems, Inc. (a)   27,277    1,714,087 
Digital Turbine, Inc. (a)   22,924    349,362 
Donnelley Financial Solutions, Inc. (a)   19,406    750,042 
IBEX Holdings Ltd. (a)   9,500    236,075 
Teradata Corp. (a)   45,546    1,533,078 
         5,961,954 
         10,984,337 
Utilities — 2.1%          
Electric — 1.3%          
ALLETE, Inc.   4,565    294,488 
IDACORP, Inc.   21,450    2,313,383 
PNM Resources, Inc.   2,823    137,734 
         2,745,605 
Gas — 0.8%          
Northwest Natural Holding Co.   3,063    145,768 

 

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Southwest Gas Holdings, Inc.   24,660   $1,525,961 
         1,671,729 
         4,417,334 
           
TOTAL COMMON STOCK
(Cost $220,260,901)		        210,621,301 
           
TOTAL EQUITIES
(Cost $220,260,901)		        210,621,301 
           
           
MUTUAL FUNDS — 0.2%          
Diversified Financial Services — 0.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   509,390    509,390 
           
TOTAL MUTUAL FUNDS
(Cost $509,390)		        509,390 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $220,770,291)		        211,130,691 
           
           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 1.2%          
Repurchase Agreement — 1.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d)  $2,535,191   $2,535,191 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,535,191)		        2,535,191 
           
TOTAL INVESTMENTS — 100.8%
(Cost $223,305,482) (e)		        213,665,882 
           
Other Assets/(Liabilities) — (0.8)%        (1,697,993) 
           
NET ASSETS — 100.0%       $211,967,889 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $2,330,215 or 1.10% of net assets. The Fund received $1,901,825 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $2,535,552. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 3.000%, maturity dates ranging from 6/29/23 - 6/30/24, and an aggregate market value, including accrued interest, of $2,585,958.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
UBS AG  3/31/23  SEK  94,778   USD  $9,143   $(15) 
UBS AG  3/31/23  USD  368,179   SEK  3,803,917    1,828
                    $1,813

 

Currency Legend

SEK Swedish Krona
USD U.S. Dollar

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.6%          
           
COMMON STOCK — 97.1%          
Basic Materials — 1.0%          
Chemicals — 0.8%          
RPM International, Inc.   295,000   $28,747,750 
The Sherwin-Williams Co.   51,010    12,106,203 
         40,853,953 
Iron & Steel — 0.2%          
ATI, Inc. (a)   372,906    11,134,973 
         51,988,926 
Communications — 3.9%          
Advertising — 1.0%          
The Trade Desk, Inc. Class A (a)   1,217,769    54,592,584 
Internet — 1.5%          
Chewy, Inc. Class A (a) (b)   172,421    6,393,371 
Match Group, Inc. (a)   187,000    7,758,630 
Okta, Inc. (a)   124,805    8,527,925 
Palo Alto Networks, Inc. (a)   275,039    38,378,942 
Spotify Technology SA (a)   200,000    15,790,000 
         76,848,868 
Media — 0.8%          
Liberty Media Corp-Liberty Formula One Class C (a)   696,000    41,606,880 
Telecommunications — 0.6%          
Arista Networks, Inc. (a)   158,393    19,220,991 
Corning, Inc.   370,000    11,817,800 
         31,038,791 
         204,087,123 
Consumer, Cyclical — 15.2%          
Airlines — 0.8%          
Southwest Airlines Co. (a)   1,315,000    44,276,050 
Apparel — 0.1%          
On Holding AG, Class A (a) (b)   223,000    3,826,680 
Auto Manufacturers — 0.1%          
Rivian Automotive, Inc. Class A (a)   335,000    6,174,050 
Auto Parts & Equipment — 0.0%          
Mobileye Global, Inc. Class A (a)   73,770    2,586,376 

 

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Entertainment — 0.9%          
Caesars Entertainment, Inc. (a)   482,011   $20,051,657 
Live Nation Entertainment, Inc. (a)   124,193    8,661,220 
Vail Resorts, Inc.   81,000    19,306,350 
         48,019,227 
Leisure Time — 0.5%          
Planet Fitness, Inc. Class A (a)   311,886    24,576,617 
Lodging — 2.2%          
Hilton Worldwide Holdings, Inc.   488,000    61,663,680 
MGM Resorts International   1,547,000    51,870,910 
         113,534,590 
Retail — 10.1%          
Advance Auto Parts, Inc.   92,757    13,638,062 
Bath & Body Works, Inc.   589,000    24,820,460 
Burlington Stores, Inc. (a)   473,113    95,928,392 
Casey's General Stores, Inc.   184,000    41,280,400 
Chipotle Mexican Grill, Inc. (a)   24,869    34,505,489 
Darden Restaurants, Inc.   69,706    9,642,431 
Dollar General Corp.   296,994    73,134,772 
Dollar Tree, Inc. (a)   295,000    41,724,800 
Domino's Pizza, Inc.   110,000    38,104,000 
Five Below, Inc. (a)   163,000    28,829,810 
Floor & Decor Holdings, Inc. Class A (a)   73,828    5,140,644 
Leslie's, Inc. (a) (b)   553,335    6,756,220 
Lithia Motors, Inc.   40,717    8,336,399 
Lululemon Athletica, Inc. (a)   28,000    8,970,640 
O'Reilly Automotive, Inc. (a)   60,829    51,341,501 
Ross Stores, Inc.   321,433    37,308,728 
Yum! Brands, Inc.   112,000    14,344,960 
         533,807,708 
Toys, Games & Hobbies — 0.5%          
Mattel, Inc. (a)   1,391,658    24,827,179 
         801,628,477 
Consumer, Non-cyclical — 30.0%          
Beverages — 0.3%          
The Boston Beer Co., Inc. Class A (a)   54,000    17,794,080 
Biotechnology — 3.7%          
Alnylam Pharmaceuticals, Inc. (a)   231,000    54,897,150 
Apellis Pharmaceuticals, Inc. (a)   147,000    7,601,370 
Argenx SE ADR (a)   51,561    19,532,854 
BioMarin Pharmaceutical, Inc. (a)   83,254    8,615,956 
CRISPR Therapeutics AG (a) (b)   140,152    5,697,179 
Horizon Therapeutics PLC (a)   297,000    33,798,600 
Illumina, Inc. (a)   37,509    7,584,320 
Ionis Pharmaceuticals, Inc. (a)   619,000    23,379,630 
Karuna Therapeutics, Inc. (a)   37,000    7,270,500 
Sarepta Therapeutics, Inc. (a)   72,178    9,352,825 

 

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Seagen, Inc. (a)   118,000   $15,164,180 
         192,894,564 
Commercial Services — 8.1%          
Block, Inc. (a)   144,900    9,105,516 
Bright Horizons Family Solutions, Inc. (a)   384,546    24,264,853 
Cintas Corp.   72,363    32,680,578 
CoStar Group, Inc. (a)   544,000    42,040,320 
Equifax, Inc.   347,986    67,634,559 
FleetCor Technologies, Inc. (a)   257,000    47,205,760 
Global Payments, Inc.   153,688    15,264,292 
MarketAxess Holdings, Inc.   147,000    40,996,830 
Moody's Corp.   28,795    8,022,863 
Paylocity Holding Corp. (a)   125,000    24,282,500 
Quanta Services, Inc.   137,747    19,628,947 
TransUnion   716,539    40,663,588 
United Rentals, Inc. (a)   58,000    20,614,360 
Verisk Analytics, Inc.   205,000    36,166,100 
         428,571,066 
Food — 0.4%          
TreeHouse Foods, Inc. (a)   410,000    20,245,800 
Health Care – Products — 12.3%          
Alcon, Inc.   636,998    43,666,213 
Align Technology, Inc. (a)   35,761    7,541,995 
Avantor, Inc. (a)   2,636,000    55,593,240 
Bruker Corp.   1,002,000    68,486,700 
The Cooper Cos., Inc.   173,000    57,205,910 
Dentsply Sirona, Inc.   368,000    11,717,120 
Edwards Lifesciences Corp. (a)   62,357    4,652,456 
Exact Sciences Corp. (a)   329,719    16,324,388 
Hologic, Inc. (a)   1,946,707    145,633,151 
ICU Medical, Inc. (a)   127,000    19,999,960 
IDEXX Laboratories, Inc. (a)   33,757    13,771,506 
Inspire Medical Systems, Inc. (a)   57,357    14,447,081 
Insulet Corp. (a)   58,074    17,096,405 
Novocure Ltd. (a) (b)   68,273    5,007,824 
Quidelortho Corp. (a)   290,000    24,844,300 
ResMed, Inc.   19,360    4,029,397 
Teleflex, Inc.   442,323    110,417,090 
West Pharmaceutical Services, Inc.   118,000    27,771,300 
         648,206,036 
Health Care – Services — 3.3%          
Acadia Healthcare Co., Inc. (a)   589,000    48,486,480 
agilon health, Inc. (a) (b)   195,000    3,147,300 
Catalent, Inc. (a)   894,139    40,245,196 
Humana, Inc.   44,109    22,592,189 
Molina Healthcare, Inc. (a)   102,616    33,885,856 
Signify Health, Inc. Class A (a)   831,620    23,834,229 
         172,191,250 
Household Products & Wares — 1.3%          
Avery Dennison Corp.   276,000    49,956,000 

 

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Reynolds Consumer Products, Inc.   589,000   $17,658,220 
         67,614,220 
Pharmaceuticals — 0.6%          
Ascendis Pharma A/S ADR (a)   87,000    10,625,310 
DexCom, Inc. (a)   191,434    21,677,986 
         32,303,296 
         1,579,820,312 
Energy — 3.8%          
Energy – Alternate Sources — 0.7%          
Array Technologies, Inc. (a)   651,423    12,592,007 
Shoals Technologies Group, Inc. Class A (a)   616,399    15,206,563 
SolarEdge Technologies, Inc. (a)   34,221    9,693,783 
         37,492,353 
Oil & Gas — 2.6%          
Coterra Energy, Inc.   1,507,890    37,048,857 
Devon Energy Corp.   221,000    13,593,710 
Pioneer Natural Resources Co.   206,000    47,048,340 
SM Energy Co.   507,180    17,665,079 
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $652,320) (a) (c) (d) (e)   216    3,195,772 
Venture Global LNG, Inc., Series C (Acquired 10/16/17-3/08/18, Cost $4,872,708) (a) (c) (d) (e)   1,328    19,648,079 
         138,199,837 
Pipelines — 0.5%          
Cheniere Energy, Inc.   177,000    26,542,920 
         202,235,110 
Financial — 6.4%          
Banks — 0.3%          
SVB Financial Group (a)   68,028    15,655,964 
Diversified Financial Services — 2.4%          
Apollo Global Management, Inc.   315,723    20,139,970 
Cboe Global Markets, Inc.   103,000    12,923,410 
Intercontinental Exchange, Inc.   293,000    30,058,870 
LPL Financial Holdings, Inc.   68,507    14,809,158 
Raymond James Financial, Inc.   146,000    15,600,100 
Tradeweb Markets, Inc. Class A   529,000    34,347,970 
         127,879,478 
Insurance — 2.4%          
Aon PLC Class A   153,636    46,112,309 
Assurant, Inc.   326,000    40,769,560 
Axis Capital Holdings Ltd.   522,000    28,276,740 
Kemper Corp.   176,000    8,659,200 
         123,817,809 

 

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Private Equity — 1.3%          
KKR & Co., Inc.   1,498,518   $69,561,206 
         336,914,457 
Industrial — 17.4%          
Building Materials — 1.1%          
Builders FirstSource, Inc. (a)   238,786    15,492,436 
Martin Marietta Materials, Inc.   128,000    43,260,160 
         58,752,596 
Electrical Components & Equipment — 0.2%          
Littelfuse, Inc.   30,000    6,606,000 
Universal Display Corp.   29,983    3,239,363 
         9,845,363 
Electronics — 6.0%          
Agilent Technologies, Inc.   874,881    130,925,942 
Amphenol Corp. Class A   524,076    39,903,146 
Fortive Corp.   874,000    56,154,500 
Keysight Technologies, Inc. (a)   378,000    64,664,460 
National Instruments Corp.   591,000    21,807,900 
         313,455,948 
Engineering & Construction — 0.3%          
MasTec, Inc. (a)   176,492    15,060,062 
Environmental Controls — 0.7%          
Waste Connections, Inc.   274,644    36,406,809 
Machinery – Construction & Mining — 0.3%          
BWX Technologies, Inc.   255,000    14,810,400 
Machinery – Diversified — 3.6%          
Cognex Corp.   369,000    17,383,590 
Enovis Corp. (a)   438,000    23,441,760 
Esab Corp.   465,000    21,817,800 
IDEX Corp.   146,000    33,336,180 
Ingersoll Rand, Inc.   1,776,000    92,796,000 
         188,775,330 
Miscellaneous - Manufacturing — 1.8%          
Textron, Inc.   1,351,000    95,650,800 
Packaging & Containers — 1.8%          
Ball Corp.   1,093,000    55,896,020 
Sealed Air Corp.   783,000    39,056,040 
         94,952,060 
Transportation — 1.6%          
J.B. Hunt Transport Services, Inc.   366,000    63,815,760 
Knight-Swift Transportation Holdings, Inc.   241,679    12,666,396 

 

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
XPO, Inc. (a)   257,737   $8,580,065 
         85,062,221 
         912,771,589 
Technology — 19.4%          
Computers — 3.4%          
Crowdstrike Holdings, Inc. Class A (a)   328,874    34,627,144 
EPAM Systems, Inc. (a)   88,397    28,971,233 
Fortinet, Inc. (a)   1,171,000    57,250,190 
Genpact Ltd.   417,265    19,327,715 
KBR, Inc.   457,318    24,146,390 
Leidos Holdings, Inc.   111,000    11,676,090 
         175,998,762 
Semiconductors — 7.0%          
KLA Corp.   202,976    76,528,041 
Lam Research Corp.   37,315    15,683,495 
Lattice Semiconductor Corp. (a)   351,000    22,772,880 
Marvell Technology, Inc.   2,153,947    79,782,197 
Microchip Technology, Inc.   1,953,901    137,261,545 
Monolithic Power Systems, Inc.   29,175    10,316,572 
NXP Semiconductor NV   37,000    5,847,110 
SiTime Corp. (a)   44,468    4,518,838 
Wolfspeed, Inc. (a) (b)   233,037    16,088,874 
         368,799,552 
Software — 9.0%          
Atlassian Corp. (a)   185,624    23,886,096 
Autodesk, Inc. (a)   34,272    6,404,409 
Bill.com Holdings, Inc. (a)   202,595    22,074,751 
Black Knight, Inc. (a)   561,000    34,641,750 
Broadridge Financial Solutions, Inc.   162,000    21,729,060 
CCC Intelligent Solutions Holdings, Inc. (a)   2,180,000    18,966,000 
Clear Secure Inc. Class A (b)   255,000    6,994,650 
Confluent, Inc. Class A (a)   148,000    3,291,520 
Doximity, Inc. Class A (a) (b)   300,000    10,068,000 
Fair Isaac Corp. (a)   118,806    71,114,895 
HashiCorp, Inc. Class A (a) (b)   75,000    2,050,500 
HubSpot, Inc. (a)   35,331    10,215,252 
MongoDB, Inc. (a)   37,000    7,283,080 
MSCI, Inc.   49,204    22,888,225 
Paycom Software, Inc. (a)   66,881    20,753,843 
PTC, Inc. (a)   254,000    30,490,160 
Roper Technologies, Inc.   95,000    41,048,550 
Synopsys, Inc. (a)   157,000    50,128,530 
Veeva Systems, Inc. Class A (a)   399,315    64,441,455 
Workday, Inc. Class A (a)   31,091    5,202,457 
         473,673,183 
         1,018,471,497 
           
TOTAL COMMON STOCK
(Cost $4,519,616,026)		        5,107,917,491 
           

 

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
PREFERRED STOCK — 0.5%          
Consumer, Cyclical — 0.0%          
Auto Manufacturers — 0.0%          
Nuro, Inc., Series D (Acquired 10/29/21, Cost $3,125,295) (a) (c) (d) (e)   149,925   $2,080,959 
Consumer, Non-cyclical — 0.2%          
Commercial Services — 0.1%          
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $3,678,889) (a) (c) (d) (e)   77,608    6,053,424 
Health Care – Services — 0.1%          
Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $5,006,003) (a) (c) (d) (e)   618,025   4,066,605
        10,120,029 
Financial — 0.1%          
Investment Companies — 0.1%          
Maplebear, Inc., Series E (Acquired 11/19/21-12/01/21, Cost $10,196,717) (a) (c) (d) (e)   84,807    4,111,443 
Maplebear, Inc., Series I (Acquired 2/26/21, Cost $1,765,375) (a) (c) (d) (e)   14,123    684,683 
         4,796,126 
Industrial — 0.1%          
Electrical Components & Equipment — 0.1%          
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $7,310,569) (a) (c) (d) (e)   177,128    5,521,080 
           
Technology — 0.1%          
Software — 0.1%          
Databricks, Inc., Series H (Acquired 8/31/21, Cost $3,472,858) (a) (c) (d) (e)   47,260    2,835,600 
           
TOTAL PREFERRED STOCK
(Cost $34,555,706)		        25,353,794 
           
TOTAL EQUITIES
(Cost $4,554,171,732)		        5,133,271,285 
           
           
MUTUAL FUNDS — 0.2%          
Diversified Financial Services — 0.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (f)   11,026,456    11,026,456 
           
TOTAL MUTUAL FUNDS
(Cost $11,026,456)		        11,026,456 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $4,565,198,188)		        5,144,297,741 

 

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
SHORT-TERM INVESTMENTS — 5.3%          
           
Mutual Fund — 4.0%          
T. Rowe Price Treasury Reserve Fund  $211,333,493   $211,333,493 
Repurchase Agreement — 1.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (g)  $67,540,273   $67,540,273 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $278,873,766)		        278,873,766 
           
TOTAL INVESTMENTS — 103.1%
(Cost $4,844,071,954) (h)		        5,423,171,507 
           
Other Assets/(Liabilities) — (3.1)%        (162,886,641) 
           
NET ASSETS — 100.0%       $5,260,284,866 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $39,037,202 or 0.74% of net assets. The Fund received $28,941,047 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Investment is valued using significant unobservable inputs.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $48,197,645 or 0.92% of net assets.
(e) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $48,197,645 or 0.92% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(f) Represents investment of security lending cash collateral. (Note 2).
(g) Maturity value of $67,549,878. Collateralized by U.S. Government Agency obligations with a rate of 0.000% – 4.275%, maturity date of 6/29/23 – 6/30/24, and an aggregate market value, including accrued interest, of $68,891,254.
(h) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.6%          
           
COMMON STOCK — 97.6%          
Basic Materials — 2.3%          
Chemicals — 2.3%          
Cabot Corp.   88,162   $5,892,748 
Livent Corp. (a)   241,801    4,804,586 
Methanex Corp. (b)   49,312    1,866,952 
Olin Corp.   48,476    2,566,320 
         15,130,606 
         15,130,606 
Communications — 3.2%          
Internet — 1.4%          
Cargurus, Inc. (a)   123,587    1,731,454 
Criteo SA Sponsored ADR (a)   66,302    1,727,830 
Perficient, Inc. (a)   39,870    2,784,122 
Ziff Davis, Inc. (a)   32,301    2,555,009 
         8,798,415 
Media — 0.7%          
The New York Times Co. Class A   62,464    2,027,581 
World Wrestling Entertainment, Inc. Class A   40,694    2,788,353 
         4,815,934 
Telecommunications — 1.1%          
Calix, Inc. (a)   80,846    5,532,292 
Viavi Solutions, Inc. (a)   167,982    1,765,491 
         7,297,783 
         20,912,132 
Consumer, Cyclical — 11.8%          
Apparel — 2.3%          
Carter's, Inc. (b)   17,183    1,282,024 
Crocs, Inc. (a)   37,012    4,013,211 
Deckers Outdoor Corp. (a)   7,753    3,094,688 
On Holding AG, Class A (a) (b)   39,752    682,144 
Oxford Industries, Inc.   43,555    4,058,455 
Steven Madden Ltd.   58,892    1,882,188 
         15,012,710 
Auto Parts & Equipment — 0.7%          
Visteon Corp. (a)   35,958    4,704,385 

 

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Distribution & Wholesale — 0.7%          
H&E Equipment Services, Inc.   33,337   $1,513,500 
WESCO International, Inc. (a)   24,313    3,043,987 
         4,557,487 
Entertainment — 0.8%          
Cinemark Holdings, Inc. (a)   111,619    966,620 
DraftKings, Inc. Class A (a) (b)   61,628    701,943 
Red Rock Resorts, Inc. Class A   98,064    3,923,541 
         5,592,104 
Food Services — 0.3%          
Sovos Brands, Inc. (a)   149,563    2,149,220 
Home Builders — 1.2%          
Century Communities, Inc.   42,492    2,125,025 
Skyline Champion Corp. (a)   84,233    4,338,842 
Thor Industries, Inc. (b)   15,168    1,145,032 
         7,608,899 
Leisure Time — 1.0%          
Acushnet Holdings Corp.   41,614    1,766,931 
Planet Fitness, Inc. Class A (a)   38,495    3,033,406 
YETI Holdings, Inc. (a)   50,675    2,093,384 
         6,893,721 
Lodging — 0.4%          
Boyd Gaming Corp.   45,190    2,464,211 
Retail — 4.4%          
Academy Sports & Outdoors, Inc.   38,764    2,036,661 
BJ's Wholesale Club Holdings, Inc. (a)   14,324    947,676 
Boot Barn Holdings, Inc. (a)   39,528    2,471,290 
Denny's Corp. (a)   110,546    1,018,129 
Freshpet, Inc. (a) (b)   6,400    337,728 
Nu Skin Enterprises, Inc. Class A   47,423    1,999,354 
Patrick Industries, Inc.   40,884    2,477,570 
Rush Enterprises, Inc. Class A   78,878    4,123,742 
Texas Roadhouse, Inc.   39,881    3,627,177 
Victoria's Secret & Co. (a)   54,644    1,955,162 
Wingstop, Inc.   55,519    7,640,525 
         28,635,014 
         77,617,751 
Consumer, Non-cyclical — 29.8%          
Beverages — 1.4%          
Celsius Holdings, Inc. (a)   56,673    5,896,259 
MGP Ingredients, Inc. (b)   31,631    3,364,906 
         9,261,165 
Biotechnology — 7.3%          
Adicet Bio, Inc. (a)   34,568    309,038 

 

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Akero Therapeutics, Inc. (a)   22,450   $1,230,260 
Amicus Therapeutics, Inc. (a)   175,376    2,141,341 
Apellis Pharmaceuticals, Inc. (a)   30,535    1,578,965 
Blueprint Medicines Corp. (a)   23,388    1,024,628 
Celldex Therapeutics, Inc. (a)   23,223    1,035,049 
Crinetics Pharmaceuticals, Inc. (a)   105,467    1,930,046 
Cytokinetics, Inc. (a)   96,015    4,399,407 
Halozyme Therapeutics, Inc. (a)   132,461    7,537,031 
Immatics NV (a)   172,982    1,506,673 
Immunocore Holdings PLC ADR (a)   18,477    1,054,482 
Intellia Therapeutics, Inc. (a)   27,546    961,080 
Intra-Cellular Therapies, Inc. (a)   72,461    3,834,636 
IVERIC bio, Inc. (a)   57,272    1,226,194 
Karuna Therapeutics, Inc. (a)   14,288    2,807,592 
Kymera Therapeutics, Inc. (a)   53,513    1,335,685 
Myriad Genetics, Inc. (a)   96,674    1,402,740 
Prothena Corp. PLC (a)   18,676    1,125,229 
PTC Therapeutics, Inc. (a)   36,952    1,410,458 
Relay Therapeutics, Inc. (a)   60,749    907,590 
Revolution Medicines, Inc. (a)   88,292    2,103,115 
Rocket Pharmaceuticals, Inc. (a)   92,800    1,816,096 
Sage Therapeutics, Inc. (a)   14,384    548,606 
Syndax Pharmaceuticals, Inc. (a)   88,842    2,261,029 
Veracyte, Inc. (a)   64,192    1,523,276 
Zentalis Pharmaceuticals, Inc. (a)   43,427    874,620 
         47,884,866 
Commercial Services — 5.1%          
AMN Healthcare Services, Inc. (a)   27,011    2,777,271 
Cross Country Healthcare, Inc. (a)   95,250    2,530,793 
Driven Brands Holdings, Inc. (a)   51,519    1,406,984 
H&R Block, Inc.   56,893    2,077,163 
HealthEquity, Inc. (a)   71,969    4,436,169 
Herc Holdings, Inc.   27,973    3,680,408 
Paylocity Holding Corp. (a)   18,289    3,552,821 
TriNet Group, Inc. (a)   64,960    4,404,288 
WillScot Mobile Mini Holdings Corp. (a)   185,190    8,365,032 
         33,230,929 
Cosmetics & Personal Care — 1.3%          
elf Beauty, Inc. (a)   155,701    8,610,265 
Food — 0.8%          
Performance Food Group Co. (a)   65,277    3,811,524 
The Simply Good Foods Co. (a)   43,910    1,669,897 
         5,481,421 
Health Care – Products — 8.8%          
AtriCure, Inc. (a)   62,196    2,760,259 
Axonics Inc. (a)   82,293    5,145,781 
Glaukos Corp. (a)   72,555    3,169,202 
Globus Medical, Inc. Class A (a)   119,916    8,906,161 
Haemonetics Corp. (a)   68,063    5,353,155 
ICU Medical, Inc. (a)   11,798    1,857,949 
Inari Medical, Inc. (a)   66,248    4,210,723 
Inspire Medical Systems, Inc. (a)   45,872    11,554,239 

 

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
iRhythm Technologies, Inc. (a)   14,149   $1,325,337 
Lantheus Holdings, Inc. (a)   10,268    523,257 
Omnicell, Inc. (a)   32,299    1,628,516 
Repligen Corp. (a)   19,800    3,352,338 
Shockwave Medical, Inc. (a)   31,709    6,519,688 
Silk Road Medical, Inc. (a)   25,573    1,351,533 
         57,658,138 
Health Care – Services — 3.0%          
Acadia Healthcare Co., Inc. (a)   105,030    8,646,070 
Amedisys, Inc. (a)   20,341    1,699,287 
Medpace Holdings, Inc. (a)   25,573    5,431,961 
Surgery Partners, Inc. (a)   146,401    4,078,732 
         19,856,050 
Pharmaceuticals — 2.1%          
Aclaris Therapeutics, Inc. (a)   140,417    2,211,568 
Ascendis Pharma A/S ADR (a)   5,026    613,825 
BellRing Brands, Inc. (a)   81,017    2,077,276 
Harmony Biosciences Holdings, Inc. (a)   36,203    1,994,785 
Merus NV (a) (b)   39,558    611,962 
Option Care Health, Inc. (a)   86,828    2,612,655 
Owens & Minor, Inc.   78,331    1,529,805 
Revance Therapeutics, Inc. (a)   32,540    600,688 
Vaxcyte, Inc. (a)   26,281    1,260,174 
Verona Pharma PLC ADR (a) (b)   23,095    603,472 
         14,116,210 
         196,099,044 
Energy — 6.7%          
Energy – Alternate Sources — 0.5%          
Maxeon Solar Technologies Ltd. (a) (b)   36,823    591,377 
Shoals Technologies Group, Inc. Class A (a)   115,647    2,853,012 
         3,444,389 
Oil & Gas — 5.8%          
Chord Energy Corp.   46,180    6,317,886 
Magnolia Oil & Gas Corp. Class A   83,014    1,946,678 
Matador Resources Co.   112,788    6,455,985 
PBF Energy, Inc. Class A   45,074    1,838,118 
PDC Energy, Inc.   53,285    3,382,532 
Sitio Royalties Corp. Class A (a)   179,085    5,166,613 
SM Energy Co.   194,867    6,787,217 
Viper Energy Partners LP (c)   202,482    6,436,903 
         38,331,932 
Oil & Gas Services — 0.2%          
Aris Water Solution, Inc. Class A (b)   72,257    1,041,223 
Pipelines — 0.2%          
New Fortress Energy, Inc. (b)   33,204    1,408,514 
         44,226,058 

 

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Financial — 12.0%          
Banks — 3.9%          
Ameris Bancorp   120,774   $5,693,286 
Atlantic Union Bankshares Corp.   52,297    1,837,717 
Cadence Bank   178,820    4,409,701 
First Interstate BancSystem, Inc. Class A   62,333    2,409,171 
National Bank Holdings Corp. Class A   56,862    2,392,184 
Pinnacle Financial Partners, Inc.   26,665    1,957,211 
Seacoast Banking Corp. of Florida   78,094    2,435,752 
Synovus Financial Corp.   65,320    2,452,766 
Wintrust Financial Corp.   25,662    2,168,952 
         25,756,740 
Diversified Financial Services — 2.6%          
Air Lease Corp.   67,008    2,574,447 
Hamilton Lane, Inc. Class A   71,275    4,553,047 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)   132,258    3,832,837 
PJT Partners, Inc. Class A   25,918    1,909,897 
PRA Group, Inc. (a)   64,883    2,191,748 
StepStone Group, Inc. Class A   77,316    1,946,817 
         17,008,793 
Insurance — 2.2%          
Assured Guaranty Ltd.   45,910    2,858,357 
The Hanover Insurance Group, Inc.   12,660    1,710,746 
Kemper Corp.   40,581    1,996,585 
Kinsale Capital Group, Inc.   16,485    4,311,157 
MGIC Investment Corp.   152,115    1,977,495 
Selective Insurance Group, Inc.   21,964    1,946,230 
         14,800,570 
Real Estate — 0.3%          
McGrath RentCorp   16,986    1,677,198 
Real Estate Investment Trusts (REITS) — 3.0%          
Centerspace   24,227    1,421,398 
Douglas Emmett, Inc.   97,954    1,535,919 
Essential Properties Realty Trust, Inc.   91,186    2,140,135 
National Storage Affiliates Trust   45,463    1,642,124 
Outfront Media, Inc.   78,273    1,297,766 
Phillips Edison & Co., Inc.   153,439    4,885,498 
PotlatchDeltic Corp.   52,582    2,313,082 
Ryman Hospitality Properties, Inc.   36,514    2,986,115 
Xenia Hotels & Resorts, Inc.   133,852    1,764,169 
         19,986,206 
         79,229,507 
Industrial — 16.5%          
Aerospace & Defense — 1.8%          
Curtiss-Wright Corp.   47,946    8,006,502 
Leonardo DRS, Inc. (a)   26,493    338,581 
Mercury Systems, Inc. (a)   37,791    1,690,769 

 

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Spirit AeroSystems Holdings, Inc. Class A   67,676   $2,003,210 
         12,039,062 
Building Materials — 0.6%          
The AZEK Co., Inc (a)   118,567    2,409,282 
Louisiana-Pacific Corp.   27,292    1,615,686 
         4,024,968 
Electrical Components & Equipment — 1.6%          
Acuity Brands, Inc.   19,393    3,211,675 
Novanta, Inc. (a)   52,065    7,074,071 
         10,285,746 
Engineering & Construction — 2.1%          
Comfort Systems USA, Inc.   49,325    5,676,321 
Fluor Corp. (a)   229,718    7,962,026 
         13,638,347 
Environmental Controls — 3.1%          
Casella Waste Systems, Inc. Class A (a)   124,118    9,843,798 
Clean Harbors, Inc. (a)   52,384    5,978,062 
Evoqua Water Technologies Corp. (a)   109,656    4,342,378 
         20,164,238 
Hand & Machine Tools — 0.5%          
Kennametal, Inc.   80,244    1,930,671 
Regal Rexnord Corp.   12,153    1,458,117 
         3,388,788 
Machinery – Diversified — 3.3%          
Albany International Corp. Class A   17,687    1,743,761 
Applied Industrial Technologies, Inc.   45,339    5,714,074 
Cactus, Inc. Class A   65,399    3,286,954 
Chart Industries, Inc. (a)   23,781    2,740,285 
Enovis Corp. (a)   19,129    1,023,784 
Flowserve Corp.   66,264    2,032,979 
The Middleby Corp. (a)   13,954    1,868,441 
Zurn Elkay Water Solutions Corp.   160,093    3,385,967 
         21,796,245 
Metal Fabricate & Hardware — 1.7%          
Advanced Drainage Systems, Inc.   19,807    1,623,580 
Helios Technologies, Inc.   35,363    1,925,162 
RBC Bearings, Inc. (a)   9,310    1,949,048 
Valmont Industries, Inc.   16,176    5,348,918 
         10,846,708 
Packaging & Containers — 0.8%          
Graphic Packaging Holding Co.   243,059    5,408,063 
Transportation — 0.7%          
Kirby Corp. (a)   34,649    2,229,663 
RXO, Inc. (a)   21,100    362,920 

 

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Saia, Inc. (a)   10,188   $2,136,220 
         4,728,803 
Trucking & Leasing — 0.3%          
GATX Corp.   21,084    2,242,072 
         108,563,040 
Technology — 14.0%          
Computers — 3.3%          
CyberArk Software Ltd. (a)   27,673    3,587,805 
Exlservice Holdings, Inc. (a)   50,822    8,610,772 
Globant SA (a)   14,093    2,369,879 
KBR, Inc.   49,364    2,606,419 
Rapid7, Inc. (a)   37,080    1,259,978 
WNS Holdings Ltd. ADR (a)   38,268    3,061,057 
         21,495,910 
Semiconductors — 4.1%          
Axcelis Technologies, Inc. (a)   4,295    340,851 
Cirrus Logic, Inc. (a)   26,922    2,005,151 
FormFactor, Inc. (a)   56,662    1,259,596 
Impinj, Inc. (a)   52,751    5,759,354 
Lattice Semiconductor Corp. (a)   105,281    6,830,631 
MACOM Technology Solutions Holdings, Inc. (a)   42,529    2,678,476 
MKS Instruments, Inc.   15,274    1,294,166 
Power Integrations, Inc.   32,109    2,302,858 
Synaptics, Inc. (a)   27,929    2,657,724 
Tower Semiconductor Ltd. (a)   36,751    1,587,643 
         26,716,450 
Software — 6.6%          
Box, Inc. Class A (a)   74,089    2,306,391 
Confluent, Inc. Class A (a)   40,922    910,105 
DoubleVerify Holdings, Inc. (a)   60,513    1,328,865 
Doximity, Inc. Class A (a) (b)   31,586    1,060,026 
Duolingo, Inc. (a)   24,007    1,707,618 
Evolent Health, Inc. Class A (a)   74,855    2,101,928 
Five9, Inc. (a)   31,674    2,149,398 
Gitlab, Inc. Class A (a) (b)   26,191    1,190,119 
HashiCorp, Inc. Class A (a) (b)   26,161    715,242 
Jamf Holding Corp. (a) (b)   228,502    4,867,093 
Manhattan Associates, Inc. (a)   68,391    8,302,667 
New Relic, Inc. (a)   33,793    1,907,615 
PowerSchool Holdings, Inc. Class A (a)   127,761    2,948,724 
Privia Health Group, Inc. (a)   62,205    1,412,676 
RingCentral, Inc. Class A (a)   69,324    2,454,070 
Samsara, Inc. Class A (a)   75,329    936,339 
Sprout Social, Inc. Class A (a)   59,202    3,342,545 
Verra Mobility Corp. (a)   290,721    4,020,671 
         43,662,092 
         91,874,452 

 

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Utilities — 1.3%          
Electric — 1.0%          
Ameresco, Inc. Class A (a)   33,666   $1,923,675 
Atlantica Sustainable Infrastructure PLC   74,412    1,927,271 
Portland General Electric Co. (b)   52,928    2,593,472 
         6,444,418 
Gas — 0.3%          
ONE Gas, Inc.   24,461    1,852,187 
         8,296,605 
           
TOTAL COMMON STOCK
(Cost $643,658,397)		        641,949,195 
           
TOTAL EQUITIES
(Cost $643,658,397)		        641,949,195 
           
MUTUAL FUNDS — 3.3%          
Diversified Financial Services — 3.3%          
iShares Russell 2000 ETF (b)   34,003    5,928,763 
iShares Russell 2000 Growth ETF (b)   17,542    3,763,110 
State Street Navigator Securities Lending Government Money Market Portfolio (d)   11,958,384    11,958,384 
         21,650,257 
           
TOTAL MUTUAL FUNDS
(Cost $21,740,197)		        21,650,257 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $665,398,594)		        663,599,452 

 

           
   Principal
Amount		    
SHORT-TERM INVESTMENTS — 3.0%          
Repurchase Agreement — 3.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e)  $19,321,865   19,321,865 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,321,865)		        19,321,865 
           
TOTAL INVESTMENTS — 103.9%
(Cost $684,720,459) (f)		        682,921,317 
           
Other Assets/(Liabilities) — (3.9)%        (25,389,848) 
           
NET ASSETS — 100.0%       $657,531,469 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $20,769,380 or 3.16% of net assets. The Fund received $9,301,307 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Security is a Master Limited Partnership.
(d) Represents investment of security lending cash collateral. (Note 2).
(e) Maturity value of $19,324,613. Collateralized by U.S. Government Agency obligations with a rate of 0.000% - 3.000%, maturity date of 6/29/23 - 6/30/24 , and an aggregate market value, including accrued interest, of $19,708,308.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.3%          
           
COMMON STOCK — 98.8%          
Australia — 0.3%          
Orica Ltd.   117,229   $1,197,904 
Belgium — 1.1%          
Anheuser-Busch InBev SA   49,100    2,951,803 
KBC Group NV   31,641    2,031,582 
         4,983,385 
Canada — 3.3%          
Canadian National Railway Co.   38,788    4,611,117 
Intact Financial Corp.   15,972    2,299,190 
Open Text Corp. (a)   88,600    2,625,282 
Restaurant Brands International, Inc.   9,800    633,766 
Suncor Energy, Inc.   61,110    1,938,460 
The Toronto-Dominion Bank   46,545    3,013,737 
         15,121,552 
Cayman Islands — 2.1%          
Alibaba Group Holding Ltd. (b)   292,040    3,224,462 
NetEase, Inc.   135,100    1,969,291 
Tencent Holdings Ltd.   69,900    2,970,904 
Vipshop Holdings Ltd. ADR (b)   110,904    1,512,730 
         9,677,387 
Denmark — 2.7%          
Carlsberg A/S Class B   19,621    2,597,359 
DSV A/S   11,555    1,832,694 
Novo Nordisk A/S Class B   56,116    7,598,104 
         12,028,157 
France — 17.8%          
Accor SA (b)   122,455    3,042,453 
Air Liquide SA   56,478    8,033,391 
BNP Paribas SA   98,431    5,601,445 
Capgemini SE   50,073    8,397,936 
Cie de Saint-Gobain   54,756    2,688,179 
Cie Generale des Etablissements Michelin SCA   72,114    2,005,266 
Danone SA   31,300    1,649,006 
Dassault Systemes SE   45,336    1,635,137 
Edenred   24,600    1,338,588 
Engie SA   285,000    4,082,351 
EssilorLuxottica SA   28,447    5,180,088 
Kering SA   4,825    2,469,350 
L'Oreal SA   6,412    2,300,259 
Legrand SA   32,193    2,592,098 
LVMH Moet Hennessy Louis Vuitton SE   10,358    7,524,516 
Pernod Ricard SA   26,625    5,233,399 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Publicis Groupe SA (b)   39,569   $2,512,665 
Schneider Electric SE   64,537    9,076,447 
Valeo   127,630    2,274,978 
Worldline SA (b) (c)   80,500    3,141,138 
         80,778,690 
Germany — 15.8%          
adidas AG   26,745    3,650,964 
Allianz SE Registered   19,910    4,281,172 
Bayer AG Registered   151,608    7,827,897 
Bayerische Motoren Werke AG   45,285    4,041,920 
Beiersdorf AG   45,493    5,220,395 
Continental AG   66,380    3,965,933 
Daimler Truck Holding AG (b)   103,061    3,193,166 
Deutsche Boerse AG   32,996    5,693,155 
Fresenius Medical Care AG & Co. KGaA   53,721    1,757,115 
Fresenius SE & Co. KGaA   130,700    3,677,228 
Henkel AG & Co. KGaA   33,400    2,154,121 
Mercedes-Benz Group AG   69,773    4,578,750 
Merck KGaA   31,046    6,012,374 
MTU Aero Engines AG   8,812    1,907,272 
SAP SE   84,372    8,707,140 
Siemens AG Registered   24,600    3,414,299 
thyssenkrupp AG (b)   253,088    1,544,354 
         71,627,255 
Hong Kong — 1.6%          
AIA Group Ltd.   650,200    7,163,256 
India — 1.6%          
Axis Bank Ltd.   64,605    727,045 
HDFC Bank Ltd.   102,752    2,025,005 
Housing Development Finance Corp. Ltd.   75,922    2,421,455 
Tata Consultancy Services Ltd.   54,433    2,141,941 
         7,315,446 
Ireland — 2.3%          
Linde PLC (b)   12,906    4,219,889 
Ryanair Holdings PLC Sponsored ADR (b)   80,041    5,983,865 
         10,203,754 
Israel — 0.9%          
Check Point Software Technologies Ltd. (b)   32,834    4,142,338 
Italy — 2.7%          
Eni SpA   247,498    3,535,321 
Intesa Sanpaolo SpA   3,833,776    8,553,112 
         12,088,433 
Japan — 9.7%          
Daikin Industries Ltd.   28,100    4,322,610 
Denso Corp.   55,200    2,705,992 
Fujitsu Ltd.   8,600    1,138,881 
Hitachi Ltd.   124,200    6,250,346 
Hoya Corp.   32,500    3,144,544 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Koito Manufacturing Co. Ltd.   120,700   $1,797,920 
Komatsu Ltd.   70,100    1,520,832 
Kose Corp.   27,800    3,020,138 
Kubota Corp.   144,800    1,994,669 
Kyocera Corp.   68,300    3,408,466 
Olympus Corp.   180,500    3,190,464 
Shin-Etsu Chemical Co. Ltd.   12,300    1,498,576 
SMC Corp.   6,800    2,877,961 
Sony Group Corp.   51,300    3,911,928 
Terumo Corp.   108,400    3,065,427 
         43,848,754 
Mexico — 0.1%          
Grupo Televisa SAB Sponsored ADR   90,349    411,991 
Netherlands — 5.7%          
Akzo Nobel NV   69,611    4,644,866 
CNH Industrial NV   232,097    3,727,514 
EXOR NV (b)   44,600    3,255,666 
ING Groep NV (b)   325,325    3,969,098 
Koninklijke Philips NV   72,570    1,089,220 
Prosus NV (b)   60,823    4,175,831 
QIAGEN NV (b)   56,320    2,834,502 
Randstad NV   36,392    2,222,344 
         25,919,041 
Portugal — 0.5%          
Galp Energia SGPS SA   178,822    2,419,721 
Republic of Korea — 0.7%          
NAVER Corp.   20,565    2,920,822 
Singapore — 0.9%          
DBS Group Holdings, Ltd.   162,600    4,116,449 
Spain — 0.9%          
Amadeus IT Group SA (b)   82,280    4,243,183 
Sweden — 1.1%          
Sandvik AB   32,200    581,378 
SKF AB Class B   147,700    2,260,281 
Volvo AB Class B   119,200    2,158,314 
         4,999,973 
Switzerland — 12.9%          
Cie Financiere Richemont SA Registered   52,545    6,799,619 
Credit Suisse Group AG Registered (b)   531,092    1,595,646 
Holcim AG (b)   59,184    3,051,952 
Julius Baer Group Ltd. (b)   41,119    2,390,082 
Nestle SA Registered   93,514    10,799,510 
Novartis AG Registered   71,748    6,499,028 
Roche Holding AG   31,060    9,760,973 
Schindler Holding AG   5,120    961,377 
Sika AG Registered   10,719    2,586,381 
Sonova Holding AG Registered   5,799    1,379,797 
The Swatch Group AG   5,075    1,440,771 
UBS Group AG Registered   341,611    6,367,487 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Zurich Insurance Group AG   10,297   $4,920,682 
         58,553,305 
Taiwan — 0.7%          
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR   43,781    3,261,247 
United Kingdom — 12.9%          
Ashtead Group PLC   29,900    1,708,088 
Compass Group PLC   294,101    6,795,777 
Diageo PLC   107,996    4,769,026 
Experian PLC   139,866    4,761,539 
Glencore PLC (b)   394,100    2,635,258 
Informa PLC   201,300    1,509,211 
Liberty Global PLC Class A (b)   108,300    2,050,119 
Lloyds Banking Group PLC   8,154,397    4,477,848 
London Stock Exchange Group PLC   29,483    2,543,913 
Prudential PLC   428,293    5,795,932 
Reckitt Benckiser Group PLC   48,581    3,379,733 
RELX PLC   172,378    4,775,867 
Rio Tinto PLC   43,911    3,081,069 
Rolls-Royce Holdings PLC (b)   1,795,210    2,009,900 
Schroders PLC   520,264    2,734,859 
Smiths Group PLC   39,056    752,977 
Tesco PLC   913,539    2,476,846 
WPP PLC   222,444    2,208,390 
         58,466,352 
United States — 0.5%          
Yum China Holdings, Inc.   39,789    2,174,469 
           
TOTAL COMMON STOCK
(Cost $425,753,799)		        447,662,864 
           
PREFERRED STOCK — 0.5%          
Republic of Korea — 0.5%          
Samsung Electronics Co. Ltd. 1.760%   52,500    2,112,487 
           
TOTAL PREFERRED STOCK
(Cost $2,997,578)		        2,112,487 
           
TOTAL EQUITIES
(Cost $428,751,377)		        449,775,351 
           
MUTUAL FUNDS — 0.1%          
United States — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio (d)   386,416    386,416 
           
TOTAL MUTUAL FUNDS
(Cost $386,416)		        386,416 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $429,137,793)		        450,161,767 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
SHORT-TERM INVESTMENTS — 0.6%          
           
Repurchase Agreement — 0.6%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e)  $2,964,141   $2,964,141 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,964,141)		        2,964,141 
           
TOTAL INVESTMENTS — 100.0%
(Cost $432,101,934) (f)		        453,125,908 
           
Other Assets/(Liabilities) — (0.0)%        (171,632) 
           
NET ASSETS — 100.0%       $452,954,276 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $367,732 or 0.08% of net assets. (Note 2).
(b) Non-income producing security.
(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 December 31, 2022, the aggregate market value of these securities amounted to $3,141,138 or 0.69% of net assets.
(d) Represents investment of security lending cash collateral. (Note 2).
(e) Maturity value of $2,964,563. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $3,023,495.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.9%          
           
