NPORT-EX 2 fp0091663-3_nportex.htm

MassMutual Total Return Bond Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 109.1%          
           
BANK LOANS — 1.4%          
Aerospace & Defense — 0.0%          
TransDigm, Inc., 2024 Term Loan I, 3 mo. USD Term SOFR + 2.750%          
7.079% VRN 8/24/28  $87,051   $87,287 
Auto Parts & Equipment — 0.0%          
First Brands Group LLC, 2021 Term Loan, 3 mo. USD Term SOFR + 5.000%          
9.847% VRN 3/30/27   82,091    76,892 
Beverages — 0.1%          
City Brewing Co. LLC          
2024 First Lien First Out Roll Up Term Loan, 3 mo. USD Term SOFR + 3.500%          
8.418% VRN 4/05/28   82,882    57,603 
2024 First Lien Second Out PIK Term Loan, 3 mo. USD Term SOFR + 5.000%          
9.909% VRN 4/05/28   166,128    60,914 
Naked Juice LLC          
Term Loan, 3 mo. USD Term SOFR + 3.000%          
7.429% 1/24/29   384,230    251,605 
2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.000%          
10.429% VRN 1/24/30   68,440    22,671 
         392,793 
Chemicals — 0.0%          
Chemours Co., 2023 USD Term Loan B, 1 mo. USD Term SOFR + 3.000%          
7.357% VRN 8/18/28   72,283    72,576 
Mativ Holdings, Inc., Delayed Draw Term Loan A, 1 mo. USD Term SOFR + 2.500%          
6.957% VRN 5/06/27   44,374    43,931 
         116,507 
Commercial Services — 0.1%          
Belron Finance 2019 LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.750%          
7.273% VRN 10/16/31   48,409    48,802 
Boost Newco Borrower LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.500%          
6.829% VRN 1/31/31   37,783    37,933 
CCRR Parent, Inc.          
Term Loan B, 3 mo. USD Term SOFR + 4.250%          
9.026% VRN 3/06/28   27,502    15,905 
US Acquisition Facility, 3 mo. USD Term SOFR + 4.250%          
9.026% VRN 3/06/28   77,490    47,269 
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.000%          
8.706% VRN 3/04/28   226,266    190,012 

 

 

 

 

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

 

   Principal
Amount		   Value 
TruGreen Ltd. Partnership, 2020 Term Loan, 1 mo. USD Term SOFR + 4.000%          
8.457% VRN 11/02/27  $56,026   $54,415 
         394,336 
Computers — 0.0%          
Indy US Bidco LLC, 2024 USD Term Loan B, 1 mo. USD Term SOFR + 4.750%          
9.107% VRN 3/06/28   37,256    37,535 
Diversified Financial Services — 0.1%          
Avolon TLB Borrower 1 (US) LLC, 2023 Term Loan B6, 1 mo. USD Term SOFR + 1.750%          
6.120% VRN 6/24/30   356,905    356,509 
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%          
8.079% VRN 4/09/27   138,063    134,784 
Jane Street Group LLC, 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.000%          
6.395% VRN 1/26/28   87,870    87,490 
         578,783 
Electric — 0.1%          
Alpha Generation LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750%          
7.107% VRN 9/30/31   115,101    115,763 
Kestrel Acquisition LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500%          
7.829% VRN 11/06/31   40,225    40,446 
Lackawanna Energy Center LLC          
Term Loan B2, 1 mo. USD Term SOFR + 4.250%          
8.607% VRN 8/06/29   18,312    18,449 
Term Loan C, 1 mo. USD Term SOFR + 4.250%          
8.607% VRN 8/06/29   4,012    4,042 
South Field LLC          
Term Loan B, 3 mo. USD Term SOFR + 3.750%          
8.079% VRN 8/29/31   52,580    52,886 
Term Loan C, 3 mo. USD Term SOFR + 3.750%          
8.079% VRN 8/29/31   3,225    3,244 
Vistra Operations Co. LLC, 1st Lien Term Loan B3, 1 mo. USD Term SOFR + 1.750%          
6.107% VRN 12/20/30   88,638    88,708 
         323,538 
Electronics — 0.0%          
II-VI, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.500%          
6.857% VRN 7/02/29   27,949    27,977 
TCP Sunbelt Acquisition Co., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.250%          
8.771% VRN 10/16/31   75,000    75,094 
         103,071 
Energy - Alternate Sources — 0.0%          
CPV Fairview LLC, Term Loan B, 1 mo. USD Term SOFR + 3.500%          
7.857% VRN 8/14/31   20,133    20,335 

 

 

 

 

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

 

   Principal
Amount		   Value 
Engineering & Construction — 0.0%          
Artera Services LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.500%          
8.829% VRN 2/15/31  $92,506   $91,555 
Entertainment — 0.1%          
Showtime Acquisition LLC, 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.750%          
9.235% VRN 8/13/31   120,281    120,531 
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 2.750%          
7.221% VRN 5/18/25   214,585    214,853 
         335,384 
Food — 0.0%          
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750%          
8.221% VRN 10/01/25   17,088    16,665 
United Natural Foods, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.750%          
9.107% VRN 5/01/31   140,601    142,499 
         159,164 
Hand & Machine Tools — 0.0%          
Alliance Laundry Systems LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.500%          
7.837% VRN 8/19/31   80,234    80,671 
Health Care - Products — 0.0%          
Bausch & Lomb Corp., Term Loan, 1 mo. USD Term SOFR + 3.250%          
7.689% VRN 5/10/27   152,949    153,386 
Health Care - Services — 0.1%          
Modivcare, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.750%          
9.079% VRN 7/01/31   320,548    301,850 
Star Parent, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.000%          
8.329% VRN 9/27/30   84,977    82,916 
         384,766 
Home Furnishing — 0.0%          
AI Aqua Merger Sub, Inc.          
2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000%          
7.337% VRN 7/31/28   42,424    42,496 
2021 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.500%          
8.053% VRN 7/31/28   52,789    52,789 
         95,285 
Insurance — 0.1%          
Acrisure LLC, 2024 Term Loan B1, 1 mo. USD Term SOFR + 3.000%          
7.356% VRN 2/16/27   217,274    217,341 
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.250%          
6.721% VRN 2/19/28   248,895    249,527 
Asurion LLC          
2020 Term Loan B8, 1 mo. USD Term SOFR + 3.250%          
7.721% VRN 12/23/26   236,195    235,954 

 

 

 

 

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

 

   Principal
Amount		   Value 
2022 Term Loan B10, 1 mo. USD Term SOFR + 4.000%          
8.457% VRN 8/19/28  $129,753   $129,294 
         832,116 
Internet — 0.0%          
Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.250%          
7.707% VRN 12/06/27   63,592    62,020 
Match Group, Inc., 2020 Term Loan B, 1 mo. USD Term SOFR + 1.750%          
6.270% VRN 2/13/27   27,175    27,107 
MH Sub I LLC, 2023 Term Loan, 1 mo. USD Term SOFR + 4.250%          
8.607% VRN 5/03/28   43,815    43,807 
PUG LLC, 2024 Extended Term Loan B, 1 mo. USD Term SOFR + 4.750%          
9.107% VRN 3/15/30   40,415    40,432 
Research Now Group, Inc., 2024 First Lien Second Out Term Loan, 3 mo. USD Term SOFR + 5.500%          
10.285% VRN 10/15/28   49,254    45,683 
         219,049 
Leisure Time — 0.0%          
Sabre GLBL, Inc., 2022 1st Lien Term Loan B, 1 mo. USD Term SOFR + 5.000%          
9.457% VRN 6/30/28   34,956    33,980 
Lodging — 0.0%          
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 1 mo. USD Term SOFR + 1.750%          
6.088% VRN 11/08/30   25,942    26,056 
Machinery - Construction & Mining — 0.0%          
WEC US Holdings Ltd., 2024 Term Loan, 1 mo. USD Term SOFR + 2.250%          
6.803% VRN 1/27/31   53,823    53,812 
Media — 0.1%          
CSC Holdings LLC, 2019 Term Loan B5, 6 mo. USD LIBOR + 2.500%          
7.173% VRN 4/15/27   111,607    102,800 
Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD Term SOFR + 2.000%          
6.512% VRN 4/30/28   65,220    63,380 
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. USD Term SOFR + 2.500%          
7.012% VRN 1/31/28   171,605    170,246 
         336,426 
Office & Business Equipment — 0.0%          
Xerox Holdings Corp., 2023 Term Loan B, 1 mo. USD Term SOFR + 4.000%, 3 mo. USD Term SOFR + 4.000%          
8.329% - 8.357% VRN 11/17/29   48,959    48,826 
Packaging & Containers — 0.1%          
Balcan Innovations, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.750%          
9.382% VRN 10/10/31   58,855    59,002 
Berry Global, Inc., 2023 Term Loan AA, 1 mo. USD Term SOFR + 1.750%          
6.342% VRN 7/01/29   530,388    530,850 
         589,852 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pharmaceuticals — 0.1%          
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%          
8.429% VRN 10/01/27  $218,182   $210,849 
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.250%          
6.607% VRN 5/05/28   253,900    254,392 
         465,241 
Real Estate Investment Trusts (REITS) — 0.2%          
Healthpeak Properties, Inc.          
2024 Term Loan A3, 3 mo. USD Term SOFR + 0.850%          
5.179% VRN 3/01/29   460,173    447,518 
Term Loan A2, 1 mo. USD Term SOFR + 1.600%          
6.188% VRN 2/22/27   228,010    223,165 
Term Loan A1, 1 mo. USD Term SOFR + 1.600%          
6.188% VRN 8/20/27   228,010    222,879 
Invitation Homes Operating Partnership LP, 2024 Term Loan, 3 mo. USD Term SOFR + 1.600%          
5.996% VRN 9/09/28   628,736    616,162 
SBA Senior Finance II LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 1.750%          
6.110% VRN 1/25/31   78,266    78,239 
         1,587,963 
Retail — 0.0%          
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 1 mo. USD Term SOFR + 1.750%          
6.107% VRN 9/20/30   139,933    139,088 
KFC Holding Co., 2021 Term Loan B, 1 mo. USD Term SOFR + 1.750%          
6.240% VRN 3/15/28   99,576    99,665 
Peer Holding III BV, 2024 USD Term Loan B5, 3 mo. USD Term SOFR + 3.000%          
7.329% VRN 7/01/31   56,528    56,757 
         295,510 
Software — 0.1%          
Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750%          
8.107% VRN 12/29/28   31,817    30,788 
DTI Holdco, Inc., 2022 Term Loan, 1 mo. USD Term SOFR + 4.750%          
9.107% VRN 4/26/29   22,561    22,698 
EagleView Technology Corp., 2018 Add On Term Loan B, 3 mo. USD Term SOFR + 3.500%          
8.091% VRN 8/14/25   298,102    281,426 
Renaissance Holding Corp., 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 4.000%          
8.357% VRN 4/05/30   79,636    79,382 
         414,294 
Telecommunications — 0.1%          
Altice France SA, 2023 USD Term Loan B14, 3 mo. USD Term SOFR + 5.500%          
10.147% VRN 8/15/28   84,640    67,691 
CCI Buyer, Inc., Term Loan, 3 mo. USD Term SOFR + 4.000%          
8.329% VRN 12/17/27   74,041    74,014 

 

 

 

 

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

 

   Principal
Amount		   Value 
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.000%          
7.471% VRN 3/09/27  $283,790   $265,224 
         406,929 
           
TOTAL BANK LOANS
(Cost $9,039,796)		        8,741,342 
           
CORPORATE DEBT — 15.2%          
Aerospace & Defense — 0.1%          
Boeing Co.          
5.805% 5/01/50   860,000    799,932 
Agriculture — 0.1%          
Imperial Brands Finance PLC          
3.875% 7/26/29 (b)   50,000    47,243 
6.125% 7/27/27 (b)   690,000    708,470 
         755,713 
Banks — 3.9%          
Bank of America Corp.          
1 day USD SOFR + 1.370% 1.922% VRN 10/24/31   120,000    100,251 
1 day USD SOFR + 1.060% 2.087% VRN 6/14/29   1,275,000    1,157,149 
1 day USD SOFR + 1.050% 2.551% VRN 2/04/28   2,311,000    2,203,435 
1 day USD SOFR + 2.150% 2.592% VRN 4/29/31   290,000    255,480 
3 mo. USD Term SOFR + 1.837% 3.824% VRN 1/20/28   2,564,000    2,512,301 
3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29   920,000    892,241 
Citigroup, Inc.          
1 day USD SOFR + 1.167% 2.561% VRN 5/01/32   325,000    275,081 
1 day USD SOFR + 1.422% 2.976% VRN 11/05/30   500,000    450,947 
1 day USD SOFR + 1.351% 3.057% VRN 1/25/33   470,000    403,750 
Goldman Sachs Group, Inc.          
1 day USD SOFR + 0.798% 1.431% VRN 3/09/27   2,475,000    2,376,060 
1 day USD SOFR + 0.818% 1.542% VRN 9/10/27   485,000    458,602 
1 day USD SOFR + 0.913% 1.948% VRN 10/21/27   1,550,000    1,470,606 
HSBC Holdings PLC 1 day USD SOFR + 1.929%          
2.099% VRN 6/04/26   1,480,000    1,462,549 
JP Morgan Chase & Co.          
3 mo. USD Term SOFR + 0.695% 1.040% VRN 2/04/27   50,000    48,037 
1 day USD SOFR + 0.885% 1.578% VRN 4/22/27   1,320,000    1,267,502 
1 day USD SOFR + 1.015% 2.069% VRN 6/01/29   885,000    804,164 
1 day USD SOFR + 1.180% 2.545% VRN 11/08/32   190,000    160,268 
3 mo. USD Term SOFR + 1.250% 2.580% VRN 4/22/32   255,000    218,743 
3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30   540,000    486,440 
3 mo. USD Term SOFR + 1.382% 4.005% VRN 4/23/29   410,000    397,513 
1 day USD SOFR + 1.310% 5.012% VRN 1/23/30   315,000    314,714 
Morgan Stanley 1 day USD SOFR + 0.879%          
1.593% VRN 5/04/27   910,000    872,263 
PNC Financial Services Group, Inc.          
1 day USD SOFR Index + 2.140% 6.037% VRN 10/28/33   380,000    393,257 
1 day USD SOFR + 2.284% 6.875% VRN 10/20/34   60,000    65,494 
Santander UK Group Holdings PLC          
1 yr. CMT + 1.250% 1.532% VRN 8/21/26   295,000    288,251 
1 day USD SOFR + 1.220% 2.469% VRN 1/11/28   195,000    184,721 
US Bancorp 1 day USD SOFR + 1.600%          
4.839% VRN 2/01/34   525,000    502,548 

 

 

 

 

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

 

   Principal
Amount		   Value 
Wells Fargo & Co.          
1 day USD SOFR + 2.100% 2.393% VRN 6/02/28  $1,280,000   $1,205,540 
1 day USD SOFR + 1.500% 3.350% VRN 3/02/33   800,000    701,318 
1 day USD SOFR + 2.100% 4.897% VRN 7/25/33   545,000    526,342 
1 day USD SOFR + 1.740% 5.574% VRN 7/25/29   1,755,000    1,781,843 
         24,237,410 
Beverages — 0.1%          
Anheuser-Busch InBev SA          
3.950% 3/22/44 EUR (b) (c)   590,000    621,225 
Pernod Ricard SA          
3.625% 5/07/34 EUR (b) (c)   300,000    312,786 
         934,011 
Chemicals — 0.3%          
International Flavors & Fragrances, Inc.          
1.832% 10/15/27 (b)   85,000    78,062 
2.300% 11/01/30 (b)   1,860,000    1,579,456 
3.268% 11/15/40 (b)   350,000    249,796 
         1,907,314 
Commercial Services — 0.1%          
Worldline SA          
Convertible, 0.000% 7/30/25 EUR (b) (c)   60,000    72,095 
Convertible, 0.000% 7/30/26 EUR (b) (c)   370,000    367,934 
         440,029 
Diversified Financial Services — 0.6%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
3.000% 10/29/28   640,000    592,614 
Air Lease Corp.          
3.250% 3/01/25   950,000    947,283 
5.850% 12/15/27   505,000    517,662 
Avolon Holdings Funding Ltd.          
2.528% 11/18/27 (b)   859,000    796,552 
2.875% 2/15/25 (b)   45,000    44,852 
4.375% 5/01/26 (b)   815,000    806,066 
         3,705,029 
Electric — 1.8%          
Amprion GmbH          
0.625% 9/23/33 EUR (b) (c)   100,000    81,697 
4.000% 5/21/44 EUR (b) (c)   200,000    208,997 
Duke Energy Carolinas LLC          
3.700% 12/01/47   538,000    398,332 
Duke Energy Corp.          
3.750% 4/01/31 EUR (c)   1,030,000    1,084,342 
E.ON SE          
3.500% 10/26/37 EUR (c)   100,000    102,175 
Elia Group SA          
3.875% 6/11/31 EUR (b) (c)   200,000    209,393 
Elia Transmission Belgium SA          
3.750% 1/16/36 EUR (b) (c)   200,000    210,474 
Entergy Louisiana LLC          
3.780% 4/01/25   1,250,000    1,247,232 

 

 

 

 

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

 

   Principal
Amount		   Value 
Eurogrid GmbH          
0.741% 4/21/33 EUR (b) (c)  $300,000   $252,413 
Eversource Energy          
4.600% 7/01/27   735,000    729,930 
5.950% 2/01/29   835,000    860,236 
FirstEnergy Transmission LLC          
2.866% 9/15/28 (b)   1,401,000    1,297,225 
MidAmerican Energy Co.          
4.400% 10/15/44   500,000    427,434 
MVM Energetika Zrt          
6.500% 3/13/31 (b)   250,000    251,775 
National Grid Electricity Transmission PLC          
0.823% 7/07/32 EUR (b) (c)   150,000    130,205 
Public Service Co. of Colorado          
5.250% 4/01/53   370,000    343,685 
RTE Reseau de Transport d'Electricite SADIR          
3.500% 4/30/33 EUR (b) (c)   300,000    312,877 
Southwestern Electric Power Co.          
3.250% 11/01/51   175,000    110,801 
5.300% 4/01/33   1,000,000    988,884 
TenneT Holding BV          
2.750% 5/17/42 EUR (b) (c)   230,000    210,728 
4.500% 10/28/34 EUR (b) (c)   175,000    196,544 
Wisconsin Power & Light Co.          
4.950% 4/01/33   1,535,000    1,490,012 
         11,145,391 
Engineering & Construction — 0.0%          
Artera Services LLC          
8.500% 2/15/31 (b)   60,000    57,832 
Entertainment — 0.5%          
Warnermedia Holdings, Inc.          
5.050% 3/15/42   1,760,000    1,413,073 
5.141% 3/15/52   2,336,000    1,735,658 
         3,148,731 
Food — 0.5%          
ELO SACA          
6.000% 3/22/29 EUR (b) (c)   600,000    526,660 
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL          
6.500% 12/01/52   900,000    915,499 
6.750% 3/15/34   598,000    632,244 
Mondelez International, Inc.          
0.750% 3/17/33 EUR (c)   365,000    308,075 
Pilgrim's Pride Corp.          
3.500% 3/01/32 (b)   500,000    431,156 
         2,813,634 
Gas — 0.4%          
East Ohio Gas Co.          
2.000% 6/15/30 (b)   495,000    424,664 
KeySpan Gas East Corp.          
5.819% 4/01/41 (b)   1,337,000    1,289,176 
National Gas Transmission PLC          
4.250% 4/05/30 EUR (b) (c)   475,000    511,114 

 

 

 

 

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

 

   Principal
Amount		   Value 
Piedmont Natural Gas Co., Inc.          
5.100% 2/15/35  $300,000   $290,792 
         2,515,746 
Health Care - Products — 0.1%          
Medtronic Global Holdings SCA          
3.375% 10/15/34 EUR (c)   300,000    311,487 
Stryker Corp.          
3.375% 9/11/32 EUR (c)   195,000    204,447 
         515,934 
Health Care - Services — 0.4%          
CommonSpirit Health          
3.347% 10/01/29   65,000    60,542 
Elevance Health, Inc.          
5.200% 2/15/35   310,000    302,755 
HCA, Inc.          
5.250% 4/15/25   644,000    644,635 
Kedrion SpA          
6.500% 9/01/29 (b)   500,000    470,250 
Lonza Finance International NV          
3.875% 4/24/36 EUR (b) (c)   325,000    345,212 
ModivCare, Inc.          
5.000% 10/01/29 (b) (d)   853,000    501,644 
         2,325,038 
Household Products & Wares — 0.1%          
Central Garden & Pet Co.          
5.125% 2/01/28   22,000    21,372 
Spectrum Brands, Inc.          
3.875% 3/15/31 (b)   421,000    362,290 
         383,662 
Insurance — 0.6%          
Athene Global Funding          
3.205% 3/08/27 (b)   445,000    425,100 
Farmers Exchange Capital II 3 mo. USD Term SOFR + 4.006%          
6.151% VRN 11/01/53 (b)   350,000    336,165 
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454%          
5.454% VRN 10/15/54 (b)   3,290,000    2,964,438 
         3,725,703 
Internet — 0.2%          
Uber Technologies, Inc.          
4.800% 9/15/34   1,105,000    1,057,561 
Investment Companies — 0.1%          
Icahn Enterprises LP/Icahn Enterprises Finance Corp.          
9.000% 6/15/30   620,000    595,020 
Machinery - Diversified — 0.0%          
OT Merger Corp.          
7.875% 10/15/29 (b)   250,000    108,125 

 

 

 

 

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

 

   Principal
Amount		   Value 
Media — 1.0%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.750% 3/01/30 (b)  $80,000   $73,053 
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.700% 4/01/51   1,335,000    833,920 
3.750% 2/15/28   500,000    476,255 
3.900% 6/01/52   1,289,000    829,227 
4.908% 7/23/25   255,000    254,696 
5.375% 4/01/38   5,000    4,448 
5.375% 5/01/47   180,000    147,739 
5.750% 4/01/48   588,000    502,645 
CSC Holdings LLC          
5.750% 1/15/30 (b)   124,000    70,539 
6.500% 2/01/29 (b)   1,067,000    895,736 
7.500% 4/01/28 (b)   80,000    54,813 
11.250% 5/15/28 (b)   244,000    240,807 
11.750% 1/31/29 (b)   212,000    209,366 
Time Warner Cable LLC          
5.500% 9/01/41   1,465,000    1,243,194 
5.875% 11/15/40   360,000    322,127 
         6,158,565 
Mining — 0.0%          
Corp. Nacional del Cobre de Chile          
5.125% 2/02/33 (b)   200,000    189,164 
Oil & Gas — 0.2%          
Ecopetrol SA          
8.875% 1/13/33   100,000    101,896 
Occidental Petroleum Corp.          
4.500% 7/15/44   400,000    295,511 
Pertamina Persero PT          
3.100% 8/27/30 (b)   675,000    603,281 
Petroleos Mexicanos          
6.625% 6/15/35   700,000    551,332 
         1,552,020 
Packaging & Containers — 0.5%          
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.          
4.125% 8/15/26 (b) (d)   120,000    108,000 
5.250% 8/15/27 (b)   900,000    510,921 
Berry Global, Inc.          
1.650% 1/15/27   85,000    79,590 
4.875% 7/15/26 (b)   273,000    271,907 
5.500% 4/15/28   310,000    312,972 
5.650% 1/15/34 (b)   570,000    571,632 
Sealed Air Corp.          
1.573% 10/15/26 (b)   1,200,000    1,128,749 
         2,983,771 
Pharmaceuticals — 1.0%          
1375209 BC Ltd.          
9.000% 1/30/28 (b) (d)   551,000    550,561 
Bayer US Finance II LLC          
4.375% 12/15/28 (b)   1,181,000    1,135,746 
4.625% 6/25/38 (b)   1,310,000    1,091,633 

 

 

 

 

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

 

   Principal
Amount		   Value 
Bayer US Finance LLC          
6.875% 11/21/53 (b) (d)  $865,000   $872,032 
CVS Health Corp.          
4.780% 3/25/38   150,000    129,701 
5.125% 7/20/45   260,000    218,442 
5.875% 6/01/53   345,000    316,482 
5 yr. CMT + 2.516% 6.750% VRN 12/10/54   250,000    245,135 
5 yr. CMT + 2.886% 7.000% VRN 3/10/55   395,000    396,325 
Grifols SA          
3.875% 10/15/28 EUR (b) (c)   630,000    589,608 
7.500% 5/01/30 EUR (b) (c)   100,000    108,498 
Johnson & Johnson          
3.550% 6/01/44 EUR (c)   200,000    212,023 
MSD Netherlands Capital BV          
3.700% 5/30/44 EUR (c)   420,000    440,738 
         6,306,924 
Pipelines — 0.0%          
TransCanada PipeLines Ltd.          
5.850% 3/15/36   50,000    50,425 
Real Estate — 0.2%          
Annington Funding PLC          
2.308% 10/06/32 GBP (b) (c)   335,000    356,438 
2.924% 10/06/51 GBP (b) (c)   175,000    148,136 
Blackstone Property Partners Europe Holdings SARL          
1.000% 5/04/28 EUR (b) (c)   125,000    119,117 
1.625% 4/20/30 EUR (b) (c)   135,000    124,681 
1.750% 3/12/29 EUR (b) (c)   100,000    96,297 
LEG Immobilien SE          
1.500% 1/17/34 EUR (b) (c)   100,000    86,835 
Vonovia SE          
0.750% 9/01/32 EUR (b) (c)   400,000    335,325 
2.250% 4/07/30 EUR (b) (c)   100,000    98,409 
         1,365,238 
Real Estate Investment Trusts (REITS) — 1.6%          
American Assets Trust LP          
3.375% 2/01/31   865,000    752,443 
American Homes 4 Rent LP          
2.375% 7/15/31   330,000    276,098 
3.625% 4/15/32   862,000    770,578 
4.300% 4/15/52   350,000    272,535 
American Tower Corp.          
2.300% 9/15/31   1,050,000    873,001 
Crown Castle, Inc.          
2.100% 4/01/31   777,000    643,093 
Digital Intrepid Holding BV          
0.625% 7/15/31 EUR (b) (c)   1,050,000    906,912 
Extra Space Storage LP          
3.900% 4/01/29   670,000    640,534 
GLP Capital LP/GLP Financing II, Inc.          
4.000% 1/15/31   380,000    347,572 
5.375% 4/15/26   715,000    715,011 
Healthcare Realty Holdings LP          
3.100% 2/15/30   195,000    175,242 
3.625% 1/15/28   157,000    149,122 

 

 

 

 

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

 

   Principal
Amount		   Value 
Hudson Pacific Properties LP          
3.250% 1/15/30 (d)  $210,000   $142,897 
4.650% 4/01/29 (d)   1,150,000    866,662 
5.950% 2/15/28   15,000    12,797 
Invitation Homes Operating Partnership LP          
5.500% 8/15/33   221,000    219,707 
LXP Industrial Trust          
6.750% 11/15/28   230,000    240,833 
Prologis Euro Finance LLC          
4.250% 1/31/43 EUR (c)   710,000    761,980 
Realty Income Corp.          
5.125% 7/06/34 EUR (c)   540,000    615,864 
VICI Properties LP          
5.625% 5/15/52   73,000    67,919 
VICI Properties LP/VICI Note Co., Inc.          
3.875% 2/15/29 (b)   190,000    179,035 
4.125% 8/15/30 (b)   50,000    46,458 
4.625% 6/15/25 (b)   40,000    39,843 
5.750% 2/01/27 (b)   10,000    10,086 
         9,726,222 
Retail — 0.2%          
Ferrellgas LP/Ferrellgas Finance Corp.          
5.375% 4/01/26 (b)   295,000    291,899 
5.875% 4/01/29 (b)   510,000    466,144 
Michaels Cos., Inc.          
5.250% 5/01/28 (b)   556,000    419,785 
7.875% 5/01/29 (b)   339,000    205,640 
Papa John's International, Inc.          
3.875% 9/15/29 (b) (d)   125,000    111,983 
         1,495,451 
Software — 0.0%          
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL          
8.750% 5/01/29 (b)   70,000    71,566 
Open Text Corp.          
6.900% 12/01/27 (b)   125,000    129,166 
         200,732 
Telecommunications — 0.5%          
Altice France SA          
8.125% 2/01/27 (b)   135,000    109,445 
CommScope LLC          
4.750% 9/01/29 (b)   175,000    155,868 
Frontier Communications Holdings LLC          
8.625% 3/15/31 (b)   355,000    377,561 
Global Switch Finance BV          
1.375% 10/07/30 EUR (b) (c)   240,000    233,438 
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC          
4.738% 9/20/29 (b)   49,688    49,659 
5.152% 9/20/29 (b)   1,309,750    1,314,855 
T-Mobile USA, Inc.          
4.700% 1/15/35   840,000    794,480 
         3,035,306 

 

 

 

 

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

 

   Principal
Amount		   Value 
Water — 0.1%          
Suez SACA          
2.875% 5/24/34 EUR (b) (c)  $400,000   $389,939 
           
TOTAL CORPORATE DEBT
(Cost $99,453,768)		        94,625,572 
           
MUNICIPAL OBLIGATIONS — 0.6%          
Florida — 0.0%          
County of Miami-Dade, FL, Aviation Revenue, Revenue Bonds, Series B,          
2.707% 10/01/33   375,000    312,220 
New York — 0.6%          
City of New York, NY, General Obligation, Series A,          
3.000% 8/01/34   945,000    795,308 
New York City Transitional Finance Authority, NY, Future Tax Secured Revenue          
Revenue Bonds, Series F3, 5.130% 2/01/35   1,033,000    1,022,193 
Revenue Bonds, Series F3, 5.150% 2/01/36   1,033,000    1,016,458 
New York State Dormitory Authority, Revenue Bonds, Series F,          
5.628% 3/15/39   860,000    860,529 
         3,694,488 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $4,330,406)		        4,006,708 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.7%          
Commercial Mortgage-Backed Securities — 3.0%          
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 1 mo. USD Term SOFR + 1.184%          
5.582% FRN 8/15/34 (b)   697,299    696,880 
BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A,          
4.091% VRN 8/10/38 (b) (e)   1,280,000    1,215,154 
BX Commercial Mortgage Trust          
Series 2020-VIV4, Class A, 2.843% 3/09/44 (b)   2,870,000    2,525,434 
Series 2024-KING, Class B, 1 mo. USD Term SOFR + 1.741% 6.138% FRN 5/15/34 (b)   1,183,420    1,183,050 
BX Trust          
Series 2019-OC11, Class A, 3.202% 12/09/41 (b)   420,000    379,082 
Series 2019-OC11, Class B, 3.605% 12/09/41 (b)   1,110,000    1,013,426 
Series 2019-OC11, Class E, 3.944% VRN 12/09/41 (b) (e)   700,000    621,711 
Series 2022-VAMF, Class C, 1 mo. USD Term SOFR + 1.580% 5.977% FRN 1/15/39 (b)   1,057,000    1,052,377 
Series 2022-PSB, Class D, 1 mo. USD Term SOFR + 4.693% 9.090% FRN 8/15/39 (b)   938,000    940,932 
Century Plaza Towers          
Series 2019-CPT, Class A, 2.865% 11/13/39 (b)   805,000    698,723 
Series 2019-CPT, Class B, 2.997% VRN 11/13/39 (b) (e)   1,000,000    842,076 
Citigroup Commercial Mortgage Trust, Series 2020-420K, Class D,          
3.312% VRN 11/10/42 (b) (e)   700,000    600,367 
DC Office Trust, Series 2019-MTC, Class A          
2.965% 9/15/45 (b)   860,000    747,256 
GWT Trust, Series 2024-WLF2, Class B, 1 mo. USD Term SOFR + 2.141%          
6.538% FRN 5/15/41 (b)   1,532,000    1,539,658 
Hudson Yards Mortgage Trust          
Series 2019-55HY, Class A, 2.943% VRN 12/10/41 (b) (e)   860,000    765,208 
Series 2019-30HY, Class A, 3.228% 7/10/39 (b)   880,000    801,066 

 

 

 

 

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

 

   Principal
Amount		   Value 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A          
3.397% 6/05/39 (b)  $900,000   $812,043 
MKT Mortgage Trust, Series 2020-525M, Class A          
2.694% 2/12/40 (b)   570,000    471,546 
One Bryant Park Trust, Series 2019-OBP, Class A          
2.516% 9/15/54 (b)   1,085,000    948,029 
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B,          
4.144% VRN 1/05/43 (b) (e)   50,000    42,643 
TTAN, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.514%          
6.913% FRN 3/15/38 (b)   1,038,210    1,037,885 
         18,934,546 
Home Equity Asset-Backed Securities — 1.1%          
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W2, Class M1, 1 mo. USD Term SOFR + 0.849%          
5.188% FRN 10/25/35   792,284    780,896 
Countrywide Asset-Backed Certificates Trust          
Series 2007-7, Class 1A, 1 mo. USD Term SOFR + 0.314% 4.653% FRN 10/25/47   2,202,058    2,056,220 
Series 2004-5, Class M1, 1 mo. USD Term SOFR + 0.969% 5.308% FRN 8/25/34   25,402    25,249 
Morgan Stanley Capital I, Inc. Trust          
Series 2006-HE1, Class A4, 1 mo. USD Term SOFR + 0.694% 5.033% FRN 1/25/36   1,468,386    1,393,397 
Series 2006-NC2, Class A2D, 1 mo. USD Term SOFR + 0.694% 5.033% FRN 2/25/36   614,805    610,340 
Option One Mortgage Loan Trust, Series 2006-3, Class 1A1, 1 mo. USD Term SOFR + 0.394%          
4.733% FRN 2/25/37   3,249,615    1,970,893 
         6,836,995 
Other Asset-Backed Securities — 5.5%          
Allegro CLO X Ltd., Series 2019-1A, Class ARR, 3 mo. USD Term SOFR + 1.130%          
5.747% FRN 4/20/32 (b)   1,617,611    1,618,328 
AMMC CLO 15 Ltd., Series 2014-15A, Class AR3, 3 mo. USD Term SOFR + 1.382%          
6.038% FRN 1/15/32 (b)   1,142,131    1,142,968 
AMMC CLO 30 Ltd., Series 2024-30A, Class A1, 3 mo. USD Term SOFR + 1.680%          
6.336% FRN 1/15/37 (b)   2,400,000    2,415,523 
Apidos CLO XXV Ltd., Series 2016-25A, Class A1R3, 3 mo. USD Term SOFR + 1.140%          
5.471% FRN 1/20/37 (b)   1,580,000    1,580,000 
Barings CLO Ltd.          
Series 2019-3A, Class A1RR, 3 mo. USD Term SOFR + 1.140% 5.490% FRN 1/20/36 (b)   1,800,000    1,800,104 
Series 2018-4A, Class A1R, 3 mo. USD Term SOFR + 1.150% 5.806% FRN 10/15/30 (b)   1,965,145    1,967,244 
Clover CLO Ltd., Series 2019-2A, Class BR, 3 mo. USD Term SOFR + 1.862%          
6.488% FRN 10/25/33 (b)   2,400,000    2,401,627 
CyrusOne Data Centers Issuer I LLC, Series 2024-1A, Class A2          
4.760% 3/22/49 (b)   2,270,000    2,192,202 

 

 

 

 

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

 

   Principal
Amount		   Value 
DataBank Issuer LLC, Series 2021-2A, Class A2          
2.400% 10/25/51 (b)  $1,100,000   $1,040,407 
Dryden 45 Senior Loan Fund, Series 2016-45A, Class BRR, 3 mo. USD Term SOFR + 1.650%          
6.306% FRN 10/15/30 (b)   1,850,000    1,853,016 
GoodLeap Home Improvement Solutions Trust, Series 2024-1A, Class A          
5.350% 10/20/46 (b)   1,475,302    1,469,243 
LCM 37 Ltd., Series 37A, Class A1R, 3 mo. USD Term SOFR + 1.060%          
5.401% FRN 4/15/34 (b)   2,000,000    2,000,350 
OCP CLO Ltd., Series 2014-6A, Class A1R2, 3 mo. USD Term SOFR + 1.150%          
5.798% FRN 10/17/30 (b)   908,284    908,625 
Progress Residential Trust          
Series 2021-SFR8, Class C, 1.931% 10/17/38 (b)   2,500,000    2,368,486 
Series 2021-SFR10, Class F, 4.608% 12/17/40 (b)   1,056,520    978,037 
Rad CLO 4 Ltd., Series 2019-4A, Class AR, 3 mo. USD Term SOFR + 1.230%          
5.856% FRN 4/25/32 (b)   1,405,055    1,408,101 
Rockford Tower CLO Ltd.          
Series 2019-2A, Class AR2, 3 mo. USD Term SOFR + 1.130% 5.651% FRN 8/20/32 (b)   3,616,323    3,619,397 
Series 2019-1A, Class AR, 3 mo. USD Term SOFR + 1.382% 5.999% FRN 4/20/34 (b)   2,435,000    2,437,540 
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2          
1.645% 9/15/45 (b)   1,062,000    1,036,774 
         34,237,972 
Student Loans Asset-Backed Securities — 0.8%          
Nelnet Student Loan Trust, Series 2005-4, Class A4, 90 day USD SOFR Average + 0.442%          
5.198% FRN 3/22/32   1,379,665    1,337,056 
SLM Student Loan Trust, Series 2008-5, Class B, 90 day USD SOFR Average + 2.112%          
7.295% FRN 7/25/73   3,735,000    3,843,965 
         5,181,021 
Whole Loan Collateral Collateralized Mortgage Obligations — 8.3%          
Ajax Mortgage Loan Trust          
Series 2019-F, Class A1, 2.860% STEP 7/25/59 (b)   1,237,547    1,185,894 
Series 2022-B, Class A1, 3.500% STEP 3/27/62 (b)   2,250,270    2,145,650 
American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, 1 mo. USD Term SOFR + 0.514%          
4.853% FRN 3/25/46   1,234,492    1,110,224 
Bear Stearns ALT-A Trust, Series 2005-4, Class 25A1,          
5.365% VRN 5/25/35 (e)   454,543    423,566 
BINOM Securitization Trust, Series 2022-RPL1, Class A1,          
3.000% VRN 2/25/61 (b) (e)   2,189,192    1,991,418 
CIM Trust          
Series 2021-J3, Class A1, 2.500% VRN 6/25/51 (b) (e)   4,802,184    3,849,626 
Series 2023-NR1, Class A1, 6.000% STEP 6/25/62 (b)   2,565,263    2,545,718 
COLT Mortgage Loan Trust, Series 2023-1, Class A1,          
6.048% STEP 4/25/68 (b)   2,019,874    2,027,245 
Credit Suisse Mortgage Trust          
Series 2021-NQM6, Class A1, 1.174% VRN 7/25/66 (b) (e)   2,444,754    2,039,881 
Series 2018-RPL9, Class A, 3.850% VRN 9/25/57 (b) (e)   1,274,544    1,202,709 

 

 

 

 

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

 

   Principal
Amount		   Value 
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA3, Class A2, 1 mo. USD Term SOFR + 0.614%          
4.953% FRN 7/25/47  $2,646,508   $2,233,220 
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1,          
5.976% VRN 11/25/35 (e)   950,707    819,696 
HarborView Mortgage Loan Trust          
Series 2007-6, Class 1A1A, 1 mo. USD Term SOFR + 0.314% 4.681% FRN 8/19/37   2,132,662    1,766,137 
Series 2007-3, Class 2A1A, 1 mo. USD Term SOFR + 0.514% 4.881% FRN 5/19/37   2,380,114    2,157,377 
Series 2006-10, Class 1A1A, 1 mo. USD Term SOFR + 0.514% 5.125% FRN 11/19/36   2,399,744    1,851,408 
HomeBanc Mortgage Trust, Series 2005-5, Class A1, 1 mo. USD Term SOFR + 0.634%          
4.973% FRN 1/25/36   1,178,307    1,146,869 
JP Morgan Mortgage Trust, Series 2005-A5, Class 1A2,          
5.084% VRN 8/25/35 (e)   67,146    65,330 
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 4A1,          
4.939% VRN 4/25/34 (e)   427,303    385,882 
OBX Trust          
Series 2021-NQM4, Class A1, 1.957% VRN 10/25/61 (b) (e)   3,331,851    2,754,278 
Series 2021-J3, Class A1, 2.500% VRN 10/25/51 (b) (e)   3,804,634    3,049,949 
Preston Ridge Partners Mortgage LLC          
Series 2022-1, Class A1, 3.720% STEP 2/25/27 (b)   2,918,964    2,907,929 
Series 2021-5, Class A1, 4.793% STEP 6/25/26 (b)   2,799,179    2,778,628 
Series 2021-6, Class A1, 4.793% STEP 7/25/26 (b)   1,062,481    1,053,677 
Series 2022-4, Class A1, 5.000% STEP 8/25/27 (b)   720,583    714,741 
RALI Trust, Series 2006-QA7, Class 2A1, 1 mo. USD Term SOFR + 0.484%          
4.823% FRN 8/25/36   444,261    383,399 
Residential Asset Securitization Trust, Series 2006-A14C, Class 1A1          
6.250% 12/25/36   1,772,029    1,229,582 
Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 1 mo. USD Term SOFR + 0.574%          
4.913% FRN 2/25/36   1,235,975    1,021,917 
VOLT CIII LLC, Series 2021-CF1, Class A1,          
4.992% STEP 8/25/51 (b)   1,647,476    1,631,396 
Washington Mutual Mortgage Pass-Through Certificates Trust          
Series 2006-AR12, Class 1A4, 4.823% VRN 10/25/36 (e)   3,352,545    2,988,630 
Series 2005-AR2, Class 2A1A, 1 mo. USD Term SOFR + 0.734% 5.073% FRN 1/25/45   342,599    334,875 
Series 2005-7, Class 4CB, 7.000% 8/25/35   2,016,683    1,615,631 
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR3, Class A4,          
6.301% VRN 4/25/37 (e)   521,451    461,857 
         51,874,339 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $118,407,569)		        117,064,873 
           
SOVEREIGN DEBT OBLIGATIONS — 0.5%          
Brazilian Government International Bond          
6.125% 3/15/34   480,000    447,638 
Costa Rica Government International Bond          
6.550% 4/03/34 (b)   300,000    304,950 
Guatemala Government Bond          
3.700% 10/07/33 (b)   300,000    241,950 
Mexico Government International Bond          
2.659% 5/24/31   213,000    172,815 

 

 

 

 

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

 

   Principal
Amount		   Value 
4.750% 4/27/32  $200,000   $181,199 
4.875% 5/19/33   200,000    179,001 
Oman Government International Bond          
6.750% 10/28/27 (b)   200,000    206,504 
Panama Government International Bond          
3.160% 1/23/30   225,000    187,810 
6.400% 2/14/35   200,000    181,438 
Paraguay Government International Bond          
4.950% 4/28/31 (b)   200,000    191,313 
Perusahaan Penerbit SBSN Indonesia III          
2.800% 6/23/30 (b)   200,000    177,250 
Republic of South Africa Government International Bond          
5.875% 4/20/32   400,000    375,514 
Romanian Government International Bond          
3.000% 2/14/31 (b)   270,000    218,233 
         3,065,615 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $3,315,400)		        3,065,615 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 38.9%          
Collateralized Mortgage Obligations — 1.0%          
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
Series K155, Class A3 3.750% 4/25/33		   2,115,000    1,918,748 
Federal National Mortgage Association REMICS          
Series 2018-43, Class CT, 3.000% 6/25/48   461,260    398,407 
Series 2018-54, Class KA, 3.500% 1/25/47   244,052    239,287 
Series 2018-38, Class PA, 3.500% 6/25/47   464,739    443,703 
Government National Mortgage Association REMICS          
Series 2015-8, Class LZ, 3.000% 11/16/44   740,294    626,953 
Series 2018-124, Class NW, 3.500% 9/20/48   426,031    378,390 
Series 2019-15, Class GT, 3.500% 2/20/49   464,072    411,233 
Series 2024-97, Class FW, 30 day USD SOFR Average + 1.150% 5.755% FRN 6/20/54   1,781,218    1,777,562 
         6,194,283 
Pass-Through Securities — 37.5%          
Federal Home Loan Mortgage Corp.          
Pool #SD8199 2.000% 3/01/52   8,956,329    6,968,735 
Pool #SD8204 2.000% 4/01/52   2,165,729    1,685,109 
Pool #QE0312 2.000% 4/01/52   1,791,026    1,393,561 
Pool #RA4179 2.500% 12/01/50   1,964,419    1,599,475 
Pool #SD8147 2.500% 5/01/51   2,918,732    2,389,268 
Pool #SD8189 2.500% 1/01/52   2,074,734    1,693,186 
Pool #SD8194 2.500% 2/01/52   3,415,375    2,787,281 
Pool #SD8200 2.500% 3/01/52   2,046,989    1,668,624 
Pool #SD8212 2.500% 5/01/52   3,609,527    2,942,344 
Pool #G08710 3.000% 6/01/46   48,078    41,752 
Pool #G08715 3.000% 8/01/46   1,032,050    896,257 
Pool #G08721 3.000% 9/01/46   138,550    120,233 
Pool #G08726 3.000% 10/01/46   1,866,569    1,619,808 
Pool #G08732 3.000% 11/01/46   1,323,396    1,148,442 
Pool #G08741 3.000% 1/01/47   899,190    780,317 
Pool #SD3016 3.000% 6/01/52   1,948,706    1,660,144 
Pool #SD8220 3.000% 6/01/52   3,520,079    2,988,930 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #G60038 3.500% 1/01/44  $451,694   $413,479 
Pool #G07848 3.500% 4/01/44   3,423,565    3,139,070 
Pool #G07924 3.500% 1/01/45   948,396    865,851 
Pool #G60138 3.500% 8/01/45   1,973,630    1,792,910 
Pool #G08711 3.500% 6/01/46   785,210    708,403 
Pool #G08716 3.500% 8/01/46   1,128,757    1,016,934 
Pool #G08792 3.500% 12/01/47   955,479    858,732 
Pool #G67707 3.500% 1/01/48   1,295,152    1,174,939 
Pool #G67711 4.000% 3/01/48   353,993    330,019 
Pool #G67713 4.000% 6/01/48   924,781    861,573 
Pool #G67714 4.000% 7/01/48   1,269,548    1,183,568 
Pool #G67717 4.000% 11/01/48   1,127,987    1,051,242 
Pool #SD3246 4.000% 8/01/52   3,663,140    3,347,902 
Pool #SD5202 4.000% 10/01/52   3,589,023    3,282,897 
Pool #SD8265 4.000% 11/01/52   3,815,299    3,487,487 
Pool #G08843 4.500% 10/01/48   410,915    392,263 
Pool #SD8257 4.500% 10/01/52   4,892,847    4,610,967 
Pool #G08826 5.000% 6/01/48   135,767    133,706 
Pool #G08844 5.000% 10/01/48   47,502    46,707 
Federal National Mortgage Association          
Pool #MA4093 2.000% 8/01/40   707,722    595,609 
Pool #MA4176 2.000% 11/01/40   1,871,556    1,572,595 
Pool #MA4333 2.000% 5/01/41   580,101    485,162 
Pool #MA4158 2.000% 10/01/50   2,612,698    2,046,766 
Pool #BT9728 2.000% 10/01/51   4,631,078    3,609,135 
Pool #BQ6913 2.000% 12/01/51   3,900,387    3,039,686 
Pool #CB2767 2.000% 1/01/52   3,806,675    2,970,223 
Pool #CB2766 2.000% 2/01/52   2,519,410    1,972,110 
Pool #MA4577 2.000% 4/01/52   7,558,830    5,881,370 
Pool #FS8274 2.000% 4/01/52   2,248,262    1,749,327 
Pool #FS1598 2.000% 4/01/52   3,784,075    2,944,311 
Pool #FS6925 2.500% 12/01/51   2,360,310    1,921,818 
Pool #MA4548 2.500% 2/01/52   3,441,180    2,808,340 
Pool #MA4563 2.500% 3/01/52   8,164,747    6,655,578 
Pool #MA1607 3.000% 10/01/33   1,334,807    1,249,322 
Pool #BN7755 3.000% 9/01/49   1,467,216    1,267,834 
Pool #MA3811 3.000% 10/01/49   417,850    355,844 
Pool #BO2259 3.000% 10/01/49   2,566,117    2,213,395 
Pool #MA4579 3.000% 4/01/52   3,424,046    2,910,598 
Pool #BV8526 3.000% 5/01/52   3,989,542    3,387,556 
Pool #AB4262 3.500% 1/01/32   799,206    768,580 
Pool #MA1148 3.500% 8/01/42   1,897,807    1,728,614 
Pool #CA0996 3.500% 1/01/48   66,764    60,152 
Pool #MA3276 3.500% 2/01/48   149,288    133,897 
Pool #MA3305 3.500% 3/01/48   500,334    448,753 
Pool #MA3332 3.500% 4/01/48   20,071    18,001 
Pool #CA3633 3.500% 6/01/49   559,869    503,725 
Pool #MA4731 3.500% 9/01/52   1,113,766    984,588 
Pool #MA2995 4.000% 5/01/47   409,510    379,988 
Pool #AS9830 4.000% 6/01/47   233,179    216,369 
Pool #MA3027 4.000% 6/01/47   381,807    354,282 
Pool #AS9972 4.000% 7/01/47   211,638    196,248 
Pool #CB4121 4.000% 7/01/52   4,278,663    3,911,374 
Pool #AL9106 4.500% 2/01/46   183,954    177,323 
Pool #CA1710 4.500% 5/01/48   741,705    707,087 
Pool #CA1711 4.500% 5/01/48   13,014    12,407 
Pool #CA2208 4.500% 8/01/48   509,021    485,263 
Pool #BW9897 4.500% 10/01/52   1,880,054    1,770,920 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #FS4233 4.500% 12/01/52  $1,415,653   $1,334,096 
Pool #MA4840 4.500% 12/01/52   5,861,861    5,524,155 
Pool #MA4917 4.500% 2/01/53   4,638,860    4,368,713 
Pool #FS4701 4.500% 4/01/53   2,029,731    1,910,260 
Pool #CB6854 4.500% 8/01/53   2,441,011    2,300,954 
Pool #BY0545 5.000% 5/01/53   1,471,667    1,420,483 
Pool #FS7252 5.000% 11/01/53   3,260,710    3,148,831 
Pool #MA5107 5.500% 8/01/53   4,796,288    4,736,340 
Government National Mortgage Association II          
Pool #MA4126 3.000% 12/20/46   1,188,781    1,043,945 
Pool #MA4836 3.000% 11/20/47   836,615    732,594 
Pool #MA6209 3.000% 10/20/49   365,242    311,384 
Pool #MA4127 3.500% 12/20/46   807,756    731,249 
Pool #MA4382 3.500% 4/20/47   137,168    124,133 
Pool #MA4719 3.500% 9/20/47   1,194,506    1,079,876 
Pool #MA4837 3.500% 11/20/47   163,593    147,894 
Pool #MA4962 3.500% 1/20/48   406,413    367,158 
Pool #MA5019 3.500% 2/20/48   559,998    505,908 
Pool #MA4838 4.000% 11/20/47   339,569    315,912 
Pool #MA4901 4.000% 12/20/47   279,774    260,283 
Pool #MA5078 4.000% 3/20/48   226,726    210,859 
Pool #MA5466 4.000% 9/20/48   158,540    147,396 
Pool #MA5528 4.000% 10/20/48   633,830    589,275 
Pool #MA4264 4.500% 2/20/47   175,373    169,111 
Pool #MA4512 4.500% 6/20/47   1,052,261    1,012,387 
Pool #MA8347 4.500% 10/20/52   4,236,396    4,013,971 
Pool #MA3666 5.000% 5/20/46   23,598    23,569 
Pool #MA3806 5.000% 7/20/46   156,491    156,329 
Pool #MA4072 5.000% 11/20/46   31,034    31,011 
Pool #MA4454 5.000% 5/20/47   561,838    558,872 
Government National Mortgage Association II, TBA          
2.500% 1/20/55 (g)   10,875,000    9,068,670 
4.000% 1/20/55 (g)   7,225,000    6,648,647 
4.500% 1/20/55 (g)   6,225,000    5,881,612 
5.000% 1/20/55 (g)   8,975,000    8,704,663 
5.500% 1/20/55 (g)   5,125,000    5,079,125 
Uniform Mortgage-Backed Security, TBA          
2.000% 1/01/55 (g)   2,325,000    1,806,234 
2.500% 1/01/55 (g)   3,200,000    2,602,500 
3.000% 1/01/55 (g)   3,350,000    2,841,742 
3.500% 1/01/55 (g)   13,575,000    11,994,783 
4.000% 1/01/55 (g)   825,000    753,328 
4.500% 1/01/55 (g)   5,575,000    5,239,628 
5.000% 1/01/55 (g)   8,175,000    7,884,084 
5.500% 1/01/55 (g)   5,000,000    4,931,055 
         234,289,284 
Whole Loans — 0.4%          
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R03, Class 1M2, 30 day USD SOFR Average + 3.500%          
8.069% FRN 3/25/42 (b)   2,400,000    2,517,977 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $256,739,868)		        243,001,544 
           

 

 

 

 

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

 

   Principal
Amount		   Value 
U.S. TREASURY OBLIGATIONS — 33.8%          
U.S. Treasury Bonds & Notes — 33.8%          
U.S. Treasury Bonds          
4.125% 8/15/44  $7,695,000   $6,969,383 
4.500% 11/15/54   32,592,000    31,125,461 
4.625% 11/15/44   28,370,000    27,524,245 
U.S. Treasury Notes          
4.000% 12/15/27   2,515,000    2,495,936 
4.125% 11/30/29   7,198,000    7,118,743 
4.250% 11/30/26   12,124,000    12,123,582 
4.250% 12/31/26   55,015,000    55,023,648 
4.250% 11/15/34   32,581,000    31,751,214 
4.375% 12/31/29   37,230,000    37,218,172 
         211,350,384 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $215,145,407)		        211,350,384 
           
TOTAL BONDS & NOTES
(Cost $706,432,214)		        681,856,038 
           
   Number of
Shares		    
EQUITIES — 0.1%          
COMMON STOCK — 0.1%          
Communication Services — 0.1%          
Intelsat SA (h)   16,791    498,827 
           
TOTAL COMMON STOCK
(Cost $1,575,355)		        498,827 
           
TOTAL EQUITIES
(Cost $1,575,355)		        498,827 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $708,007,569)		        682,354,865 
           
SHORT-TERM INVESTMENTS — 5.2%          
Investment of Cash Collateral from Securities Loaned — 0.3%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (i)   1,594,598    1,594,598 
           
   Principal
Amount		    
Repurchase Agreement — 2.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (j)  $14,961,276    14,961,276 
U.S. Treasury Bills — 2.5%          
U.S. Treasury Bills          
4.293% 1/14/25 (k)   3,430,000    3,425,230 
4.602% 1/23/25 (k)   12,435,000    12,403,917 
         15,829,147 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $32,381,526)		        32,385,021 

 

 

 

 

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

 

       Value 
TOTAL INVESTMENTS — 114.4%
(Cost $740,389,095) (l)		       $714,739,886 
           
Other Assets/(Liabilities) — (14.4)%        (90,155,018) 
           
NET ASSETS — 100.0%       $624,584,868 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note^
LIBOR London InterBank Offered Rate
PIK Payment in kind^^
REMICS Real Estate Mortgage Investment Conduits
SOFR Secured Overnight Financing Rate
STEP Step Coupon Bond
TBA To Be Announced
VRN Variable Rate Note^

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(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, 2024, the aggregate market value of these securities amounted to $122,860,691 or 19.67% of net assets.
(c) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $1,769,449 or 0.28% of net assets. The Fund received $212,959 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).
(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, 2024.
(f) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(g) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(h) Non-income producing security.
(i) Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2).
(j) Maturity value of $14,963,561. Collateralized by U.S. Government Agency obligations with a rate of 4.000%, maturity date of 1/15/27, and an aggregate market value, including accrued interest, of $15,260,687.
(k) The rate shown represents yield-to-maturity.
(l) See Note 3 for aggregate cost for federal tax purposes.
^ Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
^^ Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  1/17/25  EUR  319,000   USD  342,447   $(11,826) 
Bank of New York  1/17/25  GBP  90,000   USD  113,700    (1,043) 
Bank of New York  1/17/25  EUR  228,000   USD  240,639    (4,333) 
Citibank N.A.  1/17/25  EUR  232,000   USD  253,943    (13,492) 
Citibank N.A.  1/17/25  USD  12,820,337   EUR  11,629,000    767,711 
Citibank N.A.  1/17/25  USD  182,765   GBP  144,000    2,513 
Goldman Sachs International  1/17/25  EUR  554,000   USD  585,991    (11,809) 
Goldman Sachs International  1/17/25  USD  701,367   GBP  536,000    30,430 
Goldman Sachs International  1/17/25  GBP  183,000   USD  231,035    (1,965) 
Goldman Sachs International  1/17/25  USD  1,080,712   EUR  1,012,000    31,846
                    $788,032

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/Net Unrealized
Appreciation
(Depreciation)		 
Long               
U.S. Treasury Note 2 Year  3/31/25   806   $165,662,650  $58,507 
U.S. Treasury Note 5 Year  3/31/25   908    96,948,857    (424,200) 
                $(365,693) 
Short               
Euro-Schatz  3/06/25   1   $(111,311)  $491 
Euro-BOBL  3/06/25   20    (2,471,306)   29,601 
Euro-Bund  3/06/25   40    (5,680,965)   152,013 
Euro-Buxl 30 Year Bond  3/06/25   11    (1,610,697)   98,895 
U.S. Treasury Ultra 10 Year  3/20/25   55    (6,192,929)   70,740 
UK Long Gilt  3/27/25   5    (590,416)    11,976 
                $363,716 