COMMON STOCK — 98.2%          
Australia — 2.7%          
ANZ Group Holdings Ltd.   124,850   $2,011,198 
BHP Group Ltd.   229,717    7,083,053 
BHP Group Ltd.   123,525    3,824,485 
Challenger Ltd.   203,981    1,057,328 
Downer EDI Ltd.   608,214    1,520,138 
IGO Ltd.   598,148    5,436,186 
Macquarie Group Ltd.   19,290    2,189,902 
Rio Tinto Ltd.   13,665    1,076,942 
Scentre Group   884,324    1,719,531 
South32 Ltd.   1,848,124    5,002,721 
Suncorp Group Ltd.   227,253    1,863,508 
Woodside Energy Group Ltd.   19,231    464,106 
Worley Ltd.   535,230    5,470,402 
         38,719,500 
Austria — 0.5%          
BAWAG Group AG (a) (b)   63,163    3,358,420 
Erste Group Bank AG   105,757    3,372,337 
         6,730,757 
Belgium — 0.3%          
KBC Group NV   32,966    2,116,657 
Umicore SA   55,767    2,057,416 
         4,174,073 
Bermuda — 0.3%          
China Resources Gas Group Ltd.   640,500    2,385,391 
Credicorp Ltd.   4,511    611,962 
Hongkong Land Holdings Ltd.   309,100    1,417,570 
         4,414,923 
Brazil — 1.3%          
Ambev SA   815,200    2,241,570 
B3 SA - Brasil Bolsa Balcao   982,100    2,455,838 
Banco BTG Pactual SA   458,700    2,078,085 
EDP - Energias do Brasil SA   234,707    924,466 
Klabin SA   403,000    1,523,967 
Localiza Rent a Car SA   203,114    2,045,574 
Multiplan Empreendimentos Imobiliarios SA   392,300    1,628,988 
Raia Drogasil SA   739,788    3,325,882 
Suzano SA   222,127    2,061,695 
WEG SA   129,200    941,006 
         19,227,071 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Canada — 4.2%          
BRP, Inc.   15,174   $1,156,877 
Canadian Pacific Railway Ltd.   80,794    6,026,425 
Constellation Software, Inc.   2,491    3,889,124 
Definity Financial Corp.   108,703    3,089,285 
The Descartes Systems Group, Inc. (b)   17,908    1,247,292 
Element Fleet Management Corp. (c)   278,000    3,788,109 
Magna International, Inc. (c)   79,328    4,456,647 
Manulife Financial Corp.   288,869    5,152,279 
National Bank of Canada (c)   138,749    9,348,649 
Shopify, Inc. Class A (b)   41,760    1,449,490 
Sun Life Financial, Inc.   149,564    6,942,465 
Suncor Energy, Inc.   79,400    2,518,634 
TC Energy Corp. (c)   44,072    1,757,021 
TELUS International CDA, Inc. (b)   67,209    1,326,807 
TMX Group Ltd.   58,854    5,890,616 
Waste Connections, Inc.   18,734    2,483,379 
         60,523,099 
Cayman Islands — 5.6%          
Alibaba Group Holding Ltd. (b)   600,080    6,625,582 
Alibaba Group Holding Ltd. Sponsored ADR (b)   81,901    7,214,659 
Baidu, Inc. Class A (b)   248,000    3,564,584 
Baidu, Inc. Sponsored ADR (b)   17,325    1,981,633 
Bizlink Holding, Inc.   197,000    1,514,765 
Budweiser Brewing Co. APAC Ltd. (a)   1,014,200    3,190,497 
Chailease Holding Co. Ltd.   163,000    1,149,790 
China Resources Mixc Lifestyle Services Ltd. (a)   158,600    805,770 
CK Hutchison Holdings Ltd.   283,000    1,698,943 
ENN Energy Holdings Ltd.   55,800    778,456 
JD Health International, Inc. (a) (b)   272,950    2,496,192 
JD.com, Inc. Class A   49,050    1,378,812 
JOYY, Inc. ADR   64,674    2,043,052 
KE Holdings, Inc. ADR (b)   238,702    3,332,280 
Kingdee International Software Group Co. Ltd. (b)   307,000    653,543 
Li Auto, Inc. ADR (b)   24,600    501,840 
Li Auto, Inc. Class A (b)   5,200    53,026 
Li Ning Co. Ltd.   186,500    1,600,403 
Longfor Group Holdings Ltd. (a)   533,759    1,635,801 
Meituan Class B (a) (b)   138,100    3,053,582 
Pinduoduo, Inc. ADR (b)   13,400    1,092,770 
Sea Ltd. ADR (b)   50,839    2,645,153 
Silergy Corp.   133,000    1,885,976 
Sunny Optical Technology Group Co. Ltd.   34,400    409,372 
Tencent Holdings Ltd.   306,900    13,043,927 
Tingyi Cayman Islands Holding Corp.   1,012,000    1,782,323 
Tongcheng Travel Holdings Ltd. (b)   1,287,600    3,098,823 
Trip.com Group Ltd. (b)   91,150    3,167,760 
Trip.com Group Ltd. ADR (b)   71,641    2,464,450 
Wuxi Biologics Cayman, Inc. (a) (b)   54,500    418,400 
XP, Inc. Class A (b)   165,468    2,538,279 
Zhongsheng Group Holdings Ltd.   784,000    3,996,215 
         81,816,658 
Chile — 0.2%          
Banco de Chile   26,662,663    2,766,065 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Banco Santander Chile Sponsored ADR   47,004   $744,543 
         3,510,608 
China — 3.4%          
Beijing Capital International Airport Co. Ltd. Class H (b)   2,194,000    1,605,169 
Chacha Food Co. Ltd. Class A   117,700    846,734 
China Construction Bank Corp. Class H   3,965,000    2,484,309 
China Oilfield Services Ltd. Class A   890,600    2,128,214 
Foshan Haitian Flavouring & Food Co. Ltd. Class A   88,500    1,013,121 
Fuyao Glass Industry Group Co. Ltd. Class A   768,600    3,878,363 
Glodon Co. Ltd. Class A   92,300    796,206 
Hisense Home Appliances Group Co. Ltd. Class A   64,155    121,580 
Hongfa Technology Co. Ltd. Class A   140,420    675,104 
Huayu Automotive Systems Co. Ltd. Class A   344,100    858,033 
Hundsun Technologies, Inc. Class A   320,900    1,868,302 
Inner Mongolia Yili Industrial Group Co. Ltd. Class A   835,300    3,714,257 
Kweichow Moutai Co. Ltd. Class A   12,098    2,993,715 
NARI Technology Co. Ltd. Class A   1,247,538    4,363,024 
Nongfu Spring Co. Ltd. Class H (a)   78,000    440,776 
PICC Property & Casualty Co. Ltd. Class H   2,008,000    1,900,627 
Ping An Insurance Group Co. of China Ltd. Class H   348,000    2,296,867 
Pony Testing International Group Co. Ltd. Class A   113,931    532,168 
Sangfor Technologies, Inc. Class A   18,700    302,854 
Shandong Pharmaceutical Glass Co. Ltd. Class A   314,700    1,283,111 
Shandong Weigao Group Medical Polymer Co. Ltd. Class H   817,600    1,339,101 
Shenzhen Inovance Technology Co. Ltd. Class A   357,700    3,577,488 
Songcheng Performance Development Co. Ltd. Class A   868,400    1,824,603 
Tsingtao Brewery Co. Ltd. Class H   338,000    3,339,378 
Weichai Power Co. Ltd. Class A   1,495,100    2,188,855 
Yifeng Pharmacy Chain Co. Ltd. Class A   228,016    2,094,605 
Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A   267,500    814,897 
         49,281,461 
Cyprus — 0.0%          
Ozon Holdings PLC (b) (d) (e)   18,310    — 
TCS Group Holding, PLC (b) (d) (e)   10,848    — 
         — 
Denmark — 0.4%          
Carlsberg A/S Class B   17,237    2,281,774 
Genmab A/S (b)   8,358    3,540,261 
         5,822,035 
Finland — 0.9%          
Kojamo OYJ   48,463    718,006 
Metso Outotec OYJ   126,296    1,302,982 
Sampo OYJ Class A   168,612    8,816,434 
Stora Enso OYJ Class R   164,709    2,326,937 
         13,164,359 
France — 8.0%          
Air Liquide SA   22,644    3,220,867 
Alstom SA (c)   84,796    2,081,942 
AXA SA   476,166    13,271,094 
BNP Paribas SA   125,309    7,131,000 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Capgemini SE   20,967   $3,516,456 
Dassault Aviation SA   52,056    8,832,284 
Engie SA   602,800    8,634,531 
EssilorLuxottica SA   48,056    8,750,811 
Faurecia SE (b)   69,487    1,057,722 
Ipsen SA   7,577    816,563 
Kering SA   11,783    6,030,333 
L'Oreal SA   11,040    3,960,521 
Legrand SA   36,870    2,968,678 
LVMH Moet Hennessy Louis Vuitton SE   2,253    1,636,680 
Safran SA   44,185    5,521,500 
Sanofi   145,178    14,047,514 
Teleperformance   18,996    4,532,918 
Thales SA   29,869    3,818,346 
TotalEnergies SE   250,985    15,665,267 
         115,495,027 
Germany — 5.6%          
BASF SE   43,193    2,144,282 
Bayer AG Registered   173,809    8,974,189 
Brenntag SE   22,118    1,414,131 
Covestro AG (a)   110,628    4,328,118 
Daimler Truck Holding AG (b)   117,173    3,630,402 
Deutsche Boerse AG   11,450    1,975,592 
Deutsche Post AG Registered   66,069    2,486,959 
Deutsche Telekom AG Registered   462,877    9,232,761 
Evotec SE (b)   174,246    2,844,033 
Fresenius SE & Co. KGaA   145,833    4,102,993 
GEA Group AG   42,231    1,725,064 
HeidelbergCement AG   25,120    1,432,677 
Infineon Technologies AG   47,514    1,447,166 
KION Group AG   43,577    1,246,963 
Mercedes-Benz Group AG Registered   38,948    2,555,905 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered   19,768    6,427,838 
SAP SE   40,141    4,142,527 
Siemens AG Registered   105,385    14,626,662 
Siemens Healthineers AG (a)   65,775    3,290,457 
Stroeer SE & Co KGaA   17,577    817,871 
Vonovia SE   29,809    702,520 
Zalando SE (a) (b)   47,146    1,671,375 
         81,220,485 
Hong Kong — 1.8%          
AIA Group Ltd.   1,286,000    14,167,867 
Beijing Enterprises Holdings Ltd.   261,500    837,646 
China Overseas Land & Investment Ltd.   909,000    2,399,422 
Fosun International Ltd.   1,317,000    1,073,207 
Galaxy Entertainment Group Ltd.   731,000    4,840,318 
Guangdong Investment Ltd.   1,834,000    1,877,580 
Hong Kong Exchanges & Clearing Ltd.   29,200    1,261,882 
         26,457,922 
Hungary — 0.3%          
OTP Bank Nyrt   175,123    4,735,162 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
India — 4.7%          
Ashok Leyland Ltd.   433,140   $750,982 
Asian Paints Ltd.   20,825    777,230 
Axis Bank Ltd.   548,870    6,176,816 
HDFC Asset Management Co. Ltd. (a)   26,794    703,318 
HDFC Bank Ltd.   114,335    2,253,279 
HDFC Life Insurance Co. Ltd. (a)   496,994    3,392,702 
Hindalco Industries Ltd.   334,134    1,903,063 
Hindustan Unilever Ltd.   28,483    880,543 
Housing Development Finance Corp. Ltd.   325,670    10,386,913 
ICICI Bank Ltd.   324,482    3,486,158 
ICICI Bank Ltd. Sponsored ADR   104,073    2,278,158 
Indus Towers Ltd.   549,104    1,264,114 
Infosys Ltd.   124,352    2,253,373 
Kotak Mahindra Bank Ltd.   211,585    4,652,138 
Larsen & Toubro Ltd.   87,206    2,193,501 
Maruti Suzuki India Ltd.   9,111    923,492 
NTPC Ltd.   2,750,137    5,531,456 
Petronet LNG Ltd.   1,244,771    3,235,423 
Reliance Industries Ltd.   167,493    5,137,634 
Shree Cement Ltd.   5,450    1,528,573 
Shriram Finance Ltd.   227,337    3,788,058 
Tata Consultancy Services Ltd.   11,420    449,378 
Tech Mahindra Ltd.   134,326    1,639,728 
Voltas Ltd.   206,616    1,990,890 
         67,576,920 
Indonesia — 0.7%          
Bank Central Asia Tbk PT   8,452,600    4,634,139 
Bank Rakyat Indonesia Persero Tbk PT   11,581,564    3,671,484 
Sarana Menara Nusantara Tbk PT   24,941,000    1,760,432 
Sumber Alfaria Trijaya Tbk PT   1,778,900    302,829 
         10,368,884 
Ireland — 0.6%          
DCC PLC   34,137    1,685,219 
Kerry Group PLC Class A   6,442    583,319 
Kerry Group PLC Class A   8,123    732,998 
Linde PLC (b)   16,214    5,301,509 
         8,303,045 
Italy — 1.7%          
Amplifon SpA   46,063    1,376,040 
Banca Mediolanum SpA   355,710    2,971,637 
DiaSorin SpA   15,908    2,229,155 
Enel SpA   702,675    3,779,188 
Ermenegildo Zegna NV   104,719    1,096,408 
Intesa Sanpaolo SpA   640,689    1,429,370 
Leonardo SpA   209,300    1,804,153 
Moncler SpA   44,712    2,380,050 
Prysmian SpA   145,437    5,383,949 
UniCredit SpA   187,315    2,663,665 
         25,113,615 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Japan — 13.9%          
Asahi Group Holdings Ltd. (c)   85,900   $2,674,719 
Asahi Kasei Corp.   251,200    1,785,027 
Asics Corp.   74,500    1,653,227 
Astellas Pharma, Inc.   564,100    8,558,012 
Central Japan Railway Co.   13,900    1,710,013 
Chugai Pharmaceutical Co. Ltd.   126,100    3,204,217 
CyberAgent, Inc.   199,400    1,773,581 
Daiichi Sankyo Co. Ltd.   106,400    3,409,858 
Daikin Industries Ltd.   11,900    1,830,571 
Denso Corp.   43,400    2,127,537 
DIC Corp. (c)   59,500    1,044,776 
Disco Corp.   7,200    2,069,768 
Electric Power Development Co. Ltd.   97,900    1,557,381 
Fujitsu General Ltd.   62,600    1,509,227 
Fujitsu Ltd.   28,100    3,721,228 
Hamamatsu Photonics KK   41,000    1,972,264 
Hikari Tsushin, Inc.   10,400    1,463,030 
Hitachi Ltd.   93,100    4,685,243 
Honda Motor Co. Ltd.   37,800    864,265 
Isetan Mitsukoshi Holdings Ltd.   97,800    1,066,677 
Keyence Corp.   8,200    3,210,339 
Kirin Holdings Co. Ltd. (c)   95,500    1,463,086 
MatsukiyoCocokara & Co.   60,100    3,021,728 
Mitsubishi Corp.   69,300    2,241,975 
Mitsubishi Electric Corp.   516,200    5,109,910 
Mitsubishi Estate Co. Ltd.   151,300    1,957,927 
Mitsubishi HC Capital, Inc.   242,200    1,193,146 
Mitsubishi UFJ Financial Group, Inc.   984,500    6,641,466 
Mitsui Fudosan Co. Ltd.   312,800    5,714,524 
Murata Manufacturing Co. Ltd.   99,200    4,976,794 
Nextage Co. Ltd.   6,800    131,202 
Nippon Sanso Holdings Corp.   82,100    1,182,559 
Nippon Shokubai Co. Ltd.   25,500    1,017,968 
Nippon Steel Corp.   96,100    1,673,193 
Nippon Telegraph & Telephone Corp.   660,100    18,841,944 
NTT Data Corp.   288,400    4,243,644 
Olympus Corp.   138,700    2,451,620 
Omron Corp.   20,300    990,101 
ORIX Corp.   169,200    2,728,318 
Otsuka Holdings Co. Ltd.   225,900    7,354,413 
Outsourcing, Inc.   171,200    1,235,950 
Pan Pacific International Holding Corp.   70,500    1,308,726 
Panasonic Holdings Corp.   250,000    2,093,564 
Persol Holdings Co. Ltd.   173,000    3,673,960 
Recruit Holdings Co. Ltd.   77,200    2,455,258 
Renesas Electronics Corp. (b)   122,000    1,102,576 
Seven & i Holdings Co. Ltd.   200,800    8,589,897 
Shimadzu Corp.   62,500    1,782,645 
SMC Corp.   2,300    973,428 
SoftBank Group Corp.   29,000    1,228,094 
Sompo Holdings, Inc.   56,800    2,522,077 
Sony Group Corp.   78,600    5,993,714 
Stanley Electric Co. Ltd.   196,500    3,734,876 
Sumitomo Corp.   295,400    4,898,360 
Sumitomo Mitsui Trust Holdings, Inc.   46,200    1,612,030 
Sumitomo Rubber Industries Ltd. (c)   66,600    584,390 
Suzuki Motor Corp.   113,200    3,642,001 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Taiheiyo Cement Corp.   76,900   $1,195,918 
Takeda Pharmaceutical Co. Ltd.   69,600    2,173,894 
TechnoPro Holdings, Inc.   91,400    2,416,412 
THK Co. Ltd.   43,300    817,871 
Tokio Marine Holdings, Inc.   198,300    4,244,923 
Tokyo Electron Ltd.   15,600    4,634,190 
Tosoh Corp.   21,300    252,731 
Toyota Motor Corp.   665,900    9,100,948 
Welcia Holdings Co. Ltd.   36,300    845,558 
Z Holdings Corp.   1,461,700    3,695,298 
         201,635,767 
Luxembourg — 0.3%          
Millicom International Cellular SA (b) (c)   91,997    1,163,286 
Samsonite International SA (a) (b)   496,500    1,298,275 
Tenaris SA   139,547    2,448,983 
         4,910,544 
Malaysia — 0.2%          
CIMB Group Holdings Bhd   2,783,296    3,666,231 
Mexico — 0.8%          
Gruma SAB de CV Class B   213,505    2,852,211 
Grupo Aeroportuario del Pacifico SAB de CV ADR   14,865    2,137,736 
Grupo Financiero Banorte SAB de CV Class O   137,500    989,557 
Grupo Mexico SAB de CV Series B   860,182    3,032,587 
Orbia Advance Corp. SAB de CV   456,479    809,347 
Wal-Mart de Mexico SAB de CV   643,900    2,276,029 
         12,097,467 
Netherlands — 5.9%          
Adyen NV (a) (b)   1,644    2,274,994 
AerCap Holdings NV (b)   51,209    2,986,509 
Airbus SE   39,162    4,656,451 
Akzo Nobel NV   146,457    9,772,495 
ASML Holding NV   35,650    19,297,450 
Heineken NV   15,313    1,438,680 
ING Groep NV (b)   1,095,394    13,364,254 
Koninklijke DSM NV   9,957    1,220,683 
Koninklijke Philips NV   470,364    7,059,805 
NXP Semiconductor NV   31,803    5,025,828 
Prosus NV (b)   172,663    11,854,256 
Prosus NV (b)   26,947    1,851,891 
Signify NV (a)   59,799    2,013,268 
Stellantis NV   155,135    2,199,295 
X5 Retail Group NV (d) (e)   53,349    — 
Yandex N.V. (b) (d) (e)   66,647    — 
         85,015,859 
Norway — 1.0%          
DNB Bank ASA   241,159    4,774,500 
Equinor ASA   179,775    6,448,240 
Storebrand ASA   313,171    2,719,295 
         13,942,035 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Philippines — 0.3%          
Bank of the Philippine Islands   101,980   $186,763 
BDO Unibank, Inc.   225,174    425,082 
Jollibee Foods Corp.   1,170    4,839 
SM Investments Corp.   180,980    2,935,843 
Universal Robina Corp.   328,140    802,630 
         4,355,157 
Poland — 0.3%          
Powszechna Kasa Oszczednosci Bank Polski SA   156,192    1,083,254 
Powszechny Zaklad Ubezpieczen SA   334,281    2,707,705 
         3,790,959 
Portugal — 0.6%          
Banco Comercial Portugues SA   4,512,532    710,055 
Galp Energia SGPS SA   436,805    5,910,606 
Jeronimo Martins SGPS SA   82,866    1,791,809 
         8,412,470 
Republic of Korea — 3.6%          
Amorepacific Corp.   8,890    974,845 
CJ CheilJedang Corp.   6,000    1,810,786 
Hyundai Motor Co.   18,731    2,251,266 
Kangwon Land, Inc. (b)   117,600    2,168,381 
KT Corp. (b)   116,648    3,126,406 
KT Corp. Sponsored ADR (b) (c)   149,163    2,013,701 
LG Chem Ltd.   4,712    2,254,082 
LG H&H Co. Ltd.   2,464    1,417,791 
Lotte Chemical Corp.   17,497    2,452,518 
NAVER Corp.   35,545    5,048,413 
POSCO Holdings, Inc.   3,428    754,536 
Samsung Electronics Co. Ltd.   630,724    27,813,722 
         52,086,447 
Russia — 0.0%          
Gazprom PJSC (d) (e)   496,602    — 
Novatek PJSC (d) (e)   73,140    — 
         — 
Saudi Arabia — 0.6%          
Al Rajhi Bank (b)   76,741    1,539,394 
Arabian Internet & Communications Services Co.   2,715    175,602 
Nahdi Medical Co.   33,441    1,491,180 
The Saudi British Bank   277,694    2,884,326 
The Saudi National Bank   207,759    2,796,815 
         8,887,317 
Singapore — 1.3%          
DBS Group Holdings, Ltd.   77,400    1,959,490 
Jardine Cycle & Carriage Ltd. (c)   104,200    2,226,288 
United Overseas Bank Ltd.   327,200    7,503,901 
Wilmar International Ltd.   1,101,700    3,432,337 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Yangzijiang Shipbuilding Holdings Ltd.   3,658,400   $3,699,513 
         18,821,529 
South Africa — 0.7%          
Capitec Bank Holdings Ltd.   28,418    3,108,504 
Clicks Group Ltd.   101,732    1,617,097 
FirstRand Ltd.   1,090,081    3,981,481 
Kumba Iron Ore Ltd.   45,727    1,314,519 
         10,021,601 
Spain — 0.9%          
Amadeus IT Group SA (b)   95,194    4,909,159 
Fluidra SA   141,863    2,200,150 
Iberdrola SA   355,693    4,160,718 
Indra Sistemas SA   101,848    1,159,399 
         12,429,426 
Sweden — 1.5%          
Assa Abloy AB Class B   108,192    2,327,850 
Elekta AB   235,915    1,417,622 
Essity AB Class B   112,563    2,954,547 
Olink Holding AB ADR (b) (c)   29,221    741,629 
Svenska Handelsbanken AB Class A   312,311    3,142,564 
Swedbank AB Class A   296,639    5,039,519 
Telefonaktiebolaget LM Ericsson Class B   1,051,202    6,156,229 
         21,779,960 
Switzerland — 6.8%          
ABB Ltd. Registered   135,698    4,133,059 
Alcon, Inc.   78,230    5,373,187 
Barry Callebaut AG Registered   2,269    4,495,443 
Holcim AG (b)   45,833    2,363,478 
Julius Baer Group Ltd. (b)   148,957    8,658,273 
Lonza Group AG Registered   7,687    3,783,372 
Nestle SA Registered   179,724    20,755,513 
Novartis AG Registered   131,788    11,937,530 
Partners Group Holding AG   5,217    4,637,340 
PolyPeptide Group AG (a) (b)   7,985    217,423 
Roche Holding AG   63,303    19,893,717 
UBS Group AG Registered   169,737    3,163,827 
Zurich Insurance Group AG   18,703    8,937,703 
         98,349,865 
Taiwan — 2.9%          
ASE Technology Holding Co. Ltd.   346,000    1,056,114 
Hon Hai Precision Industry Co. Ltd.   1,173,000    3,810,936 
Largan Precision Co. Ltd.   11,000    729,521 
MediaTek, Inc.   184,000    3,737,422 
Taiwan Semiconductor Manufacturing Co. Ltd.   2,232,000    32,530,616 
Vanguard International Semiconductor Corp.   251,000    632,210 
         42,496,819 
Thailand — 0.7%          
Airports of Thailand PCL (b)   150,100    325,033 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Bangkok Dusit Medical Services PCL   2,515,000   $2,123,971 
Bumrungrad Hospital PCL   37,500    228,975 
CP ALL PCL   2,372,000    4,674,145 
Land & Houses PCL   8,758,200    2,497,957 
The Siam Cement PCL   37,300    367,930 
         10,218,011 
United Arab Emirates — 0.2%          
First Abu Dhabi Bank PJSC   477,296    2,219,930 
United Kingdom — 11.3%          
Amcor PLC   281,910    3,379,621 
Antofagasta PLC   145,756    2,705,983 
Ashtead Group PLC   95,252    5,441,432 
ASOS PLC (b) (c)   138,436    843,952 
AstraZeneca PLC Sponsored ADR   354,104    24,008,251 
Atlassian Corp. (b)   5,700    733,476 
boohoo Group PLC (b) (c)   384,235    164,820 
Bridgepoint Group PLC (a)   709,137    1,643,122 
British American Tobacco PLC   62,661    2,486,057 
Bunzl PLC   48,767    1,627,711 
Burberry Group PLC   146,058    3,568,931 
Close Brothers Group PLC   42,247    534,826 
Compass Group PLC   175,361    4,052,058 
Diageo PLC   89,950    3,972,128 
Direct Line Insurance Group PLC   1,022,195    2,740,647 
Dr. Martens Plc   280,761    648,869 
Fresnillo PLC   191,382    2,077,559 
Great Portland Estates PLC   388,313    2,318,017 
GSK PLC ADR   171,644    6,031,570 
HSBC Holdings PLC   598,649    3,733,456 
Imperial Brands PLC   154,269    3,854,346 
Informa PLC   252,887    1,895,975 
InterContinental Hotels Group PLC   35,826    2,062,099 
Investec PLC   213,326    1,319,109 
Johnson Matthey PLC   82,519    2,124,309 
Kingfisher PLC   946,979    2,710,181 
Lloyds Banking Group PLC   8,869,997    4,870,808 
London Stock Exchange Group PLC   49,546    4,275,030 
Melrose Industries PLC   1,500,024    2,438,608 
Mondi PLC   56,319    956,492 
National Grid PLC   246,034    2,955,208 
Network International Holdings PLC (a) (b)   275,551    986,911 
Next PLC   57,747    4,066,003 
Persimmon PLC   95,989    1,416,907 
Prudential PLC   369,913    5,005,897 
Rightmove PLC   209,035    1,294,163 
Rolls-Royce Holdings PLC (b)   2,327,201    2,605,512 
Shell PLC   193,522    5,499,454 
Shell PLC ADR    52,880    3,011,516 
Smith & Nephew PLC   277,692    3,709,901 
Smiths Group PLC   118,834    2,291,051 
Standard Chartered PLC   325,846    2,445,710 
Taylor Wimpey PLC   1,230,185    1,516,477 
Unilever PLC   250,880    12,656,642 
Unilever PLC   117,536    5,898,121 
Vodafone Group PLC   1,860,830    1,886,267 
Vodafone Group PLC Sponsored ADR   196,104    1,984,573 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
WPP PLC   614,391   $6,099,579 
         164,549,335 
United States — 1.2%          
Autoliv, Inc.   21,746    1,666,473 
Broadcom, Inc.   10,005    5,594,096 
Canva, Inc. (Acquired 8/16/21, Cost $652,842) (b) (d) (e) (f)   383    211,339 
Las Vegas Sands Corp. (b)   6,100    293,227 
Mastercard, Inc. Class A   7,933    2,758,542 
MercadoLibre, Inc. (b)   1,400    1,184,736 
Yum China Holdings, Inc.   102,200    5,585,230 
Yum China Holdings, Inc.   8,400    468,799 
         17,762,442 
           
TOTAL COMMON STOCK
(Cost $1,436,772,268)		        1,424,104,775 
           
PREFERRED STOCK — 0.7%          
Germany — 0.7%          
          
Dr Ing hc F Porsche AG (b)   59,265    6,012,803 
Sartorius AG 0.0340%   5,103    2,018,009 
Volkswagen AG 6.014%   16,803    2,094,306 
         10,125,118 
United States — 0.0%          
Canva, Inc., Series A , (Acquired 11/04/21, Cost $39,209) (b) (d) (e) (f)   23    12,691 
           
TOTAL PREFERRED STOCK
(Cost $9,192,246)		        10,137,809 
           
TOTAL EQUITIES
(Cost $1,445,964,514)		        1,434,242,584 
           
MUTUAL FUNDS — 0.2%          
United States — 0.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)   2,310,919    2,310,919 
           
TOTAL MUTUAL FUNDS
(Cost $2,310,919)		        2,310,919 
           
RIGHTS — 0.0%          
Brazil — 0.0%          
Localiza Rent a Car SA (b) (e)   887    1,807 
Republic of Korea — 0.0%          
Lotte Chemical Corp. Right (b) (d) (e)   3,411    95,762 
Russia — 0.0%          
Moscow Exchange (b) (d) (e)   83,990    — 
Moscow Exchange (b) (d) (e)   1,181,630    — 
         — 

 

 

 

 

MassMutual Select T. Rowe Price International Equity Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
TOTAL RIGHTS
(Cost $2,619,127)		       $97,569 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,450,894,560)		        1,436,651,072 
           
SHORT-TERM INVESTMENTS — 0.8%          
           
Mutual Fund — 0.7%          
T. Rowe Price Government Reserve Investment Fund   10,433,385    10,433,385 
         
   Principal
Amount		    
Repurchase Agreement — 0.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h)  $1,120,919    1,120,919 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,554,304)		        11,554,304 
           
TOTAL INVESTMENTS — 99.9%
(Cost $1,462,448,864) (i)		        1,448,205,376 
           
Other Assets/(Liabilities) — 0.1%        2,091,431 
           
NET ASSETS — 100.0%       $1,450,296,807 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $37,219,401 or 2.57% of net assets.
(b) Non-income producing security.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $21,450,615 or 1.48% of net assets. The Fund received $20,112,328 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $319,792 or 0.02% of net assets.
(e) Investment is valued using significant unobservable inputs.
(f) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $224,031 or 0.02% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $1,121,079. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,143,386.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

OTC Options Written
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid (Received)   Unrealized Appreciation/ (Depreciation) 
Call       
Julius Baer Group Ltd.  Goldman Sachs International   1/20/23    56.00    62   CHF   347,200   $(2,416)   $(9,292)   $6,876
Julius Baer Group Ltd.  Goldman Sachs International   2/17/23    57.00    62   CHF   353,400    (5,539)    (10,941)    5,402
Julius Baer Group Ltd.  Goldman Sachs International   2/17/23    58.00    61   CHF   353,800    (3,950)    (8,535)    4,585 
                             $(11,905)   $(28,768)   $16,863
   
Currency Legend
CHF Swiss Franc

 

 

MassMutual 20/80 Allocation Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 21.4%          
DFA Commodity Strategy Portfolio   153,359   $752,993 
Invesco Real Estate Fund, Class R6   24,761    405,829 
MassMutual Blue Chip Growth Fund, Class I (a)   197,020    3,203,541 
MassMutual Diversified Value Fund, Class I (a)   203,390    2,241,353 
MassMutual Equity Opportunities Fund, Class I (a)   311,711    5,046,594 
MassMutual Fundamental Value Fund, Class I (a)   260,427    2,169,357 
MassMutual Growth Opportunities Fund, Class I (a)   179,155    747,075 
MassMutual International Equity Fund, Class I (a)   78,545    611,867 
MassMutual Mid Cap Growth Fund, Class I (a)   64,021    1,118,451 
MassMutual Mid Cap Value Fund, Class I (a)   114,280    1,234,222 
MassMutual Overseas Fund, Class I (a)   459,840    3,448,802 
MassMutual Small Cap Growth Equity Fund, Class I (a)   15,047    188,391 
MassMutual Small Cap Value Equity Fund, Class I (a)   97,043    818,071 
MassMutual Strategic Emerging Markets Fund, Class I (a)   91,107    829,071 
MM Equity Asset Fund, Class I (a)   1,284,929    8,300,644 
Vanguard Developed Markets Index Fund, Admiral Shares   158,425    2,141,900 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   12,160    394,119 
Vanguard Mid-Cap Index Fund, Admiral Shares   4,789    1,209,188 
Vanguard Small-Cap Index Fund, Admiral Shares   7,945    698,641 
         35,560,109 
Fixed Income Funds — 78.6%          
Invesco International Bond Fund, Class R6   1,600,165    6,880,710 
MassMutual Core Bond Fund, Class I (a)   2,996,289    26,637,006 
MassMutual Global Floating Rate Fund, Class I (a)   36,760    312,460 
MassMutual High Yield Fund, Class I (a)   63,901    476,060 
MassMutual Inflation-Protected and Income Fund, Class I (a)   186,239    1,694,774 
MassMutual Short-Duration Bond Fund, Class I (a)   1,886,951    16,246,648 
MassMutual Strategic Bond Fund, Class I (b)   3,825,502    32,631,531 
MassMutual Total Return Bond Fund, Class I (a)   4,542,775    38,023,028 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   11,070    229,048 
Vanguard Total Bond Market Index Fund, Institutional Shares   813,939    7,716,146 
         130,847,411 
           
TOTAL MUTUAL FUNDS
(Cost $194,478,878)		        166,407,520 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $194,478,878)		        166,407,520 
           
TOTAL INVESTMENTS — 100.0%
(Cost $194,478,878) (c)		        166,407,520 
           
Other Assets/(Liabilities) — (0.0)%        (48,635) 
           
NET ASSETS — 100.0%       $166,358,885 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual 40/60 Allocation Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 41.3%          
DFA Commodity Strategy Portfolio   144,700   $710,477 
Invesco Real Estate Fund, Class R6   34,801    570,396 
MassMutual Blue Chip Growth Fund, Class I (a)   367,279    5,971,958 
MassMutual Diversified Value Fund, Class I (a)   476,294    5,248,754 
MassMutual Equity Opportunities Fund, Class I (a)   573,076    9,278,104 
MassMutual Fundamental Value Fund, Class I (a)   608,492    5,068,740 
MassMutual Growth Opportunities Fund, Class I (a)   334,199    1,393,609 
MassMutual International Equity Fund, Class I (a)   279,127    2,174,396 
MassMutual Mid Cap Growth Fund, Class I (a)   98,062    1,713,151 
MassMutual Mid Cap Value Fund, Class I (a)   264,728    2,859,064 
MassMutual Overseas Fund, Class I (a)   673,935    5,054,513 
MassMutual Small Cap Growth Equity Fund, Class I (a)   31,339    392,368 
MassMutual Small Cap Value Equity Fund, Class I (a)   244,535    2,061,431 
MassMutual Strategic Emerging Markets Fund, Class I (a)   130,374    1,186,405 
MM Equity Asset Fund, Class I (a)   2,827,555    18,266,008 
Vanguard Developed Markets Index Fund, Institutional Shares   397,846    5,382,858 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   25,206    816,938 
Vanguard Mid-Cap Index Fund, Admiral Shares   10,636    2,685,152 
Vanguard Small-Cap Index Fund, Admiral Shares   18,328    1,611,734 
         72,446,056 
Fixed Income Funds — 58.8%          
Invesco International Bond Fund, Class R6   1,235,747    5,313,714 
MassMutual Core Bond Fund, Class I (a)   2,230,910    19,832,787 
MassMutual Global Floating Rate Fund, Class I (a)   42,690    362,862 
MassMutual High Yield Fund, Class I (a)   84,293    627,987 
MassMutual Inflation-Protected and Income Fund, Class I (a)   97,604    888,201 
MassMutual Short-Duration Bond Fund, Class I (a)   1,642,934    14,145,663 
MassMutual Strategic Bond Fund, Class I (b)   2,838,831    24,215,226 
MassMutual Total Return Bond Fund, Class I (a)   3,658,579    30,622,309 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   11,855    245,282 
Vanguard Total Bond Market Index Fund, Institutional Shares   745,297    7,065,420 
         103,319,451 
           
TOTAL MUTUAL FUNDS
(Cost $208,256,636)		        175,765,507 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $208,256,636)		        175,765,507 
           
TOTAL INVESTMENTS — 100.1%
(Cost $208,256,636) (c)		        175,765,507 
           
Other Assets/(Liabilities) — (0.1)%        (160,380) 
           
NET ASSETS — 100.0%       $175,605,127 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual 60/40 Allocation Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 59.8%          
DFA Commodity Strategy Portfolio   110,165   $540,911 
Invesco Real Estate Fund, Class R6   40,254    659,769 
MassMutual Blue Chip Growth Fund, Class I (a)   502,585    8,172,038 
MassMutual Diversified Value Fund, Class I (a)   679,891    7,492,396 
MassMutual Equity Opportunities Fund, Class I (a)   855,173    13,845,250 
MassMutual Fundamental Value Fund, Class I (a)   709,871    5,913,229 
MassMutual Growth Opportunities Fund, Class I (a)   424,316    1,769,399 
MassMutual International Equity Fund, Class I (a)   275,142    2,143,356 
MassMutual Mid Cap Growth Fund, Class I (a)   154,455    2,698,331 
MassMutual Mid Cap Value Fund, Class I (a)   409,010    4,417,310 
MassMutual Overseas Fund, Class I (a)   675,052    5,062,887 
MassMutual Small Cap Growth Equity Fund, Class I (a)   68,148    853,209 
MassMutual Small Cap Value Equity Fund, Class I (a)   297,772    2,510,219 
MassMutual Strategic Emerging Markets Fund, Class I (a)   29,367    267,244 
MM Equity Asset Fund, Class I (a)   4,483,710    28,964,767 
Vanguard Developed Markets Index Fund, Institutional Shares   497,586    6,732,332 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   42,906    1,390,589 
Vanguard Mid-Cap Index Fund, Admiral Shares   16,079    4,059,541 
Vanguard Small-Cap Index Fund, Admiral Shares   12,938    1,137,743 
         98,630,520 
Fixed Income Funds — 40.3%          
Invesco International Bond Fund, Class R6   916,298    3,940,080 
MassMutual Core Bond Fund, Class I (a)   1,358,866    12,080,319 
MassMutual Global Floating Rate Fund, Class I (a)   35,027    297,730 
MassMutual High Yield Fund, Class I (a)   81,616    608,036 
MassMutual Inflation-Protected and Income Fund, Class I (a)   44,831    407,965 
MassMutual Short-Duration Bond Fund, Class I (a)   1,109,882    9,556,085 
MassMutual Strategic Bond Fund, Class I (b)   1,881,399    16,048,331 
MassMutual Total Return Bond Fund, Class I (a)   2,238,451    18,735,833 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   13,007    269,122 
Vanguard Total Bond Market Index Fund, Institutional Shares   481,485    4,564,480 
         66,507,981 
           
TOTAL MUTUAL FUNDS
(Cost $195,139,028)		        165,138,501 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $195,139,028)		        165,138,501 
           
TOTAL INVESTMENTS — 100.1%
(Cost $195,139,028) (c)		        165,138,501 
           
Other Assets/(Liabilities) — (0.1)%        (125,780) 
           
NET ASSETS — 100.0%       $165,012,721 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual 80/20 Allocation Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 80.3%          
DFA Commodity Strategy Portfolio   61,899   $303,924 
Invesco Real Estate Fund, Class R6   52,895    866,949 
MassMutual Blue Chip Growth Fund, Class I (a)   515,892    8,388,407 
MassMutual Diversified Value Fund, Class I (a)   510,264    5,623,113 
MassMutual Equity Opportunities Fund, Class I (a)   820,193    13,278,926 
MassMutual Fundamental Value Fund, Class I (a)   683,499    5,693,546 
MassMutual Growth Opportunities Fund, Class I (a)   370,435    1,544,713 
MassMutual International Equity Fund, Class I (a)   430,006    3,349,748 
MassMutual Mid Cap Growth Fund, Class I (a)   177,596    3,102,608 
MassMutual Mid Cap Value Fund, Class I (a)   364,988    3,941,874 
MassMutual Overseas Fund, Class I (a)   940,090    7,050,677 
MassMutual Small Cap Growth Equity Fund, Class I (a)   76,495    957,721 
MassMutual Small Cap Value Equity Fund, Class I (a)   231,822    1,954,262 
MassMutual Strategic Emerging Markets Fund, Class I (a)   242,032    2,202,488 
MM Equity Asset Fund, Class I (a)   3,809,687    24,610,575 
Vanguard Developed Markets Index Fund, Institutional Shares   501,308    6,782,696 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   47,636    1,543,870 
Vanguard Mid-Cap Index Fund, Admiral Shares   17,554    4,431,967 
Vanguard Small-Cap Index Fund, Admiral Shares   25,560    2,247,732 
         97,875,796 
Fixed Income Funds — 19.8%          
Invesco International Bond Fund, Class R6   437,169    1,879,826 
MassMutual Core Bond Fund, Class I (a)   439,793    3,909,762 
MassMutual Global Floating Rate Fund, Class I (a)   36,349    308,969 
MassMutual High Yield Fund, Class I (a)   77,136    574,662 
MassMutual Inflation-Protected and Income Fund, Class I (a)   14,373    130,795 
MassMutual Short-Duration Bond Fund, Class I (a)   623,622    5,369,381 
MassMutual Strategic Bond Fund, Class I (a)   441,548    3,766,407 
MassMutual Total Return Bond Fund, Class I (a)   855,424    7,159,899 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   6,225    128,805 
Vanguard Total Bond Market Index Fund, Admiral Shares   99,822    946,312 
         24,174,818 
           
TOTAL MUTUAL FUNDS
(Cost $143,676,046)		        122,050,614 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $143,676,046)		        122,050,614 
           
TOTAL INVESTMENTS — 100.1%
(Cost $143,676,046) (b)		        122,050,614 
           
Other Assets/(Liabilities) — (0.1)%        (79,789) 
           
NET ASSETS — 100.0%       $121,970,825 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan In Retirement Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 35.1%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   59,112   $868,357 
JPMorgan Large Cap Value Fund, Class R6   58,205    1,044,782 
MassMutual Blue Chip Growth Fund, Class I (a)   93,240    1,516,080 
MassMutual Diversified Value Fund, Class I (a)   82,363    907,639 
MassMutual Equity Opportunities Fund, Class I (a)   153,556    2,486,078 
MassMutual Fundamental Value Fund, Class I (a)   145,016    1,207,983 
MassMutual Growth Opportunities Fund, Class I (a)   110,672    461,500 
MassMutual International Equity Fund, Class I (a)   198,942    1,549,756 
MassMutual Mid Cap Growth Fund, Class I (a)   40,802    712,818 
MassMutual Mid Cap Value Fund, Class I (a)   64,952    701,480 
MassMutual Overseas Fund, Class I (a)   363,333    2,724,998 
MassMutual Small Cap Growth Equity Fund, Class I (a)   38,793    485,693 
MassMutual Small Cap Value Equity Fund, Class I (a)   77,017    649,257 
MassMutual Strategic Emerging Markets Fund, Class I (a)   175,564    1,597,628 
MM Equity Asset Fund, Class I (a)   1,166,270    7,534,105 
Vanguard Developed Markets Index Fund, Admiral Shares   263,352    3,560,522 
Vanguard Mid-Cap Index Fund, Admiral Shares   2,424    611,971 
Vanguard Real Estate Index Fund, Admiral Shares   4,378    511,709 
Vanguard Small-Cap Index Fund, Admiral Shares   5,709    502,062 
         29,634,418 
Fixed Income Funds — 65.0%          
JPMorgan Emerging Markets Debt Fund, Class R6   64,830    383,143 
JPMorgan U.S. Government Money Market Fund, Class IM   11,873,065    11,873,065 
MassMutual Core Bond Fund, Class I (a)   1,854,661    16,487,935 
MassMutual Global Floating Rate Fund, Class I (a)   13,028    110,735 
MassMutual High Yield Fund, Class I (a)   586,344    4,368,263 
MassMutual Inflation-Protected and Income Fund, Class I (a)   680,318    6,190,891 
MassMutual Strategic Bond Fund, Class I (b)   655,169    5,588,590 
MassMutual Total Return Bond Fund, Class I (a)   665,741    5,572,249 
Vanguard Total Bond Market Index Fund, Institutional Shares   442,753    4,197,294 
         54,772,165 
           
TOTAL MUTUAL FUNDS
(Cost $98,110,178)		        84,406,583 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $98,110,178)		        84,406,583 
           

 

 

 

 

MassMutual RetireSMARTsm by JPMorgan In Retirement Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
TOTAL INVESTMENTS — 100.1%
(Cost $98,110,178) (c)		       $84,406,583 
           
Other Assets/(Liabilities) — (0.1)%        (112,475) 
           
NET ASSETS — 100.0%       $84,294,108 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2020 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 35.1%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   116,288   $1,708,265 
JPMorgan Large Cap Value Fund, Class R6   114,534    2,055,880 
MassMutual Blue Chip Growth Fund, Class I (a)   182,195    2,962,498 
MassMutual Diversified Value Fund, Class I (a)   162,034    1,785,620 
MassMutual Equity Opportunities Fund, Class I (a)   302,943    4,904,653 
MassMutual Fundamental Value Fund, Class I (a)   283,451    2,361,143 
MassMutual Growth Opportunities Fund, Class I (a)   218,010    909,103 
MassMutual International Equity Fund, Class I (a)   394,559    3,073,615 
MassMutual Mid Cap Growth Fund, Class I (a)   80,533    1,406,908 
MassMutual Mid Cap Value Fund, Class I (a)   128,259    1,385,198 
MassMutual Overseas Fund, Class I (a)   708,740    5,315,553 
MassMutual Small Cap Growth Equity Fund, Class I (a)   76,483    957,565 
MassMutual Small Cap Value Equity Fund, Class I (a)   151,854    1,280,130 
MassMutual Strategic Emerging Markets Fund, Class I (a)   348,433    3,170,744 
MM Equity Asset Fund, Class I (a)   2,279,229    14,723,817 
Vanguard Developed Markets Index Fund, Institutional Shares   510,631    6,908,831 
Vanguard Mid-Cap Index Fund, Admiral Shares   4,707    1,188,410 
Vanguard Real Estate Index Fund, Admiral Shares   8,503    993,732 
Vanguard Small-Cap Index Fund, Admiral Shares   11,087    974,969 
         58,066,634 
Fixed Income Funds — 65.0%          
JPMorgan Emerging Markets Debt Fund, Class R6   126,570    748,030 
JPMorgan U.S. Government Money Market Fund, Class IM   23,282,012    23,282,012 
MassMutual Core Bond Fund, Class I (a)   3,638,519    32,346,433 
MassMutual Global Floating Rate Fund, Class I (a)   25,299    215,043 
MassMutual High Yield Fund, Class I (a)   1,150,117    8,568,372 
MassMutual Inflation-Protected and Income Fund, Class I (a)   1,334,667    12,145,469 
MassMutual Strategic Bond Fund, Class I (b)   1,285,165    10,962,461 
MassMutual Total Return Bond Fund, Class I (a)   1,306,008    10,931,286 
Vanguard Total Bond Market Index Fund, Institutional Shares   859,825    8,151,139 
         107,350,245 
           
TOTAL MUTUAL FUNDS
(Cost $192,843,390)		        165,416,879 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $192,843,390)		        165,416,879 
           

 

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2020 Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
TOTAL INVESTMENTS — 100.1%
(Cost $192,843,390) (c)		       $165,416,879 
           
Other Assets/(Liabilities) — (0.1)%        (189,415) 
           
NET ASSETS — 100.0%       $165,227,464 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2025 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 46.5%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   172,736   $2,537,495 
JPMorgan Large Cap Value Fund, Class R6   130,792    2,347,713 
MassMutual Blue Chip Growth Fund, Class I (a)   209,122    3,400,316 
MassMutual Diversified Value Fund, Class I (a)   184,995    2,038,647 
MassMutual Equity Opportunities Fund, Class I (a)   343,877    5,567,366 
MassMutual Fundamental Value Fund, Class I (a)   325,516    2,711,549 
MassMutual Growth Opportunities Fund, Class I (a)   248,460    1,036,080 
MassMutual International Equity Fund, Class I (a)   445,573    3,471,017 
MassMutual Mid Cap Growth Fund, Class I (a)   89,895    1,570,466 
MassMutual Mid Cap Value Fund, Class I (a)   143,131    1,545,813 
MassMutual Overseas Fund, Class I (a)   815,393    6,115,448 
MassMutual Small Cap Growth Equity Fund, Class I (a)   84,793    1,061,605 
MassMutual Small Cap Value Equity Fund, Class I (a)   168,687    1,422,030 
MassMutual Strategic Emerging Markets Fund, Class I (a)   515,623    4,692,168 
MM Equity Asset Fund, Class I (a)   2,619,873    16,924,382 
Vanguard Developed Markets Index Fund, Institutional Shares   586,556    7,936,097 
Vanguard Mid-Cap Index Fund, Admiral Shares   5,299    1,337,830 
Vanguard Real Estate Index Fund, Admiral Shares   12,582    1,470,492 
Vanguard Small-Cap Index Fund, Admiral Shares   12,414    1,091,668 
         68,278,182 
Fixed Income Funds — 53.6%          
JPMorgan Emerging Markets Debt Fund, Class R6   225,402    1,332,127 
JPMorgan U.S. Government Money Market Fund, Class IM   11,211,515    11,211,515 
MassMutual Core Bond Fund, Class I (a)   3,086,599    27,439,862 
MassMutual Global Floating Rate Fund, Class I (a)   22,285    189,426 
MassMutual High Yield Fund, Class I (a)   992,722    7,395,779 
MassMutual Inflation-Protected and Income Fund, Class I (a)   613,662    5,584,326 
MassMutual Strategic Bond Fund, Class I (b)   1,089,644    9,294,668 
MassMutual Total Return Bond Fund, Class I (a)   1,107,350    9,268,516 
Vanguard Total Bond Market Index Fund, Institutional Shares   734,632    6,964,314 
         78,680,533 
           
TOTAL MUTUAL FUNDS
(Cost $173,988,825)		        146,958,715 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $173,988,825)		        146,958,715 
           

 

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2025 Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
TOTAL INVESTMENTS — 100.1%
(Cost $173,988,825) (c)		       $146,958,715 
           
Other Assets/(Liabilities) — (0.1)%        (123,406) 
           
NET ASSETS — 100.0%       $146,835,309 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2030 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 59.5%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   511,478   $7,513,612 
JPMorgan Large Cap Value Fund, Class R6   374,169    6,716,339 
MassMutual Blue Chip Growth Fund, Class I (a)   598,930    9,738,610 
MassMutual Diversified Value Fund, Class I (a)   528,875    5,828,207 
MassMutual Equity Opportunities Fund, Class I (a)   983,179    15,917,671 
MassMutual Fundamental Value Fund, Class I (a)   931,633    7,760,500 
MassMutual Growth Opportunities Fund, Class I (a)   710,039    2,960,865 
MassMutual International Equity Fund, Class I (a)   1,284,754    10,008,233 
MassMutual Mid Cap Growth Fund, Class I (a)   252,231    4,406,480 
MassMutual Mid Cap Value Fund, Class I (a)   401,727    4,338,653 
MassMutual Overseas Fund, Class I (a)   2,354,589    17,659,420 
MassMutual Small Cap Growth Equity Fund, Class I (a)   239,644    3,000,339 
MassMutual Small Cap Value Equity Fund, Class I (a)   477,124    4,022,154 
MassMutual Strategic Emerging Markets Fund, Class I (a)   1,525,100    13,878,411 
MM Equity Asset Fund, Class I (a)   7,500,576    48,453,723 
Vanguard Developed Markets Index Fund, Institutional Shares   1,666,573    22,548,734 
Vanguard Mid-Cap Index Fund, Admiral Shares   14,708    3,713,401 
Vanguard Real Estate Index Fund, Institutional Shares   278,862    5,044,614 
Vanguard Small-Cap Index Fund, Admiral Shares   34,711    3,052,455 
         196,562,421 
Fixed Income Funds — 40.6%          
JPMorgan Emerging Markets Debt Fund, Class R6   295,938    1,748,994 
JPMorgan U.S. Government Money Market Fund, Class IM   18,241,150    18,241,150 
MassMutual Core Bond Fund, Class I (a)   5,729,582    50,935,986 
MassMutual High Yield Fund, Class I (a)   1,907,929    14,214,071 
MassMutual Inflation-Protected and Income Fund, Class I (a)   212,571    1,934,400 
MassMutual Strategic Bond Fund, Class I (b)   2,021,430    17,242,794 
MassMutual Total Return Bond Fund, Class I (a)   2,054,420    17,195,495 
Vanguard Total Bond Market Index Fund, Institutional Shares   1,347,400    12,773,350 
         134,286,240 
           
TOTAL MUTUAL FUNDS
(Cost $392,425,728)		        330,848,661 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $392,425,728)		        330,848,661 
           
TOTAL INVESTMENTS — 100.1%
(Cost $392,425,728) (c)		        330,848,661 
           
Other Assets/(Liabilities) — (0.1)%        (277,195) 
           
NET ASSETS — 100.0%       $330,571,466 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2035 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 71.6%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   515,620   $7,574,456 
JPMorgan Large Cap Value Fund, Class R6   198,831    3,569,009 
MassMutual Blue Chip Growth Fund, Class I (a)   484,500    7,877,970 
MassMutual Diversified Value Fund, Class I (a)   281,540    3,102,566 
MassMutual Equity Opportunities Fund, Class I (a)   328,048    5,311,101 
MassMutual Fundamental Value Fund, Class I (a)   439,887    3,664,260 
MassMutual Growth Opportunities Fund, Class I (a)   631,003    2,631,281 
MassMutual International Equity Fund, Class I (a)   859,328    6,694,162 
MassMutual Mid Cap Growth Fund, Class I (a)   133,829    2,337,992 
MassMutual Mid Cap Value Fund, Class I (a)   213,071    2,301,168 
MassMutual Overseas Fund, Class I (a)   1,466,534    10,999,002 
MassMutual Small Cap Growth Equity Fund, Class I (a)   126,784    1,587,339 
MassMutual Small Cap Value Equity Fund, Class I (a)   252,188    2,125,946 
MassMutual Strategic Emerging Markets Fund, Class I (a)   442,465    4,026,428 
MM Equity Asset Fund, Class I (a)   4,044,586    26,128,027 
Vanguard Developed Markets Index Fund, Admiral Shares   705,247    9,534,934 
Vanguard Mid-Cap Index Fund, Admiral Shares   7,951    2,007,429 
Vanguard Real Estate Index Fund, Admiral Shares   25,335    2,960,854 
Vanguard Small-Cap Index Fund, Admiral Shares   18,675    1,642,299 
         106,076,223 
Fixed Income Funds — 28.5%          
JPMorgan Emerging Markets Debt Fund, Class R6   33,474    197,834 
JPMorgan U.S. Government Money Market Fund, Class IM   7,624,252    7,624,252 
MassMutual Core Bond Fund, Class I (a)   734,368    6,528,535 
MassMutual High Yield Fund, Class I (a)   522,937    3,895,878 
MassMutual Strategic Bond Fund, Class I (a)   1,305,285    11,134,083 
MassMutual Total Return Bond Fund, Class I (a)   1,326,525    11,103,012 
Vanguard Total Bond Market Index Fund, Admiral Shares   173,867    1,648,255 
         42,131,849 
           
TOTAL MUTUAL FUNDS
(Cost $176,722,262)		        148,208,072 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $176,722,262)		        148,208,072 
           
TOTAL INVESTMENTS — 100.1%
(Cost $176,722,262) (b)		        148,208,072 
           
Other Assets/(Liabilities) — (0.1)%        (128,840) 
           
NET ASSETS — 100.0%       $148,079,232 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2040 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 81.4%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   947,383   $13,917,052 
JPMorgan Large Cap Value Fund, Class R6   371,941    6,676,346 
MassMutual Blue Chip Growth Fund, Class I (a)   902,398    14,672,998 
MassMutual Diversified Value Fund, Class I (a)   524,968    5,785,149 
MassMutual Equity Opportunities Fund, Class I (a)   613,409    9,931,096 
MassMutual Fundamental Value Fund, Class I (a)   819,353    6,825,209 
MassMutual Growth Opportunities Fund, Class I (a)   1,175,676    4,902,567 
MassMutual International Equity Fund, Class I (a)   1,650,053    12,853,910 
MassMutual Mid Cap Growth Fund, Class I (a)   247,078    4,316,452 
MassMutual Mid Cap Value Fund, Class I (a)   393,531    4,250,139 
MassMutual Overseas Fund, Class I (a)   2,802,480    21,018,599 
MassMutual Small Cap Growth Equity Fund, Class I (a)   235,029    2,942,561 
MassMutual Small Cap Value Equity Fund, Class I (a)   468,465    3,949,162 
MassMutual Strategic Emerging Markets Fund, Class I (a)   817,750    7,441,527 
MM Equity Asset Fund, Class I (a)   7,539,225    48,703,396 
Vanguard Developed Markets Index Fund, Institutional Shares   1,335,185    18,065,055 
Vanguard Mid-Cap Index Fund, Admiral Shares   14,541    3,671,260 
Vanguard Real Estate Index Fund, Admiral Shares   49,821    5,822,547 
Vanguard Small-Cap Index Fund, Admiral Shares   34,222    3,009,485 
         198,754,510 
Fixed Income Funds — 18.7%          
JPMorgan Emerging Markets Debt Fund, Class R6   389,505    2,301,975 
JPMorgan U.S. Government Money Market Fund, Class IM   9,438,095    9,438,095 
MassMutual Core Bond Fund, Class I (a)   647,616    5,757,304 
MassMutual High Yield Fund, Class I (a)   662,516    4,935,745 
MassMutual Strategic Bond Fund, Class I (b)   1,273,400    10,862,105 
MassMutual Total Return Bond Fund, Class I (a)   1,293,164    10,823,783 
Vanguard Total Bond Market Index Fund, Admiral Shares   151,776    1,438,836 
         45,557,843 
           
TOTAL MUTUAL FUNDS
(Cost $292,929,399)		        244,312,353 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $292,929,399)		        244,312,353 
           
TOTAL INVESTMENTS — 100.1%
(Cost $292,929,399) (c)		        244,312,353 
           
Other Assets/(Liabilities) — (0.1)%        (179,507) 
           
NET ASSETS — 100.0%       $244,132,846 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2045 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 88.8%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   456,615   $6,707,677 
JPMorgan Large Cap Value Fund, Class R6   178,604    3,205,940 
MassMutual Blue Chip Growth Fund, Class I (a)   432,544    7,033,160 
MassMutual Diversified Value Fund, Class I (a)   252,281    2,780,138 
MassMutual Equity Opportunities Fund, Class I (a)   293,509    4,751,919 
MassMutual Fundamental Value Fund, Class I (a)   392,450    3,269,109 
MassMutual Growth Opportunities Fund, Class I (a)   565,492    2,358,100 
MassMutual International Equity Fund, Class I (a)   789,145    6,147,437 
MassMutual Mid Cap Growth Fund, Class I (a)   118,805    2,075,522 
MassMutual Mid Cap Value Fund, Class I (a)   189,003    2,041,233 
MassMutual Overseas Fund, Class I (a)   1,338,541    10,039,054 
MassMutual Small Cap Growth Equity Fund, Class I (a)   112,848    1,412,853 
MassMutual Small Cap Value Equity Fund, Class I (a)   224,250    1,890,425 
MassMutual Strategic Emerging Markets Fund, Class I (a)   390,888    3,557,078 
MM Equity Asset Fund, Class I (a)   3,607,496    23,304,423 
Vanguard Developed Markets Index Fund, Admiral Shares   663,964    8,976,790 
Vanguard Mid-Cap Index Fund, Admiral Shares   7,218    1,822,251 
Vanguard Real Estate Index Fund, Admiral Shares   25,317    2,958,805 
Vanguard Small-Cap Index Fund, Admiral Shares   16,986    1,493,747 
         95,825,661 
Fixed Income Funds — 11.3%          
JPMorgan Emerging Markets Debt Fund, Class R6   84,057    496,780 
JPMorgan U.S. Government Money Market Fund, Class IM   4,155,694    4,155,694 
MassMutual Core Bond Fund, Class I (a)   142,832    1,269,776 
MassMutual High Yield Fund, Class I (a)   147,380    1,097,979 
MassMutual Strategic Bond Fund, Class I (b)   280,872    2,395,837 
MassMutual Total Return Bond Fund, Class I (a)   285,377    2,388,609 
Vanguard Total Bond Market Index Fund, Admiral Shares   34,603    328,039 
         12,132,714 
           
TOTAL MUTUAL FUNDS
(Cost $129,834,336)		        107,958,375 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $129,834,336)		        107,958,375 
           
TOTAL INVESTMENTS — 100.1%
(Cost $129,834,336) (c)		        107,958,375 
           
Other Assets/(Liabilities) — (0.1)%        (101,854) 
           
NET ASSETS — 100.0%       $107,856,521 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2050 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 90.2%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   750,996   $11,032,138 
JPMorgan Large Cap Value Fund, Class R6   291,203    5,227,101 
MassMutual Blue Chip Growth Fund, Class I (a)   709,862    11,542,363 
MassMutual Diversified Value Fund, Class I (a)   411,233    4,531,784 
MassMutual Equity Opportunities Fund, Class I (a)   477,215    7,726,113 
MassMutual Fundamental Value Fund, Class I (a)   645,000    5,372,848 
MassMutual Growth Opportunities Fund, Class I (a)   925,119    3,857,746 
MassMutual International Equity Fund, Class I (a)   1,302,214    10,144,246 
MassMutual Mid Cap Growth Fund, Class I (a)   195,363    3,412,997 
MassMutual Mid Cap Value Fund, Class I (a)   311,206    3,361,029 
MassMutual Overseas Fund, Class I (a)   2,205,432    16,540,737 
MassMutual Small Cap Growth Equity Fund, Class I (a)   185,367    2,320,798 
MassMutual Small Cap Value Equity Fund, Class I (a)   368,308    3,104,840 
MassMutual Strategic Emerging Markets Fund, Class I (a)   651,030    5,924,376 
MM Equity Asset Fund, Class I (a)   5,920,031    38,243,399 
Vanguard Developed Markets Index Fund, Admiral Shares   1,047,736    14,165,390 
Vanguard Mid-Cap Index Fund, Admiral Shares   11,388    2,875,203 
Vanguard Real Estate Index Fund, Admiral Shares   40,031    4,678,479 
Vanguard Small-Cap Index Fund, Admiral Shares   26,802    2,356,968 
         156,418,555 
Fixed Income Funds — 9.9%          
JPMorgan Emerging Markets Debt Fund, Class R6   107,484    635,229 
JPMorgan U.S. Government Money Market Fund, Class IM   6,700,173    6,700,173 
MassMutual Core Bond Fund, Class I (a)   186,359    1,656,729 
MassMutual High Yield Fund, Class I (a)   194,057    1,445,723 
MassMutual Strategic Bond Fund, Class I (b)   366,526    3,126,468 
MassMutual Total Return Bond Fund, Class I (a)   372,517    3,117,964 
Vanguard Total Bond Market Index Fund, Admiral Shares   43,531    412,671 
         17,094,957 
           
TOTAL MUTUAL FUNDS
(Cost $208,654,342)		        173,513,512 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $208,654,342)		        173,513,512 
           
TOTAL INVESTMENTS — 100.1%
(Cost $208,654,342) (c)		        173,513,512 
           
Other Assets/(Liabilities) — (0.1)%        (109,580) 
           
NET ASSETS — 100.0%       $173,403,932 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2055 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
Diversified Financial Services — 100.1%          
Equity Funds — 90.2%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   247,256   $3,632,197 
JPMorgan Large Cap Value Fund, Class R6   95,820    1,719,964 
MassMutual Blue Chip Growth Fund, Class I (a)   234,983    3,820,826 
MassMutual Diversified Value Fund, Class I (a)   135,607    1,494,390 
MassMutual Equity Opportunities Fund, Class I (a)   157,179    2,544,730 
MassMutual Fundamental Value Fund, Class I (a)   213,549    1,778,861 
MassMutual Growth Opportunities Fund, Class I (a)   305,043    1,272,029 
MassMutual International Equity Fund, Class I (a)   431,134    3,358,534 
MassMutual Mid Cap Growth Fund, Class I (a)   64,538    1,127,486 
MassMutual Mid-Cap Value Fund, Class I (a)   102,793    1,110,167 
MassMutual Overseas Fund, Class I (a)   724,837    5,436,279 
MassMutual Small Cap Growth Equity Fund, Class I (a)   61,432    769,126 
MassMutual Small Cap Value Equity Fund, Class I (a)   121,828    1,027,009 
MassMutual Strategic Emerging Markets Fund, Class I (a)   216,130    1,966,781 
MM Equity Asset Fund, Class I (a)   1,959,759    12,660,042 
Vanguard Developed Markets Index Fund, Admiral Shares   353,185    4,775,059 
Vanguard Mid-Cap Index Fund, Admiral Shares   3,839    969,213 
Vanguard Real Estate Index Fund, Admiral Shares   13,495    1,577,103 
Vanguard Small-Cap Index Fund, Admiral Shares   9,035    794,516 
         51,834,312 
Fixed Income Funds — 9.9%          
JPMorgan Emerging Markets Debt Fund, Class R6   35,639    210,625 
JPMorgan U.S. Government Money Market Fund, Class IM   2,218,732    2,218,732 
MassMutual Core Bond Fund, Class I (a)   61,744    548,906 
MassMutual High Yield Fund, Class I (a)   64,278    478,872 
MassMutual Strategic Bond Fund, Class I (b)   121,446    1,035,937 
MassMutual Total Return Bond Fund, Class I (a)   123,430    1,033,110 
Vanguard Total Bond Market Index Fund, Admiral Shares   14,674    139,111 
         5,665,293 
           
TOTAL MUTUAL FUNDS
(Cost $69,089,364)		        57,499,605 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $69,089,364)		        57,499,605 
           
TOTAL INVESTMENTS — 100.1%
(Cost $69,089,364) (c)		        57,499,605 
           
Other Assets/(Liabilities) — (0.1)%        (48,696) 
           
NET ASSETS — 100.0%       $57,450,909 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2060 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 99.9%          
           
Equity Funds — 90.1%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   78,186   $1,148,551 
JPMorgan Large Cap Value Fund, Class R6   30,436    546,318 
MassMutual Blue Chip Growth Fund, Class I (a)   74,847    1,217,019 
MassMutual Diversified Value Fund, Class I (a)   43,113    475,107 
MassMutual Equity Opportunities Fund, Class I (a)   49,877    807,511 
MassMutual Fundamental Value Fund, Class I (a)   67,962    566,123 
MassMutual Growth Opportunities Fund, Class I (a)   96,861    403,910 
MassMutual International Equity Fund, Class I (a)   135,919    1,058,808 
MassMutual Mid Cap Growth Fund, Class I (a)   20,554    359,075 
MassMutual Mid Cap Value Fund, Class I (a)   32,534    351,371 
MassMutual Overseas Fund, Class I (a)   231,146    1,733,595 
MassMutual Small Cap Growth Equity Fund, Class I (a)   19,436    243,337 
MassMutual Small Cap Value Equity Fund, Class I (a)   38,604    325,428 
MassMutual Strategic Emerging Markets Fund, Class I (a)   68,109    619,790 
MM Equity Asset Fund, Class I (a)   623,814    4,029,838 
Vanguard Developed Markets Index Fund, Admiral Shares   116,374    1,573,372 
Vanguard Mid-Cap Index Fund, Admiral Shares   1,265    319,354 
Vanguard Real Estate Index Fund, Admiral Shares   4,446    519,653 
Vanguard Small-Cap Index Fund, Admiral Shares   2,977    261,791 
         16,559,951 
Fixed Income Funds — 9.8%          
JPMorgan Emerging Markets Debt Fund, Class R6   11,411    67,438 
JPMorgan U.S. Government Money Market Fund, Class IM   707,959    707,959 
MassMutual Core Bond Fund, Class I (a)   19,741    175,499 
MassMutual High Yield Fund, Class I (a)   20,531    152,960 
MassMutual Strategic Bond Fund, Class I (b)   38,851    331,397 
MassMutual Total Return Bond Fund, Class I (a)   39,472    330,380 
Vanguard Total Bond Market Index Fund, Admiral Shares   4,835    45,837 
         1,811,470 
           
TOTAL MUTUAL FUNDS
(Cost $21,718,170)		        18,371,421 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $21,718,170)		        18,371,421 
           
TOTAL INVESTMENTS — 99.9%
(Cost $21,718,170) (c)		        18,371,421 
           
Other Assets/(Liabilities) — 0.1%        17,089 
           
NET ASSETS — 100.0%       $18,388,510 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) Non-income producing security.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MM Equity Asset Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.4%          
           
COMMON STOCK — 98.4%          
Basic Materials — 2.3%          
Chemicals — 2.0%          
Air Products & Chemicals, Inc.   2,105   $648,887 
Celanese Corp.   2,183    223,190 
DuPont de Nemours, Inc.   8,671    595,091 
Eastman Chemical Co.   11,746    956,594 
Linde PLC   8,198    2,674,024 
PPG Industries, Inc.   10,495    1,319,641 
         6,417,427 
Iron & Steel — 0.2%          
Nucor Corp.   3,655    481,766 
Mining — 0.1%          
Freeport-McMoRan, Inc.   11,798    448,324 
         7,347,517 
Communications — 10.6%          
Internet — 8.4%          
Alphabet, Inc. Class A (a)   72,108    6,362,089 
Alphabet, Inc. Class C (a)   52,490    4,657,438 
Amazon.com, Inc. (a)   96,530    8,108,520 
Booking Holdings, Inc. (a)   945    1,904,440 
Expedia Group, Inc. (a)   7,951    696,508 
Meta Platforms, Inc. Class A (a)   26,990    3,247,976 
Netflix, Inc. (a)   5,929    1,748,343 
Uber Technologies, Inc. (a)   10,603    262,212 
         26,987,526 
Media — 1.4%          
Charter Communications, Inc. Class A (a)   4,361    1,478,815 
Comcast Corp. Class A   71,021    2,483,605 
The Walt Disney Co. (a)   5,714    496,432 
         4,458,852 
Telecommunications — 0.8%          
Corning, Inc.   8,827    281,934 
Motorola Solutions, Inc.   2,934    756,121 
T-Mobile US, Inc. (a)   11,160    1,562,400 
Verizon Communications, Inc.   1,996    78,643 
         2,679,098 
         34,125,476 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Consumer, Cyclical — 8.5%          
Airlines — 0.1%          
Southwest Airlines Co. (a)   7,243   $243,872 
Apparel — 0.6%          
NIKE, Inc. Class B   15,877    1,857,768 
Auto Manufacturers — 1.0%          
Rivian Automotive, Inc. Class A (a)   3,057    56,341 
Tesla, Inc. (a)   26,308    3,240,619 
         3,296,960 
Auto Parts & Equipment — 0.2%          
Magna International, Inc. (b)   8,600    483,148 
Home Builders — 0.4%          
Lennar Corp. Class A   11,078    1,002,559 
Toll Brothers, Inc.   7,646    381,688 
         1,384,247 
Leisure Time — 0.0%          
Royal Caribbean Cruises Ltd. (a)   2,082    102,913 
Lodging — 0.3%          
Marriott International, Inc. Class A   6,522    971,060 
Retail — 5.9%          
AutoNation, Inc. (a)   4,377    469,652 
AutoZone, Inc. (a)   644    1,588,220 
Best Buy Co., Inc.   14,463    1,160,077 
Burlington Stores, Inc. (a)   2,989    606,050 
Chipotle Mexican Grill, Inc. (a)   1,018    1,412,465 
Costco Wholesale Corp.   5,251    2,397,082 
Domino's Pizza, Inc.   1,001    346,746 
The Home Depot, Inc.   6,240    1,970,966 
Lowe's Cos., Inc.   16,742    3,335,676 
McDonald's Corp.   7,010    1,847,345 
O'Reilly Automotive, Inc. (a)   1,673    1,412,062 
Target Corp.   2,966    442,053 
The TJX Cos., Inc.   13,038    1,037,825 
Ulta Beauty, Inc. (a)   530    248,607 
Yum! Brands, Inc.   4,422    566,370 
         18,841,196 
         27,181,164 
Consumer, Non-cyclical — 22.3%          
Agriculture — 0.8%          
Altria Group, Inc.   23,346    1,067,146 
Philip Morris International, Inc.   14,996    1,517,745 
         2,584,891 
Beverages — 2.2%          
The Coca-Cola Co.   63,989    4,070,340 
Constellation Brands, Inc. Class A   5,993    1,388,878 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
PepsiCo, Inc.   8,068   $1,457,565 
         6,916,783 
Biotechnology — 1.7%          
Biogen, Inc. (a)   3,928    1,087,742 
BioMarin Pharmaceutical, Inc. (a)   3,072    317,921 
Regeneron Pharmaceuticals, Inc. (a)   2,773    2,000,692 
Sarepta Therapeutics, Inc. (a)   2,357    305,420 
Vertex Pharmaceuticals, Inc. (a)   5,871    1,695,427 
         5,407,202 
Commercial Services — 1.2%          
Affirm Holdings, Inc. (a) (b)   11,225    108,546 
Block, Inc. (a)   2,710    170,296 
Booz Allen Hamilton Holding Corp.   2,929    306,139 
Cintas Corp.   1,010    456,136 
FleetCor Technologies, Inc. (a)   5,963    1,095,284 
S&P Global, Inc.   4,722    1,581,587 
         3,717,988 
Cosmetics & Personal Care — 1.6%          
Colgate-Palmolive Co.   24,843    1,957,380 
The Procter & Gamble Co.   20,581    3,119,256 
         5,076,636 
Food — 0.4%          
The Hershey Co.   1,774    410,805 
Mondelez International, Inc. Class A   15,190    1,012,414 
         1,423,219 
Health Care – Products — 4.3%          
Abbott Laboratories   15,599    1,712,614 
Baxter International, Inc.   21,338    1,087,598 
Boston Scientific Corp. (a)   33,446    1,547,546 
Danaher Corp.   7,282    1,932,789 
Intuitive Surgical, Inc. (a)   7,350    1,950,323 
Medtronic PLC   16,049    1,247,328 
Thermo Fisher Scientific, Inc.   6,973    3,839,961 
Zimmer Biomet Holdings, Inc.   3,383    431,333 
         13,749,492 
Health Care – Services — 3.3%          
Centene Corp. (a)   17,883    1,466,585 
Elevance Health, Inc.   4,074    2,089,840 
Humana, Inc.   1,515    775,968 
Town Health International Medical Group Ltd.   62,000    3,020 
UnitedHealth Group, Inc.   12,050    6,388,669 
         10,724,082 
Household Products & Wares — 0.5%          
Avery Dennison Corp.   2,345    424,445 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Kimberly-Clark Corp.   8,557   $1,161,613 
         1,586,058 
Pharmaceuticals — 6.3%          
AbbVie, Inc.   29,102    4,703,174 
Bristol-Myers Squibb Co.   45,667    3,285,741 
CVS Health Corp.   2,284    212,846 
DexCom, Inc. (a)   3,855    436,540 
Eli Lilly & Co.   10,122    3,703,032 
Johnson & Johnson   17,697    3,126,175 
McKesson Corp.   2,460    922,795 
Merck & Co., Inc.   21,921    2,432,135 
Neurocrine Biosciences, Inc. (a)   2,872    343,032 
Pfizer, Inc.   22,096    1,132,199 
         20,297,669 
         71,484,020 
Energy — 5.2%          
Oil & Gas — 5.0%          
Chevron Corp.   7,856    1,410,073 
ConocoPhillips   28,942    3,415,156 
Coterra Energy, Inc.   23,321    572,997 
Diamondback Energy, Inc.   14,320    1,958,690 
EOG Resources, Inc.   15,723    2,036,443 
Exxon Mobil Corp.   55,697    6,143,379 
Phillips 66   5,109    531,745 
         16,068,483 
Oil & Gas Services — 0.2%          
Baker Hughes Co.   17,567    518,753 
         16,587,236 
Financial — 16.2%          
Banks — 4.6%          
Bank of America Corp.   79,899    2,646,255 
Citigroup, Inc.   19,198    868,326 
Fifth Third Bancorp   32,453    1,064,783 
Morgan Stanley   16,651    1,415,668 
State Street Corp.   8,432    654,070 
SVB Financial Group (a)   959    220,704 
Truist Financial Corp.   42,309    1,820,556 
US Bancorp   60,569    2,641,414 
Wells Fargo & Co.   82,797    3,418,688 
         14,750,464 
Diversified Financial Services — 5.4%          
American Express Co.   19,404    2,866,941 
Ameriprise Financial, Inc.   2,770    862,495 
Capital One Financial Corp.   2,776    258,057 
CME Group, Inc.   8,144    1,369,495 
Intercontinental Exchange, Inc.   14,789    1,517,203 
Mastercard, Inc. Class A   15,534    5,401,638 
Raymond James Financial, Inc.   7,802    833,644 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Visa, Inc. Class A   20,261   $4,209,425 
         17,318,898 
Insurance — 3.6%          
Aon PLC Class A   2,385    715,834 
Berkshire Hathaway, Inc. Class B (a)   16,080    4,967,112 
Globe Life, Inc.   4,058    489,192 
The Progressive Corp.   21,494    2,787,987 
Prudential Financial, Inc.   3,710    368,997 
The Travelers Cos., Inc.   12,021    2,253,817 
         11,582,939 
Real Estate Investment Trusts (REITS) — 2.6%          
Camden Property Trust   2,615    292,566 
Equinix, Inc.   1,463    958,309 
Equity LifeStyle Properties, Inc.   9,029    583,273 
Host Hotels & Resorts, Inc.   8,489    136,248 
Prologis, Inc.   20,082    2,263,844 
SBA Communications Corp.   5,602    1,570,297 
Sun Communities, Inc.   5,233    748,319 
UDR, Inc.   19,105    739,937 
Ventas, Inc.   24,783    1,116,474 
         8,409,267 
         52,061,568 
Industrial — 8.6%          
Aerospace & Defense — 1.2%          
General Dynamics Corp.   1,616    400,946 
Howmet Aerospace, Inc.   4,453    175,492 
Raytheon Technologies Corp.   31,790    3,208,247 
         3,784,685 
Building Materials — 0.4%          
Martin Marietta Materials, Inc.   1,465    495,126 
Masco Corp.   15,467    721,845 
         1,216,971 
Electronics — 1.3%          
Honeywell International, Inc.   17,612    3,774,251 
TE Connectivity Ltd.   3,272    375,626 
         4,149,877 
Machinery – Diversified — 1.5%          
Deere & Co.   6,274    2,690,040 
Dover Corp.   5,281    715,100 
Ingersoll Rand, Inc.   3,892    203,357 
Otis Worldwide Corp.   15,782    1,235,889 
         4,844,386 
Miscellaneous - Manufacturing — 2.2%          
Eaton Corp. PLC   12,452    1,954,342 
Parker-Hannifin Corp.   5,798    1,687,218 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Textron, Inc.   16,830   $1,191,564 
Trane Technologies PLC   12,615    2,120,455 
         6,953,579 
Transportation — 2.0%          
CSX Corp.   20,538    636,267 
Norfolk Southern Corp.   6,881    1,695,616 
Union Pacific Corp.   5,806    1,202,248 
United Parcel Service, Inc. Class B   17,627    3,064,278 
         6,598,409 
         27,547,907 
Technology — 21.6%          
Computers — 7.6%          
Accenture PLC Class A   10,728    2,862,659 
Apple, Inc.   148,529    19,298,373 
Fortinet, Inc. (a)   6,779    331,425 
Leidos Holdings, Inc.   8,408    884,438 
Seagate Technology Holdings PLC   18,937    996,276 
         24,373,171 
Semiconductors — 5.7%          
Advanced Micro Devices, Inc. (a)   27,869    1,805,075 
Analog Devices, Inc.   15,649    2,566,905 
Broadcom, Inc.   1,048    585,968 
Lam Research Corp.   5,686    2,389,826 
Microchip Technology, Inc.   12,551    881,708 
Micron Technology, Inc.   5,667    283,237 
NVIDIA Corp.   20,845    3,046,288 
NXP Semiconductor NV   14,888    2,352,751 
QUALCOMM, Inc.   3,820    419,971 
Teradyne, Inc.   5,087    444,349 
Texas Instruments, Inc.   20,600    3,403,532 
         18,179,610 
Software — 8.3%          
Adobe, Inc. (a)   7,151    2,406,526 
Cadence Design Systems, Inc. (a)   2,606    418,628 
DocuSign, Inc. (a)   6,557    363,389 
Intuit, Inc.   5,067    1,972,178 
Microsoft Corp.   81,487    19,542,212 
Oracle Corp.   10,872    888,677 
Salesforce, Inc. (a)   1,454    192,786 
Workday, Inc. Class A (a)   4,288    717,511 
ZoomInfo Technologies, Inc. (a)   7,960    239,676 
         26,741,583 
         69,294,364 
Utilities — 3.1%          
Electric — 3.1%          
Ameren Corp.   9,907    880,931 
CenterPoint Energy, Inc.   32,660    979,474 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
FirstEnergy Corp.   11,627   $487,636 
NextEra Energy, Inc.   44,750    3,741,100 
PG&E Corp. (a)   76,139    1,238,020 
Public Service Enterprise Group, Inc.   18,538    1,135,823 
Sempra Energy   10,582    1,635,342 
         10,098,326 
         10,098,326 
           
TOTAL COMMON STOCK
(Cost $282,379,692)		        315,727,578 
           
TOTAL EQUITIES
(Cost $282,379,692)		        315,727,578 
           
RIGHTS — 0.0%          
Consumer, Non-cyclical — 0.0%          
Biotechnology — 0.0%          
Tobira Therapeutics Inc.,CVR (a) (c) (d)   505    — 
           
TOTAL RIGHTS
(Cost $30)		        — 
           
MUTUAL FUNDS — 0.0%          
Diversified Financial Services — 0.0%          
State Street Navigator Securities Lending Government Money Market Portfolio (e)   107,700    107,700 
           
TOTAL MUTUAL FUNDS
(Cost $107,700)		        107,700 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $282,487,422)		        315,835,278 

 

   Principal
Amount		    
SHORT-TERM INVESTMENTS — 1.7%          
Repurchase Agreement — 1.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (f)  $5,309,630    5,309,630 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,309,630)		        5,309,630 
           
TOTAL INVESTMENTS — 100.1%
(Cost $287,797,052) (g)		        321,144,908 
           
Other Assets/(Liabilities) — (0.1)%        (309,327) 
           
NET ASSETS — 100.0%       $320,835,581 

 

Abbreviation Legend

CVR Contingent Value Rights

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $595,132 or 0.19% of net assets. The Fund received $504,007 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Investment is valued using significant unobservable inputs.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets.
(e) Represents investment of security lending cash collateral. (Note 2).
(f) Maturity value of $5,310,385. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $5,415,890.
(g) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
S&P 500 E Mini Index  3/17/23   28   $5,522,477  $(117,077) 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 96.6%          
           
BANK LOANS — 0.9%          
Advertising — 0.1%          
Lamar Media Corp., 2020 Term Loan B, 1 mo. USD LIBOR + 1.500%          
5.861% VRN 2/05/27  $305,000   $294,801 
Aerospace & Defense — 0.0%          
TransDigm, Inc.          
2020 Term Loan G, 3 mo. USD LIBOR + 2.250%          
7.830% VRN 8/22/24   94,191    93,249 
2022 Term Loan H, 3 mo. USD SOFR CME + 2.250%          
7.830% VRN 2/22/27   25,000    24,878 
         118,127 
Airlines — 0.0%          
American Airlines, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.750%          
8.993% VRN 4/20/28   85,000    84,535 
Mileage Plus Holdings LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 5.250%          
9.996% VRN 6/21/27   92,842    95,372 
         179,907 
Auto Parts & Equipment — 0.0%          
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%          
7.634% VRN 4/30/26   83,229    81,392 
Cosmetics & Personal Care — 0.0%          
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 3 mo. USD LIBOR + 3.750%          
8.480% VRN 10/01/26   114,120    109,111 
Entertainment — 0.1%          
Formula One Holdings Ltd., Term Loan B, 3 mo. USD SOFR CME + 3.250%          
7.573% VRN 1/15/30   240,000    239,700 
UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%          
7.110% VRN 4/29/26   269,060    265,175 
         504,875 
Environmental Controls — 0.1%          
Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%          
7.384% VRN 3/29/25   396,374    391,586 
Madison IAQ LLC, Term Loan, 3 mo. USD LIBOR + 3.250%          
7.988% VRN 6/21/28   83,039    77,071 
         468,657 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Health Care – Products — 0.0%          
Maravai Intermediate Holdings LLC, 2022 Term Loan B, 3 mo. USD SOFR + 3.000%          
6.955%% VRN 10/19/27  $124,844   $122,347 
Health Care – Services — 0.0%          
Surgery Center Holdings, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.750%          
8.050% VRN 8/31/26   90,591    89,335 
Insurance — 0.2%          
Asurion LLC          
2018 Term Loan B7, 1 mo. USD LIBOR + 3.000%          
7.384% VRN 11/03/24   170,610    165,340 
2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250%          
9.634% VRN 1/20/29   230,000    177,758 
Hub International Ltd.          
2021 Term Loan B, 3 mo. USD LIBOR + 3.250%, 3 mo. USD LIBOR + 7.232%          
7.528% VRN 4/25/25   483,166    478,223 
2022 Term Loan B, 3 mo. USD SOFR CME + 4.000%          
8.220% VRN 11/10/29   25,000    24,701 
         846,022 
Machinery – Construction & Mining — 0.0%          
Brookfield WEC Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 2.750%          
7.134% VRN 8/01/25   91,074    89,660 
Packaging & Containers — 0.0%          
Charter NEX US, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750%          
8.134% VRN 12/01/27   117,149    113,598 
Pharmaceuticals — 0.1%          
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%          
8.730% VRN 10/01/27   140,281    131,338 
PetVet Care Centers LLC, 2021 Term Loan B3, 1 mo. USD LIBOR + 3.500%          
7.884% VRN 2/14/25   104,539    97,959 
         229,297 
Retail — 0.0%          
WOOF Holdings, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%          
8.104% VRN 12/21/27   41,452    38,896 
Software — 0.3%          
Applied Systems, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 3.000%          
9.080% VRN 9/19/24 (a)   482,227    480,120 
Ascend Learning LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.500%          
7.884% VRN 12/11/28   97,867    92,362 
Athenahealth, Inc.          
2022 Delayed Draw Term Loan, 3 mo. USD SOFR CME + 3.500%, 3 mo. USD SOFR CME + 3.500%          
7.821% VRN 2/15/29 (b)   15,903    14,319 
2022 Term Loan B, 1 mo. USD SOFR + 3.500%          
7.821% VRN 2/15/29   93,360    84,057 
Epicor Software Corp., 2020 Term Loan, 1 mo. USD LIBOR + 3.250%          
7.634% VRN 7/30/27   99,901    95,723 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
RealPage, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%          
7.384% VRN 4/24/28  $86,462   $82,053 
The Ultimate Software Group, Inc.          
2021 Term Loan, 3 mo. USD LIBOR + 3.250%          
6.998% VRN 5/04/26   618,142    587,234 
2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.250%          
8.998% VRN 5/03/27   95,000    86,972 
         1,522,840 
Telecommunications — 0.0%          
Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. USD SOFRTE + 7.500%          
7.445% VRN 2/01/29   516    497 
           
TOTAL BANK LOANS
(Cost $4,993,447)		        4,809,362 
           
CORPORATE DEBT — 26.1%          
Advertising — 0.0%          
Lamar Media Corp.          
4.875% 1/15/29   80,000    73,454 
Agriculture — 0.5%          
BAT Capital Corp.          
3.557% 8/15/27   770,000    703,425 
4.906% 4/02/30   470,000    431,359 
BAT International Finance PLC          
1.668% 3/25/26   205,000    181,643 
3.950% 6/15/25 (c)   786,000    755,431 
Bunge Finance Europe BV          
1.850% 6/16/23 EUR (d)   220,000    233,987 
Darling Ingredients, Inc.          
6.000% 6/15/30 (c)   55,000    53,762 
Philip Morris International, Inc.          
5.625% 11/17/29   125,000    127,184 
Reynolds American, Inc.          
4.450% 6/12/25   290,000    283,860 
         2,770,651 
Airlines — 0.2%          
American Airlines, Inc.          
11.750% 7/15/25 (c)   50,000    53,624 
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.          
5.500% 4/20/26 (c)   60,000    57,683 
5.750% 4/20/29 (c)   70,000    63,853 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.          
6.500% 6/20/27 (c)   472,530    469,791 
United Airlines Pass Through Trust          
2.900% 11/01/29   140,621    112,972 
2.700% 11/01/33   88,452    71,527 
         829,450 
Apparel — 0.0%          
Wolverine World Wide, Inc.          
4.000% 8/15/29 (c) (e)   90,000    68,180 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Auto Manufacturers — 1.3%          
American Honda Finance Corp.          
0.750% 11/25/26 GBP (d)  $130,000   $134,278 
1.950% 10/18/24 EUR (d)   200,000    208,319 
BMW Finance NV          
0.000% 3/24/23 EUR (c) (d)   117,000    124,612 
0.000% 4/14/23 EUR (c) (d)   84,000    89,342 
Ford Motor Co.          
6.100% 8/19/32 (e)   105,000    97,138 
9.625% 4/22/30   85,000    96,155 
Ford Motor Credit Co. LLC          
4.950% 5/28/27   265,000    247,219 
7.350% 11/04/27   200,000    204,940 
General Motors Co.          
4.200% 10/01/27 (e)   290,000    273,124 
5.600% 10/15/32   135,000    126,121 
General Motors Financial Co., Inc.          
0.850% 2/26/26 EUR (c) (d)   150,000    143,631 
0.955% 9/07/23 EUR (c) (d)   110,000    116,007 
4.000% 10/06/26   620,000    584,146 
4.350% 4/09/25   600,000    584,154 
Hyundai Capital America          
1.800% 10/15/25 (c)   300,000    269,404 
2.100% 9/15/28 (c)   470,000    385,448 
Mercedes-Benz International Finance BV          
0.625% 2/27/23 EUR (c) (d)   112,000    119,535 
0.750% 5/11/23 EUR (c) (d)   80,000    85,083 
RCI Banque SA          
0.250% 3/08/23 EUR (c) (d)   55,000    58,586 
0.750% 4/10/23 EUR (c) (d)   68,000    72,440 
Stellantis NV          
2.375% 4/14/23 EUR (c) (d)   53,000    56,564 
Toyota Motor Credit Corp.          
2.375% 2/01/23 EUR (c) (d)   81,000    86,722 
Volkswagen Bank GmbH          
0.750% 6/15/23 EUR (c) (d)   80,000    84,752 
2.500% 7/31/26 EUR (c) (d)   700,000    698,727 
Volkswagen Financial Services AG          
0.875% 4/12/23 EUR (c) (d)   72,000    76,641 
2.500% 4/06/23 EUR (c) (d)   67,000    71,658 
Volkswagen Group of America Finance LLC          
3.200% 9/26/26 (c)   1,320,000    1,225,406 
4.600% 6/08/29 (c)   215,000    203,488 
Volkswagen International Finance NV          
0.875% 1/16/23 EUR (c) (d)   120,000    128,351 
Volkswagen Leasing GmbH          
1.500% 6/19/26 EUR (c) (d)   145,000    140,783 
1.625% 8/15/25 EUR (c) (d)   150,000    151,066 
         6,943,840 
Auto Parts & Equipment — 0.0%          
Clarios Global LP / Clarios US Finance Co.          
6.250% 5/15/26 (c)   75,000    73,284 
Continental AG          
0.000% 9/12/23 EUR (c) (d)   45,000    47,211 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
The Goodyear Tire & Rubber Co.          
5.000% 7/15/29 (e)  $140,000   $116,781 
         237,276 
Banks — 8.6%          
ABN AMRO Bank NV          
2.500% 11/29/23 EUR (c) (d)   114,000    121,637 
Arion Banki HF          
1.000% 3/20/23 EUR (c) (d)   150,000    159,816 
Banco Bilbao Vizcaya Argentaria SA 1 year CMT + 2.300%          
5.862% VRN 9/14/26   400,000    399,659 
Banco de Bogota SA          
6.250% 5/12/26 (c)   250,000    245,000 
Banco de Credito del Peru SA 5 year CMT + 3.000%          
3.125% VRN 7/01/30 (c)   200,000    181,000 
Banco de Sabadell SA          
0.875% 3/05/23 EUR (c) (d)   300,000    320,044 
1 year EURIBOR ICE Swap + 1.150% 0.875% VRN 6/16/28 EUR (c) (d)   200,000    172,247 
Banco Santander SA          
1.125% 1/17/25 EUR (c) (d)   200,000    203,542 
2.746% 5/28/25   1,200,000    1,123,130 
3.490% 5/28/30   200,000    169,124 
1 year CMT + 2.000% 4.175% VRN 3/24/28   200,000    185,765 
Bangkok Bank PCL 5 year CMT + 1.900%          
3.733% VRN 9/25/34 (c)   250,000    208,870 
Bank Hapoalim BM 5 year CMT + 2.155%          
3.255% VRN 1/21/32 (c)   200,000    172,096 
Bank of America Corp.          
0.750% 7/26/23 EUR (c) (d)   110,000    116,536 
SOFR + .960% 1.734% VRN 7/22/27   585,000    512,836 
SOFR + 1.530% 1.898% VRN 7/23/31   1,312,000    1,010,081 
SOFR + 1.220% 2.299% VRN 7/21/32   935,000    722,677 
2.375% 6/19/24 EUR (c) (d)   150,000    158,623 
2.375% 6/19/24 EUR (c) (d)   150,000    158,623 
3 mo. USD LIBOR + .990% 2.496% VRN 2/13/31   1,735,000    1,414,240 
SOFR + 2.150% 2.592% VRN 4/29/31   585,000    477,844 
3 mo. USD LIBOR + 1.040% 3.419% VRN 12/20/28   55,000    49,808 
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27   495,000    464,321 
4.250% 10/22/26   302,000    292,121 
Bank of Ireland Group PLC 1 year CMT + 2.650%          
6.253% VRN 9/16/26 (c)   355,000    352,154 
Banque Federative du Credit Mutuel SA          
0.750% 6/15/23 EUR (c) (d)   100,000    106,219 
Barclays PLC          
1 year CMT + 1.050% 2.279% VRN 11/24/27   295,000    255,598 
SOFR + 2.714% 2.852% VRN 5/07/26   670,000    623,053 
3 mo. USD LIBOR + 1.610% 3.932% VRN 5/07/25   475,000    460,791 
1 year CMT + 2.650% 5.501% VRN 8/09/28   225,000    218,260 
BBVA Bancomer SA 5 year CMT + 2.650%          
5.125% VRN 1/18/33 (c)   300,000    269,308 
BNP Paribas SA          
SOFR + 1.004% 1.323% VRN 1/13/27 (c)   890,000    777,629 
3 mo. EURIBOR + 1.800% 2.125% VRN 1/23/27 EUR (c) (d)   200,000    199,833 
SOFR + 1.228% 2.591% VRN 1/20/28 (c)   680,000    599,019 
2.875% 9/26/23 EUR (c) (d)   153,000    163,795 
4.500% 3/21/23 EUR (c) (d)   157,000    168,857 
BPCE SA          
0.375% 10/05/23 EUR (c) (d)   100,000    105,149 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.625% 7/18/23 EUR (c) (d)  $100,000   $107,920 
CaixaBank SA          
1.125% 1/12/23 EUR (c) (d)   100,000    106,953 
1.125% 5/17/24 EUR (c) (d)   100,000    103,642 
1.750% 10/24/23 EUR (c) (d)   100,000    105,775 
5 year EUR Swap + 2.350% 2.750% VRN 7/14/28 EUR (c) (d)   200,000    209,960 
Citigroup, Inc.          
0.750% 10/26/23 EUR (c) (d)   110,000    115,848 
SOFR + 1.167% 2.561% VRN 5/01/32   300,000    237,618 
SOFR + 1.280% 3.070% VRN 2/24/28   570,000    514,599 
SOFR + 2.842% 3.106% VRN 4/08/26   475,000    449,170 
SOFR + 1.546% 5.610% VRN 9/29/26   630,000    631,736 
Commerzbank AG          
0.500% 8/28/23 EUR (c) (d)   142,000    149,816 
Cooperatieve Rabobank UA          
0.750% 8/29/23 EUR (c) (d)   100,000    105,758 
2.375% 5/22/23 EUR (c) (d)   130,000    139,075 
3.875% 7/25/23 EUR (c) (d)   118,000    126,847 
4.625% 5/23/29 GBP (c) (d)   150,000    165,367 
Credit Agricole SA          
1.000% 9/16/24 EUR (c) (d)   200,000    206,006 
Credit Suisse AG          
1.000% 6/07/23 EUR (c) (d)   111,000    116,715 
Credit Suisse Group AG 1 year GBP Swap + 1.230%          
2.125% VRN 9/12/25 GBP (c) (d)   250,000    268,981 
Danske Bank A/S          
0.875% 5/22/23 EUR (c) (d)   110,000    116,754 
5 year EUR Swap + 1.700% 1.375% VRN 2/12/30 EUR (c) (d)   200,000    195,657 
3 mo. USD LIBOR + 1.591% 3.244% VRN 12/20/25 (c)   1,040,000    973,865 
1 year CMT + 1.450% 3.773% VRN 3/28/25 (c)   355,000    344,116 
3.875% 9/12/23 (c)   5,000    4,937 
5.375% 1/12/24 (c)   200,000    198,398 
Deutsche Bank AG          
1.125% 8/30/23 EUR (c) (d)   114,000    120,664 
2.375% 1/11/23 EUR (c) (d)   100,000    107,051 
Discover Bank          
4.650% 9/13/28   405,000    380,077 
DNB Bank ASA          
0.050% 11/14/23 EUR (c) (d)   109,000    113,706 
Fifth Third Bancorp SOFR + 2.127%          
4.772% VRN 7/28/30   140,000    133,812 
The Goldman Sachs Group, Inc.          
1.375% 5/15/24 EUR (c) (d)   40,000    41,879 
SOFR + .818% 1.542% VRN 9/10/27   605,000    522,568 
1.625% 7/27/26 EUR (c) (d)   140,000    139,714 
2.000% 7/27/23 EUR (c) (d)   130,000    138,657 
SOFR + 1.248% 2.383% VRN 7/21/32   510,000    397,054 
SOFR + 1.281% 2.615% VRN 4/22/32   250,000    199,513 
SOFR + 1.264% 2.650% VRN 10/21/32   520,000    411,988 
3.250% 2/01/23 EUR (c) (d)   134,000    143,520 
3.500% 11/16/26   385,000    361,268 
SOFR + 1.846% 3.615% VRN 3/15/28   550,000    511,843 
SOFR + 1.725% 4.482% VRN 8/23/28   335,000    322,110 
HSBC Continental Europe SA          
0.600% 3/20/23 EUR (c) (d)   100,000    106,678 
HSBC Holdings PLC          
SOFR + 1.538% 1.645% VRN 4/18/26   940,000    850,147 
SOFR + 1.929% 2.099% VRN 6/04/26   610,000    556,192 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
SOFR + 1.430% 2.999% VRN 3/10/26  $560,000   $526,703 
SOFR + 2.110% 4.755% VRN 6/09/28   970,000    918,188 
SOFR + 2.610% 5.210% VRN 8/11/28   440,000    425,127 
ING Groep NV          
1.000% 9/20/23 EUR (c) (d)   100,000    105,504 
SOFR + 1.005% 1.726% VRN 4/01/27   260,000    229,707 
Intesa Sanpaolo SpA          
1.000% 7/04/24 EUR (c) (d)   300,000    308,677 
2.125% 8/30/23 EUR (c) (d)   114,000    121,512 
JP Morgan Chase & Co.          
SOFR + .885% 1.578% VRN 4/22/27   630,000    554,481 
3 mo. TSFR + 1.105% 1.764% VRN 11/19/31   955,000    726,294 
SOFR + 1.890% 2.182% VRN 6/01/28   675,000    591,111 
SOFR + 1.510% 2.739% VRN 10/15/30   445,000    374,193 
2.750% 2/01/23 EUR (c) (d)   114,000    122,092 
SOFR + 1.170% 2.947% VRN 2/24/28   570,000    516,794 
SOFR + 2.515% 2.956% VRN 5/13/31   1,730,000    1,429,590 
SOFR + 1.800% 4.586% VRN 4/26/33   100,000    92,888 
SOFR + 2.080% 4.912% VRN 7/25/33   805,000    770,130 
SOFR + 2.580% 5.717% VRN 9/14/33 (e)   340,000    334,336 
KBC Group NV          
0.750% 10/18/23 EUR (c) (d)   100,000    105,358 
Kreditanstalt fuer Wiederaufbau          
4.700% 6/02/37 CAD (d)   75,000    57,402 
4.700% 6/02/37 CAD (d)   65,000    49,748 
Landsbankinn HF          
0.375% 5/23/25 EUR (c) (d)   265,000    242,115 
1.000% 5/30/23 EUR (c) (d)   100,000    105,749 
Mitsubishi UFJ Financial Group, Inc. 1 year CMT + 1.900%          
5.354% VRN 9/13/28   430,000    426,334 
Morgan Stanley          
3 mo. EURIBOR + .698% 0.406% VRN 10/29/27 EUR (d)   100,000    92,389 
3 mo. EURIBOR + .753% 0.637% VRN 7/26/24 EUR (d)   100,000    105,309 
SOFR + .858% 1.512% VRN 7/20/27   730,000    634,279 
SOFR + .879% 1.593% VRN 5/04/27   670,000    588,441 
1.875% 3/30/23 EUR (d)   113,000    120,753 
SOFR + 1.178% 2.239% VRN 7/21/32   460,000    352,855 
SOFR + 1.485% 3.217% VRN 4/22/42   165,000    122,355 
SOFR + 2.076% 4.889% VRN 7/20/33   100,000    94,256 
National Australia Bank Ltd.          
0.625% 11/10/23 EUR (c) (d)   56,000    58,948 
The Nationale-Nederlanden Bank NV          
0.375% 2/26/25 EUR (c) (d)   100,000    99,116 
Natwest Group PLC          
2.500% 3/22/23 EUR (c) (d)   114,000    122,053 
1 year CMT + 2.850% 7.472% VRN 11/10/26   235,000    244,755 
Nordea Bank Abp          
1.000% 2/22/23 EUR (c) (d)   111,000    118,627 
5.375% 9/22/27 (c)   320,000    322,004 
The PNC Financial Services Group, Inc.          
2.550% 1/22/30   145,000    123,419 
QNB Finance Ltd.          
2.750% 2/12/27 (c)   200,000    183,580 
Santander Holdings SOFR + 1.249%          
2.490% VRN 1/06/28   365,000    313,596 
Santander UK Group Holdings PLC          
1.125% 9/08/23 EUR (c) (d)   111,000    117,432 
1 year CMT + 1.250% 1.532% VRN 8/21/26   1,465,000    1,291,604 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Shinhan Bank Co. Ltd.          
3.875% 3/24/26 (c)  $200,000   $186,803 
4.000% 4/23/29 (c)   500,000    444,990 
Standard Chartered PLC          
1 year CMT + 1.000% 1.456% VRN 1/14/27 (c)   295,000    255,622 
5 year EUR Swap + 2.800% 2.500% VRN 9/09/30 EUR (c) (d)   300,000    296,628 
3 mo. USD LIBOR + 1.209% 2.819% VRN 1/30/26 (c)   200,000    186,104 
1 year CMT + 1.650% 3.971% VRN 3/30/26 (c)   285,000    272,412 
1 year CMT + 3.850% 4.644% VRN 4/01/31 (c)   1,030,000    928,506 
The Toronto-Dominion Bank          
0.625% 7/20/23 EUR (c) (d)   110,000    116,448 
Truist Financial Corp. SOFR + 1.368%          
4.123% VRN 6/06/28   525,000    501,834 
UBS Group AG          
1 year CMT + 1.080% 1.364% VRN 1/30/27 (c)   235,000    206,026 
1 year CMT + 1.750% 4.751% VRN 5/12/28 (c)   200,000    191,671 
UniCredit SpA          
2.000% 3/04/23 EUR (c) (d)   313,000    334,866 
5 year EURIBOR ICE Swap + 4.739% 4.875% VRN 2/20/29 EUR (c) (d)   200,000    211,219 
Wells Fargo & Co.          
2.250% 5/02/23 EUR (c) (d)   114,000    121,926 
SOFR + 2.100% 2.393% VRN 6/02/28   1,105,000    976,747 
SOFR + 1.262% 2.572% VRN 2/11/31   1,225,000    1,017,287 
3 mo. TSFR + 1.432% 2.879% VRN 10/30/30   2,145,000    1,828,615 
SOFR + 2.530% 3.068% VRN 4/30/41   335,000    239,233 
4.300% 7/22/27   290,000    279,557 
         47,429,557 
Beverages — 0.1%          
Anheuser-Busch InBev Worldwide, Inc.          
4.500% 6/01/50   380,000    335,667 
Biotechnology — 0.0%          
CSL Finance PLC          
4.050% 4/27/29 (c)   260,000    245,603 
Building Materials — 0.1%          
Cie de Saint-Gobain          
1.750% 4/03/23 EUR (c) (d)   100,000    106,825 
CRH Finance UK PLC          
4.125% 12/02/29 GBP (c) (d)   150,000    164,534 
Holcim Finance Luxembourg SA          
1.375% 5/26/23 EUR (c) (d)   111,000    118,234 
Johnson Controls International PLC          
1.000% 9/15/23 EUR (d)   111,000    117,094 
         506,687 
Chemicals — 0.3%          
Avient Corp.          
7.125% 8/01/30 (c) (e)   39,000    38,123 
BASF SE          
0.101% 6/05/23 EUR (c) (d)   100,000    105,929 
Braskem Netherlands Finance BV          
4.500% 1/31/30 (c)   300,000    255,400 
Celanese US Holdings LLC          
6.050% 3/15/25   265,000    264,296 
6.165% 7/15/27   285,000    281,511 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Eastman Chemical Co.          
1.500% 5/26/23 EUR (d)  $111,000   $118,121 
Equate Petrochemical BV          
2.625% 4/28/28 (c)   200,000    174,000 
Methanex Corp.          
5.125% 10/15/27   65,000    60,288 
The Sherwin-Williams Co.          
2.950% 8/15/29   145,000    127,277 
Westlake Corp.          
1.625% 7/17/29 EUR (d)   575,000    496,666 
         1,921,611 
Commercial Services — 0.3%          
Abertis Infraestructuras SA          
3.000% 3/27/31 EUR (c) (d)   100,000    92,882 
Equifax, Inc.          
5.100% 12/15/27   305,000    301,552 
Holding d'Infrastructures de Transport SASU          
0.625% 3/27/23 EUR (c) (d)   100,000    106,282 
Transurban Finance Co.          
2.450% 3/16/31 (c) (e)   920,000    726,009 
3.375% 3/22/27 (c)   560,000    513,346 
Verisure Holding AB          
3.875% 7/15/26 EUR (c) (d)   100,000    96,610 
         1,836,681 
Computers — 0.0%          
Capgemini SE          
2.500% 7/01/23 EUR (c) (d)   100,000    106,752 
International Business Machines Corp.          
0.375% 1/31/23 EUR (d)   109,000    116,492 
         223,244 
Diversified Financial Services — 1.4%          
AerCap Ireland Capital DAC / AerCap Global Aviation Trust          
2.450% 10/29/26   525,000    459,622 
3.500% 1/15/25   150,000    142,902 
4.450% 4/03/26   270,000    258,181 
4.875% 1/16/24   540,000    534,852 
6.500% 7/15/25   150,000    152,115 
Ally Financial, Inc.          
4.750% 6/09/27   1,065,000    999,663 
Capital One Financial Corp.          
1.650% 6/12/29 EUR (d)   300,000    255,745 
SOFR + 1.790% 3.273% VRN 3/01/30   265,000    227,049 
3.650% 5/11/27   510,000    480,484 
3.750% 3/09/27   115,000    108,908 
SOFR + 2.160% 4.985% VRN 7/24/26   525,000    514,606 
SOFR + 2.600% 5.247% VRN 7/26/30   140,000    133,614 
Discover Financial Services          
4.100% 2/09/27   510,000    479,968 
Encore Capital Group, Inc.          
5.375% 2/15/26 GBP (c) (d)   140,000    151,312 
FCA Bank SpA          
0.500% 9/18/23 EUR (c) (d)   109,000    114,215 
0.500% 9/13/24 EUR (c) (d)   160,000    161,248 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Intercontinental Exchange, Inc.          
2.650% 9/15/40  $130,000   $90,693 
4.350% 6/15/29   465,000    450,615 
Iqera Group SAS          
4.250% 9/30/24 EUR (c) (d)   100,000    96,811 
LeasePlan Corp. NV          
0.125% 9/13/23 EUR (d)   108,000    112,727 
5 year EURIBOR ICE Swap + 7.556% 7.375% VRN EUR (c) (d) (f)   200,000    211,949 
LSEGA Financing PLC          
2.000% 4/06/28 (c)   1,520,000    1,297,630 
2.500% 4/06/31 (c) (e)   435,000    361,265 
3.200% 4/06/41 (c) (e)   200,000    147,680 
OneMain Finance Corp.          
7.125% 3/15/26   55,000    52,298 
         7,996,152 
Electric — 1.4%          
Ausgrid Finance Pty Ltd.          
4.350% 8/01/28 (c)   260,000    241,431 
Duke Energy Corp.          
5.000% 8/15/52   430,000    384,055 
E.ON SE          
0.375% 4/20/23 EUR (c) (d)   104,000    110,549 
Edison International          
4.950% 4/15/25   30,000    29,524 
EDP - Energias de Portugal SA          
2.875% 6/01/26 EUR (c) (d)   200,000    207,558 
EDP Finance BV          
6.300% 10/11/27 (c)   200,000    205,411 
Enel Finance America LLC          
7.100% 10/14/27 (c)   200,000    207,117 
Enel Finance International NV          
4.875% 4/17/23 EUR (c) (d)   120,000    129,171 
5.250% 9/29/23 EUR (d)   26,000    28,246 
5.625% 8/14/24 GBP (c) (d)   150,000    182,781 
6.800% 10/14/25 (c)   200,000    205,565 
Engie SA          
0.375% 2/28/23 EUR (c) (d)   100,000    106,619 
3.000% 2/01/23 EUR (c) (d)   84,000    89,894 
Interchile SA          
4.500% 6/30/56 (c)   280,000    231,530 
Minejesa Capital BV          
5.625% 8/10/37 (c)   300,000    233,552 
NextEra Energy Capital Holdings, Inc.          
2.440% 1/15/32   595,000    482,285 
3.000% 1/15/52   425,000    279,806 
5.000% 7/15/32   125,000    123,108 
NRG Energy, Inc.          
4.450% 6/15/29 (c)   205,000    181,485 
Pacific Gas and Electric Co.          
2.100% 8/01/27   540,000    461,457 
2.500% 2/01/31   465,000    363,345 
4.550% 7/01/30   510,000    463,791 
Sempra Energy          
3.700% 4/01/29   145,000    132,777 
Southern California Edison Co.          
4.700% 6/01/27   340,000    333,451 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
State Grid Overseas Investment BVI Ltd.          
1.375% 5/02/25 EUR (c) (d)  $100,000   $99,791 
Vistra Corp. 5 year CMT + 6.930%          
8.000% VRN (c) (f)   310,000    296,071 
Vistra Operations Co. LLC          
3.550% 7/15/24 (c)   1,285,000    1,232,897 
4.375% 5/01/29 (c)   100,000    86,278 
5.125% 5/13/25 (c)   485,000    474,194 
         7,603,739 
Electrical Components & Equipment — 0.0%          
Schneider Electric SE          
1.500% 9/08/23 EUR (c) (d)   100,000    106,136 
Electronics — 0.1%          
Arrow Electronics, Inc.          
4.000% 4/01/25   375,000    362,484 
Sensata Technologies BV          
5.875% 9/01/30 (c)   345,000    326,965 
         689,449 
Engineering & Construction — 0.1%          
Cellnex Telecom SA          
1.750% 10/23/30 EUR (c) (d)   200,000    165,770 
Infrastrutture Wireless Italiane SpA          
1.625% 10/21/28 EUR (c) (d)   155,000    141,032 
         306,802 
Entertainment — 0.2%          
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op          
5.375% 4/15/27   75,000    71,507 
Cirsa Finance International Sarl          
6.250% 12/20/23 EUR (c) (d)   22,666    24,029 
International Game Technology PLC          
3.500% 6/15/26 EUR (c) (d)   100,000    101,633 
3.500% 6/15/26 EUR (c) (d)   100,000    101,633 
Warnermedia Holdings, Inc.          
3.755% 3/15/27 (c)   705,000    636,483 
         935,285 
Environmental Controls — 0.0%          
Madison IAQ LLC          
4.125% 6/30/28 (c)   95,000    77,900 
Food — 0.1%          
Bellis Acquisition Co. PLC          
3.250% 2/16/26 GBP (c) (d)   100,000    98,167 
Chobani LLC / Chobani Finance Corp., Inc.          
4.625% 11/15/28 (c)   105,000    91,414 
Mondelez International Holdings Netherlands BV          
0.250% 9/09/29 EUR (c) (d)   198,000    169,213 
Nestle Finance International Ltd.          
0.750% 5/16/23 EUR (c) (d)   39,000    41,528 
Tesco Corporate Treasury Services PLC          
0.875% 5/29/26 EUR (c) (d)   150,000    145,273 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
1.875% 11/02/28 GBP (c) (d)  $150,000   $147,756 
         693,351 
Forest Products & Paper — 0.1%          
Celulosa Arauco y Constitucion SA          
4.200% 1/29/30 (c)   200,000    185,977 
Suzano Austria GmbH          
5.000% 1/15/30   200,000    187,250 
         373,227 
Gas — 0.2%          
APA Infrastructure Ltd.          
4.250% 7/15/27 (c)   885,000    827,862 
Health Care – Products — 0.3%          
Abbott Ireland Financing DAC          
0.875% 9/27/23 EUR (c) (d)   111,000    117,286 
Avantor Funding, Inc.          
4.625% 7/15/28 (c)   105,000    95,407 
Becton Dickinson Euro Finance SARL          
0.632% 6/04/23 EUR (d)   109,000    115,730 
1.213% 2/12/36 EUR (d)   100,000    75,131 
Medline Borrower LP          
3.875% 4/01/29 (c)   68,000    54,732 
Medtronic Global Holdings SCA          
0.375% 3/07/23 EUR (d)   160,000    170,624 
0.375% 10/15/28 EUR (d)   100,000    89,313 
PerkinElmer, Inc.          
1.900% 9/15/28   410,000    340,308 
2.250% 9/15/31   220,000    172,998 
3.300% 9/15/29   195,000    170,142 
Thermo Fisher Scientific, Inc.          
0.875% 10/01/31 EUR (d)   140,000    118,236 
2.375% 4/15/32 EUR (d)   100,000    95,234 
         1,615,141 
Health Care – Services — 0.9%          
Catalent Pharma Solutions, Inc.          
5.000% 7/15/27 (c) (e)   70,000    65,126 
Centene Corp.          
2.450% 7/15/28   230,000    193,941 
2.625% 8/01/31   315,000    246,999 
3.375% 2/15/30   515,000    435,366 
4.625% 12/15/29   875,000    799,915 
Charles River Laboratories International, Inc.          
4.000% 3/15/31 (c) (e)   110,000    95,150 
Fresenius Medical Care AG & Co. KGaA          
0.250% 11/29/23 EUR (c) (d)   72,000    75,086 
HCA, Inc.          
3.125% 3/15/27 (c)   235,000    214,298 
3.375% 3/15/29 (c)   90,000    79,209 
3.500% 9/01/30   499,000    431,681 
5.375% 9/01/26   170,000    168,261 
5.875% 2/15/26   625,000    629,636 
Humana, Inc.          
3.700% 3/23/29   170,000    155,941 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.875% 4/01/30  $645,000   $633,880 
Molina Healthcare, Inc.          
4.375% 6/15/28 (c)   75,000    68,444 
Tenet Healthcare Corp.          
6.125% 6/15/30 (c)   90,000    85,752 
UnitedHealth Group, Inc.          
2.000% 5/15/30   190,000    157,070 
5.875% 2/15/53   360,000    389,517 
         4,925,272 
Holding Company – Diversified — 0.0%          
CK Hutchison Finance 16 Ltd.          
1.250% 4/06/23 EUR (c) (d)   111,000    118,267 
Insurance — 0.9%          
AIA Group Ltd.          
3.900% 4/06/28 (c)   640,000    601,958 
Allianz SE 10 mo. EURIBOR ICE Swap + 3.200%          
3.375% VRN EUR (c) (d) (f)   400,000    412,979 
Aon Corp.          
2.800% 5/15/30   145,000    124,121 
Berkshire Hathaway Finance Corp.          
1.500% 3/18/30 EUR (d)   167,000    151,318 
2.500% 1/15/51   505,000    318,028 
2.850% 10/15/50   185,000    124,514 
3.850% 3/15/52   195,000    157,672 
Berkshire Hathaway, Inc.          
0.750% 3/16/23 EUR (d)   160,000    170,583 
CNO Financial Group, Inc.          
5.250% 5/30/25   217,000    215,543 
Corebridge Financial, Inc.          
3.900% 4/05/32 (c)   145,000    127,624 
Equitable Holdings, Inc.          
4.350% 4/20/28   1,150,000    1,097,578 
Hannover Rueck SE 3 mo. EURIBOR + 3.000%          
1.750% VRN 10/08/40 EUR (c) (d)   300,000    249,297 
Jackson Financial, Inc.          
5.170% 6/08/27 (e)   430,000    424,591 
Legal & General Group PLC 5 Year UK Gilt + 4.580%          
5.375% VRN 10/27/45 GBP (c) (d)   185,000    217,616 
Marsh & McLennan Cos., Inc.          
2.250% 11/15/30   185,000    151,632 
Trinity Acquisition PLC          
4.400% 3/15/26   545,000    529,233 
         5,074,287 
Internet — 0.1%          
Gen Digital, Inc.          
6.750% 9/30/27 (c)   15,000    14,700 
7.125% 9/30/30 (c) (e)   32,000    31,440 
Match Group Holdings II LLC          
5.000% 12/15/27 (c) (e)   128,000    117,760 
MercadoLibre, Inc.          
3.125% 1/14/31   200,000    154,620 
Netflix, Inc.          
4.625% 5/15/29 EUR (d)   100,000    104,752 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Tencent Holdings Ltd.          
3.240% 6/03/50 (c)  $350,000   $222,955 
United Group BV          
4.625% 8/15/28 EUR (c) (d)   100,000    78,448 
         724,675 
Investment Companies — 0.1%          
Criteria Caixa SA          
1.500% 5/10/23 EUR (c) (d)   100,000    106,537 
JAB Holdings BV          
2.000% 5/18/28 EUR (c) (d)   300,000    286,741 
         393,278 
Iron & Steel — 0.1%          
ABJA Investment Co. Pte Ltd.          
5.450% 1/24/28 (c)   200,000    194,219 
Nucor Corp.          
3.125% 4/01/32   150,000    127,606 
         321,825 
Leisure Time — 0.0%          
Deuce Finco Plc          
5.500% 6/15/27 GBP (c) (d)   100,000    96,172 
Royal Caribbean Cruises Ltd.          
8.250% 1/15/29 (c)   120,000    120,585 
         216,757 
Lodging — 0.1%          
Las Vegas Sands Corp.          
3.500% 8/18/26   210,000    188,624 
Marriott International, Inc.          
5.000% 10/15/27   335,000    331,072 
         519,696 
Machinery – Diversified — 0.0%          
Highland Holdings Sarl          
0.318% 12/15/26 EUR (d)   122,000    114,262 
TK Elevator Midco GmbH          
4.375% 7/15/27 EUR (c) (d)   100,000    94,703 
         208,965 
Media — 0.3%          
Altice Financing SA          
4.250% 8/15/29 EUR (c) (d)   100,000    86,225 
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.250% 2/01/31 (c)   130,000    104,275 
5.375% 6/01/29 (c)   33,000    29,718 
6.375% 9/01/29 (c)   75,000    70,481 
Charter Communications Operating LLC/Charter Communications Operating Capital          
2.250% 1/15/29   355,000    286,336 
4.200% 3/15/28   485,000    446,488 
6.484% 10/23/45   105,000    95,091 
Comcast Corp.          
3.250% 11/01/39   295,000    231,025 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
DISH DBS Corp.          
5.750% 12/01/28 (c)  $65,000   $51,878 
Sirius XM Radio, Inc.          
4.000% 7/15/28 (c)   125,000    108,787 
Univision Communications, Inc.          
7.375% 6/30/30 (c)   65,000    62,121 
Ziggo BV          
2.875% 1/15/30 EUR (c) (d)   100,000    85,502 
         1,657,927 
Mining — 0.0%          
Arconic Corp.          
6.125% 2/15/28 (c) (e)   90,000    84,444 
Hudbay Minerals, Inc.          
6.125% 4/01/29 (c)   60,000    54,297 
         138,741 
Miscellaneous - Manufacturing — 0.1%          
Parker-Hannifin Corp.          
4.250% 9/15/27   165,000    160,270 
4.500% 9/15/29   175,000    168,045 
Siemens Financieringsmaatschappij NV          
0.000% 2/20/23 EUR (c) (d)   100,000    106,712 
0.375% 9/06/23 EUR (c) (d)   107,000    113,048 
         548,075 
Oil & Gas — 1.0%          
Aker BP ASA          
2.875% 1/15/26 (c)   180,000    166,497 
BP Capital Markets PLC          
1.109% 2/16/23 EUR (c) (d)   150,000    160,311 
2.213% 9/25/26 EUR (c) (d)   160,000    162,670 
Chesapeake Energy Corp.          
6.750% 4/15/29 (c)   75,000    73,020 
Ecopetrol SA          
4.625% 11/02/31   225,000    171,930 
Eni SpA          
3.250% 7/10/23 EUR (c) (d)   117,000    125,433 
4.750% 9/12/28 (c)   875,000    848,347 
Leviathan Bond Ltd.          
6.500% 6/30/27 (c)   300,000    290,280 
Occidental Petroleum Corp.          
6.200% 3/15/40   95,000    92,286 
8.500% 7/15/27   115,000    123,848 
8.875% 7/15/30   85,000    95,965 
OMV AG          
0.000% 6/16/23 EUR (c) (d)   71,000    75,151 
Petroleos Mexicanos          
5.125% 3/15/23 EUR (c) (d)   850,000    909,427 
Saudi Arabian Oil Co.          
4.250% 4/16/39 (c)   200,000    178,541 
TotalEnergies Capital International SA          
2.125% 3/15/23 EUR (c) (d)   100,000    106,973 
Wintershall Dea Finance BV          
0.452% 9/25/23 EUR (c) (d)   100,000    104,293 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Woodside Finance Ltd.          
3.700% 9/15/26 (c)  $2,000,000   $1,872,239 
         5,557,211 
Packaging & Containers — 0.1%          
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC          
3.000% 9/01/29 EUR (c) (d)   180,000    140,657 
Ball Corp.          
6.875% 3/15/28 (e)   140,000    143,804 
Graphic Packaging International LLC          
2.625% 2/01/29 EUR (c) (d)   100,000    93,674 
Sealed Air Corp.          
5.000% 4/15/29 (c)   75,000    70,500 
Trivium Packaging Finance BV          
3.750% 8/15/26 EUR (c) (d)   100,000    97,411 
         546,046 
Pharmaceuticals — 1.1%          
AbbVie, Inc.          
3.200% 11/21/29   475,000    429,986 
4.050% 11/21/39   270,000    232,443 
4.250% 11/21/49   325,000    273,906 
4.700% 5/14/45   530,000    474,861 
4.875% 11/14/48   980,000    899,249 
Astrazeneca Finance LLC          
1.750% 5/28/28   445,000    382,717 
Bayer Capital Corp. BV          
1.250% 11/13/23 EUR (c) (d)   56,000    59,150 
Becton Dickinson and Co.          
1.957% 2/11/31   645,000    511,615 
2.823% 5/20/30   510,000    438,936 
3.020% 5/24/25 GBP (d)   150,000    171,564 
Cardinal Health, Inc.          
4.500% 11/15/44   95,000    76,161 
CVS Health Corp.          
3.250% 8/15/29   135,000    121,087 
5.050% 3/25/48   823,000    742,421 
GlaxoSmithKline Capital PLC          
0.125% 5/12/23 EUR (c) (d)   100,000    106,204 
Roche Finance Europe BV          
0.500% 2/27/23 EUR (c) (d)   92,000    98,261 
Sanofi          
0.500% 3/21/23 EUR (c) (d)   100,000    106,594 
2.500% 11/14/23 EUR (c) (d)   100,000    107,058 
Teva Pharmaceutical Finance Netherlands BV          
6.000% 1/31/25 EUR (d)   100,000    105,211 
7.125% 1/31/25   200,000    198,878 
Utah Acquisition Sub, Inc.          
3.950% 6/15/26   685,000    641,140 
         6,177,442 
Pipelines — 1.5%          
Boardwalk Pipelines LP          
3.400% 2/15/31   990,000    830,606 
Cheniere Corpus Christi Holdings LLC          