 

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 3.520%  Annually   12-Month USD SOFR    Annually    12/20/53   USD   4,836,000   $354,658   $—   $354,658 

 

Currency Legend

EUR Euro
GBP British Pound
USD U.S. Dollar

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.2%          
           
COMMON STOCK — 98.2%          
Communication Services — 5.7%          
AT&T, Inc.   437,700   $9,966,429 
Comcast Corp. Class A   225,900    8,478,027 
Fox Corp. Class A   21,400    1,039,612 
Interpublic Group of Cos., Inc.   22,900    641,658 
Match Group, Inc. (a)   7,000    228,970 
Omnicom Group, Inc.   13,900    1,195,956 
Verizon Communications, Inc.   257,700    10,305,423 
Walt Disney Co.   23,700    2,638,995 
         34,495,070 
Consumer Discretionary — 7.6%          
ADT, Inc.   49,200    339,972 
AutoNation, Inc. (a)   5,100    866,184 
AutoZone, Inc. (a)   987    3,160,374 
Best Buy Co., Inc.   13,100    1,123,980 
BorgWarner, Inc.   12,400    394,196 
CarMax, Inc. (a)   9,600    784,896 
Darden Restaurants, Inc.   7,100    1,325,499 
Dick's Sporting Goods, Inc.   3,500    800,940 
DR Horton, Inc.   22,700    3,173,914 
eBay, Inc.   30,700    1,901,865 
Expedia Group, Inc. (a)   7,800    1,453,374 
Ford Motor Co.   247,800    2,453,220 
General Motors Co.   73,700    3,925,999 
Gentex Corp.   13,200    379,236 
H&R Block, Inc.   8,500    449,140 
Hasbro, Inc.   8,500    475,235 
Lennar Corp. Class A   17,600    2,400,112 
Lithia Motors, Inc.   1,600    571,888 
Lowe's Cos., Inc.   46,900    11,574,920 
Mohawk Industries, Inc. (a)   3,800    452,694 
Murphy USA, Inc.   1,150    577,013 
NVR, Inc. (a)   150    1,226,835 
Penske Automotive Group, Inc.   4,100    625,004 
PulteGroup, Inc.   16,900    1,840,410 
Ralph Lauren Corp.   2,600    600,548 
Skechers USA, Inc. Class A (a)   8,100    544,644 
Toll Brothers, Inc.   6,100    768,295 
TopBuild Corp. (a)   900    280,206 
Williams-Sonoma, Inc.   6,900    1,277,742 
Wynn Resorts Ltd.   6,100    525,576 
         46,273,911 
Consumer Staples — 6.5%          
Altria Group, Inc.   105,200    5,500,908 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
BJ's Wholesale Club Holdings, Inc. (a)   3,900   $348,465 
Bunge Global SA   5,100    396,576 
Campbell's Co.   18,300    766,404 
Coca-Cola Consolidated, Inc.   510    642,595 
Conagra Brands, Inc.   29,300    813,075 
Constellation Brands, Inc. Class A   2,300    508,300 
General Mills, Inc.   33,400    2,129,918 
Hormel Foods Corp.   7,000    219,590 
Ingredion, Inc.   3,900    536,484 
Keurig Dr. Pepper, Inc.   81,600    2,620,992 
Kimberly-Clark Corp.   20,000    2,620,800 
Kraft Heinz Co.   63,900    1,962,369 
Kroger Co.   36,300    2,219,745 
PepsiCo, Inc.   29,900    4,546,594 
Philip Morris International, Inc.   95,300    11,469,355 
Sysco Corp.   30,600    2,339,676 
         39,641,846 
Energy — 4.7%          
Antero Midstream Corp.   27,800    419,502 
Baker Hughes Co.   59,500    2,440,690 
Cheniere Energy, Inc.   14,000    3,008,180 
Chevron Corp.   91,200    13,209,408 
DT Midstream, Inc. (a)   2,700    268,461 
EOG Resources, Inc.   36,800    4,510,944 
Kinder Morgan, Inc.   136,000    3,726,400 
Range Resources Corp.   14,500    521,710 
TechnipFMC PLC   23,300    674,302 
         28,779,597 
Financials — 32.7%          
Aflac, Inc.   34,600    3,579,024 
Ally Financial, Inc.   14,400    518,544 
American Express Co.   38,100    11,307,699 
American Financial Group, Inc.   4,400    602,492 
American International Group, Inc.   34,900    2,540,720 
Ameriprise Financial, Inc.   5,550    2,954,986 
Apollo Global Management, Inc.   29,900    4,938,284 
Arch Capital Group Ltd.   19,800    1,828,530 
Assurant, Inc.   2,600    554,372 
Bank of America Corp.   409,600    18,001,920 
Bank of New York Mellon Corp.   44,000    3,380,520 
Capital One Financial Corp.   18,500    3,298,920 
Chubb Ltd.   22,200    6,133,860 
Cincinnati Financial Corp.   8,200    1,178,340 
Citigroup, Inc.   93,500    6,581,465 
Citizens Financial Group, Inc.   23,900    1,045,864 
Commerce Bancshares, Inc.   7,145    445,205 
Corpay, Inc. (a)   3,700    1,252,154 
Cullen/Frost Bankers, Inc.   2,700    362,475 
Discover Financial Services   14,400    2,494,512 
East West Bancorp, Inc.   7,300    699,048 
Equitable Holdings, Inc.   22,000    1,037,740 
Everest Group Ltd.   1,200    434,952 
Fidelity National Financial, Inc.   14,300    802,802 
Fifth Third Bancorp   29,400    1,243,032 
First Citizens BancShares, Inc. Class A   777    1,641,817 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
First Horizon Corp.   14,600   $294,044 
Goldman Sachs Group, Inc.   17,510    10,026,576 
Hartford Financial Services Group, Inc.   17,500    1,914,500 
Huntington Bancshares, Inc.   76,200    1,239,774 
JP Morgan Chase & Co.   141,800    33,990,878 
Loews Corp.   13,400    1,134,846 
LPL Financial Holdings, Inc.   3,900    1,273,389 
M&T Bank Corp.   7,300    1,372,473 
Markel Group, Inc. (a)   670    1,156,574 
MetLife, Inc.   44,900    3,676,412 
Morgan Stanley   88,200    11,088,504 
Northern Trust Corp.   10,800    1,107,000 
Old Republic International Corp.   15,700    568,183 
PayPal Holdings, Inc. (a)   55,100    4,702,785 
PNC Financial Services Group, Inc.   20,900    4,030,565 
Primerica, Inc.   1,800    488,556 
Principal Financial Group, Inc.   13,900    1,075,999 
Progressive Corp.   16,100    3,857,721 
Prudential Financial, Inc.   19,900    2,358,747 
Raymond James Financial, Inc.   11,000    1,708,630 
Regions Financial Corp.   48,300    1,136,016 
Reinsurance Group of America, Inc.   3,300    704,979 
SEI Investments Co.   6,800    560,864 
State Street Corp.   17,900    1,756,885 
Stifel Financial Corp.   5,400    572,832 
Synchrony Financial   22,600    1,469,000 
T. Rowe Price Group, Inc.   11,800    1,334,462 
Travelers Cos., Inc.   22,500    5,420,025 
Unum Group   10,500    766,815 
US Bancorp   42,700    2,042,341 
Voya Financial, Inc.   2,800    192,724 
W. R. Berkley Corp.   20,800    1,217,216 
Webster Financial Corp.   9,100    502,502 
Wells Fargo & Co.   183,500    12,889,040 
Willis Towers Watson PLC   5,400    1,691,496 
Zions Bancorp NA   4,000    217,000 
         198,399,630 
Health Care — 15.0%          
AbbVie, Inc.   108,100    19,209,370 
Bio-Rad Laboratories, Inc. Class A (a)   1,500    492,765 
Cardinal Health, Inc.   14,900    1,762,223 
Cencora, Inc.   13,200    2,965,776 
Cigna Group   17,400    4,804,836 
DaVita, Inc. (a)   5,100    762,705 
Gilead Sciences, Inc.   75,000    6,927,750 
HCA Healthcare, Inc.   20,850    6,258,127 
Henry Schein, Inc. (a)   7,700    532,840 
Johnson & Johnson   131,600    19,031,992 
Labcorp Holdings, Inc.   6,100    1,398,852 
McKesson Corp.   10,490    5,978,356 
Medtronic PLC   78,700    6,286,556 
Quest Diagnostics, Inc.   8,900    1,342,654 
Tenet Healthcare Corp. (a)   5,000    631,150 
United Therapeutics Corp. (a)   2,800    987,952 
UnitedHealth Group, Inc.   20,100    10,167,786 
Universal Health Services, Inc. Class B   4,700    843,274 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Viatris, Inc.   73,000   $908,850 
         91,293,814 
Industrials — 12.3%          
3M Co.   11,800    1,523,262 
Acuity Brands, Inc.   1,900    555,047 
Allegion PLC   5,200    679,536 
Allison Transmission Holdings, Inc.   5,300    572,718 
Builders FirstSource, Inc. (a)   7,500    1,071,975 
Caterpillar, Inc.   29,950    10,864,662 
CSX Corp.   119,700    3,862,719 
Cummins, Inc.   8,400    2,928,240 
Deere & Co.   14,970    6,342,789 
Delta Air Lines, Inc.   39,500    2,389,750 
Dover Corp.   6,500    1,219,400 
FedEx Corp.   14,900    4,191,817 
Fortune Brands Innovations, Inc.   7,200    491,976 
Genpact Ltd.   10,700    459,565 
Johnson Controls International PLC   33,100    2,612,583 
L3Harris Technologies, Inc.   11,500    2,418,220 
Leidos Holdings, Inc.   8,400    1,210,104 
Lockheed Martin Corp.   14,240    6,919,786 
Masco Corp.   16,400    1,190,148 
Middleby Corp. (a)   2,800    379,260 
Oshkosh Corp.   4,000    380,280 
Owens Corning   6,700    1,141,144 
PACCAR, Inc.   32,200    3,349,444 
RTX Corp.   75,730    8,763,475 
Snap-on, Inc.   3,300    1,120,284 
Textron, Inc.   14,400    1,101,456 
Toro Co.   2,300    184,230 
U-Haul Holding Co. (UHAL US) (a) (b)   900    62,181 
U-Haul Holding Co. (UHAL/B US)   12,100    775,005 
UFP Industries, Inc.   3,900    439,335 
United Airlines Holdings, Inc. (a)   20,100    1,951,710 
United Rentals, Inc.   3,900    2,747,316 
WESCO International, Inc.   3,200    579,072 
         74,478,489 
Information Technology — 8.1%          
Amkor Technology, Inc.   12,900    331,401 
Cisco Systems, Inc.   239,700    14,190,240 
Cognizant Technology Solutions Corp. Class A   30,400    2,337,760 
Dell Technologies, Inc. Class C   18,200    2,097,368 
Dropbox, Inc. Class A (a)   13,900    417,556 
First Solar, Inc. (a)   6,400    1,127,936 
Gen Digital, Inc.   38,300    1,048,654 
Hewlett Packard Enterprise Co.   81,800    1,746,430 
HP, Inc.   81,600    2,662,608 
International Business Machines Corp.   42,000    9,232,860 
Jabil, Inc.   6,100    877,790 
NetApp, Inc.   4,400    510,752 
ON Semiconductor Corp. (a)   23,500    1,481,675 
QUALCOMM, Inc.   66,800    10,261,816 
TD SYNNEX Corp.   5,300    621,584 
         48,946,430 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Materials — 1.6%          
Amcor PLC   88,400   $831,844 
Berry Global Group, Inc.   6,100    394,487 
CF Industries Holdings, Inc.   10,500    895,860 
Commercial Metals Co.   2,400    119,040 
Corteva, Inc.   15,000    854,400 
Crown Holdings, Inc.   8,800    727,672 
Eagle Materials, Inc.   2,100    518,196 
Eastman Chemical Co.   7,100    648,372 
Graphic Packaging Holding Co.   18,900    513,324 
International Paper Co.   17,000    914,940 
PPG Industries, Inc.   5,600    668,920 
Reliance, Inc.   3,900    1,050,114 
Steel Dynamics, Inc.   13,600    1,551,352 
         9,688,521 
Utilities — 4.0%          
Consolidated Edison, Inc.   21,100    1,882,753 
Dominion Energy, Inc.   51,300    2,763,018 
Duke Energy Corp.   47,300    5,096,102 
Edison International   17,600    1,405,184 
Evergy, Inc.   14,000    861,700 
NRG Energy, Inc.   12,800    1,154,816 
OGE Energy Corp.   12,300    507,375 
Pinnacle West Capital Corp.   6,900    584,913 
PPL Corp.   45,300    1,470,438 
Public Service Enterprise Group, Inc.   33,000    2,788,170 
Sempra   32,500    2,850,900 
Southern Co.   29,800    2,453,136 
WEC Energy Group, Inc.   8,600    808,744 
         24,627,249 
           
TOTAL COMMON STOCK
(Cost $529,998,665)		        596,624,557 
           
TOTAL EQUITIES
(Cost $529,998,665)		        596,624,557 
           
EXCHANGE-TRADED FUNDS — 1.3%          
iShares Russell 1000 Value ETF   40,730    7,540,345 
           
TOTAL EXCHANGE-TRADED FUNDS
(Cost $7,525,273)		        7,540,345 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $537,523,938)		        604,164,902 
           
SHORT-TERM INVESTMENTS — 0.5%          
           
   Principal
Amount		    
Repurchase Agreement — 0.5%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (c)  $3,086,008    3,086,008 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,086,008)		        3,086,008 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

       Value 
TOTAL INVESTMENTS — 100.0%
(Cost $540,609,946) (d)		       $607,250,910 
           
Other Assets/(Liabilities) — 0.0%        177,408 
           
NET ASSETS — 100.0%       $607,428,318 

 

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, 2024, was $61,559 or 0.01% of net assets. The Fund received $62,771 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) Maturity value of $3,086,480. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $3,147,750.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 100.6%          
           
COMMON STOCK — 100.6%          
Communication Services — 9.4%          
Alphabet, Inc. Class A   269,008   $50,923,214 
Alphabet, Inc. Class C   219,260    41,755,874 
AT&T, Inc.   330,436    7,524,028 
Charter Communications, Inc. Class A (a)   4,473    1,533,210 
Comcast Corp. Class A   175,366    6,581,486 
Electronic Arts, Inc.   11,074    1,620,126 
Fox Corp. Class A   10,365    503,532 
Fox Corp. Class B   6,072    277,733 
Interpublic Group of Cos., Inc.   17,480    489,790 
Live Nation Entertainment, Inc. (a)   7,218    934,731 
Match Group, Inc. (a)   11,870    388,268 
Meta Platforms, Inc. Class A   100,422    58,798,085 
Netflix, Inc. (a)   19,687    17,547,417 
News Corp. Class A   17,556    483,492 
News Corp. Class B   5,057    153,885 
Omnicom Group, Inc.   9,011    775,307 
Paramount Global Class B   27,082    283,278 
T-Mobile US, Inc.   22,399    4,944,131 
Take-Two Interactive Software, Inc. (a)   7,514    1,383,177 
Verizon Communications, Inc.   193,995    7,757,860 
Walt Disney Co.   83,255    9,270,444 
Warner Bros Discovery, Inc. (a)   102,828    1,086,892 
         215,015,960 
Consumer Discretionary — 11.3%          
Airbnb, Inc. Class A (a)   19,811    2,603,364 
Amazon.com, Inc. (a)   431,003    94,557,748 
Aptiv PLC (a)   11,246    680,158 
AutoZone, Inc. (a)   774    2,478,348 
Best Buy Co., Inc.   9,043    775,889 
Booking Holdings, Inc.   1,521    7,556,967 
BorgWarner, Inc.   10,460    332,523 
Caesars Entertainment, Inc. (a)   9,947    332,429 
CarMax, Inc. (a)   7,193    588,100 
Carnival Corp. (a)   47,920    1,194,166 
Chipotle Mexican Grill, Inc. (a)   62,496    3,768,509 
Darden Restaurants, Inc.   5,455    1,018,394 
Deckers Outdoor Corp. (a)   7,026    1,426,910 
Domino's Pizza, Inc.   1,611    676,233 
DR Horton, Inc.   13,515    1,889,667 
eBay, Inc.   21,803    1,350,696 
Expedia Group, Inc. (a)   5,745    1,070,466 
Ford Motor Co.   179,976    1,781,762 
Garmin Ltd.   7,087    1,461,765 
General Motors Co.   50,318    2,680,440 
Genuine Parts Co.   6,459    754,153 

 

 

 

 

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

 

   Number of
Shares		   Value 
Hasbro, Inc.   6,035   $337,417 
Hilton Worldwide Holdings, Inc.   11,161    2,758,553 
Home Depot, Inc.   45,783    17,809,129 
Las Vegas Sands Corp.   16,278    836,038 
Lennar Corp. Class A   10,889    1,484,933 
LKQ Corp.   12,220    449,085 
Lowe's Cos., Inc.   26,062    6,432,102 
Lululemon Athletica, Inc. (a)   5,160    1,973,236 
Marriott International, Inc. Class A   10,565    2,947,001 
McDonald's Corp.   33,057    9,582,894 
MGM Resorts International (a)   10,706    370,963 
Mohawk Industries, Inc. (a)   2,417    287,937 
NIKE, Inc. Class B   54,620    4,133,095 
Norwegian Cruise Line Holdings Ltd. (a)   20,511    527,748 
NVR, Inc. (a)   142    1,161,404 
O'Reilly Automotive, Inc. (a)   2,673    3,169,643 
Pool Corp.   1,762    600,736 
PulteGroup, Inc.   9,548    1,039,777 
Ralph Lauren Corp.   1,845    426,158 
Ross Stores, Inc.   15,368    2,324,717 
Royal Caribbean Cruises Ltd.   11,405    2,631,019 
Starbucks Corp.   52,223    4,765,349 
Tapestry, Inc.   10,632    694,589 
Tesla, Inc. (a)   128,625    51,943,920 
TJX Cos., Inc.   52,077    6,291,422 
Tractor Supply Co.   24,845    1,318,276 
Ulta Beauty, Inc. (a)   2,198    955,976 
Wynn Resorts Ltd.   4,304    370,833 
Yum! Brands, Inc.   12,975    1,740,726 
         258,343,363 
Consumer Staples — 5.6%          
Altria Group, Inc.   77,747    4,065,391 
Archer-Daniels-Midland Co.   22,029    1,112,905 
Brown-Forman Corp. Class B   8,542    324,425 
Bunge Global SA   6,592    512,594 
Campbell's Co.   9,091    380,731 
Church & Dwight Co., Inc.   11,253    1,178,302 
Clorox Co.   5,682    922,814 
Coca-Cola Co.   178,769    11,130,158 
Colgate-Palmolive Co.   37,653    3,423,034 
Conagra Brands, Inc.   22,268    617,937 
Constellation Brands, Inc. Class A   7,212    1,593,852 
Costco Wholesale Corp.   20,388    18,680,913 
Dollar General Corp.   10,131    768,132 
Dollar Tree, Inc. (a)   9,309    697,616 
Estee Lauder Cos., Inc. Class A   10,737    805,060 
General Mills, Inc.   25,620    1,633,787 
Hershey Co.   6,802    1,151,919 
Hormel Foods Corp.   13,380    419,731 
J.M. Smucker Co.   4,901    539,698 
Kellanova   12,364    1,001,113 
Kenvue, Inc.   88,264    1,884,436 
Keurig Dr. Pepper, Inc.   51,820    1,664,458 
Kimberly-Clark Corp.   15,232    1,996,001 
Kraft Heinz Co.   40,650    1,248,362 
Kroger Co.   30,590    1,870,578 
Lamb Weston Holdings, Inc.   6,620    442,415 

 

 

 

 

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

 

   Number of
Shares		   Value 
McCormick & Co., Inc.   11,611   $885,223 
Molson Coors Beverage Co. Class B   8,076    462,916 
Mondelez International, Inc. Class A   61,551    3,676,441 
Monster Beverage Corp. (a)   32,478    1,707,044 
PepsiCo, Inc.   63,301    9,625,550 
Philip Morris International, Inc.   71,656    8,623,800 
Procter & Gamble Co.   108,489    18,188,181 
Sysco Corp.   22,639    1,730,978 
Target Corp.   21,318    2,881,767 
Tyson Foods, Inc. Class A   13,239    760,448 
Walgreens Boots Alliance, Inc.   32,817    306,183 
Walmart, Inc.   199,826    18,054,279 
         126,969,172 
Energy — 3.2%          
APA Corp.   17,033    393,292 
Baker Hughes Co.   45,796    1,878,552 
Chevron Corp.   76,858    11,132,113 
ConocoPhillips   59,519    5,902,499 
Coterra Energy, Inc.   34,088    870,608 
Devon Energy Corp.   29,936    979,805 
Diamondback Energy, Inc.   8,635    1,414,672 
EOG Resources, Inc.   25,820    3,165,016 
EQT Corp.   27,314    1,259,449 
Exxon Mobil Corp.   202,427    21,775,072 
Halliburton Co.   40,690    1,106,361 
Hess Corp.   12,742    1,694,813 
Kinder Morgan, Inc.   89,002    2,438,655 
Marathon Petroleum Corp.   14,682    2,048,139 
Occidental Petroleum Corp.   31,036    1,533,489 
ONEOK, Inc.   26,919    2,702,668 
Phillips 66   18,877    2,150,657 
Schlumberger NV   65,439    2,508,931 
Targa Resources Corp.   10,101    1,803,028 
Texas Pacific Land Corp.   869    961,079 
Valero Energy Corp.   14,448    1,771,180 
Williams Cos., Inc.   56,181    3,040,516 
         72,530,594 
Financials — 13.7%          
Aflac, Inc.   22,865    2,365,156 
Allstate Corp.   12,172    2,346,640 
American Express Co.   25,637    7,608,805 
American International Group, Inc.   28,495    2,074,436 
Ameriprise Financial, Inc.   4,460    2,374,638 
Aon PLC Class A   9,914    3,560,712 
Apollo Global Management, Inc.   20,662    3,412,536 
Arch Capital Group Ltd.   17,262    1,594,146 
Arthur J Gallagher & Co.   11,502    3,264,843 
Assurant, Inc.   2,386    508,743 
Bank of America Corp.   307,061    13,495,331 
Bank of New York Mellon Corp.   33,274    2,556,441 
Berkshire Hathaway, Inc. Class B (a)   84,420    38,265,898 
Blackrock, Inc.   6,689    6,856,961 
Blackstone, Inc.   33,186    5,721,930 
Brown & Brown, Inc.   10,919    1,113,956 
Capital One Financial Corp.   17,598    3,138,075 

 

 

 

 

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

 

   Number of
Shares		   Value 
Cboe Global Markets, Inc.   4,822   $942,219 
Charles Schwab Corp.   68,848    5,095,440 
Chubb Ltd.   17,314    4,783,858 
Cincinnati Financial Corp.   7,202    1,034,927 
Citigroup, Inc.   86,868    6,114,639 
Citizens Financial Group, Inc.   20,492    896,730 
CME Group, Inc.   16,594    3,853,625 
Corpay, Inc. (a)   3,200    1,082,944 
Discover Financial Services   11,572    2,004,618 
Erie Indemnity Co. Class A   1,165    480,248 
Everest Group Ltd.   1,994    722,745 
FactSet Research Systems, Inc.   1,753    841,931 
Fidelity National Information Services, Inc.   24,595    1,986,538 
Fifth Third Bancorp   31,182    1,318,375 
Fiserv, Inc. (a)   26,120    5,365,570 
Franklin Resources, Inc.   14,368    291,527 
Global Payments, Inc.   11,725    1,313,904 
Globe Life, Inc.   3,710    413,739 
Goldman Sachs Group, Inc.   14,433    8,264,624 
Hartford Financial Services Group, Inc.   13,484    1,475,150 
Huntington Bancshares, Inc.   66,986    1,089,862 
Intercontinental Exchange, Inc.   26,459    3,942,656 
Invesco Ltd.   20,896    365,262 
Jack Henry & Associates, Inc.   3,357    588,482 
JP Morgan Chase & Co.   129,588    31,063,540 
KeyCorp.   44,748    766,981 
KKR & Co., Inc.   31,083    4,597,487 
Loews Corp.   8,409    712,158 
M&T Bank Corp.   7,687    1,445,233 
MarketAxess Holdings, Inc.   1,752    396,022 
Marsh & McLennan Cos., Inc.   22,669    4,815,122 
Mastercard, Inc. Class A   37,719    19,861,694 
MetLife, Inc.   26,583    2,176,616 
Moody's Corp.   7,143    3,381,282 
Morgan Stanley   57,001    7,166,166 
MSCI, Inc.   3,628    2,176,836 
Nasdaq, Inc.   19,033    1,471,441 
Northern Trust Corp.   9,288    952,020 
PayPal Holdings, Inc. (a)   45,990    3,925,247 
PNC Financial Services Group, Inc.   18,326    3,534,169 
Principal Financial Group, Inc.   9,813    759,624 
Progressive Corp.   26,994    6,468,032 
Prudential Financial, Inc.   16,499    1,955,626 
Raymond James Financial, Inc.   8,543    1,326,984 
Regions Financial Corp.   42,208    992,732 
S&P Global, Inc.   14,589    7,265,760 
State Street Corp.   13,333    1,308,634 
Synchrony Financial   17,685    1,149,525 
T. Rowe Price Group, Inc.   10,254    1,159,625 
Travelers Cos., Inc.   10,505    2,530,549 
Truist Financial Corp.   60,771    2,636,246 
US Bancorp   71,926    3,440,221 
Visa, Inc. Class A   79,534    25,135,925 
W. R. Berkley Corp.   13,715    802,602 
Wells Fargo & Co.   153,102    10,753,884 
Willis Towers Watson PLC   4,681    1,466,276 
         312,123,119 

 

 

 

 

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

 

   Number of
Shares		   Value 
Health Care — 10.2%          
Abbott Laboratories   79,732   $9,018,487 
AbbVie, Inc.   81,405    14,465,668 
Agilent Technologies, Inc.   13,112    1,761,466 
Align Technology, Inc. (a)   3,264    680,577 
Amgen, Inc.   24,763    6,454,228 
Baxter International, Inc.   23,507    685,464 
Becton Dickinson & Co.   13,320    3,021,908 
Bio-Techne Corp.   7,262    523,082 
Biogen, Inc. (a)   6,711    1,026,246 
Boston Scientific Corp. (a)   67,878    6,062,863 
Bristol-Myers Squibb Co.   93,436    5,284,740 
Cardinal Health, Inc.   11,240    1,329,355 
Cencora, Inc.   8,041    1,806,652 
Centene Corp. (a)   22,965    1,391,220 
Charles River Laboratories International, Inc. (a)   2,379    439,163 
Cigna Group   12,748    3,520,233 
Cooper Cos., Inc. (a)   9,178    843,734 
CVS Health Corp.   57,973    2,602,408 
Danaher Corp.   29,623    6,799,960 
DaVita, Inc. (a)   2,103    314,504 
Dexcom, Inc. (a)   17,782    1,382,906 
Edwards Lifesciences Corp. (a)   26,968    1,996,441 
Elevance Health, Inc.   10,686    3,942,065 
Eli Lilly & Co.   36,282    28,009,704 
GE HealthCare Technologies, Inc. (a)   21,080    1,648,034 
Gilead Sciences, Inc.   57,378    5,300,006 
HCA Healthcare, Inc.   8,345    2,504,752 
Henry Schein, Inc. (a)   5,841    404,197 
Hologic, Inc. (a)   10,706    771,796 
Humana, Inc.   5,549    1,407,837 
IDEXX Laboratories, Inc. (a)   3,793    1,568,178 
Incyte Corp. (a)   7,369    508,977 
Insulet Corp. (a)   3,232    843,778 
Intuitive Surgical, Inc. (a)   16,412    8,566,408 
IQVIA Holdings, Inc. (a)   7,981    1,568,346 
Johnson & Johnson   110,940    16,044,143 
Labcorp Holdings, Inc.   3,869    887,239 
McKesson Corp.   5,819    3,316,306 
Medtronic PLC   59,109    4,721,627 
Merck & Co., Inc.   116,334    11,572,906 
Mettler-Toledo International, Inc. (a)   978    1,196,759 
Moderna, Inc. (a)   15,588    648,149 
Molina Healthcare, Inc. (a)   2,578    750,327 
Pfizer, Inc.   261,145    6,928,177 
Quest Diagnostics, Inc.   5,130    773,912 
Regeneron Pharmaceuticals, Inc. (a)   4,826    3,437,705 
ResMed, Inc.   6,772    1,548,689 
Revvity, Inc.   5,684    634,391 
Solventum Corp. (a)   6,366    420,538 
STERIS PLC   4,545    934,270 
Stryker Corp.   15,802    5,689,510 
Teleflex, Inc.   2,175    387,107 
Thermo Fisher Scientific, Inc.   17,605    9,158,649 
UnitedHealth Group, Inc.   42,349    21,422,665 
Universal Health Services, Inc. Class B   2,763    495,737 
Vertex Pharmaceuticals, Inc. (a)   11,895    4,790,117 
Viatris, Inc.   55,014    684,924 

 

 

 

 

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

 

   Number of
Shares		   Value 
Waters Corp. (a)   2,736   $1,015,001 
West Pharmaceutical Services, Inc.   3,320    1,087,499 
Zimmer Biomet Holdings, Inc.   9,015    952,254 
Zoetis, Inc.   20,880    3,401,978 
         231,355,962 
Industrials — 8.2%          
3M Co.   24,950    3,220,796 
A.O. Smith Corp.   5,508    375,701 
Allegion PLC   4,015    524,680 
AMETEK, Inc.   10,677    1,924,636 
Automatic Data Processing, Inc.   18,793    5,501,275 
Axon Enterprise, Inc. (a)   3,309    1,966,605 
Boeing Co. (a)   34,333    6,076,941 
Broadridge Financial Solutions, Inc.   5,379    1,216,138 
Builders FirstSource, Inc. (a)   5,323    760,816 
C.H. Robinson Worldwide, Inc.   5,404    558,341 
Carrier Global Corp.   38,193    2,607,054 
Caterpillar, Inc.   22,191    8,050,007 
Cintas Corp.   15,791    2,885,016 
Copart, Inc. (a)   40,359    2,316,203 
CSX Corp.   89,353    2,883,421 
Cummins, Inc.   6,316    2,201,758 
Dayforce, Inc. (a) (b)   7,287    529,328 
Deere & Co.   11,681    4,949,240 
Delta Air Lines, Inc.   29,551    1,787,836 
Dover Corp.   6,333    1,188,071 
Eaton Corp. PLC   18,153    6,024,436 
Emerson Electric Co.   26,394    3,271,008 
Equifax, Inc.   5,702    1,453,155 
Expeditors International of Washington, Inc.   6,502    720,227 
Fastenal Co.   26,419    1,899,790 
FedEx Corp.   10,386    2,921,893 
Fortive Corp.   16,144    1,210,800 
GE Vernova, Inc.   12,665    4,165,898 
Generac Holdings, Inc. (a)   2,772    429,799 
General Dynamics Corp.   11,882    3,130,788 
General Electric Co.   49,744    8,296,802 
Honeywell International, Inc.   30,010    6,778,959 
Howmet Aerospace, Inc.   18,829    2,059,328 
Hubbell, Inc.   2,473    1,035,915 
Huntington Ingalls Industries, Inc.   1,806    341,280 
IDEX Corp.   3,488    730,004 
Illinois Tool Works, Inc.   12,314    3,122,338 
Ingersoll Rand, Inc.   18,595    1,682,104 
Jacobs Solutions, Inc.   5,770    770,987 
JB Hunt Transport Services, Inc.   3,712    633,490 
Johnson Controls International PLC   30,785    2,429,860 
L3Harris Technologies, Inc.   8,750    1,839,950 
Leidos Holdings, Inc.   6,208    894,324 
Lennox International, Inc.   1,476    899,327 
Lockheed Martin Corp.   9,682    4,704,871 
Masco Corp.   10,054    729,619 
Nordson Corp.   2,506    524,355 
Norfolk Southern Corp.   10,420    2,445,574 
Northrop Grumman Corp.   6,335    2,972,952 
Old Dominion Freight Line, Inc.   8,692    1,533,269 
Otis Worldwide Corp.   18,495    1,712,822 

 

 

 

 

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

 

   Number of
Shares		   Value 
PACCAR, Inc.   24,157   $2,512,811 
Parker-Hannifin Corp.   5,924    3,767,842 
Paychex, Inc.   14,784    2,073,012 
Paycom Software, Inc.   2,243    459,748 
Pentair PLC   7,627    767,581 
Quanta Services, Inc.   6,800    2,149,140 
Republic Services, Inc.   9,412    1,893,506 
Rockwell Automation, Inc.   5,228    1,494,110 
Rollins, Inc.   12,948    600,140 
RTX Corp.   61,304    7,094,099 
Snap-on, Inc.   2,428    824,257 
Southwest Airlines Co.   27,608    928,181 
Stanley Black & Decker, Inc.   7,146    573,752 
Textron, Inc.   8,707    665,998 
Trane Technologies PLC   10,401    3,841,609 
TransDigm Group, Inc.   2,586    3,277,186 
Uber Technologies, Inc. (a)   96,824    5,840,424 
Union Pacific Corp.   27,849    6,350,686 
United Airlines Holdings, Inc. (a)   15,155    1,471,551 
United Parcel Service, Inc. Class B   33,756    4,256,632 
United Rentals, Inc.   3,000    2,113,320 
Veralto Corp.   11,389    1,159,970 
Verisk Analytics, Inc.   6,563    1,807,647 
W.W. Grainger, Inc.   2,048    2,158,694 
Waste Management, Inc.   16,832    3,396,529 
Westinghouse Air Brake Technologies Corp.   7,833    1,485,058 
Xylem, Inc.   11,191    1,298,380 
         187,151,650 
Information Technology — 32.7%          
Accenture PLC Class A   28,731    10,107,278 
Adobe, Inc. (a)   20,242    9,001,213 
Advanced Micro Devices, Inc. (a)   74,868    9,043,306 
Akamai Technologies, Inc. (a)   6,981    667,733 
Amphenol Corp. Class A   55,505    3,854,822 
Analog Devices, Inc.   22,865    4,857,898 
ANSYS, Inc. (a)   4,027    1,358,428 
Apple, Inc.   696,178    174,336,895 
Applied Materials, Inc.   37,870    6,158,798 
Arista Networks, Inc. (a)   47,488    5,248,849 
Autodesk, Inc. (a)   9,929    2,934,715 
Broadcom, Inc.   215,166    49,884,085 
Cadence Design Systems, Inc. (a)   12,620    3,791,805 
CDW Corp.   6,156    1,071,390 
Cisco Systems, Inc.   183,299    10,851,301 
Cognizant Technology Solutions Corp. Class A   22,833    1,755,858 
Corning, Inc.   35,494    1,686,675 
Crowdstrike Holdings, Inc. Class A (a)   10,733    3,672,403 
Dell Technologies, Inc. Class C   14,125    1,627,765 
Enphase Energy, Inc. (a)   6,240    428,563 
EPAM Systems, Inc. (a)   2,640    617,285 
F5, Inc. (a)   2,686    675,448 
Fair Isaac Corp. (a)   1,114    2,217,896 
First Solar, Inc. (a)   4,933    869,392 
Fortinet, Inc. (a)   29,259    2,764,390 
Gartner, Inc. (a)   3,551    1,720,353 
Gen Digital, Inc.   24,962    683,460 
GoDaddy, Inc. Class A (a)   6,497    1,282,313 

 

 

 

 

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

 

   Number of
Shares		   Value 
Hewlett Packard Enterprise Co.   59,900   $1,278,865 
HP, Inc.   43,895    1,432,294 
Intel Corp.   198,356    3,977,038 
International Business Machines Corp.   42,605    9,365,857 
Intuit, Inc.   12,883    8,096,966 
Jabil, Inc.   5,228    752,309 
Juniper Networks, Inc.   15,338    574,408 
Keysight Technologies, Inc. (a)   8,043    1,291,947 
KLA Corp.   6,135    3,865,786 
Lam Research Corp.   59,045    4,264,820 
Microchip Technology, Inc.   24,711    1,417,176 
Micron Technology, Inc.   51,100    4,300,576 
Microsoft Corp.   342,441    144,338,881 
Monolithic Power Systems, Inc.   2,247    1,329,550 
Motorola Solutions, Inc.   7,689    3,554,086 
NetApp, Inc.   9,475    1,099,858 
NVIDIA Corp.   1,129,826    151,724,334 
NXP Semiconductors NV   11,737    2,439,535 
ON Semiconductor Corp. (a)   19,738    1,244,481 
Oracle Corp.   74,091    12,346,524 
Palantir Technologies, Inc. Class A (a)   94,545    7,150,438 
Palo Alto Networks, Inc. (a)   30,160    5,487,914 
PTC, Inc. (a)   5,537    1,018,088 
QUALCOMM, Inc.   51,061    7,843,991 
Roper Technologies, Inc.   4,940    2,568,059 
Salesforce, Inc.   44,051    14,727,571 
Seagate Technology Holdings PLC   9,679    835,394 
ServiceNow, Inc. (a)   9,494    10,064,779 
Skyworks Solutions, Inc.   7,398    656,055 
Super Micro Computer, Inc. (a)   23,320    710,794 
Synopsys, Inc. (a)   7,061    3,427,127 
TE Connectivity PLC   13,666    1,953,828 
Teledyne Technologies, Inc. (a)   2,156    1,000,664 
Teradyne, Inc.   7,518    946,667 
Texas Instruments, Inc.   42,076    7,889,671 
Trimble, Inc. (a)   11,341    801,355 
Tyler Technologies, Inc. (a)   1,967    1,134,251 
VeriSign, Inc. (a)   3,866    800,107 
Western Digital Corp. (a)   15,666    934,164 
Workday, Inc. Class A (a)   9,771    2,521,211 
Zebra Technologies Corp. Class A (a)   2,378    918,431 
         745,256,167 
Materials — 1.9%          
Air Products & Chemicals, Inc.   10,246    2,971,750 
Albemarle Corp. (b)   5,416    466,209 
Amcor PLC   66,600    626,706 
Avery Dennison Corp.   3,711    694,439 
Ball Corp.   13,989    771,214 
Celanese Corp.   5,034    348,403 
CF Industries Holdings, Inc.   7,824    667,544 
Corteva, Inc.   31,912    1,817,708 
Dow, Inc.   32,205    1,292,387 
DuPont de Nemours, Inc.   19,242    1,467,203 
Eastman Chemical Co.   5,386    491,850 
Ecolab, Inc.   11,673    2,735,217 
FMC Corp.   5,761    280,042 
Freeport-McMoRan, Inc.   66,189    2,520,477 

 

 

 

 

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

 

   Number of
Shares		   Value 
International Flavors & Fragrances, Inc.   11,782   $996,168 
International Paper Co.   16,011    861,712 
Linde PLC (LIN US)   21,890    9,164,686 
LyondellBasell Industries NV Class A   11,974    889,309 
Martin Marietta Materials, Inc.   2,817    1,454,981 
Mosaic Co.   14,656    360,244 
Newmont Corp. (NEM US)   52,056    1,937,524 
Nucor Corp.   10,923    1,274,823 
Packaging Corp. of America   4,112    925,735 
PPG Industries, Inc.   10,751    1,284,207 
Sherwin-Williams Co.   10,697    3,636,231 
Smurfit WestRock PLC   22,745    1,225,046 
Steel Dynamics, Inc.   6,620    755,143 
Vulcan Materials Co.   6,088    1,566,016 
         43,482,974 
Real Estate — 2.1%          
Alexandria Real Estate Equities, Inc.   7,169    699,336 
American Tower Corp.   21,524    3,947,717 
AvalonBay Communities, Inc.   6,531    1,436,624 
BXP, Inc.   6,691    497,543 
Camden Property Trust   4,929    571,961 
CBRE Group, Inc. Class A (a)   13,882    1,822,568 
CoStar Group, Inc. (a)   18,887    1,352,120 
Crown Castle, Inc.   20,042    1,819,012 
Digital Realty Trust, Inc.   14,372    2,548,587 
Equinix, Inc.   4,426    4,173,231 
Equity Residential   15,715    1,127,708 
Essex Property Trust, Inc.   2,958    844,331 
Extra Space Storage, Inc.   9,754    1,459,198 
Federal Realty Investment Trust   3,506    392,497 
Healthpeak Properties, Inc.   32,402    656,788 
Host Hotels & Resorts, Inc.   32,534    569,996 
Invitation Homes, Inc.   26,244    839,021 
Iron Mountain, Inc.   13,518    1,420,877 
Kimco Realty Corp.   31,052    727,548 
Mid-America Apartment Communities, Inc.   5,384    832,205 
Prologis, Inc.   42,668    4,510,008 
Public Storage   7,258    2,173,335 
Realty Income Corp.   40,119    2,142,756 
Regency Centers Corp.   7,519    555,880 
SBA Communications Corp.   4,951    1,009,014 
Simon Property Group, Inc.   14,122    2,431,950 
UDR, Inc.   13,953    605,700 
Ventas, Inc.   19,036    1,121,030 
VICI Properties, Inc.   48,216    1,408,389 
Welltower, Inc.   27,126    3,418,690 
Weyerhaeuser Co.   33,501    943,053 
         48,058,673 
Utilities — 2.3%          
AES Corp.   32,657    420,296 
Alliant Energy Corp.   11,820    699,035 
Ameren Corp.   12,296    1,096,065 
American Electric Power Co., Inc.   24,522    2,261,664 
American Water Works Co., Inc.   8,979    1,117,796 
Atmos Energy Corp.   7,155    996,477 

 

 

 

 

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

 

   Number of
Shares		   Value 
CenterPoint Energy, Inc.   29,846   $947,013 
CMS Energy Corp.   13,756    916,837 
Consolidated Edison, Inc.   15,933    1,421,701 
Constellation Energy Corp.   14,411    3,223,885 
Dominion Energy, Inc.   38,712    2,085,028 
DTE Energy Co.   9,510    1,148,332 
Duke Energy Corp.   35,578    3,833,174 
Edison International   17,796    1,420,833 
Entergy Corp.   19,712    1,494,564 
Evergy, Inc.   10,685    657,662 
Eversource Energy   17,073    980,502 
Exelon Corp.   46,154    1,737,236 
FirstEnergy Corp.   23,604    938,967 
NextEra Energy, Inc.   94,685    6,787,968 
NiSource, Inc.   21,476    789,458 
NRG Energy, Inc.   9,530    859,797 
PG&E Corp.   100,755    2,033,236 
Pinnacle West Capital Corp.   5,212    441,821 
PPL Corp.   34,014    1,104,094 
Public Service Enterprise Group, Inc.   22,961    1,939,975 
Sempra   29,182    2,559,845 
Southern Co.   50,390    4,148,105 
Vistra Corp.   15,584    2,148,566 
WEC Energy Group, Inc.   14,565    1,369,693 
Xcel Energy, Inc.   26,288    1,774,966 
         53,354,591 
           
TOTAL COMMON STOCK
(Cost $1,062,213,756)		        2,293,642,225 
           
TOTAL EQUITIES
(Cost $1,062,213,756)		        2,293,642,225 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,062,213,756)		        2,293,642,225 
           
SHORT-TERM INVESTMENTS — 0.4%          
           
   Principal
Amount		    
Repurchase Agreement — 0.4%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (c)  $8,966,570    8,966,570 
U.S. Treasury Bills — 0.0%          
U.S. Treasury Bills          
4.278% 3/27/25 (d) (e)   100,000    99,022 
4.286% 3/27/25 (d) (e)   45,000    44,560 
4.297% 3/27/25 (d) (e)   20,000    19,804 
4.379% 3/27/25 (d) (e)   65,000    64,364 
4.390% 3/27/25 (d) (e)   20,000    19,804 
4.439% 3/27/25 (d) (e)   5,000    4,951 
4.443% 3/27/25 (d) (e)   65,000    64,364 
4.448% 3/27/25 (d) (e)   25,000    24,756 
4.450% 3/27/25 (d) (e)   15,000    14,853 
4.455% 3/27/25 (d) (e)   55,000    54,462 
4.468% 3/27/25 (d) (e)   15,000    14,853 
4.476% 3/27/25 (d) (e)   5,000    4,951 

 

 

 

 

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

 

   Principal
Amount		   Value 
4.496% 3/27/25 (d) (e)  $30,000   $29,707 
4.526% 3/27/25 (d) (e)   40,000    39,609 
4.534% 3/27/25 (d) (e)   20,000    19,804 
6.521% 3/27/25 (d) (e)   60,000    59,413 
         579,277 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,545,416)		        9,545,847 
           
TOTAL INVESTMENTS — 101.0%
(Cost $1,071,759,172) (f)		        2,303,188,072 
           
Other Assets/(Liabilities) — (1.0)%        (22,924,266) 
           
NET ASSETS — 100.0%       $2,280,263,806 

 

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, 2024, was $985,500 or 0.04% of net assets. The Fund received $1,005,928 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) Maturity value of $8,967,939. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $9,145,909.
(d) The rate shown represents yield-to-maturity.
(e) All or a portion of this security is pledged/held as collateral for open derivatives.
(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)		 
Long               
S&P 500 E Mini Index  3/21/25   35   $10,702,946   $(315,383) 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.5%          
           
COMMON STOCK — 98.3%          
Communication Services — 3.3%          
Alphabet, Inc. Class A   63,981   $12,111,603 
News Corp. Class A   139,900    3,852,846 
News Corp. Class B   20,200    614,686 
Walt Disney Co.   22,400    2,494,240 
         19,073,375 
Consumer Discretionary — 10.2%          
Las Vegas Sands Corp.   70,400    3,615,744 
McDonald's Corp.   73,474    21,299,378 
NIKE, Inc. Class B   185,711    14,052,752 
TJX Cos., Inc.   169,046    20,422,447 
         59,390,321 
Consumer Staples — 9.7%          
Coca-Cola Co.   198,429    12,354,190 
Kenvue, Inc.   294,000    6,276,900 
Kimberly-Clark Corp.   37,000    4,848,480 
PepsiCo, Inc.   78,318    11,909,035 
Philip Morris International, Inc.   37,100    4,464,985 
Procter & Gamble Co.   101,737    17,056,208 
         56,909,798 
Energy — 2.4%          
ConocoPhillips   72,100    7,150,157 
TotalEnergies SE   95,700    5,317,943 
TotalEnergies SE Sponsored ADR   25,700    1,400,650 
         13,868,750 
Financials — 22.4%          
American Express Co.   45,784    13,588,233 
American International Group, Inc.   63,700    4,637,360 
Charles Schwab Corp.   70,500    5,217,705 
Chubb Ltd.   70,443    19,463,401 
Fifth Third Bancorp   148,900    6,295,492 
Marsh & McLennan Cos., Inc.   79,983    16,989,189 
Mastercard, Inc. Class A   31,648    16,664,887 
MetLife, Inc.   79,900    6,542,212 
S&P Global, Inc.   35,187    17,524,182 
US Bancorp   58,800    2,812,404 
Visa, Inc. Class A   39,299    12,420,056 
Wells Fargo & Co.   127,100    8,927,504 
         131,082,625 

 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Health Care — 11.9%          
AbbVie, Inc.   6,300   $1,119,510 
Becton Dickinson & Co.   23,900    5,422,193 
Danaher Corp.   76,674    17,600,517 
Elevance Health, Inc.   18,270    6,739,803 
Johnson & Johnson   5,200    752,024 
Sanofi SA ADR   97,200    4,687,956 
Stryker Corp.   44,589    16,054,269 
UnitedHealth Group, Inc.   20,175    10,205,726 
Viatris, Inc.   190,300    2,369,235 
Zimmer Biomet Holdings, Inc.   46,400    4,901,232 
         69,852,465 
Industrials — 13.0%          
Boeing Co. (a)   22,005    3,894,885 
Fortive Corp.   30,100    2,257,500 
General Electric Co.   32,100    5,353,959 
Honeywell International, Inc.   81,081    18,315,387 
L3Harris Technologies, Inc.   22,000    4,626,160 
Lockheed Martin Corp.   18,446    8,963,649 
Norfolk Southern Corp.   10,700    2,511,290 
Northrop Grumman Corp.   28,152    13,211,452 
Rockwell Automation, Inc.   5,650    1,614,714 
Stanley Black & Decker, Inc.   58,000    4,656,820 
Union Pacific Corp.   31,316    7,141,301 
United Parcel Service, Inc. Class B   27,400    3,455,140 
         76,002,257 
Information Technology — 17.6%          
Accenture PLC Class A   57,643    20,278,231 
Apple, Inc.   69,605    17,430,484 
Intuit, Inc.   26,212    16,474,242 
Microsoft Corp.   53,391    22,504,306 
QUALCOMM, Inc.   44,200    6,790,004 
Samsung Electronics Co. Ltd.   52,000    1,876,606 
Texas Instruments, Inc.   93,701    17,569,875 
         102,923,748 
Materials — 4.5%          
CF Industries Holdings, Inc.   46,000    3,924,720 
International Paper Co.   76,800    4,133,376 
Linde PLC (LIN US)   43,751    18,317,231 
         26,375,327 
Real Estate — 1.3%          
Equity Residential   57,600    4,133,376 
Weyerhaeuser Co.   128,500    3,617,275 
         7,750,651 
Utilities — 2.0%          
Ameren Corp.   66,500    5,927,810 

 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Southern Co.   69,800   $5,745,936 
         11,673,746 
           
TOTAL COMMON STOCK
(Cost $469,913,824)		        574,903,063 
           
PREFERRED STOCK — 0.2%          
Consumer Discretionary — 0.2%          
Volkswagen AG 10.166%          
   11,900    1,097,906 
           
TOTAL PREFERRED STOCK
(Cost $1,696,817)		        1,097,906 
           
TOTAL EQUITIES
(Cost $471,610,641)		        576,000,969 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $471,610,641)		        576,000,969 
           
SHORT-TERM INVESTMENTS — 1.1%          
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund, 2.481% (b)   175    175 
           
   Principal
Amount		    
Repurchase Agreement — 1.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (c)  $6,242,321    6,242,321 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,242,496)		        6,242,496 
           
TOTAL INVESTMENTS — 99.6%
(Cost $477,853,137) (d)		        582,243,465 
           
Other Assets/(Liabilities) — 0.4%        2,404,440 
           
NET ASSETS — 100.0%       $584,647,905 

 

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) Rate disclosed is the 7-day net yield as of December 31, 2024.
(c) Maturity value of $6,243,275. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $6,367,215.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Blue Chip Growth Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.2%          
           
COMMON STOCK — 98.0%          
Communication Services — 18.7%          
Alphabet, Inc. Class A   528,614   $100,066,630 
Alphabet, Inc. Class C   510,873    97,290,654 
Meta Platforms, Inc. Class A   289,957    169,772,723 
Netflix, Inc. (a)   120,970    107,822,980 
Sea Ltd. ADR (a)   50,046    5,309,881 
T-Mobile US, Inc.   70,517    15,565,218 
Walt Disney Co.   303,191    33,760,318 
         529,588,404 
Consumer Discretionary — 18.1%          
Alibaba Group Holding Ltd. Sponsored ADR   98,800    8,377,252 
Amazon.com, Inc. (a)   991,817    217,594,732 
Booking Holdings, Inc.   3,005    14,930,102 
Carvana Co. (a)   131,914    26,826,031 
Chipotle Mexican Grill, Inc. (a)   233,870    14,102,361 
DoorDash, Inc., Class A (a)   35,529    5,959,990 
Lululemon Athletica, Inc. (a)   7,409    2,833,276 
NIKE, Inc. Class B   150,166    11,363,061 
Ross Stores, Inc.   47,598    7,200,149 
Starbucks Corp.   201,193    18,358,861 
Tesla, Inc. (a)   403,991    163,147,725 
TJX Cos., Inc.   54,517    6,586,199 
Yum China Holdings, Inc.   96,602    4,653,318 
Yum! Brands, Inc.   82,553    11,075,311 
         513,008,368 
Consumer Staples — 1.5%          
Colgate-Palmolive Co.   58,243    5,294,871 
Dollar General Corp.   5,933    449,840 
Mondelez International, Inc. Class A   41,278    2,465,535 
Monster Beverage Corp. (a)   539,744    28,368,945 
Procter & Gamble Co.   26,164    4,386,394 
         40,965,585 
Energy — 0.1%          
Schlumberger NV   78,694    3,017,128 
Financials — 8.9%          
Adyen NV ADR (a) (b)   182,316    2,672,753 
Block, Inc. (a)   151,538    12,879,215 
Charles Schwab Corp.   65,160    4,822,492 
Chubb Ltd.   53,795    14,863,559 
FactSet Research Systems, Inc.   31,433    15,096,641 
Fiserv, Inc. (a)   18,062    3,710,296 
Goldman Sachs Group, Inc.   12,123    6,941,872 

 

 

 

 

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

 

   Number of
Shares		   Value 
Marsh & McLennan Cos., Inc.   29,932   $6,357,856 
Mastercard, Inc. Class A   69,581    36,639,267 
Morgan Stanley   57,691    7,252,913 
MSCI, Inc.   604    362,406 
PayPal Holdings, Inc. (a)   137,538    11,738,868 
S&P Global, Inc.   12,704    6,326,973 
SEI Investments Co.   179,055    14,768,456 
Visa, Inc. Class A   341,181    107,826,843 
         252,260,410 
Health Care — 9.7%          
AstraZeneca PLC Sponsored ADR   12,552    822,407 
Danaher Corp.   44,974    10,323,782 
Elevance Health, Inc.   9,731    3,589,766 
Eli Lilly & Co.   59,729    46,110,788 
Humana, Inc.   14,706    3,731,059 
Illumina, Inc. (a)   88,647    11,845,899 
Intuitive Surgical, Inc. (a)   84,211    43,954,774 
Novartis AG Sponsored ADR (b)   119,305    11,609,569 
Novo Nordisk AS Sponsored ADR   252,710    21,738,114 
Regeneron Pharmaceuticals, Inc. (a)   33,279    23,705,630 
Roche Holding AG Sponsored ADR (b)   271,396    9,466,292 
Stryker Corp.   22,022    7,929,021 
Thermo Fisher Scientific, Inc.   46,661    24,274,452 
UnitedHealth Group, Inc.   41,536    21,011,401 
Vertex Pharmaceuticals, Inc. (a)   80,977    32,609,438 
Zoetis, Inc.   1,542    251,238 
         272,973,630 
Industrials — 3.6%          
Boeing Co. (a)   311,411    55,119,747 
Cintas Corp.   16,800    3,069,360 
Deere & Co.   14,711    6,233,051 
Expeditors International of Washington, Inc.   119,296    13,214,418 
GE Vernova, Inc.   12,169    4,002,749 
General Electric Co.   60,131    10,029,249 
Old Dominion Freight Line, Inc.   22,649    3,995,284 
TransDigm Group, Inc.   3,156    3,999,536 
Veralto Corp.   10,539    1,073,397 
         100,736,791 
Information Technology — 36.6%          
Advanced Micro Devices, Inc. (a)   5,683    686,450 
Apple, Inc.   558,352    139,822,508 
ASML Holding NV   17,672    12,248,110 
Atlassian Corp. Class A (a)   3,742    910,728 
Autodesk, Inc. (a)   120,307    35,559,140 
Bill Holdings, Inc. (a)   30,745    2,604,409 
Broadcom, Inc.   126,165    29,250,094 
Canva, Inc. (Acquired 8/16/21-12/17/21, Cost $2,302,739) (a) (c) (d) (e)   1,351    1,788,008 
Confluent, Inc. Class A (a)   44,991    1,257,948 
Crowdstrike Holdings, Inc. Class A (a)   11,722    4,010,800 
Datadog, Inc. Class A (a)   18,320    2,617,745 
Fortinet, Inc. (a)   3,128    295,533 
Gusto, Inc. (Acquired 10/04/21, Cost $765,943) (a) (c) (d) (e)   26,606    494,606 
Intuit, Inc.   15,635    9,826,597 

 

 

 

 

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

 

   Number of
Shares		   Value 
Lam Research Corp.   8,200   $592,286 
Microsoft Corp.   550,873    232,192,969 
MongoDB, Inc. (a)   5,860    1,364,267 
Monolithic Power Systems, Inc.   10,529    6,230,009 
NVIDIA Corp.   2,300,812    308,976,043 
Oracle Corp.   361,637    60,263,190 
QUALCOMM, Inc.   115,490    17,741,574 
Roper Technologies, Inc.   15,242    7,923,554 
Salesforce, Inc.   120,778    40,379,709 
ServiceNow, Inc. (a)   34,093    36,142,671 
Shopify, Inc. Class A (a)   402,682    42,817,177 
Snowflake, Inc. Class A (a)   1,644    253,850 
Synopsys, Inc. (a)   25,925    12,582,958 
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR   36,911    7,289,553 
TE Connectivity PLC   40,098    5,732,811 
Texas Instruments, Inc.   12,055    2,260,433 
Workday, Inc. Class A (a)   41,914    10,815,069 
         1,034,930,799 
Materials — 0.4%          
Linde PLC (LIN US)   13,031    5,455,689 
Sherwin-Williams Co.   16,899    5,744,477 
         11,200,166 
Utilities — 0.4%          
Constellation Energy Corp.   48,611    10,874,767 
           
TOTAL COMMON STOCK
(Cost $1,420,311,626)		        2,769,556,048 
           
PREFERRED STOCK — 0.2%          
Information Technology — 0.2%          
Canva, Inc., Series A (Acquired 11/04/21-12/17/21, Cost $144,893) (a) (c) (d) (e)   85    112,495 
Canva, Inc., Series A-3 (Acquired 11/04/21-12/17/21, Cost $17,043) (a) (c) (d) (e)   10    13,235 
Databricks, Inc., Series G (Acquired 2/01/21, Cost $815,183) (a) (c) (d) (e)   13,788    1,275,390 
Databricks, Inc., Series H (Acquired 8/31/21, Cost $2,202,319) (a) (c) (d) (e)   29,970    2,772,225 
Gusto, Inc., Series E (Acquired 7/13/21, Cost $1,117,484) (a) (c) (d) (e)   36,765    683,461 
         4,856,806 
           
TOTAL PREFERRED STOCK
(Cost $4,296,923)		        4,856,806 
           
TOTAL EQUITIES
(Cost $1,424,608,549)		        2,774,412,854 
           
           
   Principal
Amount		    
BONDS & NOTES — 0.1%          
CORPORATE DEBT — 0.1%          
Retail — 0.1%          
Carvana Co.          
9.000% 12/01/28 (f)  $739,802    789,934 
13.000% 6/01/30 (f)   1,302,922    1,430,546 

 

 

 

 

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

 

   Principal
Amount		   Value 
14.000% 6/01/31 (f)  $1,555,976   $1,865,557 
         4,086,037 
           
TOTAL CORPORATE DEBT
(Cost $3,977,369)		        4,086,037 
           
TOTAL BONDS & NOTES
(Cost $3,977,369)		        4,086,037 
           
           
   Number of
Shares		    
EXCHANGE-TRADED FUNDS — 1.1%          
iShares Russell 1000 Growth ETF   14,604    5,864,674 
SPDR S&P 500 ETF Trust   45,583    26,715,285 
           
TOTAL EXCHANGE-TRADED FUNDS
(Cost $32,935,206)		        32,579,959 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,461,521,124)		        2,811,078,850 
           
SHORT-TERM INVESTMENTS — 0.3%          
Investment of Cash Collateral from Securities Loaned — 0.0%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (g)   15,000    15,000 
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund, 2.481% (h)   113    113 
           
   Principal
Amount		    
Repurchase Agreement — 0.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (i)  $7,672,766    7,672,766 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,687,879)		        7,687,879 
           
TOTAL INVESTMENTS — 99.7%
(Cost $1,469,209,003) (j)		        2,818,766,729 
           
Other Assets/(Liabilities) — 0.3%        8,268,267 
           
NET ASSETS — 100.0%       $2,827,034,996 

 

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, 2024, was $12,325,788 or 0.44% of net assets. The Fund received $12,576,455 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) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $7,139,420 or 0.25% of net assets.
(d) Investment is valued using significant unobservable inputs.
(e) Restricted security. Certain securities are restricted to resale. At December 31, 2024, these securities amounted to a value of $7,139,420 or 0.25% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(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, 2024, the aggregate market value of these securities amounted to $4,086,037 or 0.14% of net assets.
(g) Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2).
(h) Rate disclosed is the 7-day net yield as of December 31, 2024.
(i) Maturity value of $7,673,938. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $7,826,441.
(j) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.3%          
           
COMMON STOCK — 99.0%          
Communication Services — 5.7%          
EchoStar Corp. Class A (a)   3,242   $74,242 
Electronic Arts, Inc.   1,801    263,486 
Fox Corp. Class B   1,264    57,815 
IAC, Inc. (a)   5,800    250,212 
Interpublic Group of Cos., Inc.   6,131    171,791 
Iridium Communications, Inc.   2,351    68,226 
Liberty Broadband Corp. Class C (a)   3,500    261,660 
Liberty Global Ltd. Class A (a)   16,400    209,264 
Match Group, Inc. (a)   9,000    294,390 
New York Times Co. Class A   297    15,459 
News Corp. Class A   8,700    239,598 
Omnicom Group, Inc.   1,114    95,849 
Pinterest, Inc. Class A (a)   614    17,806 
Playtika Holding Corp.   1,080    7,495 
ROBLOX Corp. Class A (a)   1,089    63,009 
Roku, Inc. (a)   2,208    164,143 
Sirius XM Holdings, Inc.   11,915    271,662 
Trade Desk, Inc. Class A (a)   500    58,765 
Warner Bros Discovery, Inc. (a)   25,617    270,772 
         2,855,644 
Consumer Discretionary — 5.3%          
Aptiv PLC (a)   768    46,449 
BorgWarner, Inc.   3,748    119,149 
Carnival Corp. (a)   10,231    254,956 
Coupang, Inc. (a)   2,906    63,874 
Deckers Outdoor Corp. (a)   411    83,470 
DR Horton, Inc.   1,434    200,502 
DraftKings, Inc. Class A (a)   409    15,215 
Duolingo, Inc. (a)   192    62,252 
Etsy, Inc. (a)   804    42,524 
Gap, Inc.   774    18,290 
Garmin Ltd.   1,532    315,990 
Grand Canyon Education, Inc. (a)   290    47,502 
Hasbro, Inc.   362    20,239 
LKQ Corp.   8,200    301,350 
Mohawk Industries, Inc. (a)   1,053    125,444 
Ralph Lauren Corp.   153    35,340 
Ross Stores, Inc.   2,186    330,676 
Skechers USA, Inc. Class A (a)   2,160    145,238 
Tapestry, Inc.   4,555    297,578 
Ulta Beauty, Inc. (a)   300    130,479 
YETI Holdings, Inc. (a)   212    8,164 
         2,664,681 

 

 

 

 

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

 

   Number of
Shares		   Value 
Consumer Staples — 11.6%          
Archer-Daniels-Midland Co.   7,700   $389,004 
BellRing Brands, Inc. (a)   2,679    201,836 
Coca-Cola Consolidated, Inc.   127    160,019 
Conagra Brands, Inc.   21,091    585,275 
Dollar General Corp.   1,800    136,476 
Dollar Tree, Inc. (a)   5,221    391,262 
Estee Lauder Cos., Inc. Class A   1,726    129,415 
General Mills, Inc.   3,334    212,609 
Heineken NV   2,052    145,701 
Ingredion, Inc.   144    19,809 
Kenvue, Inc.   8,537    182,265 
Kimberly-Clark Corp.   1,923    251,990 
Koninklijke Ahold Delhaize NV   7,930    258,619 
Kraft Heinz Co.   14,000    429,940 
Kroger Co.   5,710    349,167 
Lamb Weston Holdings, Inc.   2,000    133,660 
Maplebear, Inc. (a)   316    13,089 
Molson Coors Beverage Co. Class B   3,500    200,620 
Performance Food Group Co. (a)   2,822    238,600 
Pernod Ricard SA   1,549    173,244 
Post Holdings, Inc. (a)   2,900    331,934 
Reckitt Benckiser Group PLC   1,609    97,197 
Tyson Foods, Inc. Class A   5,200    298,688 
US Foods Holding Corp (a)   3,344    225,586 
Walgreens Boots Alliance, Inc.   31,300    292,029 
         5,848,034 
Energy — 4.9%          
Baker Hughes Co.   4,359    178,806 
Cheniere Energy, Inc.   240    51,569 
Coterra Energy, Inc.   5,636    143,943 
Enterprise Products Partners LP (b)   10,967    343,925 
EQT Corp.   2,942    135,656 
Halliburton Co.   10,300    280,057 
HF Sinclair Corp.   8,822    309,211 
Kinder Morgan, Inc.   12,000    328,800 
Noble Corp. PLC   4,500    141,300 
Occidental Petroleum Corp.   3,533    174,566 
Ovintiv, Inc.   1,583    64,111 
Targa Resources Corp.   266    47,481 
TechnipFMC PLC   8,168    236,382 
Weatherford International PLC   273    19,555 
         2,455,362 
Financials — 15.9%          
AllianceBernstein Holding LP (b)   2,089    77,481 
Allstate Corp.   3,017    581,647 
Ally Financial, Inc.   7,438    267,842 
Axis Capital Holdings Ltd.   356    31,549 
Bank of New York Mellon Corp.   3,032    232,949 
BOK Financial Corp.   290    30,870 
Cboe Global Markets, Inc.   1,314    256,756 
Coinbase Global, Inc. Class A (a)   63    15,643 
Commerce Bancshares, Inc.   3,728    232,292 
Corpay, Inc. (a)   1,152    389,860 

 

 

 

 

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

 

   Number of
Shares		   Value 
Edenred SE   2,623   $85,687 
Everest Group Ltd.   67    24,285 
Fidelity National Financial, Inc.   5,800    325,612 
First Citizens BancShares, Inc. Class A   194    409,926 
First Hawaiian, Inc.   3,644    94,562 
First Horizon Corp.   12,823    258,255 
Global Payments, Inc.   3,000    336,180 
Globe Life, Inc.   331    36,913 
Hanover Insurance Group, Inc.   1,141    176,467 
Hartford Financial Services Group, Inc.   2,830    309,602 
Interactive Brokers Group, Inc. Class A   1,680    296,806 
LPL Financial Holdings, Inc.   252    82,280 
Markel Group, Inc. (a)   200    345,246 
Morningstar, Inc.   198    66,678 
MSCI, Inc.   519    311,405 
Northern Trust Corp.   2,763    283,207 
PNC Financial Services Group, Inc.   382    73,669 
Reinsurance Group of America, Inc.   1,597    341,167 
State Street Corp.   3,045    298,867 
Synchrony Financial   987    64,155 
T. Rowe Price Group, Inc.   1,841    208,199 
Truist Financial Corp.   6,922    300,276 
Unum Group   696    50,829 
US Bancorp   6,396    305,921 
Virtu Financial, Inc. Class A   697    24,869 
Webster Financial Corp.   2,426    133,964 
Westamerica BanCorp   1,735    91,018 
Willis Towers Watson PLC   1,648    516,219 
Zions Bancorp NA   1,080    58,590 
         8,027,743 
Health Care — 13.9%          
Alnylam Pharmaceuticals, Inc. (a)   26    6,118 
Baxter International, Inc.   13,887    404,945 
Becton Dickinson & Co.   1,181    267,933 
Bio-Rad Laboratories, Inc. Class A (a)   1,095    359,718 
Cardinal Health, Inc.   1,615    191,006 
Cencora, Inc.   578    129,865 
Centene Corp. (a)   10,772    652,568 
DENTSPLY SIRONA, Inc.   4,220    80,096 
Elanco Animal Health, Inc. (a)   6,952    84,189 
Encompass Health Corp.   1,967    181,652 
Envista Holdings Corp. (a)   6,157    118,769 
GE HealthCare Technologies, Inc. (a)   2,172    169,807 
Henry Schein, Inc. (a)   8,575    593,390 
Hologic, Inc. (a)   1,854    133,655 
ICON PLC (a)   373    78,222 
Illumina, Inc. (a)   604    80,713 
Incyte Corp. (a)   1,368    94,488 
IQVIA Holdings, Inc. (a)   789    155,046 
Jazz Pharmaceuticals PLC (a)   3,735    459,965 
Koninklijke Philips NV (a) (c)   5,285    133,816 
Labcorp Holdings, Inc.   1,765    404,750 
Medpace Holdings, Inc. (a)   196    65,117 
Medtronic PLC   1,953    156,006 
Mettler-Toledo International, Inc. (a)   50    61,184 
Perrigo Co. PLC   12,500    321,375 
QIAGEN NV   702    31,260 

 

 

 

 

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

 

   Number of
Shares		   Value 
Quest Diagnostics, Inc.   1,537   $231,872 
Solventum Corp. (a)   790    52,187 
Teleflex, Inc.   190    33,816 
Universal Health Services, Inc. Class B   1,041    186,776 
Veeva Systems, Inc. Class A (a)   295    62,024 
Viatris, Inc.   22,400    278,880 
Zimmer Biomet Holdings, Inc.   7,086    748,494 
         7,009,702 
Industrials — 14.0%          
ABM Industries, Inc.   1,783    91,254 
Allison Transmission Holdings, Inc.   992    107,196 
Amentum Holdings, Inc. (a)   11,277    237,155 
Beacon Roofing Supply, Inc. (a)   2,157    219,108 
Broadridge Financial Solutions, Inc.   38    8,591 
Bunzl PLC   3,934    161,956 
Clarivate PLC (a) (c)   45,150    229,362 
CNH Industrial NV   14,000    158,620 
Comfort Systems USA, Inc.   58    24,595 
CSX Corp.   4,699    151,637 
Cummins, Inc.   390    135,954 
Curtiss-Wright Corp.   758    268,991 
Delta Air Lines, Inc.   1,179    71,330 
Donaldson Co., Inc.   625    42,094 
Dover Corp.   364    68,286 
EMCOR Group, Inc.   395    179,291 
Emerson Electric Co.   1,391    172,387 
Everus Construction Group, Inc. (a)   333    21,895 
Ferguson Enterprises, Inc.   1,700    295,069 
Flowserve Corp.   919    52,861 
Fortive Corp.   4,072    305,400 
Generac Holdings, Inc. (a)   62    9,613 
Howmet Aerospace, Inc.   3,136    342,984 
Huntington Ingalls Industries, Inc.   2,033    384,176 
ITT, Inc.   1,091    155,882 
Jacobs Solutions, Inc.   1,200    160,344 
Kirby Corp. (a)   972    102,838 
L3Harris Technologies, Inc.   791    166,331 
Leidos Holdings, Inc.   1,960    282,358 
MSA Safety, Inc.   92    15,251 
MSC Industrial Direct Co., Inc. Class A   3,019    225,489 
Norfolk Southern Corp.   1,204    282,579 
Oshkosh Corp.   2,359    224,270 
Parker-Hannifin Corp.   98    62,331 
Pentair PLC   1,758    176,925 
Republic Services, Inc.   343    69,005 
Southwest Airlines Co.   6,401    215,202 
SS&C Technologies Holdings, Inc.   1,300    98,514 
Timken Co.   1,236    88,213 
Trane Technologies PLC   207    76,455 
United Airlines Holdings, Inc. (a)   1,318    127,978 
Veralto Corp.   442    45,018 
Verisk Analytics, Inc.   244    67,205 
Vertiv Holdings Co. Class A   527    59,872 
Vinci SA   1,877    192,637 
Weir Group PLC   3,289    89,553 
WESCO International, Inc.   700    126,672 

 

 

 

 

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

 

   Number of
Shares		   Value 
Woodward, Inc.   1,184   $197,041 
         7,047,768 
Information Technology — 6.0%          
Amdocs Ltd.   2,596    221,023 
Amkor Technology, Inc.   1,172    30,109 
Appfolio, Inc. Class A (a)   76    18,751 
AppLovin Corp. Class A (a)   119    38,536 
Cirrus Logic, Inc. (a)   1,290    128,458 
Cognizant Technology Solutions Corp. Class A   2,811    216,166 
Datadog, Inc. Class A (a)   429    61,300 
DocuSign, Inc. (a)   633    56,932 
EPAM Systems, Inc. (a)   107    25,019 
F5, Inc. (a)   562    141,326 
GoDaddy, Inc. Class A (a)   39    7,697 
Hewlett Packard Enterprise Co.   13,873    296,188 
HP, Inc.   6,349    207,168 
HubSpot, Inc. (a)   33    22,993 
MicroStrategy, Inc. Class A (a) (c)   135    39,099 
Monolithic Power Systems, Inc.   61    36,094 
NetApp, Inc.   432    50,146 
ON Semiconductor Corp. (a)   2,078    131,018 
Pegasystems, Inc.   854    79,593 
Pure Storage, Inc. Class A (a)   741    45,520 
TD SYNNEX Corp.   1,600    187,648 
TE Connectivity PLC   996    142,398 
Twilio, Inc. Class A (a)   2,577    278,522 
UiPath, Inc. Class A (a)   1,185    15,061 
Vontier Corp.   7,159    261,089 
Zoom Communications, Inc. (a)   3,480    284,003 
         3,021,857 
Materials — 4.2%          
Akzo Nobel NV   2,154    129,335 
Axalta Coating Systems Ltd. (a)   537    18,376 
Commercial Metals Co.   6,200    307,520 
Crown Holdings, Inc.   4,042    334,233 
Graphic Packaging Holding Co.   16,925    459,683 
Louisiana-Pacific Corp.   380    39,349 
LyondellBasell Industries NV Class A   3,033    225,261 
Mosaic Co.   13,400    329,372 
NewMarket Corp.   12    6,340 
Packaging Corp. of America   288    64,837 
PPG Industries, Inc.   813    97,113 
Reliance, Inc.   322    86,702 
         2,098,121 
Real Estate — 7.2%          
Agree Realty Corp.   1,939    136,603 
American Tower Corp.   626    114,815 
AvalonBay Communities, Inc.   1,463    321,816 
Brixmor Property Group, Inc.   1,151    32,044 
Camden Property Trust   1,841    213,630 
Cousins Properties, Inc.   431    13,206 
Crown Castle, Inc.   986    89,489 
CubeSmart   402    17,226 

 

 

 

 

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

 

   Number of
Shares		   Value 
Equity LifeStyle Properties, Inc.   1,564   $104,162 
Equity Residential   7,295    523,489 
Essex Property Trust, Inc.   353    100,760 
Gaming & Leisure Properties, Inc.   6,600    317,856 
Healthpeak Properties, Inc.   6,124    124,133 
Host Hotels & Resorts, Inc.   1,316    23,056 
JBG SMITH Properties   11,071    170,161 
Mid-America Apartment Communities, Inc.   424    65,538 
Public Storage   562    168,285 
Realty Income Corp.   4,951    264,433 
Regency Centers Corp.   1,793    132,557 
SBA Communications Corp.   315    64,197 
Simon Property Group, Inc.   2,006    345,453 
Ventas, Inc.   2,629    154,822 
VICI Properties, Inc.   4,769    139,303 
         3,637,034 
Utilities — 10.3%          
Dominion Energy, Inc.   9,200    495,512 
DTE Energy Co.   392    47,334 
Duke Energy Corp.   925    99,660 
Edison International   4,327    345,468 
Entergy Corp.   4,142    314,046 
Evergy, Inc.   11,450    704,747 
Eversource Energy   7,614    437,272 
Exelon Corp.   8,771    330,140 
MDU Resources Group, Inc.   1,010    18,200 
National Fuel Gas Co.   5,200    315,536 
NiSource, Inc.   11,000    404,360 
Northwestern Energy Group, Inc.   4,934    263,772 
OGE Energy Corp.   7,719    318,409 
ONE Gas, Inc.   2,290    158,583 
PG&E Corp.   16,228    327,481 
Spire, Inc.   2,842    192,773 
UGI Corp.   390    11,010 
WEC Energy Group, Inc.   1,586    149,147 
Xcel Energy, Inc.   3,606    243,477 
         5,176,927 
           
TOTAL COMMON STOCK
(Cost $47,032,313)		        49,842,873 
           
PREFERRED STOCK — 0.3%          
Consumer Staples — 0.3%          
Henkel AG & Co. KGaA 2.193%          
   1,429    125,437 
           
TOTAL PREFERRED STOCK
(Cost $102,207)		        125,437 
           
TOTAL EQUITIES
(Cost $47,134,520)		        49,968,310 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $47,134,520)		        49,968,310 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
SHORT-TERM INVESTMENTS — 2.8%          
Investment of Cash Collateral from Securities Loaned — 0.0%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (d)   394   $394 
           
   Principal
Amount		    
Repurchase Agreement — 2.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (e)  $1,427,917    1,427,917 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,428,311)		        1,428,311 
           
TOTAL INVESTMENTS — 102.1%
(Cost $48,562,831) (f)		        51,396,621 
           
Other Assets/(Liabilities) — (2.1)%        (1,045,191) 
           
NET ASSETS — 100.0%       $50,351,430 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Security is a Master Limited Partnership.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $385,096 or 0.76% of net assets. The Fund received $393,850 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) Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2).
(e) Maturity value of $1,428,135. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $1,456,522.
(f) 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.  3/28/25  GBP  6,603   USD  8,385   $(124) 
Bank of America N.A.  3/28/25  USD  237,206   EUR  224,957    3,302 
Bank of America N.A.  3/28/25  USD  156,828   GBP  123,869    1,854 
Goldman Sachs & Co.  3/28/25  USD  148,630   GBP  117,446    1,693 
Goldman Sachs & Co.  3/28/25  USD  237,026   EUR  224,957    3,122 
JP Morgan Chase Bank N.A.  3/28/25  USD  236,924   EUR  224,957    3,019 
UBS AG  3/28/25  USD  237,049   EUR  224,957    3,144
                    $16,010

 

Currency Legend

EUR Euro
GBP British Pound
USD U.S. Dollar

 

 

 

MassMutual Small Cap Value Equity Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.3%          
           
COMMON STOCK — 97.3%          
Consumer Discretionary — 10.1%          
American Axle & Manufacturing Holdings, Inc. (a)   43,974   $256,369 
Aramark   8,393    313,143 
Bath & Body Works, Inc.   8,891    344,704 
Century Communities, Inc.   1,653    121,264 
Dave & Buster's Entertainment, Inc. (a) (b)   10,710    312,625 
Five Below, Inc. (a)   2,031    213,174 
Gentherm, Inc. (a)   7,126    284,506 
Goodyear Tire & Rubber Co. (a)   26,382    237,438 
Krispy Kreme, Inc.   8,704    86,431 
LKQ Corp.   5,573    204,808 
Monro, Inc.   6,168    152,966 
Oxford Industries, Inc.   3,562    280,614 
Patrick Industries, Inc.   2,009    166,908 
Sonos, Inc. (a)   17,135    257,710 
Tri Pointe Homes, Inc. (a)   4,551    165,019 
Visteon Corp. (a)   2,788    247,351 
Wyndham Hotels & Resorts, Inc.   2,166    218,311 
         3,863,341 
Consumer Staples — 5.1%          
Darling Ingredients, Inc. (a)   12,373    416,846 
Hain Celestial Group, Inc. (a)   49,044    301,621 
Post Holdings, Inc. (a)   2,348    268,752 
Spectrum Brands Holdings, Inc.   3,583    302,728 
SunOpta, Inc. (a)   37,921    291,992 
US Foods Holding Corp (a)   5,623    379,327 
         1,961,266 
Energy — 4.3%          
Antero Resources Corp. (a)   9,423    330,276 
Atlas Energy Solutions, Inc. (b)   22,432    497,542 
Chord Energy Corp.   1,902    222,382 
Expand Energy Corp. (b)   3,453    343,746 
Sitio Royalties Corp. Class A   12,767    244,871 
         1,638,817 
Financials — 19.3%          
Assured Guaranty Ltd.   3,236    291,272 
Banc of California, Inc.   15,463    239,058 
Bank OZK   7,685    342,213 
Bread Financial Holdings, Inc.   4,943    301,820 
Burford Capital Ltd.   29,269    373,180 
Cadence Bank   7,047    242,769 
Columbia Banking System, Inc.   17,499    472,648 

 

 

 

 

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

 

   Number of
Shares		   Value 
Everest Group Ltd.   744   $269,670 
Fidelis Insurance Holdings Ltd.   13,897    251,953 
Hancock Whitney Corp.   5,023    274,859 
Kemper Corp.   3,661    243,237 
Live Oak Bancshares, Inc.   11,984    473,967 
OFG Bancorp   12,023    508,813 
ProAssurance Corp. (a)   12,105    192,590 
Reinsurance Group of America, Inc.   1,032    220,466 
Seacoast Banking Corp. of Florida   9,826    270,510 
Stifel Financial Corp.   2,325    246,636 
Synovus Financial Corp.   5,543    283,968 
Texas Capital Bancshares, Inc. (a)   8,185    640,067 
Triumph Financial, Inc. (a)   6,616    601,262 
Webster Financial Corp.   6,467    357,108 
White Mountains Insurance Group Ltd.   149    289,814 
         7,387,880 
Health Care — 2.6%          
Acadia Healthcare Co., Inc. (a)   5,618    222,754 
Haemonetics Corp. (a)   4,214    329,029 
ICON PLC (a)   1,084    227,326 
ICU Medical, Inc. (a)   1,060    164,480 
ModivCare, Inc. (a) (b)   5,141    60,869 
         1,004,458 
Industrials — 25.2%          
Air Lease Corp.   7,841    378,015 
Alamo Group, Inc.   1,029    191,301 
American Woodmark Corp. (a)   2,775    220,696 
Brady Corp. Class A   4,143    305,960 
Columbus McKinnon Corp.   12,151    452,503 
DNOW, Inc. (a)   27,692    360,273 
Enerpac Tool Group Corp.   17,365    713,528 
Enviri Corp. (a)   39,927    307,438 
Fortune Brands Innovations, Inc.   4,521    308,920 
Gibraltar Industries, Inc. (a)   8,933    526,154 
Greenbrier Cos., Inc.   11,551    704,495 
Helios Technologies, Inc.   7,528    336,050 
Huron Consulting Group, Inc. (a)   2,360    293,254 
Interface, Inc.   21,643    527,007 
Janus International Group, Inc. (a)   24,125    177,319 
John Bean Technologies Corp.   2,676    340,120 
Kennametal, Inc.   21,835    524,477 
Kirby Corp. (a)   5,377    568,887 
Knight-Swift Transportation Holdings, Inc.   3,443    182,617 
Maximus, Inc.   1,108    82,712 
Middleby Corp. (a)   2,432    329,414 
Ryder System, Inc.   1,881    295,054 
Science Applications International Corp.   1,752    195,838 
Standex International Corp.   1,881    351,728 
Verra Mobility Corp. (a)   7,435    179,778 
Vestis Corp.   20,358    310,256 
WillScot Holdings Corp. (a)   14,392    481,412 
         9,645,206 

 

 

 

 

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

 

   Number of
Shares		   Value 
Information Technology — 15.5%          
Amdocs Ltd.   3,164   $269,383 
Amkor Technology, Inc.   10,260    263,579 
Belden, Inc.   2,391    269,250 
Ciena Corp. (a)   9,234    783,136 
Coherent Corp. (a)   11,265    1,067,133 
Diodes, Inc. (a)   6,319    389,693 
ePlus, Inc. (a)   2,990    220,901 
Extreme Networks, Inc. (a)   19,290    322,915 
Ingram Micro Holding Corp. (a)   2,279    44,190 
Knowles Corp. (a)   25,846    515,111 
Lumentum Holdings, Inc. (a)   8,665    727,427 
Progress Software Corp.   4,827    314,479 
Tower Semiconductor Ltd. (a)   14,689    756,630 
         5,943,827 
Materials — 7.7%          
ATI, Inc. (a)   10,220    562,509 
Axalta Coating Systems Ltd. (a)   11,015    376,933 
Element Solutions, Inc.   12,038    306,126 
Ferroglobe PLC   57,354    217,945 
HB Fuller Co.   3,314    223,629 
Kaiser Aluminum Corp.   6,186    434,690 
Materion Corp.   3,703    366,153 
Mativ Holdings, Inc.   9,173    99,986 
TriMas Corp.   15,252    375,047 
         2,963,018 
Real Estate — 5.4%          
DiamondRock Hospitality Co.   29,788    268,986 
Independence Realty Trust, Inc.   15,305    303,651 
Kimco Realty Corp.   13,842    324,318 
LXP Industrial Trust   18,178    147,605 
Macerich Co.   10,355    206,272 
Phillips Edison & Co., Inc.   7,204    269,862 
PotlatchDeltic Corp.   7,578    297,436 
Sabra Health Care REIT, Inc.   13,766    238,427 
         2,056,557 
Utilities — 2.1%          
IDACORP, Inc.   2,347    256,480 
ONE Gas, Inc.   4,471    309,617 
TXNM Energy, Inc.   5,197    255,536 
         821,633 
           
TOTAL COMMON STOCK
(Cost $33,032,386)		        37,286,003 
           
TOTAL EQUITIES
(Cost $33,032,386)		        37,286,003 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $33,032,386)		        37,286,003 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
SHORT-TERM INVESTMENTS — 1.2%          
Investment of Cash Collateral from Securities Loaned — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (c)   29,484   $29,484 
           
   Principal
Amount		    
Repurchase Agreement — 1.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (d)  $437,606    437,606 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $467,090)		        467,090 
           
TOTAL INVESTMENTS — 98.5%
(Cost $33,499,476) (e)		        37,753,093 
           
Other Assets/(Liabilities) — 1.5%        565,559 
           
NET ASSETS — 100.0%       $38,318,652 

 

Abbreviation Legend

REITReal 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, 2024, was $1,183,923 or 3.09% of net assets. The Fund received $1,168,304 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 and 7-day effective yield as of December 31, 2024. (Note 2).
(d) Maturity value of $437,673. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $446,495.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.7%          
           
COMMON STOCK — 99.7%          
Communication Services — 2.0%          
Cable One, Inc.   957   $346,549 
Criteo SA Sponsored ADR (a)   24,287    960,794 
Entravision Communications Corp. Class A   50,681    119,100 
Nexstar Media Group, Inc.   6,433    1,016,221 
Townsquare Media, Inc. Class A   2,947    26,788 
         2,469,452 
Consumer Discretionary — 14.1%          
A-Mark Precious Metals, Inc.   6,288    172,291 
Accel Entertainment, Inc. (a)   12,318    131,556 
Adient PLC (a)   45,740    788,100 
ADT, Inc.   149,876    1,035,643 
AutoNation, Inc. (a)   6,613    1,123,152 
Bloomin' Brands, Inc.   7,938    96,923 
BorgWarner, Inc.   32,163    1,022,462 
Boyd Gaming Corp.   5,804    421,022 
BRP, Inc. (b)   5,950    302,677 
Brunswick Corp.   6,115    395,518 
Build-A-Bear Workshop, Inc.   26,552    1,222,454 
Capri Holdings Ltd. (a)   4,123    86,830 
Cavco Industries, Inc. (a)   133    59,349 
Champion Homes, Inc. (a)   3,707    326,587 
Dave & Buster's Entertainment, Inc. (a) (b)   3,205    93,554 
Dine Brands Global, Inc.   13,295    400,180 
Genesco, Inc. (a)   30,200    1,291,050 
Group 1 Automotive, Inc.   3,486    1,469,279 
Hanesbrands, Inc. (a)   164,300    1,337,402 
KB Home   8,449    555,268 
KinderCare Learning Cos., Inc. (a)   13,076    232,753 
M/I Homes, Inc. (a)   1,238    164,592 
MarineMax, Inc. (a)   10,706    309,939 
Meritage Home Corp.   1,390    213,810 
OneWater Marine, Inc. Class A (a) (b)   9,112    158,367 
Patrick Industries, Inc.   1,975    164,083 
Penske Automotive Group, Inc.   1,307    199,239 
Solo Brands, Inc. Class A (a) (b)   27,471    31,317 
Tapestry, Inc.   6,381    416,871 
Taylor Morrison Home Corp. (a)   16,449    1,006,843 
Topgolf Callaway Brands Corp. (a) (b)   86,114    676,856 
Visteon Corp. (a)   5,249    465,691 
Winnebago Industries, Inc.   21,471    1,025,884 
         17,397,542 
Consumer Staples — 2.1%          
Edgewell Personal Care Co.   16,906    568,041 

 

 

 

 

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

 

   Number of
Shares		   Value 
Nomad Foods Ltd.   78,367   $1,314,998 
Spectrum Brands Holdings, Inc.   6,134    518,262 
Turning Point Brands, Inc.   3,236    194,484 
         2,595,785 
Energy — 7.7%          
Cactus, Inc. Class A   20,453    1,193,637 
ChampionX Corp.   26,124    710,311 
Chord Energy Corp.   4,379    511,993 
Crescent Energy Co. Class A   43,980    642,548 
Mach Natural Resources LP   11,544    198,326 
Magnolia Oil & Gas Corp. Class A   73,331    1,714,479 
Matador Resources Co.   22,867    1,286,497 
NexGen Energy Ltd. (a) (b)   109,440    722,304 
Northern Oil & Gas, Inc.   52,099    1,935,999 
Permian Resources Corp.   28,952    416,330 
TXO Partners LP   5,506    92,721 
         9,425,145 
Financials — 27.4%          
1st Source Corp.   15,488    904,189 
Ameris Bancorp   4,225    264,358 
Associated Banc-Corp.   50,285    1,201,811 
Atlantic Union Bankshares Corp.   5,242    198,567 
Axis Capital Holdings Ltd.   11,756    1,041,817 
Axos Financial, Inc. (a)   3,087    215,627 
Banc of California, Inc.   13,541    209,344 
Bank of Marin Bancorp   19,976    474,830 
BankUnited, Inc.   31,539    1,203,844 
Berkshire Hills Bancorp, Inc.   32,173    914,678 
Bowhead Specialty Holdings, Inc. (a)   1,035    36,763 
Carter Bankshares, Inc. (a)   7,185    126,384 
Columbia Banking System, Inc.   24,894    672,387 
Comerica, Inc.   11,810    730,448 
Compass Diversified Holdings   27,465    633,892 
CVB Financial Corp.   19,800    423,918 
Euronet Worldwide, Inc. (a)   5,726    588,862 
EVERTEC, Inc.   23,389    807,622 
Federated Hermes, Inc.   28,016    1,151,738 
Fidelis Insurance Holdings Ltd.   11,035    200,065 
First BanCorp   73,503    1,366,421 
First Bancorp/Southern Pines NC   25,040    1,101,009 
First Hawaiian, Inc.   36,740    953,403 
First Interstate BancSystem, Inc. Class A   9,540    309,764 
First Merchants Corp.   4,477    178,588 
FNB Corp.   56,222    830,961 
Hamilton Insurance Group Ltd. Class B (a)   11,315    215,324 
Hanover Insurance Group, Inc.   6,386    987,659 
HarborOne Bancorp, Inc.   18,845    222,936 
Heritage Financial Corp.   47,175    1,155,787 
Home BancShares, Inc.   22,433    634,854 
International Bancshares Corp.   2,731    172,490 
NCR Atleos Corp. (a)   40,081    1,359,548 
Nicolet Bankshares, Inc.   10,633    1,115,508 
Old National Bancorp   48,767    1,058,488 
Pacific Premier Bancorp, Inc.   51,945    1,294,469 
Peoples Bancorp, Inc.   16,118    510,779 

 

 

 

 

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

 

   Number of
Shares		   Value 
Popular, Inc.   4,813   $452,711 
Premier Financial Corp.   24,251    620,098 
Provident Financial Services, Inc.   5,250    99,067 
Repay Holdings Corp. (a)   21,626    165,006 
SouthState Corp.   8,214    817,129 
StoneX Group, Inc. (a)   1,906    186,731 
Texas Capital Bancshares, Inc. (a)   16,080    1,257,456 
TriCo Bancshares   22,222    971,101 
UMB Financial Corp.   5,945    670,953 
Walker & Dunlop, Inc.   10,460    1,016,817 
Webster Financial Corp.   15,082    832,828 
WSFS Financial Corp.   22,590    1,200,207 
         33,759,236 
Health Care — 2.9%          
AMN Healthcare Services, Inc. (a)   11,671    279,170 
Embecta Corp.   16,673    344,298 
Enovis Corp. (a)   16,906    741,835 
Envista Holdings Corp. (a)   14,883    287,093 
Integra LifeSciences Holdings Corp. (a)   22,994    521,504 
Patterson Cos., Inc.   5,869    181,117 
Pediatrix Medical Group, Inc. (a)   94,390    1,238,397 
         3,593,414 
Industrials — 17.1%          
ABM Industries, Inc.   23,039    1,179,136 
ArcBest Corp.   10,257    957,183 
Atmus Filtration Technologies, Inc.   5,569    218,194 
Beacon Roofing Supply, Inc. (a)   6,431    653,261 
Blue Bird Corp. (a) (b)   25,994    1,004,148 
BrightView Holdings, Inc. (a)   69,259    1,107,451 
Brink's Co.   7,854    728,616 
Deluxe Corp.   8,429    190,411 
DIRTT Environmental Solutions (a)   45,273    31,465 
DXP Enterprises, Inc. (a)   3,349    276,694 
First Advantage Corp. (a)   6,152    115,227 
Fluor Corp. (a)   17,591    867,588 
Franklin Covey Co. (a)   21,607    811,991 
Gates Industrial Corp. PLC (a)   76,184    1,567,105 
GMS, Inc. (a)   7,587    643,605 
Great Lakes Dredge & Dock Corp. (a)   95,801    1,081,593 
Hayward Holdings, Inc. (a)   65,263    997,871 
Hillman Solutions Corp. (a)   101,750    991,045 
IBEX Holdings Ltd. (a)   3,822    82,135 
John Bean Technologies Corp.   10,679    1,357,301 
Korn Ferry   3,797    256,108 
Loomis AB   6,583    200,307 
Luxfer Holdings PLC   2,059    26,952 
MasTec, Inc. (a)   6,411    872,794 
MillerKnoll, Inc.   48,599    1,097,851 
NV5 Global, Inc. (a)   11,449    215,699 
Proficient Auto Logistics, Inc. (a)   7,196    58,072 
REV Group, Inc.   36,206    1,153,885 
Science Applications International Corp.   1,664    186,002 
Sensata Technologies Holding PLC   6,415    175,771 
Tecnoglass, Inc.   9,365    742,832 
Timken Co.   11,878    847,733 

 

 

 

 

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

 

   Number of
Shares		   Value 
Titan Machinery, Inc. (a) (b)   6,305   $89,090 
TriNet Group, Inc.   1,538    139,604 
Triumph Group, Inc. (a)   8,926    166,559 
         21,091,279 
Information Technology — 9.7%          
ACI Worldwide, Inc. (a)   9,148    474,873 
Amkor Technology, Inc.   40,700    1,045,583 
Avnet, Inc.   8,149    426,356 
Axcelis Technologies, Inc. (a)   5,592    390,713 
Belden, Inc.   4,459    502,128 
Calix, Inc. (a)   20,607    718,566 
Extreme Networks, Inc. (a)   66,049    1,105,660 
FormFactor, Inc. (a)   26,690    1,174,360 
Grid Dynamics Holdings, Inc. (a)   50,366    1,120,140 
Harmonic, Inc. (a)   72,758    962,588 
Ichor Holdings Ltd. (a)   20,388    656,901 
Ingram Micro Holding Corp. (a)   9,736    188,781 
Kulicke & Soffa Industries, Inc.   8,531    398,056 
Penguin Solutions, Inc. (a)   64,978    1,246,928 
Synaptics, Inc. (a)   3,654    278,873 
Teradata Corp. (a)   6,597    205,497 
TTM Technologies, Inc. (a)   43,506    1,076,774 
         11,972,777 
Materials — 7.0%          
AdvanSix, Inc.   33,821    963,560 
Avient Corp.   21,423    875,344 
Ecovyst, Inc. (a)   146,297    1,117,709 
Element Solutions, Inc.   26,448    672,573 
Graphic Packaging Holding Co.   31,208    847,609 
Ingevity Corp. (a)   7,457    303,873 
Methanex Corp.   22,408    1,119,055 
Minerals Technologies, Inc.   4,155    316,653 
O-I Glass, Inc. (a)   80,611    873,823 
Pactiv Evergreen, Inc.   41,758    729,512 
Silgan Holdings, Inc.   15,632    813,646 
         8,633,357 
Real Estate — 7.6%          
Acadia Realty Trust (b)   49,879    1,205,077 
American Healthcare REIT, Inc.   3,907    111,037 
Americold Realty Trust, Inc.   15,495    331,593 
Broadstone Net Lease, Inc.   41,815    663,186 
COPT Defense Properties   40,410    1,250,689 
EPR Properties   5,642    249,828 
First Industrial Realty Trust, Inc.   16,808    842,585 
Independence Realty Trust, Inc. (b)   67,820    1,345,549 
National Storage Affiliates Trust   13,144    498,289 
NETSTREIT Corp. (b)   31,085    439,853 
Ryman Hospitality Properties, Inc.   9,871    1,029,940 
STAG Industrial, Inc.   18,577    628,274 
Terreno Realty Corp.   8,988    531,550 
UMH Properties, Inc.   10,658    201,223 
         9,328,673 

 

 

 

 

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

 

   Number of
Shares		   Value 
Utilities — 2.1%          
IDACORP, Inc.   10,386   $1,134,982 
Portland General Electric Co.   8,860    386,473 
Southwest Gas Holdings, Inc.   1,536    108,611 
TXNM Energy, Inc.   19,083    938,311 
         2,568,377 
           
TOTAL COMMON STOCK
(Cost $114,455,568)		        122,835,037 
           
TOTAL EQUITIES
(Cost $114,455,568)		        122,835,037 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $114,455,568)		        122,835,037 
           
SHORT-TERM INVESTMENTS — 1.0%          
Investment of Cash Collateral from Securities Loaned — 0.7%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (c)   868,305    868,305 
           
   Principal
Amount		    
Repurchase Agreement — 0.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (d)  $419,863    419,863 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,288,168)		        1,288,168 
           
TOTAL INVESTMENTS — 100.7%
(Cost $115,743,736) (e)		        124,123,205 
           
Other Assets/(Liabilities) — (0.7)%        (920,869) 
           
NET ASSETS — 100.0%       $123,202,336 

 

Abbreviation Legend

ADR American 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, 2024, was $4,845,088 or 3.93% of net assets. The Fund received $4,075,498 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 and 7-day effective yield as of December 31, 2024. (Note 2).
(d) Maturity value of $419,927. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $428,432.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Citibank N.A.  3/28/25  SEK  55,956   USD  5,147   $(66) 
Citibank N.A.  3/28/25  USD  180,348   SEK  1,957,323    2,618
                    $2,552

 

Currency Legend

SEK Swedish Krona
USD U.S. Dollar

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.8%          
           
COMMON STOCK — 98.5%          
Communication Services — 5.8%          
Liberty Media Corp-Liberty Formula One Class C (a)   487,224   $45,146,176 
Liberty Media Corp-Liberty Live Class C (a)   73,400    4,995,604 
Match Group, Inc. (a) (b)   632,562    20,691,103 
New York Times Co. Class A   408,200    21,246,810 
Reddit, Inc. Class A (a)   168,376    27,519,373 
Roku, Inc. (a)   124,900    9,285,066 
Spotify Technology SA (a)   68,900    30,824,482 
Trade Desk, Inc. Class A (a)   1,033,400    121,455,502 
         281,164,116 
Consumer Discretionary — 13.3%          
Bath & Body Works, Inc.   503,264    19,511,545 
Birkenstock Holding PLC (a)   245,358    13,901,984 
BorgWarner, Inc.   278,515    8,853,992 
Bright Horizons Family Solutions, Inc. (a)   338,110    37,479,493 
Burlington Stores, Inc. (a)   209,790    59,802,737 
Caesars Entertainment, Inc. (a) (b)   263,428    8,803,764 
Chipotle Mexican Grill, Inc. (a)   120,399    7,260,060 
Domino's Pizza, Inc.   169,988    71,354,163 
DraftKings, Inc. Class A (a)   1,423,098    52,939,246 
Duolingo, Inc. (a)   21,400    6,938,522 
Five Below, Inc. (a)   214,926    22,558,633 
Hilton Worldwide Holdings, Inc.   224,200    55,413,272 
Lithia Motors, Inc.   34,588    12,362,789 
Lululemon Athletica, Inc. (a)   16,100    6,156,801 
Mattel, Inc. (a)   720,530    12,774,997 
Mobileye Global, Inc. Class A (a) (b)   257,279    5,124,998 
Modine Manufacturing Co. (a)   90,396    10,479,608 
On Holding AG, Class A (a) (b)   351,450    19,248,917 
Planet Fitness, Inc. Class A (a)   337,000    33,319,190 
Ross Stores, Inc.   430,335    65,096,775 
Skechers USA, Inc. Class A (a)   73,555    4,945,838 
Texas Roadhouse, Inc.   21,400    3,861,202 
TopBuild Corp. (a)   30,000    9,340,200 
Tractor Supply Co.   206,995    10,983,155 
Ulta Beauty, Inc. (a)   33,603    14,614,953 
Viking Holdings Ltd. (a)   489,569    21,570,410 
Yum! Brands, Inc.   355,959    47,755,459 
         642,452,703 
Consumer Staples — 3.4%          
Boston Beer Co., Inc. Class A (a)   20,800    6,239,584 
Casey's General Stores, Inc.   95,500    37,839,965 
Constellation Brands, Inc. Class A   79,800    17,635,800 
Dollar General Corp.   85,061    6,449,325 

 

 

 

 

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

 

   Number of
Shares		   Value 
Dollar Tree, Inc. (a)   574,900   $43,083,006 
Lamb Weston Holdings, Inc.   118,344    7,908,930 
Maplebear, Inc. (a)   280,600    11,622,452 
McCormick & Co., Inc.   190,200    14,500,848 
Reynolds Consumer Products, Inc.   479,500    12,941,705 
TreeHouse Foods, Inc. (a) (b)   236,200    8,297,706 
         166,519,321 
Energy — 4.5%          
Cheniere Energy, Inc.   331,068    71,136,581 
EQT Corp.   885,500    40,830,405 
Expand Energy Corp. (b)   204,100    20,318,155 
Permian Resources Corp. (b)   909,318    13,075,993 
Range Resources Corp.   431,400    15,521,772 
TechnipFMC PLC   1,525,034    44,134,484 
Weatherford International PLC   164,700    11,797,461 
         216,814,851 
Financials — 9.2%          
Aon PLC Class A   40,071    14,391,900 
Apollo Global Management, Inc.   116,377    19,220,825 
Assurant, Inc.   242,500    51,705,850 
Axis Capital Holdings Ltd.   179,700    15,925,014 
Block, Inc. (a)   302,523    25,711,430 
Carlyle Group, Inc.   322,838    16,300,091 
Cboe Global Markets, Inc.   165,200    32,280,080 
Coinbase Global, Inc. Class A (a)   61,998    15,394,104 
Corpay, Inc. (a)   109,800    37,158,516 
Intercontinental Exchange, Inc.   215,000    32,037,150 
KKR & Co., Inc.   194,478    28,765,241 
Markel Group, Inc. (a)   9,100    15,708,693 
MarketAxess Holdings, Inc.   128,400    29,023,536 
MSCI, Inc.   21,438    12,863,014 
Nasdaq, Inc.   72,404    5,597,553 
Raymond James Financial, Inc.   244,100    37,916,053 
Toast, Inc., Class A (a) (b)   797,000    29,050,650 
TPG, Inc.   94,600    5,944,664 
Tradeweb Markets, Inc. Class A   150,300    19,677,276 
         444,671,640 
Health Care — 19.5%          
Acadia Healthcare Co., Inc. (a)   364,100    14,436,565 
Agilent Technologies, Inc.   566,726    76,133,971 
Alcon AG   530,444    45,029,391 
Align Technology, Inc. (a)   176,645    36,832,249 
Alnylam Pharmaceuticals, Inc. (a)   230,974    54,350,492 
Argenx SE ADR (a)   26,000    15,990,000 
Ascendis Pharma AS ADR (a)   125,700    17,305,119 
Avantor, Inc. (a)   2,669,546    56,247,334 
Biogen, Inc. (a)   158,600    24,253,112 
Bruker Corp.   543,347    31,851,001 
Cooper Cos., Inc. (a)   408,900    37,590,177 
CRISPR Therapeutics AG (a) (b)   184,214    7,250,663 
Cytokinetics, Inc. (a)   244,100    11,482,464 
Dexcom, Inc. (a)   183,582    14,277,172 
Encompass Health Corp.   97,900    9,041,065 

 

 

 

 

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

 

   Number of
Shares		   Value 
Enovis Corp. (a)   366,100   $16,064,468 
Exact Sciences Corp. (a) (b)   206,200    11,586,378 
GE HealthCare Technologies, Inc. (a)   83,092    6,496,133 
Hologic, Inc. (a)   1,193,542    86,042,443 
IDEXX Laboratories, Inc. (a)   25,246    10,437,706 
Insmed, Inc. (a)   32,915    2,272,452 
Inspire Medical Systems, Inc. (a) (b)   72,917    13,517,353 
Ionis Pharmaceuticals, Inc. (a)   625,717    21,875,066 
Mettler-Toledo International, Inc. (a)   31,303    38,304,855 
Molina Healthcare, Inc. (a)   64,700    18,830,935 
Natera, Inc. (a)   182,461    28,883,576 
Penumbra, Inc. (a)   27,000    6,411,960 
Quidelortho Corp. (a)   407,500    18,154,125 
ResMed, Inc.   53,741    12,290,029 
Sarepta Therapeutics, Inc. (a) (b)   110,369    13,419,767 
Steris PLC   60,196    12,373,890 
Teleflex, Inc.   363,100    64,624,538 
United Therapeutics Corp. (a)   12,211    4,308,529 
Vaxcyte, Inc. (a)   93,971    7,692,466 
Veeva Systems, Inc. Class A (a)   404,938    85,138,215 
West Pharmaceutical Services, Inc.   34,400    11,268,064 
         942,063,723 
Industrials — 16.6%          
Beacon Roofing Supply, Inc. (a)   212,996    21,636,134 
Broadridge Financial Solutions, Inc.   142,400    32,195,216 
Builders FirstSource, Inc. (a)   69,855    9,984,375 
BWX Technologies, Inc.   265,554    29,580,060 
Cintas Corp.   52,098    9,518,305 
Equifax, Inc.   186,679    47,575,143 
Esab Corp.   358,900    43,046,466 
Ferguson Enterprises, Inc.   122,400    21,244,968 
Fortive Corp.   605,112    45,383,400 
FTAI Aviation Ltd. (b)   268,532    38,679,349 
Howmet Aerospace, Inc.   76,400    8,355,868 
IDEX Corp.   101,400    21,222,006 
Ingersoll Rand, Inc.   562,400    50,874,704 
ITT, Inc.   55,000    7,858,400 
JB Hunt Transport Services, Inc.   251,040    42,842,486 
KBR, Inc.   148,854    8,623,112 
Knight-Swift Transportation Holdings, Inc.   169,972    9,015,315 
L3Harris Technologies, Inc.   60,427    12,706,589 
Old Dominion Freight Line, Inc.   85,600    15,099,840 
Paylocity Holding Corp. (a)   213,425    42,571,885 
Quanta Services, Inc.   95,424    30,158,755 
Rollins, Inc.   193,760    8,980,776 
Standardaero, Inc. (a)   366,956    9,085,831 
Stanley Black & Decker, Inc.   62,655    5,030,570 
Textron, Inc.   669,200    51,187,108 
TransUnion   363,718    33,720,296 
Trex Co., Inc. (a)   79,223    5,468,764 
UL Solutions, Inc. Class A   183,498    9,152,880 
United Rentals, Inc.   28,100    19,794,764 
Veralto Corp.   193,400    19,697,790 
Verisk Analytics, Inc.   84,000    23,136,120 
Waste Connections, Inc.   137,350    23,566,513 

 

 

 

 

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

 

   Number of
Shares		   Value 
XPO, Inc. (a)   336,305   $44,106,401 
         801,100,189 
Information Technology — 21.3%          
Amphenol Corp. Class A   482,405    33,503,027 
AppLovin Corp. Class A (a)   102,144    33,077,292 
Arista Networks, Inc. (a)   221,772    24,512,459 
Atlassian Corp. Class A (a)   109,800    26,723,124 
Bill Holdings, Inc. (a)   203,534    17,241,365 
CCC Intelligent Solutions Holdings, Inc. (a)   3,097,414    36,332,666 
Cognex Corp.   322,216    11,554,666 
Cognizant Technology Solutions Corp. Class A   191,872    14,754,957 
Crowdstrike Holdings, Inc. Class A (a)   23,806    8,145,461 
Datadog, Inc. Class A (a)   75,299    10,759,474 
Entegris, Inc. (b)   19,548    1,936,425 
EPAM Systems, Inc. (a)   76,795    17,956,207 
Fair Isaac Corp. (a)   29,882    59,492,970 
Fortinet, Inc. (a)   582,614    55,045,371 
Gartner, Inc. (a)   21,396    10,365,720 
Guidewire Software, Inc. (a)   99,216    16,725,833 
HubSpot, Inc. (a)   27,475    19,143,756 
Keysight Technologies, Inc. (a)   190,400    30,583,952 
KLA Corp.   14,150    8,916,198 
Lattice Semiconductor Corp. (a) (b)   1,161,706    65,810,645 
Littelfuse, Inc. (b)   25,600    6,032,640 
Marvell Technology, Inc.   1,246,852    137,714,804 
Microchip Technology, Inc.   958,600    54,975,710 
Monday.com Ltd. (a)   27,500    6,474,600 
MongoDB, Inc. (a)   75,740    17,633,029 
Monolithic Power Systems, Inc.   41,086    24,310,586 
NXP Semiconductors NV   83,100    17,272,335 
Onestream, Inc. (a)   152,319    4,344,138 
Palantir Technologies, Inc. Class A (a)   540,622    40,887,242 
PTC, Inc. (a)   356,206    65,495,597 
Pure Storage, Inc. Class A (a)   385,500    23,681,265 
Roper Technologies, Inc.   20,300    10,552,955 
ServiceTitan, Inc. Class A (a)   17,888    1,840,139 
Twilio, Inc. Class A (a)   230,024    24,860,994 
Tyler Technologies, Inc. (a)   89,400    51,551,616 
Zoom Communications, Inc. (a)   380,100    31,019,961 
Zscaler, Inc. (a)   62,135    11,209,775 
         1,032,438,954 
Materials — 4.0%          
ATI, Inc. (a)   207,981    11,447,275 
Avery Dennison Corp.   246,600    46,146,258 
Ball Corp.   871,300    48,034,769 
Eagle Materials, Inc. (b)   72,370    17,858,021 
Martin Marietta Materials, Inc.   70,900    36,619,850 
RPM International, Inc.   116,400    14,324,184 
Sealed Air Corp.   604,600    20,453,618 
         194,883,975 
Real Estate — 0.9%          
CoStar Group, Inc. (a)   468,956    33,572,560 

 

 

 

 

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

 

   Number of
Shares		   Value 
First Industrial Realty Trust, Inc.   168,932   $8,468,561 
         42,041,121 
           
TOTAL COMMON STOCK
(Cost $3,739,414,772)		        4,764,150,593 
           
PREFERRED STOCK — 0.3%          
Consumer Discretionary — 0.0%          
Nuro, Inc., Series D (Acquired 10/29/21, Cost $3,125,295) (a) (c) (d) (e)   149,925    1,070,465 
Health Care — 0.0%          
Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $5,006,003) (a) (c) (d) (e)   618,025    3,040,683 
Industrials — 0.1%          
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $7,310,569) (a) (c) (d) (e)   177,128    3,463,525 
Information Technology — 0.1%          
Databricks, Inc., Series H (Acquired 8/31/21, Cost $3,472,860) (a) (c) (d) (e)   47,260    4,371,550 
Materials — 0.1%          
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $3,678,889) (a) (c) (d) (e)   77,608    4,599,826 
           
TOTAL PREFERRED STOCK
(Cost $22,593,614)		        16,546,049 
           
TOTAL EQUITIES
(Cost $3,762,008,386)		        4,780,696,642 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $3,762,008,386)		        4,780,696,642 
           
SHORT-TERM INVESTMENTS — 1.4%          
Investment of Cash Collateral from Securities Loaned — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (f)   6,527,238    6,527,238 
Mutual Fund — 0.0%          
T. Rowe Price Treasury Reserve Fund, 2.474% (g)   370    370 
           
   Principal
Amount		    
Repurchase Agreement — 1.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (h)  $63,301,606    63,301,606 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $69,829,214)		        69,829,214 
           
TOTAL INVESTMENTS — 100.2%
(Cost $3,831,837,600) (i)		        4,850,525,856 
           
Other Assets/(Liabilities) — (0.2)%        (11,622,374) 
           
NET ASSETS — 100.0%       $4,838,903,482 

 

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, 2024, was $88,732,408 or 1.83% of net assets. The Fund received $84,038,340 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) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $16,546,049 or 0.34% of net assets.
(d) Investment is valued using significant unobservable inputs.
(e) Restricted security. Certain securities are restricted to resale. At December 31, 2024, these securities amounted to a value of $16,546,049 or 0.34% 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 and 7-day effective yield as of December 31, 2024. (Note 2).
(g) Rate disclosed is the 7-day net yield as of December 31, 2024.
(h) Maturity value of $63,311,277. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $64,567,786.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.3%          
           
COMMON STOCK — 99.3%          
Communication Services — 1.9%          
Cargurus, Inc. (a)   154,815   $5,656,940 
Cinemark Holdings, Inc. (a)   76,246    2,362,101 
Criteo SA Sponsored ADR (a)   64,411    2,548,099 
New York Times Co. Class A   27,506    1,431,689 
Ziff Davis, Inc. (a) (b)   42,003    2,282,443 
         14,281,272 
Consumer Discretionary — 10.8%          
Abercrombie & Fitch Co. Class A (a)   18,643    2,786,569 
Acushnet Holdings Corp. (b)   19,982    1,420,321 
American Eagle Outfitters, Inc.   122,578    2,043,375 
Boot Barn Holdings, Inc. (a)   52,318    7,942,919 
Century Communities, Inc.   14,149    1,037,971 
Champion Homes, Inc. (a)   72,779    6,411,830 
Cheesecake Factory, Inc. (b)   40,832    1,937,070 
Duolingo, Inc. (a)   23,201    7,522,460 
Genius Sports Ltd. (a)   326,690    2,825,869 
Global-e Online Ltd. (a)   34,601    1,886,793 
Goodyear Tire & Rubber Co. (a) (b)   163,639    1,472,751 
H&R Block, Inc.   27,636    1,460,286 
Modine Manufacturing Co. (a)   62,652    7,263,246 
Ollie's Bargain Outlet Holdings, Inc. (a)   42,613    4,675,924 
Patrick Industries, Inc. (b)   29,819    2,477,363 
Planet Fitness, Inc. Class A (a)   16,754    1,656,468 
Shake Shack, Inc. Class A (a)   54,808    7,114,078 
Steven Madden Ltd.   45,169    1,920,586 
Stride, Inc. (a)   19,752    2,052,825 
Sweetgreen, Inc. Class A (a) (b)   126,101    4,042,798 
Taylor Morrison Home Corp. (a)   27,204    1,665,157 
Texas Roadhouse, Inc.   26,133    4,715,177 
Visteon Corp. (a)   15,332    1,360,255 
Wingstop, Inc.   12,804    3,638,897 
YETI Holdings, Inc. (a)   47,402    1,825,451 
         83,156,439 
Consumer Staples — 2.4%          
BellRing Brands, Inc. (a)   80,997    6,102,314 
Chefs' Warehouse, Inc. (a)   45,303    2,234,344 
Freshpet, Inc. (a)   44,701    6,620,665 
Simply Good Foods Co. (a)   56,549    2,204,280 
Vital Farms, Inc. (a) (b)   38,978    1,469,081 
         18,630,684 