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3.700% 11/15/29  $465,000   $421,152 
5.125% 6/30/27   140,000    138,498 
Cheniere Energy Partners LP          
3.250% 1/31/32 (c)   95,000    75,532 
Cheniere Energy, Inc.          
4.625% 10/15/28   145,000    131,069 
Energy Transfer LP          
2.900% 5/15/25   185,000    174,465 
4.500% 4/15/24   65,000    64,095 
5.875% 1/15/24   390,000    391,062 
6.000% 6/15/48   568,000    513,181 
6.250% 4/15/49   105,000    98,250 
Enterprise Products Operating LLC          
2.800% 1/31/30   145,000    123,683 
Gray Oak Pipeline LLC          
2.000% 9/15/23 (c)   55,000    53,500 
2.600% 10/15/25 (c)   170,000    154,297 
3.450% 10/15/27 (c)   70,000    62,005 
Kinetik Holdings LP          
5.875% 6/15/30 (c)   90,000    84,401 
NuStar Logistics LP          
5.750% 10/01/25 (e)   80,000    77,012 
Sabine Pass Liquefaction LLC          
4.500% 5/15/30   95,000    88,290 
5.000% 3/15/27   290,000    284,700 
5.875% 6/30/26   1,715,000    1,735,266 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp          
7.500% 10/01/25 (c)   110,000    110,990 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
4.000% 1/15/32   125,000    104,981 
4.875% 2/01/31   25,000    22,439 
5.500% 3/01/30   150,000    141,138 
6.875% 1/15/29   345,000    348,103 
Transcanada Trust 3 mo. CDOR + 3.080%          
4.650% VRN 5/18/77 CAD (d)   650,000    429,076 
Transcontinental Gas Pipe Line Co. LLC          
4.000% 3/15/28   125,000    117,453 
4.600% 3/15/48   110,000    92,000 
Venture Global Calcasieu Pass LLC          
3.875% 8/15/29 (c)   55,000    48,125 
3.875% 11/01/33 (c)   180,000    147,042 
4.125% 8/15/31 (c)   65,000    55,380 
The Williams Cos., Inc.          
3.750% 6/15/27   1,170,000    1,103,110 
         8,220,901 
Real Estate — 0.2%          
Akelius Residential Property AB          
1.750% 2/07/25 EUR (c) (d)   170,000    168,272 
Blackstone Property Partners Europe Holdings SARL          
0.500% 9/12/23 EUR (c) (d)   100,000    103,112 
1.750% 3/12/29 EUR (c) (d)   280,000    218,521 
Cushman & Wakefield US Borrower LLC          
6.750% 5/15/28 (c)   65,000    62,034 
EMG SUKUK Ltd.          
4.564% 6/18/24 (c)   200,000    196,850 
Howard Hughes Corp.          
4.125% 2/01/29 (c)   110,000    92,125 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
5.375% 8/01/28 (c)  $40,000   $36,029 
Vonovia Finance BV          
2.250% 12/15/23 EUR (c) (d)   100,000    105,737 
         982,680 
Real Estate Investment Trusts (REITS) — 1.8%          
Brixmor Operating Partnership LP          
4.050% 7/01/30   585,000    513,220 
4.125% 6/15/26   2,000,000    1,897,642 
4.125% 5/15/29   160,000    143,416 
Crown Castle, Inc.          
2.250% 1/15/31 (e)   715,000    575,114 
2.900% 3/15/27   135,000    123,039 
3.800% 2/15/28   665,000    618,483 
Essex Portfolio LP          
4.000% 3/01/29   760,000    694,253 
GLP Capital LP/GLP Financing II, Inc.          
3.350% 9/01/24   125,000    119,534 
Healthcare Realty Holdings LP          
2.050% 3/15/31   230,000    168,683 
3.625% 1/15/28   850,000    754,901 
Highwoods Realty LP          
3.050% 2/15/30   675,000    538,810 
4.125% 3/15/28   405,000    366,401 
Inmobiliaria Colonial Socimi SA          
1.625% 11/28/25 EUR (c) (d)   200,000    197,030 
Klepierre SA          
1.000% 4/17/23 EUR (c) (d)   100,000    106,586 
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.          
5.750% 2/01/27   55,000    52,319 
Prologis LP          
2.250% 6/30/29 GBP (d)   150,000    151,641 
Realty Income Corp.          
3.950% 8/15/27   650,000    620,636 
Regency Centers LP          
3.600% 2/01/27   305,000    285,988 
4.125% 3/15/28   815,000    758,025 
SBA Tower Trust          
1.840% 4/15/27 (c)   635,000    538,679 
2.593% 10/15/56 (c)   515,000    396,571 
Scentre Group Trust 1 / Scentre Group Trust 2          
1.375% 3/22/23 EUR (c) (d)   111,000    118,276 
         9,739,247 
Retail — 0.2%          
Bath & Body Works, Inc.          
6.625% 10/01/30 (c)   90,000    84,456 
Lowe's Cos., Inc.          
4.250% 4/01/52   265,000    211,802 
5.625% 4/15/53   195,000    185,409 
Next Group PLC          
3.625% 5/18/28 GBP (c) (d) (e)   250,000    265,363 
Ross Stores, Inc.          
1.875% 4/15/31   535,000    421,463 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Yum! Brands, Inc.          
5.375% 4/01/32  $140,000   $129,675 
         1,298,168 
Savings & Loans — 0.1%          
Nationwide Building Society          
3 mo. EURIBOR + .930% 1.500% VRN 3/08/26 EUR (c) (d)   140,000    140,026 
5 year EUR Swap + 1.500% 2.000% VRN 7/25/29 EUR (c) (d)   150,000    151,274 
         291,300 
Semiconductors — 0.4%          
Broadcom, Inc.          
4.110% 9/15/28   135,000    125,763 
Entegris Escrow Corp.          
5.950% 6/15/30 (c)   110,000    101,442 
Micron Technology, Inc.          
4.185% 2/15/27   262,000    248,454 
4.975% 2/06/26   435,000    429,232 
NXP BV / NXP Funding LLC          
5.350% 3/01/26   1,115,000    1,109,769 
NXP BV / NXP Funding LLC / NXP USA, Inc.          
2.700% 5/01/25   45,000    42,388 
3.150% 5/01/27   95,000    86,189 
         2,143,237 
Software — 0.2%          
Central Parent, Inc. / CDK Global, Inc.          
7.250% 6/15/29 (c) (e)   74,000    72,430 
Fidelity National Information Services, Inc.          
0.750% 5/21/23 EUR (d)   110,000    116,837 
Fiserv, Inc.          
3.000% 7/01/31 GBP (d)   250,000    251,344 
3.500% 7/01/29   150,000    135,337 
Oracle Corp.          
2.300% 3/25/28   355,000    308,031 
SAP SE          
1.125% 2/20/23 EUR (c) (d)   106,000    113,263 
Workday, Inc.          
3.700% 4/01/29   110,000    100,880 
         1,098,122 
Telecommunications — 1.6%          
Altice France SA          
3.375% 1/15/28 EUR (c) (d)   135,000    108,405 
5.500% 1/15/28 (c)   290,000    227,105 
America Movil SAB de CV          
5.750% 6/28/30 GBP (d)   140,000    171,106 
AT&T, Inc.          
1.650% 2/01/28   415,000    351,106 
2.500% 3/15/23 EUR (d)   113,000    120,913 
3.500% 9/15/53   555,000    374,277 
Axiata SPV2 Bhd          
2.163% 8/19/30 (c)   250,000    200,382 
CK Hutchison Group Telecom Finance SA          
0.375% 10/17/23 EUR (c) (d)   109,000    113,905 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Deutsche Telekom International Finance BV          
0.625% 4/03/23 EUR (c) (d)  $112,000   $119,292 
NBN Co., Ltd.          
2.625% 5/05/31 (c)   480,000    382,516 
NTT Finance Corp.          
1.591% 4/03/28 (c)   765,000    642,398 
Orange SA          
0.750% 9/11/23 EUR (c) (d)   100,000    105,664 
PLT VII Finance Sarl          
4.625% 1/05/26 EUR (c) (d)   100,000    100,524 
Rogers Communications, Inc.          
3.200% 3/15/27 (c)   185,000    171,452 
3.800% 3/15/32 (c)   295,000    255,632 
4.550% 3/15/52 (c)   145,000    112,488 
Sprint Capital Corp.          
6.875% 11/15/28   60,000    62,399 
T-Mobile USA, Inc.          
2.050% 2/15/28   270,000    232,338 
3.750% 4/15/27   2,765,000    2,607,874 
Tele2 AB          
0.750% 3/23/31 EUR (c) (d)   130,000    105,908 
Telefonica Emisiones SA          
3.987% 1/23/23 EUR (c) (d)   100,000    107,119 
Verizon Communications, Inc.          
2.100% 3/22/28   365,000    317,355 
2.550% 3/21/31   370,000    304,793 
2.650% 11/20/40   530,000    360,162 
3.550% 3/22/51   535,000    382,389 
Vmed O2 UK Financing I PLC          
4.500% 7/15/31 GBP (c) (d)   155,000    142,433 
4.500% 7/15/31 GBP (c) (d)   150,000    137,838 
Vodafone Group PLC          
1.750% 8/25/23 EUR (c) (d)   113,000    120,220 
4.875% 6/19/49   38,000    32,033 
5.250% 5/30/48   408,000    361,521 
         8,831,547 
Toys, Games & Hobbies — 0.0%          
Hasbro, Inc.          
3.550% 11/19/26   245,000    230,048 
Transportation — 0.0%          
Deutsche Post AG          
2.750% 10/09/23 EUR (c) (d)   62,000    66,560 
InPost SA          
2.250% 7/15/27 EUR (c) (d)   100,000    87,777 
         154,337 
Water — 0.0%          
Veolia Environnement SA          
0.314% 10/04/23 EUR (c) (d)   100,000    105,111 
           
TOTAL CORPORATE DEBT
(Cost $163,969,850)		        144,870,107 
           
MUNICIPAL OBLIGATIONS — 0.1%          
Commonwealth of Puerto Rico, General Obligation          
0.000% 11/01/43   698,226    305,474 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TOTAL MUNICIPAL OBLIGATIONS
(Cost $370,482)		       $305,474 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.5%          
Automobile Asset-Backed Securities — 0.9%          
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D          
1.490% 9/18/26   275,000    254,619 
CarMax Auto Owner Trust, Series 2022-1, Class D          
2.470% 7/17/28   280,000    253,086 
Exeter Automobile Receivables Trust          
Series 2021-2A, Class D, 1.400% 4/15/27   235,000    214,990 
Series 2021-3A, Class D, 1.550% 6/15/27   195,000    177,035 
Series 2022-1A, Class D, 3.020% 6/15/28   995,000    901,279 
Series 2022-2A, Class C, 3.850% 7/17/28   820,000    791,226 
Series 2022-3A, Class C, 5.300% 9/15/27   520,000    510,751 
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class C          
1.310% 10/15/25 (c)   290,000    278,980 
Santander Bank NA - SBCLN, Series 2021-1A, Class B          
1.833% 12/15/31 (c)   131,449    126,942 
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D          
1.570% 1/15/27 (c)   735,000    665,947 
Santander Drive Auto Receivables Trust, Series 2021-4, Class D          
1.670% 10/15/27   310,000    286,996 
Santander Retail Auto Lease Trust, Series 2021-A, Class D          
1.380% 3/22/27 (c)   715,000    673,423 
         5,135,274 
Commercial Mortgage-Backed Securities — 2.3%          
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 1 mo. USD LIBOR + 1.250%          
5.568% FRN 9/15/32 (c)   235,000    228,257 
Aventura Mall Trust, Series 2018-AVM, Class A,          
4.112% VRN 7/05/40 (c) (g)   380,000    340,617 
Barclays Commercial Mortgage Trust, Series 2019-BWAY, Class D, 1 mo. USD LIBOR + 2.160%          
6.478% FRN 11/15/34 (c)   245,000    196,385 
BX Commercial Mortgage Trust          
Series 2021-ARIA, Class B, 1 mo. USD LIBOR + 1.297% 5.615% FRN 10/15/36 (c)   475,000    444,747 
Series 2022-CSMO, Class B, 1 mo. TSFR + 3.141% 7.476% FRN 6/15/27 (c)   465,000    460,934 
BXSC Commercial Mortgage Trust, Series 2018, Class B, 1 mo. TSFR + 2.092%          
6.428% FRN 3/15/35 (c)   920,000    886,679 
Cantor Commercial Real Estate Lending, Series 2019-CF2, Class B          
3.267% 11/15/52   295,000    233,157 
Citigroup Commercial Mortgage Trust          
Series 2013-375P, Class C, 3.518% VRN 5/10/35 (c) (g)   390,000    359,451 
Series 2013-375P, Class D, 3.518% VRN 5/10/35 (c) (g)   315,000    286,385 
Cold Storage Trust, Series 2020-ICE5, Class C, 1 mo. USD LIBOR + 1.650%          
5.968% FRN 11/15/37 (c)   285,067    275,814 
Commercial Mortgage Trust, Series 2015-LC23, Class AM,          
4.158% VRN 10/10/48 (g)   1,650,000    1,547,691 
Credit Suisse Mortgage Trust          
Series 2020-NET, Class A, 2.257% 8/15/37 (c)   298,082    267,680 
Series 2020-NET, Class C, 3.526% 8/15/37 (c)   480,000    430,998 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
DC Office Trust, Series 2019-MTC, Class D,          
3.072% VRN 9/15/45 (c) (g)  $520,000   $367,305 
Great Wolf Trust          
Series 2019-WOLF, Class A, 1 mo. USD LIBOR + 1.034% 5.352% FRN 12/15/36 (c)   710,000    689,626 
Series 2019-WOLF, Class C, 1 mo. USD LIBOR + 1.633% 5.951% FRN 12/15/36 (c)   435,000    416,033 
Series 2019-WOLF, Class D, 1 mo. USD LIBOR + 1.933% 6.251% FRN 12/15/36 (c)   820,000    781,124 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class AFX          
4.248% 7/05/33 (c)   115,000    108,334 
Manhattan West Mortgage Trust, Series 2020-1MW, Class D,          
2.335% VRN 9/10/39 (c) (g)   290,000    230,775 
SMRT, Series 2022-MINI, Class C, 1 mo. TSFR + 1.550%          
5.886% FRN 1/15/39 (c)   580,000    548,129 
VNDO Trust, Series 2016,Class D,          
3.903% VRN 1/10/35 (c) (g)   750,000    623,131 
Wells Fargo Commercial Mortgage Trust          
Series 2014-LC18, Class AS, 3.808% 12/15/47   1,695,000    1,601,577 
Series 2017-C39, Class B, 4.025% 9/15/50   1,010,000    884,865 
Series 2021-SAVE, Class C, 1 mo. USD LIBOR + 1.800% 6.118% FRN 2/15/40 (c)   368,154    331,916 
         12,541,610 
Other Asset-Backed Securities — 3.1%          
522 Funding CLO Ltd.          
Series 2019-5A, Class AR, 3 mo. TSFR + 1.330% 5.194% FRN 4/15/35 (c)   825,000    793,114 
Series 2019-5A, Class BR, 3 mo. TSFR + 1.850% 5.714% FRN 4/15/35 (c)   465,000    423,684 
AGL CLO 17 Ltd., Series 2022-17A, Class A, 3 mo. TSFR + 1.330%          
5.318% FRN 1/21/35 (c)   630,000    610,053 
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class C          
2.370% 4/20/28 (c)   175,000    157,258 
Applebee's Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I          
4.194% 6/05/49 (c)   1,267,200    1,249,464 
Benefit Street Partners CLO Ltd., Series 2020-20A, Class AR, 3 mo. USD LIBOR + 1.170%          
5.249% FRN 7/15/34 (c)   470,000    458,485 
Carlyle U.S. CLO Ltd., Series 2019-4A, Class A11R, 3 mo. TSFR + 1.320%          
5.184% FRN 4/15/35 (c)   865,000    838,830 
CBAM Ltd., Series 2019-9A, Class A, 3 mo. USD LIBOR + 1.280%          
5.359% FRN 2/12/30 (c)   1,138,207    1,124,986 
Cedar Funding VIII Clo Ltd., Series 2017-8A, Class A1R, 3 mo. USD LIBOR + 1.150%          
5.229% FRN 10/17/34 (c)   490,000    477,930 
CIFC Funding Ltd.          
Series 2021-3A, Class A, 3 mo. USD LIBOR + 1.140% 5.219% FRN 7/15/36 (c)   585,000    571,123 
Series 2020-1A, Class A1R, 3 mo. USD LIBOR + 1.150% 5.229% FRN 7/15/36 (c)   925,000    903,899 
Series 2020-3A, Class A1R, 3 mo. USD LIBOR + 1.130% 5.373% FRN 10/20/34 (c)   610,000    595,177 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2          
4.940% 1/25/52 CAD (c) (d)   275,000    185,283 
Driven Brands Funding LLC          
Series 2020-2A, Class A2, 3.237% 1/20/51 (c)   555,113    460,414 
Series 2020-1A, Class A2, 3.786% 7/20/50 (c)   268,813    231,661 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Dryden 86 CLO Ltd., Series 2020-86A, Class A1R, 3 mo. USD LIBOR + 1.100%          
5.179% FRN 7/17/34 (c)  $600,000   $584,715 
Hardee's Funding LLC          
Series 2021-1A, Class A2, 2.865% 6/20/51 (c)   295,500    236,182 
Series 2018-1A, Class AII, 4.959% 6/20/48 (c)   311,188    294,026 
HPEFS Equipment Trust          
Series 2022-1A, Class C, 1.960% 5/21/29 (c)   129,000    118,846 
Series 2022-1A, Class D, 2.400% 11/20/29 (c)   350,000    326,481 
HPS Loan Management Ltd.          
Series 2021-16A, Class A1, 3 mo. USD LIBOR + 1.140% 5.465% FRN 1/23/35 (c)   290,000    281,829 
Series 11A-17, Class BR, 3 mo. USD LIBOR + 1.550% 6.082% FRN 5/06/30 (c)   265,000    255,170 
Jack in the Box Funding LLC, Series 2022-1A, Class A2I          
3.445% 2/26/52 (c)   959,390    844,032 
Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 3 mo. TSFR + 1.290%          
5.154% FRN 10/15/32 (c)   465,000    454,000 
Neuberger Berman Loan Advisers CLO Ltd.          
Series 2021-43A, Class A, 3 mo. USD LIBOR + 1.130% 5.209% FRN 7/17/35 (c)   685,000    669,525 
Series 2019-32A, Class AR, 3 mo. USD LIBOR + .990% 5.217% FRN 1/20/32 (c)   1,445,000    1,421,043 
OZLM Ltd., Series 2014-7RA, Class A1R, 3 mo. USD LIBOR + 1.010%          
5.089% FRN 7/17/29 (c)   266,150    263,046 
Palmer Square CLO Ltd., Series 2022-1A, Class A, 3 mo. TSFR + 1.320%          
5.283% FRN 4/20/35 (c)   480,000    467,321 
Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2I          
3.251% 12/05/51 (c)   630,238    546,444 
Symphony CLO Ltd.          
Series 2021-26A, Class AR, 3 mo. USD LIBOR + 1.080% 5.323% FRN 4/20/33 (c)   425,000    412,802 
Series 2022-31A, Class B, 3 mo. TSFR + 1.850% 5.888% FRN 4/22/35 (c)   410,000    392,315 
Wellfleet CLO Ltd., Series 2017-2A, Class A1R, 3 mo. USD LIBOR + 1.060%          
5.303% FRN 10/20/29 (c)   475,472    469,801 
         17,118,939 
Student Loans Asset-Backed Securities — 0.6%          
Navient Private Education Refi Loan Trust          
Series 2020-HA, Class A, 1.310% 1/15/69 (c)   162,402    144,174 
Series 2020-DA, Class A, 1.690% 5/15/69 (c)   153,295    138,068 
Series 2022-A, Class A, 2.230% 7/15/70 (c)   945,980    808,743 
Series 2019-FA, Class A2, 2.600% 8/15/68 (c)   318,994    295,814 
Series 2020-CA, Class B, 2.830% 11/15/68 (c)   470,000    380,171 
SMB Private Education Loan Trust          
Series 2020-BA, Class A1A, 1.290% 7/15/53 (c)   191,262    172,734 
Series 2021-A, Class B, 2.310% 1/15/53 (c)   570,000    478,979 
Series 2018-A, Class A2A, 3.500% 2/15/36 (c)   666,902    646,076 
         3,064,759 
Whole Loan Collateral Collateralized Mortgage Obligations — 1.2%          
Angel Oak Mortgage Trust          
Series 2021-4, Class A3, 1.446% VRN 1/20/65 (c) (g)   289,462    226,841 
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (c) (g)   68,069    59,553 
Series 2022-1, Class A1, 2.881% STEP 12/25/66 (c)   309,822    274,424 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2020-5, Class M1, 2.970% VRN 5/25/65 (c) (g)  $275,000   $207,730 
Series 2019-1, Class A2, 4.022% VRN 11/25/48 (c) (g)   2,334    2,321 
BINOM Securitization Trust, Series 2021-INV1, Class A1,          
2.034% VRN 6/25/56 (c) (g)   294,040    250,845 
CIM Trust, Series 2021-INV1, Class A29,          
2.500% VRN 7/01/51 (c) (g)   603,574    466,780 
Citigroup Mortgage Loan Trust, Series 2022-INV1, Class A4B,          
3.000% VRN 11/27/51 (c) (g)   223,193    180,403 
COLT Mortgage Loan Trust, Series 2020-3, Class A1,          
1.506% VRN 4/27/65 (c) (g)   47,850    43,926 
Ellington Financial Mortgage Trust          
Series 2021-3, Class A1, 1.241% VRN 9/25/66 (c) (g)   335,376    261,350 
Series 2020-1, Class A3, 3.999% VRN 5/25/65 (c) (g)   430,000    379,533 
Flagstar Mortgage Trust          
Series 2018-6RR, Class 2A4, 4.000% VRN 9/25/48 (c) (g)   15,976    15,252 
Series 2020-1INV, Class A11, 1 mo. USD LIBOR + .850% 4.866% FRN 3/25/50 (c)   89,013    80,948 
Galton Funding Mortgage Trust          
Series 2019-H1, Class A3, 2.964% VRN 10/25/59 (c) (g)   341,883    322,213 
Series 2018-1, Class A23, 3.500% VRN 11/25/57 (c) (g)   23,437    20,932 
Series 2019-1, Class A22, 4.000% VRN 2/25/59 (c) (g)   10,663    10,015 
GCAT Trust, Series 2021-NQM4, Class A3,          
1.556% VRN 8/25/66 (c) (g)   196,015    147,197 
GS Mortgage-Backed Securities Trust          
Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 (c) (g)   468,394    363,115 
Series 2020-INV1, Class A14, 2.932% VRN 10/25/50 (c) (g)   249,154    208,112 
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class A1,          
1.073% VRN 9/25/56 (c) (g)   214,878    169,047 
JP Morgan Mortgage Trust          
Series 2020-LTV1, Class B1, 3.263% VRN 6/25/50 (c) (g)   356,651    273,139 
Series 2019-INV3, Class A3, 3.500% VRN 5/25/50 (c) (g)   118,706    103,921 
Series 2020-LTV1, Class A3, 3.500% VRN 6/25/50 (c) (g)   29,429    28,023 
Series 2020-INV1, Class A3, 3.500% VRN 8/25/50 (c) (g)   100,168    86,751 
Series 2020-5, Class B2, 3.584% VRN 12/25/50 (c) (g)   336,319    267,268 
Series 2020-INV1, Class A11, 1 mo. USD LIBOR + .830% 4.874% FRN 8/25/50 (c)   63,440    58,012 
Onslow Bay Financial LLC          
Series 2021-NQM3, Class A1, 1.054% VRN 7/25/61 (c) (g)   321,441    244,679 
Series 2019-EXP3, Class 1A8, 3.500% VRN 10/25/59 (c) (g)   56,345    49,969 
Series 2020-EXP1, Class 1A8, 3.500% VRN 2/25/60 (c) (g)   262,833    228,413 
Series 2019-INV2, Class A25, 4.000% VRN 5/27/49 (c) (g)   111,976    102,744 
Series 2019-EXP2, Class 1A3, 4.000% VRN 6/25/59 (c) (g)   84,580    76,428 
Sequoia Mortgage Trust          
Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (c) (g)   53,822    49,125 
Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (c) (g)   66,906    62,119 
Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (c) (g)   8,692    8,445 
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (c) (g)   5,702    5,629 
SG Residential Mortgage Trust, Series 2019-3, Class A1,          
2.703% VRN 9/25/59 (c) (g)   15,898    15,303 
TRK Trust, Series 2021-INV1, Class A1,          
1.153% VRN 7/25/56 (c) (g)   298,292    248,407 
Verus Securitization Trust          
Series 2021-5, Class A2, 1.218% VRN 9/25/66 (c) (g)   295,600    231,887 
Series 2019-4, Class A1, 2.642% STEP 11/25/59 (c)   119,693    113,896 
Series 2022-1, Class A1, 2.724% STEP 1/25/67 (c)   759,297    673,941 
Series 2019-INV2, Class A2, 3.117% VRN 7/25/59 (c) (g)   191,940    184,183 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2020-INV1, Class A3, 3.889% VRN 3/25/60 (c) (g)  $100,000   $92,063 
         6,894,882 
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.4%          
Bayview MSR Opportunity Master Fund Trust          
Series 2021-2, Class A20, 2.500% VRN 6/25/51 (c) (g)   944,768    730,645 
Series 2021-4, Class A20, 2.500% VRN 10/25/51 (c) (g)   429,497    332,156 
GS Mortgage-Backed Securities Trust, Series 2021-GR1, Class A4,          
2.500% VRN 11/25/51 (c) (g)   456,413    353,827 
Hundred Acre Wood Trust          
Series 2021,Class A, 2.500% VRN 7/25/51 (c) (g)   855,478    660,523 
Series 2021-INV2, Class A27, 2.500% VRN 10/25/51 (c) (g)   272,913    210,719 
JP Morgan Mortgage Trust          
Series 2019-INV3, Class A15, 3.500% VRN 5/25/50 (c) (g)   102,190    90,304 
Series 2020-LTV1, Class A15, 3.500% VRN 6/25/50 (c) (g)   12,580    11,963 
Sequoia Mortgage Trust          
Series 2018-CH1, Class A19, 4.000% VRN 3/25/48 (c) (g)   84,350    76,427 
Series 2018-CH2, Class A21, 4.000% VRN 6/25/48 (c) (g)   22,594    20,500 
         2,487,064 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $52,223,154)		        47,242,528 
           
SOVEREIGN DEBT OBLIGATIONS — 18.4%          
1Malaysia Development Berhad Global Investments Ltd.          
4.400% 3/09/23 (c)   1,000,000    979,000 
Albania Government International Bond          
3.500% 10/09/25 EUR (c) (d)   160,000    158,750 
3.500% 6/16/27 EUR (c) (d)   105,000    99,752 
3.500% 11/23/31 EUR (c) (d)   490,000    423,702 
Australia Government International Bond          
1.250% 5/21/32 AUD (d)   1,464,000    781,713 
3.000% 3/21/47 AUD (c) (d)   808,000    436,867 
Brazil Notas do Tesouro Nacional Serie B          
6.000% 5/15/25 BRL (d)   270,000    205,238 
Brazil Notas do Tesouro Nacional Serie F          
10.000% 1/01/27 BRL (d)   2,855,000    497,025 
Bundesobligation Bond          
0.000% 4/16/27 EUR (c) (d)   3,957,000    3,808,380 
1.300% 10/15/27 EUR (c) (d)   4,933,000    4,995,009 
Bundesrepublik Deutschland Bundesanleihe          
0.000% 2/15/32 EUR (c) (d)   4,695,000    4,019,784 
0.000% 8/15/52 EUR (c) (d)   278,210    148,772 
1.700% 8/15/32 EUR (c) (d)   5,095,000    5,084,163 
Canadian Government International Bond          
1.250% 3/01/27 CAD (d)   8,345,000    5,633,861 
Canadian Government Real Return Bond          
4.000% 12/01/31 CAD (d)   1,720,952    1,543,046 
Cyprus Government International Bond          
0.950% 1/20/32 EUR (c) (d)   610,000    486,701 
2.750% 2/26/34 EUR (c) (d)   93,000    85,216 
2.750% 5/03/49 EUR (c) (d)   99,000    84,486 
3.750% 7/26/23 EUR (c) (d)   120,000    128,822 
3.750% 7/26/23 EUR (c) (d)   100,000    107,352 
Czech Republic Government International Bond          
2.400% 9/17/25 CZK (c) (d)   22,450,000    919,799 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
2.750% 7/23/29 CZK (d)  $51,630,000   $1,971,631 
French Republic Government Bond OAT          
0.000% 5/25/32 EUR (c) (d)   2,880,000    2,332,888 
1.250% 5/25/36 EUR (c) (d)   1,771,000    1,485,484 
Hellenic Republic Government Bond          
0.750% 6/18/31 EUR (c) (d)   585,000    461,531 
Hungary Government International Bond          
2.250% 4/20/33 HUF (d)   1,259,450,000    1,954,018 
4.750% 11/24/32 HUF (d)   53,110,000    102,946 
5.000% 2/22/27 EUR (c) (d)   247,000    262,266 
Iceland Government International Bond          
0.000% 4/15/28 EUR (c) (d)   346,000    304,561 
Indonesia Government International Bond          
3.750% 6/14/28 EUR (c) (d)   1,280,000    1,328,018 
Ireland Government International Bond          
1.500% 5/15/50 EUR (c) (d)   73,000    54,023 
2.000% 2/18/45 EUR (c) (d)   191,000    163,679 
Israel Government International Bond          
1.500% 1/18/27 EUR (c) (d)   530,000    525,391 
1.750% 8/31/25 ILS (d)   4,274,000    1,163,127 
5.500% 1/31/42 ILS (d)   3,470,000    1,284,900 
Italy Buoni Poliennali Del Tesoro          
2.800% 3/01/67 EUR (c) (d)   1,064,000    766,617 
Japan Government CPI Linked Bond          
0.005% 3/10/31 JPY (d)   209,861,927    1,660,634 
0.100% 3/10/24 JPY (d)   110,472,200    859,855 
0.100% 9/10/24 JPY (d)   290,838,600    2,272,592 
0.100% 3/10/25 JPY (d)   307,954,500    2,407,508 
Japan Government Ten Year Bond          
0.400% 3/20/25 JPY (d)   336,200,000    2,581,367 
Japan Government Thirty Year Bond          
0.700% 12/20/51 JPY (d)   20,300,000    123,760 
1.000% 3/20/52 JPY (d)   329,400,000    2,172,725 
1.300% 6/20/52 JPY (d)   221,250,000    1,580,444 
1.400% 9/20/52 JPY (d)   219,950,000    1,601,961 
1.700% 9/20/44 JPY (d)   280,250,000    2,273,049 
2.200% 9/20/39 JPY (d)   240,750,000    2,121,917 
2.500% 9/20/37 JPY (d)   50,250,000    460,543 
Latvia Government International Bond          
0.375% 10/07/26 EUR (c) (d)   2,114,000    2,013,284 
Malaysia Government International Bond          
3.844% 4/15/33 MYR (d)   590,000    130,719 
4.065% 6/15/50 MYR (d)   2,820,000    583,820 
4.642% 11/07/33 MYR (d)   3,255,000    770,063 
4.736% 3/15/46 MYR (d)   5,640,000    1,312,881 
4.921% 7/06/48 MYR (d)   6,150,000    1,455,083 
4.935% 9/30/43 MYR (d)   325,000    78,346 
Mexican Bonos          
8.500% 5/31/29 MXN (d)   4,567,000    227,878 
New South Wales Treasury Corp.          
4.000% 5/20/26 AUD (c) (d)   680,000    463,049 
4.000% 5/20/26 AUD (c) (d)   860,000    585,620 
North Macedonia Government International Bond          
1.625% 3/10/28 EUR (c) (d)   400,000    333,445 
Norway Government International Bond          
3.000% 3/14/24 NOK (c) (d)   2,700,000    275,104 
Philippine Government International Bond          
0.250% 4/28/25 EUR (d)   125,000    123,848 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Province of Ontario Canada          
3.500% 6/02/43 CAD (d)  $140,000   $91,541 
3.500% 6/02/43 CAD (d)   62,000    40,540 
Romanian Government International Bond          
2.125% 3/07/28 EUR (c) (d)   430,000    382,806 
2.875% 10/28/24 EUR (c) (d)   100,000    105,209 
2.875% 5/26/28 EUR (c) (d)   560,000    518,220 
3.624% 5/26/30 EUR (c) (d)   509,000    444,402 
Serbia Government International Bond          
1.000% 9/23/28 EUR (c) (d)   850,000    649,265 
1.500% 6/26/29 EUR (c) (d)   450,000    344,273 
1.650% 3/03/33 EUR (c) (d)   435,000    281,429 
2.050% 9/23/36 EUR (c) (d)   280,000    167,946 
2.050% 9/23/36 EUR (c) (d)   375,000    224,928 
Serbia Treasury Bond          
4.500% 8/20/32 RSD (d)   75,180,000    562,989 
Singapore Government International Bond          
0.500% 11/01/25 SGD (d)   1,350,000    942,601 
1.625% 7/01/31 SGD (d)   1,338,000    889,070 
2.375% 6/01/25 SGD (d)   480,000    353,531 
2.875% 7/01/29 SGD (d)   4,113,000    3,038,535 
Slovenia Government International Bond          
0.000% 2/12/31 EUR (c) (d)   155,000    122,628 
1.500% 3/25/35 EUR (c) (d)   342,000    278,789 
1.750% 11/03/40 EUR (c) (d)   450,000    337,008 
2.250% 3/03/32 EUR (c) (d)   170,000    161,179 
3.125% 8/07/45 EUR (c) (d)   1,035,000    961,914 
Sweden Government International Bond          
2.250% 6/01/32 SEK (c) (d)   33,150,000    3,147,341 
Thailand Government International Bond          
2.000% 12/17/31 THB (d)   91,434,000    2,539,869 
3.650% 6/20/31 THB (d)   19,528,000    614,156 
United Kingdom Gilt          
0.625% 6/07/25 GBP (c) (d)   1,393,000    1,571,909 
0.625% 10/22/50 GBP (c) (d)   732,000    394,140 
4.250% 6/07/32 GBP (c) (d)   5,041,000    6,376,021 
4.250% 12/07/46 GBP (c) (d)   959,000    1,194,530 
4.750% 12/07/30 GBP (c) (d)   1,326,000    1,728,231 
         101,723,013 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $118,935,754)		        101,723,013 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (h) — 21.1%          
Collateralized Mortgage Obligations — 0.1%          
Federal Home Loan Mortgage Corp. REMICS
Series 4977, Class IO 4.500% 5/25/50		   257,044    49,134 
Government National Mortgage Association
Series 2022-63, Class LM 3.500% 10/20/50		   260,000    228,617 
         277,751 
Pass-Through Securities — 20.4%          
Federal Home Loan Mortgage Corp.          
Pool #SB8147 1.500% 4/01/37   335,553    291,862 
Pool #RB5148 2.000% 3/01/42   874,015    738,136 
Pool #RA3046 2.000% 7/01/50   27,443    22,567 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #SD8146 2.000% 5/01/51  $528,317   $434,460 
Pool #RA5258 2.000% 5/01/51   857,987    705,027 
Pool #QC2565 2.000% 6/01/51   31,637    26,016 
Pool #RA6505 2.000% 12/01/51   1,475,019    1,209,290 
Pool #QD9658 2.000% 2/01/52   33,831    27,694 
Pool #SD8199 2.000% 3/01/52   4,635,715    3,794,783 
Pool #SD1217 2.000% 3/01/52   243,632    200,426 
Pool #SD8204 2.000% 4/01/52   222,721    182,318 
Pool #RA7324 2.000% 5/01/52   147,949    121,527 
Pool #SD8218 2.000% 6/01/52   965,968    790,437 
Pool #RB5149 2.500% 3/01/42   679,553    593,288 
Pool #QC1292 2.500% 5/01/51   19,689    16,802 
Pool #QC3425 2.500% 6/01/51   242,325    206,641 
Pool #QC2902 2.500% 6/01/51   38,700    33,448 
Pool #QC3551 2.500% 7/01/51   22,341    19,051 
Pool #QC5137 2.500% 8/01/51   62,815    53,506 
Pool #QC5575 2.500% 8/01/51   78,659    67,002 
Pool #SD7548 2.500% 11/01/51   930,544    802,822 
Pool #SD0854 2.500% 1/01/52   92,058    78,358 
Pool #RA6623 2.500% 1/01/52   1,103,357    943,640 
Pool #SD8200 2.500% 3/01/52   687,893    585,414 
Pool #SD7554 2.500% 4/01/52   357,750    307,753 
Pool #SD8212 2.500% 5/01/52   2,788,791    2,372,462 
Pool #ZS7930 3.000% 1/01/33   409,453    389,456 
Pool #RB5162 3.000% 6/01/42   120,310    108,035 
Pool #RB5166 3.000% 7/01/42   67,750    60,838 
Pool #RB5173 3.000% 8/01/42   57,538    51,667 
Pool #SD1497 3.000% 4/01/43   316,139    287,540 
Pool #ZS4693 3.000% 12/01/46   71,771    64,672 
Pool #G08756 3.000% 4/01/47   30,583    27,565 
Pool #SD0080 3.000% 9/01/49   139,726    125,863 
Pool #SD7531 3.000% 12/01/50   162,525    145,537 
Pool #RA6348 3.000% 11/01/51   435,558    384,381 
Pool #QD8560 3.000% 3/01/52   388,758    342,564 
Pool #QE4043 3.000% 6/01/52   463,421    408,210 
Pool #SD8220 3.000% 6/01/52   652,929    575,345 
Pool #SD7555 3.000% 8/01/52   936,229    834,124 
Pool #SB0015 3.500% 6/01/33   147,453    142,262 
Pool #U90690 3.500% 6/01/42   48,143    45,251 
Pool #U99051 3.500% 6/01/43   49,518    46,163 
Pool #ZM3532 3.500% 6/01/47   188,962    175,642 
Pool #ZT0179 3.500% 11/01/47   301,898    281,938 
Pool #RA1202 3.500% 8/01/49   113,498    105,435 
Pool #SD0212 3.500% 12/01/49   158,418    147,115 
Pool #SD1361 3.500% 2/01/50   845,999    793,238 
Pool #SD0617 3.500% 11/01/50   108,734    100,942 
Pool #SB8171 4.000% 6/01/37   68,834    67,275 
Pool #SB0727 4.000% 8/01/37   230,201    225,131 
Pool #RA1906 4.000% 12/01/49   197,669    189,359 
Pool #SD8039 4.000% 1/01/50   244,829    232,777 
Pool #SD1035 4.000% 5/01/52   225,298    212,342 
Pool #SD8244 4.000% 9/01/52   345,198    324,700 
Pool #SD0422 4.500% 7/01/45   121,498    120,553 
Pool #RA2607 4.500% 5/01/50   52,201    50,969 
Pool #ZS3941 5.000% 12/01/41   36,843    37,338 
Pool #QF0658 5.000% 8/01/52   763,347    759,256 
Pool #QF1305 5.000% 10/01/52   69,842    68,971 
Federal National Mortgage Association          

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #MA4581 1.500% 4/01/37  $690,605   $600,683 
Pool #MA4601 1.500% 5/01/37   573,317    498,667 
Pool #MA4685 1.500% 6/01/37   464,805    404,284 
Pool #MA4519 1.500% 1/01/42   598,977    487,409 
Pool #MA4586 2.000% 4/01/42   1,022,210    863,292 
Pool #FS2763 2.000% 8/01/42   49,172    41,528 
Pool #CA6587 2.000% 8/01/50   117,370    96,739 
Pool #MA4158 2.000% 10/01/50   276,224    227,670 
Pool #MA4325 2.000% 5/01/51   2,382,393    1,959,154 
Pool #CB2357 2.000% 12/01/51   1,200,506    984,231 
Pool #MA4547 2.000% 2/01/52   594,466    486,814 
Pool #BT6598 2.000% 2/01/52   908,783    743,359 
Pool #CB2766 2.000% 2/01/52   369,314    302,434 
Pool #CB2848 2.000% 2/01/52   597,117    488,984 
Pool #FS0733 2.000% 2/01/52   531,308    436,753 
Pool #FS1618 2.000% 3/01/52   275,732    226,489 
Pool #MA4562 2.000% 3/01/52   6,160,039    5,042,590 
Pool #FS1571 2.000% 4/01/52   25,963    21,253 
Pool #MA4622 2.000% 6/01/52   927,599    759,040 
Pool #BM3859 2.500% 8/01/31   93,572    87,887 
Pool #BC9043 2.500% 11/01/31   291,616    273,534 
Pool #BM1890 2.500% 1/01/32   68,722    64,632 
Pool #CB3210 2.500% 3/01/37   1,646,840    1,512,818 
Pool #MA4628 2.500% 6/01/37   514,849    472,790 
Pool #BV7856 2.500% 7/01/37   439,777    403,850 
Pool #CB4726 2.500% 9/01/37   132,493    121,669 
Pool #MA4326 2.500% 5/01/51   932,933    798,177 
Pool #BT1265 2.500% 6/01/51   341,174    290,934 
Pool #BT0163 2.500% 6/01/51   53,005    45,812 
Pool #CB1331 2.500% 8/01/51   741,938    633,380 
Pool #FM8320 2.500% 8/01/51   80,353    68,521 
Pool #CB1783 2.500% 10/01/51   1,520,307    1,296,434 
Pool #CB1866 2.500% 10/01/51   1,144,123    975,645 
Pool #CB2638 2.500% 1/01/52   1,283,966    1,093,692 
Pool #CB2635 2.500% 1/01/52   1,234,322    1,050,440 
Pool #CB2538 2.500% 1/01/52   1,099,421    940,274 
Pool #CB2804 2.500% 2/01/52   753,753    644,054 
Pool #FS2573 2.500% 3/01/52   87,212    75,132 
Pool #FS1629 2.500% 4/01/52   81,685    69,465 
Pool #MA4578 2.500% 4/01/52   1,736,208    1,477,016 
Pool #CB3665 2.500% 5/01/52   994,430    845,664 
Pool #AS7056 3.000% 4/01/31   222,491    212,598 
Pool #BM5111 3.000% 11/01/33   103,604    98,544 
Pool #CA4885 3.000% 12/01/34   383,824    363,760 
Pool #BO7256 3.000% 1/01/35   191,505    181,315 
Pool #FM2547 3.000% 2/01/35   119,137    112,909 
Pool #FM8540 3.000% 11/01/35   215,767    205,769 
Pool #AL9412 3.000% 11/01/36   220,308    206,436 
Pool #CA5597 3.000% 4/01/40   851,351    780,186 
Pool #MA4632 3.000% 6/01/42   30,941    27,784 
Pool #MA4695 3.000% 7/01/42   178,927    160,671 
Pool #BM4221 3.000% 1/01/43   123,491    111,918 
Pool #BM5468 3.000% 2/01/43   187,835    170,843 
Pool #AB9248 3.000% 5/01/43   48,978    44,547 
Pool #AU1629 3.000% 7/01/43   13,709    12,460 
Pool #AS0406 3.000% 9/01/43   77,414    70,556 
Pool #BM5469 3.000% 3/01/44   352,794    320,878 
Pool #BM3380 3.000% 6/01/46   312,182    283,453 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #MA2670 3.000% 7/01/46  $111,111   $100,260 
Pool #MA2806 3.000% 11/01/46   209,041    188,366 
Pool #AS8295 3.000% 11/01/46   277,067    250,444 
Pool #BD8462 3.000% 11/01/46   1,212,486    1,093,704 
Pool #FM1000 3.000% 4/01/47   174,259    157,025 
Pool #MA2956 3.000% 4/01/47   137,069    123,427 
Pool #BM1418 3.000% 4/01/47   1,395,455    1,258,749 
Pool #BM4744 3.000% 6/01/47   120,403    108,834 
Pool #FM1572 3.000% 9/01/48   247,687    223,190 
Pool #FM5499 3.000% 2/01/49   163,022    146,899 
Pool #FM1445 3.000% 8/01/49   118,965    107,162 
Pool #CA4108 3.000% 9/01/49   769,267    691,021 
Pool #FM2870 3.000% 3/01/50   213,591    191,598 
Pool #CA5540 3.000% 4/01/50   14,013    12,548 
Pool #CA6314 3.000% 7/01/50   195,973    173,345 
Pool #BQ1348 3.000% 8/01/50   132,153    117,514 
Pool #CA6738 3.000% 8/01/50   235,680    209,572 
Pool #BQ5052 3.000% 9/01/50   6,880    6,128 
Pool #FM7072 3.000% 4/01/51   683,864    611,527 
Pool #CB2432 3.000% 12/01/51   29,750    26,227 
Pool #FM3462 3.500% 12/01/33   318,614    308,173 
Pool #AS4449 3.500% 2/01/35   104,091    99,649 
Pool #FM3340 3.500% 5/01/35   9,981    9,590 
Pool #FM8137 3.500% 9/01/35   105,858    102,554 
Pool #MA1283 3.500% 12/01/42   40,910    38,391 
Pool #MA1373 3.500% 3/01/43   62,900    58,584 
Pool #MA1437 3.500% 5/01/43   59,528    55,443 
Pool #MA1546 3.500% 8/01/43   141,882    132,147 
Pool #AL6167 3.500% 1/01/44   566,352    527,492 
Pool #AS5182 3.500% 6/01/45   361,462    338,467 
Pool #BC1747 3.500% 1/01/46   910,610    851,543 
Pool #BM5785 3.500% 9/01/46   94,527    88,513 
Pool #FS1400 3.500% 7/01/47   24,913    23,379 
Pool #BM4582 3.500% 8/01/47   107,024    100,082 
Pool #BM3122 3.500% 10/01/47   1,061,819    991,617 
Pool #MA3210 3.500% 12/01/47   34,151    31,701 
Pool #CA0858 3.500% 12/01/47   49,070    45,549 
Pool #MA3238 3.500% 1/01/48   208,545    193,454 
Pool #BH9277 3.500% 2/01/48   371,634    344,741 
Pool #FM1001 3.500% 11/01/48   44,636    41,462 
Pool #FM8196 3.500% 12/01/48   739,749    687,604 
Pool #FM3972 3.500% 7/01/50   252,449    232,544 
Pool #FM8086 3.500% 7/01/51   118,822    108,738 
Pool #MA4514 3.500% 1/01/52   514,029    468,858 
Pool #BV3533 3.500% 2/01/52   40,000    36,452 
Pool #FS1694 4.000% 7/01/35   130,821    128,635 
Pool #FS1883 4.000% 6/01/37   141,444    138,240 
Pool #BF0198 4.000% 11/01/40   101,802    97,817 
Pool #MA0639 4.000% 2/01/41   327,229    317,277 
Pool #BM3385 4.000% 6/01/45   537,220    518,917 
Pool #FS1042 4.000% 9/01/45   534,576    518,198 
Pool #FM2673 4.000% 10/01/45   808,385    783,414 
Pool #AL8387 4.000% 3/01/46   581,546    561,551 
Pool #FS2119 4.000% 3/01/46   93,174    90,310 
Pool #MA3088 4.000% 8/01/47   30,942    29,714 
Pool #MA3121 4.000% 9/01/47   282,262    270,881 
Pool #MA3467 4.000% 9/01/48   3,982    3,803 
Pool #BM5527 4.000% 10/01/48   104,945    101,107 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #BM5147 4.000% 10/01/48  $24,539   $23,726 
Pool #FM3664 4.000% 3/01/49   377,779    360,776 
Pool #CA3503 4.000% 5/01/49   51,782    49,359 
Pool #CA4571 4.000% 11/01/49   80,305    76,402 
Pool #CA4823 4.000% 12/01/49   110,154    104,800 
Pool #FS1792 4.000% 5/01/52   226,888    213,787 
Pool #CB4379 4.000% 8/01/52   212,201    199,865 
Pool #AL0065 4.500% 4/01/41   187,757    186,398 
Pool #AI1888 4.500% 5/01/41   208,503    206,995 
Pool #AL0160 4.500% 5/01/41   272,458    270,484 
Pool #AL6536 4.500% 3/01/45   278,723    276,391 
Pool #BM4185 4.500% 9/01/46   153,975    152,590 
Pool #FM2899 4.500% 11/01/46   348,699    346,087 
Pool #FM5708 4.500% 5/01/47   172,746    171,497 
Pool #BM3148 4.500% 11/01/47   138,548    137,042 
Pool #BM4343 4.500% 5/01/48   145,159    143,762 
Pool #CA2207 4.500% 8/01/48   31,132    30,530 
Pool #CA5186 4.500% 1/01/50   25,260    24,712 
Pool #CA5696 4.500% 5/01/50   86,999    84,157 
Pool #MA4656 4.500% 7/01/52   881,924    852,013 
Pool #MA4701 4.500% 8/01/52   217,261    209,892 
Pool #BW3031 4.500% 8/01/52   380,000    366,963 
Pool #MA4805 4.500% 11/01/52   212,845    205,493 
Pool #AD6438 5.000% 6/01/40   48,659    49,313 
Pool #FM8543 5.000% 11/01/44   203,693    206,537 
Pool #AL9893 5.000% 2/01/45   264,120    268,832 
Pool #FM4212 5.000% 12/01/47   418,197    421,639 
Pool #FS1510 5.000% 10/01/48   310,381    314,238 
Pool #FS2620 5.000% 8/01/52   46,754    46,273 
Pool #BW7752 5.000% 10/01/52   99,849    98,604 
Pool #BM3279 5.500% 5/01/44   640,514    658,853 
Pool #BM4971 6.000% 7/01/41   186,146    194,691 
Pool #MA4894 6.000% 1/01/53   3,125,000    3,176,933 
Government National Mortgage Association          
Pool #MA7472 2.500% 7/20/51   752,378    655,608 
Pool #AA5821 3.000% 11/15/42   40,272    36,834 
Pool #MA0852 3.500% 3/20/43   114,385    107,787 
Pool # 784346 3.500% 7/20/47   25,451    23,665 
Pool # 784793 3.500% 12/20/47   6,755    6,281 
Pool #MA5234 4.500% 11/20/41   140,025    138,866 
Government National Mortgage Association II          
Pool #MA7254 2.000% 3/20/51   530,373    448,191 
Pool #MA7471 2.000% 7/20/51   1,837,942    1,551,283 
Pool #MA7533 2.000% 8/20/51   2,566,075    2,165,050 
Pool #MA7826 2.000% 1/20/52   803,124    675,793 
Pool #MA8041 2.000% 5/20/52   508,811    427,505 
Pool #MA6819 2.500% 8/20/50   325,402    284,490 
Pool #MA7589 2.500% 9/20/51   390,201    339,649 
Pool #MA7649 2.500% 10/20/51   2,491,047    2,167,539 
Pool #MA7705 2.500% 11/20/51   628,755    546,658 
Pool #MA7767 2.500% 12/20/51   1,334,275    1,159,640 
Pool #MA7936 2.500% 3/20/52   217,647    188,956 
Pool #MA2600 3.000% 2/20/45   79,515    72,413 
Pool #MA2891 3.000% 6/20/45   646,246    588,521 
Pool #MA3662 3.000% 5/20/46   103,379    93,919 
Pool #MA3802 3.000% 7/20/46   49,118    44,623 
Pool #MA3873 3.000% 8/20/46   284,868    258,799 
Pool #MA4195 3.000% 1/20/47   346,700    314,540 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #MA6144 3.000% 9/20/49  $13,542   $11,833 
Pool #MA6209 3.000% 10/20/49   82,699    72,262 
Pool #MA6399 3.000% 1/20/50   41,252    36,046 
Pool #MA6531 3.000% 3/20/50   134,070    117,151 
Pool #MA6589 3.000% 4/20/50   63,165    55,193 
Pool #MA6757 3.000% 7/20/50   108,547    94,544 
Pool #MA7473 3.000% 7/20/51   853,083    765,420 
Pool #MA7650 3.000% 10/20/51   1,405,483    1,259,738 
Pool #MA8098 3.000% 6/20/52   1,038,312    927,478 
Pool #MA0318 3.500% 8/20/42   160,584    151,012 
Pool #783802 3.500% 4/20/43   182,373    170,429 
Pool #MA1012 3.500% 5/20/43   341,324    321,636 
Pool #MA1090 3.500% 6/20/43   135,349    127,542 
Pool #785587 3.500% 12/20/44   231,825    218,454 
Pool #AL1773 3.500% 1/20/45   168,368    156,973 
Pool #MA3173 3.500% 10/20/45   222,730    209,535 
Pool #MA3310 3.500% 12/20/45   73,131    68,730 
Pool #MA3597 3.500% 4/20/46   107,826    101,202 
Pool #MA3663 3.500% 5/20/46   84,115    78,869 
Pool #MA3736 3.500% 6/20/46   225,984    211,890 
Pool #MA3803 3.500% 7/20/46   16,226    15,214 
Pool #MA3937 3.500% 9/20/46   108,047    101,309 
Pool #786092 3.500% 1/20/47   151,436    142,465 
Pool #MA4382 3.500% 4/20/47   19,561    18,298 
Pool #MA4586 3.500% 7/20/47   37,131    34,734 
Pool #MA4719 3.500% 9/20/47   13,002    12,154 
Pool #BC1919 3.500% 9/20/47   50,132    46,551 
Pool #MA4900 3.500% 12/20/47   177,969    166,369 
Pool #784474 3.500% 2/20/48   159,045    147,684 
Pool #MA784472 3.500% 2/20/48   292,462    271,571 
Pool #785087 3.500% 2/20/48   591,290    554,413 
Pool #784504 3.500% 2/20/48   123,206    114,328 
Pool #784891 3.500% 4/20/48   460,582    427,971 
Pool #785327 3.500% 10/20/49   65,302    60,657 
Pool #MA3245 4.000% 11/20/45   157,447    152,763 
Pool #MA4511 4.000% 6/20/47   98,298    94,574 
Pool #MA4720 4.000% 9/20/47   345,134    331,738 
Pool #MA4838 4.000% 11/20/47   85,632    82,308 
Pool #MA6934 4.000% 10/20/50   821,268    783,038 
Pool #MA8346 4.000% 10/20/52   1,388,379    1,316,482 
Pool #MA2894 4.500% 6/20/45   147,805    147,376 
Pool #MA2963 4.500% 7/20/45   55,450    55,289 
Pool #MA3312 4.500% 12/20/45   2,655    2,648 
Pool #MA4588 4.500% 7/20/47   261,570    259,176 
Pool #MA4654 4.500% 8/20/47   40,327    39,895 
Pool #MA5079 4.500% 3/20/48   61,973    61,173 
Pool #MA5265 4.500% 6/20/48   213    209 
Pool #MA5399 4.500% 8/20/48   52,052    51,169 
Pool #MA5711 4.500% 1/20/49   83,839    82,469 
Pool #786255 4.500% 9/20/49   70,839    69,548 
Pool #MA8347 4.500% 10/20/52   1,398,910    1,359,331 
Pool #MA4781 5.000% 10/20/47   274,877    279,141 
Pool #MA5194 5.000% 5/20/48   58,343    58,792 
Pool #BF2644 5.000% 5/20/48   4,649    4,658 
Pool #BF2878 5.000% 6/20/48   15,725    15,758 
Pool #MA5266 5.000% 6/20/48   409,242    412,265 
Pool #MA5988 5.000% 6/20/49   173,629    174,410 
Pool #MA5081 5.500% 3/20/48   46,443    48,048 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #MA5140 5.500% 4/20/48  $35,730   $36,965 
Pool #MA5195 5.500% 5/20/48   104,814    108,075 
Pool #MA5469 5.500% 9/20/48   397    408 
Pool #MA5531 5.500% 10/20/48   9,573    9,748 
Pool #MA5598 5.500% 11/20/48   47,042    47,903 
Pool #MA5654 5.500% 12/20/48   131,613    133,693 
Pool #MA5713 5.500% 1/20/49   32,223    33,075 
Pool #MA5820 5.500% 3/20/49   34,234    35,128 
Pool #MA8429 5.500% 11/20/52   1,353,162    1,361,860 
Government National Mortgage Association II TBA          
5.500% 1/23/53 (i)   1,923,000    1,934,418 
6.000% 1/23/53 (i)   1,045,000    1,062,471 
6.500% 1/23/53 (i)   1,210,000    1,237,698 
7.000% 1/23/53 (i)   355,000    364,430 
Uniform Mortgage Backed Securities TBA          
1.500% 1/17/38 (i)   1,330,000    1,156,684 
2.000% 1/12/53 (i)   955,000    781,011 
         112,990,859 
Whole Loans — 0.6%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2021-HQA1, Class M1, 30 day SOFR + .700% 4.628% FRN 8/25/33 (c)   16,006    15,940 
Series 2022-DNA1, Class M1B, 30 day SOFR + 1.850% 5.778% FRN 1/25/42 (c)   535,000    507,707 
Series 2021-DNA2, Class M2, 30 day SOFR + 2.300% 6.228% FRN 8/25/33 (c)   260,000    257,049 
Series 2022-DNA5, Class M1A, 30 day SOFR + 2.950% 6.878% FRN 6/25/42 (c)   744,856    753,047 
Federal National Mortgage Association Connecticut Avenue Securities Trust          
Series 2022-R01, Class 1M1, 30 day SOFR + 1.000% 4.928% FRN 12/25/41 (c)   81,260    80,172 
Series 2022-R02, Class 2M1, 30 day SOFR + 1.200% 5.128% FRN 1/25/42 (c)   943,520    927,185 
Series 2021-R03, Class 1M2, 30 day SOFR + 1.650% 5.578% FRN 12/25/41 (c)   345,000    325,235 
Series 2022-R03, Class 1M1, 30 day SOFR + 2.100% 6.028% FRN 3/25/42 (c)   248,467    246,911 
Series 2017-C06, Class 1M2B, 1 mo. USD LIBOR + 2.650% 7.039% FRN 2/25/30   349,874    352,042 
         3,465,288 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $125,493,007)		        116,733,898 
           
U.S. TREASURY OBLIGATIONS — 21.5%          
U.S. Treasury Bonds & Notes — 21.5%          
U.S. Treasury Bond          
2.875% 5/15/52   9,080,000    7,356,710 
3.000% 8/15/52   8,900,000    7,423,787 
3.250% 5/15/42   4,575,000    4,041,453 
3.375% 8/15/42   11,400,000    10,261,072 
4.000% 11/15/42 (e)   8,030,000    7,919,765 
4.000% 11/15/52   7,980,000    8,069,775 
U.S. Treasury Note          
1.125% 1/15/25   6,165,000    5,772,146 
1.750% 3/15/25   2,110,000    1,995,039 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3.000% 7/15/25 (j)  $12,600,000   $12,215,175 
3.125% 8/31/27   10,465,000    10,082,110 
3.875% 11/30/27 (e)   11,905,000    11,857,446 
3.875% 12/31/27   7,130,000    7,102,271 
3.875% 11/30/29   3,420,000    3,405,296 
4.125% 9/30/27   11,850,000    11,912,772 
4.125% 10/31/27   1,400,000    1,407,175 
4.125% 11/15/32   7,910,000    8,093,365 
         118,915,357 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $123,697,483)		        118,915,357 
           
TOTAL BONDS & NOTES
(Cost $589,683,177)		        534,599,739 
           
TOTAL PURCHASED
OPTIONS(#) — 0.0%
(Cost $127,775)		        92,249 
           
   Number of
Shares		    
MUTUAL FUNDS — 4.0%          
Diversified Financial Services — 4.0%          
State Street Navigator Securities Lending Government Money Market Portfolio (k)   22,183,340    22,183,340 
           
TOTAL MUTUAL FUNDS
(Cost $22,183,340)		        22,183,340 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $611,994,292)		        556,875,328 
           
SHORT-TERM INVESTMENTS — 5.9%          
Mutual Fund — 2.0%          
T. Rowe Price Government Reserve Investment Fund   11,216,403    11,216,403 
           
Repurchase Agreement — 0.2%   Principal
Amount		      
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (l)  $1,254,745    1,254,745 
Sovereign Debt Obligations — 3.0%          
Canadian Treasury Bill          
3.811% 1/19/23 CAD (d) (m)   1,050,000    773,819 
3.818% 1/19/23 CAD (d) (m)   1,050,000    773,819 
Japan Treasury Discount Bill          
0.000% 1/16/23 JPY (d)   1,330,000,000    10,134,630 
0.000% 5/10/23 JPY (d)   677,000,000    5,161,136 
U.S. Treasury Bill — 0.7%          
U.S. Treasury Bill          
1.465% 1/26/23 (m)   900,000    897,768 

 

 

 

 

MassMutual Select T. Rowe Price Bond Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
4.019% 1/26/23 (m)  $3,185,000   $3,177,104 
         4,074,872 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $31,968,100)		        33,389,424 
           
TOTAL INVESTMENTS — 106.5%
(Cost $643,962,392) (n)		        590,264,752 
           
Less Unfunded Loan Commitments — (0.0)%        (15,871) 
           
NET INVESTMENTS — 106.5%
(Cost $643,946,521)		        590,248,881 
           
Other Assets/(Liabilities) — (6.5)%        (35,964,914) 
           
NET ASSETS — 100.0%       $554,283,967 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
FRN Floating Rate Note
REMICS Real Estate Mortgage Investment Conduits
STEP Step Up Bond
TBA To Be Announced
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of the security represents unsettled loan commitments at December 31, 2022 where the rate will be determined at time of settlement.
(b) Unfunded or partially unfunded loan commitments.
(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 December 31, 2022, the aggregate market value of these securities amounted to $148,791,545 or 26.84% of net assets.
(d) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(e) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $22,266,220 or 4.02% of net assets. The Fund received $536,930 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(f) Security is perpetual and has no stated maturity date.
(g) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022.
(h) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(i) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(j) All or a portion of this security is pledged/held as collateral for open derivatives.
(k) Represents investment of security lending cash collateral. (Note 2).
(l) Maturity value of $1,254,923. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,279,885.
(m) The rate shown represents yield-to-maturity.
(n) See Note 3 for aggregate cost for federal tax purposes.