 

 

 

 

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

 

   Number of
Shares		   Value 
Energy — 3.0%          
Archrock, Inc.   101,249   $2,520,088 
Cactus, Inc. Class A   47,341    2,762,821 
Gulfport Energy Corp. (a)   17,723    3,264,577 
Magnolia Oil & Gas Corp. Class A (b)   81,569    1,907,083 
Seadrill Ltd. (a)   41,964    1,633,658 
Sitio Royalties Corp. Class A   6,141    117,784 
TechnipFMC PLC   126,807    3,669,795 
Viper Energy, Inc.   145,471    7,138,262 
         23,014,068 
Financials — 10.7%          
Ameris Bancorp   48,501    3,034,708 
Assured Guaranty Ltd.   25,334    2,280,313 
Bancorp, Inc. (a)   32,196    1,694,475 
Banner Corp.   44,836    2,993,700 
Cadence Bank   173,783    5,986,824 
Cohen & Steers, Inc. (b)   27,966    2,582,380 
Evercore, Inc. Class A   30,946    8,577,922 
HA Sustainable Infrastructure Capital, Inc. (b)   164,046    4,401,354 
Hamilton Lane, Inc. Class A (b)   44,039    6,519,974 
Hancock Whitney Corp.   57,528    3,147,932 
Kemper Corp.   28,597    1,899,985 
MGIC Investment Corp.   61,290    1,453,186 
Mr. Cooper Group, Inc. (a)   43,576    4,183,732 
National Bank Holdings Corp. Class A   68,553    2,951,892 
Paymentus Holdings, Inc. Class A (a)   23,727    775,161 
Piper Sandler Cos.   11,188    3,355,841 
PJT Partners, Inc. Class A   39,279    6,198,619 
PRA Group, Inc. (a)   87,605    1,830,068 
Seacoast Banking Corp. of Florida   106,396    2,929,082 
SiriusPoint Ltd. (a) (b)   195,617    3,206,163 
StepStone Group, Inc. Class A   127,048    7,353,538 
UMB Financial Corp.   28,901    3,261,767 
Upstart Holdings, Inc. (a) (b)   30,810    1,896,972 
         82,515,588 
Health Care — 20.1%          
Acadia Healthcare Co., Inc. (a)   62,418    2,474,874 
ADMA Biologics, Inc. (a)   70,599    1,210,773 
Akero Therapeutics, Inc. (a)   57,019    1,586,269 
Alignment Healthcare, Inc. (a)   219,373    2,467,946 
Amicus Therapeutics, Inc. (a)   112,637    1,061,041 
Apellis Pharmaceuticals, Inc. (a)   36,276    1,157,567 
Apogee Therapeutics, Inc. (a)   36,252    1,642,216 
Avidity Biosciences, Inc. (a)   69,244    2,013,616 
Axsome Therapeutics, Inc. (a)   11,971    1,012,866 
Biohaven Ltd. (a)   21,785    813,670 
Blueprint Medicines Corp. (a)   45,703    3,986,216 
BrightSpring Health Services, Inc. (a) (b)   69,969    1,191,572 
Celldex Therapeutics, Inc. (a)   48,009    1,213,187 
CG oncology, Inc. (a)   28,223    809,436 
Concentra Group Holdings Parent, Inc.   45,693    903,808 
Crinetics Pharmaceuticals, Inc. (a) (b)   64,816    3,314,042 
Cytokinetics, Inc. (a) (b)   63,716    2,997,201 
Disc Medicine, Inc. (a)   26,302    1,667,547 

 

 

 

 

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

 

   Number of
Shares		   Value 
Encompass Health Corp.   63,797   $5,891,653 
GeneDx Holdings Corp. (a)   23,908    1,837,569 
Geron Corp. (a)   254,845    902,151 
Glaukos Corp. (a)   59,826    8,970,310 
Globus Medical, Inc. Class A (a)   27,831    2,301,902 
Haemonetics Corp. (a) (b)   69,109    5,396,031 
Halozyme Therapeutics, Inc. (a)   17,786    850,349 
HealthEquity, Inc. (a)   72,553    6,961,460 
Hims & Hers Health, Inc. (a) (b)   124,043    2,999,360 
Immatics NV (a)   157,093    1,116,931 
Immunocore Holdings PLC ADR (a) (b)   14,925    440,287 
Insmed, Inc. (a)   65,515    4,523,156 
Inspire Medical Systems, Inc. (a)   27,998    5,190,269 
Integer Holdings Corp. (a)   24,518    3,249,125 
Intellia Therapeutics, Inc. (a)   21,647    252,404 
Intra-Cellular Therapies, Inc. (a)   62,434    5,214,488 
Janux Therapeutics, Inc. (a)   21,580    1,155,393 
Krystal Biotech, Inc. (a)   9,102    1,425,919 
Kymera Therapeutics, Inc. (a) (b)   41,174    1,656,430 
Lantheus Holdings, Inc. (a)   9,826    879,034 
Merit Medical Systems, Inc. (a)   37,572    3,633,964 
Merus NV (a)   67,853    2,853,219 
Myriad Genetics, Inc. (a)   75,630    1,036,887 
Nurix Therapeutics, Inc. (a)   82,002    1,544,918 
Nuvalent, Inc., Class A (a)   17,466    1,367,238 
Option Care Health, Inc. (a)   92,171    2,138,367 
PACS Group, Inc. (a)   10,066    131,965 
PROCEPT BioRobotics Corp. (a)   103,180    8,308,054 
Protagonist Therapeutics, Inc. (a)   24,946    962,916 
Prothena Corp. PLC (a) (b)   13,859    191,947 
PTC Therapeutics, Inc. (a)   26,025    1,174,768 
RadNet, Inc. (a)   51,081    3,567,497 
Repligen Corp. (a)   7,734    1,113,232 
REVOLUTION Medicines, Inc. (a)   83,506    3,652,552 
Rocket Pharmaceuticals, Inc. (a)   149,073    1,873,848 
RxSight, Inc. (a)   16,972    583,497 
Savara, Inc. (a)   179,050    549,683 
Scholar Rock Holding Corp. (a)   27,286    1,179,301 
Select Medical Holdings Corp.   56,624    1,067,362 
Soleno Therapeutics, Inc. (a)   8,883    399,291 
SpringWorks Therapeutics, Inc. (a)   18,910    683,218 
Spyre Therapeutics, Inc. (a)   28,959    674,166 
Structure Therapeutics, Inc. ADR (a) (b)   33,336    904,072 
Surgery Partners, Inc. (a)   38,415    813,246 
TransMedics Group, Inc. (a) (b)   14,606    910,684 
Twist Bioscience Corp. (a)   80,342    3,733,493 
Ultragenyx Pharmaceutical, Inc. (a)   43,472    1,828,867 
Vaxcyte, Inc. (a)   48,332    3,956,457 
Veracyte, Inc. (a)   32,670    1,293,732 
Vericel Corp. (a)   81,397    4,469,509 
Verona Pharma PLC ADR (a)   73,938    3,433,681 
Viking Therapeutics, Inc. (a) (b)   17,710    712,650 
Xenon Pharmaceuticals, Inc. (a)   24,044    942,525 
         154,424,874 
Industrials — 23.5%          
AAON, Inc.   39,707    4,672,720 
Acuity Brands, Inc.   8,655    2,528,385 

 

 

 

 

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

 

   Number of
Shares		   Value 
Air Lease Corp.   53,118   $2,560,819 
Ameresco, Inc. Class A (a)   87,130    2,045,812 
Applied Industrial Technologies, Inc.   46,786    11,203,843 
Aris Water Solutions, Inc. Class A   59,171    1,417,145 
Atmus Filtration Technologies, Inc.   62,356    2,443,108 
AZEK Co., Inc. (a)   205,580    9,758,883 
Boise Cascade Co.   18,995    2,257,746 
Casella Waste Systems, Inc. Class A (a)   80,187    8,484,586 
Clean Harbors, Inc. (a)   29,077    6,691,781 
Comfort Systems USA, Inc.   18,276    7,750,121 
Construction Partners, Inc. Class A (a)   37,461    3,313,800 
Crane Co.   27,743    4,210,000 
Curtiss-Wright Corp.   20,268    7,192,505 
DXP Enterprises, Inc. (a)   26,250    2,168,775 
Embraer SA Sponsored ADR (a)   68,441    2,510,416 
Enpro, Inc.   15,708    2,708,845 
Esab Corp.   37,428    4,489,114 
ESCO Technologies, Inc.   18,558    2,472,111 
Exlservice Holdings, Inc. (a)   123,277    5,471,033 
Federal Signal Corp.   36,850    3,404,571 
Flowserve Corp.   100,525    5,782,198 
Fluor Corp. (a)   191,225    9,431,217 
GATX Corp.   15,925    2,467,738 
Helios Technologies, Inc.   24,809    1,107,474 
Kirby Corp. (a)   47,099    4,983,074 
Korn Ferry   37,582    2,534,906 
Leonardo DRS, Inc. (a)   68,140    2,201,603 
Loar Holdings, Inc. (a)   18,838    1,392,317 
McGrath RentCorp   17,853    1,996,322 
Mueller Water Products, Inc. Class A   104,871    2,359,598 
MYR Group, Inc. (a)   13,800    2,053,026 
NEXTracker, Inc. Class A (a) (b)   38,103    1,391,903 
Parsons Corp. (a)   38,440    3,546,090 
Powell Industries, Inc. (b)   6,857    1,519,854 
Primoris Services Corp.   42,805    3,270,302 
Rush Enterprises, Inc. Class A   102,283    5,604,086 
RXO, Inc. (a) (b)   97,195    2,317,129 
Ryder System, Inc.   18,789    2,947,243 
Shoals Technologies Group, Inc. Class A (a)   296,329    1,638,699 
SPX Technologies, Inc. (a)   31,563    4,593,048 
Sterling Infrastructure, Inc. (a)   9,358    1,576,355 
TriNet Group, Inc.   20,362    1,848,259 
Verra Mobility Corp. (a)   327,836    7,927,074 
Zurn Elkay Water Solutions Corp.   161,796    6,034,991 
         180,280,625 
Information Technology — 19.3%          
Agilysys, Inc. (a)   15,794    2,080,228 
Alkami Technology, Inc. (a)   61,197    2,244,706 
Appfolio, Inc. Class A (a)   10,719    2,644,592 
Astera Labs, Inc. (a)   34,571    4,578,929 
AvePoint, Inc. (a)   363,958    6,008,946 
Belden, Inc.   23,393    2,634,286 
Braze, Inc. Class A (a)   82,199    3,442,494 
Calix, Inc. (a)   26,015    907,143 
Celestica, Inc. (a) (b)   62,495    5,768,288 
Cellebrite DI Ltd. (a)   43,620    960,949 
Cirrus Logic, Inc. (a)   18,298    1,822,115 

 

 

 

 

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

 

   Number of
Shares		   Value 
Clear Secure, Inc. Class A   51,503   $1,372,040 
Clearwater Analytics Holdings, Inc. Class A (a)   272,797    7,507,373 
Coherent Corp. (a)   33,977    3,218,641 
Commvault Systems, Inc. (a)   20,500    3,093,655 
Crane NXT Co.   37,815    2,201,589 
Credo Technology Group Holding Ltd. (a)   59,571    4,003,767 
CyberArk Software Ltd. (a)   32,001    10,661,133 
DoubleVerify Holdings, Inc. (a)   47,570    913,820 
ePlus, Inc. (a)   18,228    1,346,685 
Fabrinet (a)   11,785    2,591,286 
FormFactor, Inc. (a)   31,915    1,404,260 
Informatica, Inc. Class A (a)   36,797    954,146 
Ingram Micro Holding Corp. (a)   55,547    1,077,056 
Intapp, Inc. (a) (b)   89,301    5,723,301 
Itron, Inc. (a)   24,336    2,642,403 
Jamf Holding Corp. (a)   254,804    3,579,996 
Lumentum Holdings, Inc. (a)   52,478    4,405,528 
MACOM Technology Solutions Holdings, Inc. (a)   40,567    5,270,059 
MKS Instruments, Inc.   16,220    1,693,206 
nCino, Inc. (a)   63,420    2,129,643 
Novanta, Inc. (a)   17,336    2,648,421 
Onestream, Inc. (a)   50,984    1,454,064 
PAR Technology Corp. (a)   56,929    4,137,030 
Pegasystems, Inc.   58,680    5,468,976 
Power Integrations, Inc.   29,194    1,801,270 
Q2 Holdings, Inc. (a) (b)   56,101    5,646,566 
Semtech Corp. (a)   23,795    1,471,721 
SentinelOne, Inc. Class A (a) (b)   186,810    4,147,182 
SiTime Corp. (a) (b)   39,692    8,515,125 
Sprout Social, Inc. Class A (a)   96,090    2,950,924 
Synaptics, Inc. (a)   20,837    1,590,280 
Tower Semiconductor Ltd. (a)   50,373    2,594,713 
Universal Display Corp.   6,365    930,563 
Vertex, Inc. Class A (a)   67,607    3,606,833 
Viavi Solutions, Inc. (a)   228,583    2,308,688 
         148,154,619 
Materials — 3.3%          
ATI, Inc. (a)   43,742    2,407,560 
Cabot Corp.   84,112    7,680,267 
Carpenter Technology Corp.   40,803    6,924,677 
Eagle Materials, Inc. (b)   6,311    1,557,302 
Element Solutions, Inc.   65,126    1,656,154 
Graphic Packaging Holding Co. (b)   79,815    2,167,775 
Methanex Corp.   51,450    2,569,413 
         24,963,148 
Real Estate — 3.4%          
American Healthcare REIT, Inc.   145,585    4,137,526 
Douglas Emmett, Inc.   107,025    1,986,384 
Essential Properties Realty Trust, Inc.   65,935    2,062,447 
Highwoods Properties, Inc.   48,748    1,490,714 
Independence Realty Trust, Inc. (b)   113,932    2,260,411 
Macerich Co.   61,612    1,227,311 
Phillips Edison & Co., Inc.   102,555    3,841,710 
Ryman Hospitality Properties, Inc.   34,101    3,558,098 
SL Green Realty Corp.   27,333    1,856,458 

 

 

 

 

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

 

   Number of
Shares		   Value 
Terreno Realty Corp. (b)   34,881   $2,062,862 
Xenia Hotels & Resorts, Inc.   88,784    1,319,330 
         25,803,251 
Utilities — 0.9%          
IDACORP, Inc.   25,143    2,747,627 
ONE Gas, Inc. (b)   32,986    2,284,280 
Talen Energy Corp. (a) (b)   8,500    1,712,495 
         6,744,402 
           
TOTAL COMMON STOCK
(Cost $618,544,962)		        761,968,970 
           
TOTAL EQUITIES
(Cost $618,544,962)		        761,968,970 
           
EXCHANGE-TRADED FUNDS — 0.5%          
iShares Russell 2000 ETF (b)   8,378    1,851,203 
iShares Russell 2000 Growth ETF (b)   6,883    1,981,065 
           
TOTAL EXCHANGE-TRADED FUNDS
(Cost $3,991,905)		        3,832,268 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $622,536,867)		        765,801,238 
           
SHORT-TERM INVESTMENTS — 0.7%          
Investment of Cash Collateral from Securities Loaned — 0.4%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (c)   3,140,152    3,140,152 
           
   Principal
Amount		    
Repurchase Agreement — 0.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (d)  $2,642,095    2,642,095 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,782,247)		        5,782,247 
           
TOTAL INVESTMENTS — 100.5%
(Cost $628,319,114) (e)		        771,583,485 
           
Other Assets/(Liabilities) — (0.5)%        (4,199,220) 
           
NET ASSETS — 100.0%       $767,384,265 

 

Abbreviation Legend

ADR American Depositary Receipt
ETF Exchange-Traded Fund
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, 2024, was $76,976,945 or 10.03% of net assets. The Fund received $75,371,094 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 and 7-day effective yield as of December 31, 2024. (Note 2).
(d) Maturity value of $2,642,499. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $2,695,093.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.6%          
           
COMMON STOCK — 98.2%          
Australia — 1.2%          
Brambles Ltd.   54,400   $646,717 
Glencore PLC   528,600    2,324,186 
Rio Tinto PLC   35,451    2,086,772 
         5,057,675 
Belgium — 0.8%          
Anheuser-Busch InBev SA   18,800    940,679 
KBC Group NV   25,545    1,966,604 
Liberty Global Ltd. Class A (a)   49,474    631,288 
         3,538,571 
Canada — 2.8%          
Canadian National Railway Co.   31,317    3,178,989 
Intact Financial Corp.   11,302    2,057,861 
Open Text Corp.   62,490    1,768,474 
Suncor Energy, Inc. (SU CN)   70,538    2,517,865 
Toronto-Dominion Bank   47,964    2,553,609 
         12,076,798 
China — 2.4%          
Alibaba Group Holding Ltd.   193,540    2,053,937 
NetEase, Inc.   145,700    2,599,250 
Prosus NV (PRX NA)   42,499    1,685,428 
Tencent Holdings Ltd.   72,300    3,863,804 
         10,202,419 
Denmark — 2.5%          
Carlsberg AS Class B   32,958    3,157,187 
DSV AS   11,450    2,424,181 
Novo Nordisk AS Class B   58,928    5,071,770 
         10,653,138 
France — 16.4%          
Accor SA   45,870    2,221,447 
Air Liquide SA   46,992    7,597,322 
Airbus SE   20,300    3,235,447 
BNP Paribas SA   85,531    5,238,225 
Capgemini SE   48,652    7,936,423 
Cie de Saint-Gobain SA   50,972    4,486,839 
Cie Generale des Etablissements Michelin SCA   75,044    2,464,179 
Danone SA   13,500    908,341 
Dassault Systemes SE   52,548    1,816,278 
Edenred SE   188,922    6,171,631 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Engie SA   247,398   $3,921,747 
EssilorLuxottica SA   20,949    5,090,586 
Kering SA   18,795    4,606,268 
Legrand SA   25,993    2,515,493 
LVMH Moet Hennessy Louis Vuitton SE   8,061    5,271,000 
Pernod Ricard SA   42,224    4,722,436 
Publicis Groupe SA   7,969    844,242 
Worldline SA (a) (b) (c)   148,400    1,303,651 
         70,351,555 
Germany — 14.4%          
adidas AG   6,685    1,641,628 
Allianz SE Registered   8,390    2,571,059 
Bayer AG Registered   218,025    4,360,871 
Bayerische Motoren Werke AG   47,785    3,909,886 
Beiersdorf AG   36,732    4,716,229 
Brenntag SE   40,200    2,410,118 
Continental AG   66,599    4,472,491 
Daimler Truck Holding AG   73,261    2,796,293 
Deutsche Boerse AG   27,304    6,291,588 
Fresenius Medical Care AG   80,212    3,652,185 
Fresenius SE & Co. KGaA (a)   84,700    2,942,013 
Henkel AG & Co. KGaA   14,422    1,110,915 
Mercedes Benz Group AG   56,173    3,130,562 
Merck KGaA   28,446    4,121,677 
MTU Aero Engines AG   6,576    2,192,804 
SAP SE   36,944    9,041,420 
Siemens AG Registered   10,615    2,072,918 
thyssenkrupp AG   172,517    700,507 
         62,135,164 
Hong Kong — 1.9%          
AIA Group Ltd.   569,200    4,117,553 
Prudential PLC   523,412    4,172,842 
         8,290,395 
India — 1.3%          
Axis Bank Ltd.   81,805    1,019,127 
HDFC Bank Ltd.   160,011    3,308,202 
Tata Consultancy Services Ltd.   27,123    1,297,284 
         5,624,613 
Indonesia — 0.2%          
Bank Mandiri Persero Tbk. PT   2,888,700    1,016,908 
Ireland — 0.7%          
AIB Group PLC   510,633    2,818,134 
Israel — 0.7%          
Check Point Software Technologies Ltd. (a)   16,972    3,168,672 
Italy — 3.7%          
Eni SpA   217,875    2,976,088 
Intesa Sanpaolo SpA   1,697,599    6,789,728 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Ryanair Holdings PLC Sponsored ADR (b)   142,855   $6,227,049 
         15,992,865 
Japan — 12.7%          
Daikin Industries Ltd.   31,700    3,713,835 
Denso Corp.   265,700    3,686,461 
Fujitsu Ltd.   73,900    1,298,044 
Hitachi Ltd.   345,200    8,484,531 
Hoya Corp.   13,100    1,627,805 
Komatsu Ltd.   65,800    1,817,563 
Kose Corp.   29,600    1,342,417 
Kyocera Corp.   175,300    1,737,650 
Mitsubishi Electric Corp.   235,300    3,988,070 
Olympus Corp.   181,700    2,706,340 
Seven & i Holdings Co. Ltd.   218,500    3,425,167 
Shin-Etsu Chemical Co. Ltd.   91,600    3,029,197 
SMC Corp.   5,200    2,024,820 
Sompo Holdings, Inc.   44,600    1,180,574 
Sony Group Corp.   264,200    5,581,445 
Sumitomo Mitsui Financial Group, Inc.   146,300    3,523,062 
Terumo Corp.   156,700    3,015,407 
ZOZO, Inc.   73,700    2,276,551 
         54,458,939 
Luxembourg — 0.5%          
Eurofins Scientific SE   45,400    2,315,869 
Netherlands — 2.3%          
Akzo Nobel NV   39,200    2,353,726 
EXOR NV   20,400    1,863,263 
ING Groep NV   272,883    4,266,999 
Koninklijke Ahold Delhaize NV   47,400    1,545,846 
         10,029,834 
Portugal — 0.5%          
Galp Energia SGPS SA   122,533    2,031,349 
Republic of Korea — 0.8%          
KB Financial Group, Inc.   3,600    204,174 
NAVER Corp.   10,785    1,456,044 
Samsung Electronics Co. Ltd.   52,346    1,889,093 
         3,549,311 
Singapore — 1.0%          
DBS Group Holdings Ltd.   128,950    4,124,613 
Spain — 1.1%          
Amadeus IT Group SA   68,873    4,845,026 
Sweden — 1.1%          
Sandvik AB   74,000    1,326,152 
SKF AB Class B   103,500    1,940,810 
Volvo AB Class B   67,600    1,640,268 
         4,907,230 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Switzerland — 8.0%          
Cie Financiere Richemont SA Registered Class A   49,520   $7,527,227 
Julius Baer Group Ltd.   31,873    2,056,095 
Novartis AG Registered   69,369    6,751,146 
Schindler Holding AG   2,195    604,751 
Sika AG Registered   7,730    1,836,942 
Sonova Holding AG Registered   7,719    2,512,653 
Sunrise Communications AG (a)   8,034    346,105 
Swatch Group AG (b)   12,820    2,329,701 
UBS Group AG Registered   161,242    4,916,882 
Zurich Insurance Group AG   8,953    5,319,510 
         34,201,012 
Taiwan — 1.5%          
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR   32,514    6,421,190 
United Kingdom — 10.5%          
Ashtead Group PLC   14,200    878,298 
Bunzl PLC   3,700    152,323 
Compass Group PLC   240,880    8,007,130 
Diageo PLC   143,348    4,555,146 
Lloyds Banking Group PLC   4,127,397    2,815,603 
London Stock Exchange Group PLC   32,656    4,598,179 
Reckitt Benckiser Group PLC   43,100    2,603,605 
RELX PLC   124,317    5,633,436 
Rolls-Royce Holdings PLC (a)   659,588    4,692,925 
Schroders PLC   654,232    2,636,929 
Smith & Nephew PLC   140,200    1,723,034 
Smiths Group PLC   62,656    1,343,587 
Tesco PLC   653,707    3,009,056 
WPP PLC   254,123    2,631,461 
         45,280,712 
United States — 9.2%          
CNH Industrial NV   410,897    4,655,463 
Experian PLC   118,199    5,056,547 
Holcim AG   6,084    583,361 
Linde PLC (LIN US)   7,144    2,990,979 
Nestle SA Registered   73,029    5,988,349 
Qiagen NV   56,009    2,497,176 
Roche Holding AG   29,275    8,194,310 
Schneider Electric SE   37,481    9,265,183 
Smurfit WestRock PLC   2,700    145,422 
         39,376,790 
           
TOTAL COMMON STOCK
(Cost $372,074,142)		        422,468,782 
           
PREFERRED STOCK — 0.4%          
Republic of Korea — 0.4%          
Samsung Electronics Co. Ltd. 3.269%   62,950    1,887,790 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

       Value 
TOTAL PREFERRED STOCK
(Cost $3,153,632)		       $1,887,790 
           
TOTAL EQUITIES
(Cost $375,227,774)		        424,356,572 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $375,227,774)		        424,356,572 
           
SHORT-TERM INVESTMENTS — 1.6%          
           
   Principal
Amount		    
Repurchase Agreement — 1.6%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (d)  $6,850,465    6,850,465 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,850,465)		        6,850,465 
           
TOTAL INVESTMENTS — 100.2%
(Cost $382,078,239) (e)		        431,207,037 
           
Other Assets/(Liabilities) — (0.2)%        (889,601) 
           
NET ASSETS — 100.0%       $430,317,436 

 

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, 2024, was $5,466,520 or 1.27% of net assets. The Fund received $5,803,376 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, 2024, the aggregate market value of these securities amounted to $1,303,651 or 0.30% of net assets.
(d) Maturity value of $6,851,512. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $6,987,761.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

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

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.4%          
           
COMMON STOCK — 97.0%          
Argentina — 0.1%          
Grupo Financiero Galicia SA ADR   10,512   $655,108 
Australia — 1.4%          
ANZ Group Holdings Ltd.   83,088    1,464,327 
BHP Group Ltd.   122,466    2,988,838 
BHP Group Ltd. Class DI (a)   153,448    3,728,957 
Challenger Ltd.   139,645    519,809 
Downer EDI Ltd.   483,833    1,569,142 
Macquarie Group Ltd.   13,497    1,853,200 
Scentre Group   913,593    1,942,487 
South32 Ltd.   311,981    658,434 
Worley Ltd.   264,425    2,242,631 
         16,967,825 
Austria — 0.8%          
BAWAG Group AG (b)   54,875    4,610,221 
Erste Group Bank AG   48,884    3,020,338 
OMV AG   37,849    1,462,660 
         9,093,219 
Belgium — 0.0%          
Umicore SA   44,400    455,582 
Brazil — 1.9%          
Arcos Dorados Holdings, Inc. Class A   87,213    634,911 
B3 SA - Brasil Bolsa Balcao   1,857,320    3,185,469 
Banco BTG Pactual SA   215,100    947,616 
Embraer SA (c)   197,400    1,808,385 
Itau Unibanco Holding SA Sponsored ADR   43,703    216,767 
Klabin SA   619,431    2,328,110 
Localiza Rent a Car SA   23,535    122,633 
MercadoLibre, Inc. (c)   3,112    5,291,769 
Multiplan Empreendimentos Imobiliarios SA   568,059    1,941,706 
NU Holdings Ltd. Class A (c)   42,471    440,000 
Petroleo Brasileiro SA Sponsored ADR   73,617    946,715 
Raia Drogasil SA   544,718    1,931,965 
Vale SA Sponsored ADR   66,076    586,094 
WEG SA   226,257    2,067,382 
         22,449,522 
Canada — 4.3%          
Brookfield Corp.   43,420    2,495,642 
Canadian National Railway Co.   55,668    5,650,859 

 

 

 

 

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

 

   Number of
Shares		   Value 
Cenovus Energy, Inc.   183,294   $2,778,515 
Constellation Software, Inc.   1,444    4,465,164 
Definity Financial Corp. (a)   106,273    4,321,303 
Descartes Systems Group, Inc. (c)   17,055    1,937,448 
Element Fleet Management Corp.   362,520    7,328,833 
Great-West Lifeco, Inc.   73,189    2,427,159 
Magna International, Inc.   54,816    2,290,761 
National Bank of Canada   61,714    5,625,936 
Shopify, Inc. Class A (c)   40,054    4,258,942 
Sun Life Financial, Inc.   32,257    1,915,291 
Suncor Energy, Inc. (SU CN)   111,423    3,977,261 
Suncor Energy, Inc. (SU US)   9,953    355,123 
TMX Group Ltd.   68,938    2,123,604 
         51,951,841 
Chile — 0.4%          
Antofagasta PLC   100,199    1,983,129 
Banco de Chile   19,395,791    2,199,670 
         4,182,799 
China — 8.4%          
Alibaba Group Holding Ltd.   400,700    4,252,416 
Alibaba Group Holding Ltd. Sponsored ADR   51,506    4,367,194 
Baidu, Inc. Sponsored ADR (c)   11,992    1,011,045 
Bank of Ningbo Co. Ltd. Class A   465,000    1,545,323 
BeiGene Ltd. ADR (c)   14,575    2,692,148 
Budweiser Brewing Co. APAC Ltd. (b)   194,200    187,301 
BYD Co. Ltd. Class H   18,500    630,799 
China Construction Bank Corp. Class H   2,987,000    2,484,011 
China Oilfield Services Ltd. Class A   716,100    1,494,027 
China Resources Gas Group Ltd.   439,800    1,741,369 
China Resources Land Ltd.   454,000    1,318,318 
CRRC Corp. Ltd. Class A   785,000    899,812 
Eastroc Beverage Group Co. Ltd. Class A   15,610    530,885 
Fosun International Ltd.   861,000    503,367 
Fuyao Glass Industry Group Co. Ltd. Class A   237,900    2,032,274 
Hongfa Technology Co. Ltd. Class A   142,200    619,038 
Kanzhun Ltd. ADR (c)   16,312    225,106 
KE Holdings, Inc. ADR   366,000    6,741,720 
Kuaishou Technology (b) (c)   257,200    1,369,516 
Kweichow Moutai Co. Ltd. Class A   10,298    2,145,957 
Meituan Class B (b) (c)   70,200    1,362,005 
Midea Group Co. Ltd. (c)   83,600    812,415 
NARI Technology Co. Ltd. Class A   603,221    2,082,712 
NetEase, Inc.   66,800    1,191,695 
NetEase, Inc. ADR   10,024    894,241 
New Oriental Education & Technology Group, Inc. ADR   24,843    1,594,424 
NXP Semiconductor NV   12,180    2,531,613 
PDD Holdings, Inc. ADR (c)   45,490    4,412,075 
Prosus NV (PRX NA)   215,035    8,527,871 
Prosus NV (PRX SJ)   68,201    2,707,106 
Sany Heavy Industry Co. Ltd. Class A   706,400    1,592,717 
Shandong Pharmaceutical Glass Co. Ltd. Class A   246,600    869,804 
Shenzhen Inovance Technology Co. Ltd. Class A   258,800    2,071,966 
Shenzhou International Group Holdings Ltd.   83,400    657,494 
Silergy Corp.   142,000    1,751,181 
Sunny Optical Technology Group Co. Ltd.   258,700    2,293,551 

 

 

 

 

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

 

   Number of
Shares		   Value 
Tencent Holdings Ltd.   184,000   $9,833,195 
Tongcheng Travel Holdings Ltd. (b)   958,000    2,246,461 
Trip.com Group Ltd. (c)   35,950    2,478,580 
Trip.com Group Ltd. ADR (c)   7,800    535,548 
Wanhua Chemical Group Co. Ltd. Class A   94,100    918,451 
Wilmar International Ltd.   713,900    1,618,922 
Wuliangye Yibin Co. Ltd. Class A   17,000    325,390 
Xiaomi Corp. Class B (b) (c)   263,400    1,160,526 
Yangzijiang Shipbuilding Holdings Ltd.   1,042,700    2,284,337 
Yifeng Pharmacy Chain Co. Ltd. Class A   407,198    1,343,354 
Yum China Holdings, Inc.   79,166    3,813,426 
Zhongsheng Group Holdings Ltd.   435,000    781,875 
ZTO Express Cayman, Inc. ADR   51,618    1,009,132 
         100,493,693 
Denmark — 1.0%          
Genmab AS (c)   12,650    2,635,979 
Novo Nordisk AS Class B   50,725    4,365,761 
Novo Nordisk AS Sponsored ADR   57,215    4,921,634 
         11,923,374 
Finland — 0.5%          
Mandatum OYJ   170,563    793,051 
Sampo OYJ Class A   114,189    4,669,308 
Stora Enso OYJ Class R (a)   100,994    1,022,272 
         6,484,631 
France — 6.7%          
Air Liquide SA   17,581    2,842,367 
Airbus SE   27,345    4,358,290 
Alstom SA (c)   76,718    1,713,673 
AXA SA   313,671    11,152,645 
BNP Paribas SA   55,553    3,402,265 
Capgemini SE   9,018    1,471,073 
Cie de Saint-Gobain SA   30,274    2,664,886 
Dassault Aviation SA   21,544    4,387,278 
Edenred SE   76,709    2,505,900 
Engie SA   310,909    4,928,522 
EssilorLuxottica SA   9,012    2,189,907 
Forvia SE   57,318    515,484 
Hermes International SCA   758    1,808,428 
Kering SA   3,924    961,692 
L'Oreal SA   6,899    2,435,743 
Legrand SA   27,211    2,633,366 
LVMH Moet Hennessy Louis Vuitton SE   3,200    2,092,445 
Safran SA   34,405    7,515,639 
Sartorius Stedim Biotech   17,150    3,344,532 
Societe Generale SA   43,119    1,207,287 
Teleperformance SE   8,151    699,108 
Thales SA   17,367    2,477,859 
TotalEnergies SE   195,812    10,881,056 
Ubisoft Entertainment SA (a) (c)   55,601    760,277 
Vinci SA   15,533    1,594,157 
         80,543,879 

 

 

 

 

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

 

   Number of
Shares		   Value 
Germany — 6.4%          
Allianz SE Registered   10,717   $3,284,152 
BASF SE   57,231    2,516,641 
Bayer AG Registered   88,599    1,772,131 
Covestro AG (c)   69,637    4,183,741 
Daimler Truck Holding AG   47,857    1,826,650 
Deutsche Post AG   46,627    1,641,412 
Deutsche Telekom AG Registered   310,843    9,302,649 
Douglas AG (c)   48,741    1,020,932 
Evotec SE (a) (c)   95,988    815,158 
Heidelberg Materials AG   16,970    2,096,531 
KION Group AG   50,160    1,655,462 
Mercedes Benz Group AG   27,045    1,507,237 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered   12,313    6,193,536 
Puma SE   21,846    999,333 
SAP SE   46,241    11,316,703 
Schott Pharma AG & Co. KGaA   33,196    865,438 
Siemens AG Registered   91,253    17,820,062 
Siemens Healthineers AG (b)   119,491    6,335,472 
Springer Nature AG & Co. KGaA (c)   32,764    922,798 
         76,076,038 
Guatemala — 0.1%          
Millicom International Cellular SA SDR (c)   62,476    1,532,739 
Hong Kong — 1.4%          
AIA Group Ltd.   1,002,400    7,251,291 
Futu Holdings Ltd. ADR   14,783    1,182,492 
Hongkong Land Holdings Ltd.   258,200    1,148,133 
Jardine Matheson Holdings Ltd.   32,500    1,330,107 
Prudential PLC   601,690    4,796,904 
Wharf Real Estate Investment Co. Ltd.   191,000    488,504 
         16,197,431 
Hungary — 0.5%          
OTP Bank Nyrt (d)   99,007    5,406,491 
India — 4.7%          
Ashok Leyland Ltd.   690,046    1,774,138 
Asian Paints Ltd.   27,470    732,438 
Astral Ltd.   4,664    89,931 
Avenue Supermarts Ltd. (b) (c)   6,046    251,297 
Axis Bank Ltd.   321,082    4,000,041 
Bharti Airtel Ltd.   59,116    1,098,916 
Divi's Laboratories Ltd.   5,772    411,221 
HDFC Asset Management Co. Ltd. (b)   7,847    385,955 
HDFC Bank Ltd.   101,894    2,106,642 
HDFC Life Insurance Co. Ltd. (b)   151,606    1,093,571 
Hindalco Industries Ltd.   249,530    1,754,987 
Hindustan Unilever Ltd.   29,909    812,384 
ICICI Bank Ltd.   503,569    7,541,424 
ICICI Bank Ltd. Sponsored ADR   51,887    1,549,346 
Indraprastha Gas Ltd.   384,626    1,861,392 
Infosys Ltd.   96,476    2,119,964 
InterGlobe Aviation Ltd. (b) (c)   13,889    738,316 
Kotak Mahindra Bank Ltd.   234,632    4,881,872 
Larsen & Toubro Ltd.   92,648    3,900,240 

 

 

 

 

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

 

   Number of
Shares		   Value 
NTPC Ltd.   958,934   $3,728,205 
Power Grid Corp. of India Ltd.   214,248    773,149 
Reliance Industries Ltd.   389,093    5,515,844 
Shree Cement Ltd.   4,836    1,449,992 
Shriram Finance Ltd.   62,187    2,095,594 
Tata Consultancy Services Ltd.   14,987    716,823 
Tech Mahindra Ltd.   97,064    1,927,038 
Titan Co. Ltd.   19,209    729,457 
Varun Beverages Ltd.   133,027    987,505 
Voltas Ltd.   40,844    854,582 
         55,882,264 
Indonesia — 1.0%          
Bank Central Asia Tbk. PT   8,014,000    4,802,621 
Bank Mandiri Persero Tbk. PT   2,439,900    858,918 
Bank Rakyat Indonesia Persero Tbk. PT   10,347,764    2,611,115 
Sarana Menara Nusantara Tbk. PT   3,960,300    161,039 
Semen Indonesia Persero Tbk. PT   3,053,700    622,686 
Sumber Alfaria Trijaya Tbk. PT   3,660,000    646,988 
Telkom Indonesia Persero Tbk. PT   12,948,400    2,171,965 
         11,875,332 
Ireland — 0.2%          
AerCap Holdings NV   20,012    1,915,148 
Italy — 2.1%          
Banca Mediolanum SpA   133,588    1,589,080 
DiaSorin SpA   19,057    1,964,451 
Enel SpA   508,440    3,636,819 
Intesa Sanpaolo SpA   444,716    1,778,689 
Leonardo SpA   131,490    3,539,045 
Moncler SpA   30,813    1,636,612 
Prysmian SpA   56,987    3,656,010 
UniCredit SpA   188,027    7,506,885 
         25,307,591 
Japan — 14.2%          
Asahi Group Holdings Ltd.   194,700    2,040,460 
Asahi Kasei Corp.   130,100    896,110 
Astellas Pharma, Inc.   158,600    1,538,676 
Calbee, Inc.   98,300    1,959,843 
Central Japan Railway Co.   55,800    1,045,040 
Chugai Pharmaceutical Co. Ltd.   126,400    5,561,026 
CyberAgent, Inc.   154,200    1,063,627 
Daiichi Sankyo Co. Ltd.   58,000    1,594,263 
Denso Corp.   148,900    2,065,917 
Disco Corp.   9,900    2,672,210 
Electric Power Development Co. Ltd.   77,400    1,260,178 
Fujitsu Ltd.   123,100    2,162,236 
Hamamatsu Photonics KK   184,300    2,045,521 
Hikari Tsushin, Inc.   9,100    1,981,442 
Hitachi Ltd.   220,600    5,422,038 
Isetan Mitsukoshi Holdings Ltd.   160,600    2,752,485 
Kao Corp. (a)   9,600    388,019 
Keyence Corp.   6,300    2,563,487 
Kirin Holdings Co. Ltd. (a)   50,500    655,360 

 

 

 

 

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

 

   Number of
Shares		   Value 
Kyushu Railway Co. (d)   66,200   $1,606,168 
LY Corp.   310,600    822,204 
MatsukiyoCocokara & Co.   97,200    1,414,153 
MINEBEA MITSUMI, Inc.   47,800    767,520 
Mitsubishi Corp.   79,300    1,297,320 
Mitsubishi Electric Corp.   306,400    5,193,135 
Mitsubishi Estate Co. Ltd.   178,900    2,467,556 
Mitsubishi HC Capital, Inc.   120,400    797,500 
Mitsubishi UFJ Financial Group, Inc.   730,600    8,568,043 
Mitsui Fudosan Co. Ltd.   606,700    4,824,641 
Murata Manufacturing Co. Ltd.   60,100    960,541 
Nextage Co. Ltd. (a)   92,300    824,192 
Nippon Sanso Holdings Corp.   46,900    1,302,448 
Nippon Steel Corp.   74,100    1,487,979 
Nippon Telegraph & Telephone Corp.   5,901,800    5,904,944 
Niterra Co. Ltd.   32,100    1,023,137 
Nomura Research Institute Ltd.   52,300    1,538,585 
Olympus Corp.   217,900    3,245,522 
Omron Corp.   23,700    795,757 
Open House Group Co. Ltd.   27,800    935,678 
ORIX Corp.   118,800    2,539,793 
Panasonic Holdings Corp.   191,500    1,988,207 
Persol Holdings Co. Ltd.   1,501,700    2,237,579 
Recruit Holdings Co. Ltd.   104,000    7,235,976 
Renesas Electronics Corp.   589,000    7,487,849 
Resona Holdings, Inc.   239,100    1,739,932 
Sega Sammy Holdings, Inc.   68,400    1,326,624 
Seven & i Holdings Co. Ltd.   705,000    11,051,454 
Shin-Etsu Chemical Co. Ltd. (d)   90,100    2,979,592 
Shionogi & Co. Ltd.   47,100    659,912 
SMC Corp.   2,000    778,777 
Sompo Holdings, Inc.   122,500    3,242,608 
Sony Group Corp.   376,700    7,958,101 
Stanley Electric Co. Ltd.   90,100    1,478,020 
Subaru Corp. (d)   42,900    755,970 
SUMCO Corp. (a)   90,200    668,217 
Sumitomo Corp.   184,000    3,956,061 
Sumitomo Mitsui Trust Group, Inc.   46,700    1,096,200 
Suzuki Motor Corp.   145,900    1,655,068 
Taiheiyo Cement Corp.   54,400    1,225,056 
Takeda Pharmaceutical Co. Ltd.   105,300    2,791,624 
TechnoPro Holdings, Inc. (a)   66,900    1,249,626 
THK Co. Ltd.   40,900    937,802 
Tokio Marine Holdings, Inc.   121,900    4,365,572 
Tokyo Electron Ltd.   11,300    1,712,407 
Toyota Motor Corp.   518,000    10,210,951 
Welcia Holdings Co. Ltd.   28,500    370,489 
Yamaha Corp.   144,600    1,043,715 
         170,188,143 
Luxembourg — 0.5%          
ArcelorMittal SA   61,543    1,424,960 
CVC Capital Partners PLC (b) (c)   183,841    4,029,204 
         5,454,164 
Macau — 0.1%          
Galaxy Entertainment Group Ltd.   326,000    1,373,486 

 

 

 

 

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

 

   Number of
Shares		   Value 
Malaysia — 0.3%          
CIMB Group Holdings Bhd.   1,234,896   $2,261,798 
Tenaga Nasional Bhd.   395,100    1,320,692 
         3,582,490 
Mexico — 0.8%          
Fomento Economico Mexicano SAB de CV ADR   7,169    612,878 
Gruma SAB de CV Class B   111,586    1,741,193 
Grupo Aeroportuario del Pacifico SAB de CV ADR   10,749    1,880,968 
Grupo Financiero Banorte SAB de CV Class O   34,200    220,378 
Grupo Mexico SAB de CV Series B   660,439    3,144,616 
Wal-Mart de Mexico SAB de CV   588,730    1,549,542 
         9,149,575 
Netherlands — 4.6%          
Adyen NV (b) (c)   1,485    2,190,798 
Akzo Nobel NV   49,098    2,948,042 
Argenx SE ADR (c)   7,255    4,461,825 
ASML Holding NV   22,825    16,052,416 
ASR Nederland NV   28,307    1,342,491 
BE Semiconductor Industries NV   7,854    1,062,197 
Euronext NV (b)   13,781    1,544,581 
Heineken NV   96,338    6,840,428 
ING Groep NV   711,538    11,126,132 
Koninklijke Philips NV (c)   270,827    6,872,351 
         54,441,261 
Norway — 0.8%          
DNB Bank ASA   197,414    3,935,878 
Equinor ASA   152,008    3,592,832 
Storebrand ASA   212,212    2,261,122 
         9,789,832 
Peru — 0.0%          
Credicorp Ltd.   2,772    508,163 
Philippines — 0.4%          
Ayala Corp.   38,380    396,953 
BDO Unibank, Inc.   395,084    978,552 
Jollibee Foods Corp.   154,770    720,701 
SM Investments Corp.   166,620    2,583,766 
         4,679,972 
Poland — 0.1%          
Powszechny Zaklad Ubezpieczen SA   126,326    1,401,313 
Portugal — 1.0%          
Banco Comercial Portugues SA Class R   4,184,523    2,014,376 
Galp Energia SGPS SA   326,350    5,410,223 
Jeronimo Martins SGPS SA   260,737    4,982,757 
         12,407,356 
Republic of Korea — 2.7%          
CJ CheilJedang Corp.   352    61,021 

 

 

 

 

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

 

   Number of
Shares		   Value 
Coupang, Inc. (c)   54,333   $1,194,239 
HL Mando Co. Ltd.   35,897    990,162 
Hyundai Mobis Co. Ltd.   4,034    647,767 
Hyundai Motor Co.   17,422    2,505,466 
KB Financial Group, Inc.   36,188    2,052,404 
KT Corp. Sponsored ADR (a)   120,400    1,868,608 
KT Corp.   53,200    1,589,679 
LG Chem Ltd.   8,615    1,461,070 
NAVER Corp.   10,277    1,387,461 
Samsung Electronics Co. Ltd.   379,319    13,689,085 
Samsung Life Insurance Co. Ltd. (c)   27,432    1,756,601 
SK Hynix, Inc.   25,104    2,848,604 
         32,052,167 
Russia — 0.0%          
Novatek PJSC (c) (e) (f)   73,140    — 
Saudi Arabia — 1.0%          
Al Rajhi Bank   89,809    2,257,482 
Arabian Internet & Communications Services Co.   1,378    98,807 
Saudi Awwal Bank   219,414    1,964,616 
Saudi Basic Industries Corp.   70,055    1,249,110 
Saudi National Bank   736,705    6,547,936 
         12,117,951 
Singapore — 1.0%          
DBS Group Holdings Ltd.   70,690    2,261,100 
Sea Ltd. ADR (c)   18,526    1,965,609 
Seatrium Ltd. (a) (c)   809,600    1,228,406 
United Overseas Bank Ltd.   235,900    6,278,386 
         11,733,501 
South Africa — 0.3%          
Bid Corp. Ltd.   24,700    563,559 
Capitec Bank Holdings Ltd.   2,208    366,730 
Clicks Group Ltd.   29,107    576,280 
FirstRand Ltd.   442,963    1,782,542 
Kumba Iron Ore Ltd.   12,973    225,414 
         3,514,525 
Spain — 0.5%          
Amadeus IT Group SA   60,594    4,262,621 
Puig Brands SA Class B (c)   34,931    643,373 
Redeia Corp. SA   58,187    994,085 
         5,900,079 
Sweden — 1.6%          
Assa Abloy AB Class B   69,462    2,042,078 
Autoliv, Inc.   19,522    1,813,949 
Boliden AB   42,654    1,194,331 
Elekta AB Class B   143,765    794,317 
Essity AB Class B   152,192    4,069,076 
Sandvik AB   101,997    1,827,886 
Skandinaviska Enskilda Banken AB Class A   98,197    1,345,548 
Swedbank AB Class A   86,177    1,699,828 

 

 

 

 

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

 

   Number of
Shares		   Value 
Telefonaktiebolaget LM Ericsson Class B   573,963   $4,639,546 
         19,426,559 
Switzerland — 2.8%          
ABB Ltd. Registered   82,498    4,437,659 
Barry Callebaut AG Registered   451    597,960 
Cie Financiere Richemont SA Registered Class A   22,698    3,450,182 
Julius Baer Group Ltd.   117,494    7,579,420 
Novartis AG Registered   78,105    7,601,354 
Partners Group Holding AG   2,143    2,908,828 
Sandoz Group AG   51,475    2,107,500 
Sonova Holding AG Registered   5,210    1,695,935 
Zurich Insurance Group AG   4,330    2,572,711 
         32,951,549 
Taiwan — 5.5%          
Accton Technology Corp.   73,000    1,714,048 
ASE Technology Holding Co. Ltd.   445,000    2,184,394 
Chailease Holding Co. Ltd.   170,530    586,139 
Delta Electronics, Inc.   52,000    677,068 
Eclat Textile Co. Ltd.   100,000    1,545,350 
Hon Hai Precision Industry Co. Ltd.   432,000    2,406,114 
Largan Precision Co. Ltd.   9,000    728,787 
MediaTek, Inc.   107,000    4,594,248 
Taiwan Semiconductor Manufacturing Co. Ltd.   1,571,000    51,298,668 
         65,734,816 
Thailand — 0.5%          
Bangkok Bank PCL Foreign Registered   448,900    1,985,946 
SCB X PCL   712,900    2,446,379 
True Corp. PCL NVDR (c)   6,248,300    2,035,572 
         6,467,897 
United Arab Emirates — 0.1%          
ADNOC Drilling Co. PJSC   1,054,744    1,529,062 
United Kingdom — 9.9%          
Ashtead Group PLC   10,867    672,146 
AstraZeneca PLC Sponsored ADR   260,913    17,095,020 
Barclays PLC   1,025,052    3,432,733 
Bridgepoint Group PLC (b)   599,029    2,674,787 
British American Tobacco PLC   42,200    1,530,250 
BT Group PLC (a)   2,305,959    4,157,384 
Bunzl PLC   48,735    2,006,336 
CK Hutchison Holdings Ltd.   254,500    1,364,177 
Compass Group PLC   127,120    4,225,616 
DCC PLC   22,751    1,461,391 
Diageo PLC   67,575    2,147,319 
Dowlais Group PLC   503,524    422,757 
Great Portland Estates PLC   103,756    374,051 
Hiscox Ltd.   149,050    2,020,881 
HSBC Holdings PLC   510,798    5,019,968 
Imperial Brands PLC   144,978    4,632,859 
Informa PLC   170,877    1,701,941 
Investec PLC   143,418    976,375 
Johnson Matthey PLC   56,256    943,386 

 

 

 

 

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

 

   Number of
Shares		   Value 
Kingfisher PLC   666,146   $2,066,616 
Legal & General Group PLC   308,212    882,977 
Lloyds Banking Group PLC   3,493,067    2,382,879 
London Stock Exchange Group PLC   14,993    2,111,113 
Melrose Industries PLC   392,903    2,723,021 
National Grid PLC   501,927    5,947,976 
Next PLC   21,291    2,530,223 
Pearson PLC   115,632    1,853,505 
Persimmon PLC   64,235    960,311 
Rolls-Royce Holdings PLC (c)   1,114,654    7,930,690 
Segro PLC   204,939    1,798,497 
Smith & Nephew PLC   159,868    1,964,750 
Smiths Group PLC   72,840    1,561,971 
SSE PLC   81,348    1,632,580 
Standard Chartered PLC   390,825    4,814,492 
Taylor Wimpey PLC   865,036    1,317,308 
Unilever PLC (ULVR LN)   212,379    12,027,548 
Unilever PLC (UNA NA)   41,119    2,330,256 
WPP PLC   489,510    5,068,910 
         118,765,000 
United States — 6.4%          
Alcon AG   54,916    4,650,398 
Amcor PLC CDI   121,954    1,130,653 
BP PLC   874,391    4,308,702 
Broadcom, Inc.   28,655    6,643,375 
BRP, Inc. (a)   24,574    1,251,565 
Canva, Inc. (Acquired 8/16/21-11/04/21, Cost $652,842) (c) (e) (f) (g)   383    506,889 
Cognizant Technology Solutions Corp. Class A   27,876    2,143,664 
Experian PLC   33,033    1,413,150 
Globant SA (c)   8,078    1,732,085 
GSK PLC Sponsored ADR (a)   89,185    3,016,237 
ICON PLC (c)   16,700    3,502,157 
Linde PLC (LIN GR)   3,536    1,477,792 
Linde PLC (LIN US)   17    7,117 
Mastercard, Inc. Class A   1,927    1,014,700 
Nestle SA Registered   116,206    9,528,846 
Roche Holding AG   35,346    9,893,633 
Samsonite International SA (b)   309,000    859,401 
Sanofi SA   112,378    10,867,380 
Schneider Electric SE   5,153    1,273,805 
Shell PLC ADR   52,769    3,305,978 
Signify NV (b)   49,780    1,111,724 
Stellantis NV   107,744    1,411,465 
Tenaris SA   107,412    2,025,055 
Waste Connections, Inc.   21,064    3,614,161 
         76,689,932 
           
TOTAL COMMON STOCK
(Cost $1,025,850,887)		        1,159,253,300 
           
PREFERRED STOCK — 0.4%          
Brazil — 0.1%          
Banco Bradesco SA 7.096%          
   865,700    1,629,087 

 

 

 

 

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

 

   Number of
Shares		   Value 
Germany — 0.3%          
Dr. Ing hc F Porsche AG 3.962% (b)   19,959   $1,207,311 
Sartorius AG 0.346%   1,185    264,129 
Volkswagen AG 10.166%   22,427    2,069,138 
         3,540,578 
United States — 0.0%          
Canva, Inc., Series A, (Acquired 11/04/21, Cost $39,209) (c) (e) (f) (g)   23    30,440 
           
TOTAL PREFERRED STOCK
(Cost $7,481,554)		        5,200,105 
           
TOTAL EQUITIES
(Cost $1,033,332,441)		        1,164,453,405 
           
WARRANTS — 0.0%          
Canada — 0.0%          
Constellation Software, Inc., Expires 3/31/40 (a) (c) (e) (f)   1,982    — 
           
TOTAL WARRANTS
(Cost $0)		        — 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,033,332,441)		        1,164,453,405 
           
SHORT-TERM INVESTMENTS — 2.6%          
Investment of Cash Collateral from Securities Loaned — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (h)   1,049,124    1,049,124 
Mutual Fund — 2.4%          
T. Rowe Price Government Reserve Investment Fund, 2.481% (i)   28,498,756    28,498,756 
           
   Principal
Amount		    
Repurchase Agreement — 0.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (j)  $1,034,135    1,034,135 
U.S. Treasury Bill — 0.0%          
U.S. Treasury Bills          
4.600% 1/23/25 (k)   374,000    373,065 
         373,065 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $30,954,989)		        30,955,080 

 

 

 

 

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

 

       Value 
TOTAL INVESTMENTS — 100.0%
(Cost $1,064,287,430) (l)		       $1,195,408,485 
           
Other Assets/(Liabilities) — 0.0%        362,978 
           
NET ASSETS — 100.0%       $1,195,771,463 

 

Abbreviation Legend

ADR American Depositary Receipt
SDR Swedish 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, 2024, was $20,916,162 or 1.75% of net assets. The Fund received $20,905,992 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).
(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, 2024, the aggregate market value of these securities amounted to $33,358,447 or 2.79% of net assets.
(c) Non-income producing security.
(d) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(e) Investment is valued using significant unobservable inputs.
(f) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $537,329 or 0.04% of net assets.
(g) Restricted security. Certain securities are restricted to resale. At December 31, 2024, these securities amounted to a value of $537,329 or 0.04% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(h) Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2).
(i) Rate disclosed is the 7-day net yield as of December 31, 2024.
(j) Maturity value of $1,034,293. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $1,054,916.
(k) The rate shown represents yield-to-maturity.
(l) 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       
KE Holdings Inc., ADR  Morgan Stanley & Co. LLC   1/17/25    27.00    188   USD   507,600   $(154)   $(51,324)   $51,170
KE Holdings Inc., ADR  Morgan Stanley & Co. LLC   1/17/25    28.00    148   USD   414,400    (91)    (16,775)    16,684
Sea Ltd. ADR  Morgan Stanley & Co. LLC   2/21/25    130.00    13   USD   169,000    —    (5,043)    5,043 
                             $(245)   $(73,142)   $72,897

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
BNP Paribas SA  1/15/25  JPY  909,163,000   USD  6,019,269   $(235,609) 
State Street Bank and Trust  1/02/25  HUF  8,975,213   USD  22,660    (63) 
State Street Bank and Trust  1/06/25  JPY  5,048,449   USD  31,994    91 
State Street Bank and Trust  1/06/25  USD  97,537   JPY  15,390,571    (277) 
State Street Bank and Trust  1/07/25  JPY  29,631,974   USD  187,758    567 
State Street Bank and Trust  1/07/25  USD  97,329   JPY  15,360,466    (294)
                    $(235,585)

 

Currency Legend

HUF Hungarian Forint
JPY Japanese Yen
USD U.S. Dollar

 

 

 

MassMutual 20/80 Allocation Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 20.6%          
DFA Commodity Strategy Portfolio   202,384   $906,681 
Invesco Real Estate Fund, Class R6   43,703    733,781 
MassMutual Blue Chip Growth Fund, Class I (a)   191,325    4,501,888 
MassMutual Diversified Value Fund, Class I (a)   458,688    4,362,124 
MassMutual Equity Opportunities Fund, Class I (a)   299,574    5,002,891 
MassMutual International Equity Fund, Class I (a)   164,619    1,284,027 
MassMutual Mid Cap Growth Fund, Class I (a)   55,894    1,080,433 
MassMutual Mid Cap Value Fund, Class I (a)   97,514    1,099,954 
MassMutual Overseas Fund, Class I (a)   322,937    2,648,086 
MassMutual Small Cap Growth Equity Fund, Class I (a)   18,563    299,425 
MassMutual Small Cap Value Equity Fund, Class I (a)   70,416    578,818 
MassMutual Strategic Emerging Markets Fund, Class I (a)   50,793    501,327 
MM Equity Asset Fund, Class I (a)   1,180,544    9,090,188 
Vanguard Developed Markets Index Fund, Admiral Shares   171,041    2,627,192 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   15,667    576,074 
Vanguard Mid-Cap Index Fund, Admiral Shares   4,612    1,507,672 
Vanguard Small-Cap Index Fund, Admiral Shares   5,203    599,157 
         37,399,718 
Fixed Income Funds — 79.4%          
Invesco International Bond Fund, Class R6   1,704,443    7,346,149 
MassMutual Core Bond Fund, Class I (a)   7,405,541    66,501,754 
MassMutual Global Floating Rate Fund, Class I (a)   25,494    223,072 
MassMutual High Yield Fund, Class I (a)   66,111    531,531 
MassMutual Inflation-Protected and Income Fund, Class I (a)   78,759    723,797 
MassMutual Short-Duration Bond Fund, Class I (a)   1,300,746    11,966,859 
MassMutual Total Return Bond Fund, Class I (a)   5,079,430    41,752,913 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   156,635    2,916,537 
Vanguard Total Bond Market Index Fund, Institutional Shares   1,268,928    12,029,436 
         143,992,048 
           
TOTAL MUTUAL FUNDS
(Cost $193,747,487)		        181,391,766 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $193,747,487)		        181,391,766 
           
TOTAL INVESTMENTS — 100.0%
(Cost $193,747,487) (b)		        181,391,766 
           
Other Assets/(Liabilities) — (0.0)%        (82,104) 
           
NET ASSETS — 100.0%       $181,309,662 

 

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 40/60 Allocation Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 40.7%          
DFA Commodity Strategy Portfolio   206,917   $926,987 
Invesco Real Estate Fund, Class R6   81,535    1,368,975 
MassMutual Blue Chip Growth Fund, Class I (a)   350,962    8,258,128 
MassMutual Diversified Value Fund, Class I (a)   857,526    8,155,071 
MassMutual Equity Opportunities Fund, Class I (a)   570,239    9,522,988 
MassMutual International Equity Fund, Class I (a)   290,569    2,266,442 
MassMutual Mid Cap Growth Fund, Class I (a)   104,773    2,025,254 
MassMutual Mid Cap Value Fund, Class I (a)   182,480    2,058,376 
MassMutual Overseas Fund, Class I (a)   592,470    4,858,253 
MassMutual Small Cap Growth Equity Fund, Class I (a)   34,645    558,819 
MassMutual Small Cap Value Equity Fund, Class I (a)   130,944    1,076,362 
MassMutual Strategic Emerging Markets Fund, Class I (a)   89,225    880,649 
MM Equity Asset Fund, Class I (a)   2,250,408    17,328,145 
Vanguard Developed Markets Index Fund, Institutional Shares   348,816    5,364,793 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   32,009    1,176,973 
Vanguard Mid-Cap Index Fund, Admiral Shares   9,422    3,079,796 
Vanguard Small-Cap Index Fund, Admiral Shares   10,628    1,223,927 
         70,129,938 
Fixed Income Funds — 59.4%          
Invesco International Bond Fund, Class R6   1,200,720    5,175,103 
MassMutual Core Bond Fund, Class I (a)   5,202,518    46,718,610 
MassMutual Global Floating Rate Fund, Class I (a)   19,491    170,543 
MassMutual High Yield Fund, Class I (a)   46,298    372,238 
MassMutual Inflation-Protected and Income Fund, Class I (a)   57,226    525,911 
MassMutual Short-Duration Bond Fund, Class I (a)   928,794    8,544,909 
MassMutual Total Return Bond Fund, Class I (a)   3,553,648    29,210,990 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   131,490    2,448,339 
Vanguard Total Bond Market Index Fund, Institutional Shares   966,534    9,162,745 
         102,329,388 
           
TOTAL MUTUAL FUNDS
(Cost $182,094,957)		        172,459,326 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $182,094,957)		        172,459,326 
           
TOTAL INVESTMENTS — 100.1%
(Cost $182,094,957) (b)		        172,459,326 
           
Other Assets/(Liabilities) — (0.1)%        (150,555) 
           
NET ASSETS — 100.0%       $172,308,771 

 

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 60/40 Allocation Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 60.5%          
DFA Commodity Strategy Portfolio   192,386   $861,887 
Invesco Real Estate Fund, Class R6   109,164    1,832,859 
MassMutual Blue Chip Growth Fund, Class I (a)   474,706    11,169,822 
MassMutual Diversified Value Fund, Class I (a)   1,141,277    10,853,540 
MassMutual Equity Opportunities Fund, Class I (a)   767,204    12,812,312 
MassMutual International Equity Fund, Class I (a)   373,884    2,916,296 
MassMutual Mid Cap Growth Fund, Class I (a)   139,466    2,695,869 
MassMutual Mid Cap Value Fund, Class I (a)   243,720    2,749,158 
MassMutual Overseas Fund, Class I (a)   773,588    6,343,423 
MassMutual Small Cap Growth Equity Fund, Class I (a)   46,087    743,380 
MassMutual Small Cap Value Equity Fund, Class I (a)   175,141    1,439,656 
MassMutual Strategic Emerging Markets Fund, Class I (a)   117,077    1,155,553 
MM Equity Asset Fund, Class I (a)   3,029,655    23,328,340 
Vanguard Developed Markets Index Fund, Institutional Shares   486,609    7,484,049 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   44,671    1,642,557 
Vanguard Mid-Cap Index Fund, Admiral Shares   13,146    4,297,093 
Vanguard Small-Cap Index Fund, Admiral Shares   14,830    1,707,784 
         94,033,578 
Fixed Income Funds — 39.6%          
Invesco International Bond Fund, Class R6   718,404    3,096,323 
MassMutual Core Bond Fund, Class I (a)   3,107,482    27,905,187 
MassMutual Global Floating Rate Fund, Class I (a)   12,038    105,336 
MassMutual High Yield Fund, Class I (a)   27,502    221,114 
MassMutual Inflation-Protected and Income Fund, Class I (a)   34,705    318,943 
MassMutual Short-Duration Bond Fund, Class I (a)   553,259    5,089,987 
MassMutual Total Return Bond Fund, Class I (a)   2,102,675    17,283,987 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   96,058    1,788,598 
Vanguard Total Bond Market Index Fund, Institutional Shares   593,277    5,624,264 
         61,433,739 
           
TOTAL MUTUAL FUNDS
(Cost $158,392,091)		        155,467,317 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $158,392,091)		        155,467,317 
           
TOTAL INVESTMENTS — 100.1%
(Cost $158,392,091) (b)		        155,467,317 
           
Other Assets/(Liabilities) — (0.1)%        (120,404) 
           
NET ASSETS — 100.0%       $155,346,913 

 

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 80/20 Allocation Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 80.5%          
DFA Commodity Strategy Portfolio   146,285   $655,357 
Invesco Real Estate Fund, Class R6   115,444    1,938,298 
MassMutual Blue Chip Growth Fund, Class I (a)   505,249    11,888,513 
MassMutual Diversified Value Fund, Class I (a)   1,204,598    11,455,728 
MassMutual Equity Opportunities Fund, Class I (a)   805,173    13,446,394 
MassMutual International Equity Fund, Class I (a)   408,646    3,187,436 
MassMutual Mid Cap Growth Fund, Class I (a)   146,751    2,836,691 
MassMutual Mid Cap Value Fund, Class I (a)   256,869    2,897,485 
MassMutual Overseas Fund, Class I (a)   847,084    6,946,089 
MassMutual Small Cap Growth Equity Fund, Class I (a)   48,633    784,444 
MassMutual Small Cap Value Equity Fund, Class I (a)   184,795    1,519,015 
MassMutual Strategic Emerging Markets Fund, Class I (a)   126,967    1,253,162 
MM Equity Asset Fund, Class I (a)   3,245,783    24,992,527 
Vanguard Developed Markets Index Fund, Institutional Shares   493,818    7,594,928 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   45,331    1,666,824 
Vanguard Mid-Cap Index Fund, Admiral Shares   13,340    4,360,338 
Vanguard Small-Cap Index Fund, Admiral Shares   15,047    1,732,848 
         99,156,077 
Fixed Income Funds — 19.6%          
Invesco International Bond Fund, Class R6   282,706    1,218,461 
MassMutual Core Bond Fund, Class I (a)   1,208,915    10,856,057 
MassMutual Global Floating Rate Fund, Class I (a)   7,861    68,780 
MassMutual High Yield Fund, Class I (a)   7,940    63,841 
MassMutual Inflation-Protected and Income Fund, Class I (a)   13,621    125,179 
MassMutual Short-Duration Bond Fund, Class I (a)   213,772    1,966,705 
MassMutual Total Return Bond Fund, Class I (a)   829,382    6,817,520 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   53,220    990,948 
Vanguard Total Bond Market Index Fund, Admiral Shares   218,855    2,074,741 
         24,182,232 
           
TOTAL MUTUAL FUNDS
(Cost $122,958,364)		        123,338,309 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $122,958,364)		        123,338,309 
           
TOTAL INVESTMENTS — 100.1%
(Cost $122,958,364) (b)		        123,338,309 
           
Other Assets/(Liabilities) — (0.1)%        (95,261) 
           
NET ASSETS — 100.0%       $123,243,048 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.2%          
           
Equity Funds — 39.8%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   47,219   $761,173 
JPMorgan Large Cap Value Fund, Class R6   50,241    992,771 
MassMutual Blue Chip Growth Fund, Class I (a)   81,013    1,906,239 
MassMutual Diversified Value Fund, Class I (a)   194,010    1,845,034 
MassMutual Equity Opportunities Fund, Class I (a)   126,336    2,109,810 
MassMutual International Equity Fund, Class I (a)   143,713    1,120,959 
MassMutual Mid Cap Growth Fund, Class I (a)   33,599    649,465 
MassMutual Mid Cap Value Fund, Class I (a)   55,979    631,445 
MassMutual Overseas Fund, Class I (a)   237,582    1,948,170 
MassMutual Small Cap Growth Equity Fund, Class I (a)   18,671    301,171 
MassMutual Small Cap Value Equity Fund, Class I (a)   47,716    392,228 
MassMutual Strategic Emerging Markets Fund, Class I (a)   143,482    1,416,168 
MM Equity Asset Fund, Class I (a)   861,499    6,633,541 
Vanguard Developed Markets Index Fund, Admiral Shares   191,925    2,947,969 
Vanguard Mid-Cap Index Fund, Admiral Shares   1,913    625,182 
Vanguard Real Estate Index Fund, Admiral Shares   4,338    547,891 
Vanguard Small-Cap Index Fund, Admiral Shares   3,177    365,836 
         25,195,052 
Fixed Income Funds — 60.4%          
JPMorgan Emerging Markets Debt Fund, Class R6   186,817    1,160,134 
JPMorgan U.S. Government Money Market Fund, Class IM   3,223,308    3,223,308 
MassMutual Core Bond Fund, Class I (a)   2,013,019    18,076,913 
MassMutual High Yield Fund, Class I (a)   549,343    4,416,714 
MassMutual Inflation-Protected and Income Fund, Class I (a)   348,795    3,205,425 
MassMutual Total Return Bond Fund, Class I (a)   539,408    4,433,930 
Vanguard Total Bond Market Index Fund, Admiral Shares   388,398    3,682,014 
         38,198,438 
           
TOTAL MUTUAL FUNDS
(Cost $63,610,445)		        63,393,490 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $63,610,445)		        63,393,490 
           
TOTAL INVESTMENTS — 100.2%
(Cost $63,610,445) (b)		        63,393,490 
           
Other Assets/(Liabilities) — (0.2)%        (102,052) 
           
NET ASSETS — 100.0%       $63,291,438 

 

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 2020 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 40.0%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   72,750   $1,172,731 
JPMorgan Large Cap Value Fund, Class R6   79,329    1,567,536 
MassMutual Blue Chip Growth Fund, Class I (a)   121,064    2,848,646 
MassMutual Diversified Value Fund, Class I (a)   298,111    2,835,032 
MassMutual Equity Opportunities Fund, Class I (a)   194,911    3,255,008 
MassMutual International Equity Fund, Class I (a)   230,686    1,799,349 
MassMutual Mid Cap Growth Fund, Class I (a)   53,087    1,026,164 
MassMutual Mid Cap Value Fund, Class I (a)   91,508    1,032,212 
MassMutual Overseas Fund, Class I (a)   319,357    2,618,729 
MassMutual Small Cap Growth Equity Fund, Class I (a)   30,695    495,118 
MassMutual Small Cap Value Equity Fund, Class I (a)   78,532    645,536 
MassMutual Strategic Emerging Markets Fund, Class I (a)   227,545    2,245,872 
MM Equity Asset Fund, Class I (a)   1,298,526    9,998,652 
Vanguard Developed Markets Index Fund, Institutional Shares   300,696    4,624,707 
Vanguard Mid-Cap Index Fund, Admiral Shares   3,072    1,004,117 
Vanguard Real Estate Index Fund, Admiral Shares   6,804    859,396 
Vanguard Small-Cap Index Fund, Admiral Shares   4,997    575,421 
         38,604,226 
Fixed Income Funds — 60.1%          
JPMorgan Emerging Markets Debt Fund, Class R6   306,173    1,901,336 
JPMorgan U.S. Government Money Market Fund, Class IM   5,297,558    5,297,558 
MassMutual Core Bond Fund, Class I (a)   2,926,295    26,278,130 
MassMutual High Yield Fund, Class I (a)   866,326    6,965,262 
MassMutual Inflation-Protected and Income Fund, Class I (a)   561,123    5,156,725 
MassMutual Total Return Bond Fund, Class I (a)   798,502    6,563,687 
Vanguard Total Bond Market Index Fund, Institutional Shares   609,272    5,775,894 
         57,938,592 
           
TOTAL MUTUAL FUNDS
(Cost $96,722,756)		        96,542,818 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $96,722,756)		        96,542,818 
           
TOTAL INVESTMENTS — 100.1%
(Cost $96,722,756) (b)		        96,542,818 
           
Other Assets/(Liabilities) — (0.1)%        (122,882) 
           
NET ASSETS — 100.0%       $96,419,936 

 

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 2025 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 45.2%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   83,710   $1,349,410 
JPMorgan Large Cap Value Fund, Class R6   98,174    1,939,922 
MassMutual Blue Chip Growth Fund, Class I (a)   150,746    3,547,043 
MassMutual Diversified Value Fund, Class I (a)   364,658    3,467,897 
MassMutual Equity Opportunities Fund, Class I (a)   237,674    3,969,150 
MassMutual International Equity Fund, Class I (a)   256,558    2,001,155 
MassMutual Mid Cap Growth Fund, Class I (a)   63,904    1,235,264 
MassMutual Mid Cap Value Fund, Class I (a)   106,190    1,197,824 
MassMutual Overseas Fund, Class I (a)   394,935    3,238,469 
MassMutual Small Cap Growth Equity Fund, Class I (a)   35,711    576,011 
MassMutual Small Cap Value Equity Fund, Class I (a)   90,207    741,499 
MassMutual Strategic Emerging Markets Fund, Class I (a)   258,887    2,555,215 
MM Equity Asset Fund, Class I (a)   1,607,000    12,373,901 
Vanguard Developed Markets Index Fund, Institutional Shares   404,231    6,217,070 
Vanguard Mid-Cap Index Fund, Admiral Shares   4,253    1,390,327 
Vanguard Real Estate Index Fund, Admiral Shares   9,152    1,156,030 
Vanguard Small-Cap Index Fund, Admiral Shares   6,661    767,069 
         47,723,256 
Fixed Income Funds — 54.9%          
JPMorgan Emerging Markets Debt Fund, Class R6   287,556    1,785,723 
JPMorgan U.S. Government Money Market Fund, Class IM   3,282,276    3,282,276 
MassMutual Core Bond Fund, Class I (a)   3,143,016    28,224,282 
MassMutual High Yield Fund, Class I (a)   838,174    6,738,917 
MassMutual Inflation-Protected and Income Fund, Class I (a)   476,003    4,374,471 
MassMutual Total Return Bond Fund, Class I (a)   845,871    6,953,056 
Vanguard Total Bond Market Index Fund, Institutional Shares   699,494    6,631,202 
         57,989,927 
           
TOTAL MUTUAL FUNDS
(Cost $105,574,888)		        105,713,183 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $105,574,888)		        105,713,183 
           
TOTAL INVESTMENTS — 100.1%
(Cost $105,574,888) (b)		        105,713,183 
           
Other Assets/(Liabilities) — (0.1)%        (96,386) 
           
NET ASSETS — 100.0%       $105,616,797 

 

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 2030 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 58.1%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   258,594   $4,168,538 
JPMorgan Large Cap Value Fund, Class R6   285,794    5,647,289 
MassMutual Blue Chip Growth Fund, Class I (a)   438,310    10,313,444 
MassMutual Diversified Value Fund, Class I (a)   1,064,423    10,122,659 
MassMutual Equity Opportunities Fund, Class I (a)   705,656    11,784,454 
MassMutual International Equity Fund, Class I (a)   790,877    6,168,841 
MassMutual Mid Cap Growth Fund, Class I (a)   185,703    3,589,647 
MassMutual Mid Cap Value Fund, Class I (a)   312,966    3,530,258 
MassMutual Overseas Fund, Class I (a)   1,247,801    10,231,970 
MassMutual Small Cap Growth Equity Fund, Class I (a)   103,192    1,664,481 
MassMutual Small Cap Value Equity Fund, Class I (a)   262,580    2,158,410 
MassMutual Strategic Emerging Markets Fund, Class I (a)   798,862    7,884,766 
MM Equity Asset Fund, Class I (a)   4,709,621    36,264,084 
Vanguard Developed Markets Index Fund, Institutional Shares   1,054,845    16,223,511 
Vanguard Mid-Cap Index Fund, Admiral Shares   10,565    3,453,480 
Vanguard Real Estate Index Fund, Admiral Shares   23,589    2,979,533 
Vanguard Small-Cap Index Fund, Admiral Shares   16,708    1,924,143 
         138,109,508 
Fixed Income Funds — 42.0%          
JPMorgan Emerging Markets Debt Fund, Class R6   505,770    3,140,833 
MassMutual Core Bond Fund, Class I (a)   6,255,771    56,176,823 
MassMutual High Yield Fund, Class I (a)   1,452,510    11,678,179 
MassMutual Inflation-Protected and Income Fund, Class I (a)   404,112    3,713,792 
MassMutual Total Return Bond Fund, Class I (a)   1,670,234    13,729,325 
Vanguard Total Bond Market Index Fund, Institutional Shares   1,215,940    11,527,113 
         99,966,065 
           
TOTAL MUTUAL FUNDS
(Cost $236,550,373)		        238,075,573 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $236,550,373)		        238,075,573 
           
TOTAL INVESTMENTS — 100.1%
(Cost $236,550,373) (b)		        238,075,573 
           
Other Assets/(Liabilities) — (0.1)%        (215,766) 
           
NET ASSETS — 100.0%       $237,859,807 

 

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 2035 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 70.4%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   336,786   $5,428,991 
JPMorgan Large Cap Value Fund, Class R6   187,254    3,700,137 
MassMutual Blue Chip Growth Fund, Class I (a)   484,456    11,399,241 
MassMutual Diversified Value Fund, Class I (a)   700,775    6,664,366 
MassMutual Equity Opportunities Fund, Class I (a)   303,252    5,064,313 
MassMutual International Equity Fund, Class I (a)   686,393    5,353,865 
MassMutual Mid Cap Growth Fund, Class I (a)   126,251    2,440,427 
MassMutual Mid Cap Value Fund, Class I (a)   209,600    2,364,293 
MassMutual Overseas Fund, Class I (a)   1,067,885    8,756,658 
MassMutual Small Cap Growth Equity Fund, Class I (a)   68,926    1,111,776 
MassMutual Small Cap Value Equity Fund, Class I (a)   173,648    1,427,383 
MassMutual Strategic Emerging Markets Fund, Class I (a)   287,809    2,840,677 
MM Equity Asset Fund, Class I (a)   3,374,530    25,983,884 
Vanguard Developed Markets Index Fund, Institutional Shares   601,881    9,256,927 
Vanguard Mid-Cap Index Fund, Admiral Shares   7,961    2,602,276 
Vanguard Real Estate Index Fund, Admiral Shares   18,956    2,394,361 
Vanguard Small-Cap Index Fund, Admiral Shares   12,258    1,411,590 
         98,201,165 
Fixed Income Funds — 29.7%          
JPMorgan Emerging Markets Debt Fund, Class R6   198,112    1,230,277 
MassMutual Core Bond Fund, Class I (a)   2,305,068    20,699,509 
MassMutual High Yield Fund, Class I (a)   576,761    4,637,161 
MassMutual Total Return Bond Fund, Class I (a)   1,571,218    12,915,412 
Vanguard Total Bond Market Index Fund, Admiral Shares   209,114    1,982,404 
         41,464,763 
           
TOTAL MUTUAL FUNDS
(Cost $138,102,012)		        139,665,928 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $138,102,012)		        139,665,928 
           
TOTAL INVESTMENTS — 100.1%
(Cost $138,102,012) (b)		        139,665,928 
           
Other Assets/(Liabilities) — (0.1)%        (133,885) 
           
NET ASSETS — 100.0%       $139,532,043 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 80.1%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   533,269   $8,596,302 
JPMorgan Large Cap Value Fund, Class R6   291,422    5,758,508 
MassMutual Blue Chip Growth Fund, Class I (a)   740,778    17,430,506 
MassMutual Diversified Value Fund, Class I (a)   1,066,693    10,144,249 
MassMutual Equity Opportunities Fund, Class I (a)   481,189    8,035,854 
MassMutual International Equity Fund, Class I (a)   1,089,460    8,497,792 
MassMutual Mid Cap Growth Fund, Class I (a)   198,067    3,828,634 
MassMutual Mid Cap Value Fund, Class I (a)   330,257    3,725,301 
MassMutual Overseas Fund, Class I (a)   1,677,653    13,756,756 
MassMutual Small Cap Growth Equity Fund, Class I (a)   108,173    1,744,831 
MassMutual Small Cap Value Equity Fund, Class I (a)   275,729    2,266,489 
MassMutual Strategic Emerging Markets Fund, Class I (a)   444,412    4,386,348 
MM Equity Asset Fund, Class I (a)   5,208,218    40,103,279 
Vanguard Developed Markets Index Fund, Institutional Shares   866,232    13,322,646 
Vanguard Mid-Cap Index Fund, Admiral Shares   11,417    3,731,942 
Vanguard Real Estate Index Fund, Admiral Shares   26,188    3,307,794 
Vanguard Small-Cap Index Fund, Admiral Shares   17,624    2,029,624 
         150,666,855 
Fixed Income Funds — 20.0%          
JPMorgan Emerging Markets Debt Fund, Class R6   183,429    1,139,092 
MassMutual Core Bond Fund, Class I (a)   2,092,661    18,792,094 
MassMutual High Yield Fund, Class I (a)   531,143    4,270,390 
MassMutual Total Return Bond Fund, Class I (a)   1,414,958    11,630,953 
Vanguard Total Bond Market Index Fund, Admiral Shares   176,809    1,676,146 
         37,508,675 
           
TOTAL MUTUAL FUNDS
(Cost $183,448,237)		        188,175,530 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $183,448,237)		        188,175,530 
           
TOTAL INVESTMENTS — 100.1%
(Cost $183,448,237) (b)		        188,175,530 
           
Other Assets/(Liabilities) — (0.1)%        (156,312) 
           
NET ASSETS — 100.0%       $188,019,218 

 

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 2045 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 88.1%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   339,473   $5,472,300 
JPMorgan Large Cap Value Fund, Class R6   187,032    3,695,751 
MassMutual Blue Chip Growth Fund, Class I (a)   492,837    11,596,459 
MassMutual Diversified Value Fund, Class I (a)   708,366    6,736,565 
MassMutual Equity Opportunities Fund, Class I (a)   303,342    5,065,820 
MassMutual International Equity Fund, Class I (a)   689,146    5,375,335 
MassMutual Mid Cap Growth Fund, Class I (a)   127,357    2,461,803 
MassMutual Mid Cap Value Fund, Class I (a)   211,503    2,385,748 
MassMutual Overseas Fund, Class I (a)   1,176,926    9,650,794 
MassMutual Small Cap Growth Equity Fund, Class I (a)   69,588    1,122,447 
MassMutual Small Cap Value Equity Fund, Class I (a)   175,182    1,439,998 
MassMutual Strategic Emerging Markets Fund, Class I (a)   292,136    2,883,379 
MM Equity Asset Fund, Class I (a)   3,474,689    26,755,103 
Vanguard Developed Markets Index Fund, Institutional Shares   595,637    9,160,897 
Vanguard Mid-Cap Index Fund, Admiral Shares   7,788    2,545,551 
Vanguard Real Estate Index Fund, Admiral Shares   17,954    2,267,807 
Vanguard Small-Cap Index Fund, Admiral Shares   11,953    1,376,475 
         99,992,232 
Fixed Income Funds — 12.0%          
JPMorgan Emerging Markets Debt Fund, Class R6   66,475    412,807 
MassMutual Core Bond Fund, Class I (a)   739,532    6,640,997 
MassMutual High Yield Fund, Class I (a)   190,677    1,533,042 
MassMutual Total Return Bond Fund, Class I (a)   526,269    4,325,928 
Vanguard Total Bond Market Index Fund, Admiral Shares   68,435    648,760 
         13,561,534 
           
TOTAL MUTUAL FUNDS
(Cost $110,895,503)		        113,553,766 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $110,895,503)		        113,553,766 
           
TOTAL INVESTMENTS — 100.1%
(Cost $110,895,503) (b)		        113,553,766 
           
Other Assets/(Liabilities) — (0.1)%        (109,761) 
           
NET ASSETS — 100.0%       $113,444,005 

 

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 2050 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 92.3%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   453,641   $7,312,696 
JPMorgan Large Cap Value Fund, Class R6   249,608    4,932,256 
MassMutual Blue Chip Growth Fund, Class I (a)   653,460    15,375,925 
MassMutual Diversified Value Fund, Class I (a)   936,313    8,904,339 
MassMutual Equity Opportunities Fund, Class I (a)   404,052    6,747,663 
MassMutual International Equity Fund, Class I (a)   920,487    7,179,798 
MassMutual Mid Cap Growth Fund, Class I (a)   167,927    3,246,024 
MassMutual Mid Cap Value Fund, Class I (a)   280,369    3,162,566 
MassMutual Overseas Fund, Class I (a)   1,545,724    12,674,935 
MassMutual Small Cap Growth Equity Fund, Class I (a)   91,791    1,480,594 
MassMutual Small Cap Value Equity Fund, Class I (a)   230,956    1,898,455 
MassMutual Strategic Emerging Markets Fund, Class I (a)   385,227    3,802,194 
MM Equity Asset Fund, Class I (a)   4,633,382    35,677,041 
Vanguard Developed Markets Index Fund, Institutional Shares   765,382    11,771,569 
Vanguard Mid-Cap Index Fund, Admiral Shares   9,802    3,203,958 
Vanguard Real Estate Index Fund, Admiral Shares   23,087    2,916,073 
Vanguard Small-Cap Index Fund, Admiral Shares   15,045    1,732,535 
         132,018,621 
Fixed Income Funds — 7.8%          
JPMorgan Emerging Markets Debt Fund, Class R6   57,369    356,263 
MassMutual Core Bond Fund, Class I (a)   609,478    5,473,112 
MassMutual High Yield Fund, Class I (a)   161,471    1,298,230 
MassMutual Total Return Bond Fund, Class I (a)   433,932    3,566,925 
Vanguard Total Bond Market Index Fund, Admiral Shares   54,768    519,203 
         11,213,733 
           
TOTAL MUTUAL FUNDS
(Cost $138,809,386)		        143,232,354 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $138,809,386)		        143,232,354 
           
TOTAL INVESTMENTS — 100.1%
(Cost $138,809,386) (b)		        143,232,354 
           
Other Assets/(Liabilities) — (0.1)%        (109,318) 
           
NET ASSETS — 100.0%       $143,123,036 

 

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 2055 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 92.3%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   205,071   $3,305,751 
JPMorgan Large Cap Value Fund, Class R6   112,380    2,220,624 
MassMutual Blue Chip Growth Fund, Class I (a)   296,971    6,987,730 
MassMutual Diversified Value Fund, Class I (a)   431,723    4,105,682 
MassMutual Equity Opportunities Fund, Class I (a)   182,742    3,051,783 
MassMutual International Equity Fund, Class I (a)   412,325    3,216,133 
MassMutual Mid Cap Growth Fund, Class I (a)   75,844    1,466,072 
MassMutual Mid Cap Value Fund, Class I (a)   125,759    1,418,560 
MassMutual Overseas Fund, Class I (a)   716,987    5,879,290 
MassMutual Small Cap Growth Equity Fund, Class I (a)   41,286    665,946 
MassMutual Small Cap Value Equity Fund, Class I (a)   104,020    855,040 
MassMutual Strategic Emerging Markets Fund, Class I (a)   177,673    1,753,631 
MM Equity Asset Fund, Class I (a)   2,093,260    16,118,104 
Vanguard Developed Markets Index Fund, Institutional Shares   351,320    5,403,302 
Vanguard Mid-Cap Index Fund, Admiral Shares   4,586    1,499,030 
Vanguard Real Estate Index Fund, Admiral Shares   10,257    1,295,539 
Vanguard Small-Cap Index Fund, Admiral Shares   7,039    810,605 
         60,052,822 
Fixed Income Funds — 7.8%          
JPMorgan Emerging Markets Debt Fund, Class R6   25,980    161,334 
MassMutual Core Bond Fund, Class I (a)   278,285    2,498,998 
MassMutual High Yield Fund, Class I (a)   72,891    586,044 
MassMutual Total Return Bond Fund, Class I (a)   197,794    1,625,866 
Vanguard Total Bond Market Index Fund, Admiral Shares   25,143    238,351 
         5,110,593 
           
TOTAL MUTUAL FUNDS
(Cost $63,472,276)		        65,163,415 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $63,472,276)		        65,163,415 
           
TOTAL INVESTMENTS — 100.1%
(Cost $63,472,276) (b)		        65,163,415 
           
Other Assets/(Liabilities) — (0.1)%        (67,243) 
           
NET ASSETS — 100.0%       $65,096,172 

 

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 2060 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 92.2%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   82,100   $1,323,453 
JPMorgan Large Cap Value Fund, Class R6   43,912    867,702 
MassMutual Blue Chip Growth Fund, Class I (a)   117,909    2,774,390 
MassMutual Diversified Value Fund, Class I (a)   170,456    1,621,040 
MassMutual Equity Opportunities Fund, Class I (a)   71,083    1,187,083 
MassMutual International Equity Fund, Class I (a)   162,371    1,266,494 
MassMutual Mid Cap Growth Fund, Class I (a)   30,032    580,520 
MassMutual Mid Cap Value Fund, Class I (a)   49,765    561,350 
MassMutual Overseas Fund, Class I (a)   280,380    2,299,116 
MassMutual Small Cap Growth Equity Fund, Class I (a)   16,418    264,822 
MassMutual Small Cap Value Equity Fund, Class I (a)   41,284    339,356 
MassMutual Strategic Emerging Markets Fund, Class I (a)   70,424    695,088 
MM Equity Asset Fund, Class I (a)   839,769    6,466,223 
Vanguard Developed Markets Index Fund, Admiral Shares   137,685    2,114,838 
Vanguard Mid-Cap Index Fund, Admiral Shares   1,735    567,075 
Vanguard Real Estate Index Fund, Admiral Shares   4,269    539,202 
Vanguard Small-Cap Index Fund, Admiral Shares   2,663    306,653 
         23,774,405 
Fixed Income Funds — 7.8%          
JPMorgan Emerging Markets Debt Fund, Class R6   10,111    62,791 
MassMutual Core Bond Fund, Class I (a)   110,259    990,129 
MassMutual High Yield Fund, Class I (a)   28,529    229,369 
MassMutual Total Return Bond Fund, Class I (a)   78,511    645,364 
Vanguard Total Bond Market Index Fund, Admiral Shares   9,840    93,284 
         2,020,937 
           
TOTAL MUTUAL FUNDS
(Cost $25,147,830)		        25,795,342 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $25,147,830)		        25,795,342 
           
TOTAL INVESTMENTS — 100.0%
(Cost $25,147,830) (b)		        25,795,342 
           
Other Assets/(Liabilities) — 0.0%        8,679 
           
NET ASSETS — 100.0%       $25,804,021 

 

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 2065 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 104.2%          
           
Equity Funds — 96.0%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   4,221   $68,044 
JPMorgan Large Cap Value Fund, Class R6   2,265    44,758 
MassMutual Blue Chip Growth Fund, Class I (a)   5,859    137,859 
MassMutual Diversified Value Fund, Class I (a)   8,567    81,470 
MassMutual Equity Opportunities Fund, Class I (a)   3,656    61,061 
MassMutual International Equity Fund, Class I (a)   8,609    67,152 
MassMutual Mid Cap Growth Fund, Class I (a)   1,533    29,636 
MassMutual Mid Cap Value Fund, Class I (a)   2,551    28,772 
MassMutual Overseas Fund, Class I (a)   13,503    110,723 
MassMutual Small Cap Growth Equity Fund, Class I (a)   858    13,836 
MassMutual Small Cap Value Equity Fund, Class I (a)   2,198    18,067 
MassMutual Strategic Emerging Markets Fund, Class I (a)   3,603    35,558 
MM Equity Asset Fund, Class I (a)   42,086    324,059 
Vanguard Developed Markets Index Fund, Admiral Shares   6,230    95,693 
Vanguard Mid-Cap Index Fund, Admiral Shares   77    25,271 
Vanguard Real Estate Index Fund, Admiral Shares   181    22,906 
Vanguard Small-Cap Index Fund, Admiral Shares   117    13,431 
         1,178,296 
Fixed Income Funds — 8.2%          
JPMorgan Emerging Markets Debt Fund, Class R6   517    3,211 
MassMutual Core Bond Fund, Class I (a)   5,500    49,391 
MassMutual High Yield Fund, Class I (a)   1,461    11,750 
MassMutual Total Return Bond Fund, Class I (a)   3,889    31,965 
Vanguard Total Bond Market Index Fund, Admiral Shares   445    4,215 
         100,532 
           
TOTAL MUTUAL FUNDS
(Cost $1,284,065)		        1,278,828 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,284,065)		        1,278,828 
           
TOTAL INVESTMENTS — 104.2%
(Cost $1,284,065) (b)		        1,278,828 
           
Other Assets/(Liabilities) — (4.2)%        (52,114) 
           
NET ASSETS — 100.0%       $1,226,714 

 

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.

 

 

 

MM Equity Asset Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.0%          
           
COMMON STOCK — 99.0%          
Communication Services — 8.5%          
Alphabet, Inc. Class A   34,598   $6,549,402 
Alphabet, Inc. Class C   22,360    4,258,239 
AT&T, Inc.   45,725    1,041,158 
Charter Communications, Inc. Class A (a)   1,816    622,470 
Comcast Corp. Class A   47,363    1,777,533 
Meta Platforms, Inc. Class A   14,816    8,674,916 
Sirius XM Holdings, Inc.   7,386    168,401 
Walt Disney Co.   11,438    1,273,621 
Warner Music Group Corp. Class A   9,202    285,262 
         24,651,002 
Consumer Discretionary — 13.2%          
Amazon.com, Inc. (a)   61,102    13,405,168 
Aptiv PLC (a)   5,189    313,831 
AutoZone, Inc. (a)   613    1,962,826 
Best Buy Co., Inc.   6,322    542,428 
Booking Holdings, Inc.   289    1,435,873 
Burlington Stores, Inc. (a)   2,822    804,439 
Carnival Corp. (a)   16,958    422,593 
Chipotle Mexican Grill, Inc. (a)   24,305    1,465,592 
DoorDash, Inc., Class A (a)   1,952    327,448 
Expedia Group, Inc. (a)   4,625    861,776 
Hilton Worldwide Holdings, Inc.   5,355    1,323,542 
Lennar Corp. Class A   2,879    392,609 
LKQ Corp.   1,604    58,947 
Lowe's Cos., Inc.   11,534    2,846,591 
McDonald's Corp.   9,255    2,682,932 
Ross Stores, Inc.   10,382    1,570,485 
Royal Caribbean Cruises Ltd.   2,564    591,489 
Tesla, Inc. (a)   14,806    5,979,255 
Yum! Brands, Inc.   10,673    1,431,890 
         38,419,714 
Consumer Staples — 4.0%          
Altria Group, Inc.   10,137    530,064 
Church & Dwight Co., Inc.   8,505    890,559 
Coca-Cola Co.   29,282    1,823,097 
Costco Wholesale Corp.   1,670    1,530,171 
Estee Lauder Cos., Inc. Class A   2,328    174,554 
Kenvue, Inc.   31,757    678,012 
Keurig Dr. Pepper, Inc.   18,394    590,815 
Mondelez International, Inc. Class A   32,770    1,957,352 
PepsiCo, Inc.   17,805    2,707,428 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Philip Morris International, Inc.   7,221   $869,047 
         11,751,099 
Energy — 3.2%          
Baker Hughes Co.   18,100    742,462 
ConocoPhillips   21,085    2,090,999 
Diamondback Energy, Inc.   4,914    805,061 
EOG Resources, Inc.   10,212    1,251,787 
Exxon Mobil Corp.   39,813    4,282,684 
         9,172,993 
Financials — 13.9%          
American Express Co.   2,709    804,004 
Ameriprise Financial, Inc.   1,939    1,032,382 
Aon PLC Class A   4,120    1,479,739 
Arthur J Gallagher & Co.   4,413    1,252,630 
Bank of America Corp.   77,151    3,390,786 
Berkshire Hathaway, Inc. Class B (a)   9,564    4,335,170 
Block, Inc. (a)   5,100    433,449 
Charles Schwab Corp.   15,330    1,134,573 
Citigroup, Inc.   12,923    909,650 
CME Group, Inc.   7,350    1,706,890 
Corpay, Inc. (a)   3,687    1,247,754 
Fidelity National Information Services, Inc.   17,240    1,392,475 
Fifth Third Bancorp   29,406    1,243,286 
Goldman Sachs Group, Inc.   3,683    2,108,959 
KKR & Co., Inc.   4,158    615,010 
Mastercard, Inc. Class A   9,625    5,068,236 
MetLife, Inc.   3,850    315,238 
Principal Financial Group, Inc.   4,382    339,211 
Progressive Corp.   8,229    1,971,751 
Truist Financial Corp.   35,115    1,523,289 
US Bancorp   19,195    918,097 
Visa, Inc. Class A   14,364    4,539,599 
Wells Fargo & Co.   38,733    2,720,606 
WEX, Inc. (a)   816    143,061 
         40,625,845 
Health Care — 10.0%          
Abbott Laboratories   4,740    536,141 
AbbVie, Inc.   19,551    3,474,213 
Baxter International, Inc.   5,181    151,078 
Biogen, Inc. (a)   2,101    321,285 
Boston Scientific Corp. (a)   17,144    1,531,302 
Bristol-Myers Squibb Co.   34,306    1,940,347 
Cigna Group   3,111    859,072 
Danaher Corp.   3,607    827,987 
Edwards Lifesciences Corp. (a)   2,996    221,794 
Eli Lilly & Co.   4,107    3,170,604 
HCA Healthcare, Inc.   943    283,041 
Humana, Inc.   1,696    430,292 
Johnson & Johnson   9,790    1,415,830 
McKesson Corp.   767    437,121 
Medtronic PLC   15,953    1,274,326 
Merck & Co., Inc.   7,163    712,575 
Neurocrine Biosciences, Inc. (a)   1,789    244,199 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Regeneron Pharmaceuticals, Inc. (a)   2,007   $1,429,646 
Sarepta Therapeutics, Inc. (a)   870    105,783 
Stryker Corp.   5,643    2,031,762 
Thermo Fisher Scientific, Inc.   4,937    2,568,376 
Town Health International Medical Group Ltd.   62,000    1,956 
UnitedHealth Group, Inc.   7,862    3,977,071 
Vertex Pharmaceuticals, Inc. (a)   3,213    1,293,875 
         29,239,676 
Industrials — 8.5%          
AMETEK, Inc.   1,009    181,882 
Carrier Global Corp.   17,796    1,214,755 
Caterpillar, Inc.   2,749    997,227 
CSX Corp.   33,770    1,089,758 
Deere & Co.   4,582    1,941,393 
Delta Air Lines, Inc.   10,239    619,459 
Eaton Corp. PLC   3,065    1,017,182 
FedEx Corp.   3,287    924,732 
Honeywell International, Inc.   9,557    2,158,831 
Howmet Aerospace, Inc.   15,893    1,738,217 
Ingersoll Rand, Inc.   6,409    579,758 
Leidos Holdings, Inc.   7,048    1,015,335 
Masco Corp.   9,994    725,265 
Northrop Grumman Corp.   1,024    480,553 
Otis Worldwide Corp.   14,553    1,347,753 
PACCAR, Inc.   4,591    477,556 
Textron, Inc.   9,937    760,081 
Trane Technologies PLC   6,820    2,518,967 
TransDigm Group, Inc.   1,192    1,510,598 
Uber Technologies, Inc. (a)   22,625    1,364,740 
Union Pacific Corp.   2,113    481,849 
United Parcel Service, Inc. Class B   11,770    1,484,197 
United Rentals, Inc.   384    270,505 
         24,900,593 
Information Technology — 31.6%          
Accenture PLC Class A   1,671    587,841 
Adobe, Inc. (a)   895    397,989 
Advanced Micro Devices, Inc. (a)   9,510    1,148,713 
Analog Devices, Inc.   10,024    2,129,699 
Apple, Inc.   84,507    21,162,243 
Arista Networks, Inc. (a)   5,919    654,227 
Broadcom, Inc.   21,842    5,063,849 
Cadence Design Systems, Inc. (a)   1,604    481,938 
Cognizant Technology Solutions Corp. Class A   17,749    1,364,898 
Fair Isaac Corp. (a)   146    290,676 
Hewlett Packard Enterprise Co.   24,686    527,046 
Intuit, Inc.   1,956    1,229,346 
Lam Research Corp.   14,394    1,039,679 
Marvell Technology, Inc.   1,985    219,243 
Micron Technology, Inc.   15,212    1,280,242 
Microsoft Corp.   48,697    20,525,785 
Motorola Solutions, Inc.   986    455,759 
NVIDIA Corp.   153,825    20,657,159 
NXP Semiconductors NV   9,293    1,931,550 
Oracle Corp.   8,725    1,453,934 
Salesforce, Inc.   8,914    2,980,218 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Seagate Technology Holdings PLC   13,007   $1,122,634 
ServiceNow, Inc. (a)   2,293    2,430,855 
TE Connectivity PLC   1,810    258,776 
Texas Instruments, Inc.   11,582    2,171,741 
Western Digital Corp. (a)   8,431    502,740 
         92,068,780 
Materials — 1.8%          
Dow, Inc.   22,586    906,376 
Linde PLC (LIN US)   5,284    2,212,253 
LyondellBasell Industries NV Class A   7,930    588,961 
Martin Marietta Materials, Inc.   904    466,916 
Nucor Corp.   2,129    248,476 
PPG Industries, Inc.   5,205    621,737 
Sherwin-Williams Co.   783    266,165 
         5,310,884 
Real Estate — 2.0%          
Alexandria Real Estate Equities, Inc.   1,453    141,740 
Digital Realty Trust, Inc.   6,300    1,117,179 
Equinix, Inc.   211    198,950 
Equity LifeStyle Properties, Inc.   7,700    512,820 
Prologis, Inc.   10,481    1,107,842 
SBA Communications Corp.   4,084    832,319 
Ventas, Inc.   19,295    1,136,283 
Welltower, Inc.   5,803    731,352 
         5,778,485 
Utilities — 2.3%          
Dominion Energy, Inc.   5,323    286,697 
NextEra Energy, Inc.   32,140    2,304,117 
NRG Energy, Inc.   1,252    112,955 
PG&E Corp.   69,982    1,412,237 
Southern Co.   28,198    2,321,259 
Vistra Corp.   2,000    275,740 
         6,713,005 
           
TOTAL COMMON STOCK
(Cost $200,796,208)		        288,632,076 
           
TOTAL EQUITIES
(Cost $200,796,208)		        288,632,076 
           
RIGHTS — 0.0%          
Health Care — 0.0%          
Tobira Therapeutics, Inc., CVR (a) (b) (c)   505    — 
           
TOTAL RIGHTS
(Cost $30)		        — 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $200,796,238)		        288,632,076 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
SHORT-TERM INVESTMENTS — 1.2%          
Repurchase Agreement — 1.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (d)  $3,589,624   $3,589,624 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,589,624)		        3,589,624 
           
TOTAL INVESTMENTS — 100.2%
(Cost $204,385,862) (e)		        292,221,700 
           
Other Assets/(Liabilities) — (0.2)%        (643,145) 
           
NET ASSETS — 100.0%       $291,578,555 

 

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) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $0 or 0.00% of net assets.
(c) Investment is valued using significant unobservable inputs.
(d) Maturity value of $3,590,172. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $3,661,606.
(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  3/21/25   13   $3,960,916   $(102,678) 

 

 

 

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

 

December 31, 2024 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 95.3%          
           
BANK LOANS — 1.6%          
Advertising — 0.1%          
Lamar Media Corp., 2020 Term Loan B, 1 mo. USD Term SOFR + 1.500%          
5.957% VRN 2/05/27  $305,000   $303,728 
Aerospace & Defense — 0.0%          
TransDigm, Inc., 2024 Term Loan K, 3 mo. USD Term SOFR + 2.750%          
7.079% VRN 3/22/30   117,114    117,433 
Airlines — 0.0%          
American Airlines, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.750%          
9.629% VRN 4/20/28   96,833    99,287 
Building Materials — 0.1%          
Summit Materials LLC, 2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 1.750%          
6.147% VRN 1/12/29   218,512    218,551 
Commercial Services — 0.1%          
Belron Finance 2019 LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.750%          
7.273% VRN 10/16/31   50,000    50,406 
Boost Newco Borrower LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.500%          
6.829% VRN 1/31/31   189,525    190,276 
         240,682 
Computers — 0.0%          
Sandisk Corp, Term Loan B,          
0.000% 12/13/31 (a)   170,000    166,813 
Diversified Financial Services — 0.1%          
Citadel Securities LP, 2024 First Lien Term Loan, 3 mo. USD Term SOFR + 2.000%          
6.329% VRN 10/31/31   419,903    420,856 
Electric — 0.2%          
NRG Energy, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 1.750%          
6.355% VRN 4/16/31   891,105    891,034 
Talen Energy Supply LLC, 2024 Incremental Term Loan B, 3 mo. USD Term SOFR + 2.500%          
6.849% VRN 12/11/31   50,000    50,125 
         941,159 

 

 

 

 

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

 

   Principal
Amount		   Value 
Entertainment — 0.0%          
Delta 2 (LUX) SARL          
2024 Term Loan B2,          
0.000% 9/10/31 (a)  $51,667   $51,744 
2024 Term Loan B1, 3 mo. USD Term SOFR + 2.000%          
6.329% VRN 9/30/31  103,333   103,488 
UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.250%          
6.770% VRN 11/21/31   55,000    55,238 
         210,470 
Environmental Controls — 0.1%          
Filtration Group Corp., 2021 Incremental Term Loan, 1 mo. USD Term SOFR + 3.500%          
7.971% VRN 10/21/28   388,328    390,949 
Health Care - Products — 0.0%          
Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.250%          
6.607% VRN 10/23/28   193,102    193,621 
Health Care - Services — 0.2%          
ICON Luxembourg SARL, 2024 LUX Term Loan B, 3 mo. USD Term SOFR + 2.000%          
6.329% VRN 7/03/28   8,910    8,966 
IQVIA, Inc., 2023 USD Term Loan B4, 3 mo. USD Term SOFR + 2.000%          
6.329% VRN 1/02/31   1,133,550    1,140,351 
PRA Health Sciences, Inc., 2024 US Term Loan B, 3 mo. USD Term SOFR + 2.000%          
6.329% VRN 7/03/28   2,220    2,234 
         1,151,551 
Insurance — 0.3%          
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, 1 mo. USD Term SOFR + 2.750%          
7.106% VRN 9/19/31   184,538    184,825 
Assured Partners, Inc., 2024 Incremental Term Loan B5, 1 mo. USD Term SOFR + 3.500%          
7.857% VRN 2/14/31   263,875    264,221 
Asurion LLC          
2023 Term Loan B11, 1 mo. USD Term SOFR + 4.250%          
8.707% VRN 8/19/28   147,776    147,776 
2021 2nd Lien Term Loan B3, 1 mo. USD Term SOFR + 5.250%          
9.721% VRN 1/31/28   15,338    14,944 
2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250%          
9.721% VRN 1/20/29   150,000    144,421 
HUB International Ltd., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.750%          
7.367% VRN 6/20/30   403,966    405,986 
Truist Insurance Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.750%          
7.079% VRN 5/06/31   179,274    179,554 
         1,341,727 
Lodging — 0.1%          
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 1 mo. USD Term SOFR + 1.750%          
6.088% VRN 11/08/30   440,000    441,927 

 

 

 

 

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

 

   Principal
Amount		   Value 
Machinery - Construction & Mining — 0.0%          
WEC US Holdings Ltd., 2024 Term Loan, 1 mo. USD Term SOFR + 2.250%          
6.803% VRN 1/27/31  $134,807   $134,779 
Packaging & Containers — 0.0%          
Charter NEX US, Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 3.000%          
7.525% VRN 11/29/30  202,629   203,527 
Pipelines — 0.0%          
Epic Crude Services LP, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000%          
7.656% VRN 10/15/31   110,000    110,865 
Software — 0.3%          
Applied Systems, Inc.          
2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.000%          
7.329% VRN 2/24/31   476,217    480,494 
2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.250%          
9.579% VRN 2/23/32   5,000    5,138 
Ascend Learning LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 3.500%          
7.957% VRN 12/11/28   95,889    96,310 
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%          
7.607% VRN 2/15/29   95,379    95,481 
Epicor Software Corp., 2024 Term Loan E, 1 mo. USD Term SOFR + 2.750%          
7.107% VRN 5/30/31 (a)   260,254    261,906 
Sophia LP, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000%          
7.357% VRN 10/09/29   55,000    55,316 
UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000%          
7.329% VRN 2/10/31   295,413    297,286 
         1,291,931 
           
TOTAL BANK LOANS
(Cost $7,958,899)		        7,979,856 
           
CORPORATE DEBT — 25.8%          
Advertising — 0.0%          
Interpublic Group of Cos., Inc.          
4.650% 10/01/28   183,000    181,375 
Aerospace & Defense — 0.5%          
BAE Systems PLC          
5.300% 3/26/34 (b)   305,000    304,124 
Boeing Co.          
2.196% 2/04/26   109,000    105,707 
2.750% 2/01/26   113,000    110,236 
3.250% 2/01/28   84,000    79,086 
3.750% 2/01/50   227,000    154,823 
5.040% 5/01/27   536,000    537,382 
6.388% 5/01/31   209,000    218,514 
6.528% 5/01/34   160,000    167,617 
6.858% 5/01/54   544,000    578,189 
TransDigm, Inc.          
6.875% 12/15/30 (b)   76,000    77,131 

 

 

 

 

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

 

   Principal
Amount		   Value 
7.125% 12/01/31 (b)  $180,000   $184,313 
         2,517,122 
Agriculture — 0.2%          
BAT Capital Corp.          
4.390% 8/15/37   275,000    237,232 
4.540% 8/15/47  101,000   79,651 
7.081% 8/02/53   395,000    433,351 
         750,234 
Apparel — 0.1%          
VF Corp.          
4.125% 3/07/26 EUR (c)   112,000    116,026 
4.250% 3/07/29 EUR (c)   115,000    119,039 
2.950% 4/23/30   390,000    333,081 
         568,146 
Auto Manufacturers — 0.7%          
American Honda Finance Corp.          
0.750% 11/25/26 GBP (c)   130,000    151,375 
Daimler Truck Finance North America LLC          
5.375% 1/18/34 (b)   150,000    149,366 
Ford Motor Co.          
9.625% 4/22/30   92,000    106,160 
Ford Motor Credit Co. LLC          
4.867% 8/03/27 EUR (c)   100,000    107,650 
4.950% 5/28/27   265,000    262,584 
5.125% 2/20/29 EUR (c)   210,000    228,948 
6.798% 11/07/28   200,000    207,235 
7.350% 11/04/27   200,000    209,415 
General Motors Financial Co., Inc.          
0.850% 2/26/26 EUR (b) (c)   150,000    152,060 
5.550% 7/15/29   306,000    309,349 
Hyundai Capital America          
4.550% 9/26/29 (b)   245,000    237,824 
4.750% 9/26/31 (b)   165,000    158,549 
5.350% 3/19/29 (b)   136,000    136,717 
5.400% 1/08/31 (b)   76,000    75,975 
5.500% 3/30/26 (b)   115,000    115,717 
6.500% 1/16/29 (b)   157,000    163,876 
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 6 mo. USD Term SOFR + 6.053%          
10.502% FRN 10/15/26 (b)   110,000    110,244 
Volkswagen Bank GmbH          
4.375% 5/03/28 EUR (b) (c)   100,000    106,886 
Volkswagen Financial Services AG          
0.375% 2/12/30 EUR (b) (c)   140,000    122,961 
Volkswagen Group of America Finance LLC          
4.950% 8/15/29 (b)   200,000    195,156 
Volkswagen Leasing GmbH          
1.625% 8/15/25 EUR (b) (c)   150,000    154,151 
3.875% 10/11/28 EUR (b) (c)   65,000    68,361 
         3,530,559 

 

 

 

 

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

 

   Principal
Amount		   Value 
Auto Parts & Equipment — 0.1%          
Aptiv Swiss Holdings Ltd.          
4.650% 9/13/29  $200,000   $194,156 
Autoliv, Inc.          
3.625% 8/07/29 EUR (b) (c)   170,000    178,522 
Clarios Global LP/Clarios US Finance Co.          
6.750% 5/15/28 (b)   123,000    125,250 
Dana Financing Luxembourg SARL          
8.500% 7/15/31 EUR (b) (c)  100,000   113,161 
         611,089 
Banks — 4.8%          
Banca Transilvania SA 1 yr. EURIBOR ICE Swap + 5.580%          
8.875% VRN 4/27/27 EUR (b) (c)   200,000    219,020 
Banco Bilbao Vizcaya Argentaria SA 5 yr. EURIBOR ICE Swap + 2.800%          
5.750% VRN 9/15/33 EUR (b) (c)   100,000    110,292 
Banco Comercial Portugues SA 3 mo. EURIBOR + 2.000%          
1.750% VRN 4/07/28 EUR (b) (c)   100,000    100,622 
Banco de Sabadell SA          
1 yr. EURIBOR ICE Swap + 1.150% 0.875% VRN 6/16/28 EUR (b) (c)   200,000    197,146 
1 yr. EUR Swap + 2.000% 5.000% VRN 6/07/29 EUR (b) (c)   100,000    109,974 
1 yr. EUR Swap + 2.250% 5.125% VRN 11/10/28 EUR (b) (c)   100,000    109,490 
Banco Santander SA          
1.125% 1/17/25 EUR (b) (c)   200,000    206,997 
Bank of America Corp.          
3 mo. EURIBOR + 0.890% 1.662% VRN 4/25/28 EUR (b) (c)   100,000    100,723 
1 day USD SOFR + 1.530% 1.898% VRN 7/23/31   605,000    508,999 
1 day USD SOFR + 1.220% 2.299% VRN 7/21/32   361,000    300,948 
3 mo. USD Term SOFR + 1.252% 2.496% VRN 2/13/31   1,475,000    1,296,949 
1 day USD SOFR + 1.738% 5.518% VRN 10/25/35   575,000    562,189 
1 day USD SOFR + 1.570% 5.819% VRN 9/15/29   1,130,000    1,157,901 
Banque Federative du Credit Mutuel SA          
1.250% 5/26/27 EUR (b) (c)   100,000    99,712 
3.125% 9/14/27 EUR (b) (c)   100,000    104,082 
5.125% 1/13/33 EUR (b) (c)   100,000    110,050 
Barclays PLC          
1 yr. EUR Swap + 1.260% 0.577% VRN 8/09/29 EUR (b) (c)   215,000    203,360 
1 yr. EURIBOR ICE Swap + 0.850% 0.877% VRN 1/28/28 EUR (b) (c)   100,000    99,287 
1 yr. U.K. Government Bond + 2.800% 6.369% VRN 1/31/31 GBP (b) (c)   125,000    162,502 
BNP Paribas SA 3 mo. EURIBOR + 1.800%          
2.125% VRN 1/23/27 EUR (b) (c)   200,000    205,305 
BPCE SA          
0.250% 1/14/31 EUR (b) (c)   200,000    173,968 
CaixaBank SA          
3 mo. EURIBOR + 1.000% 0.750% VRN 5/26/28 EUR (b) (c)   100,000    98,538 
3.750% 9/07/29 EUR (b) (c)   200,000    215,036 
1 day USD SOFR + 2.260% 6.037% VRN 6/15/35 (b)   490,000    494,012 
1 day USD SOFR + 2.700% 6.208% VRN 1/18/29 (b)   500,000    512,296 
5 yr. EUR Swap + 3.550% 6.250% VRN 2/23/33 EUR (b) (c)   100,000    110,964 
1 day USD SOFR + 2.080% 6.684% VRN 9/13/27 (b)   420,000    431,038 
Ceska sporitelna AS 3 mo. EURIBOR + 1.800%          
4.570% VRN 7/03/31 EUR (b) (c)   700,000    757,341 
Citigroup, Inc.          
1 day USD SOFR + 1.167% 2.561% VRN 5/01/32   255,000    215,833 