 

(#) OTC Options Purchased
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid (Received)   Unrealized Appreciation/ (Depreciation) 
Call       
USD Call GBP Put  Citibank N.A.   2/03/23    1.19    3,175,000   USD   3,175,000   $26,848   $33,411   $(6,563)
USD Call EUR Put  Morgan Stanley & Co. LLC   1/06/23    0.99    3,900,000   USD   3,900,000    4    16,575    (16,571)
USD Call CAD Put  UBS AG   3/03/23    1.39    3,200,000   USD   3,200,000    15,155    32,536    (17,381) 
                             $42,007   $82,522   $(40,515)
Put       
USD Put JPY Call  Bank of America N.A.   2/17/23    128.80    1,600,000   USD   1,600,000   $23,123   $21,248   $1,875
USD Put JPY Call  Morgan Stanley & Co. LLC   3/17/23    127.85    1,600,000   USD   1,600,000    27,119    24,005    3,114 
                             $50,242   $45,253   $4,989
                             $92,249   $127,775   $(35,526)

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  1/20/23  CAD  311,886   USD  232,169   $(1,806) 
Bank of America N.A.  1/20/23  USD  1,334,678   JPY  182,289,000    (57,054) 
Bank of America N.A.  2/24/23  GBP  1,619,767   USD  1,934,066    26,667 
Barclays Bank PLC  2/24/23  USD  92,022   SEK  1,023,783    (6,372) 
BNP Paribas SA  1/13/23  USD  188,691   CZK  4,473,000    (9,132) 
BNP Paribas SA  1/13/23  USD  276,232   HUF  111,456,000    (21,698) 
BNP Paribas SA  1/13/23  HUF  23,249,973   USD  57,292    4,857 
BNP Paribas SA  1/13/23  MXN  1,791,000   USD  90,679    1,084 
BNP Paribas SA  1/13/23  CNH  2,782,000   USD  389,559    12,735 
BNP Paribas SA  1/19/23  USD  1,309,749   CLP  1,290,631,453    (209,719) 
BNP Paribas SA  1/19/23  CLP  344,734,117   USD  363,597    42,261 
BNP Paribas SA  1/20/23  USD  117,665   CHF  115,000    (6,919) 
BNP Paribas SA  1/20/23  USD  138,769   CAD  188,000    (90) 
BNP Paribas SA  1/20/23  AUD  186,000   USD  121,368    5,352 
BNP Paribas SA  1/20/23  CAD  124,000   USD  92,419    (831) 
BNP Paribas SA  1/20/23  USD  7,375,303   JPY  1,054,335,850    (674,294) 
BNP Paribas SA  2/17/23  PLN  743,000   USD  159,554    9,416 
BNP Paribas SA  2/24/23  USD  189,806   GBP  159,000    (2,664) 
BNP Paribas SA  2/24/23  USD  1,079,743   EUR  1,042,000    (39,503) 
BNP Paribas SA  2/24/23  EUR  261,796   USD  270,676    10,527 
BNP Paribas SA  3/02/23  USD  456,157   BRL  2,475,587    (7,804) 
BNP Paribas SA  3/10/23  USD  256,144   MYR  1,136,000    (2,449) 
Citibank N.A.  1/13/23  USD  554,044   MXN  11,312,028    (25,534) 
Citibank N.A.  1/13/23  CNH  1,564,000   USD  219,898    6,266 
Citibank N.A.  1/13/23  USD  1,754,243   CNH  12,651,203    (75,195) 
Citibank N.A.  1/13/23  ZAR  14,216,932   USD  783,881    52,211 
Citibank N.A.  1/19/23  USD  807,718   INR  66,322,450    6,702 
Citibank N.A.  1/19/23  ILS  5,684,000   USD  1,611,248    6,677 
Citibank N.A.  1/19/23  USD  4,215,745   ILS  14,497,607    89,064 
Citibank N.A.  1/20/23  USD  542,602   CAD  756,095    (15,860) 
Citibank N.A.  1/20/23  USD  635,785   JPY  92,771,194    (72,500) 
Citibank N.A.  1/20/23  USD  2,424,878   AUD  3,765,238    (140,337) 
Citibank N.A.  1/20/23  CAD  249,271   USD  182,570    1,545 
Citibank N.A.  1/20/23  JPY  230,328,000   USD  1,715,000    43,498 
Citibank N.A.  2/24/23  USD  1,191,713   SEK  12,378,200    2,067 
Citibank N.A.  2/24/23  EUR  1,347,475   USD  1,441,468    5,897 
Citibank N.A.  2/24/23  USD  1,177,732   GBP  968,468    5,398 
Citibank N.A.  3/10/23  USD  144,686   THB  5,051,000    (2,061) 
Citibank N.A.  3/17/23  USD  199,253   RSD  22,154,963    (2,885) 
Citibank N.A.  3/17/23  USD  313,874   SGD  423,642    (2,785) 
Deutsche Bank AG  1/13/23  USD  1,741,855   HUF  773,226,695    (325,036) 
Deutsche Bank AG  1/13/23  HUF  29,785,223   USD  78,014    1,604 
Deutsche Bank AG  1/19/23  USD  47,474   INR  3,905,835    301 
Deutsche Bank AG  1/19/23  CLP  144,073,997   USD  146,399    23,220 
Deutsche Bank AG  1/20/23  USD  4,817,419   JPY  677,410,939    (354,448) 
Deutsche Bank AG  3/10/23  USD  2,974,644   THB  103,986,252    (46,471) 
Goldman Sachs International  1/19/23  USD  805,217   TWD  25,522,000    (26,367) 
Goldman Sachs International  1/19/23  USD  48,608   INR  4,023,006    20 
Goldman Sachs International  1/19/23  CLP  135,065,414   USD  135,447    23,566 
Goldman Sachs International  1/19/23  ILS  216,418   USD  61,412    190 
Goldman Sachs International  1/19/23  INR  104,372,000   USD  1,267,635    (7,071) 
HSBC Bank USA  1/13/23  USD  1,211,538   CNH  8,694,538    (45,743) 
HSBC Bank USA  1/20/23  JPY  216,507,759   USD  1,488,681    164,303 
HSBC Bank USA  2/24/23  USD  731,787   EUR  702,838    (23,154) 
HSBC Bank USA  2/24/23  USD  387,551   GBP  318,533    1,966 
HSBC Bank USA  3/10/23  USD  4,101,477   MYR  18,115,833    (22,318) 
JP Morgan Chase Bank N.A.  1/13/23  USD  1,126,406   MXN  22,966,846    (50,312) 
JP Morgan Chase Bank N.A.  1/13/23  USD  544,850   CNH  3,928,258    (23,199) 
JP Morgan Chase Bank N.A.  2/17/23  USD  300,289   RSD  35,456,575    (23,247) 
JP Morgan Chase Bank N.A.  2/24/23  EUR  307,123   USD  325,068    4,823 
JP Morgan Chase Bank N.A.  2/24/23  USD  158,152   EUR  150,497    (3,502) 
JP Morgan Chase Bank N.A.  3/17/23  USD  206,899   SGD  278,254    (1,087) 
Morgan Stanley & Co. LLC  1/19/23  CLP  554,009,438   USD  578,389    73,849 
Morgan Stanley & Co. LLC  1/20/23  USD  10,545,471   JPY  1,551,802,375    (1,302,161) 
Morgan Stanley & Co. LLC  1/20/23  JPY  64,492,952   USD  445,181    47,207 
Morgan Stanley & Co. LLC  2/24/23  USD  9,992,056   GBP  8,395,007    (170,129) 
Morgan Stanley & Co. LLC  2/24/23  USD  21,253,200   EUR  20,395,371    (654,121) 
Morgan Stanley & Co. LLC  3/02/23  USD  242,224   BRL  1,333,009    (7,601) 
Royal Bank of Canada  1/20/23  USD  1,553,631   CAD  2,086,215    12,725 
Royal Bank of Canada  1/20/23  JPY  93,453,241   USD  643,025    70,468 
Royal Bank of Canada  1/20/23  CAD  61,975   USD  45,433    342 
Royal Bank of Canada  1/20/23  AUD  222,000   USD  150,986    260 
State Street Bank and Trust  1/13/23  USD  157,284   CNY  1,148,000    (7,973) 
State Street Bank and Trust  1/13/23  CZK  2,442,000   USD  98,231    9,769 
State Street Bank and Trust  1/20/23  USD  278,614   NOK  2,939,186    (21,595) 
State Street Bank and Trust  1/20/23  USD  10,199,523   CAD  13,981,005    (127,029) 
State Street Bank and Trust  1/20/23  USD  13,933,669   JPY  1,998,589,366    (1,325,071) 
State Street Bank and Trust  1/20/23  CAD  1,836,716   USD  1,340,777    15,845 
State Street Bank and Trust  1/20/23  JPY  474,993,775   USD  3,611,071    15,390 
State Street Bank and Trust  2/24/23  USD  42,382,298   EUR  40,705,945    (1,341,260) 
State Street Bank and Trust  2/24/23  USD  8,039,180   GBP  6,715,888    (90,426) 
State Street Bank and Trust  2/24/23  EUR  1,775,832   USD  1,894,821    12,657 
State Street Bank and Trust  2/24/23  GBP  596,792   USD  722,788    (369) 
State Street Bank and Trust  3/17/23  USD  4,129,894   SGD  5,581,009    (41,735) 
UBS AG  1/13/23  USD  820,129   ZAR  14,216,932    (15,963) 
UBS AG  1/13/23  USD  2,699,395   CZK  67,971,340    (306,702) 
UBS AG  1/19/23  USD  668,670   CLP  650,167,724    (96,776) 
UBS AG  1/19/23  USD  840,148   INR  68,837,555    8,755 
UBS AG  1/19/23  CLP  762,916,211   USD  789,357    108,829 
UBS AG  1/19/23  INR  26,093,000   USD  316,375    (1,234) 
UBS AG  1/20/23  USD  542,489   CAD  756,095    (15,973) 
UBS AG  1/20/23  USD  2,858,169   AUD  4,583,894    (264,789) 
UBS AG  1/20/23  CHF  4,388,000   USD  4,423,833    329,875 
UBS AG  1/20/23  JPY  138,350,100   USD  954,663    101,606 
UBS AG  1/20/23  USD  1,489,062   CHF  1,410,000    (38,452) 
UBS AG  2/17/23  USD  1,855,018   PLN  9,000,900    (191,928) 
UBS AG  2/24/23  USD  1,987,269   SEK  20,630,333    4,526 
UBS AG  2/24/23  EUR  1,267,736   USD  1,341,896    19,820 
UBS AG  3/17/23  USD  569,760   SGD  771,819    (7,151)
                    $(6,973,745)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
Euro-Schatz  3/08/23   3   $342,144  $(3,604) 
Australia 3 Year Bond  3/15/23   112    8,253,177   (109,374) 
Korea 10 Year Bond  3/21/23   26    2,330,230   (69,495) 
Korea 3 Year Bond  3/21/23   147    12,127,493   (101,277) 
Canada 10 Year Bond  3/22/23   57    5,348,864   (189,817) 
U.S. Treasury Ultra 10 Year  3/22/23   154    18,361,355   (146,042) 
U.S. Treasury Ultra Bond  3/22/23   43    5,995,550    (220,112) 
                $(839,721) 
Short               
Euro-BTP  3/08/23   15   $(1,790,519)  $41,619 
Japanese 10 Year Bond  3/13/23   5    (5,644,517)   102,761 
UK Long Gilt  3/29/23   35    (4,449,328)    222,234 
                $366,614 

 

Centrally Cleared Credit Default Swaps - Buy Protection
Reference
Obligation/Index		  Rate Paid by Fund  Payment Frequency   Termination Date   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
iTraxx Europe Crossover Series 38†  1.000%   Quarterly    12/20/2027   EUR   2,960,000   $(2,050)   $71,958   $(74,008)
iTraxx Europe Crossover Series 38†  5.000%   Quarterly    12/20/2027   EUR   7,805,000    (87,937)    63,278    (151,215)
Lanxess Chemicals Co.  1.000%   Quarterly    12/20/2027   EUR   400,000    19,841    33,677    (13,836)
Republic of Mexico  1.000%   Quarterly    12/20/2027   USD   372,000    4,804    4,532    272
CDX.NA.IG Series 39†  1.000%   Quarterly    12/20/2027   USD   8,381,000    (65,960)    (90,593)    24,633
CDX.NA.HY Series 39  5.000%   Quarterly    12/20/2027   USD   5,184,000    (29,155)    (41,829)    12,674 
                        $(160,457)   $41,023   $(201,480)

 

Centrally Cleared Credit Default Swaps - Sell Protection††
Reference
Obligation/ Index		  Rate Received by Fund  Payment Frequency   Termination Date   Credit Rating   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
Republic of Mexico  1.000%   Quarterly    12/20/27    NR*   USD   4,059,000   $(52,419)   $(144,418)   $91,999 

  

OTC Credit Default Swaps-Sell Protection††
Reference
Obligation/Index		  Rate Paid by
Fund		   Payment Frequency  Counterparty  Credit Rating  Termination Date  Notional Amount   Value   Upfront Premium Paid/ (Received)  Unrealized Appreciation (Depreciation)
Republic of Greece    1.000%       Quarterly  Bank of America N.A.  NR*  12/20/24   USD    151,000   $969 $ (4,578)$ 5,547
Republic of Greece    1.000%       Quarterly  Bank of America N.A.  NR*  12/20/24   USD    303,000    1,944   (9,187)  11,131
Republic of Greece    1.000%       Quarterly  Bank of America N.A.  NR*  12/20/24   USD    152,000    975   (10,490)  11,465
Republic of Greece    1.000%       Quarterly  Bank of America N.A.  NR*  12/20/29   USD    225,000    (9,298)  (11,044)  1,746
Republic of Greece    1.000%       Quarterly  Bank of America N.A.  NR*  12/20/29   USD    225,000    (9,298)  (11,239)  1,941
Republic of Greece    1.000%       Quarterly  Barclays Bank PLC  NR*  6/20/24   USD    135,000    811   (8,191)  9,002
Republic of Greece    1.000%       Quarterly  Barclays Bank PLC  NR*  6/20/24   USD    67,500    405   (3,879)  4,284
Republic of Greece    1.000%       Quarterly  Barclays Bank PLC  NR*  6/20/24   USD    67,500    405   (3,879)  4,284
Republic of Greece    1.000%       Quarterly  Barclays Bank PLC  NR*  12/20/24   USD    450,000    2,887   (2,504)  5,391
Republic of Greece    1.000%       Quarterly  Citibank N.A.  NR*  6/20/25   USD    150,000    685   (9,034)  9,719
Republic of Greece    1.000%       Quarterly  Citibank N.A.  NR*  6/20/25   USD    75,000    343   (4,350)  4,693
Republic of Greece    1.000%       Quarterly  Citibank N.A.  NR*  12/20/25   USD    300,000    829   (281)  1,110
Barclays Bank PLC    1.000%       Quarterly  JP Morgan Chase Bank N.A.  A+*  6/20/24   EUR    100,000    350   1,278  (928)
Republic of Greece    1.000%       Quarterly  Morgan Stanley & Co. LLC  NR*  12/20/24   USD    134,000    860   (993)  1,853
Republic of Greece    1.000%       Quarterly  Morgan Stanley & Co. LLC  NR*  6/20/25   USD    94,000    430   (4,498)  4,928
                                            
                                   $(6,703)$ (82,869)$ 76,166

 

Centrally Cleared Interest Rate Swaps
Paid by the Fund  Received by the Fund                      
Rate/ Reference  Frequency  Rate/ Reference   Frequency   Termination Date   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.558%    Quarterly    7/17/25   CNY   30,000,000   $3,104   $—   $3,104
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.600%    Quarterly    8/06/25   CNY   7,500,000    1,729    —    1,729
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.855%    Quarterly    11/24/25   CNY   26,575,000    29,724    —    29,724
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.605%    Quarterly    1/15/26   CNY   58,525,000    4,313    —    4,313
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.780%    Quarterly    6/28/26   CNY   9,775,000    5,474    —    5,474
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.560%    Quarterly    7/28/26   CNY   2,800,000    (1,369)    —    (1,369)
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.255%    Quarterly    1/26/27   CNY   24,350,000    (57,197)    —    (57,197)
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.355%    Quarterly    4/15/27   CNY   37,000,000    (70,683)    —    (70,683)
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.440%    Quarterly    7/27/27   CNY   5,400,000    (11,554)    —    (11,554)
6-Month PRIBOR  Semi-Annually   Fixed 6.180%    Annually    6/21/27   CZK   6,266,000    8,982    —    8,982
6-Month PRIBOR  Semi-Annually   Fixed 6.180%    Annually    6/21/27   CZK   6,266,000    8,982    —    8,982
6-Month PRIBOR  Semi-Annually   Fixed 6.333%    Annually    6/22/27   CZK   12,494,000    21,205    —    21,205
6-Month PRIBOR  Semi-Annually   Fixed 6.285%    Annually    6/22/27   CZK   6,304,000    10,184    —    10,184
6-Month EURIBOR  Semi-Annually   Fixed -0.001%    Annually    10/20/25   EUR   690,000    (67,247)    —    (67,247)
6-Month EURIBOR  Semi-Annually   Fixed -0.001%    Annually    11/04/25   EUR   1,030,000    (100,352)    —    (100,352)
12 Month CPTFE  Maturity   Fixed 2.575%    Maturity    12/15/27   EUR   2,225,000    (17,936)    —    (17,936)
12 Month CPTFE  Maturity   Fixed 2.573%    Maturity    12/15/27   EUR   2,225,000    (18,221)    —    (18,221)
6-Month EURIBOR  Semi-Annually   Fixed 3.160%    Annually    12/30/27   EUR   5,430,000    (23,129)    —    (23,129)
6-Month EURIBOR  Semi-Annually   Fixed -0.057%    Annually    5/19/28   EUR   1,060,000    (182,254)    —    (182,254)
6-Month EURIBOR  Semi-Annually   Fixed -0.101%    Annually    6/01/28   EUR   500,000    (87,784)    —    (87,784)
6-Month EURIBOR  Semi-Annually   Fixed -0.100%    Annually    6/03/28   EUR   365,000    (64,011)    —    (64,011)
6-Month EURIBOR  Semi-Annually   Fixed 2.638%    Annually    12/16/29   EUR   1,275,000    (47,423)    —    (47,423)
6-Month EURIBOR  Semi-Annually   Fixed 0.830%    Annually    3/02/32   EUR   4,300,000    (857,206)    —    (857,206)
6-Month EURIBOR  Semi-Annually   Fixed 1.222%    Annually    4/04/32   EUR   1,350,000    (227,069)    —    (227,069)
6-Month EURIBOR  Semi-Annually   Fixed 1.627%    Annually    4/21/32   EUR   946,000    (127,301)    —    (127,301)
6-Month EURIBOR  Semi-Annually   Fixed 1.640%    Annually    5/02/32   EUR   950,000    (127,146)    —    (127,146)
6-Month EURIBOR  Semi-Annually   Fixed 2.796%    Annually    11/17/32   EUR   82,000    (2,995)    —    (2,995)
6-Month EURIBOR  Semi-Annually   Fixed 2.803%    Annually    11/18/32   EUR   140,000    (5,034)    —    (5,034)
6-Month EURIBOR  Semi-Annually   Fixed 2.735%    Annually    11/21/32   EUR   131,000    (5,496)    —    (5,496)
6-Month EURIBOR  Semi-Annually   Fixed 2.730%    Annually    11/23/32   EUR   2,400,000    (102,033)    —    (102,033)
6-Month EURIBOR  Semi-Annually   Fixed 2.717%    Annually    11/24/32   EUR   200,000    (8,747)    —    (8,747)
6-Month EURIBOR  Semi-Annually   Fixed 2.683%    Annually    11/30/32   EUR   126,000    (5,932)    —    (5,932)
6-Month EURIBOR  Semi-Annually   Fixed 2.698%    Annually    11/30/32   EUR   54,000    (2,471)    —    (2,471)
28 Day-MXN-TIIE-Banxico  Monthly   Fixed 5.499%    Monthly    5/04/27   MXN   15,000,000    (92,679)    —    (92,679)
Fixed 3.090%  Annually   6-Month WIBOR    Semi-Annually    2/20/28   PLN   1,070,000    32,033    —    32,033
Fixed 2.850%  Annually   6-Month WIBOR    Semi-Annually    4/06/28   PLN   100,000    3,306    —    3,306
Fixed 2.920%  Annually   6-Month WIBOR    Semi-Annually    5/07/28   PLN   200,000    6,612    —    6,612
Fixed 3.030%  Annually   6-Month WIBOR    Semi-Annually    5/18/28   PLN   300,000    9,600    —    9,600
Fixed 1.715%  Annually   6-Month WIBOR    Semi-Annually    9/24/29   PLN   1,700,000    91,313    —    91,313
Fixed 1.780%  Annually   6-Month WIBOR    Semi-Annually    10/22/29   PLN   823,529    44,165    —    44,165
Fixed 1.775%  Annually   6-Month WIBOR    Semi-Annually    10/22/29   PLN   1,176,471    63,165    —    63,165 
                             $(1,969,378)   $—   $(1,969,378)

 

* Rating represents a weighted average of the ratings of all securities included in the underlying index for the credit default swap. Ratings used in the weighted average are from Moody's Investors Service, Inc., S&P Global Ratings, or Fitch Ratings, whichever is the highest for each constituent. All ratings are as of the report date and do not reflect subsequent changes.
† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.
†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings or Western Asset Management Company's rating category, as applicable. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

 

Currency Legend

AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
CLP Chilean Peso
CNH Offshore Chinese Yuan
CNY Chinese Yuan Renminbi
CZK Czech Koruna
EUR Euro
GBP British Pound
HUF Hungarian Forint
ILS Israeli Shekel
INR Indian Rupee
JPY Japanese Yen
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
PLN Polish Zloty
RSD Serbian dinar
SEK Swedish Krona
SGD Singapore Dollar
THB Thai Baht
TWD Taiwan Dollar
USD U.S. Dollar
ZAR South African Rand

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 93.4%          
           
CORPORATE DEBT — 29.9%          
Bermuda — 0.3%          
Ooredoo International Finance Ltd.          
2.625% 4/08/31 (a)  $260,000   $223,174 
Brazil — 0.9%          
Globo Comunicacao e Participacoes SA          
4.875% 1/22/30 (a)   850,000    717,400 
Canada — 0.2%          
MEGlobal Canada ULC          
5.875% 5/18/30 (a)   200,000    201,000 
Cayman Islands — 1.5%          
Cosan Overseas Ltd.          
8.250% (a) (b)   100,000    100,000 
DP World Crescent Ltd.          
3.875% 7/18/29 (a)   300,000    280,083 
Health & Happiness H&H International Holdings Ltd.          
5.625% 10/24/24 (a)   200,000    175,800 
Lamar Funding Ltd.          
3.958% 5/07/25 (a)   500,000    473,055 
Lima Metro Line 2 Finance Ltd.          
5.875% 7/05/34 (a)   94,621    90,930 
Sea Ltd., Convertible,          
0.250% 9/15/26 (c)   100,000    73,250 
         1,193,118 
Chile — 3.3%          
AES Andes SA 5 year USD Swap + 4.644%          
7.125% VRN 3/26/79 (a)   850,000    804,313 
Agrosuper SA          
4.600% 1/20/32 (a)   200,000    176,791 
Banco Santander Chile          
3.177% 10/26/31 (a)   375,000    319,219 
Celulosa Arauco y Constitucion SA          
4.200% 1/29/30 (a)   200,000    185,977 
5.150% 1/29/50 (a)   250,000    217,941 
Corp. Nacional del Cobre de Chile          
3.150% 1/14/30 (a)   200,000    176,547 
Empresa de los Ferrocarriles del Estado          
3.068% 8/18/50 (a)   450,000    281,053 
Empresa de Transporte de Pasajeros Metro SA          
3.693% 9/13/61 (a)   200,000    136,959 
4.700% 5/07/50 (a)   200,000    167,799 
VTR Comunicaciones SpA          
4.375% 4/15/29 (a)   250,000    145,625 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
5.125% 1/15/28 (a)  $200,000   $124,210 
         2,736,434 
Colombia — 1.7%          
Banco Davivienda SA 10 year CMT + 5.097%          
6.650% VRN (a) (b)   400,000    307,000 
Banco de Bogota SA          
6.250% 5/12/26 (a)   250,000    245,000 
Bancolombia SA 5 year CMT + 2.944%          
4.625% VRN 12/18/29 (c)   200,000    175,500 
Ecopetrol SA          
4.625% 11/02/31   355,000    271,268 
5.875% 5/28/45   445,000    309,925 
6.875% 4/29/30   50,000    45,329 
         1,354,022 
Hong Kong — 0.2%          
Lenovo Group Ltd.          
3.421% 11/02/30 (a) (c)   200,000    159,075 
India — 1.3%          
Adani International Container Terminal Pvt Ltd.          
3.000% 2/16/31 (a)   515,625    404,301 
Adani Ports & Special Economic Zone Ltd.          
4.200% 8/04/27 (a)   200,000    175,806 
4.375% 7/03/29 (a)   200,000    168,459 
Bharti Airtel Ltd.          
3.250% 6/03/31 (a)   400,000    339,180 
         1,087,746 
Indonesia — 0.9%          
Bank Negara Indonesia Persero Tbk PT          
3.750% 3/30/26 (a)   213,000    196,420 
Pertamina Persero PT          
5.625% 5/20/43 (a)   200,000    182,737 
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara          
4.000% 6/30/50 (a)   200,000    143,145 
6.150% 5/21/48 (a)   200,000    189,990 
         712,292 
Ireland — 0.4%          
LCPR Senior Secured Financing DAC          
5.125% 7/15/29 (a) (c)   400,000    331,363 
Israel — 0.8%          
ICL Group Ltd.          
6.375% 5/31/38 (a)   150,000    146,666 
ICL Group Ltd.          
6.375% 5/31/38 (a)   200,000    195,554 
Leviathan Bond Ltd.          
6.125% 6/30/25 (a)   300,000    293,250 
         635,470 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Jamaica — 0.1%          
TransJamaican Highway Ltd.          
5.750% 10/10/36 (a)  $142,860   $114,002 
Kazakhstan — 0.9%          
KazMunayGas National Co. JSC          
3.500% 4/14/33 (a)   200,000    148,200 
5.750% 4/19/47 (a)   500,000    386,450 
6.375% 10/24/48 (a)   230,000    189,077 
         723,727 
Mauritius — 0.5%          
Greenko Power II Ltd.          
4.300% 12/13/28 (a)   248,300    207,598 
HTA Group Ltd/Mauritius          
7.000% 12/18/25 (a)   200,000    184,000 
         391,598 
Mexico — 8.1%          
Axtel SAB de CV          
6.375% 11/14/24 (a)   200,000    164,122 
Banco Mercantil Del Norte SA          
5 year CMT + 4.967% 6.750% VRN (a) (b)   200,000    195,000 
10 year CMT + 7.760% 8.375% VRN (a) (b)   200,000    198,095 
BBVA Bancomer SA          
5 year CMT + 2.650% 5.125% VRN 1/18/33 (a)   600,000    538,617 
5 year CMT + 4.308% 5.875% VRN 9/13/34 (a)   200,000    184,623 
Cemex SAB de CV          
5.450% 11/19/29 (a)   200,000    192,220 
Cometa Energia SA de CV          
6.375% 4/24/35 (a)   342,800    328,231 
Industrias Penoles SAB de CV          
4.750% 8/06/50 (a)   200,000    164,952 
Infraestructura Energetica Nova SAPI de CV          
4.875% 1/14/48 (a)   300,000    228,776 
Mexico City Airport Trust          
5.500% 7/31/47 (a)   1,342,000    1,033,340 
Petroleos Mexicanos          
4.500% 1/23/26   500,000    450,625 
6.500% 3/13/27   850,000    775,556 
6.500% 6/02/41   2,360,000    1,535,770 
6.840% 1/23/30   55,000    45,453 
8.750% 6/02/29   620,000    581,258 
         6,616,638 
Netherlands — 0.5%          
Minejesa Capital BV          
5.625% 8/10/37 (a)   500,000    389,253 
Panama — 0.7%          
Aeropuerto Internacional de Tocumen SA          
4.000% 8/11/41 (a)   200,000    165,392 
Banco General SA 10 year CMT + 3.665%          
5.250% VRN (a) (b)   200,000    165,500 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Banco Nacional de Panama          
2.500% 8/11/30 (a)  $310,000   $248,465 
         579,357 
Paraguay — 0.2%          
Telfon Celuar Del Paragu SA          
5.875% 4/15/27 (a)   200,000    193,600 
Peru — 0.2%          
Consorcio Transmantaro SA          
4.700% 4/16/34 (a)   200,000    182,000 
Philippines — 1.1%          
Globe Telecom, Inc.          
3.000% 7/23/35 (a)   400,000    289,152 
International Container Terminal Services, Inc.          
4.750% 6/17/30 (a)   400,000    348,440 
Manila Water Co., Inc.          
4.375% 7/30/30 (a)   300,000    253,200 
         890,792 
Qatar — 0.7%          
QatarEnergy Trading LLC          
2.250% 7/12/31 (a)   300,000    248,239 
3.125% 7/12/41 (a)   450,000    345,785 
         594,024 
Saudi Arabia — 1.1%          
Saudi Arabian Oil Co.          
3.500% 4/16/29 (a)   200,000    183,452 
4.250% 4/16/39 (a)   800,000    714,163 
         897,615 
Sri Lanka — 0.1%          
SriLankan Airlines Ltd.          
7.000% 6/25/24 (a)   300,000    126,000 
Thailand — 1.3%          
Bangkok Bank PCL 5 year CMT + 1.900%          
3.733% VRN 9/25/34 (a)   375,000    313,305 
Bangkok Bank PCL/Hong Kong 5 year CMT + 2.150%          
3.466% VRN 9/23/36 (a)   200,000    157,097 
Thaioil Treasury Center Co. Ltd.          
3.500% 10/17/49 (a)   200,000    120,124 
3.500% 10/17/49 (a)   800,000    480,498 
         1,071,024 
United Arab Emirates — 1.0%          
Emirates NBD Bank PJSC 6 year CMT + 3.656%          
6.125% VRN (a) (b)   200,000    196,810 
Oztel Holdings SPC Ltd.          
6.625% 4/24/28 (a)   200,000    200,011 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Ruwais Power Co. PJSC          
6.000% 8/31/36 (a)  $400,000   $410,000 
         806,821 
United States — 1.2%          
Citgo Holding, Inc.          
9.250% 8/01/24 (a)   165,000    164,616 
International Bank for Reconstruction & Development          
0.000% 3/31/27   275,000    242,540 
Kosmos Energy Ltd.          
7.125% 4/04/26 (a)   200,000    170,500 
MercadoLibre, Inc., Convertible,          
2.000% 8/15/28   90,000    182,385 
Periama Holdings LLC          
5.950% 4/19/26 (a)   200,000    186,112 
         946,153 
Venezuela — 0.7%          
Petroleos de Venezuela SA          
5.375% 4/12/27 (a) (d)   900,000    40,500 
6.000% 5/16/24 (a) (d)   2,400,000    114,000 
6.000% 11/15/26 (a) (d)   1,750,000    78,750 
8.500% 10/27/20 (a) (d)   250,000    46,875 
9.000% 11/17/21 (a) (d)   4,990,000    224,550 
9.750% 5/17/35 (a) (d)   150,000    7,125 
12.750% 2/17/22 (a) (d)   1,500,000    67,512 
         579,312 
           
TOTAL CORPORATE DEBT
(Cost $31,386,463)		        24,453,010 
           
SOVEREIGN DEBT OBLIGATIONS — 63.5%          
Albania — 1.5%          
Albania Government International Bond          
3.500% 6/16/27 EUR (a) (e)   190,000    180,505 
3.500% 11/23/31 EUR (a) (e)   600,000    518,819 
3.500% 11/23/31 EUR (a) (e)   590,000    510,172 
         1,209,496 
Angola — 2.0%          
Angolan Government International Bond          
8.000% 11/26/29 (a)   200,000    175,112 
8.250% 5/09/28 (a)   925,000    840,640 
9.125% 11/26/49 (a)   300,000    233,640 
9.500% 11/12/25 (a)   400,000    410,864 
         1,660,256 
Argentina — 1.0%          
Argentine Republic Government International Bond          
0.000% 12/15/35   845,000    3,591 
0.500% STEP 7/09/30   396,224    106,529 
1.500% STEP 7/09/35   649,923    164,751 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3.875% STEP 1/09/38  $1,677,891   $530,738 
         805,609 
Azerbaijan — 0.3%          
Republic of Azerbaijan International Bond          
3.500% 9/01/32 (a)   300,000    249,750 
Bahamas — 0.8%          
Bahamas Government International Bond          
6.000% 11/21/28 (a)   875,000    667,282 
Bahrain — 2.9%          
Bahrain Government International Bond          
5.625% 5/18/34 (a)   900,000    776,379 
6.750% 9/20/29 (a)   350,000    347,550 
7.000% 10/12/28 (a)   1,075,000    1,080,603 
7.500% 9/20/47 (a)   200,000    179,162 
         2,383,694 
Barbados — 0.1%          
Barbados Government International Bond          
6.500% 10/01/29 (a)   75,000    69,525 
Bermuda — 0.5%          
Bermuda Government International Bond          
5.000% 7/15/32 (a)   400,000    397,066 
Brazil — 0.7%          
Brazil Notas do Tesouro Nacional Serie F          
10.000% 1/01/31 BRL (e)   2,200,000    364,149 
Brazilian Government International Bond          
5.000% 1/27/45   240,000    177,796 
         541,945 
Chile — 0.4%          
Chile Government International Bond          
3.500% 1/31/34   200,000    170,203 
4.000% 1/31/52   200,000    154,178 
         324,381 
Colombia — 2.9%          
Colombia Government International Bond          
3.000% 1/30/30 (c)   800,000    611,812 
3.125% 4/15/31   400,000    296,996 
4.125% 5/15/51   925,000    553,140 
4.500% 1/28/26   200,000    187,970 
5.000% 6/15/45   350,000    237,860 
5.625% 2/26/44   400,000    293,234 
Colombian TES          
7.000% 3/26/31 COP (e)   1,335,300,000    194,290 
         2,375,302 
Costa Rica — 0.2%          
Costa Rica Government International Bond          
5.625% 4/30/43 (a)   200,000    163,487 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Dominican Republic — 5.0%          
Dominican Republic International Bond          
4.500% 1/30/30 (a)  $655,000   $557,326 
4.875% 9/23/32 (a)   650,000    539,549 
4.875% 9/23/32 (a)   1,075,000    892,331 
5.500% 2/22/29 (a)   165,000    151,304 
5.875% 1/30/60 (a)   1,175,000    860,410 
6.500% 2/15/48 (a)   300,000    246,762 
6.850% 1/27/45 (a)   1,000,000    866,788 
         4,114,470 
Ecuador — 1.9%          
Ecuador Government International Bond          
0.000% 7/31/30 (a)   165,446    64,616 
1.500% STEP 7/31/40 (a)   408,900    166,864 
2.500% STEP 7/31/35 (a)   50,000    22,987 
2.500% STEP 7/31/35 (a)   1,358,550    624,577 
5.500% STEP 7/31/30 (a)   1,002,100    643,918 
         1,522,962 
Egypt — 1.4%          
Egypt Government International Bond          
5.875% 2/16/31 (a)   200,000    138,820 
7.600% 3/01/29 (a)   275,000    223,396 
8.500% 1/31/47 (a)   550,000    365,572 
8.500% 1/31/47 (a)   640,000    425,393 
         1,153,181 
El Salvador — 0.9%          
El Salvador Government International Bond          
5.875% 1/30/25 (a)   715,000    464,425 
6.375% 1/18/27 (a)   125,000    54,687 
7.650% 6/15/35 (a)   100,000    39,821 
7.650% 6/15/35 (a)   360,000    143,357 
         702,290 
Ghana — 0.3%          
Ghana Government International Bond          
8.625% 4/07/34 (a)   200,000    71,240 
10.750% 10/14/30 (a)   200,000    139,652 
         210,892 
Guatemala — 0.9%          
Guatemala Government Bond          
4.875% 2/13/28 (a)   400,000    384,658 
5.250% 8/10/29 (a)   200,000    191,980 
5.375% 4/24/32 (a)   200,000    195,220 
         771,858 
India — 2.0%          
Export Import Bank of India          
2.250% 1/13/31 (a)   205,000    161,060 
3.250% 1/15/30 (a)   1,500,000    1,297,487 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Export-Import Bank of India          
2.250% 1/13/31 (a)  $200,000   $157,132 
         1,615,679 
Indonesia — 5.0%          
Indonesia Government International Bond          
4.625% 4/15/43 (a)   1,400,000    1,261,572 
Perusahaan Penerbit SBSN Indonesia          
3.800% 6/23/50 (a)   200,000    155,000 
4.450% 2/20/29 (a)   775,000    762,600 
4.550% 3/29/26 (a)   1,350,000    1,346,894 
Perusahaan Penerbit SBSN Indonesia III          
2.800% 6/23/30 (a)   650,000    568,750 
         4,094,816 
Ivory Coast — 3.1%          
Ivory Coast Government International Bond          
4.875% 1/30/32 EUR (a) (e)   250,000    210,659 
6.125% 6/15/33 (a)   2,125,000    1,885,938 
6.625% 3/22/48 EUR (a) (e)   525,000    394,570 
         2,491,167 
Jamaica — 1.2%          
Jamaica Government International Bond          
6.750% 4/28/28   200,000    211,519 
8.000% 3/15/39   500,000    583,742 
8.000% 3/15/39   175,000    204,310 
         999,571 
Jordan — 1.6%          
Jordan Government International Bond          
5.850% 7/07/30 (a)   1,200,000    1,072,560 
7.750% 1/15/28 (a)   240,000    242,453 
         1,315,013 
Mexico — 0.3%          
Mexico Government International Bond          
7.750% 5/29/31 MXN (e)   4,500,000    213,690 
Mongolia — 0.2%          
Mongolia Government International Bond          
4.450% 7/07/31 (a)   250,000    192,555 
Morocco — 2.2%          
Morocco Government International Bond          
3.000% 12/15/32 (a)   425,000    337,703 
3.000% 12/15/32 (a)   600,000    476,758 
4.000% 12/15/50 (a)   1,425,000    973,819 
         1,788,280 
Nigeria — 0.7%          
Nigeria Government International Bond          
7.875% 2/16/32 (a)   750,000    563,797 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Oman — 3.6%          
Oman Government International Bond          
4.750% 6/15/26 (a)  $600,000   $579,115 
4.750% 6/15/26 (a)   550,000    530,856 
5.375% 3/08/27 (a)   200,000    195,564 
5.625% 1/17/28 (a)   200,000    197,212 
6.500% 3/08/47 (a)   390,000    354,647 
6.750% 10/28/27 (a)   200,000    206,988 
6.750% 10/28/27 (a)   400,000    413,976 
6.750% 1/17/48 (a)   300,000    280,666 
7.000% 1/25/51 (a)   200,000    193,000 
         2,952,024 
Pakistan — 0.2%          
Pakistan Government International Bond          
7.875% 3/31/36 (a)   562,000    196,700 
Panama — 1.5%          
Panama Government International Bond          
2.252% 9/29/32   1,050,000    777,564 
4.500% 1/19/63   360,000    253,441 
6.400% 2/14/35   200,000    202,852 
         1,233,857 
Paraguay — 1.3%          
Paraguay Government International Bond          
4.950% 4/28/31 (a)   400,000    386,552 
5.400% 3/30/50 (a)   600,000    517,017 
5.400% 3/30/50 (a)   200,000    172,339 
         1,075,908 
Peru — 1.1%          
Peruvian Government International Bond          
2.780% 12/01/60   670,000    388,418 
3.300% 3/11/41   300,000    218,002 
3.550% 3/10/51   130,000    92,331 
6.150% 8/12/32 PEN (a) (e)   850,000    196,447 
         895,198 
Philippines — 0.7%          
Philippine Government International Bond          
2.650% 12/10/45   900,000    603,305 
Qatar — 1.4%          
Qatar Government International Bond          
4.400% 4/16/50 (a)   200,000    182,951 
4.400% 4/16/50 (a)   200,000    182,951 
4.817% 3/14/49 (a)   800,000    778,000 
         1,143,902 
Romania — 1.6%          
Romanian Government International Bond          
2.625% 12/02/40 EUR (a) (e)   50,000    29,786 
2.875% 4/13/42 EUR (a) (e)   125,000    74,717 
3.000% 2/14/31 (a)   300,000    235,722 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
3.000% 2/14/31 (a)  $174,000   $136,719 
3.375% 1/28/50 EUR (a) (e)   450,000    276,768 
4.000% 2/14/51 (a)   160,000    105,885 
4.000% 2/14/51 (a)   722,000    477,805 
         1,337,402 
Saudi Arabia — 1.1%          
Saudi Government International Bond          
2.750% 2/03/32 (a)   200,000    174,185 
3.750% 1/21/55 (a)   400,000    314,728 
5.000% 4/17/49 (a)   400,000    376,150 
         865,063 
Senegal — 2.3%          
Senegal Government International Bond          
4.750% 3/13/28 EUR (a) (e)   300,000    276,369 
6.250% 5/23/33 (a)   200,000    164,800 
6.250% 5/23/33 (a)   1,750,000    1,442,000 
         1,883,169 
Serbia — 1.0%          
Serbia Government Bond          
2.125% 12/01/30 (a)   1,100,000    788,920 
South Africa — 1.7%          
Republic of South Africa Government International Bond          
5.650% 9/27/47   210,000    153,741 
5.875% 4/20/32   425,000    382,500 
6.250% 3/08/41   400,000    340,080 
7.300% 4/20/52   560,000    481,376 
         1,357,697 
Sri Lanka — 0.9%          
Sri Lanka Government International Bond          
6.125% 6/03/25 (a)   200,000    63,973 
6.125% 6/03/25 (a)   500,000    159,932 
6.825% 7/18/26 (a)   200,000    62,301 
6.850% 11/03/25 (a)   1,400,000    441,130 
         727,336 
Suriname — 0.6%          
Suriname Government International Bond          
9.250% 10/26/26 (a)   631,000    500,383 
Turkey — 1.9%          
Republic of Turkey          
8.600% 9/24/27   275,000    275,153 
Turkey Government International Bond          
4.250% 4/14/26   200,000    177,700 
4.875% 10/09/26   400,000    357,526 
4.875% 4/16/43   450,000    291,850 
6.000% 1/14/41   350,000    252,511 
9.875% 1/15/28   200,000    206,951 
         1,561,691 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Ukraine — 0.0%          
Ukraine Government International Bond,          
1.258% FRN 8/01/41 (a) (f)  $115,000   $32,059 
Uruguay — 0.5%          
Uruguay Government International Bond          
5.750% 10/28/34   355,000    383,064 
Uzbekistan — 1.4%          
Republic of Uzbekistan International Bond          
3.900% 10/19/31 (a)   298,000    244,360 
3.900% 10/19/31 (a)   450,000    369,000 
5.375% 2/20/29 (a)   200,000    185,104 
5.375% 2/20/29 (a)   400,000    370,208 
         1,168,672 
Venezuela — 0.2%          
Venezuela Government International Bond          
7.750% 10/13/19 (a) (d)   1,000,000    72,500 
9.250% 9/15/27 (d)   300,000    26,250 
11.750% 10/21/26 (a) (d)   300,000    25,500 
12.750% 8/23/22 (a) (d)   255,000    19,763 
         144,013 
Zambia — 0.5%          
Zambia Government International Bond          
5.375% 9/20/22 (a) (d)   1,025,000    423,837 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $62,182,962)		        51,872,214 
           
TOTAL BONDS & NOTES
(Cost $93,569,425)		        76,325,224 
           
           
   Number of
Shares		    
MUTUAL FUNDS — 1.6%          
Diversified Financial Services — 1.6%          
United States — 1.6%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)   1,320,090    1,320,090 
           
TOTAL MUTUAL FUNDS
(Cost $1,320,090)		        1,320,090 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $94,889,515)		        77,645,314 
           
SHORT-TERM INVESTMENTS — 5.3%          
Mutual Fund — 3.7%          
T. Rowe Price Government Reserve Investment Fund   3,042,999    3,042,999 

 

 

 

 

MassMutual Select T. Rowe Price Emerging Markets Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Repurchase Agreement — 1.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h)      $  1,019,104        $  1,019,104   
           
U.S. Treasury Bill — 0.3%          
U.S. Treasury Bill          
1.962% 3/23/23 (i) (j)   30,000    29,721 
2.491% 3/23/23 (i) (j)   20,000    19,814 
2.698% 3/23/23 (i) (j)   210,000    208,045 
         257,580 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,320,616)		        4,319,683 
           
TOTAL INVESTMENTS — 100.3%
(Cost $99,210,131) (k)		        81,964,997 
           
Other Assets/(Liabilities) — (0.3)%        (280,561) 
           
NET ASSETS — 100.0%       $81,684,436 

 

Abbreviation Legend

FRN Floating Rate Note
STEP Step Up Bond
VRN Variable Rate Note

 

Notes to Portfolio of Investments

 

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $60,511,252 or 74.08% of net assets.
(b) Security is perpetual and has no stated maturity date.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $1,364,126 or 1.67% of net assets. The Fund received $74,168 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2022, these securities amounted to a value of $1,147,162 or 1.40% of net assets.
(e) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(f) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $1,019,249. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,039,522.
(i) The rate shown represents yield-to-maturity.
(j) All or a portion of this security is pledged/held as collateral for open derivatives.
(k) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
BNP Paribas SA  1/19/23  USD  106,339   PEN  418,550   $(3,721) 
BNP Paribas SA  2/24/23  USD  145,714   EUR  138,000    (2,516) 
BNP Paribas SA  3/02/23  USD  234,062   BRL  1,270,265    (4,005) 
Goldman Sachs International  1/13/23  USD  214,893   MXN  4,226,323    (1,645) 
Goldman Sachs International  3/10/23  USD  48,446   COP  236,483,828    272 
HSBC Bank USA  2/24/23  USD  1,763,862   EUR  1,694,086    (55,810) 
Morgan Stanley & Co. LLC  1/19/23  USD  86,810   PEN  342,450    (3,239) 
Morgan Stanley & Co. LLC  2/24/23  EUR  100,210   USD  107,078    561 
Morgan Stanley & Co. LLC  2/24/23  USD  869,495   EUR  834,400    (26,761) 
Morgan Stanley & Co. LLC  3/02/23  USD  124,289   BRL  683,989    (3,900) 
UBS AG  2/24/23  EUR  116,937   USD  122,841    2,764 
UBS AG  3/10/23  USD  41,372   COP  202,711,340    78
                    $(97,922)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
U.S. Treasury Ultra Bond  3/22/23   17   $2,380,708  $(97,395) 
Short               
U.S. Treasury Note 10 Year  3/22/23   61   $(6,874,805)   $24,696 

 

Currency Legend

BRL Brazilian Real
COP Colombian Peso
EUR Euro
MXN Mexican Peso
PEN Peruvian New Sol
USD U.S. Dollar