 

 

 

 

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

 

   Principal
Amount		   Value 
4.450% 9/29/27  $119,000   $117,388 
1 day USD SOFR + 2.056% 5.827% VRN 2/13/35   1,373,000    1,366,280 
Credit Agricole SA          
0.875% 1/14/32 EUR (b) (c)   200,000    174,160 
Danske Bank AS          
1 yr. EURIBOR ICE Swap + 0.880% 0.750% VRN 6/09/29 EUR (b) (c)   100,000    96,026 
1 yr. EUR Swap + 0.850% 1.375% VRN 2/17/27 EUR (b) (c)   110,000    112,072 
5 yr. EUR Swap + 1.700% 1.375% VRN 2/12/30 EUR (b) (c)   100,000    103,329 
1 yr. EUR Swap + 1.350% 4.500% VRN 11/09/28 EUR (b) (c)   100,000    107,930 
1 yr. CMT + 1.400% 5.705% VRN 3/01/30 (b)   335,000    339,612 
Fifth Third Bancorp          
1 day USD SOFR + 1.486% 4.895% VRN 9/06/30  155,000   152,881 
1 day USD SOFR + 1.840% 5.631% VRN 1/29/32   128,000    129,426 
1 day USD SOFR + 2.340% 6.339% VRN 7/27/29   277,000    287,384 
Goldman Sachs Group, Inc.          
1.625% 7/27/26 EUR (b) (c)   140,000    142,639 
1 day USD SOFR + 1.248% 2.383% VRN 7/21/32   433,000    360,863 
1 day USD SOFR + 1.846% 3.615% VRN 3/15/28   467,000    454,126 
1 yr. U.K. Government Bond + 1.950% 3.625% VRN 10/29/29 GBP (b) (c)   85,000    101,211 
3 mo. USD Term SOFR + 1.772% 3.691% VRN 6/05/28   162,000    157,344 
1 day USD SOFR + 1.725% 4.482% VRN 8/23/28   442,000    436,885 
1 day USD SOFR + 1.135% 4.692% VRN 10/23/30   385,000    376,928 
1 day USD SOFR + 1.420% 5.016% VRN 10/23/35   415,000    397,164 
HSBC Holdings PLC 3 mo. EURIBOR + 1.290%          
4.752% VRN 3/10/28 EUR (b) (c)   140,000    150,229 
ING Groep NV          
3 mo. EURIBOR + 0.700% 0.375% VRN 9/29/28 EUR (b) (c)   100,000    96,508 
3 mo. EURIBOR + 0.850% 1.250% VRN 2/16/27 EUR (b) (c)   200,000    203,326 
Intesa Sanpaolo SpA          
1.750% 7/04/29 EUR (b) (c)   100,000    98,084 
JP Morgan Chase & Co.          
3 mo. EURIBOR + 0.840% 1.638% VRN 5/18/28 EUR (b) (c)   100,000    100,481 
3 mo. USD Term SOFR + 1.105% 1.764% VRN 11/19/31   811,000    673,872 
1 day USD SOFR + 2.040% 2.522% VRN 4/22/31   141,000    124,216 
3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30   225,000    202,683 
3 mo. USD Term SOFR + 2.515% 2.956% VRN 5/13/31   991,000    886,459 
1 day USD SOFR + 1.040% 4.603% VRN 10/22/30   385,000    377,675 
1 day USD SOFR + 1.340% 4.946% VRN 10/22/35   280,000    269,786 
1 day USD SOFR + 1.190% 5.040% VRN 1/23/28   230,000    230,852 
1 day USD SOFR + 1.620% 5.336% VRN 1/23/35   212,000    210,654 
Kreditanstalt fuer Wiederaufbau          
4.700% 6/02/37 CAD (c)   75,000    55,172 
4.700% 6/02/37 CAD (c)   65,000    47,816 
Landsbankinn Hf.          
0.375% 5/23/25 EUR (b) (c)   265,000    271,842 
M&T Bank Corp. 1 day USD SOFR + 2.260%          
6.082% VRN 3/13/32   365,000    374,164 
Morgan Stanley          
3 mo. EURIBOR + 0.698% 0.406% VRN 10/29/27 EUR (c)   100,000    99,096 
1 day USD SOFR + 0.858% 1.512% VRN 7/20/27   535,000    508,435 
3 mo. EURIBOR + 1.954% 5.148% VRN 1/25/34 EUR (c)   100,000    115,558 
1 day USD SOFR + 1.450% 5.173% VRN 1/16/30   357,000    357,510 
Nationale-Nederlanden Bank NV          
0.375% 2/26/25 EUR (b) (c)   100,000    103,134 
NatWest Group PLC 5 yr. EUR Swap + 1.270%          
1.043% VRN 9/14/32 EUR (b) (c)   135,000    131,377 

 

 

 

 

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

 

   Principal
Amount		   Value 
OTP Bank Nyrt 3 mo. EURIBOR + 4.523%          
7.350% VRN 3/04/26 EUR (b) (c)  $140,000   $145,741 
QNB Finance Ltd.          
4.875% 1/30/29 (b)   200,000    198,230 
Regions Financial Corp. 1 day USD SOFR + 1.490%          
5.722% VRN 6/06/30   180,000    182,490 
Royal Bank of Canada          
4.125% 7/05/28 EUR (b) (c)   100,000    107,955 
Santander Holdings USA, Inc. 1 day USD SOFR + 2.138%          
6.342% VRN 5/31/35   645,000    653,525 
Santander UK Group Holdings PLC          
1 yr. EUR Swap + 0.800% 0.603% VRN 9/13/29 EUR (b) (c)   275,000    258,223 
1 yr. GBP SONIA Linked ICE Swap + 1.250% 2.421% VRN 1/17/29 GBP (b) (c)  100,000   115,116 
Shinhan Bank Co. Ltd.          
4.500% 4/12/28 (b)   330,000    325,321 
Standard Chartered PLC          
1 yr. CMT + 1.000% 1.456% VRN 1/14/27 (b)   295,000    284,130 
5 yr. EUR Swap + 2.800% 2.500% VRN 9/09/30 EUR (b) (c)   180,000    185,293 
Toronto-Dominion Bank          
2.551% 8/03/27 EUR (b) (c)   100,000    102,803 
UBS Group AG          
1 yr. EUR Swap + 1.950% 2.875% VRN 4/02/32 EUR (b) (c)   185,000    186,556 
1 day USD SOFR + 1.730% 3.091% VRN 5/14/32 (b)   550,000    478,380 
1 yr. EURIBOR ICE Swap + 4.950% 7.750% VRN 3/01/29 EUR (b) (c)   100,000    117,987 
US Bancorp          
3 mo. EURIBOR + 1.200% 4.009% VRN 5/21/32 EUR (c)   190,000    202,426 
1 day USD SOFR + 1.560% 5.384% VRN 1/23/30   157,000    158,297 
1 day USD SOFR + 2.090% 5.850% VRN 10/21/33   145,000    148,193 
Wells Fargo & Co. 1 day USD SOFR + 2.130%          
4.611% VRN 4/25/53   430,000    359,046 
         24,286,863 
Beverages — 0.1%          
Anheuser-Busch InBev SA          
1.150% 1/22/27 EUR (b) (c)   100,000    100,673 
1.650% 3/28/31 EUR (b) (c)   165,000    158,396 
Carlsberg Breweries AS          
0.375% 6/30/27 EUR (b) (c)   100,000    97,850 
         356,919 
Building Materials — 0.1%          
Holcim Finance Luxembourg SA          
2.250% 5/26/28 EUR (b) (c)   100,000    101,835 
Owens Corning          
5.700% 6/15/34   215,000    218,409 
5.950% 6/15/54 (d)   220,000    217,390 
         537,634 
Chemicals — 0.4%          
Braskem Netherlands Finance BV          
4.500% 1/31/30 (b)   300,000    253,961 
Celanese US Holdings LLC          
6.330% STEP 7/15/29   98,000    99,999 
6.379% STEP 7/15/32   330,000    335,204 

 

 

 

 

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

 

   Principal
Amount		   Value 
6.800% STEP 11/15/30  $117,000   $121,115 
MEGlobal BV          
2.625% 4/28/28 (b)   200,000    180,998 
2.625% 4/28/28 (b)   200,000    180,998 
Sociedad Quimica y Minera de Chile SA          
5.500% 9/10/34 (b)   320,000    303,162 
Westlake Corp.          
1.625% 7/17/29 EUR (c)   290,000    280,237 
         1,755,674 
Commercial Services — 0.5%          
Albion Financing 1 SARL/Aggreko Holdings, Inc.          
5.250% 10/15/26 EUR (b) (c)   100,000    104,505 
Autostrade per l'Italia SpA          
1.625% 1/25/28 EUR (b) (c)  100,000   99,141 
2.000% 12/04/28 EUR (b) (c)   540,000    534,238 
2.000% 1/15/30 EUR (b) (c)   625,000    603,228 
Belron UK Finance PLC          
5.750% 10/15/29 (b)   200,000    197,942 
DP World Ltd.          
5.250% 12/24/29 (b)   200,000    200,261 
Holding d'Infrastructures de Transport SASU          
1.475% 1/18/31 EUR (b) (c)   200,000    184,224 
Loxam SAS          
6.375% 5/15/28 EUR (b) (c)   100,000    107,736 
Transurban Finance Co. Pty. Ltd.          
1.750% 3/29/28 EUR (b) (c)   100,000    99,746 
3.000% 4/08/30 EUR (b) (c)   300,000    308,638 
Verisure Holding AB          
3.875% 7/15/26 EUR (b) (c)   100,000    103,197 
Wolters Kluwer NV          
1.500% 3/22/27 EUR (b) (c)   100,000    101,078 
         2,643,934 
Computers — 0.0%          
Booz Allen Hamilton, Inc.          
5.950% 8/04/33   151,000    154,361 
Distribution & Wholesale — 0.0%          
Ritchie Bros Holdings, Inc.          
7.750% 3/15/31 (b)   15,000    15,686 
Diversified Financial Services — 0.7%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
3.300% 1/30/32   570,000    496,652 
CA Auto Bank SpA          
4.750% 1/25/27 EUR (b) (c)   100,000    106,933 
Capital One Financial Corp.          
1.650% 6/12/29 EUR (c)   300,000    291,556 
3.750% 3/09/27   178,000    173,787 
1 day USD SOFR + 2.160% 4.985% VRN 7/24/26 (d)   447,000    446,647 
1 day USD SOFR + 1.905% 5.700% VRN 2/01/30   80,000    81,096 
1 day USD SOFR + 2.260% 6.051% VRN 2/01/35   220,000    223,531 
1 day USD SOFR + 3.070% 7.624% VRN 10/30/31   73,000    80,600 
Intercontinental Exchange, Inc.          
2.650% 9/15/40   110,000    76,843 

 

 

 

 

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

 

   Principal
Amount		   Value 
Jane Street Group/JSG Finance, Inc.          
6.125% 11/01/32 (b)  $95,000   $94,116 
7.125% 4/30/31 (b)   295,000    303,162 
Jerrold Finco PLC          
5.250% 1/15/27 GBP (b) (c)   100,000    123,375 
Kane Bidco Ltd.          
5.000% 2/15/27 EUR (b) (c)   225,000    232,950 
London Stock Exchange Group PLC          
1.750% 12/06/27 EUR (b) (c)   100,000    100,770 
Navient Corp.          
5.625% 8/01/33   70,000    60,571 
9.375% 7/25/30   270,000    288,466 
11.500% 3/15/31   130,000    145,382 
OneMain Finance Corp.          
9.000% 1/15/29  270,000   286,300 
         3,612,737 
Electric — 2.7%          
Alpha Generation LLC          
6.750% 10/15/32 (b)   110,000    108,831 
American Electric Power Co., Inc.          
5.200% 1/15/29   170,000    171,282 
Appalachian Power Co.          
5.650% 4/01/34   99,000    99,297 
AusNet Services Holdings Pty. Ltd.          
1.500% 2/26/27 EUR (b) (c)   100,000    100,776 
Chile Electricity Lux MPC II SARL          
5.580% 10/20/35 (b)   200,000    194,306 
Comision Federal de Electricidad          
5.700% 1/24/30 (b)   200,000    192,000 
6.450% 1/24/35 (b)   590,000    557,088 
Constellation Energy Generation LLC          
5.750% 3/15/54   680,000    661,138 
DTE Energy Co.          
4.875% 6/01/28   76,000    75,734 
5.100% 3/01/29   544,000    545,254 
Duke Energy Corp.          
3.750% 4/01/31 EUR (c)   100,000    105,276 
5.000% 8/15/52   447,000    390,092 
E.ON International Finance BV          
6.250% 6/03/30 GBP (b) (c)   305,000    401,156 
EDP SA          
2.875% 6/01/26 EUR (b) (c)   200,000    207,620 
Electricite de France SA          
6.125% 6/02/34 GBP (b) (c)   100,000    126,430 
Engie SA          
5.250% 4/10/29 (b)   200,000    200,626 
5.625% 4/10/34 (b)   220,000    220,083 
Eversource Energy          
5.850% 4/15/31   311,000    319,003 
5.950% 7/15/34   591,000    605,454 
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple          
7.250% 1/31/41 (b)   260,000    254,527 
FirstEnergy Corp.          
2.250% 9/01/30   68,000    58,317 
2.650% 3/01/30   368,000    326,210 
3.400% 3/01/50   466,000    316,431 
FirstEnergy Transmission LLC          
4.550% 1/15/30 (b)   80,000    77,882 

 

 

 

 

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

 

   Principal
Amount		   Value 
5.000% 1/15/35 (b)  $125,000   $120,768 
Indianapolis Power & Light Co.          
5.700% 4/01/54 (b)   128,000    125,686 
IPALCO Enterprises, Inc.          
5.750% 4/01/34   220,000    220,366 
Minejesa Capital BV          
5.625% 8/10/37 (b)   310,000    288,245 
National Grid Electricity Distribution East Midlands PLC          
3.530% 9/20/28 EUR (b) (c)   100,000    105,426 
NextEra Energy Capital Holdings, Inc.          
2.440% 1/15/32   369,000    307,726 
Niagara Mohawk Power Corp.          
5.664% 1/17/54 (b)  217,000   210,166 
NRG Energy, Inc.          
4.450% 6/15/29 (b)   144,000    137,532 
Orsted AS          
3.750% 3/01/30 EUR (b) (c)   400,000    425,767 
4.875% 1/12/32 GBP (b) (c)   150,000    181,560 
Pacific Gas & Electric Co.          
2.100% 8/01/27   325,000    303,191 
2.500% 2/01/31   395,000    337,756 
3.500% 8/01/50   200,000    137,007 
5.800% 5/15/34   298,000    304,711 
6.700% 4/01/53   123,000    133,122 
6.750% 1/15/53   311,000    338,844 
6.950% 3/15/34   225,000    246,425 
Palomino Funding Trust I          
7.233% 5/17/28 (b)   290,000    303,617 
RTE Reseau de Transport d'Electricite SADIR          
0.750% 1/12/34 EUR (b) (c)   200,000    165,360 
Sempra          
3.400% 2/01/28   81,000    77,429 
Southern Co.          
5.200% 6/15/33   565,000    558,531 
5.700% 3/15/34   502,000    512,363 
State Grid Overseas Investment BVI Ltd.          
1.375% 5/02/25 EUR (b) (c)   100,000    102,861 
Talen Energy Supply LLC          
8.625% 6/01/30 (b)   250,000    266,425 
Vistra Corp.          
5 yr. CMT + 6.930% 8.000% VRN (b) (e)   355,000    362,300 
5 yr. CMT + 5.045% 8.875% VRN (b) (e)   390,000    416,080 
Vistra Operations Co. LLC          
6.000% 4/15/34 (b)   141,000    142,882 
6.950% 10/15/33 (b)   162,000    174,313 
7.750% 10/15/31 (b)   105,000    110,152 
         13,431,424 
Engineering & Construction — 0.5%          
ABB Finance BV          
3.250% 1/16/27 EUR (b) (c)   100,000    105,123 
3.375% 1/16/31 EUR (b) (c)   115,000    122,193 
Avinor AS          
0.750% 10/01/30 EUR (b) (c)   140,000    127,812 
Cellnex Telecom SA          
1.750% 10/23/30 EUR (b) (c)   1,200,000    1,142,780 
Heathrow Funding Ltd.          
2.750% 10/13/31 GBP (b) (c)   225,000    253,682 

 

 

 

 

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

 

   Principal
Amount		   Value 
HTA Group Ltd.          
7.500% 6/04/29 (b)  $200,000   $203,507 
Sitios Latinoamerica SAB de CV          
5.375% 4/04/32 (b)   200,000    187,657 
Sydney Airport Finance Co. Pty. Ltd.          
4.375% 5/03/33 EUR (b) (c)   220,000    241,550 
         2,384,304 
Entertainment — 0.2%          
Caesars Entertainment, Inc.          
7.000% 2/15/30 (b)  115,000   117,133 
Cirsa Finance International SARL          
7.875% 7/31/28 EUR (b) (c)   120,000    131,455 
Inter Media & Communication SpA          
6.750% 2/09/27 EUR (b) (c)   142,461    150,168 
Motion Finco SARL          
7.375% 6/15/30 EUR (b) (c)   170,000    179,113 
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc.          
6.625% 5/01/32 (b)   190,000    192,568 
         770,437 
Food — 0.2%          
Bimbo Bakeries USA, Inc.          
6.050% 1/15/29 (b)   225,000    229,662 
6.400% 1/15/34 (b)   200,000    208,502 
Mars, Inc.          
4.750% 4/20/33 (b)   374,000    360,678 
Mondelez International, Inc.          
1.625% 3/08/27 EUR (c)   100,000    101,329 
Tesco Corporate Treasury Services PLC          
2.750% 4/27/30 GBP (b) (c)   150,000    167,054 
         1,067,225 
Forest Products & Paper — 0.0%          
Mondi Finance Europe GmbH          
2.375% 4/01/28 EUR (b) (c)   100,000    102,080 
Gas — 0.2%          
APA Infrastructure Ltd.          
0.750% 3/15/29 EUR (b) (c)   195,000    182,538 
2.000% 3/22/27 EUR (b) (c)   100,000    101,375 
3.500% 3/22/30 GBP (b) (c)   150,000    172,233 
5.125% 9/16/34 (b)   75,000    71,411 
5.750% 9/16/44 (b) (d)   100,000    97,800 
Boston Gas Co.          
6.119% 7/20/53 (b)   131,000    129,087 
NiSource, Inc.          
5.250% 3/30/28   73,000    73,632 
Snam SpA          
0.875% 10/25/26 EUR (b) (c)   185,000    185,538 
         1,013,614 
Hand & Machine Tools — 0.1%          
Regal Rexnord Corp.          
6.050% 4/15/28   370,000    376,335 

 

 

 

 

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

 

   Principal
Amount		   Value 
Stanley Black & Decker, Inc.          
2.750% 11/15/50 (d)  $215,000   $123,581 
         499,916 
Health Care - Products — 0.5%          
Becton Dickinson Euro Finance SARL          
1.213% 2/12/36 EUR (c)   100,000    82,330 
Medline Borrower LP/Medline Co-Issuer, Inc.          
6.250% 4/01/29 (b)  270,000   272,847 
Medtronic Global Holdings SCA          
0.375% 10/15/28 EUR (c)   100,000    94,653 
Revvity, Inc.          
1.900% 9/15/28   348,000    311,715 
2.250% 9/15/31   186,000    153,258 
3.300% 9/15/29   191,000    176,224 
Sartorius Finance BV          
4.375% 9/14/29 EUR (b) (c)   300,000    325,346 
4.500% 9/14/32 EUR (b) (c)   100,000    109,136 
4.875% 9/14/35 EUR (b) (c)   300,000    333,325 
Solventum Corp.          
5.400% 3/01/29 (b)   369,000    369,928 
5.900% 4/30/54 (b)   390,000    379,361 
Thermo Fisher Scientific, Inc.          
0.875% 10/01/31 EUR (c)   140,000    125,720 
         2,733,843 
Health Care - Services — 1.2%          
Centene Corp.          
2.450% 7/15/28   196,000    176,382 
2.625% 8/01/31   267,000    219,868 
3.375% 2/15/30   437,000    389,227 
4.250% 12/15/27   81,000    78,465 
4.625% 12/15/29   824,000    779,306 
Elevance Health, Inc.          
4.750% 2/15/30   155,000    153,145 
4.950% 11/01/31   210,000    206,521 
5.125% 2/15/53   187,000    166,366 
Fresenius SE & Co. KGaA          
5.000% 11/28/29 EUR (b) (c)   100,000    112,054 
HCA, Inc.          
3.500% 9/01/30   509,000    462,274 
5.450% 9/15/34   195,000    190,065 
Health Care Service Corp. A Mutual Legal Reserve Co.          
5.200% 6/15/29 (b)   165,000    165,751 
5.450% 6/15/34 (b)   215,000    214,826 
5.875% 6/15/54 (b)   435,000    421,074 
Humana, Inc.          
4.875% 4/01/30   468,000    457,913 
5.375% 4/15/31   260,000    257,825 
Icon Investments Six DAC          
5.849% 5/08/29   200,000    203,805 
6.000% 5/08/34   200,000    201,924 
IQVIA, Inc.          
6.250% 2/01/29   322,000    332,928 
Molina Healthcare, Inc.          
6.250% 1/15/33 (b)   90,000    88,951 

 

 

 

 

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

 

   Principal
Amount		   Value 
Sutter Health          
5.164% 8/15/33  $119,000   $118,106 
UnitedHealth Group, Inc.          
4.500% 4/15/33   356,000    337,764 
5.000% 4/15/34   531,000    518,176 
         6,252,716 
Holding Company - Diversified — 0.0%          
ProGroup AG          
5.375% 4/15/31 EUR (b) (c)  70,000   70,911 
Home Furnishing — 0.0%          
Electrolux AB          
4.500% 9/29/28 EUR (b) (c)   100,000    107,230 
Insurance — 1.1%          
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer          
6.500% 10/01/31 (b)   140,000    138,617 
6.750% 4/15/28 (b)   215,000    215,506 
7.000% 1/15/31 (b)   70,000    70,273 
Arthur J Gallagher & Co.          
4.850% 12/15/29   75,000    74,656 
5.000% 2/15/32   25,000    24,674 
5.750% 7/15/54   70,000    68,804 
6.750% 2/15/54   425,000    470,545 
Athene Global Funding          
0.832% 1/08/27 EUR (b) (c)   165,000    163,978 
5.526% 7/11/31 (b)   430,000    430,988 
5.684% 2/23/26 (b)   539,000    543,393 
CNO Financial Group, Inc.          
5.250% 5/30/25   185,000    185,015 
CNO Global Funding          
4.950% 9/09/29 (b)   85,000    84,242 
Corebridge Financial, Inc.          
3.850% 4/05/29   81,000    77,348 
3.900% 4/05/32   251,000    228,449 
Corebridge Global Funding          
5.200% 1/12/29 (b)   76,000    76,421 
Credit Agricole Assurances SA 5 yr. EURIBOR ICE Swap + 2.650%          
2.625% VRN 1/29/48 EUR (b) (c)   200,000    200,726 
First American Financial Corp.          
2.400% 8/15/31   460,000    378,451 
Hannover Rueck SE          
1.125% 4/18/28 EUR (b) (c)   100,000    98,865 
3 mo. EURIBOR + 2.380% 1.125% VRN 10/09/39 EUR (b) (c)   200,000    186,719 
HUB International Ltd.          
7.250% 6/15/30 (b)   295,000    302,301 
Jackson Financial, Inc.          
5.170% 6/08/27   340,000    341,463 
Jones Deslauriers Insurance Management, Inc.          
8.500% 3/15/30 (b)   187,000    196,687 
Legal & General Group PLC 5 yr. U.K. Government Bond + 4.580%          
5.375% VRN 10/27/45 GBP (b) (c)   185,000    231,283 
Metropolitan Life Global Funding I          
5.000% 1/10/30 GBP (b) (c)   100,000    125,678 
NN Group NV          
1.625% 6/01/27 EUR (b) (c)   100,000    101,590 

 

 

 

 

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

 

   Principal
Amount		   Value 
Panther Escrow Issuer LLC          
7.125% 6/01/31 (b)  $130,000   $131,299 
Sammons Financial Group Global Funding          
5.100% 12/10/29 (b)   190,000    188,599 
         5,336,570 
Internet — 0.6%          
Alibaba Group Holding Ltd.          
5.250% 5/26/35 (b)  320,000   313,378 
5.625% 11/26/54 (b)   200,000    194,122 
Match Group Holdings II LLC          
5.000% 12/15/27 (b)   128,000    123,793 
MercadoLibre, Inc.          
3.125% 1/14/31   200,000    173,299 
Meta Platforms, Inc.          
5.400% 8/15/54   110,000    106,520 
5.600% 5/15/53   565,000    564,860 
Netflix, Inc.          
3.625% 5/15/27 EUR (c)   100,000    105,774 
3.875% 11/15/29 EUR (b) (c)   125,000    134,640 
4.625% 5/15/29 EUR (c)   100,000    110,890 
Uber Technologies, Inc.          
4.300% 1/15/30   440,000    425,784 
4.500% 8/15/29 (b)   405,000    391,671 
4.800% 9/15/34   145,000    138,775 
5.350% 9/15/54   100,000    92,991 
United Group BV          
4.625% 8/15/28 EUR (b) (c)   100,000    102,679 
         2,979,176 
Investment Companies — 0.4%          
Gaci First Investment Co.          
4.875% 2/14/35 (b)   475,000    446,056 
5.125% 2/14/53 (b)   785,000    657,108 
HA Sustainable Infrastructure Capital, Inc.          
6.375% 7/01/34 (b)   880,000    856,978 
         1,960,142 
Leisure Time — 0.2%          
Carnival Corp.          
7.000% 8/15/29 (b)   95,000    98,819 
10.500% 6/01/30 (b)   255,000    272,363 
Deuce Finco PLC          
5.500% 6/15/27 GBP (b) (c)   100,000    122,323 
Harley-Davidson Financial Services, Inc.          
5.125% 4/05/26 EUR (b) (c)   210,000    222,401 
Royal Caribbean Cruises Ltd.          
6.250% 3/15/32 (b)   90,000    91,078 
6.000% 2/01/33 (b)   85,000    84,798 
         891,782 
Lodging — 0.2%          
Hilton Domestic Operating Co., Inc.          
6.125% 4/01/32 (b)   130,000    129,646 
Hyatt Hotels Corp.          
5.375% 12/15/31   265,000    263,743 

 

 

 

 

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

 

   Principal
Amount		   Value 
Las Vegas Sands Corp.          
3.500% 8/18/26  $178,000   $173,382 
MGM China Holdings Ltd.          
7.125% 6/26/31 (b)   200,000    202,179 
Wynn Macau Ltd.          
5.500% 1/15/26 (b)   200,000    198,012 
         966,962 
Machinery - Diversified — 0.1%          
AGCO Corp.          
5.800% 3/21/34  102,000   102,520 
Highland Holdings SARL          
0.318% 12/15/26 EUR (c)   122,000    120,473 
Ingersoll Rand, Inc.          
5.314% 6/15/31   196,000    198,168 
5.450% 6/15/34   162,000    163,094 
TK Elevator Midco GmbH          
4.375% 7/15/27 EUR (b) (c)   100,000    103,326 
         687,581 
Media — 0.8%          
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.250% 2/01/31 (b)   210,000    183,020 
7.375% 3/01/31 (b)   145,000    147,825 
Charter Communications Operating LLC/Charter Communications Operating Capital          
2.800% 4/01/31   502,000    423,337 
3.750% 2/15/28   209,000    199,074 
5.250% 4/01/53   50,000    40,356 
6.550% 6/01/34   96,000    98,199 
6.650% 2/01/34   471,000    484,801 
Comcast Corp.          
3.250% 11/01/39   251,000    190,197 
5.650% 6/01/54   555,000    536,504 
Cox Communications, Inc.          
5.700% 6/15/33 (b)   193,000    191,738 
5.800% 12/15/53 (b)   275,000    251,096 
CSC Holdings LLC          
11.750% 1/31/29 (b)   200,000    197,515 
Directv Financing LLC/Directv Financing Co-Obligor, Inc.          
5.875% 8/15/27 (b)   115,000    112,044 
RCS & RDS SA          
3.250% 2/05/28 EUR (b) (c)   200,000    200,007 
Sirius XM Radio LLC          
4.000% 7/15/28 (b)   90,000    82,922 
5.000% 8/01/27 (b)   71,000    69,049 
Summer BidCo BV          
10.000% 2/15/29 EUR (b) (c)   108,522    114,661 
Time Warner Cable LLC          
6.750% 6/15/39   87,000    85,268 
7.300% 7/01/38   46,000    46,797 
Videotron Ltd.          
5.700% 1/15/35 (b)   380,000    372,961 
VZ Secured Financing BV          
3.500% 1/15/32 EUR (b) (c)   100,000    95,847 

 

 

 

 

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

 

   Principal
Amount		   Value 
Ziggo BV          
2.875% 1/15/30 EUR (b) (c)  $100,000   $96,982 
         4,220,200 
Mining — 0.4%          
Anglo American Capital PLC          
3.375% 3/11/29 GBP (b) (c)   140,000    163,476 
Corp. Nacional del Cobre de Chile          
6.300% 9/08/53 (b)   420,000    409,571 
6.440% 1/26/36 (b)   270,000    275,090 
Freeport Indonesia PT          
4.763% 4/14/27 (b)  240,000   236,738 
5.315% 4/14/32 (b)   505,000    491,770 
Freeport-McMoRan, Inc.          
4.250% 3/01/30   165,000    156,805 
4.375% 8/01/28   161,000    156,599 
4.625% 8/01/30   63,000    61,065 
5.000% 9/01/27   38,000    37,989 
5.450% 3/15/43   165,000    154,166 
         2,143,269 
Miscellaneous - Manufacturing — 0.0%          
Knorr-Bremse AG          
3.250% 9/21/27 EUR (b) (c)   100,000    104,705 
Multi-National — 0.0%          
Inter American Development Bank          
1.745% STEP 7/31/33 (f) (g)   100,000    100,004 
Oil & Gas — 1.9%          
BP Capital Markets PLC          
2.213% 9/25/26 EUR (b) (c)   160,000    164,659 
Continental Resources, Inc.          
4.375% 1/15/28   81,000    78,758 
Coterra Energy, Inc.          
5.400% 2/15/35   230,000    223,029 
5.600% 3/15/34   92,000    91,178 
Diamondback Energy, Inc.          
5.150% 1/30/30   136,000    136,289 
5.400% 4/18/34   618,000    607,641 
5.750% 4/18/54   252,000    236,484 
5.900% 4/18/64   264,000    247,825 
6.250% 3/15/53   186,000    185,549 
Eni SpA          
5.500% 5/15/34 (b)   360,000    355,813 
5.950% 5/15/54 (b)   445,000    427,233 
Expand Energy Corp.          
4.750% 2/01/32   237,000    220,601 
5.375% 2/01/29   261,000    257,098 
5.375% 3/15/30   279,000    272,816 
Hilcorp Energy I LP/Hilcorp Finance Co.          
7.250% 2/15/35 (b)   60,000    56,408 
8.375% 11/01/33 (b)   179,000    182,722 
Occidental Petroleum Corp.          
5.550% 10/01/34   180,000    175,081 
6.050% 10/01/54   75,000    71,159 
6.125% 1/01/31   329,000    336,639 

 

 

 

 

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

 

   Principal
Amount		   Value 
6.200% 3/15/40  $267,000   $263,048 
6.375% 9/01/28   110,000    113,416 
6.450% 9/15/36   199,000    203,722 
6.625% 9/01/30   505,000    528,480 
7.500% 5/01/31   285,000    311,579 
8.500% 7/15/27   97,000    103,646 
8.875% 7/15/30   646,000    737,766 
Petroleos Mexicanos          
4.875% 2/21/28 EUR (b) (c)   460,000    450,751 
6.840% 1/23/30   420,000    383,644 
8.750% 6/02/29   575,000    576,005 
QatarEnergy          
3.125% 7/12/41 (b)  300,000   221,514 
Raizen Fuels Finance SA          
5.700% 1/17/35 (b)   320,000    296,240 
6.450% 3/05/34 (b)   200,000    197,683 
6.950% 3/05/54 (b)   200,000    197,275 
Sunoco LP          
7.000% 5/01/29 (b)   15,000    15,394 
7.250% 5/01/32 (b)   102,000    105,364 
Var Energi ASA          
5.500% 5/04/29 EUR (b) (c)   320,000    356,245 
Wintershall Dea Finance BV          
1.332% 9/25/28 EUR (b) (c)   400,000    383,997 
         9,772,751 
Packaging & Containers — 0.0%          
Smurfit Westrock Financing DAC          
5.418% 1/15/35 (b)   200,000    198,551 
Pharmaceuticals — 1.6%          
AbbVie, Inc.          
2.125% 11/17/28 EUR (c)   100,000    101,261 
2.625% 11/15/28 EUR (c)   225,000    231,915 
4.050% 11/21/39   230,000    196,496 
4.250% 11/21/49   277,000    225,213 
5.050% 3/15/34   1,276,000    1,260,664 
Astrazeneca Finance LLC          
5.000% 2/26/34   1,005,000    993,990 
Bayer US Finance LLC          
6.375% 11/21/30 (b)   480,000    493,807 
Becton Dickinson & Co.          
2.823% 5/20/30   433,000    387,865 
3.020% 5/24/25 GBP (c)   150,000    186,140 
3.519% 2/08/31 EUR (c)   113,000    118,954 
CVS Health Corp.          
5.050% 3/25/48   699,000    576,357 
5.300% 6/01/33   390,000    373,871 
5.625% 2/21/53   366,000    324,619 
5 yr. CMT + 2.516% 6.750% VRN 12/10/54   265,000    259,843 
5 yr. CMT + 2.886% 7.000% VRN 3/10/55   390,000    391,309 
Eli Lilly & Co.          
4.700% 2/09/34   1,020,000    988,695 
Gruenenthal GmbH          
6.750% 5/15/30 EUR (b) (c)   100,000    110,808 
Pfizer Investment Enterprises Pte. Ltd.          
4.750% 5/19/33   385,000    374,097 
5.340% 5/19/63   374,000    343,311 

 

 

 

 

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

 

   Principal
Amount		   Value 
Utah Acquisition Sub, Inc.          
3.125% 11/22/28 EUR (b) (c)  $155,000   $161,320 
         8,100,535 
Pipelines — 1.3%          
Boardwalk Pipelines LP          
3.400% 2/15/31   756,000    675,396 
Cheniere Energy Partners LP          
4.500% 10/01/29   107,000    103,595 
5.750% 8/15/34 (b)   607,000    611,030 
5.950% 6/30/33  318,000   325,534 
Cheniere Energy, Inc.          
4.625% 10/15/28   162,000    158,486 
5.650% 4/15/34   395,000    397,269 
Columbia Pipelines Holding Co. LLC          
5.681% 1/15/34 (b)   390,000    385,170 
Enbridge, Inc.          
5.625% 4/05/34   322,000    323,896 
Energy Transfer LP          
6.400% 12/01/30   264,000    278,951 
Greensaif Pipelines Bidco SARL          
5.853% 2/23/36 (b)   290,000    286,246 
Kinetik Holdings LP          
5.875% 6/15/30 (b)   90,000    88,587 
6.625% 12/15/28 (b)   41,000    41,943 
ONEOK, Inc.          
4.400% 10/15/29   190,000    184,206 
4.750% 10/15/31   260,000    251,500 
5.650% 11/01/28   76,000    77,550 
Sabine Pass Liquefaction LLC          
4.200% 3/15/28   84,000    82,013 
South Bow Canadian Infrastructure Holdings Ltd. 5 yr. CMT + 3.667%          
7.500% VRN 3/01/55 (b)   105,000    108,572 
South Bow USA Infrastructure Holdings LLC          
5.026% 10/01/29 (b)   90,000    88,434 
Targa Resources Corp.          
6.150% 3/01/29   210,000    217,970 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
4.000% 1/15/32   107,000    97,343 
4.875% 2/01/31   20,000    19,311 
5.000% 1/15/28   76,000    75,176 
5.500% 3/01/30   128,000    128,403 
6.875% 1/15/29   181,000    185,243 
Transcanada Trust 3 mo. CAD CDOR + 3.080%          
4.650% VRN 5/18/77 CAD (c)   650,000    448,572 
Venture Global Calcasieu Pass LLC          
4.125% 8/15/31 (b)   100,000    89,553 
6.250% 1/15/30 (b)   70,000    70,653 
Venture Global LNG, Inc.          
8.375% 6/01/31 (b)   65,000    67,790 
5 yr. CMT + 5.440% 9.000% VRN (b) (e)   105,000    109,782 
9.500% 2/01/29 (b)   355,000    392,370 
9.875% 2/01/32 (b)   65,000    71,323 
Western Midstream Operating LP          
4.500% 3/01/28   81,000    79,296 
6.350% 1/15/29   76,000    78,597 

 

 

 

 

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

 

   Principal
Amount		   Value 
Williams Cos., Inc.          
5.150% 3/15/34  $140,000   $136,114 
         6,735,874 
Private Equity — 0.1%          
HAT Holdings I LLC/HAT Holdings II LLC          
8.000% 6/15/27 (b)   234,000    243,809 
Real Estate — 0.2%          
Blackstone Property Partners Europe Holdings SARL          
1.750% 3/12/29 EUR (b) (c)   180,000    173,334 
Howard Hughes Corp.          
5.375% 8/01/28 (b)  140,000   135,987 
Logicor Financing SARL          
0.875% 1/14/31 EUR (b) (c)   600,000    529,669 
3.250% 11/13/28 EUR (b) (c)   170,000    175,548 
         1,014,538 
Real Estate Investment Trusts (REITS) — 0.7%          
Alexandria Real Estate Equities, Inc.          
5.250% 5/15/36   60,000    58,227 
American Homes 4 Rent LP          
5.250% 3/15/35 (d)   100,000    97,305 
American Tower Corp.          
5.450% 2/15/34   421,000    421,720 
Brixmor Operating Partnership LP          
4.050% 7/01/30   255,000    241,077 
4.125% 5/15/29   136,000    130,510 
Crown Castle, Inc.          
5.800% 3/01/34   196,000    199,678 
Equinix Europe 2 Financing Corp. LLC          
3.650% 9/03/33 EUR (c)   190,000    197,732 
Goodman US Finance Six LLC          
5.125% 10/07/34 (b) (d)   105,000    101,284 
Healthcare Realty Holdings LP          
2.050% 3/15/31   196,000    158,783 
3.625% 1/15/28   722,000    685,772 
Inmobiliaria Colonial Socimi SA          
1.625% 11/28/25 EUR (b) (c)   200,000    205,055 
Invitation Homes Operating Partnership LP          
4.875% 2/01/35   215,000    203,395 
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.          
5.750% 2/01/27   55,000    55,302 
Praemia Healthcare SACA          
0.875% 11/04/29 EUR (b) (c)   200,000    183,236 
Prologis LP          
2.250% 6/30/29 GBP (c)   150,000    169,249 
Segro Capital SARL          
1.875% 3/23/30 EUR (b) (c)   185,000    179,944 
         3,288,269 
Retail — 0.2%          
Ferguson Enterprises, Inc.          
5.000% 10/03/34   50,000    47,783 

 

 

 

 

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

 

   Principal
Amount		   Value 
Home Depot, Inc.          
4.950% 6/25/34  $425,000   $419,258 
Lowe's Cos., Inc.          
4.250% 4/01/52   96,000    74,922 
5.750% 7/01/53   128,000    125,324 
Next Group PLC          
3.625% 5/18/28 GBP (b) (c)   250,000    300,639 
Yum! Brands, Inc.          
5.375% 4/01/32   110,000    106,531 
         1,074,457 
Savings & Loans — 0.0%          
Nationwide Building Society 3 mo. EURIBOR + 0.930%          
1.500% VRN 3/08/26 EUR (b) (c)  140,000   144,690 
Semiconductors — 0.5%          
Broadcom, Inc.          
3.419% 4/15/33 (b)   382,000    334,377 
4.350% 2/15/30   485,000    471,902 
4.550% 2/15/32   185,000    178,900 
5.150% 11/15/31   315,000    317,040 
Intel Corp.          
3.250% 11/15/49   646,000    385,641 
Marvell Technology, Inc.          
2.950% 4/15/31   284,000    249,117 
Micron Technology, Inc.          
6.750% 11/01/29   251,000    267,233 
NXP BV/NXP Funding LLC/NXP USA, Inc.          
3.125% 2/15/42   79,000    54,997 
3.250% 11/30/51   129,000    82,740 
3.400% 5/01/30   191,000    175,438 
4.300% 6/18/29   116,000    112,599 
         2,629,984 
Shipbuilding — 0.0%          
Huntington Ingalls Industries, Inc.          
5.353% 1/15/30   50,000    50,099 
5.749% 1/15/35   90,000    89,757 
         139,856 
Software — 0.3%          
AppLovin Corp.          
5.375% 12/01/31   125,000    125,032 
Cadence Design Systems, Inc.          
4.300% 9/10/29   180,000    176,461 
4.700% 9/10/34   105,000    100,667 
Ellucian Holdings, Inc.          
6.500% 12/01/29 (b)   55,000    55,023 
Fiserv, Inc.          
1.625% 7/01/30 EUR (c)   100,000    95,873 
3.000% 7/01/31 GBP (c)   125,000    138,426 
4.500% 5/24/31 EUR (c)   200,000    220,709 
IPD 3 BV          
8.000% 6/15/28 EUR (b) (c)   100,000    109,282 
Oracle Corp.          
3.600% 4/01/50   269,000    188,464 

 

 

 

 

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

 

   Principal
Amount		   Value 
3.950% 3/25/51  $299,000   $221,471 
UKG, Inc.          
6.875% 2/01/31 (b)   115,000    116,671 
         1,548,079 
Telecommunications — 1.0%          
Altice Financing SA          
4.250% 8/15/29 EUR (b) (c)   100,000    78,725 
Altice France SA          
3.375% 1/15/28 EUR (b) (c)   135,000    105,579 
America Movil SAB de CV          
5.750% 6/28/30 GBP (c)  100,000   129,057 
AT&T, Inc.          
3.950% 4/30/31 EUR (c)   125,000    135,098 
Chorus Ltd.          
3.625% 9/07/29 EUR (c)   100,000    105,583 
Lorca Telecom Bondco SA          
4.000% 9/18/27 EUR (b) (c)   235,000    243,425 
Motorola Solutions, Inc.          
5.400% 4/15/34   183,000    183,074 
NBN Co. Ltd.          
4.125% 3/15/29 EUR (b) (c)   355,000    385,254 
Orange SA          
3.250% 1/15/32 GBP (b) (c)   200,000    223,791 
Rogers Communications, Inc.          
3.800% 3/15/32   251,000    225,724 
4.350% 5/01/49   34,000    26,572 
4.550% 3/15/52   625,000    499,640 
5.000% 2/15/29   436,000    433,221 
5.300% 2/15/34   489,000    476,610 
Sprint Capital Corp.          
6.875% 11/15/28   569,000    603,984 
8.750% 3/15/32   357,000    426,223 
TDC Net AS          
5.056% 5/31/28 EUR (b) (c)   100,000    107,964 
5.618% 2/06/30 EUR (b) (c)   100,000    109,985 
Tele2 AB          
2.125% 5/15/28 EUR (b) (c)   100,000    100,460 
Verizon Communications, Inc.          
2.625% 12/01/31 EUR (c)   125,000    125,150 
Vmed O2 UK Financing I PLC          
4.500% 7/15/31 GBP (b) (c)   155,000    165,423 
7.750% 4/15/32 (b)   270,000    272,124 
         5,162,666 
Toys, Games & Hobbies — 0.1%          
Mattel, Inc.          
5.875% 12/15/27 (b)   366,000    366,664 
Transportation — 0.2%          
Brambles Finance PLC          
4.250% 3/22/31 EUR (b) (c)   180,000    197,150 
Burlington Northern Santa Fe LLC          
5.500% 3/15/55   345,000    338,903 
Empresa de los Ferrocarriles del Estado          
3.068% 8/18/50 (b)   600,000    360,000 

 

 

 

 

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

 

   Principal
Amount		   Value 
Genesee & Wyoming, Inc.          
6.250% 4/15/32 (b)  $100,000   $100,603 
         996,656 
Water — 0.1%          
Severn Trent Utilities Finance PLC          
4.625% 11/30/34 GBP (b) (c)   160,000    186,930 
Veolia Environnement SA          
1.940% 1/07/30 EUR (b) (c)  200,000   196,683 
         383,613 
           
TOTAL CORPORATE DEBT
(Cost $134,814,389)		        131,147,416 
           
MUNICIPAL OBLIGATIONS — 0.1%          
California — 0.0%          
City of Los Angeles Department of Airports, CA, Revenue Bonds, Series C,          
6.582% 5/15/39   90,000    95,122 
Illinois — 0.0%          
State of Illinois, General Obligation,          
7.350% 7/01/35   90,357    96,334 
Puerto Rico — 0.1%          
Commonwealth of Puerto Rico, General Obligation, Series CW,          
0.000% 11/01/43 (h)   610,099    373,686 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $510,745)		        565,142 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.6%          
Automobile Asset-Backed Securities — 1.8%          
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C          
5.800% 12/18/28   400,000    406,964 
Bayview Opportunity Master Fund VII LLC          
Series 2024-CAR1, Class A, 30 day USD SOFR Average + 1.100% 5.669% FRN 12/26/31 (b)   224,350    225,005 
Series 2024-CAR1, Class C, 30 day USD SOFR Average + 1.500% 6.069% FRN 12/26/31 (b)   178,056    178,922 
CarMax Auto Owner Trust          
Series 2024-3, Class A4, 4.850% 1/15/30   100,000    99,690 
Series 2024-3, Class A3, 4.890% 7/16/29   240,000    240,020 
Series 2024-1, Class B, 5.170% 8/15/29   70,000    69,799 
CarMax Select Receivables Trust          
Series 2024-A, Class B, 5.350% 1/15/30   145,000    146,558 
Series 2024-A, Class A3, 5.400% 11/15/28   125,000    126,252 
Carvana Auto Receivables Trust          
Series 2024-P2, Class A4, 5.210% 6/10/30   335,000    339,186 
Series 2024-N1, Class A3, 5.600% 3/10/28 (b)   185,000    185,963 
Series 2024-N1, Class B, 5.630% 5/10/30 (b)   225,000    226,913 
Series 2024-N2, Class A3, 5.710% 7/10/28 (b)   355,000    359,317 
Enterprise Fleet Financing LLC          
Series 2024-4, Class A2, 4.690% 7/20/27 (b)   60,000    60,105 
Series 2024-4, Class A4, 4.700% 6/20/31 (b)   95,000    94,143 
Series 2024-3, Class A3, 4.980% 8/21/28 (b)   155,000    155,729 
Series 2024-3, Class A4, 5.060% 3/20/31 (b)   110,000    110,690 
Series 2024-1, Class A3, 5.160% 9/20/30 (b)   280,000    283,454 

 

 

 

 

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

 

   Principal
Amount		   Value 
Exeter Automobile Receivables Trust          
Series 2022-3A, Class C, 5.300% 9/15/27  $503,382   $504,021 
Series 2023-1A, Class D, 6.690% 6/15/29   85,000    86,283 
Ford Credit Auto Lease Trust          
Series 2024-A, Class A4, 5.050% 6/15/27   120,000    120,230 
Series 2023-A, Class C, 5.540% 12/15/26   850,000    853,094 
Ford Credit Auto Owner Trust, Series 2022-C, Class C          
5.220% 3/15/30   200,000    201,061 
Ford Credit Floorplan Master Owner Trust A          
Series 2024-3, Class A1, 4.300% 9/15/29 (b)   230,000   227,442 
Series 2024-3, Class B, 4.500% 9/15/29 (b)   155,000    154,046 
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1          
6.153% 5/20/32 (b)   275,906    278,902 
Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class A          
5.590% 4/25/29 (b)   305,000    307,970 
Octane Receivables Trust          
Series 2024-RVM1, Class A, 5.010% 1/22/46 (b)   135,000    135,055 
Series 2024-1A, Class A2, 5.680% 5/20/30 (b)   215,818    217,628 
Series 2023-1A, Class A, 5.870% 5/21/29 (b)   46,346    46,553 
Series 2023-3A, Class B, 6.480% 7/20/29 (b)   150,000    153,679 
Series 2023-3A, Class C, 6.740% 8/20/29 (b)   100,000    102,376 
Porsche Innovative Lease Owner Trust, Series 2024-2A, Class A4          
4.260% 9/20/30 (b)   230,000    228,594 
Santander Bank Auto Credit-Linked Notes          
Series 2021-1A, Class B, 1.833% 12/15/31 (b)   170    170 
Series 2023-B, Class B, 5.640% 12/15/33 (b)   213,876    215,213 
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D          
1.570% 1/15/27 (b)   735,000    716,578 
Santander Drive Auto Receivables Trust, Series 2021-4, Class D          
1.670% 10/15/27   281,907    277,337 
SBNA Auto Lease Trust          
Series 2024-C, Class A4, 4.420% 3/20/29 (b)   90,000    89,544 
Series 2024-C, Class A3, 4.560% 2/22/28 (b)   185,000    185,074 
Series 2024-A, Class A4, 5.240% 1/22/29 (b)   165,000    166,338 
Series 2024-A, Class A3, 5.390% 11/20/26 (b)   175,000    175,983 
SFS Auto Receivables Securitization Trust          
Series 2024-1A, Class A4, 4.940% 1/21/31 (b)   130,000    130,661 
Series 2024-1A, Class C, 5.510% 1/20/32 (b)   65,000    65,279 
US Bank NA, Series 2023-1, Class B          
6.789% 8/25/32 (b)   133,853    135,760 
         9,083,581 
Commercial Mortgage-Backed Securities — 1.3%          
Bank5          
Series 2024-5YR8, Class A3, 5.884% 8/15/57   345,000    353,827 
Series 2024-5YR12, Class A3, 5.902% VRN 12/15/57 (i)   205,000    210,612 
BBCMS Mortgage Trust          
Series 2024-5C27, Class A3, 6.014% 7/15/57   120,000    123,943 
Series 2019-BWAY, Class D, 1 mo. USD Term SOFR + 2.274% 6.672% FRN 11/15/34 (b)   245,000    2,450 
BMO Mortgage Trust, Series 2024-5C5, Class A3          
5.857% 2/15/57   935,000    956,038 
BX Commercial Mortgage Trust          
Series 2024-SLCT, Class A, 1 mo. USD Term SOFR + 1.323% 5.770% FRN 1/15/42 (b)   295,000    294,539 
Series 2024-GPA3, Class A, 1 mo. USD Term SOFR + 1.293% 5.800% FRN 12/15/39 (b)   420,000    419,869 

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2024-MDHS, Class A, 1 mo. USD Term SOFR + 1.641% 6.038% FRN 5/15/41 (b)  $946,812   $951,545 
Cantor Commercial Real Estate Lending, Series 2019-CF2, Class B          
3.267% 11/15/52   295,000    259,542 
COMM Mortgage Trust, Series 2015-CR23, Class AM          
3.801% 5/10/48   195,000    193,519 
CONE Trust, Series 2024-DFW1, Class A, 1 mo. USD Term SOFR + 1.642%          
6.039% FRN 8/15/41 (b)   415,000    417,074 
Credit Suisse Mortgage Trust          
Series 2020-NET, Class A, 2.257% 8/15/37 (b)   151,621   146,631 
Series 2020-NET, Class C, 3.526% 8/15/37 (b)   480,000    464,199 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class AFX          
4.248% 7/05/33 (b)   115,000    107,386 
MED Commercial Mortgage Trust, Series 2024-MOB, Class A, 1 mo. USD Term SOFR + 1.592%          
5.989% FRN 5/15/41 (b)   330,000    328,351 
SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, 1 mo. USD Term SOFR + 1.392%          
5.789% FRN 5/15/39 (b)   690,000    689,786 
TX Trust, Series 2024-HOU, Class A, 1 mo. USD Term SOFR + 1.591%          
5.989% FRN 6/15/39 (b)   190,000    189,527 
VNDO Trust, Series 2016-350P, Class D,          
3.903% VRN 1/10/35 (b) (i)   215,000    204,124 
WB Commercial Mortgage Trust, Series 2024-HQ, Class A,          
5.937% VRN 3/15/40 (b) (i)   285,000    285,901 
Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class C, 1 mo. USD Term SOFR + 1.914%          
6.313% FRN 2/15/40 (b)   324,000    320,868 
         6,919,731 
Other Asset-Backed Securities — 4.3%          
522 Funding CLO Ltd., Series 2019-5A, Class BR, 3 mo. USD Term SOFR + 1.850%          
6.506% FRN 4/15/35 (b)   465,000    465,398 
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class C          
2.370% 4/20/28 (b)   175,000    171,840 
Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2          
5.380% 1/21/31 (b)   344,473    347,664 
Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class A2          
5.190% 7/21/31 (b)   385,000    387,890 
Auxilior Term Funding LLC          
Series 2024-1A, Class A3, 5.490% 7/15/31 (b)   140,000    140,480 
Series 2024-1A, Class A2, 5.840% 3/15/27 (b)   170,000    171,227 
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A          
3.280% 9/26/33 (b)   86,423    84,744 
CCG Receivables Trust, Series 2024-1, Class A2          
4.990% 3/15/32 (b)   380,000    382,364 
CIFC Funding Ltd., Series 2018-1A, Class A1R, 3 mo. USD Term SOFR + 1.320%          
5.794% FRN 1/18/38 (b)   485,000    485,069 
Clarus Capital Funding LLC, Series 2024-1A, Class A2          
4.710% 8/20/32 (b)   190,000    189,291 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2          
4.940% 1/25/52 CAD (b) (c)   275,000    185,400 
Crossroads Asset Trust, Series 2024-A, Class A2          
5.900% 8/20/30 (b)   218,367    221,125 

 

 

 

 

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

 

   Principal
Amount		   Value 
CyrusOne Data Centers Issuer I LLC          
Series 2024-2A, Class A2, 4.500% 5/20/49 (b)  $875,000   $835,599 
Series 2024-3A, Class A2, 4.650% 5/20/49 (b)   435,000    404,017 
Dell Equipment Finance Trust          
Series 2024-2, Class A3, 4.590% 8/22/30 (b)   260,000    259,799 
Series 2024-1, Class C, 5.730% 3/22/30 (b)   100,000    100,893 
Series 2023-3, Class C, 6.170% 4/23/29 (b)   125,000    127,194 
DLLST LLC          
Series 2024-1A, Class A4, 4.930% 4/22/30 (b)   45,000    44,955 
Series 2024-1A, Class A3, 5.050% 8/20/27 (b)   190,000    190,520 
Driven Brands Funding LLC          
Series 2020-2A, Class A2, 3.237% 1/20/51 (b)   530,689   497,810 
Series 2020-1A, Class A2, 3.786% 7/20/50 (b)   256,958    245,791 
Series 2019-1A, Class A2, 4.641% 4/20/49 (b)   156,358    154,000 
Dryden 45 Senior Loan Fund, Series 2016-45A, Class A1RR, 3 mo. USD Term SOFR + 1.080%          
5.736% FRN 10/15/30 (b)   225,024    225,069 
Dryden 93 CLO Ltd., Series 2021-93A, Class BR, 3 mo. USD Term SOFR + 1.700%          
6.031% FRN 1/15/38 (b)   255,000    255,044 
Elara HGV Timeshare Issuer LLC          
Series 2023-A, Class A, 6.160% 2/25/38 (b)   148,276    151,221 
Series 2023-A, Class B, 6.530% 2/25/38 (b)   119,151    120,913 
Elmwood CLO 20 Ltd., Series 2022-7A, Class AR, 3 mo. USD Term SOFR + 1.500%          
6.148% FRN 1/17/37 (b)   305,000    305,411 
FirstKey Homes Trust, Series 2020-SFR2, Class C          
1.667% 10/19/37 (b)   340,000    330,654 
Hardee's Funding LLC          
Series 2021-1A, Class A2, 2.865% 6/20/51 (b)   289,500    259,844 
Series 2024-1A, Class A2, 7.253% 3/20/54 (b)   620,313    624,967 
Highbridge Loan Management Ltd., Series 5A-2015, Class A1R3, 3 mo. USD Term SOFR + 1.060%          
6.068% FRN 10/15/30 (b)   250,000    250,246 
HPEFS Equipment Trust          
Series 2022-1A, Class C, 1.960% 5/21/29 (b)   35,032    34,942 
Series 2022-1A, Class D, 2.400% 11/20/29 (b)   350,000    346,438 
Series 2024-2A, Class B, 5.350% 10/20/31 (b)   100,000    100,988 
Series 2024-2A, Class A3, 5.360% 10/20/31 (b)   145,000    146,326 
Series 2023-2A, Class B, 6.250% 1/21/31 (b)   100,000    101,363 
Series 2023-2A, Class C, 6.480% 1/21/31 (b)   140,000    142,265 
Series 2023-2A, Class D, 6.970% 7/21/31 (b)   100,000    100,719 
HPS Loan Management Ltd., Series 11A-17, Class BR, 3 mo. USD Term SOFR + 1.812%          
6.343% FRN 5/06/30 (b)   265,000    265,452 
Invesco US CLO Ltd., Series 2023-1A, Class AR, 3 mo. USD Term SOFR + 1.570%          
6.202% FRN 4/22/37 (b)   250,000    251,575 
Jamestown CLO XV Ltd., Series 2020-15A, Class A1R, 3 mo. USD Term SOFR + 1.370%          
6.026% FRN 7/15/35 (b)   465,000    466,048 
Jersey Mike's Funding LLC, Series 2019-1A, Class A2          
4.433% 2/15/50 (b)   59,550    58,809 
Kubota Credit Owner Trust          
Series 2023-1A, Class A4, 5.070% 2/15/29 (b)   110,000    111,036 
Series 2024-2A, Class A4, 5.190% 5/15/30 (b)   145,000    145,726 
Series 2024-2A, Class A3, 5.260% 11/15/28 (b)   275,000    279,197 