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.6%          
           
COMMON STOCK — 96.6%          
Basic Materials — 1.2%          
Chemicals — 1.2%          
Air Products & Chemicals, Inc.   1,579   $486,742 
CF Industries Holdings, Inc.   2,572    219,134 
FMC Corp.   1,499    187,075 
International Flavors & Fragrances, Inc.   39,862    4,179,132 
Linde PLC   10,693    3,487,843 
Nutrien Ltd.   122,028    8,911,705 
PPG Industries, Inc.   600    75,444 
RPM International, Inc.   2,407    234,562 
The Sherwin-Williams Co.   26,105    6,195,500 
         23,977,137 
Forest Products & Paper — 0.0%          
International Paper Co.   3,468    120,097 
West Fraser Timber Co. Ltd.   786    56,820 
         176,917 
Iron & Steel — 0.0%          
Steel Dynamics, Inc.   900    87,930 
         24,241,984 
Communications — 9.8%          
Advertising — 0.2%          
The Trade Desk, Inc. Class A (a)   72,621    3,255,600 
Internet — 8.6%          
Alphabet, Inc. Class A (a)   359,278    31,699,098 
Alphabet, Inc. Class C (a)   543,989    48,268,144 
Amazon.com, Inc. (a)   565,725    47,520,900 
Booking Holdings, Inc. (a)   4,060    8,182,037 
Coupang, Inc. (a)   219,184    3,224,196 
Expedia Group, Inc. (a)   37,348    3,271,685 
Gen Digital, Inc.   7,000    150,010 
Match Group, Inc. (a)   74,212    3,079,056 
Meta Platforms, Inc. Class A (a)   34,161    4,110,935 
Netflix, Inc. (a)   33,838    9,978,149 
Pinterest, Inc. Class A (a)   128,648    3,123,573 
Sea Ltd. ADR (a)   53,158    2,765,811 
Spotify Technology SA (a)   49,724    3,925,710 
         169,299,304 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Media — 0.4%          
Comcast Corp. Class A   7,005   $244,965 
The Walt Disney Co. (a)   79,763    6,929,809 
         7,174,774 
Telecommunications — 0.6%          
Arista Networks, Inc. (a)   2,900    351,915 
Cisco Systems, Inc.   6,161    293,510 
T-Mobile US, Inc. (a)   10,929    1,530,060 
Verizon Communications, Inc.   244,167    9,620,180 
         11,795,665 
         191,525,343 
Consumer, Cyclical — 8.5%          
Airlines — 0.0%          
Southwest Airlines Co. (a)   6,619    222,862 
United Airlines Holdings, Inc. (a)   3,699    139,452 
         362,314 
Apparel — 0.1%          
NIKE, Inc. Class B   9,579    1,120,839 
Auto Manufacturers — 1.5%          
Cummins, Inc.   22,327    5,409,609 
Ferrari NV   45,935    9,840,196 
PACCAR, Inc.   3,428    339,269 
Rivian Automotive, Inc. Class A (a)   686,189    12,646,463 
Tesla, Inc. (a)   9,423    1,160,725 
         29,396,262 
Auto Parts & Equipment — 0.0%          
Aptiv PLC (a)   546    50,849 
Magna International, Inc. (b)   3,080    173,034 
         223,883 
Home Builders — 0.0%          
NVR, Inc. (a)   57    262,917 
Leisure Time — 0.1%          
Peloton Interactive, Inc. Class A (a)   208,710    1,657,158 
Lodging — 0.7%          
Hilton Worldwide Holdings, Inc.   2,942    371,751 
Las Vegas Sands Corp. (a)   173,637    8,346,731 
Marriott International, Inc. Class A   2,757    410,490 
MGM Resorts International   6,657    223,209 
Wynn Resorts Ltd. (a)   65,391    5,392,796 
         14,744,977 
Retail — 6.1%          
AutoZone, Inc. (a)   184    453,777 
Burlington Stores, Inc. (a)   1,755    355,844 
Chipotle Mexican Grill, Inc. (a)   4,341    6,023,094 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Costco Wholesale Corp.   7,539   $3,441,553 
Dollar General Corp.   43,743    10,771,714 
Dollar Tree, Inc. (a)   1,631    230,689 
Floor & Decor Holdings, Inc. Class A (a)   35,930    2,501,806 
The Home Depot, Inc.   39,704    12,540,905 
Lowe's Cos., Inc.   2,088    416,013 
Lululemon Athletica, Inc. (a)   6,105    1,955,920 
McDonald's Corp.   71,198    18,762,809 
O'Reilly Automotive, Inc. (a)   4,862    4,103,674 
Ross Stores, Inc.   194,893    22,621,230 
Starbucks Corp.   7,174    711,661 
The TJX Cos., Inc.   55,246    4,397,582 
Ulta Beauty, Inc. (a)   15,976    7,493,862 
Walmart, Inc.   129,740    18,395,835 
Yum! Brands, Inc.   28,968    3,710,221 
         118,888,189 
         166,656,539 
Consumer, Non-cyclical — 24.0%          
Agriculture — 1.2%          
Altria Group, Inc.   9,555    436,759 
Darling Ingredients, Inc. (a)   1,754    109,783 
Philip Morris International, Inc.   217,805    22,044,044 
         22,590,586 
Beverages — 1.1%          
The Coca-Cola Co.   109,515    6,966,249 
Constellation Brands, Inc. Class A   16,844    3,903,597 
Keurig Dr Pepper, Inc.   228,643    8,153,410 
Monster Beverage Corp. (a)   6,127    622,074 
PepsiCo, Inc.   6,523    1,178,445 
         20,823,775 
Biotechnology — 0.9%          
Amgen, Inc.   20,384    5,353,654 
Argenx SE ADR (a)   12,498    4,734,617 
Biogen, Inc. (a)   1,121    310,427 
Corteva, Inc.   1,680    98,750 
Gilead Sciences, Inc.   2,200    188,870 
Illumina, Inc. (a)   7,230    1,461,906 
Moderna, Inc. (a)   2,806    504,014 
Regeneron Pharmaceuticals, Inc. (a)   3,926    2,832,570 
Vertex Pharmaceuticals, Inc. (a)   9,150    2,642,337 
         18,127,145 
Commercial Services — 1.0%          
Adyen NV (a) (c)   660    913,319 
Booz Allen Hamilton Holding Corp.   24,649    2,576,313 
Bright Horizons Family Solutions, Inc. (a)   2,800    176,680 
Cintas Corp.   4,937    2,229,648 
CoStar Group, Inc. (a)   2,300    177,744 
FleetCor Technologies, Inc. (a)   4,100    753,088 
Global Payments, Inc.   31,455    3,124,111 
S&P Global, Inc.   2,400    803,856 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
TransUnion   84,227   $4,779,882 
United Rentals, Inc. (a)   883    313,836 
Verisk Analytics, Inc.   23,671    4,176,038 
WillScot Mobile Mini Holdings Corp. (a)   6,100    275,537 
         20,300,052 
Cosmetics & Personal Care — 1.3%          
Colgate-Palmolive Co.   1,300    102,427 
The Estee Lauder Cos., Inc. Class A   19,291    4,786,290 
The Procter & Gamble Co.   138,399    20,975,752 
         25,864,469 
Food — 1.9%          
Conagra Brands, Inc.   8,696    336,535 
General Mills, Inc.   32,032    2,685,883 
The Hershey Co.   12,122    2,807,092 
The Kraft Heinz Co.   241,443    9,829,145 
Mondelez International, Inc. Class A   281,023    18,730,183 
Sysco Corp.   23,754    1,815,993 
         36,204,831 
Health Care – Products — 3.4%          
Abbott Laboratories   5,601    614,934 
Align Technology, Inc. (a)   9,103    1,919,823 
Avantor, Inc. (a)   144,814    3,054,127 
Boston Scientific Corp. (a)   1,500    69,405 
Danaher Corp.   45,883    12,178,266 
GE HealthCare Technologies, Inc. (a)   15,837    924,564 
Insulet Corp. (a)   10,047    2,957,736 
Intuitive Surgical, Inc. (a)   46,661    12,381,496 
Medtronic PLC   1,999    155,362 
PerkinElmer, Inc.   28,668    4,019,827 
ResMed, Inc.   5,619    1,169,483 
Steris PLC   17,229    3,182,024 
Stryker Corp.   23,045    5,634,272 
Thermo Fisher Scientific, Inc.   30,567    16,832,941 
West Pharmaceutical Services, Inc.   306    72,017 
Zimmer Biomet Holdings, Inc.   4,700    599,250 
         65,765,527 
Health Care – Services — 6.1%          
Centene Corp. (a)   155,971    12,791,182 
Charles River Laboratories International, Inc. (a)   400    87,160 
Elevance Health, Inc.   71,947    36,906,653 
HCA Healthcare, Inc.   60,302    14,470,068 
Humana, Inc.   26,852    13,753,326 
Molina Healthcare, Inc. (a)   1,067    352,345 
Quest Diagnostics, Inc.   13,464    2,106,308 
UnitedHealth Group, Inc.   73,686    39,066,843 
         119,533,885 
Household Products & Wares — 0.2%          
Avery Dennison Corp.   1,794    324,714 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Kimberly-Clark Corp.   26,681   $3,621,946 
         3,946,660 
Pharmaceuticals — 6.9%          
AbbVie, Inc.   76,668    12,390,315 
AmerisourceBergen Corp.   46,190    7,654,145 
AstraZeneca PLC Sponsored ADR   214,047    14,512,386 
Becton Dickinson and Co.   97,527    24,801,116 
Bristol-Myers Squibb Co.   6,261    450,479 
Cigna Corp.   31,982    10,596,916 
CVS Health Corp.   27,759    2,586,861 
DexCom, Inc. (a)   4,324    489,650 
Eli Lilly & Co.   51,570    18,866,369 
Johnson & Johnson   169,818    29,998,350 
McKesson Corp.   892    334,607 
Merck & Co., Inc.   99,057    10,990,374 
Novo Nordisk A/S Sponsored ADR   600    81,204 
Pfizer, Inc.   20,178    1,033,921 
Viatris, Inc.   36,200    402,906 
Zoetis, Inc.   3,498    512,632 
         135,702,231 
         468,859,161 
Energy — 3.0%          
Energy – Alternate Sources — 0.0%          
Enphase Energy, Inc. (a)   700    185,472 
First Solar, Inc. (a)   300    44,937 
         230,409 
Oil & Gas — 2.5%          
Chevron Corp.   90,009    16,155,715 
ConocoPhillips   27,061    3,193,198 
EOG Resources, Inc.   4,802    621,955 
Exxon Mobil Corp.   248,301    27,387,600 
Hess Corp.   3,100    439,642 
Marathon Petroleum Corp.   4,468    520,031 
Pioneer Natural Resources Co.   1,173    267,902 
TotalEnergies SE Sponsored ADR   7,388    458,647 
         49,044,690 
Oil & Gas Services — 0.1%          
Halliburton Co.   18,851    741,787 
Pipelines — 0.4%          
Kinder Morgan, Inc.   462,674    8,365,146 
         58,382,032 
Financial — 15.3%          
Banks — 5.0%          
Bank of America Corp.   888,352    29,422,218 
The Bank of New York Mellon Corp.   2,422    110,249 
Citigroup, Inc.   90,881    4,110,548 
Citizens Financial Group, Inc.   2,275    89,567 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Fifth Third Bancorp   13,986   $458,881 
The Goldman Sachs Group, Inc.   24,320    8,351,001 
Huntington Bancshares, Inc.   46,327    653,211 
JP Morgan Chase & Co.   206,128    27,641,765 
Morgan Stanley   3,989    339,145 
Signature Bank   1,620    186,656 
SVB Financial Group (a)   742    170,764 
US Bancorp   244,815    10,676,382 
Wells Fargo & Co.   385,041    15,898,343 
         98,108,730 
Diversified Financial Services — 3.1%          
American Express Co.   3,600    531,900 
Ameriprise Financial, Inc.   800    249,096 
Apollo Global Management, Inc.   3,116    198,770 
BlackRock, Inc.   460    325,970 
Blue Owl Capital, Inc. (b)   7,112    75,387 
Capital One Financial Corp.   900    83,664 
The Charles Schwab Corp.   37,207    3,097,855 
CME Group, Inc.   1,927    324,044 
Intercontinental Exchange, Inc.   4,775    489,867 
Maplebear, Inc., (Non-Voting) (Acquired 8/07/20, Cost $14,781) (a) (d) (e) (f)   319    15,465 
Maplebear, Inc., (Voting) (Acquired 8/07/20, Cost $282,637) (a) (d) (e) (f)   6,100    295,728 
Mastercard, Inc. Class A   65,472    22,766,578 
Visa, Inc. Class A   148,910    30,937,542 
         59,391,866 
Insurance — 6.2%          
The Allstate Corp.   68,121    9,237,208 
American International Group, Inc.   101,727    6,433,215 
Assurant, Inc.   2,021    252,746 
Berkshire Hathaway, Inc. Class B (a)   61,246    18,918,889 
Chubb Ltd.   93,675    20,664,705 
Corebridge Financial, Inc.   135,644    2,721,019 
Equitable Holdings, Inc.   14,025    402,518 
The Hartford Financial Services Group, Inc.   125,550    9,520,457 
Marsh & McLennan Cos., Inc.   2,821    466,819 
MetLife, Inc.   202,526    14,656,807 
The Progressive Corp.   139,527    18,098,047 
RenaissanceRe Holdings Ltd.   2,463    453,758 
The Travelers Cos., Inc.   101,684    19,064,733 
Voya Financial, Inc.   1,064    65,425 
         120,956,346 
Private Equity — 0.0%          
Ares Management Corp. Class A   1,294    88,561 
Real Estate Investment Trusts (REITS) — 1.0%          
Alexandria Real Estate Equities, Inc.   947    137,950 
American Homes 4 Rent Class A   1,700    51,238 
American Tower Corp.   1,041    220,546 
AvalonBay Communities, Inc.   873    141,007 
Boston Properties, Inc.   13,123    886,852 
Camden Property Trust   491    54,933 
Equinix, Inc.   906    593,457 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Equity LifeStyle Properties, Inc.   30,009   $1,938,581 
Essex Property Trust, Inc.   697    147,708 
Extra Space Storage, Inc.   1,237    182,062 
Prologis, Inc.   85,801    9,672,347 
Public Storage   854    239,282 
Rexford Industrial Realty, Inc.   3,632    198,453 
SBA Communications Corp.   3,344    937,357 
Simon Property Group, Inc.   1,765    207,352 
Sun Communities, Inc.   196    28,028 
Welltower, Inc.   4,199    275,245 
Weyerhaeuser Co.   141,915    4,399,365 
         20,311,763 
         298,857,266 
Industrial — 8.1%          
Aerospace & Defense — 1.4%          
Airbus SE   58,324    6,934,856 
The Boeing Co. (a)   2,383    453,938 
L3 Harris Technologies, Inc.   75,853    15,793,353 
Northrop Grumman Corp.   7,696    4,199,014 
Raytheon Technologies Corp.   926    93,452 
TransDigm Group, Inc.   593    373,382 
         27,847,995 
Building Materials — 0.0%          
Carrier Global Corp.   2,800    115,500 
Vulcan Materials Co.   1,328    232,546 
         348,046 
Commercial Services — 0.0%          
Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $1,171,890) (a) (d) (e) (f)   307,471    624,166 
Electrical Components & Equipment — 0.4%          
AMETEK, Inc.   37,357    5,219,520 
Emerson Electric Co.   20,634    1,982,102 
         7,201,622 
Electronics — 1.2%          
Agilent Technologies, Inc.   14,985    2,242,505 
Amphenol Corp. Class A   97    7,386 
Honeywell International, Inc.   42,403    9,086,963 
Hubbell, Inc.   18,262    4,285,726 
Mettler-Toledo International, Inc. (a)   1,821    2,632,165 
TE Connectivity Ltd.   36,203    4,156,104 
Trimble, Inc. (a)   4,100    207,296 
         22,618,145 
Environmental Controls — 0.3%          
Republic Services, Inc.   44,041    5,680,848 
Waste Connections, Inc.   3,528    467,672 
         6,148,520 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Hand & Machine Tools — 0.0%          
Stanley Black & Decker, Inc.   4,600   $345,552 
Machinery – Diversified — 0.3%          
Dover Corp.   21,808    2,953,021 
IDEX Corp.   6,838    1,561,321 
Ingersoll Rand, Inc.   9,708    507,243 
Otis Worldwide Corp.   3,630    284,265 
Rockwell Automation, Inc.   1,200    309,084 
         5,614,934 
Miscellaneous - Manufacturing — 2.6%          
Eaton Corp. PLC   101,406    15,915,672 
General Electric Co.   193,950    16,251,071 
Siemens AG Registered   33,767    4,686,611 
Teledyne Technologies, Inc. (a)   29,995    11,995,300 
Textron, Inc.   3,748    265,358 
Trane Technologies PLC   3,098    520,743 
         49,634,755 
Packaging & Containers — 0.0%          
Ball Corp.   3,480    177,967 
Packaging Corp. of America   1,673    213,994 
Sealed Air Corp.   5,691    283,867 
WestRock Co.   2,187    76,895 
         752,723 
Transportation — 1.9%          
Canadian Pacific Railway Ltd. (b)   5,180    386,376 
CSX Corp.   442,006    13,693,346 
FedEx Corp.   24,730    4,283,236 
J.B. Hunt Transport Services, Inc.   1,858    323,961 
Norfolk Southern Corp.   27,799    6,850,230 
Old Dominion Freight Line, Inc.   20,815    5,906,881 
Saia, Inc. (a)   1,006    210,938 
Union Pacific Corp.   22,179    4,592,605 
United Parcel Service, Inc. Class B   969    168,451 
         36,416,024 
         157,552,482 
Technology — 23.0%          
Auto Parts & Equipment — 0.0%          
Mobileye Global, Inc. Class A (a)   12,941    453,712 
Commercial Services — 0.0%          
Celonis SE (Acquired 6/17/21, Cost $435,243) (a) (d) (e) (f)   1,177    435,243 
Computers — 4.7%          
Accenture PLC Class A   35,440    9,456,809 
Apple, Inc.   622,901    80,933,527 
Cognizant Technology Solutions Corp. Class A   1,657    94,764 
Fortinet, Inc. (a)   6,725    328,785 
Pure Storage, Inc. Class A (a)   4,005    107,174 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Western Digital Corp. (a)   4,700   $148,285 
         91,069,344 
Semiconductors — 6.4%          
Advanced Micro Devices, Inc. (a)   168,193    10,893,861 
Analog Devices, Inc.   14,996    2,459,794 
Applied Materials, Inc.   82,538    8,037,550 
ASML Holding NV   35,108    19,183,011 
Broadcom, Inc.   29,430    16,455,196 
KLA Corp.   47,824    18,031,083 
Lam Research Corp.   23,269    9,779,961 
Marvell Technology, Inc.   6,500    240,760 
Micron Technology, Inc.   139,339    6,964,163 
Monolithic Power Systems, Inc.   700    247,527 
NVIDIA Corp.   150,224    21,953,735 
QUALCOMM, Inc.   4,728    519,796 
Texas Instruments, Inc.   62,394    10,308,737 
         125,075,174 
Software — 11.9%          
Activision Blizzard, Inc.   56,605    4,333,113 
Adobe, Inc. (a)   2,000    673,060 
Atlassian Corp. (a)   33,966    4,370,745 
Black Knight, Inc. (a)   37,975    2,344,956 
Broadridge Financial Solutions, Inc.   18,042    2,419,973 
Cadence Design Systems, Inc. (a)   2,645    424,893 
Canva, Inc. (Acquired 12/17/21-12/22/21, Cost $872,531) (a) (d) (e) (f)   512    282,522 
Ceridian HCM Holding, Inc. (a)   49,293    3,162,146 
The Descartes Systems Group, Inc. (a)   1,800    125,370 
Electronic Arts, Inc.   17,254    2,108,094 
Epic Games, Inc. (Acquired 6/18/20-3/29/21, Cost $2,419,150) (a) (d) (e) (f)   3,660    2,517,458 
Fidelity National Information Services, Inc.   38,622    2,620,503 
Fiserv, Inc. (a)   263,502    26,632,147 
HashiCorp, Inc. Class A (a) (b)   8,525    233,073 
Intuit, Inc.   54,036    21,031,892 
Microsoft Corp.   501,037    120,158,693 
MongoDB, Inc. (a)   9,264    1,823,526 
MSCI, Inc.   639    297,244 
Roper Technologies, Inc.   23,331    10,081,092 
Salesforce, Inc. (a)   80,164    10,628,945 
SentinelOne Inc. Class A (a)   114,058    1,664,106 
ServiceNow, Inc. (a)   34,366    13,343,287 
Stripe, Inc., Class B (Acquired 12/17/19, Cost $295,694) (a) (d) (e) (f)   18,846    348,839 
Synopsys, Inc. (a)   1,850    590,686 
Veeva Systems, Inc. Class A (a)   481    77,624 
Workday, Inc. Class A (a)   619    103,577 
Zoom Video Communications, Inc. Class A (a)   1,270    86,030 
         232,483,594 
         449,517,067 
Utilities — 3.7%          
Electric — 3.7%          
Ameren Corp.   93,716    8,333,227 
American Electric Power Co., Inc.   58,984    5,600,531 
CMS Energy Corp.   2,989    189,293 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Dominion Energy, Inc.   63,321   $3,882,844 
DTE Energy Co.   29,405    3,455,970 
Exelon Corp.   11,500    497,145 
FirstEnergy Corp.   118,607    4,974,378 
NextEra Energy, Inc.   11,892    994,171 
PG&E Corp. (a)   40,847    664,172 
Sempra Energy   53,730    8,303,434 
The Southern Co.   434,101    30,999,152 
WEC Energy Group, Inc.   22,491    2,108,756 
Xcel Energy, Inc.   34,374    2,409,961 
         72,413,034 
         72,413,034 
           
TOTAL COMMON STOCK
(Cost $1,936,525,447)		        1,888,004,908 
           
PREFERRED STOCK — 1.0%          
Consumer, Cyclical — 0.5%          
Auto Manufacturers — 0.5%          
Dr Ing hc F Porsche AG (a)        68,744           6,974,507   
Nuro, Inc., Series C (Acquired 10/30/20-3/02/21, Cost $1,236,023)
(a) (d) (e) (f)		   94,681    1,314,172 
Nuro, Inc., Series D (Acquired 10/29/21, Cost $487,977)
(a) (d) (e) (f)		   23,409    324,917 
Waymo LLC, Series A-2 (Acquired 5/08/20, Cost $748,934)          
(a) (d) (e) (f)   8,722    411,504 
         9,025,100 
Consumer, Non-cyclical — 0.1%          
Commercial Services— 0.1%          
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $1,059,705)
(a) (d) (e) (f)		       22,355          1,743,690   
           
Financial — 0.0%          
Investment Companies — 0.0%          
Maplebear, Inc., Series A (Acquired 11/18/20, Cost $53,081)          
(a) (d) (e) (f)   870    42,178 
Maplebear, Inc., Series G (Acquired 7/02/20, Cost $599,129)          
(a) (d) (e) (f)   12,458    603,964 
Maplebear, Inc., Series I (Acquired 2/26/21, Cost $240,750)          
(a) (d) (e) (f)   1,926    93,372 
         739,514 
         739,514 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Industrial — 0.3%          
           
Electrical Components & Equipment — 0.1%          
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $760,988) (a) (d) (e) (f)   18,438   $574,712 
Electronics — 0.2%          
GM Cruise Holdings, LLC, Class F (Acquired 5/07/19, Cost $921,625) (a) (d) (e) (f)   50,500    1,026,665 
GM Cruise Holdings, LLC, Class G (Acquired 1/21/21, Cost $979,851) (a) (d) (e) (f)   37,186    755,991 
Sartorius AG 0.0340%   5,818    2,300,759 
         4,083,415 
         4,658,127 
Technology — 0.1%          
          
Software — 0.1%          
Canva, Inc., Series A (Acquired 12/17/21, Cost $49,421) (a) (d) (e) (f)   29    16,002 
Canva, Inc., Series A-3 (Acquired 12/17/21, Cost $13,633) (a) (d) (e) (f)   8    4,414 
Celonis SE, Series D (Acquired 6/17/21-10/04/22, Cost $1,306,468) (a) (d) (e) (f)   3,533    1,306,468 
Formagrid, Inc., Series F (Acquired 12/08/21, Cost $1,130,824) (a) (d) (e) (f)   6,038    635,258 
Rappi, Inc., Series E (Acquired 9/08/20-9/24/20, Cost $1,092,516) (a) (d) (e) (f)   18,286    658,479 
         2,620,621 
           
TOTAL PREFERRED STOCK
(Cost $18,264,730)		        18,787,052 
           
TOTAL EQUITIES
(Cost $1,954,790,177)		        1,906,791,960 
           
           
   Principal
Amount		    
BONDS & NOTES — 0.0%          
CORPORATE DEBT — 0.0%          
Commercial Services — 0.0%          
Redwood Materials, Inc., Promissory Note (Acquired 6/17/22, Cost $50,373),          
0.000% 9/24/23 (d) (e) (f)  $50,373    50,373 
           
TOTAL CORPORATE DEBT
(Cost $50,373)		        50,373 
           
TOTAL BONDS & NOTES
(Cost $50,373)		        50,373 

 

 

 

 

MassMutual Select T. Rowe Price Large Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value
MUTUAL FUNDS — 0.0%         
          
Diversified Financial Services — 0.0%         
State Street Navigator Securities Lending Government Money Market Portfolio (g)         697,218        $  697,218
          
TOTAL MUTUAL FUNDS
(Cost $697,218)		        697,218
          
TOTAL LONG-TERM INVESTMENTS
(Cost $1,955,537,768)		        1,907,539,551
          
SHORT-TERM INVESTMENTS — 2.7%         
Mutual Fund — 2.6%         
T. Rowe Price Government Reserve Investment Fund   50,287,049    50,287,049
         
   Principal
Amount		  
Repurchase Agreement — 0.1%         
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h)  $997,996    997,996
          
TOTAL SHORT-TERM INVESTMENTS
(Cost $51,285,045)		        51,285,045
          
TOTAL INVESTMENTS — 100.3%
(Cost $2,006,822,813) (i)		        1,958,824,596
          
Other Assets/(Liabilities) — (0.3)%        (4,916,261)
          
NET ASSETS — 100.0%       $1,953,908,335

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $862,538 or 0.04% of net assets. The Fund received $186,682 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(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 December 31, 2022, the aggregate market value of these securities amounted to $913,319 or 0.05% of net assets.
(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $14,081,580 or 0.72% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $14,081,580 or 0.72% of net assets.
(f) Investment is valued using significant unobservable inputs.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $998,138. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,018,026.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 99.7%          
           
CORPORATE DEBT — 0.3%          
Health Care – Services — 0.3%          
Health Care Service Corp. A Mutual Legal Reserve Co.          
1.500% 6/01/25 (a)  $545,000   $501,034 
           
TOTAL CORPORATE DEBT
(Cost $504,316)		        501,034 
           
MUNICIPAL OBLIGATIONS — 0.4%          
California State University, Revenue Bond          
0.563% 11/01/24   125,000    115,686 
City & County of Denver Co. Airport System Revenue          
Revenue Bond, 0.877% 11/15/23   20,000    19,381 
Revenue Bond, 1.115% 11/15/24   30,000    28,087 
City of Atlanta GA Water & Wastewater Revenue          
Revenue Bond, 0.407% 11/01/23   15,000    14,496 
Revenue Bond, 0.616% 11/01/24   15,000    13,916 
Dallas Area Rapid Transit          
Revenue Bond, 0.541% 12/01/23   10,000    9,628 
Revenue Bond, 0.761% 12/01/24   10,000    9,298 
State of Illinois, General Obligation          
2.840% 10/01/23   485,000    477,398 
Tobacco Settlement Finance Authority          
Revenue Bond, 1.193% 6/01/23   50,000    49,183 
Revenue Bond, 1.497% 6/01/24   65,000    61,646 
         798,719 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $825,000)		        798,719 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.5%          
Automobile Asset-Backed Securities — 1.0%          
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C          
1.060% 8/18/26   120,000    113,727 
Capital One Prime Auto Receivables Trust, Series 2020-1, Class A4          
1.630% 8/15/25   140,000    135,823 
CarMax Auto Owner Trust, Series 2021-1, Class A3          
0.340% 12/15/25   89,048    86,101 
Enterprise Fleet Financing LLC          
5.760% 10/22/29 (a)   345,000    346,147 
Ford Credit Auto Owner Trust          
5.270% 5/17/27   265,000    267,929 
Mercedes-Benz Auto Receivables Trust          
5.210% 8/16/27   370,000    372,915 

 

 

 

 

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
World Omni Auto Receivables Trust          
5.700% 2/15/29  $425,000   $425,027 
         1,747,669 
Other Asset-Backed Securities — 0.6%          
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A          
3.280% 9/26/33 (a)   38,719    36,379 
CNH Equipment Trust          
5.150% 4/17/28   265,000    263,993 
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A          
2.730% 4/25/28 (a)   175,401    173,427 
MVW Owner Trust, Series 2018-1A, Class A          
3.450% 1/21/36 (a)   55,274    53,033 
Sierra Receivables Funding LLC, Series 2019-3A, Class A          
2.340% 8/20/36 (a)   36,032    34,858 
Verizon Master Trust          
Series 2021-1, Class A, 0.500% 5/20/27   291,000    272,938 
5.230% 11/22/27   335,000    337,223 
         1,171,851 
Student Loans Asset-Backed Securities — 0.5%          
Navient Private Education Refi Loan Trust          
Series 2021-EA, Class A, 0.970% 12/16/69 (a)   167,257    141,409 
Series 2019-GA, Class A, 2.400% 10/15/68 (a)   111,589    102,116 
Nelnet Student Loan Trust, Series 2021-CA, Class AFX          
1.320% 4/20/62 (a)   496,098    438,731 
SMB Private Education Loan Trust          
Series 2016-B, Class A2A, 2.430% 2/17/32 (a)   84,284    79,754 
Series 2017-B, Class A2A, 2.820% 10/15/35 (a)   177,178    170,254 
Series 2017-A, Class A2A, 2.880% 9/15/34 (a)   55,068    53,164 
         985,428 
Whole Loan Collateral Collateralized Mortgage Obligations — 2.3%          
Bayview MSR Opportunity Master Fund Trust, Series 2021-2, Class A5,          
2.500% VRN 6/25/51 (a) (b)   344,255    296,328 
COLT Mortgage Loan Trust, Series 2021-6, Class A1,          
1.907% VRN 12/25/66 (a) (b)   551,045    468,046 
Credit Suisse Mortgage Trust, Series 2021-RPL6, Class A1,          
2.000% VRN 10/25/60 (a) (b)   290,066    249,120 
Flagstar Mortgage Trust, Series 2021-5INV, Class A5,          
2.500% VRN 7/25/51 (a) (b)   363,230    312,208 
Galton Funding Mortgage Trust, Series 2020-H1, Class A3,          
2.617% VRN 1/25/60 (a) (b)   153,972    136,360 
GS Mortgage-Backed Securities Trust, Series 2022-GR1, Class A5,          
2.500% VRN 6/25/52 (a) (b)   701,995    599,876 
JP Morgan Mortgage Trust, Series 2019-INV2, Class A3,          
3.500% VRN 2/25/50 (a) (b)   19,039    16,841 
Metlife Securitization Trust, Series 2018-1A, Class A,          
3.750% VRN 3/25/57 (a) (b)   86,449    80,261 
NYMT Loan Trust, Series 2022-CP1, Class A1          
2.042% 7/25/61 (a)   297,952    262,538 
Onslow Bay Financial LLC          
Series 2022-NQM1, Class A1, 2.305% VRN 11/25/61 (a) (b)   267,013    228,394 
Series 2019-EXP1, Class 1A3, 4.000% VRN 1/25/59 (a) (b)   36,429    34,679 
Series 2019-EXP2, Class 1A3, 4.000% VRN 6/25/59 (a) (b)   73,514    66,428 

 

 

 

 

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2020-EXP1, Class 2A1, 1 mo. USD LIBOR + .750% 5.139% FRN 2/25/60 (a)  $19,282   $17,515 
Series 2019-EXP3, Class 2A1, 1 mo. USD LIBOR + .900% 5.289% FRN 10/25/59 (a)   32,231    30,038 
Sequoia Mortgage Trust          
Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (a) (b)   14,719    13,435 
Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (a) (b)   40,020    37,156 
Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (a) (b)   8,134    7,395 
Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (a) (b)   2,756    2,678 
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (a) (b)   1,093    1,079 
SG Residential Mortgage Trust, Series 2021-1, Class A1,          
1.160% VRN 7/25/61 (a) (b)   395,946    310,886 
Starwood Mortgage Residential Trust, Series 2021-3, Class A1,          
1.127% VRN 6/25/56 (a) (b)   352,659    287,514 
Towd Point Mortgage Trust          
Series 2017-6, Class A1, 2.750% VRN 10/25/57 (a) (b)   68,085    64,033 
Series 2018-2, Class A1, 3.250% VRN 3/25/58 (a) (b)   79,212    75,061 
Series 2018-5, Class A1A, 3.250% VRN 7/25/58 (a) (b)   53,459    49,994 
Series 2018-3, Class A1, 3.750% VRN 5/25/58 (a) (b)   44,967    42,286 
Verus Securitization Trust          
Series 2021-3, Class A1, 1.046% VRN 6/25/66 (a) (b)   337,000    277,810 
Series 2020-1, Class A1, 2.417% STEP 1/25/60 (a)   52,358    49,194 
Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3,          
2.500% VRN 12/25/50 (a) (b)   284,545    244,931 
         4,262,084 
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%          
Galton Funding Mortgage Trust, Series 2018-1, Class A33,          
3.500% VRN 11/25/57 (a) (b)   54,445    47,952 
Onslow Bay Financial LLC          
Series 2020-INV1, Class A21, 3.500% VRN 12/25/49 (a) (b)   30,870    26,219 
Series 2020-EXP1, Class 1A9, 3.500% VRN 2/25/60 (a) (b)   60,540    52,342 
Series 2019-EXP3, Class 2A2, 1 mo. USD LIBOR + 1.100% 5.489% FRN 10/25/59 (a)   18,099    16,990 
         143,503 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $9,185,228)		        8,310,535 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (c) — 1.1%          
Collateralized Mortgage Obligations — 0.0%          
Government National Mortgage Association
Series 2019-65, Class B 3.500% 5/20/49		   52,940    49,868 
Whole Loans — 1.1%          
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes          
Series 2022-DNA1, Class M1A, 30 day SOFR + 1.000% 4.928% FRN 1/25/42 (a)   572,021    558,347 
Series 2022-DNA2, Class M1A, 30 day SOFR + 1.300% 5.228% FRN 2/25/42 (a)   218,020    215,614 
Series 2022-DNA3, Class M1A, 30 day SOFR + 2.000% 5.928% FRN 4/25/42 (a)   455,530    454,521 
Series 2022-DNA5, Class M1A, 30 day SOFR + 2.950% 6.878% FRN 6/25/42 (a)   93,107    94,131 
Federal National Mortgage Association Connecticut Avenue Securities Trust          

 

 

 

 

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2022-R01, Class 1M1, 30 day SOFR + 1.000% 4.928% FRN 12/25/41 (a)  $308,788   $304,654 
Series 2018-C03, Class 1EB2, 1 mo. USD LIBOR + .850% 5.239% FRN 10/25/30   233,647    232,172 
Series 2018-C03, Class 1ED2, 1 mo. USD LIBOR + .850% 5.239% FRN 10/25/30   13,178    13,128 
Series 2017-C05, Class 1ED3, 1 mo. USD LIBOR + 1.200% 5.589% FRN 1/25/30   10,404    10,403 
Series 2017-C06, Class 1M2B, 1 mo. USD LIBOR + 2.650% 7.039% FRN 2/25/30   137,931    138,786 
         2,021,756 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $2,092,435)		        2,071,624 
           
U.S. TREASURY OBLIGATIONS — 93.4%          
U.S. Treasury Bonds & Notes — 93.4%          
U.S. Treasury Inflation Index          
0.125% 10/15/24   12,021,432    11,583,463 
0.125% 4/15/25   20,348,520    19,405,811 
0.125% 10/15/25   12,026,514    11,438,577 
0.125% 4/15/26   2,701,249    2,541,777 
0.125% 7/15/26   1,634,925    1,542,003 
0.125% 10/15/26   12,295,260    11,535,772 
0.125% 4/15/27   18,791,351    17,529,908 
0.250% 1/15/25   9,396,124    9,018,811 
0.375% 7/15/25   12,823,941    12,325,260 
0.375% 1/15/27   11,301,693    10,667,886 
0.375% 7/15/27   5,098,156    4,809,742 
0.500% 4/15/24 (d)   17,946,614    17,459,742 
0.625% 1/15/26   6,303,934    6,056,209 
0.625% 7/15/32   2,222,162    2,037,560 
1.625% 10/15/27   18,256,700    18,254,561 
U.S. Treasury Notes          
4.500% 11/30/24 (e)   17,540,000    17,550,571 
         173,757,653 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $182,276,828)		        173,757,653 
           
TOTAL BONDS & NOTES
(Cost $194,883,807)		        185,439,565 
           
           
   Number of
Shares		    
MUTUAL FUNDS — 9.6%          
Diversified Financial Services — 9.6%          
State Street Navigator Securities Lending Government Money Market Portfolio (f)   17,976,450    17,976,450 
           
TOTAL MUTUAL FUNDS
(Cost $17,976,450)		        17,976,450 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $212,860,257)		        203,416,015 
           

 

 

 

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
SHORT-TERM INVESTMENTS — 0.4%          
           
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund   9,008   $9,008 
         
   Principal
Amount		     
Repurchase Agreement — 0.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (g)  $690,381    690,381 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $699,389)		        699,389 
           
TOTAL INVESTMENTS — 109.7%
(Cost $213,559,646) (h)		        204,115,404 
           
Other Assets/(Liabilities) — (9.7)%        (18,111,253) 
           
NET ASSETS — 100.0%       $186,004,151 

 

Abbreviation Legend

FRN Floating Rate Note
STEP Step Up Bond
VRN Variable Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $8,163,160 or 4.39% of net assets.
(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022.
(c) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(d) All or a portion of this security is pledged/held as collateral for open derivatives.
(e) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $17,622,679 or 9.47% of net assets. (Note 2).
(f) Represents investment of security lending cash collateral. (Note 2).
(g) Maturity value of $690,480. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $704,284.
(h) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
U.S. Treasury Note 2 Year  3/31/23   39   $8,035,332   $(37,285) 
Short               
U.S. Treasury Ultra 10 Year  3/22/23   50   $(6,040,259)   $126,196 

 

Centrally Cleared Interest Rate Swaps
Paid by the Fund  Received by the Fund                      
Rate/ Reference  Frequency  Rate/ Reference   Frequency   Termination Date   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
Fixed 3.135%  Maturity   U.S. Consumer Price Index    Maturity    8/03/23   USD   4,650,000   $267,598   $—   $267,598
Fixed 2.960%  Maturity   U.S. Consumer Price Index    Maturity    8/02/24   USD   1,376,000    79,455    —    79,455
Fixed 2.952%  Maturity   U.S. Consumer Price Index    Maturity    8/03/24   USD   3,133,000    180,769    —    180,769
Fixed 3.112%  Maturity   U.S. Consumer Price Index    Maturity    8/22/24   USD   1,370,000    (11,221)    —    (11,221)
Fixed 3.129%  Maturity   U.S. Consumer Price Index    Maturity    8/22/24   USD   1,370,000    (11,653)    —    (11,653)
Fixed 3.320%  Maturity   U.S. Consumer Price Index    Maturity    8/30/24   USD   1,370,000    (20,615)    —    (20,615)
Fixed 2.962%  Maturity   U.S. Consumer Price Index    Maturity    9/15/25   USD   4,046,000    (50,525)    —    (50,525)
Fixed 2.715%  Maturity   U.S. Consumer Price Index    Maturity    10/03/25   USD   1,383,000    (6,471)    —    (6,471)
Fixed 2.739%  Maturity   U.S. Consumer Price Index    Maturity    10/03/25   USD   891,000    (4,774)    —    (4,774)
Fixed 2.535%  Maturity   U.S. Consumer Price Index    Maturity    10/05/25   USD   891,000    461    —    461
Fixed 2.560%  Maturity   U.S. Consumer Price Index    Maturity    10/05/25   USD   891,000    (166)    —    (166)
Fixed 2.665%  Maturity   U.S. Consumer Price Index    Maturity    10/06/25   USD   906,000    (2,797)    —    (2,797)
Fixed 2.685%  Maturity   U.S. Consumer Price Index    Maturity    10/11/25   USD   906,000    (3,036)    —    (3,036) 
                             $417,025   $—   $417,025

 

OTC Interest Rate Swaps
Paid by the Fund  Received by the Fund   
Rate/ Reference  Frequency   Rate/ Reference  Frequency  Counterparty  Termination Date  Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
Fixed 1.600%  Maturity   U.S. Consumer Price Index  Maturity  Bank of America N.A.  2/21/23  USD 3,638,000   $384,318  $—   $384,318
Fixed 1.593%  Maturity   U.S. Consumer Price Index  Maturity  Citibank N.A.  2/18/23  USD 1,311,000    139,022   —    139,022
Fixed 1.596%  Maturity   U.S. Consumer Price Index  Maturity  Citibank N.A.  2/18/23  USD 1,789,000    189,518   —    189,518
Fixed 1.592%  Maturity   U.S. Consumer Price Index  Maturity  Citibank N.A.  2/20/23  USD 2,867,000    303,912   —    303,912
Fixed 1.487%  Maturity   U.S. Consumer Price Index  Maturity  Citibank N.A.  2/26/23  USD 2,061,000    223,527   —    223,527
Fixed 1.605%  Maturity   U.S. Consumer Price Index  Maturity  Goldman Sachs International  2/21/23  USD 2,993,000    315,719   —    315,719
Fixed 1.565%  Maturity   U.S. Consumer Price Index  Maturity  HSBC Bank USA  2/25/23  USD 2,241,000    237,911   —    237,911
Fixed 2.290%  Maturity   U.S. Consumer Price Index  Maturity  UBS AG  6/05/23  USD 1,700,000    139,004   —    139,004
                         $1,932,931   $—   $1,932,931 

  

Currency Legend

USD U.S. Dollar

 

 

 

MassMutual Select T. Rowe Price Real Assets Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 91.3%          
           
COMMON STOCK — 90.3%          
Australia — 9.8%          
ALS Ltd.   175,484   $1,459,405 
BHP Group Ltd.   309,513    9,582,901 
BlueScope Steel Ltd.   93,462    1,065,320 
Capricorn Metals Ltd. (a)   20,746    63,232 
Goodman Group   71,316    837,864 
IGO Ltd.   86,004    781,636 
Northern Star Resources Ltd.   347,671    2,545,870 
OZ Minerals Ltd.   67,015    1,253,911 
Perseus Mining Ltd.   1,282,216    1,799,543 
Rio Tinto Ltd.   23,301    1,836,358 
Scentre Group   281,941    548,222 
South32 Ltd.   225,315    609,909 
Tietto Minerals Ltd. (a)   1,633,642    783,321 
         23,167,492 
Belgium — 0.3%          
Warehouses De Pauw CVA   20,594    588,878 
Bermuda — 0.3%          
Hongkong Land Holdings Ltd.   170,100    780,099 
Brazil — 0.2%          
Vale SA   27,582    468,472 
Canada — 7.2%          
Canadian Apartment Properties   14,198    447,541 
Canadian National Railway Co.   6,270    744,806 
Canadian Natural Resources Ltd.   15,674    870,405 
Canadian Pacific Railway Ltd.   9,333    696,148 
ERO Copper Corp. (a) (b)   21,559    296,794 
Franco-Nevada Corp.   14,172    1,931,851 
Granite REIT   8,121    414,327 
K92 Mining, Inc. (a)   280,184    1,587,157 
Karora Resources, Inc. (a)   291,722    1,001,852 
Nutrien Ltd.   46,651    3,406,923 
Orla Mining Ltd. (a)   119,037    481,775 
Osisko Mining, Inc. (a)   124,665    322,251 
Rhyolite Resources Ltd. (a)   214,075    23,716 
StorageVault Canada, Inc. (b)   64,423    286,430 
TC Energy Corp.   13,378    533,247 
Toromont Industries Ltd.   18,291    1,319,951 
Victoria Gold Corp. (a)   85,341    450,656 
Wesdome Gold Mines Ltd. (a)   270,421    1,493,906 
West Fraser Timber Co. Ltd. (b)   2,397    173,083 
Wheaton Precious Metals Corp.   14,778    577,368 
         17,060,187 

 

 

 

 

MassMutual Select T. Rowe Price Real Assets Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Cayman Islands — 0.5%          
H World Group Ltd.   71,800   $309,018 
Wharf Real Estate Investment Co. Ltd.   132,000    769,577 
         1,078,595 
Denmark — 0.4%          
Bakkafrost P/F   11,358    709,957 
ROCKWOOL International A/S Class B   1,182    278,832 
         988,789 
Finland — 1.3%          
Kojamo OYJ   34,041    504,336 
Metso Outotec OYJ   182,791    1,885,835 
UPM-Kymmene OYJ   20,751    777,871 
         3,168,042 
France — 2.3%          
Gecina SA   2,431    247,681 
Legrand SA   4,183    336,804 
Schneider Electric SE   4,099    576,481 
TotalEnergies SE (b)   59,876    3,737,170 
Verallia SA (c)   14,375    487,024 
         5,385,160 
Hong Kong — 0.3%          
Sun Hung Kai Properties Ltd.   55,000    752,654 
Ireland — 0.8%          
Linde PLC   6,084    1,984,479 
Japan — 2.5%          
Hoshino Resorts REIT, Inc.   73    393,499 
Industrial & Infrastructure Fund Investment Corp.   494    571,321 
Invincible Investment Corp.   694    268,273 
Katitas Co. Ltd.   19,200    441,583 
Kyoritsu Maintenance Co. Ltd. (b)   8,300    372,018 
Mitsui Fudosan Co. Ltd.   57,800    1,055,945 
Mitsui Fudosan Logistics Park, Inc.   125    458,082 
Nippon Steel Corp.   84,200    1,466,003 
Shin-Etsu Chemical Co. Ltd.   2,100    255,854 
Tokyo Tatemono Co. Ltd. (b)   36,500    441,849 
Tokyu REIT, Inc.   163    256,859 
         5,981,286 
Kazakhstan — 0.5%          
NAC Kazatomprom JSC GDR (c)   45,740    1,285,767 
Luxembourg — 0.5%          
Ardagh Metal Packaging SA   45,374    218,249 
Shurgard Self Storage SA   10,781    495,565 
Tenaris SA ADR   11,781    414,220 
         1,128,034 

 

 

 

 

MassMutual Select T. Rowe Price Real Assets Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Mexico — 0.2%          
Grupo Mexico SAB de CV Series B   124,209   $437,901 
Netherlands — 0.4%          
Akzo Nobel NV   7,372    491,904 
Schlumberger NV   6,491    347,009 
         838,913 
Norway — 1.7%          
Equinor ASA   61,388    2,201,889 
Norsk Hydro ASA   204,633    1,532,602 
TGS ASA   25,118    339,825 
         4,074,316 
Portugal — 0.4%          
Galp Energia SGPS SA   70,111    948,704 
Republic of Korea — 0.8%          
Korea Zinc Co. ,Ltd.   483    216,692 
POSCO Holdings, Inc.   7,143    1,572,244 
         1,788,936 
Russia — 0.0%          
Alrosa PJSC (a) (d) (e)   688,100    — 
MMC Norlisk Nickel PJSC (d) (e)   2,654    — 
Polyus PJSC (a) (d) (e)   2,282    — 
         — 
Singapore — 0.5%          
CapitaLand Mall Trust   518,600    790,751 
Digital Core REIT Management Pte Ltd. (b)   470,000    256,873 
Lendlease Global Commercial REIT   445,200    234,474 
         1,282,098 
South Africa — 0.1%          
Impala Platinum Holdings Ltd.   14,600    182,541 
Sibanye Stillwater Ltd.   46,655    123,871 
         306,412 
Spain — 0.2%          
Cellnex Telecom SA (c)   10,222    339,939 
Iberdrola SA   20,448    239,190 
         579,129 
Sweden — 3.2%          
Alfa Laval AB   14,096    407,893 
Boliden AB   75,394    2,835,161 
Epiroc AB Class A   59,413    1,085,733 
Epiroc AB Class B   34,720    559,643 
Sandvik AB   125,606    2,267,844 
Svenska Cellulosa AB Class B   28,847    364,751 
         7,521,025 

 

 

 

 

MassMutual Select T. Rowe Price Real Assets Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
United Kingdom — 6.5%          
Adriatic Metals PLC (a)   121,138   $256,062 
Anglo American PLC   10,435    408,141 
Big Yellow Group PLC   23,573    327,231 
Central Asia Metals PLC   250,514    751,474 
Derwent London PLC   14,286    409,297 
Glencore PLC   517,314    3,459,162 
Great Portland Estates PLC   75,276    449,357 
InterContinental Hotels Group PLC   9,143    526,259 
Mondi PLC   7,021    119,241 
Persimmon PLC   12,977    191,555 
Rio Tinto PLC   55,178    3,871,631 
Shell PLC   48,729    1,384,767 
TechnipFMC PLC (a)   54,314    662,088 
The UNITE Group PLC   49,777    548,092 
The Weir Group PLC   106,547    2,138,286 
         15,502,643 
United States — 49.4%          
Acadia Realty Trust   69,502    997,354 
AGCO Corp.   2,476    343,396 
Air Products & Chemicals, Inc.   3,280    1,011,093 
Alaska Air Group, Inc. (a)   7,499    322,007 
Albemarle Corp.   1,158    251,124 
Alexandria Real Estate Equities, Inc.   15,373    2,239,385 
Allegiant Travel Co. (a)   4,480    304,595 
Ameren Corp.   3,486    309,975 
American Homes 4 Rent Class A   59,488    1,792,968 
American Tower Corp.   13,950    2,955,447 
Apartment Income REIT Corp.   12,552    430,659 
Apple Hospitality REIT, Inc.   81,679    1,288,895 
AvalonBay Communities, Inc.   13,591    2,195,218 
Avery Dennison Corp.   2,505    453,405 
Baker Hughes Co.   13,450    397,178 
Ball Corp.   23,894    1,221,939 
Cactus, Inc. Class A   10,160    510,642 
Camden Property Trust   12,480    1,396,262 
Caterpillar, Inc.   2,591    620,700 
CF Industries Holdings, Inc.   9,003    767,056 
ChampionX Corp.   17,020    493,410 
Chesapeake Energy Corp.   7,011    661,628 
Chevron Corp.   13,955    2,504,783 
CMS Energy Corp.   4,340    274,852 
ConocoPhillips   33,963    4,007,634 
Crown Castle, Inc.   10,007    1,357,349 
Crown Holdings, Inc.   5,366    441,139 
CSX Corp.   20,517    635,617 
CubeSmart   47,934    1,929,343 
Cummins, Inc.   3,364    815,064 
Darling Ingredients, Inc. (a)   14,256    892,283 
Deere & Co.   3,089    1,324,440 
Delta Air Lines, Inc. (a)   18,083    594,207 
Devon Energy Corp.   27,028    1,662,492 
Dominion Energy, Inc.   5,209    319,416 
Douglas Emmett, Inc.   42,298    663,233 
DTE Energy Co.   2,281    268,086 
EastGroup Properties, Inc.   7,347    1,087,797 

 

 

 

 

MassMutual Select T. Rowe Price Real Assets Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Element Solutions, Inc.   18,022   $327,820 
EOG Resources, Inc.   19,874    2,574,080 
Equinix, Inc.   7,247    4,747,002 
Equity LifeStyle Properties, Inc.   48,645    3,142,467 
Equity Residential   36,734    2,167,306 
Essex Property Trust, Inc.   8,349    1,769,320 
Extra Space Storage, Inc.   2,685    395,178 
Federal Realty Investment Trust   1,179    119,126 
FMC Corp.   8,497    1,060,426 
Frontier Group Holdings, Inc. (a)   57,385    589,344 
Halliburton Co.   14,206    559,006 
Hess Corp.   16,547    2,346,695 
Hilton Worldwide Holdings, Inc.   9,781    1,235,927 
Host Hotels & Resorts, Inc.   24,016    385,457 
The Howard Hughes Corp. (a)   2,798    213,823 
Hubbell, Inc.   3,184    747,221 
International Paper Co.   13,275    459,713 
JetBlue Airways Corp. (a)   30,447    197,297 
Kilroy Realty Corp.   17,539    678,233 
Kimco Realty Corp.   22,104    468,163 
Liberty Energy, Inc.   11,750    188,117 
Magnolia Oil & Gas Corp. Class A   29,887    700,850 
Marriott International, Inc. Class A   3,604    536,600 
Martin Marietta Materials, Inc.   2,750    929,417 
Newmont Corp.   24,133    1,139,078 
NextEra Energy, Inc.   3,192    266,851 
Norfolk Southern Corp.   4,253    1,048,024 
Nucor Corp.   18,462    2,433,476 
Packaging Corp. of America   7,287    932,080 
Pebblebrook Hotel Trust   56,658    758,651 
Pioneer Natural Resources Co.   8,047    1,837,854 
Prologis, Inc.   47,445    5,348,475 
Public Storage   13,894    3,892,960 
Quanta Services, Inc.   3,354    477,945 
Rayonier, Inc.   28,611    943,019 
Regency Centers Corp.   36,530    2,283,125 
Reliance Steel & Aluminum Co.   17,464    3,535,412 
Rexford Industrial Realty, Inc.   40,167    2,194,725 
Royal Gold, Inc.   1,988    224,087 
RPM International, Inc.   10,239    997,791 
SBA Communications Corp.   8,352    2,341,149 
Sempra Energy   3,741    578,134 
The Sherwin-Williams Co.   5,815    1,380,074 
Shoals Technologies Group, Inc. Class A (a)   16,210    399,901 
Simon Property Group, Inc.   27,395    3,218,365 
SL Green Realty Corp. (b)   5,865    197,768 
The Southern Co.   7,636    545,287 
Southern Copper Corp.   16,032    968,172 
Southwest Airlines Co. (a)   16,219    546,094 
Steel Dynamics, Inc.   27,357    2,672,779 
Sun Country Airlines Holdings, Inc. (a)   36,393    577,193 
Terreno Realty Corp.   30,495    1,734,251 
Union Pacific Corp.   4,864    1,007,188 
United Airlines Holdings, Inc. (a)   14,314    539,638 
Ventas, Inc.   32,412    1,460,161 
Vulcan Materials Co.   7,816    1,368,660 
Welltower, Inc.   34,523    2,262,983 
WestRock Co.   6,625    232,935 

 

 

 

 

MassMutual Select T. Rowe Price Real Assets Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Weyerhaeuser Co.   21,859   $677,629 
Xcel Energy, Inc.   3,205    224,703 
         117,527,276 
           
TOTAL COMMON STOCK
(Cost $220,608,621)		        214,625,287 
           
PREFERRED STOCK — 1.0%          
United States — 1.0%          
Jetti Holdings, Inc., Series C, (Acquired 5/24/21-6/30/21, Cost $130,426) (a) (d) (e) (f)    2,253    299,406 
KoBold Metals, Inc., Series B-1, (Acquired 1/10/22, Cost $670,800) (a) (d) (e) (f)   24,472    670,800 
Lilac Solutions, Inc., Series B, (Acquired 9/08/21, Cost $329,342) (a) (d) (e) (f)   25,087    342,438
NextEra Energy, Inc. Convertible 5.279%   18,013    913,258 
         2,225,902 
           
TOTAL PREFERRED STOCK
(Cost $1,992,987)		        2,225,902 
           
TOTAL EQUITIES
(Cost $222,601,608)		        216,851,189 
           
MUTUAL FUNDS — 5.2%          
United States — 5.2%          
Industrial Select Sector SPDR Fund (b)   29,594    2,906,427 
iShares MSCI Global Metals & Mining Producers ETF (b)   34,821    1,427,661 
SPDR S&P Homebuilders ETF (b)   18,861    1,137,695 
SPDR S&P Oil & Gas Exploration & Production ETF   6,166    837,836 
State Street Navigator Securities Lending Government Money Market Portfolio (g)   5,162,960    5,162,960 
VanEck Oil Services ETF   2,574    782,625 
         12,255,204 
           
TOTAL MUTUAL FUNDS
(Cost $12,235,698)		        12,255,204 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $234,837,306)		        229,106,393 
           
SHORT-TERM INVESTMENTS — 5.6%          
Mutual Fund — 2.9%          
T. Rowe Price Government Reserve Investment Fund   6,947,754    6,947,754 
           
Repurchase Agreement — 0.4%  Principal
Amount		      
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h)  $992,019    992,019 

 

 

 

 

MassMutual Select T. Rowe Price Real Assets Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
U.S. Treasury Bill — 2.3%          
U.S. Treasury Bill          
3.324% 2/16/23 (i) (j)  $1,490,000   $1,482,590 
3.607% 2/16/23 (i)   100,000    99,503 
4.584% 5/18/23 (i) (j)   4,000,000    3,932,284 
         5,514,377 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,455,257)		        13,454,150 
           
TOTAL INVESTMENTS — 102.1%
(Cost $248,292,563) (k)		        242,560,543 
           
Other Assets/(Liabilities) — (2.1)%        (4,867,983) 
           
NET ASSETS — 100.0%       $237,692,560 

 

Abbreviation Legend

ADR American Depositary Receipt
ETF Exchange-Traded Fund
GDR Global Depositary Receipt
REIT Real Estate Investment Trust

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $5,953,434 or 2.50% of net assets. The Fund received $972,229 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(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 December 31, 2022, the aggregate market value of these securities amounted to $2,112,730 or 0.89% of net assets.
(d) Investment is valued using significant unobservable inputs.
(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $1,312,644 or 0.55% of net assets.
(f) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $1,312,644 or 0.55% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $992,160. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,011,870.
(i) The rate shown represents yield-to-maturity.
(j) All or a portion of this security is pledged/held as collateral for open derivatives.
(k) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
BNP Paribas SA  1/04/23  BRL  6,139,450   USD  1,176,658   $(13,828) 
BNP Paribas SA  1/04/23  USD  1,162,775   BRL  6,139,450    (55) 
BNP Paribas SA  2/02/23  BRL  6,139,450   USD  1,155,890    604 
Deutsche Bank AG  1/13/23  NOK  11,199,430   USD  1,124,181    19,426 
Deutsche Bank AG  1/13/23  NOK  11,191,470   EUR  1,060,642    6,719 
Goldman Sachs International  1/13/23  USD  1,116,028   SEK  11,506,470    12,741 
Morgan Stanley & Co. LLC  1/04/23  USD  1,176,658   BRL  6,139,450    13,828 
Morgan Stanley & Co. LLC  1/04/23  BRL  6,139,450   USD  1,131,685    31,145
                    $70,580

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Long               
SPI 200 Index  3/16/23   13   $1,586,358  $(39,194) 
Xab Materials  3/17/23   21    1,821,392   (79,652) 
Xae Energy  3/17/23   102    8,953,402    434,678 
                $315,832 
Short               
U.S. Treasury Note 10 Year  3/22/23   29   $(3,265,404)  $8,795 
U.S. Treasury Ultra Bond  3/22/23   9    (1,206,269)    (2,544) 
                $6,251 

 

Centrally Cleared Interest Rate Swaps
Paid by the Fund  Received by the Fund                      
Rate/ Reference  Frequency  Rate/ Reference   Frequency   Termination Date   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
12-Month USD SOFR  Annually   Fixed 4.547%    Annually    5/18/23   USD   3,625,000   $(2,412)   $—   $(2,412) 

 

Currency Legend

BRL Brazilian Real
EUR Euro
NOK Norwegian Krone
SEK Swedish Krona
USD U.S. Dollar

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 96.7%          
           
COMMON STOCK — 94.7%          
Basic Materials — 2.5%          
Chemicals — 1.0%          
AgroFresh Solutions, Inc. (a)   60,688   $179,637 
Element Solutions, Inc.   106,731    1,941,436 
H.B. Fuller Co.   3,322    237,922 
Hawkins, Inc.   7,142    275,681 
Orion Engineered Carbons SA   27,005    480,959 
PPG Industries, Inc.   5,570    700,372 
Quaker Chemical Corp.   8,656    1,444,686 
RPM International, Inc.   14,100    1,374,045 
         6,634,738 
Forest Products & Paper — 0.1%          
Clearwater Paper Corp. (a)   11,492    434,512 
West Fraser Timber Co. Ltd. (b)   4,079    294,538 
         729,050 
Holding Companies-Diversified — 0.0%          
Dynamics Special Purpose Corp., Founders Shares (Acquired 12/22/21, Cost $0) (a) (c) (d)   607    813 
Iron & Steel — 0.2%          
Carpenter Technology Corp.   13,411    495,403 
Haynes International, Inc.   10,383    474,399 
Reliance Steel & Aluminum Co.   3,543    717,245 
         1,687,047 
Mining — 1.2%          
AngloGold Ashanti Ltd. Sponsored ADR   45,324    880,192 
Cameco Corp.   86,925    1,970,590 
Constellium SE (a)   100,825    1,192,760 
ERO Copper Corp. (a) (b)   13,723    188,919 
Franco-Nevada Corp.   13,543    1,846,109 
Freeport-McMoRan, Inc.   21,184    804,992 
Fresnillo PLC   163,284    1,772,539 
         8,656,101 
         17,707,749 
Communications — 3.0%          
Advertising — 0.4%          
Advantage Solutions, Inc. (a)   67,419    140,232 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Boston Omaha Corp. Class A (a)   19,960   $528,940 
The Trade Desk, Inc. Class A (a)   45,700    2,048,731 
         2,717,903 
Internet — 0.5%          
Bumble, Inc. Class A (a)   14,599    307,309 
Deliveroo PLC (a) (e)   159,333    165,170 
Farfetch Ltd. Class A (a) (b)   71,633    338,824 
Figs, Inc. Class A (a)   35,662    240,005 
Match Group, Inc. (a)   9,000    373,410 
Open Lending Corp. Class A (a)   100,599    679,043 
Opendoor Technologies, Inc. (a) (b)   66,249    76,849 
Palo Alto Networks, Inc. (a)   2,100    293,034 
Rover Group, Inc., Earnout Shares 16.00 (Acquired 8/02/21, Cost $0) (a) (c) (d) (f)   15,883    321 
Spotify Technology SA (a)   9,500    750,025 
Upwork, Inc. (a)   16,133    168,428 
         3,392,418 
Media — 1.4%          
DISH Network Corp. Class A (a)   46,278    649,743 
Liberty Media Corp-Liberty Formula One Class C (a)   33,000    1,972,740 
News Corp. Class A   237,946    4,330,617 
Paramount Global Class B   82,587    1,394,069 
Saga Communications, Inc. Class A   3,838    90,577 
Scholastic Corp.   38,511    1,519,644 
         9,957,390 
Telecommunications — 0.7%          
Arista Networks, Inc. (a)   8,582    1,041,426 
Clearfield, Inc. (a)   1,457    137,162 
Corning, Inc.   51,731    1,652,288 
Credo Technology Group Holding Ltd. (a)   14,700    195,657 
DigitalBridge Group, Inc.   41,495    453,955 
Harmonic, Inc. (a)   10,309    135,048 
Infinera Corp. (a) (b)   12,888    86,865 
Motorola Solutions, Inc.   5,700    1,468,947 
         5,171,348 
         21,239,059 
Consumer, Cyclical — 10.8%          
Airlines — 0.6%          
Allegiant Travel Co. (a)   9,734    661,815 
Southwest Airlines Co. (a)   103,916    3,498,852 
Sun Country Airlines Holdings, Inc. (a)   10,891    172,731 
         4,333,398 
Apparel — 0.8%          
adidas AG   5,754    785,479 
On Holding AG, Class A (a)   13,420    230,287 
Ralph Lauren Corp.   29,472    3,114,306 
Skechers U.S.A., Inc. Class A (a)   17,306    725,987 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Steven Madden Ltd.   16,279   $520,277 
         5,376,336 
Auto Manufacturers — 0.7%          
Blue Bird Corp. (a)   13,328    142,743 
General Motors Co.   52,874    1,778,682 
PACCAR, Inc.   22,260    2,203,072 
Rivian Automotive, Inc. Class A (a)   52,354    964,884 
         5,089,381 
Auto Parts & Equipment — 0.2%          
Dorman Products, Inc. (a)   6,924    559,944 
The Shyft Group, Inc.   3,660    90,987 
Visteon Corp. (a)   3,365    440,243 
         1,091,174 
Distribution & Wholesale — 0.6%          
IAA, Inc. (a)   8,186    327,440 
Pool Corp.   328    99,164 
SiteOne Landscape Supply, Inc. (a)   22,486    2,638,057 
ThredUp, Inc. Class A (a)   18,155    23,783 
Univar Solutions, Inc. (a)   24,527    779,959 
         3,868,403 
Entertainment — 0.5%          
Cinemark Holdings, Inc. (a)   16,212    140,396 
Madison Square Garden Entertainment Corp. (a)   17,798    800,376 
Madison Square Garden Sports Corp.   4,746    870,084 
Marriott Vacations Worldwide Corp.   6,456    868,913 
Red Rock Resorts, Inc. Class A   4,601    184,086 
Vail Resorts, Inc.   3,700    881,895 
         3,745,750 
Food Services — 0.2%          
Compass Group PLC   73,722    1,703,491 
Home Builders — 0.3%          
Cavco Industries, Inc. (a)   1,248    282,360 
Horizon Global Corp. (a)   39,691    15,432 
LCI Industries   3,585    331,433 
Meritage Home Corp. (a)   9,990    921,078 
Skyline Champion Corp. (a)   12,796    659,122 
         2,209,425 
Housewares — 0.2%          
The Scotts Miracle-Gro Co. (b)   29,201    1,418,877 
Leisure Time — 0.0%          
Peloton Interactive, Inc. Class A (a) (b)   13,105    104,054 
Rad Power Bikes, Inc., Class A (Acquired 1/22/21, Cost $69,082) (a) (c) (d) (f)   14,321    61,151 
         165,205 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Lodging — 0.8%          
Hilton Worldwide Holdings, Inc.   23,500   $2,969,460 
MGM Resorts International   73,082    2,450,439 
Wyndham Hotels & Resorts, Inc.   6,126    436,845 
         5,856,744 
Retail — 5.8%          
Academy Sports & Outdoors, Inc.   3,929    206,430 
Bath & Body Works, Inc.   57,543    2,424,862 
Beacon Roofing Supply, Inc. (a)   24,183    1,276,620 
Best Buy Co., Inc.   19,021    1,525,674 
BJ's Restaurants, Inc. (a)   25,908    683,453 
Burlington Stores, Inc. (a)   48,833    9,901,379 
Casey's General Stores, Inc.   8,700    1,951,845 
The Children's Place, Inc. (a)   3,954    144,005 
Chipotle Mexican Grill, Inc. (a)   720    998,993 
Chuy's Holdings, Inc. (a)   16,292    461,064 
Dollar General Corp.   10,200    2,511,750 
Dollar Tree, Inc. (a)   14,177    2,005,195 
Domino's Pizza, Inc.   5,250    1,818,600 
Dutch Bros, Inc., Class A (a) (b)   4,306    121,386 
Fiesta Restaurant Group, Inc. (a)   31,292    229,996 
Five Below, Inc. (a)   10,311    1,823,706 
Floor & Decor Holdings, Inc. Class A (a)   24,743    1,722,855 
Framebridge Future Contingency Payments (Acquired 5/19/20, Cost $10,553) (a) (c) (d) (f)   10,553    4,749 
Hibbett, Inc.   3,006    205,069 
LL Flooring Holdings, Inc. (a)   26,112    146,749 
Lululemon Athletica, Inc. (a)   1,300    416,494 
O'Reilly Automotive, Inc. (a)   2,100    1,772,463 
Ollie's Bargain Outlet Holdings, Inc. (a)   22,727    1,064,533 
Papa John's International, Inc.   24,402    2,008,529 
Petco Health & Wellness Co., Inc. (a) (b)   30,691    290,951 
Red Robin Gourmet Burgers, Inc. (a)   8,196    45,734 
RH (a)   1,026    274,137 
Ross Stores, Inc.   9,100    1,056,237 
Rush Enterprises, Inc. Class A   12,290    642,521 
Ruth's Hospitality Group, Inc.   13,108    202,912 
Sweetgreen, Inc. Class A (a) (b)   21,922    187,871 
Warby Parker, Inc. Class A (a)   50,185    676,996 
Wingstop, Inc.   6,961    957,973 
Winmark Corp.   1,103    260,120 
Yum! Brands, Inc.   5,300    678,824 
         40,700,675 
Textiles — 0.1%          
Bombas LLC. (Acquired 2/12/21, Cost $183,470) (a) (c) (d) (f)   41,514    145,714 
UniFirst Corp.   960    185,271 
         330,985 
         75,889,844 
Consumer, Non-cyclical — 24.7%          
Agriculture — 0.2%          
Bunge Ltd.   16,423    1,638,523 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Pax Labs, Inc., Class A (Acquired 4/18/19, Cost $218,578) (a) (c) (d) (f)   58,048   $38,312 
         1,676,835 
Beverages — 1.2%          
The Boston Beer Co., Inc. Class A (a)   6,120    2,016,662 
Carlsberg A/S Class B   14,520    1,922,107 
Coca-Cola Consolidated, Inc.   2,024    1,037,017 
Constellation Brands, Inc. Class A   6,885    1,595,599 
Monster Beverage Corp. (a)   15,384    1,561,937 
         8,133,322 
Biotechnology — 4.6%          
Abcam PLC Sponsored ADR (a)   74,906    1,165,537 
ACADIA Pharmaceuticals, Inc. (a)   5,060    80,555 
Akero Therapeutics, Inc. (a)   4,191    229,667 
Allogene Therapeutics, Inc. (a)   10,030    63,089 
Alnylam Pharmaceuticals, Inc. (a)   16,631    3,952,357 
Apellis Pharmaceuticals, Inc. (a)   35,578    1,839,738 
Argenx SE ADR (a)   9,646    3,654,194 
Avid Bioservices, Inc. (a)   23,873    328,731 
Avidity Biosciences, Inc. (a)   16,218    359,877 
BeiGene Ltd. ADR (a)   759    166,934 
Blueprint Medicines Corp. (a)   22,482    984,936 
C4 Therapeutics, Inc. (a)   6,196    36,556 
Cerevel Therapeutics Holdings, Inc. (a)   20,056    632,566 
Certara, Inc. (a)   12,280    197,340 
CinCor Pharma, Inc. (a)   1,598    19,639 
Corteva, Inc.   18,545    1,090,075 
CRISPR Therapeutics AG (a)   14,360    583,734 
Cytokinetics, Inc. (a)   2,900    132,878 
Day One Biopharmaceuticals, Inc. (a)   4,153    89,373 
Denali Therapeutics, Inc. (a)   9,991    277,850 
DICE Therapeutics, Inc. (a)   5,974    186,389 
Entrada Therapeutics, Inc. (a) (b)   6,271    84,784 
Exelixis, Inc. (a)   7,237    116,082 
Exscientia PLC ADR (a)   1,673    8,917 
Fate Therapeutics, Inc. (a)   6,240    62,962 
Generation Bio Co., (a)   36,471    143,331 
Gossamer Bio, Inc. (a) (b)   1,873    4,064 
HilleVax, Inc. (a)   7,986    133,606 
Horizon Therapeutics PLC (a)   14,200    1,615,960 
Icosavax, Inc. (a)   28,040    222,638 
Ideaya Biosciences, Inc. (a)   4,373    79,457 
IGM Biosciences, Inc. (a)   4,316    73,415 
Incyte Corp. (a)   1,235    99,195 
Insmed, Inc. (a)   69,484    1,388,290 
Intellia Therapeutics, Inc. (a)   6,338    221,133 
Ionis Pharmaceuticals, Inc. (a)   54,280    2,050,156 
Iovance Biotherapeutics, Inc. (a)   4,659    29,771 
IVERIC bio, Inc. (a)   6,489    138,930 
Karuna Therapeutics, Inc. (a)   8,794    1,728,021 
Keros Therapeutics, Inc. (a)   1,399    67,180 
Kymera Therapeutics, Inc. (a)   23,653    590,379 
MacroGenics, Inc. (a)   20,074    134,697 
MeiraGTx Holdings PLC (a)   2,135    13,920 
Mirati Therapeutics, Inc. (a)   1,304    59,084 
Monte Rosa Therapeutics, Inc. (a)   18,919    143,974 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
MorphoSys AG ADR (a)   49,980   $178,928 
NeoGenomics, Inc. (a)   18,974    175,320 
Nkarta, Inc. (a)   30,640    183,534 
Nurix Therapeutics, Inc. (a)   9,032    99,171 
Nuvalent, Inc., Class A (a)   1,032    30,733 
Olink Holding AB ADR (a) (b)   17,406    441,764 
Pliant Therapeutics, Inc. (a)   1,800    34,794 
Prime Medicine, Inc. (a)   1,434    26,644 
Prime Medicine, Inc. (Acquired 4/19/21, Cost $40,943) (a) (c) (d)   3,006    53,059 
Prothena Corp. PLC (a)   13,460    810,965 
PTC Therapeutics, Inc. (a)   1,285    49,048 
RAPT Therapeutics, Inc. (a)   14,192    281,002 
Relay Therapeutics, Inc. (a)   23,216    346,847 
Replimune Group, Inc. (a)   17,230    468,656 
Revolution Medicines, Inc. (a)   4,846    115,432 
Rocket Pharmaceuticals, Inc. (a)   2,287    44,757 
Sage Therapeutics, Inc. (a)   2,521    96,151 
Sana Biotechnology, Inc. (a) (b)   6,238    24,640 
Scholar Rock Holding Corp. (a)   27,439    248,323 
Seagen, Inc. (a)   5,600    719,656 
Seer, Inc. (a)   16,250    94,250 
Senti Biosciences, Inc. (a) (b)   5,462    7,701 
Syndax Pharmaceuticals, Inc. (a)   6,709    170,744 
Tenaya Therapeutics, Inc. (a)   20,228    40,658 
Ultragenyx Pharmaceutical, Inc. (a)   9,429    436,846 
Ventyx Biosciences, Inc. (a)   3,527    115,650 
Verve Therapeutics, Inc. (a)   11,371    220,029 
Xencor, Inc. (a)   28,938    753,546 
Zai Lab Ltd. ADR (a)   2,756    84,609 
Zentalis Pharmaceuticals, Inc. (a)   17,253    347,475 
         31,982,893 
Commercial Services — 5.4%          
Altus Group Ltd. (b)   3,533    141,007 
American Public Education, Inc. (a)   12,591    154,743 
Ashtead Group PLC   21,869    1,249,304 
Booz Allen Hamilton Holding Corp.   24,547    2,565,652 
Bright Horizons Family Solutions, Inc. (a)   44,676    2,819,056 
Clarivate PLC (a)   48,482    404,340 
CoStar Group, Inc. (a)   40,871    3,158,511 
Equifax, Inc.   18,151    3,527,828 
FleetCor Technologies, Inc. (a)   12,300    2,259,264 
FTI Consulting, Inc. (a)   2,248    356,982 
Global Payments, Inc.   16,278    1,616,731 
Green Dot Corp. Class A (a)   20,529    324,769 
Herc Holdings, Inc.   1,691    222,485 
Huron Consulting Group, Inc. (a)   4,914    356,756 
Legalzoom.com Inc. (a)   14,353    111,092 
MarketAxess Holdings, Inc.   6,975    1,945,258 
Monro, Inc.   24,814    1,121,593 
Multiplan Corp. (a) (b)   160,871    185,002 
Paylocity Holding Corp. (a)   20,080    3,900,741 
Payoneer Global, Inc. (a)   133,811    731,946 
PROG Holdings, Inc. (a)   15,007    253,468 
Rent the Runway, Inc. Class A (a)   14,550    44,378 
Rentokil Initial PLC   162,618    999,497 
SEACOR Marine Holdings Inc. (a)   41,333    378,610 
Strategic Education, Inc.   33,364    2,613,069 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Toast, Inc., Class A (a)   126,744   $2,285,194 
TransUnion   24,800    1,407,400 
United Rentals, Inc. (a)   2,800    995,176 
Verisk Analytics, Inc.   9,800    1,728,916 
WillScot Mobile Mini Holdings Corp. (a)   5,865    264,922 
         38,123,690 
Food — 1.8%          
Cal-Maine Foods, Inc.   3,197    174,077 
Campbell Soup Co.   9,770    554,447 
Flowers Foods, Inc.   137,380    3,948,301 
Grocery Outlet Holding Corp. (a)   904    26,388 
Nomad Foods Ltd. (a)   65,950    1,136,978 
Post Holdings, Inc. (a)   13,952    1,259,308 
The Simply Good Foods Co. (a)   19,991    760,258 
Sysco Corp.   37,801    2,889,886 
TreeHouse Foods, Inc. (a)   26,878    1,327,236 
Utz Brands, Inc. (b)   39,497    626,422 
         12,703,301 
Health Care – Products — 6.1%          
Adaptive Biotechnologies Corp. (a)   3,894    29,750 
Alcon, Inc.   22,200    1,521,810 
AtriCure, Inc. (a)   7,996    354,862 
Atrion Corp.   839    469,379 
Avantor, Inc. (a)   124,900    2,634,141 
Bruker Corp.   65,013    4,443,639 
The Cooper Cos., Inc.   8,400    2,777,628 
Cvrx, Inc. (a) (b)   4,148    76,116 
Dentsply Sirona, Inc.   76,492    2,435,505 
Exact Sciences Corp. (a)   10,500    519,855 
Gyroscope Therapeutics, Milesone Payment 1 (Acquired 2/18/22, Cost $31,900) (a) (c) (d) (f)   31,900    15,631 
Gyroscope Therapeutics, Milesone Payment 2 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (f)   21,260    5,740 
Gyroscope Therapeutics, Milesone Payment 3 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (f)   21,260    5,528 
Hologic, Inc. (a)   80,700    6,037,167 
ICU Medical, Inc. (a)   10,724    1,688,815 
Koninklijke Philips NV   116,702    1,751,608 
Lantheus Holdings, Inc. (a)   7,796    397,284 
Masimo Corp. (a)   3,600    532,620 
Neogen Corp. (a)   22,700    345,721 
Novocure Ltd. (a)   1,539    112,886 
Pacific Biosciences of California, Inc. (a)   43,436    355,306 
Penumbra, Inc. (a)   2,755    612,877 
PROCEPT BioRobotics Corp. (a)   17,229    715,693 
Quidelortho Corp. (a)   29,310    2,510,988 
Rapid Micro Biosystems, Inc., Class A (a) (b)   15,636    17,669 
Repligen Corp. (a)   13,139    2,224,564 
Sartorius Stedim Biotech   976    317,975 
Shockwave Medical, Inc. (a)   480    98,693 
Teleflex, Inc.   18,140    4,528,288 
Utah Medical Products, Inc.   3,032    304,807 
West Pharmaceutical Services, Inc.   8,374    1,970,821 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Zimmer Biomet Holdings, Inc.   25,216   $3,215,040 
         43,028,406 
Health Care – Services — 3.0%          
Acadia Healthcare Co., Inc. (a)   28,000    2,304,960 
Agiliti, Inc. (a) (b)   25,342    413,328 
agilon health, Inc. (a) (b)   10,261    165,613 
Catalent, Inc. (a)   47,854    2,153,908 
Centene Corp. (a)   22,282    1,827,347 
Charles River Laboratories International, Inc. (a)   9,010    1,963,279 
dentalcorp Holdings Ltd. (a) (b)   18,724    123,075 
The Ensign Group, Inc.   8,148    770,882 
Eurofins Scientific SE   5,559    400,314 
Flame Biosciences, Inc. (Acquired 9/28/20, Cost $60,083) (a) (c) (d) (f)   9,173    42,104 
Fresenius SE & Co. KGaA   38,141    1,073,092 
Ginkgo Bioworks, Inc., Earnout Shares 15.00 (Acquired 9/17/21, Cost $0) (a) (c) (d) (f)   874    462 
Ginkgo Bioworks, Inc., Earnout Shares 17.50 (Acquired 9/17/21, Cost $0) (a) (c) (d) (f)   874    418 
Ginkgo Bioworks, Inc., Earnout Shares 20.00 (Acquired 9/17/21, Cost $0) (a) (c) (d) (f)   874    381 
Innovage Holding Corp. (a)   41,043    294,689 
ModivCare, Inc. (a)   7,673    688,498 
Molina Healthcare, Inc. (a)   8,205    2,709,455 
The Pennant Group, Inc. (a)   29,722    326,348 
Select Medical Holdings Corp.   229,548    5,699,677 
U.S. Physical Therapy, Inc.   5,337    432,457 
         21,390,287 
Household Products & Wares — 0.7%          
Avery Dennison Corp.   13,400    2,425,400 
Kimberly-Clark Corp.   7,856    1,066,452 
Reynolds Consumer Products, Inc.   43,600    1,307,128 
         4,798,980 
Pharmaceuticals — 1.7%          
Agios Pharmaceuticals, Inc. (a)   7,849    220,400 
Alector, Inc. (a)   2,225    20,537 
Arvinas, Inc. (a)   11,180    382,468 
Ascendis Pharma A/S ADR (a)   18,897    2,307,891 
BellRing Brands, Inc. (a)   39,235    1,005,985 
Capsule Corp. (Acquired 4/07/21, Cost $144,670) (a) (c) (d) (f)   9,983    29,265 
Cardinal Health, Inc.   21,024    1,616,115 
Centessa Pharmaceuticals PLC ADR (a) (b)   3,637    11,275 
Elanco Animal Health, Inc. (a)   61,064    746,202 
Embecta Corp.   27,981    707,639 
Immuneering Corp. Class A (a)   8,525    41,346 
Kura Oncology, Inc. (a)   18,875    234,239 
Longboard Pharmaceuticals, Inc. (a)   3,060    9,669 
Lyell Immunopharma, Inc. (a)   7,678    26,643 
Morphic Holding, Inc. (a)   6,791    181,659 
Neurocrine Biosciences, Inc. (a)   1,457    174,024 
Option Care Health, Inc. (a)   33,822    1,017,704 
Patterson Cos., Inc.   39,404    1,104,494 
Prometheus Biosciences, Inc. (a)   5,704    627,440 
Reata Pharmaceuticals, Inc. Class A (a) (b)   3,018    114,654 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Repare Therapeutics, Inc. (a)   13,913   $204,660 
Vaxcyte, Inc. (a)   3,067    147,063 
Viatris, Inc.   83,371    927,919 
         11,859,291 
         173,697,005 
Diversified — 0.1%          
Holding Company – Diversified — 0.1%          
Conyers Park III Acquisition Corp. (a)   31,244    308,066 
Post Holdings Partnering Corp. (a)   21,493    216,150 
         524,216 
         524,216 
Energy — 4.7%          
Energy – Alternate Sources — 0.3%          
NextEra Energy Partners LP (b)   12,636    885,657 
REX American Resources Corp. (a)   4,579    145,887 
Shoals Technologies Group, Inc. Class A (a)   31,575    778,955 
         1,810,499 
Oil & Gas — 1.7%          
Advantage Energy Ltd. (a)   60,328    421,940 
Canadian Natural Resources Ltd.   16,421    911,858 
Coterra Energy, Inc.   32,000    786,240 
Devon Energy Corp.   23,978    1,474,887 
Diamondback Energy, Inc.   7,811    1,068,389 
Imperial Oil Ltd. (b)   20,298    989,324 
Kimbell Royalty Partners LP   18,562    309,985 
Magnolia Oil & Gas Corp. Class A   101,824    2,387,773 
Matador Resources Co.   22,739    1,301,580 
Pioneer Natural Resources Co.   9,766    2,230,457 
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $33,220) (a) (c) (d) (f)   11    162,748 
Venture Global LNG, Inc., Series C (Acquired 3/08/18, Cost $27,180) (a) (c) (d) (f)   9    133,157 
         12,178,338 
Oil & Gas Services — 2.2%          
Aris Water Solution, Inc. Class A (b)   25,654    369,674 
ChampionX Corp.   25,115    728,084 
Enerflex Ltd. (b)   73,415    463,046 
Expro Group Holdings NV (a)   129,495    2,347,744 
Liberty Energy, Inc.   72,364    1,158,547 
NexTier Oilfield Solutions, Inc. (a)   68,274    630,852 
Nov, Inc.   68,553    1,432,072 
Ranger Energy Services, Inc. (a)   31,032    341,662 
TechnipFMC PLC (a)   455,530    5,552,911 
Tidewater, Inc. (a)   72,909    2,686,697 
         15,711,289 
Pipelines — 0.5%          
Cheniere Energy, Inc.   8,500    1,274,660 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Equitrans Midstream Corp.   284,978   $1,909,353 
         3,184,013 
         32,884,139 
Financial — 17.0%          
Banks — 6.4%          
BankUnited, Inc.   47,071    1,599,002 
Blue Foundry Bancorp (a)   20,556    264,145 
Burke & Herbert Bank & Trust Co.   3,920    277,144 
Cadence Bank   27,074    667,645 
Coastal Financial Corp. (a)   6,005    285,358 
Columbia Banking System, Inc.   27,265    821,494 
CRB Group, Inc. (Acquired 4/14/22, Cost $73,283) (a) (c) (d) (f)   697    53,920 
CrossFirst Bankshares, Inc. (a)   31,022    384,983 
Dime Community Bancshares, Inc.   15,759    501,609 
Dogwood State Bank, (Non-Voting) (Acquired 5/06/19, Cost $53,690) (a) (c) (d) (f)   5,369    96,642 
Dogwood State Bank, (Voting) (Acquired 5/06/19, Cost $26,370) (a) (c) (d) (f)   2,637    47,466 
East West Bancorp, Inc.   21,322    1,405,120 
Eastern Bankshares, Inc.   27,099    467,458 
Equity Bancshares, Inc. Class A   9,517    310,920 
Farmers & Merchants Bank of Long Beach/Long Beach CA   31    231,415 
FB Financial Corp.   33,061    1,194,825 
Fifth Third Bancorp   116,146    3,810,750 
The First Bancshares, Inc.   19,663    629,413 
Five Star Bancorp   9,617    261,967 
Glacier Bancorp, Inc.   10,510    519,404 
HarborOne Bancorp, Inc.   35,190    489,141 
Heritage Commerce Corp.   38,877    505,401 
Home BancShares, Inc.   62,247    1,418,609 
Independent Bank Corp.   9,636    813,567 
Independent Bank Group, Inc.   10,746    645,620 
John Marshall Bancorp, Inc.   11,333    326,164 
Kearny Financial Corp.   48,462    491,889 
Live Oak Bancshares, Inc.   43,529    1,314,576 
Metropolitan Bank Holding Corp. (a)   4,601    269,941 
National Bank Holdings Corp. Class A   21,297    895,965 
Origin Bancorp, Inc.   22,918    841,091 
P10, Inc.   29,684    316,728 
Pinnacle Financial Partners, Inc.   24,219    1,777,675 
Ponce Financial Group, Inc. (a)   21,067    196,344 
Popular, Inc.   45,407    3,011,392 
Preferred Bank   8,200    611,884 
Provident Bancorp, Inc.   13,162    95,819 
Sandy Spring Bancorp, Inc.   9,815    345,782 
Signature Bank   21,448    2,471,239 
Southern First Bancshares, Inc. (a)   5,100    233,325 
SouthState Corp.   21,250    1,622,650 
State Street Corp.   38,402    2,978,843 
SVB Financial Group (a)   1,708    393,079 
Texas Capital Bancshares, Inc. (a)   23,839    1,437,730 
Towne Bank   26,103    805,016 
Veritex Holdings, Inc.   22,550    633,204 
Walker & Dunlop, Inc.   6,643    521,343 
Webster Financial Corp.   58,756    2,781,509 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Westamerica Bancorp.   6,576   $388,050 
Western Alliance Bancorp   39,374    2,345,115 
         44,809,371 
Diversified Financial Services — 2.4%          
Air Lease Corp.   19,163    736,242 
Apollo Global Management, Inc.   24,383    1,555,392 
Assetmark Financial Holdings, Inc. (a)   18,144    417,312 
Cboe Global Markets, Inc.   11,039    1,385,063 
Columbia Financial, Inc. (a)   8,780    189,824 
Encore Capital Group, Inc. (a)   6,936    332,512 
Grasshopper Bancorp, Inc. (Acquired 5/02/19, Cost $83,390) (a) (c) (d) (f)   8,339    33,356 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   27,409    794,313 
Houlihan Lokey, Inc.   9,567    833,860 
Intercontinental Exchange, Inc.   14,200    1,456,778 
NerdWallet, Inc. Class A (a)   13,732    131,827 
OneMain Holdings, Inc.   35,298    1,175,776 
OTC Markets Group, Inc. Class A   4,941    281,143 
PennyMac Financial Services, Inc.   34,033    1,928,310 
PRA Group, Inc. (a)   21,635    730,830 
Radian Group, Inc.   40,674    775,653 
Raymond James Financial, Inc.   7,050    753,293 
Stash Financial, Inc. (Acquired 1/06/21-1/26/21, Cost $15,690) (a) (c) (d) (f)   487    17,050 
StepStone Group, Inc. Class A   34,691    873,519 
TMX Group Ltd.   4,110    411,364 
Tradeweb Markets, Inc. Class A   25,500    1,655,715 
Virtus Investment Partners, Inc.   3,026    579,297 
         17,048,429 
Insurance — 3.4%          
Assurant, Inc.   22,795    2,850,743 
Axis Capital Holdings Ltd.   43,373    2,349,515 
Brown & Brown, Inc.   30,569    1,741,516 
BRP Group, Inc. Class A (a)   34,557    868,763 
CNA Financial Corp.   43,244    1,828,356 
Essent Group Ltd.   8,336    324,104 
First American Financial Corp.   6,474    338,849 
The Hanover Insurance Group, Inc.   5,690    768,890 
Jackson Financial, Inc., Class A   38,329    1,333,466 
James River Group Holdings Ltd.   25,522    533,665 
Kemper Corp.   57,469    2,827,475 
Loews Corp.   32,712    1,908,091 
Palomar Holdings, Inc. (a)   8,509    384,266 
ProAssurance Corp.   12,111    211,579 
RenaissanceRe Holdings Ltd.   18,302    3,371,778 
Ryan Specialty Holdings, Inc. (a)   12,647    524,977 
Selective Insurance Group, Inc.   18,772    1,663,387 
         23,829,420 
Private Equity — 0.3%          
KKR & Co., Inc.   45,800    2,126,036 
Real Estate — 0.6%          
eXp World Holdings, Inc. (b)   7,225    80,053 
FirstService Corp.   16,636    2,038,742 
McGrath RentCorp   5,738    566,570 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
The St. Joe Co.   20,451   $790,431 
Tricon Residential, Inc.   114,734    884,599 
         4,360,395 
Real Estate Investment Trusts (REITS) — 3.5%          
Apartment Investment and Management Co. Class A   175,219    1,247,559 
Apple Hospitality REIT, Inc.   37,771    596,026 
Community Healthcare Trust, Inc.   7,332    262,486 
CubeSmart   35,433    1,426,178 
Digital Realty Trust, Inc.   6,611    662,885 
EastGroup Properties, Inc.   13,838    2,048,854 
Elme Communities   34,829    619,956 
Equity Commonwealth   19,197    479,349 
Equity Residential   17,187    1,014,033 
Essential Properties Realty Trust, Inc.   26,009    610,431 
First Industrial Realty Trust, Inc.   3,428    165,435 
Flagship Communities REIT   5,389    87,517 
Independence Realty Trust, Inc.   34,875    587,993 
JBG SMITH Properties   50,771    963,634 
NexPoint Residential Trust, Inc.   2,900    126,208 
Omega Healthcare Investors, Inc.   9,981    278,969 
Pebblebrook Hotel Trust   32,998    441,843 
PennyMac Mortgage Investment Trust (b)   32,587    403,753 
PotlatchDeltic Corp.   12,807    563,380 
Rayonier, Inc.   51,997    1,713,821 
Regency Centers Corp.   28,099    1,756,188 
Rexford Industrial Realty, Inc.   42,517    2,323,129 
Safehold, Inc. (b)   15,953    456,575 
Saul Centers, Inc.   15,030    611,421 
SBA Communications Corp.   1,991    558,097 
Simon Property Group, Inc.   3,932    461,931 
Terreno Realty Corp.   28,037    1,594,464 
UMH Properties, Inc.   6,526    105,069 
Vornado Realty Trust   34,653    721,129 
Weyerhaeuser Co.   55,551    1,722,081 
         24,610,394 
Savings & Loans — 0.4%          
Capitol Federal Financial, Inc.   24,111    208,560 
FS Bancorp, Inc.   6,395    213,849 
Pacific Premier Bancorp, Inc.   29,909    943,928 
WSFS Financial Corp.   20,931    949,012 
         2,315,349 
         119,099,394 
Industrial — 16.6%          
Aerospace & Defense — 0.7%          
Bombardier, Inc. Class B (a)   6,355    245,329 
Rolls-Royce Holdings PLC (a)   1,735,119    1,942,623 
Spirit AeroSystems Holdings, Inc. Class A   62,238    1,842,245 
Triumph Group, Inc. (a)   62,533    657,847 
         4,688,044 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Building Materials — 1.6%          
Fortune Brands Innovations, Inc.   6,038   $344,830 
Gibraltar Industries, Inc. (a)   9,742    446,963 
JELD-WEN Holding, Inc. (a)   16,793    162,053 
Martin Marietta Materials, Inc.   6,131    2,072,094 
Masterbrand, Inc. (a)   654    4,938 
Mohawk Industries, Inc. (a)   15,736    1,608,534 
SPX Technologies, Inc. (a)   25,691    1,686,614 
Summit Materials, Inc. Class A (a)   83,708    2,376,477 
UFP Industries, Inc.   12,972    1,028,031 
Vulcan Materials Co.   7,649    1,339,416 
         11,069,950 
Electrical Components & Equipment — 0.5%          
Belden, Inc.   13,542    973,670 
Insteel Industries, Inc.   5,002    137,655 
Littelfuse, Inc.   8,911    1,962,202 
Novanta, Inc. (a)   5,488    745,655 
         3,819,182 
Electronics — 2.5%          
Agilent Technologies, Inc.   32,300    4,833,695 
Amphenol Corp. Class A   19,300    1,469,502 
Brady Corp. Class A   14,070    662,697 
CTS Corp.   19,926    785,483 
Fortive Corp.   42,100    2,704,925 
Hubbell, Inc.   4,724    1,108,628 
Keysight Technologies, Inc. (a)   18,100    3,096,367 
Knowles Corp. (a)   18,203    298,893 
National Instruments Corp.   45,168    1,666,699 
Vontier Corp.   42,689    825,179 
         17,452,068 
Environmental Controls — 0.3%          
Stericycle, Inc. (a)   16,915    843,889 
Tetra Tech, Inc.   4,525    656,985 
Waste Connections, Inc.   5,400    715,824 
         2,216,698 
Hand & Machine Tools — 0.7%          
Cadre Holdings, Inc.   7,823    157,555 
Enerpac Tool Group Corp.   38,038    968,067 
MSA Safety, Inc.   4,444    640,781 
Stanley Black & Decker, Inc.   39,819    2,991,203 
         4,757,606 
Machinery – Construction & Mining — 0.1%          
BWX Technologies, Inc.   12,500    726,000 
Machinery – Diversified — 3.6%          
Alamo Group, Inc.   3,420    484,272 
Cactus, Inc. Class A   20,572    1,033,949 
CIRCOR International, Inc. (a)   19,438    465,734 
Cognex Corp.   17,800    838,558 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
CSW Industrials, Inc.   8,052   $933,468 
Enovis Corp. (a)   21,133    1,131,038 
Esab Corp.   37,211    1,745,940 
Graco, Inc.   9,525    640,652 
Hydrofarm Holdings Group, Inc. (a)   6,021    9,333 
IDEX Corp.   14,730    3,363,301 
Ingersoll Rand, Inc.   159,085    8,312,191 
Marel HF   27,870    96,644 
The Middleby Corp. (a)   13,207    1,768,417 
Mueller Water Products, Inc. Class A   38,781    417,284 
Rockwell Automation, Inc.   5,902    1,520,178 
Thermon Group Holdings, Inc. (a)   22,927    460,374 
The Toro Co.   18,206    2,060,919 
Zurn Elkay Water Solutions Corp.   16,325    345,274 
         25,627,526 
Metal Fabricate & Hardware — 0.9%          
AZZ, Inc.   15,949    641,150 
Helios Technologies, Inc.   20,059    1,092,012 
RBC Bearings, Inc. (a)   13,230    2,769,700 
Strattec Security Corp. (a)   3,912    80,392 
Valmont Industries, Inc.   2,333    771,453 
Xometry, Inc. Class A (a)   31,977    1,030,619 
         6,385,326 
Miscellaneous - Manufacturing — 2.7%          
Alstom SA (b)   51,476    1,263,857 
EnPro Industries, Inc.   2,400    260,856 
ESCO Technologies, Inc.   16,128    1,411,845 
Federal Signal Corp.   17,166    797,704 
John Bean Technologies Corp.   5,957    544,053 
Myers Industries, Inc.   23,489    522,161 
Teledyne Technologies, Inc. (a)   9,064    3,624,784 
Textron, Inc.   117,683    8,331,956 
Trane Technologies PLC   11,242    1,889,668 
         18,646,884 
Packaging & Containers — 1.0%          
Ball Corp.   76,937    3,934,558 
Sealed Air Corp.   37,400    1,865,512 
WestRock Co.   36,733    1,291,532 
         7,091,602 
Transportation — 2.0%          
C.H. Robinson Worldwide, Inc.   13,798    1,263,345 
International Seaways, Inc.   5,650    209,163 
J.B. Hunt Transport Services, Inc.   35,982    6,273,822 
Landstar System, Inc.   8,353    1,360,704 
Matson, Inc.   1,133    70,824 
Old Dominion Freight Line, Inc.   9,081    2,577,006 
Saia, Inc. (a)   11,241    2,357,013 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
US Xpress Enterprises, Inc. Class A (a)   23,308   $42,187 
         14,154,064 
         116,634,950 
Technology — 12.6%          
Auto Parts & Equipment — 0.0%          
Mobileye Global, Inc. Class A (a)   3,216    112,753 
Commercial Services — 0.0%          
Socure, Inc. (Acquired 12/22/21, Cost $62,185) (a) (c) (d) (f)   3,870    28,948 
Computers — 1.9%          
Apiture, Inc. (Acquired 7/01/20-6/30/22, Cost $97,636) (a) (c) (d) (f)   6,130    101,865 
Coalition, Inc. (Acquired 9/13/21, Cost $4,230) (a) (c) (d) (f)   256    5,513 
Conduent, Inc. (a)   55,774    225,885 
Crowdstrike Holdings, Inc. Class A (a)   13,062    1,375,298 
Endava PLC Sponsored ADR (a)   24,593    1,881,365 
Fortinet, Inc. (a)   56,100    2,742,729 
Globant SA (a)   8,970    1,508,395 
Leidos Holdings, Inc.   5,300    557,507 
PAR Technology Corp. (a) (b)   15,384    401,061 
Parsons Corp. (a)   28,348    1,311,095 
Western Digital Corp. (a)   108,686    3,429,043 
         13,539,756 
Semiconductors — 3.5%          
Entegris, Inc.   46,648    3,059,642 
KLA Corp.   7,459    2,812,267 
Lattice Semiconductor Corp. (a)   49,776    3,229,467 
MACOM Technology Solutions Holdings, Inc. (a)   11,088    698,322 
Marvell Technology, Inc.   132,984    4,925,728 
MaxLinear, Inc. (a)   8,360    283,822 
Microchip Technology, Inc.   78,400    5,507,600 
MKS Instruments, Inc.   11,130    943,045 
Monolithic Power Systems, Inc.   4,456    1,575,686 
NXP Semiconductor NV   1,800    284,454 
Onto Innovation, Inc. (a)   12,136    826,340 
         24,146,373 
Software — 7.2%          
Agilysys, Inc. (a)   6,158    487,344 
Alignment Healthcare, Inc. (a)   58,758    690,994 
Amplitude, Inc. (a) (b)   14,244    172,068 
Atlassian Corp. (a)   22,328    2,873,167 
Bill.com Holdings, Inc. (a)   26,767    2,916,532 
Black Knight, Inc. (a)   27,168    1,677,624 
Blackline, Inc. (a)   8,718    586,460 
Broadridge Financial Solutions, Inc.   7,700    1,032,801 
CCC Intelligent Solutions Holdings, Inc. (a)   104,684    910,751 
Ceridian HCM Holding, Inc. (a)   44,567    2,858,973 
Checkr, Inc. (Acquired 6/29/18-12/02/19, Cost $116,452) (a) (c) (d) (f)   15,444    118,919 
Clear Secure Inc. Class A (b)   54,669    1,499,571 
Clearwater Analytics Holdings, Inc. Class A (a)   14,030    263,063 
Confluent, Inc. Class A (a)   7,700    171,248 
Databricks, Inc. (Acquired 7/24/20-8/28/20, Cost $24,732) (a) (c) (d) (f)   1,545    92,700 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Datadog, Inc. Class A (a)   17,007   $1,250,014 
Definitive Healthcare Corp. (a) (b)   8,670    95,283 
The Descartes Systems Group, Inc. (a)   37,753    2,629,496 
DoubleVerify Holdings, Inc. (a)   44,667    980,887 
Doximity, Inc. Class A (a)   23,051    773,592 
Duolingo, Inc. (a)   6,557    466,399 
Fair Isaac Corp. (a)   3,200    1,915,456 
Five9, Inc. (a)   11,598    787,040 
Gusto, Inc. (Acquired 8/18/20-11/09/20, Cost $204,799) (a) (c) (d) (f)   15,332    288,702 
HashiCorp, Inc. Class A (a) (b)   21,075    576,190 
HubSpot, Inc. (a)   8,968    2,592,918 
Manhattan Associates, Inc. (a)   4,889    593,525 
Monday.com Ltd. (a)   3,544    432,368 
MongoDB, Inc. (a)   1,800    354,312 
MSCI, Inc.   3,864    1,797,417 
nCino, Inc. (a)   10,229    270,455 
Outset Medical, Inc. (a)   22,338    576,767 
Paycom Software, Inc. (a)   873    270,901 
Paycor HCM, Inc. (a)   30,231    739,753 
Phreesia, Inc. (a)   18,894    611,410 
Privia Health Group, Inc. (a)   18,578    421,906 
Procore Technologies, Inc. (a)   27,222    1,284,334 
PTC, Inc. (a)   12,200    1,464,488 
Roper Technologies, Inc.   9,029    3,901,341 
SentinelOne Inc. Class A (a)   31,126    454,128 
ServiceTitan, Inc. (Acquired 11/09/18-5/04/21, Cost $29,280) (a) (c) (d) (f)   637    40,010 
SS&C Technologies Holdings, Inc   15,265    794,696 
Synopsys, Inc. (a)   7,231    2,308,786 
Tanium, Inc., Class B (Acquired 9/24/20, Cost $30,277) (a) (c) (d) (f)   2,657    11,717 
Themis Solutions, Inc. (Acquired 4/14/21, Cost $108,219) (a) (c) (d) (f)   4,820    85,892 
Veeva Systems, Inc. Class A (a)   25,902    4,180,065 
Vimeo, Inc. (a)   40,122    137,618 
Workiva, Inc. (a)   11,560    970,693 
         50,410,774 
         88,238,604 
Utilities — 2.7%          
Electric — 1.9%          
CenterPoint Energy, Inc.   34,316    1,029,137 
FirstEnergy Corp.   95,630    4,010,722 
IDACORP, Inc.   20,889    2,252,879 
MGE Energy, Inc.   18,238    1,283,955 
NorthWestern Corp.   6,828    405,173 
PG&E Corp. (a)   262,900    4,274,754 
PNM Resources, Inc.   10,057    490,681 
         13,747,301 
Gas — 0.5%          
Chesapeake Utilities Corp.   12,599    1,488,950 
ONE Gas, Inc.   14,242    1,078,404 
RGC Resources, Inc.   7,280    160,524 
Southwest Gas Holdings, Inc.   13,602    841,692 
         3,569,570 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Prtfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Water — 0.3%          
Artesian Resources Corp. Class A   3,159   $185,054 
California Water Service Group   15,530    941,739 
SJW Group   10,076    818,071 
         1,944,864 
         19,261,735 
           
TOTAL COMMON STOCK
(Cost $641,213,551)		        665,176,695 
           
Preferred Stock — 2.0%        
Communications — 0.1%        
Internet — 0.1%          
1661, Inc., Series F (Acquired 5/28/21, Cost $288,836) (a) (c) (d) (f)   49,629    91,317 
Evolve Vacation Rental Network, Inc., Series 8 (Acquired 3/29/18, Cost $44,816) (a) (c) (d) (f)   5,266    101,897 
Evolve Vacation Rental Network, Inc., Series 9 (Acquired 5/29/20, Cost $20,111) (a) (c) (d) (f)   3,470    67,145 
Minted, Inc., Series E (Acquired 10/30/18, Cost $113,257) (a) (c) (d) (f)   8,410    113,956 
SecurityScorecard, Inc., Series E (Acquired 3/05/21, Cost $262,495) (a) (c) (d) (f)   51,969    253,609 
         627,924 
Consumer, Cyclical — 0.1%          
Auto Manufacturers — 0.1%          
Nuro, Inc., Series C (Acquired 10/30/20-3/02/21, Cost $282,254) (a) (c) (d) (f)   21,621    300,099 
Nuro, Inc., Series D (Acquired 10/29/21, Cost $252,025) (a) (c) (d) (f)   12,090    167,809 
         467,908 
Leisure Time — 0.0%          
Rad Power Bikes, Inc., Series C (Acquired 1/22/21, Cost $69,082) (a) (c) (d) (f)        14,321           61,151   
Rad Power Bikes, Inc., Series D (Acquired 9/16/21, Cost $107,722) (a) (c) (d) (f)         11,240           47,995   
         109,146 
Retail — 0.0%          
OfferUp, Inc., Series F (Acquired 7/01/20, Cost $9,217) (a) (c) (d) (f)         4,025           2,737   
         579,791 
Consumer, Non-cyclical — 0.9%          
Agriculture — 0.1%          
Farmer's Business Network, Inc., Series E (Acquired 2/11/19, Cost $191,081) (a) (c) (d) (f)         8,198           410,146   
Farmer's Business Network, Inc., Series F (Acquired 7/31/20, Cost $172,258) (a) (c) (d) (f)         5,211           260,706   
         670,852 
Biotechnology — 0.3%          
Genesis Therapeutics, Inc., Series A (Acquired 11/24/20, Cost $25,262) (a) (c) (d) (f)        4,946           25,262   
Inscripta, Inc., Series E (Acquired 3/30/21, Cost $148,812) (a) (c) (d) (f)        16,853           94,040   
Insitro, Inc., Series B (Acquired 5/21/20, Cost $34,456) (a) (c) (d) (f)        5,530           101,150   
Insitro, Inc., Series C (Acquired 4/07/21, Cost $62,208) (a) (c) (d) (f)        3,401           62,208   
Kardium, Inc., Series D-5 (Acquired 11/29/18, Cost $29,906) (a) (c) (d) (f)        30,866           31,355   
Kardium, Inc., Series D-6 (Acquired 1/08/21, Cost $145,349) (a) (c) (d) (f)        143,083           145,349   
Laronde, Inc., Series B (Acquired 7/28/21, Cost $109,340) (a) (c) (d) (f)        3,905           21,868   
National Resilience, Inc., Series B (Acquired 10/23/20, Cost $263,720) (a) (c) (d) (f)        19,306           1,172,453   
National Resilience, Inc., Series C (Acquired 6/09/21, Cost $315,045) (a) (c) (d) (f)        7,094           430,819   
Tessera Therapeutics, Inc., Series C (Acquired 2/25/22, Cost $34,499) (a) (c) (d) (f)        1,687           34,499   
Treeline Biosciences, Inc., Series A (Acquired 4/09/21, Cost $40,640) (a) (c) (d) (f)        5,192           40,640   
                      2,159,643   

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Commercial Services — 0.1%            
Honor Technology, Inc., Series D (Acquired 10/16/20, Cost $225,290) (a) (c) (d) (f)        93,556       $  215,179   
Honor Technology, Inc., Series E (Acquired 9/29/21, Cost $116,646) (a) (c) (d) (f)        36,897           84,863   
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $214,074) (a) (c) (d) (f)        4,516           352,248   
              652,290  
Food — 0.1%                
Cava Group, Inc., Series E (Acquired 6/23/20-3/26/21, Cost $475,884) (a) (c) (d) (f)        18,159           581,451   
Cava Group, Inc., Series F (Acquired 3/26/21, Cost $512,596) (a) (c) (d) (f)        13,622           436,177   
              1,017,628  
Health Care – Products — 0.1%                
Cleerly, Inc., Series C (Acquired 7/08/22, Cost $200,211) (a) (c) (d) (f)        16,995           200,211   
Ring Therapeutics, Inc., Series B (Acquired 4/12/21, Cost $50,885) (a) (c) (d) (f)        5,531           50,885   
Tempus Labs, Inc., Series D (Acquired 3/16/18, Cost $21,326) (a) (c) (d) (f)        2,275           133,952   
Tempus Labs, Inc., Series E (Acquired 8/23/18, Cost $29,149) (a) (c) (d) (f)        1,741           105,226   
Tempus Labs, Inc., Series F (Acquired 4/30/19, Cost $17,059) (a) (c) (d) (f)        689           42,194   
Tempus Labs, Inc., Series G (Acquired 2/06/20, Cost $19,176) (a) (c) (d) (f)        500           30,990   
Tempus Labs, Inc., Series G-2 (Acquired 11/19/20, Cost $26,075) (a) (c) (d) (f)        455           25,576   
              589,034  
Health Care – Services — 0.1%                
Caris Life Sciences, Inc., Series C (Acquired 8/14/20, Cost $125,312) (a) (c) (d) (f)        45,403           298,752   
Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $378,132) (a) (c) (d) (f)        46,683           307,174   
              605,926  

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Pharmaceuticals — 0.0%                
Haul Hub, Inc., Series B (Acquired 2/14/20-3/03/21, Cost $108,854) (a) (c) (d) (f)        7,466        $  140,883   
Haul Hub, Inc., Series C (Acquired 4/14/22, Cost $43,061) (a) (c) (d) (f)           2,282              43,061    
              183,944  
              5,879,317  
Financial — 0.2%                
Banks — 0.1%                
CRB Group, Inc., Series D (Acquired 1/28/22, Cost $255,280) (a) (c) (d) (f)        2,428           187,830   
Diversified Financial Services — 0.1%                
Color Health, Inc., Series D (Acquired 12/17/20, Cost $43,490) (a) (c) (d) (f)        1,155           47,239   
Color Health, Inc., Series D-1 (Acquired 1/13/20, Cost $56,632) (a) (c) (d) (f)        2,655           108,590   
Color Health, Inc., Series E (Acquired 10/26/21, Cost $15,095) (a) (c) (d) (f)        151           6,176   
Convoy, Inc., Series C (Acquired 9/14/18, Cost $127,740) (a) (c) (d) (f)        17,990           93,188   
Convoy, Inc., Series D (Acquired 10/30/19, Cost $417,858) (a) (c) (d) (f)        30,861           159,860   
Convoy, Inc., Series E (Acquired 9/30/21, Cost $72,706) (a) (c) (d) (f)        4,407           22,828   
Stash Financial, Inc., Series F (Acquired 4/24/20, Cost $126,801) (a) (c) (d) (f)        5,060           177,151   
Stash Financial, Inc., Series G (Acquired 1/26/21, Cost $174,908) (a) (c) (d) (f)        4,667           163,392   
                      778,424   
Insurance — 0.0%                
Go Maps, Inc., Series B-1 (Acquired 5/15/19-7/29/20, Cost $9,665) (a) (c) (d) (f)        755           7,537   
Investment Companies — 0.0%                
Maplebear, Inc., Series E (Acquired 11/19/21-12/01/21, Cost $348,680) (a) (c) (d) (f)        2,900           140,592   
Maplebear, Inc., Series I (Acquired 2/26/21, Cost $58,500) (a) (c) (d) (f)        468           22,689   
              163,281  
              1,137,072  
Industrial — 0.2%                
Aerospace & Defense — 0.0%                
ABL Space Systems Company, Series B (Acquired 3/24/21, Cost $328,985) (a) (c) (d) (f)     7,305       306,226  

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Electrical Components & Equipment — 0.1%                
CelLink, Inc., Series D (Acquired 1/20/22, Cost $223,836) (a) (c) (d) (f)     10,749     $ 223,836  
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $505,509) (a) (c) (d) (f)     12,248       381,770  
              605,606  
Electronics — 0.1%                
Sartorius AG 0.0340%     1,954       772,720  
              1,684,552  
Technology — 0.6%                
Computers — 0.1%                
Coalition, Inc., Series E (Acquired 9/07/21, Cost $253,711) (a) (c) (d) (f)     15,355       330,667  
Mesosphere, Inc., Series D (Acquired 5/04/18, Cost $72,584) (a) (c) (d) (f)     6,566       4,071  
              334,738  
Software — 0.5%                
Checkr, Inc., Series C (Acquired 4/10/18, Cost $106,628) (a) (c) (d) (f)     23,433       180,434  
Checkr, Inc., Series D (Acquired 9/06/19, Cost $308,786) (a) (c) (d) (f)     30,627       235,828  
Databricks, Inc., Series F (Acquired 10/22/19, Cost $104,923) (a) (c) (d) (f)     7,329       439,740  
Databricks, Inc., Series G (Acquired 2/01/21, Cost $128,414) (a) (c) (d) (f)     849       50,940  
Databricks, Inc., Series H (Acquired 8/31/21, Cost $121,028) (a) (c) (d) (f)     1,563       93,780  
DTX Company, Series A-1 (Acquired 4/02/22, Cost $31,212) (a) (c) (d) (f)     17,154       31,212  
Eikon Therapeutics, Inc., Series B (Acquired 3/12/21, Cost $89,186) (a) (c) (d) (f)     5,042       89,186  
Epirus, Inc., Series C-2 (Acquired 1/28/21, Cost $324,592) (a) (c) (d) (f)     58,131       324,592  
Flexe, Inc., Series C (Acquired 11/18/20, Cost $134,849) (a) (c) (d) (f)     11,083       226,033  
Flexe, Inc., Series D (Acquired 7/04/22, Cost $73,849) (a) (c) (d) (f)     3,621       73,849  
Gusto, Inc., Series B (Acquired 8/18/20, Cost $49,238) (a) (c) (d) (f)     3,644       68,617  
Gusto, Inc., Series B-2 (Acquired 8/18/20, Cost $91,936) (a) (c) (d) (f)     6,804       128,119  
Gusto, Inc., Series C (Acquired 7/16/18, Cost $84,209) (a) (c) (d) (f)     11,076       208,561  
Gusto, Inc., Series D (Acquired 7/16/19, Cost $187,638) (a) (c) (d) (f)     14,095       265,409  
JetClosing, Inc., Series A (Acquired 5/25/18, Cost $22,781) (a) (c) (d) (f)     11,678       —  
JetClosing, Inc., Series B-1 (Acquired 7/13/20-2/25/21, Cost $36,276) (a) (c) (d) (f)     27,130       —  
JetClosing, Inc., Series B-2 (Acquired 2/06/20, Cost $5,769) (a) (c) (d) (f)     5,185       —  

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
KoBold Metals, Inc., Series B-1 (Acquired 1/10/22, Cost $244,807) (a) (c) (d) (f)   8,931   $244,807 
Seismic Software, Inc., Series E (Acquired 12/13/18, Cost $117,981) (a) (c) (d) (f)   18,715    193,700 
Seismic Software, Inc., Series F (Acquired 9/25/20-3/24/21, Cost $18,592) (a) (c) (d) (f)   2,115    21,890 
ServiceTitan, Inc., Series A-1 (Acquired 11/09/18, Cost $263) (a) (c) (d) (f)   10    628 
ServiceTitan, Inc., Series D (Acquired 11/09/18, Cost $124,743) (a) (c) (d) (f)   4,744    297,971 
ServiceTitan, Inc., Series E (Acquired 4/23/20, Cost $7,435) (a) (c) (d) (f)   220    13,818 
ServiceTitan, Inc., Series F (Acquired 3/25/21, Cost $25,650) (a) (c) (d) (f)   239    15,012 
Socure, Inc., Series A (Acquired 12/22/21, Cost $75,555) (a) (c) (d) (f)   4,702    35,171 
Socure, Inc., Series A-1 (Acquired 12/22/21, Cost $62,025) (a) (c) (d) (f)   3,860    28,873 
Socure, Inc., Series B (Acquired 12/22/21, Cost $1,109) (a) (c) (d) (f)   69    516 
Socure, Inc., Series E (Acquired 10/27/21, Cost $143,750) (a) (c) (d) (f)   8,946    66,916 
Themis Solutions, Inc., Series AA (Acquired 4/14/21, Cost $24,473) (a) (c) (d) (f)   1,090    19,424 
Themis Solutions, Inc., Series AB (Acquired 4/14/21, Cost $2,694) (a) (c) (d) (f)   120    2,138 
Themis Solutions, Inc., Series B (Acquired 4/14/21, Cost $2,694) (a) (c) (d) (f)   120    2,138 
Themis Solutions, Inc., Series E (Acquired 4/14/21, Cost $309,164) (a) (c) (d) (f)   13,770    245,381 
         3,604,683 
         3,939,421 
           