 

 

 

 

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

 

   Principal
Amount		   Value 
Madison Park Funding LX Ltd., Series 2022-60A, Class BR, 3 mo. USD Term SOFR + 1.750%          
6.376% FRN 10/25/37 (b)  $250,000   $251,853 
Madison Park Funding LXI Ltd., Series 2023-61A, Class A, 3 mo. USD Term SOFR + 1.730%          
6.347% FRN 1/20/37 (b)   275,000    276,587 
MVW LLC          
Series 2023-1A, Class A, 4.930% 10/20/40 (b)   346,184    345,402 
Series 2023-2A, Class A, 6.180% 11/20/40 (b)   157,616    161,330 
Series 2023-2A, Class B, 6.330% 11/20/40 (b)   94,861    96,474 
Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class A1R3, 3 mo. USD Term SOFR + 1.320%          
5.792% FRN 1/20/39 (b)   385,000   385,955 
Northwoods Capital XIV-B Ltd., Series 2018-14BA, Class AR, 3 mo. USD Term SOFR + 1.250%          
5.766% FRN 11/13/31 (b)   466,781    467,494 
OCP CLO Ltd., Series 2017-13A, Class AR2, 3 mo. USD Term SOFR + 1.340%          
5.900% FRN 11/26/37 (b)   250,000    250,250 
Palmer Square CLO Ltd., Series 2020-3A, Class A1R2, 3 mo. USD Term SOFR + 1.650%          
6.174% FRN 11/15/36 (b)   430,000    432,945 
Post Road Equipment Finance LLC, Series 2024-1A, Class A2          
5.590% 11/15/29 (b)   116,438    117,236 
Progress Residential Trust          
Series 2021-SFR1, Class A, 1.052% 4/17/38 (b)   287,058    276,893 
Series 2024-SFR5, Class A, 3.000% 8/09/29 (b)   475,000    431,235 
Rockford Tower CLO Ltd., Series 2019-2A, Class AR2, 3 mo. USD Term SOFR + 1.130%          
5.651% FRN 8/20/32 (b)   293,215    293,465 
RR 12 Ltd., Series 2020-12A, Class AAR3, 3 mo. USD Term SOFR + 1.250%          
5.906% FRN 1/15/36 (b)   1,155,000    1,157,214 
RR 28 Ltd., Series 2024-28RA, Class A1R, 3 mo. USD Term SOFR + 1.550%          
6.206% FRN 4/15/37 (b)   650,000    650,881 
RR 34 Ltd., Series 2024-34RA, Class A2AR, 3 mo. USD Term SOFR + 1.700%          
6.262% FRN 10/15/39 (b)   305,000    305,052 
SCF Equipment Leasing LLC, Series 2024-1A, Class A3          
5.520% 1/20/32 (b)   325,000    330,508 
SEB Funding LLC, Series 2024-1A, Class A2          
7.386% 4/30/54 (b)   740,000    759,025 
Sound Point CLO XXII Ltd., Series 2019-1A, Class BRR, 3 mo. USD Term SOFR + 1.650%          
6.141% FRN 1/20/32 (b)   250,000    250,030 
Symphony CLO XVI Ltd., Series 2015-16A, Class ARR, 3 mo. USD Term SOFR + 1.200%          
5.856% FRN 10/15/31 (b)   963,220    963,868 
Symphony CLO XXXI Ltd., Series 2022-31A, Class B, 3 mo. USD Term SOFR + 1.850%          
6.482% FRN 4/22/35 (b)   410,000    411,039 
THL Credit Wind River CLO Ltd., Series 2018-2A, Class A1R, 3 mo. USD Term SOFR + 1.200%          
5.856% FRN 7/15/30 (b)   373,004    373,489 
TIAA CLO I Ltd., Series 2016-1A, Class ARR, 3 mo. USD Term SOFR + 1.250%          
5.867% FRN 7/20/31 (b)   505,064    505,774 

 

 

 

 

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

 

   Principal
Amount		   Value 
Tricon Residential Trust          
Series 2024-SFR4, Class A, 4.300% 11/17/41 (b)  $145,000   $139,260 
Series 2024-SFR3, Class A, 4.500% 8/17/41 (b)   210,000    204,298 
Series 2024-SFR2, Class A, 4.750% 6/17/40 (b)   564,649    557,253 
Verdant Receivables LLC, Series 2024-1A, Class A2          
5.680% 12/12/31 (b)   130,000    131,562 
Verizon Master Trust, Series 2023-1, Class C          
4.980% 1/22/29   250,000    244,743 
         21,938,438 
Real Estate Investment Trusts (REITS) — 0.3%          
SBA Tower Trust          
1.840% 4/15/27 (b)   635,000   587,451 
2.593% 10/15/56 (b)   515,000    423,703 
4.831% 10/15/29 (b)   400,000    390,716 
         1,401,870 
Student Loans Asset-Backed Securities — 0.2%          
Navient Private Education Refi Loan Trust, Series 2020-CA, Class B          
2.830% 11/15/68 (b)   470,000    387,300 
SMB Private Education Loan Trust          
Series 2020-B, Class A1A, 1.290% 7/15/53 (b)   117,059    108,538 
Series 2021-A, Class B, 2.310% 1/15/53 (b)   466,131    448,168 
Series 2018-A, Class A2A, 3.500% 2/15/36 (b)   273,296    268,238 
         1,212,244 
Whole Loan Collateral Collateralized Mortgage Obligations — 0.7%          
Angel Oak Mortgage Trust          
Series 2022-1, Class A1, 2.881% STEP 12/25/66 (b)   258,617    236,111 
Series 2020-5, Class M1, 2.970% VRN 5/25/65 (b) (i)   275,000    238,273 
BINOM Securitization Trust, Series 2021-INV1, Class A1,          
2.034% VRN 6/25/56 (b) (i)   220,853    197,013 
Chase Home Lending Mortgage Trust, Series 2024-RPL4, Class A1B,          
3.375% VRN 12/25/64 (b) (i)   58,673    51,605 
Citigroup Mortgage Loan Trust, Series 2022-INV1, Class A4B,          
3.000% VRN 11/27/51 (b) (i)   195,735    161,986 
Flagstar Mortgage Trust          
Series 2018-6RR, Class 2A4, 4.000% VRN 9/25/48 (b) (i)   9,839    9,466 
Series 2020-1INV, Class A11, 1 mo. USD Term SOFR + 0.964% 5.303% FRN 3/25/50 (b)   74,254    71,154 
Galton Funding Mortgage Trust, Series 2018-1, Class A23,          
3.500% VRN 11/25/57 (b) (i)   16,708    15,101 
GS Mortgage-Backed Securities Trust, Series 2020-INV1, Class A14,          
2.912% VRN 10/25/50 (b) (i)   208,421    175,424 
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class A1,          
1.073% VRN 9/25/56 (b) (i)   168,437    138,226 
JP Morgan Mortgage Trust          
Series 2020-LTV1, Class B1A, 3.256% VRN 6/25/50 (b) (i)   341,824    279,136 
Series 2019-INV3, Class A3, 3.500% VRN 5/25/50 (b) (i)   88,187    77,478 
Series 2020-LTV1, Class A3, 3.500% VRN 6/25/50 (b) (i)   9,536    9,333 
Series 2020-INV1, Class A3, 3.500% VRN 8/25/50 (b) (i)   78,880    69,154 
Series 2020-5, Class B2, 3.570% VRN 12/25/50 (b) (i)   318,976    272,271 
Series 2020-INV1, Class A11, 1 mo. USD Term SOFR + 0.944% 5.283% FRN 8/25/50 (b)   49,957    47,870 
MFA Trust, Series 2020-NQM3, Class M1,          
2.654% VRN 1/26/65 (b) (i)   170,000    148,449 

 

 

 

 

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

 

   Principal
Amount		   Value 
OBX Trust          
Series 2020-EXP1, Class 1A8, 3.500% VRN 2/25/60 (b) (i)  $217,817   $187,985 
Series 2019-INV2, Class A25, 4.000% VRN 5/27/49 (b) (i)   88,636    80,975 
Sequoia Mortgage Trust          
Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (b) (i)   24,809    22,486 
Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (b) (i)   30,840    28,659 
Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (b) (i)   4,238    4,114 
SG Residential Mortgage Trust, Series 2019-3, Class A1,          
2.703% VRN 9/25/59 (b) (i)   1,825    1,816 
Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 1 mo. USD Term SOFR + 1.114%          
5.453% FRN 10/25/59 (b)   68,679    70,095 
Verus Securitization Trust          
Series 2021-5, Class A2, 1.218% VRN 9/25/66 (b) (i)   229,511   192,199 
Series 2022-1, Class A1, 2.724% STEP 1/25/67 (b)   634,599    573,679 
         3,360,058 
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.0%          
JP Morgan Mortgage Trust          
Series 2019-INV3, Class A15, 3.500% VRN 5/25/50 (b) (i)   75,917    66,508 
Series 2020-LTV1, Class A15, 3.500% VRN 6/25/50 (b) (i)   4,076    3,992 
Sequoia Mortgage Trust          
Series 2018-CH1, Class A19, 4.000% VRN 3/25/48 (b) (i)   46,377    42,244 
Series 2018-CH2, Class A21, 4.000% VRN 6/25/48 (b) (i)   17,394    15,891 
         128,635 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $45,039,699)		        44,044,557 
           
SOVEREIGN DEBT OBLIGATIONS — 16.7%          
Albania Government International Bond          
3.500% 6/16/27 EUR (b) (c)   105,000    107,121 
5.900% 6/09/28 EUR (b) (c)   410,000    440,625 
Australia Government Bond          
3.000% 3/21/47 AUD (b) (c)   705,000    328,243 
4.500% 4/21/33 AUD (b) (c)   2,920,000    1,833,758 
Bonos de la Tesoreria de la Republica en pesos          
5.800% 10/01/34 CLP (b) (c)   575,000,000    748,677 
Brazil Notas do Tesouro Nacional Series F          
10.000% 1/01/31 BRL (c)   2,975,000    561,125 
10.000% 1/01/35 BRL (c)   6,230,000    334,875 
Bulgaria Government International Bond          
4.500% 1/27/33 EUR (b) (c)   450,000    505,975 
Bundesrepublik Deutschland Bundesanleihe          
0.000% 8/15/52 EUR (b) (c)   96,210    49,570 
2.500% 8/15/54 EUR (b) (c)   785,000    796,472 
Canadian Government Bond          
4.000% 3/01/29 CAD (c)   3,344,000    2,421,582 
Canadian Government Real Return Bond          
4.000% 12/01/31 CAD (c)   3,075,063    2,523,158 
Chile Government International Bond          
4.125% 7/05/34 EUR (c)   170,000    181,324 
China Development Bank          
3.480% 1/08/29 CNY (c)   9,000,000    1,326,439 
China Government Bond          
2.280% 3/25/31 CNY (c)   4,000,000    570,224 

 

 

 

 

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

 

   Principal
Amount		   Value 
2.470% 7/25/54 CNY (c)  $4,500,000   $679,317 
2.670% 5/25/33 CNY (c)   26,600,000    3,913,947 
2.690% 8/15/32 CNY (c)   3,500,000    514,857 
3.320% 4/15/52 CNY (c)   12,000,000    2,083,360 
4.000% 6/24/69 CNY (c)   1,000,000    215,803 
Colombia TES          
6.000% 4/28/28 COP (c)   1,597,700,000    318,765 
7.000% 3/26/31 COP (c)   2,833,500,000    525,127 
7.250% 10/18/34 COP (c)   1,070,600,000    180,264 
13.250% 2/09/33 COP (c)   1,945,100,000    476,652 
Cyprus Government International Bond          
0.950% 1/20/32 EUR (b) (c)   610,000    556,139 
2.750% 5/03/49 EUR (b) (c)   99,000    88,813 
Czech Republic Government Bond          
1.500% 4/24/40 CZK (c)  58,560,000   1,636,840 
4.900% 4/14/34 CZK (c)   19,580,000    849,420 
Deutsche Bundesrepublik Inflation-Linked Bond          
0.500% 4/15/30 EUR (b) (c)   2,381,041    2,472,049 
Egypt Government International Bond          
6.375% 4/11/31 EUR (b) (c)   376,000    342,695 
Estonia Government International Bond          
3.250% 1/17/34 EUR (b) (c)   850,000    889,668 
French Republic Government Bond OAT          
1.250% 5/25/36 EUR (b) (c)   1,666,000    1,401,565 
2.500% 5/25/30 EUR (b) (c)   1,285,000    1,317,189 
2.750% 2/25/30 EUR (b) (c)   1,347,000    1,397,200 
4.000% 4/25/55 EUR (b) (c)   686,000    746,014 
Hellenic Republic Government Bond          
0.750% 6/18/31 EUR (b) (c)   585,000    530,452 
Hungary Government Bond          
2.250% 4/20/33 HUF (c)   55,800,000    102,672 
Hungary Government International Bond          
5.000% 2/22/27 EUR (b) (c)   247,000    264,887 
Iceland Government International Bond          
0.000% 4/15/28 EUR (b) (c)   346,000    329,315 
3.500% 3/21/34 EUR (b) (c)   209,000    225,692 
India Government Bond          
6.540% 1/17/32 INR (c)   55,500,000    638,536 
7.260% 8/22/32 INR (c)   86,730,000    1,038,719 
Indonesia Government International Bond          
3.750% 6/14/28 EUR (b) (c)   1,280,000    1,341,528 
Indonesia Treasury Bond          
5.500% 4/15/26 IDR (c)   9,880,000,000    601,505 
6.375% 8/15/28 IDR (c)   3,627,000,000    220,743 
6.375% 4/15/32 IDR (c)   5,431,000,000    324,089 
6.875% 4/15/29 IDR (c)   5,003,000,000    309,073 
7.000% 2/15/33 IDR (c)   26,988,000,000    1,670,540 
Ireland Government Bond          
1.500% 5/15/50 EUR (b) (c)   36,000    27,926 
2.000% 2/18/45 EUR (b) (c)   157,000    139,793 
Israel Government International Bond          
1.500% 1/18/27 EUR (b) (c)   530,000    527,610 
Italy Buoni Poliennali Del Tesoro          
1.300% 5/15/28 EUR (b) (c)   1,070,122    1,119,648 
2.800% 3/01/67 EUR (b) (c)   592,000    470,126 
4.500% 10/01/53 EUR (b) (c)   571,000    631,244 
Ivory Coast Government International Bond          
5.875% 10/17/31 EUR (b) (c)   485,000    470,139 

 

 

 

 

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

 

   Principal
Amount		   Value 
Japan Government Forty Year Bond          
1.300% 3/20/63 JPY (c)  $56,050,000   $251,836 
Japan Government Ten Year Bond          
0.400% 3/20/25 JPY (c)   283,500,000    1,802,710 
Japan Government Thirty Year Bond          
1.000% 3/20/52 JPY (c)   326,750,000    1,575,095 
1.300% 6/20/52 JPY (c)   204,250,000    1,059,875 
1.400% 9/20/52 JPY (c)   165,500,000    877,983 
1.700% 9/20/44 JPY (c)   286,250,000    1,767,402 
2.200% 6/20/54 JPY (c)   40,400,000    254,232 
Japanese Government CPI-Linked Bond          
0.005% 3/10/31 JPY (c)   189,295,200    1,269,226 
0.005% 3/10/32 JPY (c)  73,960,686   493,792 
0.005% 3/10/33 JPY (c)   77,829,434    516,406 
0.005% 3/10/34 JPY (c)   359,501,106    2,371,618 
0.100% 3/10/25 JPY (c)   274,947,000    1,756,152 
Latvia Government International Bond          
0.375% 10/07/26 EUR (b) (c)   2,114,000    2,099,961 
3.875% 5/22/29 EUR (b) (c)   350,000    377,028 
Lithuania Government International Bond          
3.500% 2/13/34 EUR (b) (c)   344,000    363,863 
3.875% 6/14/33 EUR (b) (c)   766,000    837,947 
Magyar Export-Import Bank Zrt          
6.000% 5/16/29 EUR (b) (c)   120,000    134,127 
Malaysia Government Bond          
3.906% 7/15/26 MYR (c)   4,060,000    914,694 
4.065% 6/15/50 MYR (c)   2,009,000    442,440 
4.642% 11/07/33 MYR (c)   3,307,000    783,045 
4.736% 3/15/46 MYR (c)   6,340,000    1,538,688 
4.921% 7/06/48 MYR (c)   3,455,000    861,968 
Mexican Bonos          
7.500% 5/26/33 MXN (c)   10,756,000    435,832 
8.500% 5/31/29 MXN (c)   23,710,000    1,075,643 
8.500% 11/18/38 MXN (c)   6,805,000    278,026 
Montenegro Government International Bond          
7.250% 3/12/31 (b)   400,000    410,624 
Morocco Government International Bond          
1.375% 3/30/26 EUR (b) (c)   380,000    381,814 
New South Wales Treasury Corp.          
4.000% 5/20/26 AUD (b) (c)   680,000    420,642 
4.000% 5/20/26 AUD (b) (c)   860,000    531,988 
North Macedonia Government International Bond          
6.960% 3/13/27 EUR (b) (c)   150,000    161,773 
Peru Government Bond          
5.400% 8/12/34 PEN (c)   2,119,000    513,766 
Peruvian Government International Bond          
2.783% 1/23/31   390,000    332,475 
5.375% 2/08/35   230,000    220,800 
5.400% 8/12/34 PEN (b) (c)   304,000    73,172 
Philippines Government International Bond          
0.250% 4/28/25 EUR (c)   125,000    128,007 
Province of Ontario          
3.500% 6/02/43 CAD (c)   76,000    48,161 
3.500% 6/02/43 CAD (c)   62,000    39,289 
Republic of Austria Government Bond          
0.750% 3/20/51 EUR (b) (c)   938,000    579,764 
3.150% 10/20/53 EUR (b) (c)   260,000    272,637 

 

 

 

 

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

 

   Principal
Amount		   Value 
Republic of Poland Government Bond          
5.000% 10/25/34 PLN (c)  $4,929,000   $1,119,028 
Republic of Poland Government International Bond          
3.625% 1/11/34 EUR (b) (c)   480,000    507,530 
3.875% 10/22/39 EUR (b) (c)   650,000    677,261 
Republic of South Africa Government Bond          
8.875% 2/28/35 ZAR (c)   24,127,000    1,163,663 
Serbia International Bond          
1.000% 9/23/28 EUR (b) (c)   705,000    655,427 
3.125% 5/15/27 EUR (b) (c)   480,000    489,654 
Singapore Government Bond          
0.500% 11/01/25 SGD (c)   900,000    646,377 
2.375% 6/01/25 SGD (c)   480,000    350,567 
2.875% 7/01/29 SGD (c)  835,000   612,843 
Slovenia Government Bond          
0.000% 2/12/31 EUR (b) (c)   155,000    136,795 
1.500% 3/25/35 EUR (b) (c)   328,000    294,402 
2.250% 3/03/32 EUR (b) (c)   170,000    170,133 
Spain Government Bond          
0.000% 1/31/28 EUR (c)   1,480,000    1,425,532 
1.900% 10/31/52 EUR (b) (c)   485,000    351,536 
Sri Lanka Government Bond          
11.400% 1/15/27 LKR (c)   31,000,000    109,322 
11.500% 8/01/26 LKR (c)   28,000,000    98,479 
20.000% 9/15/27 LKR (c)   40,000,000    168,674 
Sweden Bond Inflation-Linked          
0.125% 6/01/32 SEK (b) (c)   4,385,000    508,675 
UK Gilts          
0.625% 10/22/50 GBP (b) (c)   87,000    40,586 
3.250% 1/22/44 GBP (b) (c)   1,248,000    1,217,021 
4.250% 12/07/46 GBP (b) (c)   1,605,000    1,783,625 
         85,100,720 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $93,472,798)		        85,100,720 
           
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (j) — 18.5%          
Collateralized Mortgage Obligations — 0.1%          
Federal Home Loan Mortgage Corp. REMICS
Series 5293, Class KI 2.000% 2/25/51		   993,430    131,501 
Federal National Mortgage Association Interest STRIPS
Series 435, Class C24 2.000% 4/25/52		   282,421    35,089 
Government National Mortgage Association REMICS          
Series 2020-181, Class WI, 2.000% 12/20/50   1,076,046    125,576 
Series 2022-63, Class LM, 3.500% 10/20/50   260,000    211,517 
         503,683 
Pass-Through Securities — 18.4%          
Federal Home Loan Mortgage Corp.          
Pool #SB0869 1.500% 2/01/36   168,291    145,436 
Pool #RC1756 1.500% 2/01/36   196,482    169,798 
Pool #QN7552 2.000% 8/01/36   242,591    214,881 
Pool #RB5114 2.000% 6/01/41   138,054    115,320 
Pool #RB5148 2.000% 3/01/42   544,826    452,010 
Pool #RA3046 2.000% 7/01/50   23,375    18,385 
Pool #SD8128 2.000% 2/01/51   1,426,834    1,115,987 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #SD8140 2.000% 4/01/51  $477,358   $372,616 
Pool #RA5258 2.000% 5/01/51   748,436    584,214 
Pool #SD8146 2.000% 5/01/51   465,129    363,070 
Pool #QC2565 2.000% 6/01/51   28,032    21,881 
Pool #RA6505 2.000% 12/01/51   586,649    459,209 
Pool #QD9658 2.000% 2/01/52   32,293    25,106 
Pool #SD1217 2.000% 3/01/52   212,697    167,755 
Pool #SD8204 2.000% 4/01/52   200,853    156,279 
Pool #SD3580 2.000% 4/01/52   238,559    188,302 
Pool #RA7324 2.000% 5/01/52   133,822    105,462 
Pool #RB5149 2.500% 3/01/42   575,075    493,039 
Pool #SD8089 2.500% 7/01/50   129,822    106,556 
Pool #SD8099 2.500% 10/01/50   136,744    112,237 
Pool #QC3425 2.500% 6/01/51   196,478    159,915 
Pool #QC2902 2.500% 6/01/51   31,973    26,573 
Pool #QC5575 2.500% 8/01/51   71,367    58,109 
Pool #SD8161 2.500% 8/01/51   810,686    663,626 
Pool #SD7548 2.500% 11/01/51   456,018    377,286 
Pool #RA6623 2.500% 1/01/52   955,846    787,532 
Pool #SD8200 2.500% 3/01/52   603,942    492,310 
Pool #SD5421 2.500% 4/01/52   185,352    152,019 
Pool #RA7135 2.500% 4/01/52   360,462    295,975 
Pool #SD8212 2.500% 5/01/52   210,282    171,413 
Pool #RB5163 3.000% 5/01/42   249,740    221,031 
Pool #RB5162 3.000% 6/01/42   103,269    91,398 
Pool #RB5166 3.000% 7/01/42   58,661    51,918 
Pool #RB5173 3.000% 8/01/42   49,215    43,511 
Pool #SD1497 3.000% 4/01/43   257,721    229,044 
Pool #ZS4693 3.000% 12/01/46   60,870    52,751 
Pool #G08756 3.000% 4/01/47   25,954    22,506 
Pool #SD0080 3.000% 9/01/49   109,787    95,211 
Pool #SD7531 3.000% 12/01/50   136,063    117,488 
Pool #SD1183 3.000% 1/01/52   226,737    194,508 
Pool #SD7555 3.000% 8/01/52   784,037    675,778 
Pool #SD2879 3.000% 8/01/52   312,743    269,560 
Pool #SB0015 3.500% 6/01/33   99,725    95,351 
Pool #U90690 3.500% 6/01/42   38,507    35,098 
Pool #U99051 3.500% 6/01/43   39,221    35,754 
Pool #ZT0179 3.500% 11/01/47   235,776    212,722 
Pool #RA1202 3.500% 8/01/49   92,493    83,073 
Pool #SD0212 3.500% 12/01/49   122,671    110,101 
Pool #SD1361 3.500% 2/01/50   289,436    263,224 
Pool #SD0617 3.500% 11/01/50   88,359    79,277 
Pool #SB8171 4.000% 6/01/37   50,430    48,598 
Pool #SB0727 4.000% 8/01/37   176,624    170,044 
Pool #RA1906 4.000% 12/01/49   165,131    152,555 
Pool #SD8039 4.000% 1/01/50   202,683    187,121 
Pool #SD1035 4.000% 5/01/52   197,991    180,995 
Pool #SD0422 4.500% 7/01/45   95,360    92,793 
Pool #RA2607 4.500% 5/01/50   44,397    42,270 
Pool #ZS3941 5.000% 12/01/41   30,132    30,053 
Pool #QF1305 5.000% 10/01/52   67,839    65,617 
Pool #SD3041 5.000% 5/01/53   102,259    98,846 
Pool #SD5732 5.000% 4/01/54   522,105    505,659 
Pool #SD6382 5.000% 7/01/54   172,771    166,668 
Pool #SD6907 5.000% 12/01/54   663,829    641,404 
Pool #SD3630 5.500% 8/01/53   1,027,401    1,018,782 
Pool #QH3273 5.500% 10/01/53   35,892    35,429 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #SD4967 5.500% 2/01/54  $280,013   $277,651 
Pool #QI6767 5.500% 5/01/54   95,897    94,729 
Pool #SD5565 5.500% 5/01/54   345,275    342,470 
Pool #QJ3040 5.500% 9/01/54   222,960    221,358 
Pool #QI9074 6.000% 6/01/54   73,262    73,743 
Pool #RJ1859 6.000% 6/01/54   323,182    326,954 
Pool #RJ1975 6.000% 7/01/54   159,008    160,864 
Pool #SD4694 6.500% 1/01/54   121,713    125,208 
Pool #SD5958 6.500% 8/01/54   238,920    245,875 
Pool #SD6628 6.500% 8/01/54   324,150    333,409 
Pool #QJ5819 6.500% 9/01/54   128,922    132,137 
Pool #SD5620 7.000% 6/01/54   138,209    143,994 
Federal National Mortgage Association          
Pool #MA4581 1.500% 4/01/37   563,072    483,611 
Pool #MA4519 1.500% 1/01/42   516,567    414,382 
Pool #BP3454 2.000% 5/01/36   412,175    365,480 
Pool #BT6754 2.000% 9/01/36   351,247    310,795 
Pool #FM8732 2.000% 9/01/36   247,591    220,624 
Pool #MA4567 2.000% 3/01/37   1,723,390    1,525,455 
Pool #MA4602 2.000% 5/01/37   349,218    308,782 
Pool #FS7471 2.000% 3/01/38   426,085    377,148 
Pool #MA4570 2.000% 3/01/42   186,400    154,645 
Pool #MA4586 2.000% 4/01/42   878,612    728,933 
Pool #FS2763 2.000% 8/01/42   42,489    35,251 
Pool #FS5191 2.000% 8/01/42   49,218    40,834 
Pool #CA6587 2.000% 8/01/50   101,362    79,723 
Pool #MA4158 2.000% 10/01/50   242,964    190,336 
Pool #MA4208 2.000% 12/01/50   2,174,027    1,700,398 
Pool #MA4237 2.000% 1/01/51   505,055    395,025 
Pool #MA4255 2.000% 2/01/51   1,526,436    1,193,890 
Pool #MA4281 2.000% 3/01/51   973,317    761,272 
Pool #MA4305 2.000% 4/01/51   1,542,835    1,204,305 
Pool #MA4325 2.000% 5/01/51   3,054,058    2,383,935 
Pool #CB2357 2.000% 12/01/51   1,043,399    816,738 
Pool #MA4511 2.000% 1/01/52   344,090    267,729 
Pool #CB2766 2.000% 2/01/52   324,996    254,396 
Pool #CB2848 2.000% 2/01/52   523,248    409,581 
Pool #FS0733 2.000% 2/01/52   456,396    359,676 
Pool #MA4547 2.000% 2/01/52   452,556    352,125 
Pool #FS1618 2.000% 3/01/52   241,074    189,985 
Pool #MA4562 2.000% 3/01/52   696,532    541,957 
Pool #FS1571 2.000% 4/01/52   23,363    18,178 
Pool #MA4622 2.000% 6/01/52   635,294    494,111 
Pool #BM3859 2.500% 8/01/31   63,844    60,531 
Pool #BC9043 2.500% 11/01/31   187,848    177,888 
Pool #BM1890 2.500% 1/01/32   43,823    41,723 
Pool #FS4477 2.500% 5/01/37   588,674    537,521 
Pool #FS7780 2.500% 5/01/37   249,278    227,617 
Pool #CB4726 2.500% 9/01/37   112,137    101,902 
Pool #FS4054 2.500% 2/01/38   41,199    37,413 
Pool #MA4078 2.500% 7/01/50   25,116    20,615 
Pool #CA7026 2.500% 9/01/50   1,196,409    993,585 
Pool #MA4326 2.500% 5/01/51   810,039    663,096 
Pool #BT0163 2.500% 6/01/51   42,675    35,467 
Pool #MA4379 2.500% 7/01/51   499,676    409,033 
Pool #CB1331 2.500% 8/01/51   632,639    519,063 
Pool #CB1280 2.500% 8/01/51   56,213    46,122 
Pool #CB1866 2.500% 10/01/51   996,060    818,797 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #CB2045 2.500% 11/01/51  $40,549   $33,510 
Pool #CB2635 2.500% 1/01/52   1,068,864    875,638 
Pool #CB2538 2.500% 1/01/52   947,438    780,604 
Pool #CB2638 2.500% 1/01/52   1,120,993    919,745 
Pool #MA4512 2.500% 1/01/52   27,344    22,315 
Pool #FS5037 2.500% 2/01/52   253,718    207,455 
Pool #CB2804 2.500% 2/01/52   643,211    529,948 
Pool #FS2573 2.500% 3/01/52   73,915    61,107 
Pool #FS4283 2.500% 3/01/52   52,903    43,406 
Pool #MA4598 2.500% 5/01/52   428,757    349,372 
Pool #FS2477 2.500% 5/01/52   800,168    657,766 
Pool #MA4623 2.500% 6/01/52   244,188    198,976 
Pool #AS7056 3.000% 4/01/31   137,917    132,606 
Pool #BM5111 3.000% 11/01/33   69,249    66,091 
Pool #CA4885 3.000% 12/01/34   270,469    254,415 
Pool #BO7256 3.000% 1/01/35   139,561    131,146 
Pool #FM2547 3.000% 2/01/35   83,356    78,330 
Pool #FM8540 3.000% 11/01/35   139,833    133,793 
Pool #AL9412 3.000% 11/01/36   166,123    152,425 
Pool #FS7636 3.000% 4/01/37   202,931    194,255 
Pool #CA5597 3.000% 4/01/40   283,184    256,295 
Pool #MA4632 3.000% 6/01/42   26,589    23,533 
Pool #MA4695 3.000% 7/01/42   157,449    139,202 
Pool #BM4221 3.000% 1/01/43   106,763    94,550 
Pool #BM5468 3.000% 2/01/43   158,219    140,144 
Pool #AB9248 3.000% 5/01/43   39,122    34,673 
Pool #AU1629 3.000% 7/01/43   11,434    10,110 
Pool #AS0406 3.000% 9/01/43   63,802    56,494 
Pool #BM5469 3.000% 3/01/44   291,593    258,115 
Pool #BM3380 3.000% 6/01/46   261,127    229,737 
Pool #MA2806 3.000% 11/01/46   176,115    152,623 
Pool #AS8295 3.000% 11/01/46   224,454    196,197 
Pool #FM1000 3.000% 4/01/47   147,069    127,451 
Pool #MA2956 3.000% 4/01/47   114,749    99,371 
Pool #BM4744 3.000% 6/01/47   100,266    87,643 
Pool #FM5499 3.000% 2/01/49   137,012    118,735 
Pool #FM1445 3.000% 8/01/49   98,469    85,488 
Pool #CA4108 3.000% 9/01/49   624,066    540,821 
Pool #CA5540 3.000% 4/01/50   11,685    10,075 
Pool #CA6314 3.000% 7/01/50   172,330    147,027 
Pool #BQ1348 3.000% 8/01/50   96,092    82,554 
Pool #CA6738 3.000% 8/01/50   191,726    164,713 
Pool #BQ5052 3.000% 9/01/50   6,536    5,619 
Pool #FM7072 3.000% 4/01/51   572,131    492,953 
Pool #FS1538 3.000% 4/01/52   858,210    733,541 
Pool #FM3462 3.500% 12/01/33   212,318    203,961 
Pool #AS4449 3.500% 2/01/35   75,132    70,814 
Pool #FM3340 3.500% 5/01/35   5,769    5,534 
Pool #FM8137 3.500% 9/01/35   60,873    58,477 
Pool #MA1283 3.500% 12/01/42   33,834    30,760 
Pool #MA1373 3.500% 3/01/43   51,384    46,668 
Pool #MA1437 3.500% 5/01/43   46,829    42,483 
Pool #MA1546 3.500% 8/01/43   115,397    104,661 
Pool #AL6167 3.500% 1/01/44   455,793    414,056 
Pool #AS5182 3.500% 6/01/45   291,613    263,373 
Pool #BC1747 3.500% 1/01/46   719,223    648,897 
Pool #FS1400 3.500% 7/01/47   20,204    18,548 
Pool #BM4582 3.500% 8/01/47   86,938    78,519 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #BM3122 3.500% 10/01/47  $276,332   $249,312 
Pool #CA0858 3.500% 12/01/47   40,295    36,166 
Pool #MA3238 3.500% 1/01/48   174,684    156,784 
Pool #BH9277 3.500% 2/01/48   306,808    275,179 
Pool #FM1001 3.500% 11/01/48   36,602    32,886 
Pool #FM3972 3.500% 7/01/50   214,010    190,142 
Pool #FM8086 3.500% 7/01/51   98,108    86,737 
Pool #MA4514 3.500% 1/01/52   425,220    378,061 
Pool #BV3533 3.500% 2/01/52   34,090    30,278 
Pool #FS1694 4.000% 7/01/35   90,209    87,525 
Pool #FS1883 4.000% 6/01/37   104,964    101,152 
Pool #BF0198 4.000% 11/01/40   80,039    76,577 
Pool #MA0639 4.000% 2/01/41   262,908    248,465 
Pool #FS1042 4.000% 9/01/45   422,383    398,469 
Pool #FM2673 4.000% 10/01/45   653,961    616,147 
Pool #AL8387 4.000% 3/01/46   467,586    435,922 
Pool #FS2119 4.000% 3/01/46   76,373    72,005 
Pool #MA3088 4.000% 8/01/47   25,231    23,396 
Pool #MA3121 4.000% 9/01/47   232,799    215,871 
Pool #MA3467 4.000% 9/01/48   3,248    3,006 
Pool #BM5527 4.000% 10/01/48   84,357    78,355 
Pool #BM5147 4.000% 10/01/48   19,764    18,414 
Pool #FM3664 4.000% 3/01/49   308,116    284,940 
Pool #CA3503 4.000% 5/01/49   43,176    39,915 
Pool #CA4571 4.000% 11/01/49   66,096    61,042 
Pool #CA4823 4.000% 12/01/49   82,619    76,301 
Pool #FS1792 4.000% 5/01/52   182,278    167,315 
Pool #CB4379 4.000% 8/01/52   194,457    177,871 
Pool #MA4804 4.000% 11/01/52   29,548    27,009 
Pool #MA4839 4.000% 12/01/52   164,341    150,220 
Pool #AL0065 4.500% 4/01/41   152,234    147,875 
Pool #AI1888 4.500% 5/01/41   171,321    166,356 
Pool #AL0160 4.500% 5/01/41   214,759    208,726 
Pool #AL6536 4.500% 3/01/45   235,327    226,991 
Pool #BM4185 4.500% 9/01/46   124,458    119,971 
Pool #FM2899 4.500% 11/01/46   270,606    263,156 
Pool #FM5708 4.500% 5/01/47   136,990    133,001 
Pool #BM3148 4.500% 11/01/47   116,534    111,824 
Pool #BM4343 4.500% 5/01/48   111,489    106,948 
Pool #CA2207 4.500% 8/01/48   25,996    24,783 
Pool #CA5186 4.500% 1/01/50   24,059    22,914 
Pool #CA5696 4.500% 5/01/50   57,417    54,647 
Pool #FS4297 4.500% 2/01/51   187,965    179,192 
Pool #MA4656 4.500% 7/01/52   592,675    558,901 
Pool #MA4805 4.500% 11/01/52   188,309    177,461 
Pool #FS5865 4.500% 1/01/53   486,351    458,332 
Pool #AD6438 5.000% 6/01/40   36,910    36,816 
Pool #FM8543 5.000% 11/01/44   160,034    159,558 
Pool #AL9893 5.000% 2/01/45   210,296    209,435 
Pool #FM4212 5.000% 12/01/47   307,973    308,020 
Pool #FS1510 5.000% 10/01/48   241,280    240,910 
Pool #FS2620 5.000% 8/01/52   40,310    39,066 
Pool #BW7752 5.000% 10/01/52   86,453    83,622 
Pool #BY0545 5.000% 5/01/53   365,167    352,466 
Pool #BY4131 5.000% 7/01/53   145,337    140,304 
Pool #MA5071 5.000% 7/01/53   612,953    591,922 
Pool #FS7303 5.000% 7/01/53   207,668    200,543 
Pool #CB7095 5.000% 9/01/53   302,379    292,854 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #BM3279 5.500% 5/01/44  $472,503   $483,200 
Pool #CB5294 5.500% 11/01/52   683,873    678,531 
Pool #MA4941 5.500% 3/01/53   232,302    229,543 
Pool #FS5115 5.500% 6/01/53   9,163    9,060 
Pool #DA0007 5.500% 9/01/53   232,672    230,055 
Pool #FA0048 5.500% 9/01/53   14,477    14,378 
Pool #CB7333 5.500% 10/01/53   282,487    280,192 
Pool #CB7985 5.500% 2/01/54   230,044    228,103 
Pool #CB7982 5.500% 2/01/54   199,708    197,836 
Pool #CB8483 5.500% 5/01/54   26,097    25,885 
Pool #CB8485 5.500% 5/01/54   274,289    272,233 
Pool #BM4971 6.000% 7/01/41   143,633    148,962 
Pool #FS3820 6.000% 1/01/53   638,618    648,866 
Pool #CB5702 6.000% 2/01/53   722,523    734,118 
Pool #FS5460 6.000% 5/01/53   125,518    127,532 
Pool #CB7120 6.000% 9/01/53   229,597    232,134 
Pool #MA5247 6.000% 1/01/54   1,433,570    1,440,895 
Pool #CB8772 6.000% 6/01/54   355,737    357,666 
Pool #FS8793 6.000% 8/01/54   112,505    113,266 
Pool #CB9011 6.000% 8/01/54   533,120    539,259 
Pool #CB7346 6.500% 10/01/53   84,179    86,597 
Pool #CB7523 6.500% 11/01/53   174,866    179,397 
Pool #FS6347 6.500% 11/01/53   618,490    636,252 
Pool #CB7866 6.500% 1/01/54   204,887    210,707 
Pool #MA5273 6.500% 2/01/54   473,099    483,323 
Pool #CB8226 6.500% 3/01/54   9,413    9,682 
Pool #CB8505 6.500% 5/01/54   465,691    479,393 
Pool #MA5499 6.500% 10/01/54   221,605    226,273 
Pool #CB8198 7.000% 3/01/54   138,935    144,794 
Government National Mortgage Association
Pool #AA5821 3.000% 11/15/42		   32,897    29,201 
Government National Mortgage Association II          
Pool #MA7736 1.500% 12/20/36   55,328    47,658 
Pool #MA7796 1.500% 1/20/37   74,489    64,163 
Pool #MA8015 1.500% 5/20/37   130,616    112,510 
Pool #MA7135 2.000% 1/20/51   1,725,106    1,378,887 
Pool #MA7192 2.000% 2/20/51   192,069    153,581 
Pool #MA7254 2.000% 3/20/51   445,451    356,191 
Pool #MA7471 2.000% 7/20/51   1,113,410    890,303 
Pool #MA7826 2.000% 1/20/52   425,391    339,884 
Pool #MA7935 2.000% 3/20/52   700,991    560,087 
Pool #MA6819 2.500% 8/20/50   269,094    225,267 
Pool #MA7312 2.500% 4/20/51   330,589    276,126 
Pool #MA7589 2.500% 9/20/51   1,336,523    1,115,501 
Pool #MA7649 2.500% 10/20/51   2,104,596    1,756,557 
Pool #MA7705 2.500% 11/20/51   531,224    443,209 
Pool #MA7936 2.500% 3/20/52   882,569    736,342 
Pool #MA2600 3.000% 2/20/45   64,448    56,637 
Pool #MA2891 3.000% 6/20/45   526,620    462,788 
Pool #MA3662 3.000% 5/20/46   83,773    73,593 
Pool #MA3802 3.000% 7/20/46   40,031    35,166 
Pool #MA3873 3.000% 8/20/46   233,386    205,024 
Pool #MA4195 3.000% 1/20/47   283,293    248,778 
Pool #MA6144 3.000% 9/20/49   11,161    9,515 
Pool #MA6209 3.000% 10/20/49   70,562    60,157 
Pool #MA6399 3.000% 1/20/50   37,459    31,760 
Pool #MA6531 3.000% 3/20/50   116,722    98,963 
Pool #MA6589 3.000% 4/20/50   54,260    46,004 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #MA6757 3.000% 7/20/50  $93,034   $78,879 
Pool #MA7473 3.000% 7/20/51   660,976    573,474 
Pool #MA7650 3.000% 10/20/51   1,155,883    1,002,864 
Pool #MA8098 3.000% 6/20/52   170,368    147,655 
Pool #MA0318 3.500% 8/20/42   131,348    120,679 
Pool #MA0852 3.500% 3/20/43   93,617    85,880 
Pool #783802 3.500% 4/20/43   14,115    12,908 
Pool #MA1012 3.500% 5/20/43   279,069    254,780 
Pool #MA1090 3.500% 6/20/43   110,374    101,178 
Pool #785587 3.500% 12/20/44   187,789    171,918 
Pool #AL1773 3.500% 1/20/45   132,167    119,525 
Pool #MA3173 3.500% 10/20/45   180,889    164,039 
Pool #MA3310 3.500% 12/20/45   59,527    53,963 
Pool #MA3597 3.500% 4/20/46   87,990    79,738 
Pool #MA3663 3.500% 5/20/46   67,885    61,519 
Pool #MA3736 3.500% 6/20/46   183,527    166,316 
Pool #MA3803 3.500% 7/20/46   13,230    11,990 
Pool #MA3937 3.500% 9/20/46   87,594    79,380 
Pool #786092 3.500% 1/20/47   122,827    111,386 
Pool #MA4586 3.500% 7/20/47   30,090    27,202 
Pool #784346 3.500% 7/20/47   20,237    18,320 
Pool #MA4719 3.500% 9/20/47   10,518    9,509 
Pool #BC1919 3.500% 9/20/47   41,192    37,033 
Pool #MA4900 3.500% 12/20/47   144,456    130,503 
Pool #784793 3.500% 12/20/47   5,398    4,863 
Pool #784472 3.500% 2/20/48   238,911    215,834 
Pool #785087 3.500% 2/20/48   481,234    436,105 
Pool #785327 3.500% 10/20/49   54,112    48,788 
Pool #MA3245 4.000% 11/20/45   128,322    119,823 
Pool #MA4511 4.000% 6/20/47   78,584    73,183 
Pool #MA4720 4.000% 9/20/47   278,988    259,551 
Pool #MA4838 4.000% 11/20/47   68,977    64,171 
Pool #MA6934 4.000% 10/20/50   657,633    610,172 
Pool #MA8346 4.000% 10/20/52   997,668    920,367 
Pool #5234 4.500% 11/20/41   110,341    107,425 
Pool #MA2894 4.500% 6/20/45   116,990    113,032 
Pool #MA2963 4.500% 7/20/45   45,465    43,927 
Pool #MA3312 4.500% 12/20/45   2,203    2,129 
Pool #MA4588 4.500% 7/20/47   206,289    198,472 
Pool #MA4654 4.500% 8/20/47   32,580    31,346 
Pool #MA5079 4.500% 3/20/48   49,018    47,084 
Pool #MA5265 4.500% 6/20/48   169    162 
Pool #MA5399 4.500% 8/20/48   41,206    39,349 
Pool #MA5711 4.500% 1/20/49   66,821    63,767 
Pool #786255 4.500% 9/20/49   63,382    60,723 
Pool #MA8347 4.500% 10/20/52   717,594    679,917 
Pool #MA4781 5.000% 10/20/47   228,370    227,164 
Pool #MA5194 5.000% 5/20/48   44,723    44,152 
Pool #BF2644 5.000% 5/20/48   4,471    4,398 
Pool #BF2878 5.000% 6/20/48   15,101    14,856 
Pool #MA5266 5.000% 6/20/48   313,403    309,006 
Pool #MA5988 5.000% 6/20/49   127,127    124,947 
Pool #MA6042 5.000% 7/20/49   182,677    179,772 
Pool #MA5081 5.500% 3/20/48   34,757    35,302 
Pool #MA5140 5.500% 4/20/48   26,256    26,669 
Pool #MA5195 5.500% 5/20/48   77,829    79,317 
Pool #MA5469 5.500% 9/20/48   307    312 
Pool #MA5531 5.500% 10/20/48   7,156    7,264 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #MA5598 5.500% 11/20/48  $35,562   $36,097 
Pool #MA5654 5.500% 12/20/48   95,149    96,581 
Pool #MA5713 5.500% 1/20/49   24,269    24,543 
Pool #MA5820 5.500% 3/20/49   25,840    26,261 
Pool #MA8271 6.000% 9/20/52   161,558    162,732 
Pool #MA8350 6.000% 10/20/52   96,072    96,800 
Pool #MA8430 6.000% 11/20/52   176,308    177,645 
Government National Mortgage Association II, TBA          
5.000% 1/20/55 (k)   730,000    708,012 
5.500% 1/20/55 (k)   1,775,000    1,759,112 
6.000% 1/20/55 (k)   330,000    332,037 
Uniform Mortgage-Backed Security, TBA
3.500% 1/01/55 (k)		   850,000    751,055 
         93,492,724 
Whole Loans — 0.0%          
Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C06, Class 1M2B, 30 day USD SOFR Average + 2.764%          
7.333% FRN 2/25/30   76,340    76,775 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $100,864,043)		        94,073,182 
           
U.S. TREASURY OBLIGATIONS — 24.0%          
U.S. Treasury Bonds & Notes — 24.0%          
U.S. Treasury Bonds          
1.125% 5/15/40   420,000    252,885 
3.375% 8/15/42   9,575,000    7,903,735 
3.875% 2/15/43   3,020,000    2,665,830 
4.000% 11/15/42   8,030,000    7,227,089 
4.250% 2/15/54   3,605,000    3,288,662 
4.250% 8/15/54 (d)   6,730,000    6,157,482 
4.500% 2/15/44   4,390,000    4,194,508 
4.500% 11/15/54   6,000,000    5,730,019 
U.S. Treasury Notes          
0.625% 8/15/30   835,000    678,385 
1.500% 1/31/27 (l)   22,645,000    21,417,055 
3.125% 8/31/27   2,660,000    2,583,827 
3.625% 8/31/29   1,775,000    1,719,226 
3.875% 11/30/27   1,100,000    1,087,901 
3.875% 8/15/34   1,725,000    1,632,335 
4.000% 7/31/29   2,290,000    2,254,636 
4.000% 10/31/29 (d)   710,000    698,261 
4.125% 9/30/27   5,655,000    5,634,554 
4.125% 10/31/27   1,400,000    1,394,691 
4.125% 10/31/29   7,585,000    7,500,231 
4.375% 12/31/29   2,535,000    2,534,195 
4.375% 5/15/34   16,715,000    16,469,221 
4.500% 11/15/33   345,000    343,644 
4.625% 9/15/26   3,728,400    3,750,863 
4.625% 10/15/26   11,900,000    11,974,520 

 

 

 

 

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

 

   Principal
Amount		   Value 
4.625% 9/30/28  $3,140,000   $3,169,931 
         122,263,686 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $126,079,914)		        122,263,686 
           
TOTAL BONDS & NOTES
(Cost $508,740,487)		        485,174,559 
           
TOTAL PURCHASED OPTIONS(#) — 0.2%
(Cost $975,526)		        1,080,873 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $509,716,013)		        486,255,432 
           
    Number of
Shares		      
           
SHORT-TERM INVESTMENTS — 5.0%          
Investment of Cash Collateral from Securities Loaned — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (m)   301,980   301,980 
Mutual Fund — 1.4%          
T. Rowe Price Government Reserve Investment Fund, 2.481% (p)   7,127,968    7,127,968 
           
    Principal
Amount		      
Repurchase Agreement — 0.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (n)  $1,572,736    1,572,736 
Sovereign Debt Obligations — 1.3%          
Canadian Treasury Bills          
3.440% 3/12/25 CAD (c) (o)   6,285,000    4,345,524 
3.451% 2/27/25 CAD (c) (o)   2,000,000    1,384,368 
Egypt Treasury Bills          
28.499% 3/11/25 EGP (c) (o)   1,900,000    35,519 
28.500% 3/11/25 EGP (c) (o)   1,950,000    36,453 
28.600% 3/04/25 EGP (c) (o)   6,675,000    125,450 
29.000% 3/18/25 EGP (c) (o)   11,000,000    204,555 
31.400% 3/18/25 EGP (c) (o)   19,000,000    353,324 
         6,485,193 
U.S. Treasury Bills — 1.9%          
U.S. Treasury Bills          
4.519% 1/30/25 (o)   6,974,000    6,951,124 
4.541% 2/27/25 (o)   2,780,000    2,761,735 
         9,712,859 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $25,377,721)		        25,200,736 
           
TOTAL INVESTMENTS — 100.5%
(Cost $535,093,734) (q)		        511,456,168 
           
Other Assets/(Liabilities) — (0.5)%        (2,729,889) 
           
NET ASSETS — 100.0%       $508,726,279 

 

Abbreviation Legend

CDOR Canadian Dollar Offered Rate
CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
EURIBOR Euro Inter-Bank Offered Rate
FRN Floating Rate Note^
ICE Inter-Continental Exchange
OAT Obligations Assimilables du Tresor
REMICS Real Estate Mortgage Investment Conduits
SOFR Secured Overnight Financing Rate
SONIA Sterling Overnight Index Average
STEP Step Coupon Bond
STRIPS Separate Trading of Registered Interest and Principal of Securities
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 bank loan commitments at December 31, 2024, where the rate will be determined at time of settlement.
(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, 2024, the aggregate market value of these securities amounted to $128,928,550 or 25.34% of net assets.
(c) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $7,827,405 or 1.54% of net assets. The Fund received $7,716,384 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).
(e) Security is perpetual and has no stated maturity date.
(f) Investment is valued using significant unobservable inputs.
(g) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $100,004 or 0.02% of net assets.
(h) 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, 2024, these securities amounted to a value of $373,686 or 0.07% 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, 2024.
(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) All or a portion of this security is pledged/held as collateral for open derivatives.
(m) Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2).
(n) Maturity value of $1,572,976. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $1,604,393.
(o) The rate shown represents yield-to-maturity.
(p) Rate disclosed is the 7-day net yield as of December 31, 2024.
(q) See Note 3 for aggregate cost for federal tax purposes.
^ Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

 

 

 

(#) OTC Options Purchased
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid/(Received)   Unrealized Appreciation (Depreciation) 
Call       
USD Call SGD Put  Bank of America N.A.   2/06/25    1.36    1,365,000   USD   1,365,000   $9,517   $8,190   $1,327
USD Call GBP Put  Bank of America N.A.   12/16/25    1.27    3,450,000   USD   3,450,000    131,121    108,561    22,560
USD Call CAD Put  Bank of America N.A.   12/16/25    1.40    3,450,000   USD   3,450,000    101,223    79,264    21,959
USD Call SGD Put  HSBC Bank USA   2/06/25    1.36    688,000   USD   688,000    4,797    4,851    (54)
USD Call PLN Put  HSBC Bank USA   2/27/25    4.26    683,000   USD   683,000    5,113    8,389    (3,276)
USD Call CNH Put  HSBC Bank USA   5/08/25    7.30    1,025,000   USD   1,025,000    16,534    11,501    5,033
USD Call SGD Put  Morgan Stanley & Co. LLC   2/06/25    1.36    1,380,000   USD   1,380,000    9,621    5,782    3,839
USD Call CNH Put  Morgan Stanley & Co. LLC   2/06/25    7.25    1,361,000   USD   1,361,000    20,745    10,948    9,797
USD Call CNH Put  Morgan Stanley & Co. LLC   5/08/25    7.30    2,041,000   USD   2,041,000    32,923    14,613    18,310 
                             $331,594   $252,099   $79,495
Put       
USD Put GBP Call  Bank of America N.A.   12/16/25    1.27    3,450,000   USD   3,450,000   $83,973   $108,561   $(24,588)
USD Put CAD Call  Bank of America N.A.   12/16/25    1.40    3,450,000   USD   3,450,000    68,172    79,160    (10,988) 
                             $152,145   $187,721   $(35,576)
                             $483,739   $439,820   $43,919

 

(#) Credit Default Index Swaptions Purchased
            Paid by Fund   Received by Fund                  
Description  Counterparty  Expiration Date  Exercise Rate  Rate/
Reference
Obligation
Index		  Frequency  Rate/
Reference
Obligation
Index		  Frequency  Notional
Amount		  Value   Premiums
Paid/(Received)		   Unrealized Appreciation (Depreciation) 
Put                                       
Sell Protection on 5-Year Credit Default Swap,
12/20/29		  Morgan Stanley & Co. LLC  2/19/25  0.65  Fixed 1.000%  Quarterly  iTraxx Europe Series 42†  Quarterly  EUR  6,600,000  $7,495   $5,595   $1,900 
Sell Protection on 5-Year Credit Default Swap,
12/20/29		  Morgan Stanley & Co. LLC  2/19/25  3.25  Fixed 5.000%  Quarterly  iTraxx Crossover Europe Series 42†  Quarterly  EUR  1,975,000   15,890    12,713    3,177
                              $23,385   $18,308   $5,077

 

(#) Interest Rate Swaptions Purchased
         Paid by Fund  Received by Fund               
Description  Counterparty  Expiration Date  Rate  Frequency  Rate  Frequency  Notional
Amount		  Value   Premium
Paid/
(Received)		   Unrealized Appreciation (Depreciation) 
Call                                    
10-Year Interest Rate Swap, 12/18/36  Citibank N.A.  12/16/26  6-Month EURIBOR  Semi-Annually  2.27%##  Annually  EUR  3,290,000  $97,967   $121,995   $(24,028) 
10-Year Interest Rate Swap, 12/18/36  Citibank N.A.  12/16/26  6-Month EURIBOR  Semi-Annually  2.28%##  Annually  EUR  3,290,000   98,894    120,585    (21,691)
                            196,861    242,580    (45,719)
Put                                    
10-Year Interest Rate Swap, 12/18/36  Citibank N.A.  12/16/26  2.27%##  Annually  6-Month EURIBOR  Semi-Annually  EUR  3,290,000  $144,881   $121,995   $22,886 
10-Year Interest Rate Swap, 12/18/36  Citibank N.A.  12/16/26  2.28%##  Annually  6-Month EURIBOR  Semi-Annually  EUR  3,290,000   143,778    120,584    23,194 
30-Year Interest Rate Swap, 3/17/2055  Morgan Stanley & Co. LLC  3/13/25  4.00%##  Annually  12-Month USD SOFR  Annually  USD  3,980,000   88,229    32,238    55,991
                            376,888    274,817    102,071
                           $573,749   $517,397   $56,352

 

 

 

Credit Default Index Swaptions Written
            Paid by Fund   Received by Fund                  
Description  Counterparty  Expiration Date  Exercise Rate  Rate/
Reference
Obligation
Index		  Frequency  Rate/
Reference
Obligation
Index		  Frequency  Notional
Amount		  Value   Premiums
Paid/(Received)		   Unrealized Appreciation (Depreciation) 
Call                                       
Buy Protection on 5-Year Credit Default Swap,
12/20/29		  Morgan Stanley & Co. LLC  2/19/25  0.53%  iTraxx Europe Series 42†  Quarterly  Fixed 1.000%  Quarterly  EUR  6,600,000  $(2,213)   $(6,811)   $4,598 
Buy Protection on 5-Year Credit Default Swap,
12/20/29		  Morgan Stanley & Co. LLC  2/19/25  2.88%  iTraxx Crossover Europe Series 42†  Quarterly  Fixed 5.000%  Quarterly  EUR  1,975,000   (2,045)    (7,669)    5,624
                              $(4,258)   $(14,480)   $10,222