TOTAL PREFERRED STOCK
(Cost $12,079,978)		        13,848,077 
           
TOTAL EQUITIES
(Cost $653,293,529)		        679,024,772 
           
RIGHTS — 0.0%          
Consumer, Non-cyclical — 0.0%          
Pharmaceuticals — 0.0%          
Progenic Pharmaceuticals, Inc., CVR (a) (d) (f)   25,104    28,892 
           
TOTAL RIGHTS
(Cost $0)		        28,892 
           
WARRANTS — 0.0%          
Communications — 0.0%          
Advertising — 0.0%          
Advantage Solutions, Inc., Expires 10/28/25 (a)   3,668    440 
Consumer, Non-cyclical — 0.0%          
Pharmaceuticals — 0.0%          
EQRx, Inc., Expires 12/17/2026 (a)   1,166    312 
Diversified — 0.0%          
Holding Company – Diversified — 0.0%          
Big Sky Growth Partners, Inc. (a) (d)   8,141    2 
Bluescape Opportunities Acquisition Corp., Expires 1/31/2026 (a)   5,835    934 
         936 

 

 

 

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Financial — 0.0%          
Banks — 0.0%          
Dogwood State Bank (Acquired 5/06/19, Cost $0) (a) (c) (d) (f)   800   $6,456 
Diversified Financial Services — 0.0%          
Grasshopper Bancorp, Inc. (Acquired 10/15/18, Cost $0) (a) (c) (d) (f)   1,432    1,031 
Insurance — 0.0%          
Hagerty Group, LLC. (Acquired 8/18/21, Cost $4,451) (a) (c) (d)   3,040    6,810 
         14,297 
Industrial — 0.0%          
Aerospace & Defense — 0.0%          
Triumph Group, Inc. Expires 12/19/2023 (a)   18,759    12,569 
           
TOTAL WARRANTS
(Cost $11,709)		        28,554 
           
           
MUTUAL FUNDS — 0.5%          
Diversified Financial Services — 0.5%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)   3,755,790    3,755,790 
           
TOTAL MUTUAL FUNDS
(Cost $3,755,790)		        3,755,790 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $657,061,028)		        682,838,008 
           
SHORT-TERM INVESTMENTS — 4.0%          
Mutual Fund — 3.9%          
T. Rowe Price Government Reserve Investment Fund   27,319,435    27,319,435 
         
   Principal
Amount		    
Repurchase Agreement — 0.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h)  $991,000    991,000 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $28,310,435)		        28,310,435 
           
TOTAL INVESTMENTS — 101.2%
(Cost $685,371,463) (i)		        711,148,443 
           
Other Assets/(Liabilities) — (1.2)%        (8,315,086) 
           
NET ASSETS — 100.0%       $702,833,357 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $8,847,003 or 1.26% of net assets. The Fund received $5,363,151 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $14,811,907 or 2.11% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $14,840,801 or 2.11% of net assets.
(e) 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 December 31, 2022, the aggregate market value of these securities amounted to $165,170 or 0.02% of net assets.
(f) Investment is valued using significant unobservable inputs.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $991,141. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,010,893.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 99.3%          
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (a) — 2.1%          
Collateralized Mortgage Obligations — 0.7%          
Government National Mortgage Association          
Series 2020-7, Class KE, 2.500% 1/20/50  $176,707   $156,704 
Series 2016-121, Class JF, 1 mo. USD LIBOR + 0.400% 4.753% FRN 9/20/46   177,228    173,351 
Series 2019-78, Class FB, 1 mo. USD LIBOR + 0.400% 4.753% FRN 6/20/49   98,519    96,268 
Series 2019-112, Class GF, 1 mo. USD LIBOR + 0.430% 4.783% FRN 9/20/49   91,231    89,219 
Series 2019-103, Class CF, 1 mo. USD LIBOR + 0.450% 4.803% FRN 8/20/49   190,217    186,324 
Series 2019-111, Class FB, 1 mo. USD LIBOR + 0.450% 4.803% FRN 9/20/49   71,763    70,598 
Series 2019-125, Class DF, 1 mo. USD LIBOR + 0.450% 4.803% FRN 10/20/49   147,598    144,650 
         917,114 
Pass-Through Securities — 1.4%          
Government National Mortgage Association II          
Pool #MA7534 2.500% 8/20/51   91,364    79,556 
Pool #MA7705 2.500% 11/20/51   174,140    151,402 
Pool #MA7767 2.500% 12/20/51   526,323    457,436 
Pool #MA4484 3.000% 6/20/32   130,727    122,995 
Pool #MA6381 3.000% 1/20/35   68,199    64,079 
Pool #MA6630 3.000% 5/20/35   31,621    29,711 
Pool #MA6209 3.000% 10/20/49   17,565    15,348 
Pool #MA6399 3.000% 1/20/50   39,506    34,520 
Pool #MA6464 3.000% 2/20/50   90,382    78,976 
Pool #MA6531 3.000% 3/20/50   55,456    48,458 
Pool #MA7650 3.000% 10/20/51   200,444    179,658 
Pool #BQ0937 3.500% 9/20/49   64,119    59,319 
Pool #BQ7205 3.500% 10/20/49   35,338    32,670 
Pool #BS3713 3.500% 1/20/50   123,620    114,365 
Pool #BS3771 3.500% 2/20/50   88,670    81,977 
Pool #MA4588 4.500% 7/20/47   107,151    106,170 
Pool #MA4781 5.000% 10/20/47   48,334    49,084 
Pool #MA4840 5.000% 11/20/47   38,091    38,682 
Pool #MA5653 5.000% 12/20/48   117,638    118,360 
Pool #MA5820 5.500% 3/20/49   15,846    16,259 
         1,879,025 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $3,090,531)		        2,796,139 
           

 

 

 

 

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
U.S. TREASURY OBLIGATIONS — 97.2%          
U.S. Treasury Bonds & Notes — 97.2%          
U.S. Treasury Bond          
1.125% 5/15/40  $3,490,000   $2,201,447 
1.125% 8/15/40   5,170,000    3,237,891 
1.250% 5/15/50   659,300    358,994 
1.375% 11/15/40   6,110,000    4,000,821 
1.375% 8/15/50   7,400,000    4,165,095 
1.625% 11/15/50   3,580,000    2,156,296 
1.750% 8/15/41   6,940,000    4,786,475 
1.875% 2/15/41   7,480,000    5,322,154 
1.875% 2/15/51   5,855,000    3,764,747 
1.875% 11/15/51   6,760,000    4,331,267 
2.000% 11/15/41 (b)   7,760,000    5,584,599 
2.000% 2/15/50   4,050,000    2,705,906 
2.000% 8/15/51   3,700,000    2,450,103 
2.250% 5/15/41   7,690,000    5,820,526 
2.250% 8/15/46   2,505,000    1,790,990 
2.250% 8/15/49   2,550,000    1,813,415 
2.250% 2/15/52   13,760,000    9,678,194 
2.375% 2/15/42   21,220,000    16,318,776 
2.375% 11/15/49   2,220,000    1,624,239 
2.375% 5/15/51   2,440,000    1,769,188 
2.500% 2/15/46   1,700,000    1,283,164 
2.875% 11/15/46   1,700,000    1,374,527 
2.875% 5/15/49   2,480,000    2,015,388 
2.875% 5/15/52   3,985,000    3,228,689 
3.000% 11/15/45   850,000    705,134 
3.000% 2/15/47   1,560,000    1,288,409 
3.000% 5/15/47   1,200,000    990,961 
3.000% 8/15/48   2,330,000    1,932,014 
3.000% 2/15/49   2,480,000    2,063,488 
3.000% 8/15/52   5,555,000    4,633,611 
3.125% 5/15/48   6,425,000    5,449,460 
3.250% 5/15/42   1,945,000    1,718,170 
3.375% 8/15/42   8,330,000    7,497,783 
3.375% 11/15/48   2,330,000    2,075,812 
4.000% 11/15/42 (c)   5,080,000    5,010,262 
4.000% 11/15/52   2,633,700    2,663,329 
U.S. Treasury Note          
4.125% 11/15/32   705,000    721,343 
         128,532,667 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $171,101,804)		        128,532,667 
           
TOTAL BONDS & NOTES
(Cost $174,192,335)		        131,328,806 
           
           
   Number of
Shares		     
MUTUAL FUNDS — 3.9%          
Diversified Financial Services — 3.9%          
State Street Navigator Securities Lending Government Money Market Portfolio (d)   5,137,150    5,137,150 
           
TOTAL MUTUAL FUNDS
(Cost $5,137,150)		        5,137,150 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $179,329,485)		        136,465,956 
           
SHORT-TERM INVESTMENTS — 0.1%          
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund   65    65 
          
   Principal
Amount		    
Repurchase Agreement — 0.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e)  $102,017    102,017 

 

 

 

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund —  Portfolio of Investments (Continued)

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $102,082)		        102,082 
           
TOTAL INVESTMENTS — 103.3%
(Cost $179,431,567) (f)		        136,568,038 
           
Other Assets/(Liabilities) — (3.3)%        (4,307,885) 
           
NET ASSETS — 100.0%       $132,260,153 

 

Abbreviation Legend

FRN Floating Rate Note

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(b) All or a portion of this security is pledged/held as collateral for open derivatives.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $5,036,067 or 3.81% of net assets. (Note 2).
(d) Represents investment of security lending cash collateral. (Note 2).
(e) Maturity value of $102,031. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $104,060.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation/
(Depreciation)		 
Short               
U.S. Treasury Ultra 10 Year  3/22/23   9   $(1,085,537)   $21,006 

 

 

 

MassMutual Select T. Rowe Price Retirement Balanced Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 38.3%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   1,987,029   $18,777,421 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   2,402,087    25,534,182 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   282,992    3,081,787 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   827,910    9,098,733 
MM S&P 500 Index Fund, Class I (a)   489,988    6,369,842 
         62,861,965 
Fixed Income Funds — 61.7%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   4,136,037    34,080,943 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   973,396    6,920,845 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   3,606,257    32,564,504 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   978,762    5,207,011 
State Street Institutional U.S. Government Money Market Fund   6,114,279    6,114,279 
T. Rowe Price Dynamic Global Bond Fund, Class I   798,412    6,802,467 
T. Rowe Price Institutional Floating Rate Fund   355,703    3,265,358 
T. Rowe Price Institutional High Yield Fund   837,287    6,162,432 
         101,117,839 
           
TOTAL MUTUAL FUNDS
(Cost $195,710,617)		        163,979,804 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $195,710,617)		        163,979,804 
           
TOTAL INVESTMENTS — 100.0%
(Cost $195,710,617) (b)		        163,979,804 
           
Other Assets/(Liabilities) — (0.0)%        (28,135) 
           
NET ASSETS — 100.0%       $163,951,669 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2005 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 99.9%          
           
Equity Funds — 41.3%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   322,751   $3,050,000 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   387,633    4,120,543 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   46,979    511,600 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   133,529    1,467,482 
MM S&P 500 Index Fund, Class I (a)   78,677    1,022,801 
         10,172,426 
Fixed Income Funds — 58.6%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   620,142    5,109,968 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   141,959    1,009,326 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   456,390    4,121,205 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   153,365    815,903 
State Street Institutional U.S. Government Money Market Fund   1,003,276    1,003,276 
T. Rowe Price Dynamic Global Bond Fund, Class I   119,036    1,014,183 
T. Rowe Price Institutional Floating Rate Fund   52,784    484,554 
T. Rowe Price Institutional High Yield Fund   122,896    904,517 
         14,462,932 
           
TOTAL MUTUAL FUNDS
(Cost $29,807,096)		        24,635,358 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $29,807,096)		        24,635,358 
           
TOTAL INVESTMENTS — 99.9%
(Cost $29,807,096) (b)		        24,635,358 
           
Other Assets/(Liabilities) — 0.1%        24,011 
           
NET ASSETS — 100.0%       $24,659,369 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2010 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 44.8%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   1,468,971   $13,881,773 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   1,754,443    18,649,725 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   212,005    2,308,730 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   605,968    6,659,585 
MM S&P 500 Index Fund, Class I (a)   353,491    4,595,389 
         46,095,202 
Fixed Income Funds — 55.2%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   2,500,234    20,601,925 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   563,020    4,003,073 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   1,669,698    15,077,373 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   636,406    3,385,682 
State Street Institutional U.S. Government Money Market Fund   4,137,838    4,137,838 
T. Rowe Price Dynamic Global Bond Fund, Class I   478,757    4,079,012 
T. Rowe Price Institutional Floating Rate Fund   211,572    1,942,227 
T. Rowe Price Institutional High Yield Fund   490,753    3,611,940 
         56,839,070 
           
TOTAL MUTUAL FUNDS
(Cost $124,000,819)		        102,934,272 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $124,000,819)		        102,934,272 
           
TOTAL INVESTMENTS — 100.0%
(Cost $124,000,819) (b)		        102,934,272 
           
Other Assets/(Liabilities) — (0.0)%        (9,791) 
           
NET ASSETS — 100.0%       $102,924,481 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2015 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 47.8%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   1,741,321   $16,455,488 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   2,072,655    22,032,319 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   251,801    2,742,112 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   718,794    7,899,548 
MM S&P 500 Index Fund, Class I (a)   407,934    5,303,147 
         54,432,614 
Fixed Income Funds — 52.2%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   2,685,581    22,129,186 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   590,734    4,200,121 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   1,601,635    14,462,767 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   701,448    3,731,706 
State Street Institutional U.S. Government Money Market Fund   4,709,296    4,709,296 
T. Rowe Price Dynamic Global Bond Fund, Class I   515,307    4,390,418 
T. Rowe Price Institutional Floating Rate Fund   225,524    2,070,312 
T. Rowe Price Institutional High Yield Fund   523,143    3,850,330 
         59,544,136 
           
TOTAL MUTUAL FUNDS
(Cost $136,054,771)		        113,976,750 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $136,054,771)		        113,976,750 
           
TOTAL INVESTMENTS — 100.0%
(Cost $136,054,771) (b)		        113,976,750 
           
Other Assets/(Liabilities) — (0.0)%        (4,914) 
           
NET ASSETS — 100.0%       $113,971,836 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2020 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 51.3%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   8,576,072   $81,043,884 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   10,188,195    108,300,514 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   1,205,750    13,130,619 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   3,557,841    39,100,672 
MM S&P 500 Index Fund, Class I (a)   1,992,554    25,903,208 
         267,478,897 
Fixed Income Funds — 48.7%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   11,837,429    97,540,419 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   2,553,303    18,153,983 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   6,187,532    55,873,410 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   3,198,592    17,016,512 
State Street Institutional U.S. Government Money Market Fund   20,701,770    20,701,770 
T. Rowe Price Dynamic Global Bond Fund, Class I   2,250,081    19,170,694 
T. Rowe Price Institutional Floating Rate Fund   974,042    8,941,706 
T. Rowe Price Institutional High Yield Fund   2,258,973    16,626,038 
         254,024,532 
           
TOTAL MUTUAL FUNDS
(Cost $617,149,598)		        521,503,429 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $617,149,598)		        521,503,429 
           
TOTAL INVESTMENTS — 100.0%
(Cost $617,149,598) (b)		        521,503,429 
           
Other Assets/(Liabilities) — (0.0)%        (210,883) 
           
NET ASSETS — 100.0%       $521,292,546 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2025 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 58.3%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   10,071,742   $95,177,962 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   12,205,070    129,739,890 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   1,450,543    15,796,409 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   4,189,967    46,047,739 
MM S&P 500 Index Fund, Class I (a)   2,336,909    30,379,823 
         317,141,823 
Fixed Income Funds — 41.7%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   10,919,948    89,980,374 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   2,163,352    15,381,429 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   4,245,170    38,333,887 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   3,491,171    18,573,028 
State Street Institutional U.S. Government Money Market Fund   24,162,480    24,162,480 
T. Rowe Price Dynamic Global Bond Fund, Class I   2,089,046    17,798,674 
T. Rowe Price Institutional Floating Rate Fund   875,509    8,037,173 
T. Rowe Price Institutional High Yield Fund   1,959,485    14,421,810 
         226,688,855 
           
TOTAL MUTUAL FUNDS
(Cost $647,686,170)		        543,830,678 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $647,686,170)		        543,830,678 
           
TOTAL INVESTMENTS — 100.0%
(Cost $647,686,170) (b)		        543,830,678 
           
Other Assets/(Liabilities) — (0.0)%        (201,689) 
           
NET ASSETS — 100.0%       $543,628,989 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2030 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 69.3%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   26,990,972   $255,064,689 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   32,731,698    347,937,955 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   3,884,146    42,298,345 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   11,403,369    125,323,029 
MM S&P 500 Index Fund, Class I   6,182,671    80,374,728 
         850,998,746 
Fixed Income Funds — 30.7%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   20,121,787    165,803,528 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   3,230,229    22,966,929 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   2,773,101    25,041,105 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   7,943,866    42,261,369 
State Street Institutional U.S. Government Money Market Fund   53,241,436    53,241,436 
T. Rowe Price Dynamic Global Bond Fund, Class I   3,755,768    31,999,141 
T. Rowe Price Institutional Floating Rate Fund   1,432,892    13,153,947 
T. Rowe Price Institutional High Yield Fund   3,087,247    22,722,137 
         377,189,592 
           
TOTAL MUTUAL FUNDS
(Cost $1,421,983,351)		        1,228,188,338 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,421,983,351)		        1,228,188,338 
           
TOTAL INVESTMENTS — 100.0%
(Cost $1,421,983,351) (b)		        1,228,188,338 
           
Other Assets/(Liabilities) — (0.0)%        (586,461) 
           
NET ASSETS — 100.0%       $1,227,601,877 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2035 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 80.3%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   16,903,666   $159,739,648 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   20,272,879    215,500,704 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   2,405,836    26,199,552 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   7,024,038    77,194,183 
MM S&P 500 Index Fund, Class I (a)   4,010,841    52,140,938 
         530,775,025 
Fixed Income Funds — 19.7%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   6,980,208    57,516,916 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   901,672    6,410,891 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   5,938    53,617 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   3,351,052    17,827,595 
State Street Institutional U.S. Government Money Market Fund   26,730,975    26,730,975 
T. Rowe Price Dynamic Global Bond Fund, Class I   1,305,601    11,123,722 
T. Rowe Price Institutional Floating Rate Fund   413,921    3,799,795 
T. Rowe Price Institutional High Yield Fund   914,052    6,727,423 
         130,190,934 
           
TOTAL MUTUAL FUNDS
(Cost $772,649,953)		        660,965,959 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $772,649,953)		        660,965,959 
           
TOTAL INVESTMENTS — 100.0%
(Cost $772,649,953) (b)		        660,965,959 
           
Other Assets/(Liabilities) — (0.0)%        (283,804) 
           
NET ASSETS — 100.0%       $660,682,155 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2040 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 89.5%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   31,512,044   $297,788,814 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   37,715,438    400,915,103 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   4,485,169    48,843,495 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   13,127,927    144,275,913 
MM S&P 500 Index Fund, Class I (a)   7,648,085    99,425,110 
         991,248,435 
Fixed Income Funds — 10.6%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   5,452,220    44,926,296 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   364,274    2,589,990 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   26,617    240,351 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   3,117,352    16,584,315 
State Street Institutional U.S. Government Money Market Fund   38,536,538    38,536,538 
T. Rowe Price Dynamic Global Bond Fund, Class I   966,641    8,235,778 
T. Rowe Price Institutional Floating Rate Fund   165,044    1,515,108 
T. Rowe Price Institutional High Yield Fund   646,517    4,758,362 
         117,386,738 
           
TOTAL MUTUAL FUNDS
(Cost $1,279,708,914)		        1,108,635,173 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,279,708,914)		        1,108,635,173 
           
TOTAL INVESTMENTS — 100.1%
(Cost $1,279,708,914) (b)		        1,108,635,173 
           
Other Assets/(Liabilities) — (0.1)%        (558,176) 
           
NET ASSETS — 100.0%       $1,108,076,997 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2045 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 94.5%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   15,788,631   $149,202,564 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   18,726,964    199,067,626 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   2,228,455    24,267,872 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   6,557,882    72,071,125 
MM S&P 500 Index Fund, Class I (a)   3,969,522    51,603,789 
         496,212,976 
Fixed Income Funds — 5.5%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   1,004,638    8,278,217 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   7,470    67,454 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   667,986    3,553,686 
State Street Institutional U.S. Government Money Market Fund   15,972,983    15,972,983 
T. Rowe Price Dynamic Global Bond Fund, Class I   154,708    1,318,112 
         29,190,452 
           
TOTAL MUTUAL FUNDS
(Cost $614,718,614)		        525,403,428 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $614,718,614)		        525,403,428 
           
TOTAL INVESTMENTS — 100.0%
(Cost $614,718,614) (b)		        525,403,428 
           
Other Assets/(Liabilities) — (0.0)%        (227,096) 
           
NET ASSETS — 100.0%       $525,176,332 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2050 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 96.1%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   23,411,269   $221,236,493 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   27,815,811    295,682,073 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   3,292,345    35,853,641 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   9,689,133    106,483,569 
MM S&P 500 Index Fund, Class I (a)   5,875,963    76,387,513 
         735,643,289 
Fixed Income Funds — 4.0%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   636,561    5,245,263 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   11,669    105,372 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   381,616    2,030,197 
State Street Institutional U.S. Government Money Market Fund   22,363,438    22,363,438 
T. Rowe Price Dynamic Global Bond Fund, Class I   107,121    912,672 
         30,656,942 
           
TOTAL MUTUAL FUNDS
(Cost $889,224,150)		        766,300,231 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $889,224,150)		        766,300,231 
           
TOTAL INVESTMENTS — 100.1%
(Cost $889,224,150) (b)		        766,300,231 
           
Other Assets/(Liabilities) — (0.1)%        (386,396) 
           
NET ASSETS — 100.0%       $765,913,835 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2055 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 96.5%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   10,025,113   $94,737,321 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   11,966,895    127,208,099 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   1,421,393    15,478,970 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   4,181,855    45,958,583 
MM S&P 500 Index Fund, Class I (a)   2,574,138    33,463,794 
         316,846,767 
Fixed Income Funds — 3.5%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   267,371    2,203,133 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   2,508    22,648 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   166,093    883,615 
State Street Institutional U.S. Government Money Market Fund   8,133,843    8,133,843 
T. Rowe Price Dynamic Global Bond Fund, Class I   47,610    405,641 
         11,648,880 
           
TOTAL MUTUAL FUNDS
(Cost $386,903,045)		        328,495,647 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $386,903,045)		        328,495,647 
           
TOTAL INVESTMENTS — 100.0%
(Cost $386,903,045) (b)		        328,495,647 
           
Other Assets/(Liabilities) — (0.0)%        (134,292) 
           
NET ASSETS — 100.0%       $328,361,355 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Select T. Rowe Price Retirement 2060 Fund —  Portfolio of Investments

 

December 31, 2022 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 96.5%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   4,653,316   $43,973,838 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   5,542,585    58,917,681 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   661,243    7,200,938 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   1,939,394    21,313,937 
MM S&P 500 Index Fund, Class I (a)   1,189,206    15,459,673 
         146,866,067 
Fixed Income Funds — 3.5%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   120,342    991,619 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   1,207    10,898 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   76,344    406,151 
State Street Institutional U.S. Government Money Market Fund   3,835,806    3,835,806 
T. Rowe Price Dynamic Global Bond Fund, Class I   20,865    177,769 
         5,422,243 
           
TOTAL MUTUAL FUNDS
(Cost $183,326,673)		        152,288,310 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $183,326,673)		        152,288,310 
           
TOTAL INVESTMENTS — 100.0%
(Cost $183,326,673) (b)		        152,288,310 
           
Other Assets/(Liabilities) — (0.0)%        (50,388) 
           
NET ASSETS — 100.0%       $152,237,922 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer.
(b) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

Notes to Portfolio of Investments (Unaudited)

 

1. The Funds

MassMutual Select Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended, 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. As of December 31, 2022, the Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):

 

MassMutual Total Return Bond Fund (“Total Return Bond Fund”)

MassMutual Strategic Bond Fund (“Strategic Bond Fund”)

MassMutual Diversified Value Fund (“Diversified Value Fund”)

MassMutual Fundamental Value Fund (“Fundamental Value Fund”)

MM S&P 500® Index Fund (“S&P 500 Index Fund”)

MassMutual Equity Opportunities Fund (“Equity Opportunities Fund”)

MassMutual Fundamental Growth Fund (“Fundamental Growth Fund”)

MassMutual Blue Chip Growth Fund (“Blue Chip Growth Fund”)

MassMutual Growth Opportunities Fund (“Growth Opportunities Fund”)

MassMutual Mid Cap Value Fund (“Mid Cap Value Fund”)

MassMutual Small Cap Value Equity Fund (“Small Cap Value Equity Fund”)

MassMutual Small Company Value Fund (“Small Company Value 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”)

MassMutual Select T. Rowe Price International Equity Fund (“MM Select T. Rowe Price International Equity Fund”)

MassMutual 20/80 Allocation Fund (“20/80 Allocation Fund”)

MassMutual 40/60 Allocation Fund (“40/60 Allocation Fund”)

MassMutual 60/40 Allocation Fund (“60/40 Allocation Fund”)

MassMutual 80/20 Allocation Fund (“80/20 Allocation Fund”)

MassMutual RetireSMARTSM by JPMorgan In Retirement Fund (“MM RetireSMART by JPMorgan In Retirement Fund”)

MassMutual RetireSMARTSM by JPMorgan 2020 Fund (“MM RetireSMART by JPMorgan 2020 Fund”)

MassMutual RetireSMARTSM by JPMorgan 2025 Fund (“MM RetireSMART by JPMorgan 2025 Fund”)

MassMutual RetireSMARTSM by JPMorgan 2030 Fund (“MM RetireSMART by JPMorgan 2030 Fund”)

MassMutual RetireSMARTSM by JPMorgan 2035 Fund (“MM RetireSMART by JPMorgan 2035 Fund”)

MassMutual RetireSMARTSM by JPMorgan 2040 Fund (“MM RetireSMART by JPMorgan 2040 Fund”)

MassMutual RetireSMARTSM by JPMorgan 2045 Fund (“MM RetireSMART by JPMorgan 2045 Fund”)

MassMutual RetireSMARTSM by JPMorgan 2050 Fund (“MM RetireSMART by JPMorgan 2050 Fund”)

MassMutual RetireSMARTSM by JPMorgan 2055 Fund (“MM RetireSMART by JPMorgan 2055 Fund”)

MassMutual RetireSMARTSM by JPMorgan 2060 Fund (“MM RetireSMART by JPMorgan 2060 Fund”)

MM Equity Asset Fund (“Equity Asset Fund”)

MassMutual Select T. Rowe Price Bond Asset Fund (“MM Select T. Rowe Price Bond Asset Fund”)

MassMutual Select T. Rowe Price Emerging Markets Bond Fund (“MM Select T. Rowe Price Emerging Markets Bond Fund”)

MassMutual Select T. Rowe Price Large Cap Blend Fund (“MM Select T. Rowe Price Large Cap Blend Fund”)

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund (“MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund”)

MassMutual Select T. Rowe Price Real Assets Fund (“MM Select T. Rowe Price Real Assets Fund”)

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund (“MM Select T. Rowe Price Small and Mid Cap Blend Fund”)

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund (“MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund”)

MassMutual Select T. Rowe Price Retirement Balanced Fund (“MM Select T. Rowe Price Retirement Balanced Fund”)

MassMutual Select T. Rowe Price Retirement 2005 Fund (“MM Select T. Rowe Price Retirement 2005 Fund”)

MassMutual Select T. Rowe Price Retirement 2010 Fund (“MM Select T. Rowe Price Retirement 2010 Fund”)

MassMutual Select T. Rowe Price Retirement 2015 Fund (“MM Select T. Rowe Price Retirement 2015 Fund”)

MassMutual Select T. Rowe Price Retirement 2020 Fund (“MM Select T. Rowe Price Retirement 2020 Fund”)

MassMutual Select T. Rowe Price Retirement 2025 Fund (“MM Select T. Rowe Price Retirement 2025 Fund”)

MassMutual Select T. Rowe Price Retirement 2030 Fund (“MM Select T. Rowe Price Retirement 2030 Fund”)

MassMutual Select T. Rowe Price Retirement 2035 Fund (“MM Select T. Rowe Price Retirement 2035 Fund”)

MassMutual Select T. Rowe Price Retirement 2040 Fund (“MM Select T. Rowe Price Retirement 2040 Fund”)

MassMutual Select T. Rowe Price Retirement 2045 Fund (“MM Select T. Rowe Price Retirement 2045 Fund”)

MassMutual Select T. Rowe Price Retirement 2050 Fund (“MM Select T. Rowe Price Retirement 2050 Fund”)

MassMutual Select T. Rowe Price Retirement 2055 Fund (“MM Select T. Rowe Price Retirement 2055 Fund”)

MassMutual Select T. Rowe Price Retirement 2060 Fund (“MM Select T. Rowe Price Retirement 2060 Fund”)

 

The 20/80 Allocation Fund, 40/60 Allocation Fund, 60/40 Allocation Fund, and 80/20 Allocation Fund (the “MM Target Allocation Funds”) invest their investable assets in shares of MassMutual Funds advised by MML Investment Advisers, LLC (“MML Advisers”) and non-affiliated mutual funds (together, the “MM Target Allocation Underlying Funds”).

 

The MM RetireSMART by JPMorgan In Retirement Fund, MM RetireSMART by JPMorgan 2020 Fund, MM RetireSMART by JPMorgan 2025 Fund, MM RetireSMART by JPMorgan 2030 Fund, MM RetireSMART by JPMorgan 2035 Fund, MM RetireSMART by JPMorgan 2040 Fund, MM RetireSMART by JPMorgan 2045 Fund, MM RetireSMART by JPMorgan 2050 Fund, MM RetireSMART by JPMorgan 2055 Fund, and MM RetireSMART by JPMorgan 2060 Fund (the “MM RetireSMART by JPMorgan Funds”) invest their investable assets in shares of MassMutual Funds, J.P. Morgan Funds advised by J.P. Morgan Investment Management Inc. (“J.P. Morgan”) or its affiliates, and non-affiliated mutual funds (together, the “MM RetireSMART by JPMorgan Underlying Funds”).

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

The MM Select T. Rowe Price Retirement Balanced Fund, MM Select T. Rowe Price Retirement 2005 Fund, MM Select T. Rowe Price Retirement 2010 Fund, MM Select T. Rowe Price Retirement 2015 Fund, MM Select T. Rowe Price Retirement 2020 Fund, MM Select T. Rowe Price Retirement 2025 Fund, MM Select T. Rowe Price Retirement 2030 Fund, MM Select T. Rowe Price Retirement 2035 Fund, MM Select T. Rowe Price Retirement 2040 Fund, MM Select T. Rowe Price Retirement 2045 Fund, MM Select T. Rowe Price Retirement 2050 Fund, MM Select T. Rowe Price Retirement 2055 Fund, and MM Select T. Rowe Price Retirement 2060 Fund (the “MM Select T. Rowe Price Retirement Funds”) invest their investable assets primarily in shares of MassMutual Funds and T. Rowe Price Funds (together, the “MM Select T. Rowe Price Underlying Funds”). The MM Target Allocation Underlying Funds, MM RetireSMART by JPMorgan Underlying Funds, and MM Select T. Rowe Price Underlying Funds are hereinafter collectively referred to as the (“Underlying Funds”).

 

2. Significant Accounting Policies

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

 

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Advisers will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund or an Underlying Fund holds foreign securities that trade on days that foreign securities markets are open.

 

The net asset value of each of the MM Target Allocation Funds, MM RetireSMART by JPMorgan Funds, and MM Select T. Rowe Price Retirement Funds is based upon the net asset value(s) of its corresponding Underlying Funds. Shares of the Underlying Funds are valued at their closing net asset values as reported on each business day.

 

The Prospectuses and Statements of Additional Information (“SAIs”) for the Underlying Funds explain the valuation methods for the Underlying Funds, including the circumstances under which the Underlying Funds may use fair value pricing and the effects of doing so. Such Prospectuses and SAIs are available on the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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 and certain Underlying 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.

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs may be fair valued using one or a combination of, but not limited to, the following inputs:

 

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

 

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

 

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indexes or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company.

 

Investments in series of preferred stock issued by Private Companies are typically valued utilizing the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

 

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

 

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

 

Level 2 – other significant observable inputs (including 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 Fundamental Value Fund, Fundamental Growth Fund, Growth Opportunities Fund, and Small Cap Growth Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2022. The MM Target Allocation Funds, MM RetireSMART by JPMorgan Funds, and the MM Select T. Rowe Price Retirement Funds characterized all investments at Level 1, as of December 31, 2022. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

 

The following is the aggregate value by input level, as of December 31, 2022, for the remaining Funds' investments:

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Total Return Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $376,965   $—   $—   $376,965 
Bank Loans (Less Unfunded Loan Commitments)   —    15,366,529    —    15,366,529 
Corporate Debt   —    215,292,054    —+   215,292,054 
Municipal Obligations   —    2,198,369    —    2,198,369 
Non-U.S. Government Agency Obligations   —    122,192,549    —    122,192,549 
Sovereign Debt Obligations   —    7,571,120    —    7,571,120 
U.S. Government Agency Obligations and Instrumentalities   —    284,072,982    —    284,072,982 
U.S. Treasury Obligations   —    195,530,343    —    195,530,343 
Rights   —    —    —+   — 
Mutual Funds   37,216,875    —    —    37,216,875 
Short-Term Investments   —    99,746,890    —    99,746,890 
Unfunded Loan Commitments**  $—   $(233)   $—   $(233) 
Total Investments  $37,593,840   $941,970,603   $—   $979,564,443 
Asset Derivatives                    
Forward Contracts  $—   $4,880   $—   $4,880 
Futures Contracts   163,540    —    —    163,540 
Swap Agreements   —    1,769,110    —    1,769,110 
Total  $163,540   $1,773,990   $—   $1,937,530 
Liability Derivatives                    
Forward Contracts  $—   $(92,893)  $—   $(92,893)
Futures Contracts   (29,150)   —    —    (29,150)
Swap Agreements   —    (5,688,111)   —    (5,688,111)
Total  $(29,150)  $(5,781,004)  $—   $(5,810,154)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Strategic Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans (Less Unfunded Loan Commitments)  $—   $11,469,437   $—   $11,469,437 
Corporate Debt   —    135,883,083    —    135,883,083 
Municipal Obligations   —    50,558    —    50,558 
Non-U.S. Government Agency Obligations   —    35,524,310    —    35,524,310 
Sovereign Debt Obligations   —    17,085,265    —    17,085,265 
U.S. Government Agency Obligations and Instrumentalities   —    122,602,917    —    122,602,917 
U.S. Treasury Obligations   —    113,415,005    —    113,415,005 
Purchased Options   100,563    —    —    100,563 
Mutual Funds   9,365,725    —    —    9,365,725 
Short-Term Investments   —    17,535,645    —    17,535,645 
Unfunded Loan Commitments**   —    (5,921)   —    (5,921)
Total Investments  $9,466,288   $453,560,299   $—   $463,026,587 
                     
Asset Derivatives                   
 Forward Contracts  $—   $966,715   $—   $966,715 
 Futures Contracts   1,268,433    —    —    1,268,433 
 Swap Agreements   —    4,601,372    —    4,601,372 
Total  $1,268,433   $5,568,087   $—   $6,836,520 
Liability Derivatives             —      
 Forward Contracts  $—   $(161,405)  $—   $(161,405)
 Futures Contracts   (1,554,558)   —    —    (1,554,558)
 Swap Agreements   —    (392,230)   —    (392,230)
 Written Options   (194,038)   —    —    (194,038)
Total  $(1,748,596)  $(553,635)  $—   $(2,302,231)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Diversified Value Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $293,644,044   $5,200,743*  $—   $298,844,787 
Preferred Stock   434,494    2,909,483*   —    3,343,977 
Mutual Funds   2,496,744    —    —    2,496,744 
Short-Term Investments   105    3,018,921    —    3,019,026 
Total Investments  $296,575,387   $11,129,147   $—   $307,704,534 

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

S&P 500 Index Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $2,305,897,257   $—   $—   $2,305,897,257 
Short-Term Investments   —    22,404,562    —    22,404,562 
Total Investments  $2,305,897,257   $22,404,562   $—   $2,328,301,819 
Liability Derivatives                    
Futures Contracts  $(464,372)  $—   $—   $(464,372)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Opportunities Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $601,739,858   $8,238,800*  $—   $609,978,658 
Preferred Stock   736,176    4,639,885*   —    5,376,061 
Short-Term Investments   159    14,949,988    —    14,950,147 
Total Investments  $602,476,193   $27,828,673   $—   $630,304,866 

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Blue Chip Growth Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $2,321,035,569   $9,003,355*  $3,035,132  $2,333,074,056 
Preferred Stock   —    —    3,370,186   3,370,186 
Corporate Debt   —    1,731,520    —    1,731,520 
Short-Term Investments   102    22,109,521    —    22,109,623 
Total Investments  $2,321,035,671   $32,844,396   $6,405,318   $2,360,285,385 

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Mid Cap Value Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $103,419,477   $3,199,569*  $—   $106,619,046 
Preferred Stock   —    397,287*   —    397,287 
Mutual Funds   462,969    —    —    462,969 
Short-Term Investments   —    2,617,871    —    2,617,871 
Total Investments  $103,882,446   $6,214,727   $—   $110,097,173 
Asset Derivatives                    
Forward Contracts  $—   $2,290   $—   $2,290 
Liability Derivatives                    
Forward Contracts  $—   $(16,417)  $—   $(16,417)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Small Cap Value Equity Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $50,083,400   $495,358*  $—   $50,578,758 
Mutual Funds   452,296    —    —    452,296 
Short-Term Investments   —    1,532,239    —    1,532,239 
Total Investments  $50,535,696   $2,027,597   $—   $52,563,293 

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Small Company Value Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $210,208,547   $412,754*  $—   $210,621,301 
Mutual Funds   509,390    —    —    509,390 
Short-Term Investments   —    2,535,191    —    2,535,191 
Total Investments  $210,717,937   $2,947,945   $—   $213,665,882 
Asset Derivatives                    
Forward Contracts  $—   $1,828   $—   $1,828 
Liability Derivatives                    
Forward Contracts  $—   $(15)  $—   $(15)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Mid Cap Growth Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $5,085,073,640   $—   $22,843,851   $5,107,917,491 
Preferred Stock   —    —    25,353,794    25,353,794 
Mutual Funds   11,026,456    —    —    11,026,456 
Short-Term Investments   211,333,493    67,540,273    —    278,873,766 
Total Investments  $5,307,433,589   $67,540,273   $48,197,645   $5,423,171,507 

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Overseas Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                
Australia  $—   $1,197,904   $—   $1,197,904 
Belgium   —    4,983,385    —    4,983,385 
Canada   15,121,552    —    —    15,121,552 
Cayman Islands   1,512,730    8,164,657    —    9,677,387 
Denmark   —    12,028,157    —    12,028,157 
France   —    80,778,690    —    80,778,690 
Germany   —    71,627,255    —    71,627,255 
Hong Kong   —    7,163,256    —    7,163,256 
India   —    7,315,446    —    7,315,446 
Ireland   5,983,865    4,219,889    —    10,203,754 
Israel   4,142,338    —    —    4,142,338 
Italy   —    12,088,433    —    12,088,433 
Japan   —    43,848,754    —    43,848,754 
Mexico   411,991    —    —    411,991 
Netherlands   —    25,919,041    —    25,919,041 
Portugal   —    2,419,721    —    2,419,721 
Republic of Korea   —    2,920,822    —    2,920,822 
Singapore   —    4,116,449    —    4,116,449 
Spain   —    4,243,183    —    4,243,183 
Sweden   —    4,999,973    —    4,999,973 
Switzerland   —    58,553,305    —    58,553,305 
Taiwan   3,261,247    —    —    3,261,247 
United Kingdom   2,050,119    56,416,233    —    58,466,352 
United States   2,174,469    —    —    2,174,469 
Preferred Stock*                    
Republic of Korea   —    2,112,487    —    2,112,487 
Mutual Funds   386,416    —    —    386,416 
Short-Term Investments   —    2,964,141    —    2,964,141 
Total Investments  $35,044,727   $418,081,181   $—   $453,125,908 

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price International Equity Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                
Australia  $2,011,198   $36,708,302   $—   $38,719,500 
Austria   —    6,730,757    —    6,730,757 
Belgium   —    4,174,073    —    4,174,073 
Bermuda   611,962    3,802,961    —    4,414,923 
Brazil   —    19,227,071    —    19,227,071 
Canada   60,523,099    —    —    60,523,099 
Cayman Islands   23,814,116    58,002,542    —    81,816,658 
Chile   3,510,608    —    —    3,510,608 
China   —    49,281,461    —    49,281,461 
Cyprus   —    —    —+   — 
Denmark   —    5,822,035    —    5,822,035 
Finland   —    13,164,359    —    13,164,359 
France   —    115,495,027    —    115,495,027 
Germany   —    81,220,485    —    81,220,485 
Hong Kong   —    26,457,922    —    26,457,922 
Hungary   —    4,735,162    —    4,735,162 
India   2,278,158    65,298,762    —    67,576,920 
Indonesia   —    10,368,884    —    10,368,884 
Ireland   —    8,303,045    —    8,303,045 
Italy   1,096,408    24,017,207    —    25,113,615 
Japan   —    201,635,767    —    201,635,767 
Luxembourg   —    4,910,544    —    4,910,544 
Malaysia   —    3,666,231    —    3,666,231 
Mexico   12,097,467    —    —    12,097,467 
Netherlands   8,012,337    77,003,522    —+   85,015,859 
Norway   —    13,942,035    —    13,942,035 
Philippines   —    4,355,157    —    4,355,157 
Poland   —    3,790,959    —    3,790,959 
Portugal   —    8,412,470    —    8,412,470 
Republic of Korea   2,013,701    50,072,746    —    52,086,447 
Russia   —    —    —+   — 
Saudi Arabia   —    8,887,317    —    8,887,317 
Singapore   —    18,821,529    —    18,821,529 
South Africa   —    10,021,601    —    10,021,601 
Spain   —    12,429,426    —    12,429,426 
Sweden   741,629    21,038,331    —    21,779,960 
Switzerland   —    98,349,865    —    98,349,865 
Taiwan   —    42,496,819    —    42,496,819 
Thailand   7,123,149    3,094,862    —    10,218,011 
United Arab Emirates   —    2,219,930    —    2,219,930 
United Kingdom   35,035,910    128,779,949    —    163,815,859 
United States   16,149,307    2,135,272    211,339    18,495,918 
Preferred Stock*                    
Germany   —    10,125,118    —    10,125,118 
United States   —    —    12,691    12,691 
Mutual Funds   2,310,919    —    —    2,310,919 
Rights   1,808    —    95,761    97,569 
Short-Term Investments   10,433,385    1,120,919    —    11,554,304 
Total Investments  $187,765,161   $1,260,120,424   $319,791   $1,448,205,376 
Liability Derivatives                    
Written Options  $—   $(11,905)  $—   $(11,905)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Asset Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $315,724,558   $3,020*  $—   $315,727,578 
Rights   —    —    —+   — 
Mutual Funds   107,700    —    —    107,700 
Short-Term Investments   —    5,309,630    —    5,309,630 
Total Investments  $315,832,258   $5,312,650   $—   $321,144,908 
Liability Derivatives                    
Futures Contracts  $(117,077)  $—   $—   $(117,077)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Bond Asset Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans (Less Unfunded Loan Commitments)  $—   $4,795,043   $—   $4,795,043 
Corporate Debt   —    144,870,107    —    144,870,107 
Municipal Obligations   —    305,474    —    305,474 
Non-U.S. Government Agency Obligations   —    47,242,528    —    47,242,528 
Sovereign Debt Obligations   —    101,723,013    —    101,723,013 
U.S. Government Agency Obligations and Instrumentalities   —    116,733,898    —    116,733,898 
U.S. Treasury Obligations   —    118,915,357    —    118,915,357 
Purchased Options   —    92,249    —    92,249 
Mutual Funds   22,183,340    —    —    22,183,340 
Short-Term Investments   11,216,403    22,173,021    —    33,389,424 
Unfunded Loan Commitments**   —    (1,552)   —    (1,552)
Total Investments  $33,399,743   $556,849,138   $—   $590,248,881 
Asset Derivatives                    
Forward Contracts  $—   $1,384,140   $—   $1,384,140 
Futures Contracts   366,614    —    —    366,614 
Swap Agreements   —    380,429    —    380,429 
Total  $366,614   $1,764,569   $—   $2,131,183 
Liability Derivatives                    
Forward Contracts  $—   $(8,357,885)  $—   $(8,357,885)
Futures Contracts   (839,721)   —    —    (839,721)
Swap Agreements   —    (2,569,386)   —    (2,569,386)
Total  $(839,721)  $(10,927,271)  $—   $(11,766,992)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Emerging Markets Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $—   $24,453,010   $—   $24,453,010 
Sovereign Debt Obligations   —    51,872,214    —    51,872,214 
Mutual Funds   1,320,090    —    —    1,320,090 
Short-Term Investments   3,042,999    1,276,684    —    4,319,683 
                     
Total Investments  $4,363,089   $77,601,908   $—   $81,964,997 
Asset Derivatives                    
Forward Contracts  $—   $3,675   $—   $3,675 
Futures Contracts   24,696    —    —    24,696 
Total  $24,696   $3,675   $—   $28,371 
Liability Derivatives                    
Forwards Contracts  $—   $(101,597)  $—   $(101,597)
Futures Contracts   (97,395)   —    —    (97,395)
Total  $(97,395)  $(101,597)  $—   $(198,992)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Large Cap Blend Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $1,870,950,701   $12,534,786*  $4,519,421   $1,888,004,908 
Preferred Stock   —    9,275,266*   9,511,786    18,787,052 
Corporate Debt   —    —    50,373    50,373 
Mutual Funds   697,218    —    —    697,218 
Short-Term Investments   50,287,049    997,996    —    51,285,045 
Total Investments  $1,921,934,968   $22,808,048   $14,081,580   $1,958,824,596 

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $—   $501,034   $—   $501,034 
Municipal Obligations   —    798,719    —    798,719 
Non-U.S. Government Agency Obligations   —    8,310,535    —    8,310,535 
U.S. Government Agency Obligations and Instrumentalities   —    2,071,624    —    2,071,624 
U.S. Treasury Obligations   —    173,757,653    —    173,757,653 
Mutual Funds   17,976,450    —    —    17,976,450 
Short-Term Investments   9,008    690,381    —    699,389 
Total Investments  $17,985,458   $186,129,946   $—   $204,115,404 
Asset Derivatives                    
Futures Contracts  $126,196   $—   $—   $126,196 
Swap Agreements   —    2,461,214    —    2,461,214 
Total  $126,196   $2,461,214   $—   $2,587,410 
Liability Derivatives                    
Futures Contracts  $(37,285)  $—   $—   $(37,285)
Swap Agreements   —    (111,258)   —    (111,258)
Total  $(37,285)  $(111,258)  $—   $(148,543)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Real Assets Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                    
Australia  $—   $23,167,492   $—   $23,167,492 
Belgium   —    588,878    —    588,878 
Bermuda   —    780,099    —    780,099 
Brazil   —    468,472    —    468,472 
Canada   17,060,187    —    —    17,060,187 
Cayman Islands   —    1,078,595    —    1,078,595 
Denmark   —    988,789    —    988,789 
Finland   —    3,168,042    —    3,168,042 
France   —    5,385,160    —    5,385,160 
Hong Kong   —    752,654    —    752,654 
Ireland   1,984,479    —    —    1,984,479 
Japan   —    5,981,286    —    5,981,286 
Kazakhstan   —    1,285,767    —    1,285,767 
Luxembourg   632,468    495,566    —    1,128,034 
Mexico   437,901    —    —    437,901 
Netherlands   347,009    491,904    —    838,913 
Norway   —    4,074,316    —    4,074,316 
Portugal   —    948,704    —    948,704 
Republic of Korea   —    1,788,936    —    1,788,936 
Russia   —    —    —+    — 
Singapore   —    1,282,098    —    1,282,098 
South Africa   —    306,412    —    306,412 
Spain   —    579,129    —    579,129 
Sweden   —    7,521,025    —    7,521,025 
United Kingdom   662,088    14,840,555    —    15,502,643 
United States   117,527,276    —    —    117,527,276 
Preferred Stock                    
United States   913,259    —    1,312,643    2,225,902 
Mutual Funds   12,255,204    —    —    12,255,204 
Short-Term Investments   6,947,754    6,506,396    —    13,454,150 
Total Investments  $158,767,625   $82,480,275   $1,312,643   $242,560,543 
Asset Derivatives                    
Forward Contracts  $—   $84,463   $—   $84,463 
Futures Contracts   443,473    —    —    443,473 
Total  $443,473   $84,463   $—   $527,936 
Liability Derivatives                    
Forward Contracts  $—   $(13,883)  $—   $(13,883)
Futures Contracts   (121,390)   —    —    (121,390)
Swap Agreements   —    (2,412)   —    (2,412)
Total  $(121,390)  $(16,295)  $—   $(137,685)

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Small and Mid Cap Blend Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $647,452,455   $16,055,859*  $1,668,381   $665,176,695 
Preferred Stock   —    772,720*   13,075,357    13,848,077 
Rights   —    —    28,892    28,892 
Warrants   14,255    6,812    7,487    28,554 
Mutual Funds   3,755,790    —    —    3,755,790 
Short-Term Investments   27,319,435    991,000    —    28,310,435 
Total Investments  $678,541,935   $17,826,391   $14,780,117   $711,148,443 

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
U.S. Government Agency Obligations and Instrumentalities  $—   $2,796,139   $—   $2,796,139 
U.S. Treasury Obligations   —    128,532,667    —    128,532,667 
Mutual Funds   5,137,150    —    —    5,137,150 
Short-Term Investments   65    102,017    —    102,082 
Total Investments  $5,137,215   $131,430,823   $—   $136,568,038 
Asset Derivatives                    
Futures Contracts  $21,006   $—   $—   $21,006 

 

*Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.
**Unfunded loan commitments are valued at the unrealized appreciation/(depreciation) on the commitment.
+Represents a security at $0 value as of December 31, 2022.

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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.

 

Please refer to the Funds' most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the SEC's EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).

 

Securities Lending 

Each Fund, other than the MM Target Allocation Funds, MM RetireSMART by JPMorgan Funds, and MM Select T. Rowe Price Retirement Funds 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 December 31, 2022, 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.

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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.

 

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. 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.

 

Foreign Securities

The MM Select T. Rowe Price Real Assets Fund invests a significant amount of its assets in foreign securities and each of the Overseas Fund, MM Select T. Rowe Price International Equity Fund, and MM Select T. Rowe Price Emerging Markets Bond Fund invests substantially all of its assets in foreign securities. The other Funds and certain Underlying 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.

 

   

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Federal Income Tax

It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to 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 federal income tax.

 

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.

 

3. Federal Income Tax Information

At December 31, 2022, 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 federal income tax basis, were as follows:

 

   Federal Income Tax Cost   Tax Basis Unrealized Appreciation   Tax Basis Unrealized (Depreciation)   Net Unrealized Appreciation/ (Depreciation) 
Total Return Bond Fund  $1,042,011,269   $1,576,282   $(64,023,108)  $(62,446,826)
Strategic Bond Fund   508,906,616    1,779,399    (47,659,428)   (45,880,029)
Diversified Value Fund   265,061,222    51,541,104    (8,897,792)   42,643,312 
Fundamental Value Fund   395,365,774    96,517,024    (17,543,743)   78,973,281 
S&P 500 Index Fund   1,431,083,667    993,577,308    (96,359,156)   897,218,152 
Equity Opportunities Fund   541,671,459    110,502,346    (21,868,939)   88,633,407 
Fundamental Growth Fund   30,350,057    1,713,461    (4,265,519)   (2,552,058)
Blue Chip Growth Fund   1,963,380,800    651,023,347    (254,118,762)   396,904,585 
Growth Opportunities Fund   270,317,565    31,808,315    (60,700,997)   (28,892,682)
Mid Cap Value Fund   112,906,200    6,311,731    (9,120,758)   (2,809,027)
Small Cap Value Equity Fund   47,139,881    9,584,432    (4,161,020)   5,423,412 
Small Company Value Fund   223,305,482    16,227,277    (25,866,877)   (9,639,600)
Mid Cap Growth Fund   4,844,071,954    963,905,001    (384,805,448)   579,099,553 
Small Cap Growth Equity Fund   684,720,459    53,671,573    (55,470,715)   (1,799,142)
Overseas Fund   432,101,934    60,750,161    (39,726,187)    21,023,974 
MM Select T. Rowe Price International Equity Fund   1,462,448,864    144,137,956    (158,381,444)   (14,243,488)
20/80 Allocation Fund   194,478,878    416,539    (28,487,897)   (28,071,358)
40/60 Allocation Fund   208,256,636    819,109    (33,310,238)   (32,491,129)
60/40 Allocation Fund   195,139,028    588,258    (30,588,785)   (30,000,527)
80/20 Allocation Fund   143,676,046    1,289,697    (22,915,129)   (21,625,432)
MM RetireSMART by JPMorgan In Retirement Fund   98,110,178    104,729    (13,808,324)   (13,703,595)
MM RetireSMART by JPMorgan 2020 Fund   192,843,390    189,595    (27,616,106)   (27,426,511)
MM RetireSMART by JPMorgan 2025 Fund   173,988,825    282,719    (27,312,829)   (27,030,110)
MM RetireSMART by JPMorgan 2030 Fund   392,425,728    680,582    (62,257,649)   (61,577,067)
MM RetireSMART by JPMorgan 2035 Fund   176,722,262    420,917    (28,935,107)   (28,514,190)
MM RetireSMART by JPMorgan 2040 Fund   292,929,399    779,227    (49,396,273)   (48,617,046)
MM RetireSMART by JPMorgan 2045 Fund   129,834,336    419,964    (22,295,925)   (21,875,961)
MM RetireSMART by JPMorgan 2050 Fund   208,654,342    600,075    (35,740,905)   (35,140,830)
MM RetireSMART by JPMorgan 2055 Fund   69,089,364    190,618    (11,780,377)   (11,589,759)
MM RetireSMART by JPMorgan 2060 Fund   21,718,170    50,650    (3,397,399)   (3,346,749)
Equity Asset Fund   287,797,052    51,242,036    (17,894,180)   33,347,856 
MM Select T. Rowe Price Bond Asset Fund   643,946,521    4,181,535    (57,879,175)   (53,697,640)
MM Select T. Rowe Price Emerging Markets Bond Fund   99,210,131    252,826    (17,497,960)   (17,245,134)
MM Select T. Rowe Price Large Cap Blend Fund   2,006,822,813    98,516,356    (146,514,573)   (47,998,217)
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund   213,559,646    1,516,506    (10,960,748)   (9,444,242)
MM Select T. Rowe Price Real Assets Fund   248,292,563    17,213,802    (22,945,822)   (5,732,020)
MM Select T. Rowe Price Small and Mid Cap Blend Fund   685,371,463    97,763,180    (71,986,200)   25,776,980 
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund   179,431,567    69,429    (42,932,958)   (42,863,529)
MM Select T. Rowe Price Retirement Balanced Fund   195,710,617    –    (31,730,813)   (31,730,813)
MM Select T. Rowe Price Retirement 2005 Fund   29,807,096    –    (5,171,738)   (5,171,738)
MM Select T. Rowe Price Retirement 2010 Fund   124,000,819    –    (21,066,547)   (21,066,547)
MM Select T. Rowe Price Retirement 2015 Fund   136,054,771    –    (22,078,021)   (22,078,021)
MM Select T. Rowe Price Retirement 2020 Fund   617,149,598    –    (95,646,169)   (95,646,169)
MM Select T. Rowe Price Retirement 2025 Fund   647,686,170    –    (103,855,492)   (103,855,492)
MM Select T. Rowe Price Retirement 2030 Fund   1,421,983,351    –    (193,795,013)   (193,795,013)
MM Select T. Rowe Price Retirement 2035 Fund   772,649,953    –    (111,683,994)   (111,683,994)
MM Select T. Rowe Price Retirement 2040 Fund   1,279,708,914    8,002    (171,081,743)   (171,073,741)
MM Select T. Rowe Price Retirement 2045 Fund   614,718,614    –    (89,315,186)   (89,315,186)
MM Select T. Rowe Price Retirement 2050 Fund   889,224,150    –    (122,923,919)   (122,923,919)
MM Select T. Rowe Price Retirement 2055 Fund   386,903,045    –    (58,407,398)   (58,407,398)
MM Select T. Rowe Price Retirement 2060 Fund   183,326,673    –    (31,038,363)   (31,038,363)

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

4. New Accounting Pronouncements

In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

 

5. Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects, such as declines in global financial markets and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

 

6. Russia-Ukraine War 

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States and/or other countries. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s or an Underlying Fund's investments, even beyond any direct exposure the Fund or the Underlying Fund may have to Russian issuers or the adjoining geographic regions. Such sanctions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's or an Underlying Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund or an Underlying Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.