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  1/16/25  TRY  19,444,000   USD  514,460   $28,303 
Bank of America N.A.  1/16/25  USD  206,256   TRY  7,863,000    (13,233) 
Bank of America N.A.  1/17/25  HUF  282,274,000   USD  751,448    (41,274) 
Bank of America N.A.  1/17/25  USD  1,368,569   RON  6,318,000    53,751 
Bank of America N.A.  1/17/25  USD  686,366   ZAR  12,659,000    16,434 
Bank of America N.A.  1/24/25  JPY  98,825,000   USD  657,062    (27,715) 
Bank of America N.A.  1/24/25  CZK  16,339,000   USD  700,350    (28,521) 
Bank of America N.A.  1/24/25  NZD  17,000   USD  10,188    (675) 
Bank of America N.A.  1/24/25  USD  16,084,712   EUR  15,218,400    307,581 
Bank of America N.A.  1/24/25  CAD  1,204,372   USD  851,738    (13,223) 
Bank of America N.A.  1/24/25  EUR  637,000   USD  663,069    (2,682) 
Bank of America N.A.  1/24/25  USD  203,429   AUD  313,000    9,694 
Bank of America N.A.  1/24/25  USD  76,951   NOK  869,000    615 
Bank of America N.A.  2/14/25  PLN  1,398,000   USD  345,766    (7,787) 
Bank of America N.A.  2/14/25  USD  1,018,081   PLN  4,147,000    15,508 
Bank of America N.A.  3/07/25  THB  23,427,000   USD  691,062    (1,082) 
Bank of America N.A.  3/07/25  MYR  2,992,000   USD  678,320    (7,658) 
Bank of America N.A.  3/07/25  USD  2,414,245   MYR  10,737,735    7,365 
Bank of America N.A.  3/14/25  USD  355,789   CNH  2,596,000    1,429 
Barclays Bank PLC  1/16/25  USD  178,745   TRY  6,467,000    (1,775) 
Barclays Bank PLC  1/16/25  TRY  4,700,000   USD  123,369    7,827 

 

 

 

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Barclays Bank PLC  1/17/25  USD  1,105,279   ZAR  19,511,464    72,704 
Barclays Bank PLC  1/17/25  ZAR  18,608,964   USD  1,035,705    (50,892) 
Barclays Bank PLC  1/17/25  USD  68,374   IDR  1,087,138,796    862 
Barclays Bank PLC  1/24/25  CHF  8,000   USD  9,313    (480) 
Barclays Bank PLC  1/24/25  NZD  97,000   USD  57,845    (3,568) 
Barclays Bank PLC  1/24/25  JPY  222,753,565   USD  1,468,365    (49,803) 
Barclays Bank PLC  1/24/25  USD  9,432,560   JPY  1,397,009,234    535,984 
Barclays Bank PLC  1/24/25  USD  24,499   CHF  21,000    1,313 
Barclays Bank PLC  1/24/25  USD  112,202   CZK  2,682,469    1,904 
Barclays Bank PLC  1/24/25  USD  18,106   AUD  28,942    192 
Barclays Bank PLC  2/21/25  GBP  776,000   USD  980,805    (9,704) 
Barclays Bank PLC  2/21/25  USD  67,634   EUR  64,000    1,203 
Barclays Bank PLC  2/21/25  USD  7,928,258   GBP  6,287,250    60,278 
Barclays Bank PLC  2/28/25  USD  38,234   SEK  417,000    429 
Barclays Bank PLC  3/07/25  USD  57,685   COP  255,298,271    232 
Barclays Bank PLC  3/14/25  USD  3,431,668   CNH  24,233,466    123,743 
BNP Paribas SA  1/17/25  PEN  293,000   USD  78,835    (894) 
BNP Paribas SA  1/17/25  HUF  198,823,697   USD  540,637    (40,417) 
BNP Paribas SA  1/17/25  USD  364,904   ZAR  6,485,657    21,674 
BNP Paribas SA  1/17/25  ZAR  4,268,042   USD  235,205    (9,334) 
BNP Paribas SA  1/17/25  USD  168,179   INR  14,303,249    1,361 
BNP Paribas SA  1/17/25  USD  994,828   PEN  3,753,000    (3,520) 
BNP Paribas SA  1/24/25  CAD  20,000   USD  14,517    (592) 
BNP Paribas SA  1/24/25  USD  6,994,801   CAD  9,636,826    285,393 
BNP Paribas SA  1/24/25  USD  17,586   AUD  26,718    1,048 
BNP Paribas SA  1/24/25  USD  372,726   JPY  56,251,629    14,499 
BNP Paribas SA  1/24/25  USD  303,502   CZK  7,250,728    5,365 
BNP Paribas SA  2/14/25  USD  702,292   PLN  2,840,768    15,512 
BNP Paribas SA  2/14/25  PLN  2,728,000   USD  674,396    (14,879) 
BNP Paribas SA  2/21/25  GBP  41,069   USD  52,382    (987) 
BNP Paribas SA  2/21/25  EUR  368,454   USD  389,671    (7,225) 
BNP Paribas SA  2/21/25  USD  16,936,238   EUR  16,007,606    320,737 
BNP Paribas SA  3/07/25  USD  1,134,848   THB  39,206,542    (19,876) 
BNP Paribas SA  3/14/25  CNH  6,484,583   USD  925,021    (39,860) 
BNP Paribas SA  3/14/25  USD  2,040,210   CNH  14,511,000    59,424 
Citibank N.A.  1/16/25  USD  339,860   EGP  17,428,000    (1,084) 
Citibank N.A.  1/17/25  USD  1,467,713   IDR  22,730,906,896    56,100 
Citibank N.A.  1/17/25  USD  511,658   ZAR  9,052,832    32,569 
Citibank N.A.  1/17/25  USD  646,245   HUF  253,483,000    8,506 
Citibank N.A.  1/17/25  RON  6,318,000   USD  1,341,800    (26,982) 
Citibank N.A.  1/17/25  USD  702,691   PEN  2,632,000    2,544 
Citibank N.A.  1/24/25  AUD  2,143,183   USD  1,428,812    (102,264) 
Citibank N.A.  1/24/25  JPY  1,574,000   USD  10,255    (232) 
Citibank N.A.  1/24/25  MXN  27,777,123   USD  1,339,752    (12,503) 
Citibank N.A.  1/24/25  USD  43,332   JPY  6,465,000    2,161 
Citibank N.A.  1/24/25  USD  2,085,338   CAD  2,894,290    70,258 
Citibank N.A.  1/24/25  USD  630,027   CZK  15,032,052    11,937 
Citibank N.A.  1/24/25  USD  1,725,999   CHF  1,535,000    31,199 
Citibank N.A.  1/24/25  USD  318,220   MXN  6,547,000    5,390 
Citibank N.A.  1/24/25  USD  134,256   AUD  215,000    1,179 
Citibank N.A.  2/14/25  USD  327,611   PLN  1,342,914    2,950 
Citibank N.A.  2/21/25  EUR  37,002   USD  39,052    (645) 
Citibank N.A.  2/21/25  USD  30,479   GBP  24,000    445 
Citibank N.A.  2/28/25  USD  589,333   SEK  6,453,170    4,286 
Citibank N.A.  3/04/25  EGP  2,595,000   USD  49,665    124 
Citibank N.A.  3/07/25  USD  1,633,494   COP  7,250,947,921    1,732 
Citibank N.A.  3/12/25  EGP  8,701,000   USD  155,542    10,907 
Citibank N.A.  3/21/25  EUR  329,000   USD  343,516    (1,553) 
Deutsche Bank AG  1/17/25  USD  92,966   INR  7,844,779    1,473 
Deutsche Bank AG  1/24/25  JPY  3,941,000   USD  26,647    (1,550) 
Deutsche Bank AG  1/24/25  NOK  9,843,000   USD  902,626    (37,986) 
Deutsche Bank AG  1/24/25  AUD  104,000   USD  68,451    (4,079) 
Deutsche Bank AG  1/24/25  USD  26,785   AUD  40,000    2,026 
Deutsche Bank AG  1/24/25  USD  650,153   NOK  7,227,000    15,311 
Deutsche Bank AG  1/24/25  USD  45,075   CAD  64,000    517 
Deutsche Bank AG  1/24/25  USD  85,106   NZD  145,000    3,971 
Deutsche Bank AG  1/24/25  USD  89,946   JPY  14,028,000    611 
Deutsche Bank AG  2/21/25  EUR  1,643,536   USD  1,731,079    (25,128) 
Deutsche Bank AG  2/21/25  USD  8,343,313   EUR  7,879,569    164,514 
Deutsche Bank AG  2/28/25  USD  41,655   SEK  456,275    289 
Deutsche Bank AG  3/21/25  USD  16,141,163   EUR  15,218,610    322,901 

 

 

 

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Goldman Sachs International  1/17/25  USD  76,121   INR  6,414,053    1,315 
Goldman Sachs International  1/17/25  USD  1,254,096   IDR  19,092,713,458    68,419 
Goldman Sachs International  1/17/25  USD  2,070,265   TWD  66,056,000    52,970 
Goldman Sachs International  1/24/25  USD  38,751   CAD  54,000    1,154 
Goldman Sachs International  1/24/25  USD  35,063   AUD  55,000    1,020 
Goldman Sachs International  2/21/25  USD  27,633   GBP  22,000    102 
Goldman Sachs International  2/21/25  EUR  147,000   USD  155,136    (2,554) 
Goldman Sachs International  2/21/25  GBP  771,300   USD  975,639    (10,421) 
Goldman Sachs International  2/28/25  USD  30,259   SEK  332,000    160 
Goldman Sachs International  3/06/25  USD  997,988   BRL  5,954,155    45,125 
Goldman Sachs International  3/07/25  USD  1,022,007   THB  35,346,552    (19,032) 
Goldman Sachs International  3/14/25  CNH  9,559,000   USD  1,379,744    (74,918) 
Goldman Sachs International  3/21/25  USD  129,265   EUR  121,977    2,482 
HSBC Bank USA  1/17/25  USD  615,143   IDR  9,431,678,028    29,426 
HSBC Bank USA  1/24/25  CAD  43,000   USD  30,955    (1,017) 
HSBC Bank USA  1/24/25  JPY  158,885,000   USD  1,056,357    (44,529) 
HSBC Bank USA  1/24/25  USD  3,059,960   MXN  60,514,678    168,441 
HSBC Bank USA  1/24/25  USD  19,388   AUD  30,000    819 
HSBC Bank USA  1/24/25  NZD  21,000   USD  12,295    (545) 
HSBC Bank USA  1/24/25  USD  58,467   CAD  84,000    (16) 
HSBC Bank USA  2/07/25  USD  629,920   CLP  611,722,000    15,052 
HSBC Bank USA  2/21/25  GBP  606,623   USD  769,280    (10,141) 
HSBC Bank USA  2/21/25  USD  60,623   EUR  58,000    421 
HSBC Bank USA  3/06/25  BRL  3,402,048   USD  555,470    (11,029) 
HSBC Bank USA  3/07/25  USD  2,889,598   MYR  12,834,915    12,632 
HSBC Bank USA  3/14/25  USD  2,416,225   CNH  17,154,498    74,596 
JP Morgan Chase Bank N.A.  1/17/25  ZAR  2,139,356   USD  118,081    (4,864) 
JP Morgan Chase Bank N.A.  1/24/25  AUD  289,517   USD  190,745    (11,545) 
JP Morgan Chase Bank N.A.  1/24/25  JPY  127,418,000   USD  853,091    (41,655) 
JP Morgan Chase Bank N.A.  1/24/25  USD  7,949   CHF  7,000    221 
JP Morgan Chase Bank N.A.  1/24/25  USD  109,521   CZK  2,619,507    1,812 
JP Morgan Chase Bank N.A.  1/24/25  CAD  207,272   USD  148,644    (4,335) 
JP Morgan Chase Bank N.A.  1/24/25  USD  1,583,796   EUR  1,501,229    27,451 
JP Morgan Chase Bank N.A.  1/24/25  USD  46,392   JPY  7,089,000    1,247 
JP Morgan Chase Bank N.A.  1/24/25  USD  15,826   NOK  176,000    365 
JP Morgan Chase Bank N.A.  1/24/25  USD  25,682   AUD  41,058    268 
JP Morgan Chase Bank N.A.  2/14/25  USD  116,828   PLN  475,848    1,788 
JP Morgan Chase Bank N.A.  2/21/25  USD  970,304   EUR  896,000    40,278 
JP Morgan Chase Bank N.A.  2/21/25  USD  68,606   GBP  54,000    1,030 
JP Morgan Chase Bank N.A.  2/21/25  EUR  173,995   USD  183,095    (2,492) 
JP Morgan Chase Bank N.A.  2/21/25  GBP  214,000   USD  268,449    (646) 
JP Morgan Chase Bank N.A.  2/28/25  USD  50,845   SEK  556,725    372 
JP Morgan Chase Bank N.A.  3/07/25  USD  223,616   THB  7,702,458    (3,239) 
JP Morgan Chase Bank N.A.  3/14/25  USD  957,897   CNH  6,709,000    42,102 
JP Morgan Chase Bank N.A.  3/14/25  CNH  756,000   USD  108,489    (5,293) 
JP Morgan Chase Bank N.A.  3/21/25  USD  998,551   EUR  942,478    18,937 
Morgan Stanley & Co. LLC  1/24/25  NZD  308,482   USD  187,295    (14,682) 
Morgan Stanley & Co. LLC  1/24/25  USD  42,324   CHF  37,000    1,472 
Morgan Stanley & Co. LLC  1/24/25  USD  42,366   CAD  61,000    (104) 
Morgan Stanley & Co. LLC  2/21/25  EUR  1,558,920   USD  1,642,049    (23,929) 
Morgan Stanley & Co. LLC  2/21/25  USD  17,855   GBP  14,213    68 
Royal Bank of Canada  1/24/25  CHF  307,000   USD  344,859    (5,899) 
State Street Bank and Trust  1/24/25  USD  2,143,607   AUD  3,212,031    155,482 
State Street Bank and Trust  1/24/25  USD  88,532   JPY  13,345,965    3,541 
State Street Bank and Trust  1/24/25  AUD  208,000   USD  129,517    (773) 
State Street Bank and Trust  1/24/25  USD  1,540,701   CZK  36,053,659    58,243 
State Street Bank and Trust  1/24/25  USD  3,921,327   CAD  5,469,043    113,638 
State Street Bank and Trust  3/14/25  USD  1,614,910   SGD  2,153,047    33,853 
State Street Bank and Trust  3/14/25  CNY  660,000   USD  95,402    (4,505) 
UBS AG  1/17/25  USD  35,755   INR  3,011,447    633 
UBS AG  1/24/25  JPY  20,912,255   USD  141,056    (7,880) 
UBS AG  1/24/25  USD  27,922   NZD  46,000    2,183 
UBS AG  1/24/25  USD  7,062,842   JPY  1,047,175,409    394,113 
UBS AG  1/24/25  USD  45,090   AUD  69,000    2,381 
UBS AG  1/24/25  MXN  1,018,871   USD  50,010    (1,326) 
UBS AG  1/24/25  CHF  1,188,000   USD  1,356,309    (44,633) 
UBS AG  1/24/25  USD  1,903,566   CHF  1,629,000    104,980 
UBS AG  1/24/25  USD  56,581   CAD  79,000    1,579 
UBS AG  1/24/25  USD  96,757   NOK  1,079,000    1,974 
UBS AG  2/28/25  USD  113,569   SEK  1,244,000    788 
UBS AG  3/06/25  BRL  1,334,000   USD  216,474    (2,989) 
UBS AG  3/06/25  USD  339,792   BRL  2,088,000    5,643 
UBS AG  3/07/25  USD  1,014,201   THB  35,205,448    (22,682) 
UBS AG  3/14/25  USD  5,235,488   CNH  36,893,715    199,409
                    $3,426,914

 

 

 

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/Net Unrealized
Appreciation
(Depreciation)		 
Long               
Euro-BTP  3/06/25   21   $2,667,401  $(57,495) 
Euro-OAT  3/06/25   17    2,221,454   (48,448) 
Australia 3 Year Bond  3/17/25   13    854,163   (16) 
Korea 10 Year Bond  3/18/25   23    1,864,423   (37,734) 
U.S. Treasury Long Bond  3/20/25   58    6,648,897   (45,959) 
U.S. Treasury Note 10 Year  3/20/25   103    11,381,369   (180,119) 
U.S. Treasury Ultra Bond  3/20/25   38    4,697,405   (178,967) 
UK Long Gilt  3/27/25   1    115,265   423 
U.S. Treasury Note 2 Year  3/31/25   49    10,067,570   7,289 
U.S. Treasury Note 5 Year  3/31/25   233    24,859,534    (90,542) 
                $(631,568) 
Short               
Euro-BOBL  3/06/25   62   $(7,658,794)  $89,509 
Euro-Bund  3/06/25   65    (9,121,542)   136,996 
Euro-Schatz  3/06/25   9    (1,000,823)   3,440 
Mini 10 Year Japanese Government Bond  3/12/25   15    (1,358,926)   3,878 
Australia 10 Year Bond  3/17/25   1    (70,297)   433 
Korea 3 Year Bond  3/18/25   28    (2,037,334)   8,872 
Canada 10 Year Bond  3/20/25   6    (513,719)   1,938 
U.S. Treasury Ultra 10 Year  3/20/25   130    (14,633,299)    162,674 
                $407,740 

 

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 Crossover Europe Series 41†  5.000%   Quarterly    6/20/29   EUR   1,635,000   $(151,316)   $(148,555)   $(2,761)
iTraxx Crossover Europe Series 42†  5.000%   Quarterly    12/20/29   EUR   5,275,000    (430,905)    (467,964)    37,059
Bombardier, Inc.  5.000%   Quarterly    6/20/28   USD   390,000    (45,022)    (15,794)    (29,228)
CDX.NA.EM Series 41†  1.000%   Quarterly    6/20/29   USD   4,075,000    97,050    116,178    (19,128) 
                        $(530,193)   $(516,135)   $(14,058)

 

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) 
Cellnex Telecom SA  5.000%   Quarterly    12/20/28    BBB-*   EUR   220,000   $38,097   $33,780   $4,317
Freeport McMoran, Inc.  1.000%   Quarterly    6/20/29    BBB*   USD   787,000    8,542    (711)    9,253
CDX.NA.IG Series 43†  1.000%   Quarterly    12/20/29    Not Rated   USD   20,243,000    452,188    460,835    (8,647) 
                             $498,827   $493,904   $4,923

 

 

 

 

OTC Credit Default Swaps-Sell Protection†† 

Reference
Obligation/Index		  Rate Received 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.    BBB-*    12/20/29   USD   225,000   $3,953   $(11,045)   $14,998
Republic of Greece  1.000%   Quarterly    Bank of America N.A.    BBB-*    12/20/29   USD   225,000    3,953    (11,239)    15,192
Republic of Greece  1.000%   Quarterly    Citibank N.A.    BBB-*    6/20/25   USD   150,000    626    (9,034)    9,660
Republic of Greece  1.000%   Quarterly    Citibank N.A.    BBB-*    6/20/25   USD   75,000    313    (4,350)    4,663
Republic of Greece  1.000%   Quarterly    Citibank N.A.    BBB-*    12/20/25   USD   300,000    2,451    (281)    2,732
Republic of Vietnam  1.000%   Quarterly    Goldman Sachs International    BB+*    6/20/26   USD   550,000    3,992    4,327    (335)
Republic of Greece  1.000%   Quarterly    Morgan Stanley & Co. LLC    BBB-*    6/20/25   USD   94,000    392    (4,498)    4,890 
                                  $15,680   $(36,120)   $51,800 

 

 

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 4.733%  Semi-Annually   CLP-ICP    Semi-Annually    10/16/29   CLP   991,200,000   $22,552   $—   $22,552
Fixed 4.975%  Semi-Annually   CLP-ICP    Semi-Annually    10/16/34   CLP   342,410,000    13,704    —    13,704
Fixed 4.970%  Semi-Annually   CLP-ICP    Semi-Annually    10/17/34   CLP   341,290,000    13,805    —    13,805
Fixed 5.601%  Semi-Annually   CLP-ICP    Semi-Annually    12/27/34   CLP   135,026,000    (1,119)    —    (1,119)
Fixed 5.571%  Semi-Annually   CLP-ICP    Semi-Annually    12/27/34   CLP   72,103,000    (427)    —    (427)
Fixed 5.686%  Semi-Annually   CLP-ICP    Semi-Annually    12/30/34   CLP   90,017,000    (1,388)    —    (1,388)
Fixed 5.526%  Semi-Annually   CLP-ICP    Semi-Annually    1/02/35   CLP   225,043,000    (559)    —    (559)
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.476%    Quarterly    6/01/28   CNY   20,850,000    102,360    —    102,360
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 1.653%    Quarterly    9/20/29   CNY   3,515,000    5,521    —    5,521
Fixed 1.860%  Maturity   Eurozone Consumer Price Index    Maturity    9/15/29   EUR   3,075,000    (7,398)    —    (7,398)
Fixed 1.958%  Maturity   Eurozone Consumer Price Index    Maturity    10/15/34   EUR   620,000    (4,384)    —    (4,384)
Fixed 2.199%  Annually   6-Month EURIBOR    Semi-Annually    12/13/39   EUR   535,000    15,227    —    15,227
Fixed 2.213%  Annually   6-Month EURIBOR    Semi-Annually    12/13/39   EUR   270,000    7,193    —    7,193
Fixed 2.244%  Annually   6-Month EURIBOR    Semi-Annually    12/16/39   EUR   270,000    6,121    —    6,121
6-Month EURIBOR  Semi-Annually   Fixed 2.510%    Annually    8/19/44   EUR   1,270,000    28,358    —    28,358
6-Month EURIBOR  Semi-Annually   Fixed 2.472%    Annually    9/20/44   EUR   550,000    8,977    —    8,977
GBP-SONIA  Annually   Fixed 4.253%    Annually    11/07/26   GBP   7,802,000    (6,910)    193    (7,103)
GBP-SONIA  Annually   Fixed 4.257%    Annually    11/07/26   GBP   4,300,000    (2,647)    106    (2,753)
GBP-SONIA  Annually   Fixed 4.070%    Annually    11/07/29   GBP   1,265,000    732    40    692
INR-FBIL-MIBOR  Semi-Annually   Fixed 6.390%    Semi-Annually    5/28/29   INR   48,863,000    3,794    —    3,794
INR-FBIL-MIBOR  Semi-Annually   Fixed 6.387%    Semi-Annually    5/28/29   INR   46,947,000    3,584    —    3,584
INR-FBIL-MIBOR  Semi-Annually   Fixed 6.378%    Semi-Annually    5/28/29   INR   47,190,000    (126,932)    —    (126,932)
INR-FBIL-MIBOR  Semi-Annually   Fixed 6.350%    Semi-Annually    6/20/31   INR   55,000,000    4,223    —    4,223
INR-FBIL-MIBOR  Semi-Annually   Fixed 6.283%    Semi-Annually    7/19/31   INR   71,150,000    2,482    —    2,482
INR-FBIL-MIBOR  Semi-Annually   Fixed 5.970%    Semi-Annually    9/20/31   INR   46,700,000    (7,697)    —    (7,697)
Fixed 0.418%  Annually   JPY-TONAR    Annually    8/10/28   JPY   391,535,000    28,192    —    28,192
Fixed 0.602%  Annually   JPY-TONAR    Annually    5/02/29   JPY   69,900,000    3,110    —    3,110
Fixed 0.989%  Annually   JPY-TONAR    Annually    11/13/34   JPY   110,000,000    3,685    —    3,685
Fixed 2.137%  Annually   SEK-STIBOR-SIDE    Quarterly    12/12/29   SEK   9,300,000    14,205    —    14,205
Fixed 2.141%  Annually   SEK-STIBOR-SIDE    Quarterly    12/12/29   SEK   9,300,000    14,066    —    14,066
Fixed 2.305%  Annually   SEK-STIBOR-SIDE    Quarterly    12/12/34   SEK   8,675,000    27,743    —    27,743
Fixed 2.320%  Annually   SEK-STIBOR-SIDE    Quarterly    12/12/34   SEK   8,675,000    26,757    —    26,757
Fixed 2.452%  Annually   SEK-STIBOR-SIDE    Quarterly    12/19/34   SEK   9,675,000    19,943    —    19,943
Fixed 2.571%  Annually   SEK-STIBOR-SIDE    Quarterly    12/23/34   SEK   13,200,000    14,801    —    14,801 
                             $231,674   $339   $231,335

 

* 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 change
## Exercise Rate.
† 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. 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
COP Colombian Peso
CZK Czech Koruna
EGP Egyptian Pound
EUR Euro
GBP British Pound
HUF Hungarian Forint
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
LKR Sri Lanka Rupee
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
PEN Peruvian New Sol
PLN Polish Zloty
RON New Romanian Leu
SEK Swedish Krona
SGD Singapore Dollar
THB Thai Baht
TRY New Turkish Lira
TWD Taiwan Dollar
USD U.S. Dollar
ZAR South African Rand

 

 

 

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

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.6%          
           
COMMON STOCK — 99.3%          
Communication Services — 8.3%          
Alphabet, Inc. Class A   295,604   $55,957,837 
Alphabet, Inc. Class C   131,294    25,003,629 
AT&T, Inc.   66,656    1,517,757 
Charter Communications, Inc. Class A (a)   907    310,892 
Comcast Corp. Class A   196,398    7,370,817 
Electronic Arts, Inc.   2,247    328,736 
Epic Games, Inc. (Acquired 6/18/20-3/29/21, Cost $2,322,065) (a) (b) (c) (d)   3,487    2,221,603 
Fox Corp. Class A   2,142    104,058 
Fox Corp. Class B   1,241    56,763 
Interpublic Group of Cos., Inc.   3,580    100,312 
Live Nation Entertainment, Inc. (a)   1,449    187,646 
Match Group, Inc. (a)   2,396    78,373 
Meta Platforms, Inc. Class A   88,018    51,535,419 
Netflix, Inc. (a)   28,203    25,137,898 
News Corp. Class A   3,609    99,392 
News Corp. Class B   1,093    33,260 
Omnicom Group, Inc.   1,862    160,207 
Paramount Global Class B   5,611    58,691 
Pinterest, Inc. Class A (a)   96,128    2,787,712 
Spotify Technology SA (a)   11,308    5,058,973 
T-Mobile US, Inc.   56,814    12,540,554 
Take-Two Interactive Software, Inc. (a)   1,521    279,986 
Verizon Communications, Inc.   39,139    1,565,169 
Walt Disney Co.   16,868    1,878,252 
Warner Bros Discovery, Inc. (a)   20,423    215,871 
         194,589,807 
Consumer Discretionary — 11.0%          
Airbnb, Inc. Class A (a)   4,019    528,137 
Amazon.com, Inc. (a)   477,499    104,758,506 
Aptiv PLC (a)   2,162    130,758 
AutoZone, Inc. (a)   2,513    8,046,626 
Best Buy Co., Inc.   1,802    154,612 
Booking Holdings, Inc.   3,321    16,500,123 
BorgWarner, Inc.   2,067    65,710 
Caesars Entertainment, Inc. (a)   1,934    64,634 
CarMax, Inc. (a)   1,493    122,068 
Carnival Corp. (a)   9,670    240,976 
Chipotle Mexican Grill, Inc. (a)   139,186    8,392,916 
Cie Financiere Richemont SA Registered Class A   31,851    4,841,472 
Coupang, Inc. (a)   213,189    4,685,894 
Darden Restaurants, Inc.   1,086    202,745 
Deckers Outdoor Corp. (a)   1,421    288,591 
Domino's Pizza, Inc.   318    133,484 

 

 

 

 

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

 

   Number of
Shares		   Value 
DR Horton, Inc.   2,704   $378,073 
Duolingo, Inc. (a)   4,256    1,379,923 
eBay, Inc.   4,437    274,872 
Expedia Group, Inc. (a)   1,140    212,416 
Ferrari NV   9,658    4,103,105 
Floor & Decor Holdings, Inc. Class A (a)   10,563    1,053,131 
Ford Motor Co.   36,192    358,301 
Garmin Ltd.   1,435    295,983 
General Motors Co.   10,208    543,780 
Genuine Parts Co.   1,321    154,240 
Hasbro, Inc.   1,195    66,813 
Hilton Worldwide Holdings, Inc.   2,281    563,772 
Home Depot, Inc.   23,201    9,024,957 
Las Vegas Sands Corp.   3,212    164,968 
Lennar Corp. Class A   2,213    301,787 
LKQ Corp.   2,507    92,132 
Lowe's Cos., Inc.   24,273    5,990,576 
Lululemon Athletica, Inc. (a)   17,948    6,863,495 
Marriott International, Inc. Class A   2,143    597,768 
McDonald's Corp.   50,284    14,576,829 
MercadoLibre, Inc. (a)   1,360    2,312,598 
MGM Resorts International (a)   2,148    74,428 
Mohawk Industries, Inc. (a)   509    60,637 
NIKE, Inc. Class B   11,066    837,364 
Norwegian Cruise Line Holdings Ltd. (a)   4,198    108,015 
NVR, Inc. (a)   29    237,188 
O'Reilly Automotive, Inc. (a)   3,695    4,381,531 
Pool Corp.   351    119,670 
PulteGroup, Inc.   1,935    210,722 
Ralph Lauren Corp.   381    88,003 
Ross Stores, Inc.   63,498    9,605,343 
Royal Caribbean Cruises Ltd.   2,303    531,279 
Starbucks Corp.   51,559    4,704,759 
Tapestry, Inc.   2,201    143,791 
Tesla, Inc. (a)   68,116    27,507,965 
TJX Cos., Inc.   50,020    6,042,916 
Tractor Supply Co.   71,090    3,772,035 
Ulta Beauty, Inc. (a)   436    189,630 
Wynn Resorts Ltd.   870    74,959 
Yum! Brands, Inc.   2,629    352,707 
         257,509,713 
Consumer Staples — 5.3%          
Altria Group, Inc.   15,828    827,646 
Archer-Daniels-Midland Co.   4,452    224,915 
Brown-Forman Corp. Class B   1,741    66,123 
Bunge Global SA   1,355    105,365 
Campbell's Co.   1,871    78,357 
Church & Dwight Co., Inc.   2,280    238,739 
Clorox Co.   1,143    185,635 
Coca-Cola Co.   253,932    15,809,806 
Colgate-Palmolive Co.   141,320    12,847,401 
Conagra Brands, Inc.   4,596    127,539 
Constellation Brands, Inc. Class A   1,464    323,544 
Costco Wholesale Corp.   4,127    3,781,446 
Dollar General Corp.   2,027    153,687 
Dollar Tree, Inc. (a)   33,404    2,503,296 
Estee Lauder Cos., Inc. Class A   2,208    165,556 

 

 

 

 

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

 

   Number of
Shares		   Value 
General Mills, Inc.   5,200   $331,604 
Hershey Co.   1,375    232,856 
Hormel Foods Corp.   2,761    86,613 
J.M. Smucker Co.   1,017    111,992 
Kellanova   2,451    198,457 
Kenvue, Inc.   1,054,907    22,522,264 
Keurig Dr. Pepper, Inc.   437,566    14,054,620 
Kimberly-Clark Corp.   3,094    405,438 
Kraft Heinz Co.   8,226    252,620 
Kroger Co.   6,208    379,619 
Lamb Weston Holdings, Inc.   1,371    91,624 
McCormick & Co., Inc.   2,330    177,639 
Molson Coors Beverage Co. Class B   1,677    96,126 
Mondelez International, Inc. Class A   71,554    4,273,920 
Monster Beverage Corp. (a)   6,592    346,476 
PepsiCo, Inc.   12,777    1,942,871 
Philip Morris International, Inc.   14,460    1,740,261 
Procter & Gamble Co.   111,029    18,614,012 
Sysco Corp.   4,596    351,410 
Target Corp.   4,282    578,841 
Tyson Foods, Inc. Class A   2,715    155,950 
Walgreens Boots Alliance, Inc.   6,779    63,248 
Walmart, Inc.   206,951    18,698,023 
         123,145,539 
Energy — 4.5%          
APA Corp.   3,519    81,254 
Baker Hughes Co.   9,291    381,117 
Chevron Corp.   69,594    10,079,995 
ConocoPhillips   164,130    16,276,772 
Coterra Energy, Inc.   7,033    179,623 
Devon Energy Corp.   6,018    196,969 
Diamondback Energy, Inc.   56,534    9,261,965 
EOG Resources, Inc.   5,267    645,629 
EQT Corp.   215,373    9,930,849 
Expand Energy Corp. (e)   73,451    7,312,047 
Exxon Mobil Corp.   136,174    14,648,237 
Halliburton Co.   8,228    223,719 
Hess Corp.   2,583    343,565 
Kinder Morgan, Inc.   17,847    489,008 
Marathon Petroleum Corp.   2,982    415,989 
Occidental Petroleum Corp.   6,287    310,641 
ONEOK, Inc.   5,405    542,662 
Phillips 66   38,638    4,402,027 
Range Resources Corp.   242,481    8,724,467 
Schlumberger NV   333,592    12,789,917 
Targa Resources Corp.   2,022    360,927 
TechnipFMC PLC   184,260    5,332,485 
Texas Pacific Land Corp.   175    193,543 
Valero Energy Corp.   2,936    359,924 
Williams Cos., Inc.   37,003    2,002,602 
         105,485,933 
Financials — 14.0%          
Aflac, Inc.   4,658    481,824 
Allstate Corp.   61,590    11,873,936 
American Express Co.   54,770    16,255,188 

 

 

 

 

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

 

   Number of
Shares		   Value 
American International Group, Inc.   5,787   $421,294 
Ameriprise Financial, Inc.   907    482,914 
Annaly Capital Management, Inc.   203,952    3,732,322 
Aon PLC Class A   2,013    722,989 
Apollo Global Management, Inc.   4,161    687,231 
Arch Capital Group Ltd.   3,499    323,133 
Arthur J Gallagher & Co.   2,310    655,694 
Assurant, Inc.   494    105,331 
Bank of America Corp.   415,959    18,281,398 
Bank of New York Mellon Corp.   6,827    524,518 
Berkshire Hathaway, Inc. Class B (a)   69,621    31,557,807 
Blackrock, Inc.   1,355    1,389,024 
Blackstone, Inc.   6,721    1,158,835 
Brown & Brown, Inc.   2,205    224,954 
Capital One Financial Corp.   3,536    630,540 
Cboe Global Markets, Inc.   955    186,607 
Charles Schwab Corp.   237,829    17,601,724 
Chubb Ltd.   24,755    6,839,807 
Cincinnati Financial Corp.   1,429    205,347 
Citigroup, Inc.   73,774    5,192,952 
Citizens Financial Group, Inc.   4,090    178,978 
CME Group, Inc.   44,664    10,372,321 
Corebridge Financial, Inc.   172,961    5,176,723 
Corpay, Inc. (a)   13,956    4,722,990 
Discover Financial Services   2,328    403,279 
Erie Indemnity Co. Class A   237    97,699 
Everest Group Ltd.   396    143,534 
FactSet Research Systems, Inc.   361    173,381 
Fidelity National Information Services, Inc.   4,994    403,365 
Fifth Third Bancorp   6,316    267,040 
Fiserv, Inc. (a)   103,943    21,351,971 
Franklin Resources, Inc.   2,915    59,145 
Global Payments, Inc.   2,373    265,918 
Globe Life, Inc.   767    85,536 
Goldman Sachs Group, Inc.   19,613    11,230,796 
Hartford Financial Services Group, Inc.   2,737    299,428 
Huntington Bancshares, Inc.   340,545    5,540,667 
Intercontinental Exchange, Inc.   5,336    795,117 
Invesco Ltd.   4,275    74,727 
Jack Henry & Associates, Inc.   697    122,184 
JP Morgan Chase & Co.   166,541    39,921,543 
KeyCorp.   235,834    4,042,195 
KKR & Co., Inc.   6,260    925,917 
Loews Corp.   1,666    141,094 
M&T Bank Corp.   1,561    293,484 
MarketAxess Holdings, Inc.   360    81,374 
Marsh & McLennan Cos., Inc.   24,188    5,137,773 
Mastercard, Inc. Class A   36,135    19,027,607 
MetLife, Inc.   86,047    7,045,528 
Moody's Corp.   1,452    687,333 
Morgan Stanley   11,579    1,455,712 
MSCI, Inc.   728    436,807 
Nasdaq, Inc.   3,864    298,726 
Northern Trust Corp.   1,842    188,805 
PayPal Holdings, Inc. (a)   9,318    795,291 
PNC Financial Services Group, Inc.   3,685    710,652 
Principal Financial Group, Inc.   1,940    150,175 
Progressive Corp.   39,145    9,379,533 

 

 

 

 

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

 

   Number of
Shares		   Value 
Prudential Financial, Inc.   3,302   $391,386 
Raymond James Financial, Inc.   1,730    268,721 
Regions Financial Corp.   8,370    196,862 
S&P Global, Inc.   2,954    1,471,181 
State Street Corp.   2,715    266,477 
Synchrony Financial   3,682    239,330 
T. Rowe Price Group, Inc.   2,075    234,662 
Travelers Cos., Inc.   27,461    6,615,080 
Truist Financial Corp.   12,395    537,695 
US Bancorp   14,466    691,909 
Visa, Inc. Class A   134,506    42,509,276 
W. R. Berkley Corp.   2,857    167,192 
Wells Fargo & Co.   30,978    2,175,895 
Willis Towers Watson PLC   948    296,952 
         328,082,335 
Health Care — 11.0%          
Abbott Laboratories   16,181    1,830,233 
AbbVie, Inc.   46,374    8,240,660 
Agilent Technologies, Inc.   2,664    357,882 
Align Technology, Inc. (a)   649    135,323 
Amgen, Inc.   4,993    1,301,375 
Argenx SE ADR (a)   9,003    5,536,845 
AstraZeneca PLC Sponsored ADR   149,565    9,799,499 
Baxter International, Inc.   4,837    141,047 
Becton Dickinson & Co.   25,299    5,739,584 
Bio-Techne Corp.   1,502    108,189 
Biogen, Inc. (a)   1,331    203,537 
Boston Scientific Corp. (a)   13,680    1,221,898 
Bristol-Myers Squibb Co.   18,826    1,064,799 
Cardinal Health, Inc.   2,274    268,946 
Cencora, Inc.   69,628    15,644,019 
Centene Corp. (a)   4,676    283,272 
Charles River Laboratories International, Inc. (a)   491    90,639 
Cigna Group   26,030    7,187,924 
Cooper Cos., Inc. (a)   1,838    168,967 
CVS Health Corp.   11,651    523,013 
Danaher Corp.   48,027    11,024,598 
DaVita, Inc. (a)   418    62,512 
Dexcom, Inc. (a)   3,617    281,294 
Edwards Lifesciences Corp. (a)   5,471    405,018 
Elevance Health, Inc.   43,520    16,054,528 
Eli Lilly & Co.   42,854    33,083,288 
GE HealthCare Technologies, Inc. (a)   33,917    2,651,631 
Gilead Sciences, Inc.   11,560    1,067,797 
HCA Healthcare, Inc.   7,155    2,147,573 
Henry Schein, Inc. (a)   1,205    83,386 
Hologic, Inc. (a)   2,206    159,031 
Humana, Inc.   1,124    285,170 
IDEXX Laboratories, Inc. (a)   2,543    1,051,378 
Incyte Corp. (a)   1,525    105,332 
Insulet Corp. (a)   648    169,173 
Intuitive Surgical, Inc. (a)   23,922    12,486,327 
IQVIA Holdings, Inc. (a)   1,617    317,757 
Johnson & Johnson   74,156    10,724,441 
Labcorp Holdings, Inc.   799    183,227 
McKesson Corp.   1,180    672,494 
Medtronic PLC   11,906    951,051 

 

 

 

 

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

 

   Number of
Shares		   Value 
Merck & Co., Inc.   23,585   $2,346,236 
Mettler-Toledo International, Inc. (a)   3,462    4,236,380 
Moderna, Inc. (a)   3,257    135,426 
Molina Healthcare, Inc. (a)   19,006    5,531,696 
Natera, Inc. (a)   15,331    2,426,897 
Pfizer, Inc.   52,657    1,396,990 
Quest Diagnostics, Inc.   37,830    5,707,034 
Regeneron Pharmaceuticals, Inc. (a)   12,362    8,805,823 
ResMed, Inc.   1,373    313,991 
Revvity, Inc.   68,362    7,629,883 
Solventum Corp. (a)   1,315    86,869 
STERIS PLC   917    188,499 
Stryker Corp.   10,676    3,843,894 
Teleflex, Inc.   448    79,735 
Tenet Healthcare Corp. (a)   47,059    5,940,258 
Thermo Fisher Scientific, Inc.   39,279    20,434,114 
UnitedHealth Group, Inc.   66,076    33,425,205 
Universal Health Services, Inc. Class B   570    102,269 
Vertex Pharmaceuticals, Inc. (a)   2,397    965,272 
Viatris, Inc.   11,452    142,577 
Waters Corp. (a)   543    201,442 
West Pharmaceutical Services, Inc.   675    221,103 
Zimmer Biomet Holdings, Inc.   1,894    200,063 
Zoetis, Inc.   4,200    684,306 
         258,860,619 
Industrials — 9.0%          
3M Co.   5,088    656,810 
A.O. Smith Corp.   1,139    77,691 
Allegion PLC   832    108,726 
AMETEK, Inc.   88,769    16,001,500 
Automatic Data Processing, Inc.   3,787    1,108,569 
Axon Enterprise, Inc. (a)   671    398,789 
Boeing Co. (a)   70,037    12,396,549 
Booz Allen Hamilton Holding Corp.   26,054    3,353,150 
Broadridge Financial Solutions, Inc.   19,387    4,383,207 
Builders FirstSource, Inc. (a)   1,061    151,649 
C.H. Robinson Worldwide, Inc.   1,120    115,718 
Carrier Global Corp.   7,769    530,312 
Caterpillar, Inc.   4,490    1,628,792 
Cintas Corp.   3,173    579,707 
Copart, Inc. (a)   8,096    464,629 
CSX Corp.   207,169    6,685,344 
Cummins, Inc.   26,811    9,346,315 
Dayforce, Inc. (a) (e)   1,509    109,614 
Deere & Co.   39,365    16,678,950 
Delta Air Lines, Inc.   5,995    362,697 
Dover Corp.   1,281    240,316 
Eaton Corp. PLC   3,675    1,219,622 
Emerson Electric Co.   5,306    657,573 
Equifax, Inc.   15,471    3,942,784 
Expeditors International of Washington, Inc.   1,306    144,666 
Fastenal Co.   5,314    382,130 
FedEx Corp.   2,085    586,573 
Ferguson Enterprises, Inc.   24,009    4,167,242 
Fortive Corp.   3,264    244,800 
GE Vernova, Inc.   2,579    848,310 
Generac Holdings, Inc. (a)   573    88,844 

 

 

 

 

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

 

   Number of
Shares		   Value 
General Dynamics Corp.   35,776   $9,426,618 
General Electric Co.   38,887    6,485,963 
Honeywell International, Inc.   6,052    1,367,086 
Howmet Aerospace, Inc.   3,770    412,325 
Hubbell, Inc.   499    209,026 
Huntington Ingalls Industries, Inc.   363    68,596 
IDEX Corp.   699    146,294 
Illinois Tool Works, Inc.   2,504    634,914 
Ingersoll Rand, Inc.   38,372    3,471,131 
Jacobs Solutions, Inc.   1,160    154,999 
JB Hunt Transport Services, Inc.   734    125,264 
Johnson Controls International PLC   6,178    487,630 
L3Harris Technologies, Inc.   27,114    5,701,532 
Leidos Holdings, Inc.   1,252    180,363 
Lennox International, Inc.   298    181,571 
Lockheed Martin Corp.   1,970    957,302 
Masco Corp.   2,022    146,737 
Nordson Corp.   522    109,223 
Norfolk Southern Corp.   37,733    8,855,935 
Northrop Grumman Corp.   9,442    4,431,036 
Old Dominion Freight Line, Inc.   60,131    10,607,108 
Otis Worldwide Corp.   3,746    346,917 
Owens Corning   13,012    2,216,204 
PACCAR, Inc.   4,851    504,601 
Parker-Hannifin Corp.   15,543    9,885,814 
Paychex, Inc.   2,972    416,734 
Paycom Software, Inc.   465    95,311 
Pentair PLC   1,525    153,476 
Quanta Services, Inc.   1,370    432,988 
Republic Services, Inc.   48,543    9,765,881 
Rockwell Automation, Inc.   36,983    10,569,372 
Rollins, Inc.   2,694    124,867 
RTX Corp.   12,364    1,430,762 
Snap-on, Inc.   485    164,648 
Southwest Airlines Co.   5,697    191,533 
Stanley Black & Decker, Inc.   1,479    118,749 
Textron, Inc.   1,709    130,721 
Trane Technologies PLC   2,092    772,680 
TransDigm Group, Inc.   520    658,986 
Uber Technologies, Inc. (a)   75,704    4,566,465 
Union Pacific Corp.   37,952    8,654,574 
United Airlines Holdings, Inc. (a)   3,069    298,000 
United Parcel Service, Inc. Class B   6,796    856,976 
United Rentals, Inc.   616    433,935 
Veralto Corp.   2,302    234,459 
Verisk Analytics, Inc.   1,310    360,813 
W.W. Grainger, Inc.   412    434,269 
Waste Management, Inc.   3,385    683,059 
Westinghouse Air Brake Technologies Corp.   77,600    14,712,184 
Xylem, Inc.   2,266    262,901 
         211,300,110 
Information Technology — 29.8%          
Accenture PLC Class A   5,826    2,049,529 
Adobe, Inc. (a)   4,095    1,820,965 
Advanced Micro Devices, Inc. (a)   64,740    7,819,945 
Akamai Technologies, Inc. (a)   1,398    133,719 
Amphenol Corp. Class A   195,966    13,609,839 

 

 

 

 

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

 

   Number of
Shares		   Value 
Analog Devices, Inc.   54,725   $11,626,873 
ANSYS, Inc. (a)   815    274,924 
Apple, Inc.   633,129    158,548,164 
Applied Materials, Inc.   7,692    1,250,950 
AppLovin Corp. Class A (a)   18,457    5,976,930 
Arista Networks, Inc. (a)   9,617    1,062,967 
ASML Holding NV   4,885    3,385,696 
Atlassian Corp. Class A (a)   14,055    3,420,706 
Autodesk, Inc. (a)   28,321    8,370,838 
Broadcom, Inc.   78,383    18,172,315 
Cadence Design Systems, Inc. (a)   2,539    762,868 
Canva, Inc. (Acquired 12/17/21-12/22/21, Cost $872,531) (a) (b) (c) (d)   512    677,617 
CDW Corp.   1,222    212,677 
Celonis SE (Acquired 6/17/21, Cost $435,243) (a) (b) (c) (d)   1,177    237,625 
Cisco Systems, Inc.   37,085    2,195,432 
Cognizant Technology Solutions Corp. Class A   4,633    356,278 
Corning, Inc.   7,195    341,906 
Crowdstrike Holdings, Inc. Class A (a)   2,166    741,119 
Dell Technologies, Inc. Class C   2,859    329,471 
Dynatrace, Inc. (a)   53,056    2,883,594 
Enphase Energy, Inc. (a)   1,286    88,322 
EPAM Systems, Inc. (a)   544    127,198 
F5, Inc. (a)   557    140,069 
Fair Isaac Corp. (a)   2,418    4,814,069 
First Solar, Inc. (a)   977    172,186 
Fortinet, Inc. (a)   5,875    555,070 
Gartner, Inc. (a)   720    348,818 
Gen Digital, Inc.   5,189    142,075 
GoDaddy, Inc. Class A (a)   1,313    259,147 
Hewlett Packard Enterprise Co.   12,108    258,506 
HP, Inc.   8,928    291,321 
HubSpot, Inc. (a)   6,421    4,473,960 
Intel Corp.   40,059    803,183 
International Business Machines Corp.   8,608    1,892,297 
Intuit, Inc.   15,442    9,705,297 
Jabil, Inc.   1,041    149,800 
Juniper Networks, Inc.   3,143    117,705 
Keysight Technologies, Inc. (a)   118,603    19,051,200 
KLA Corp.   11,123    7,008,825 
Lam Research Corp.   11,959    863,799 
Microchip Technology, Inc.   5,012    287,438 
Micron Technology, Inc.   51,178    4,307,140 
Microsoft Corp.   335,355    141,352,132 
Monolithic Power Systems, Inc.   455    269,223 
Motorola Solutions, Inc.   1,547    715,070 
NetApp, Inc.   1,914    222,177 
NVIDIA Corp.   1,097,347    147,362,729 
NXP Semiconductors NV   2,356    489,695 
ON Semiconductor Corp. (a)   3,996    251,948 
Oracle Corp.   14,963    2,493,434 
Palantir Technologies, Inc. Class A (a)   19,084    1,443,323 
Palo Alto Networks, Inc. (a)   6,093    1,108,682 
PTC, Inc. (a)   21,192    3,896,573 
QUALCOMM, Inc.   10,357    1,591,042 
Roper Technologies, Inc.   9,981    5,188,623 
Salesforce, Inc.   37,537    12,549,745 
Seagate Technology Holdings PLC   2,017    174,087 
ServiceNow, Inc. (a)   15,962    16,921,635 

 

 

 

 

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

 

   Number of
Shares		   Value 
Shopify, Inc. Class A (a)   78,385   $8,334,677 
Skyworks Solutions, Inc.   1,474    130,714 
Snowflake, Inc. Class A (a)   30,638    4,730,814 
Stripe, Inc., Class B (Acquired 12/17/19, Cost $295,694) (a) (b) (c) (d)   18,846    518,453 
Super Micro Computer, Inc. (a)   4,814    146,731 
Synopsys, Inc. (a)   15,117    7,337,187 
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR   37,000    7,307,130 
TE Connectivity PLC   82,755    11,831,482 
Teledyne Technologies, Inc. (a)   12,098    5,615,045 
Teradyne, Inc.   1,549    195,050 
Texas Instruments, Inc.   59,969    11,244,787 
Trimble, Inc. (a)   2,254    159,268 
Tyler Technologies, Inc. (a)   398    229,503 
VeriSign, Inc. (a)   762    157,703 
Western Digital Corp. (a)   3,218    191,889 
Workday, Inc. Class A (a)   1,983    511,673 
Zebra Technologies Corp. Class A (a)   477    184,227 
         696,976,823 
Materials — 3.0%          
Air Products & Chemicals, Inc.   2,059    597,192 
Albemarle Corp. (e)   1,123    96,668 
Amcor PLC   13,880    130,611 
Avery Dennison Corp.   745    139,412 
Ball Corp.   2,752    151,718 
Celanese Corp.   1,048    72,532 
CF Industries Holdings, Inc.   1,668    142,314 
Corteva, Inc.   6,373    363,006 
Dow, Inc.   6,539    262,410 
DuPont de Nemours, Inc.   3,898    297,223 
Eastman Chemical Co.   1,116    101,913 
Ecolab, Inc.   2,343    549,012 
FMC Corp.   1,213    58,964 
Franco-Nevada Corp.   34,847    4,097,659 
Freeport-McMoRan, Inc.   72,595    2,764,418 
International Flavors & Fragrances, Inc.   2,377    200,975 
International Paper Co.   254,410    13,692,346 
Linde PLC (LIN US)   40,180    16,822,161 
LyondellBasell Industries NV Class A   2,400    178,248 
Martin Marietta Materials, Inc.   6,752    3,487,408 
Mosaic Co.   120,482    2,961,448 
Newmont Corp. (NEM US)   10,561    393,080 
Nucor Corp.   2,218    258,863 
Packaging Corp. of America   815    183,481 
PPG Industries, Inc.   28,652    3,422,481 
Sherwin-Williams Co.   40,351    13,716,515 
Smurfit WestRock PLC   4,597    247,594 
Southern Copper Corp.   18,401    1,676,883 
Steel Dynamics, Inc.   1,306    148,975 
Vulcan Materials Co.   1,235    317,679 
Wheaton Precious Metals Corp.   31,472    1,769,985 
         69,303,174 
Real Estate — 1.2%          
Alexandria Real Estate Equities, Inc.   1,491    145,447 
American Tower Corp.   4,342    796,366 
AvalonBay Communities, Inc.   17,145    3,771,386 

 

 

 

 

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

 

   Number of
Shares		   Value 
BXP, Inc.   1,386   $103,063 
Camden Property Trust   1,019    118,245 
CBRE Group, Inc. Class A (a)   2,816    369,713 
CoStar Group, Inc. (a)   3,826    273,903 
Crown Castle, Inc.   4,030    365,763 
Digital Realty Trust, Inc.   2,903    514,789 
Equinix, Inc.   4,403    4,151,545 
Equity LifeStyle Properties, Inc.   25,665    1,709,289 
Equity Residential   3,177    227,981 
Essex Property Trust, Inc.   593    169,266 
Extra Space Storage, Inc.   1,979    296,058 
Federal Realty Investment Trust   699    78,253 
Healthpeak Properties, Inc.   6,438    130,498 
Host Hotels & Resorts, Inc.   6,709    117,542 
Invitation Homes, Inc.   5,259    168,130 
Iron Mountain, Inc.   2,740    288,001 
Kimco Realty Corp.   6,214    145,594 
Mid-America Apartment Communities, Inc.   1,111    171,727 
Prologis, Inc.   8,594    908,386 
Public Storage   36,096    10,808,586 
Realty Income Corp.   8,224    439,244 
Regency Centers Corp.   1,561    115,405 
SBA Communications Corp.   1,001    204,004 
Simon Property Group, Inc.   2,834    488,043 
UDR, Inc.   2,870    124,587 
Ventas, Inc.   3,849    226,668 
VICI Properties, Inc.   9,778    285,615 
Welltower, Inc.   5,507    694,047 
Weyerhaeuser Co.   6,766    190,463 
         28,597,607 
Utilities — 2.2%          
AES Corp.   6,796    87,465 
Alliant Energy Corp.   2,463    145,662 
Ameren Corp.   89,006    7,933,995 
American Electric Power Co., Inc.   4,942    455,801 
American Water Works Co., Inc.   1,815    225,949 
Atmos Energy Corp.   62,019    8,637,386 
CenterPoint Energy, Inc.   6,022    191,078 
CMS Energy Corp.   76,109    5,072,665 
Consolidated Edison, Inc.   3,229    288,124 
Constellation Energy Corp.   2,897    648,088 
Dominion Energy, Inc.   7,793    419,731 
DTE Energy Co.   1,927    232,685 
Duke Energy Corp.   7,178    773,358 
Edison International   3,605    287,823 
Entergy Corp.   3,990    302,522 
Evergy, Inc.   2,206    135,779 
Eversource Energy   3,433    197,157 
Exelon Corp.   211,812    7,972,604 
FirstEnergy Corp.   4,677    186,051 
NextEra Energy, Inc.   51,170    3,668,377 
NiSource, Inc.   4,310    158,436 
NRG Energy, Inc.   1,870    168,711 
PG&E Corp.   20,280    409,250 
Pinnacle West Capital Corp.   1,083    91,806 
PPL Corp.   6,870    223,000 
Public Service Enterprise Group, Inc.   4,622    390,513 

 

 

 

 

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

 

   Number of
Shares		   Value 
Sempra   5,856   $513,688 
Southern Co.   10,184    838,347 
Vistra Corp.   3,158    435,393 
WEC Energy Group, Inc.   2,950    277,418 
Xcel Energy, Inc.   158,303    10,688,619 
         52,057,481 
           
TOTAL COMMON STOCK
(Cost $1,893,907,403)		        2,325,909,141 
           
PREFERRED STOCK — 0.3%          
Consumer Discretionary — 0.1%          
GM Cruise Holdings LLC, Class F (Acquired 5/07/19, Cost $921,625) (a) (b) (c) (d)   50,500    50,500 
GM Cruise Holdings LLC, Class G (Acquired 1/21/21, Cost $979,851) (a) (b) (c) (d)   37,186    37,186 
Nuro, Inc., Series C (Acquired 10/30/20-3/02/21, Cost $1,236,023) (a) (b) (c) (d)   94,681    676,022 
Nuro, Inc., Series D (Acquired 10/29/21, Cost $487,977) (a) (b) (c) (d)   23,409    167,140 
Rappi, Inc., Series E (Acquired 9/08/20-9/24/20, Cost $1,092,516) (a) (b) (c) (d)   18,286    398,818 
Waymo LLC., Series A-2 (Acquired 5/08/20, Cost $748,934) (a) (b) (c) (d)   8,722    700,377 
         2,030,043 
Health Care — 0.1%          
Sartorius AG 0.346%   8,544    1,904,404 
Industrials — 0.0%          
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $760,988) (a) (b) (c) (d)   18,438    360,533 
Information Technology — 0.0%          
Canva, Inc., Series A (Acquired 12/17/21, Cost $49,421) (a) (b) (c) (d)   29    38,381 
Canva, Inc., Series A-3 (Acquired 12/17/21, Cost $13,633) (a) (b) (c) (d)   8    10,588 
Celonis SE, Series D (Acquired 6/17/21-10/04/22, Cost $1,306,468) (a) (b) (c) (d)   3,533    713,277 
Formagrid, Inc., Series F (Acquired 12/08/21, Cost $1,130,824) (a) (b) (c) (d)   6,038    352,257 
         1,114,503 
Materials — 0.1%          
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $1,059,705) (a) (b) (c) (d)   22,355    1,324,981 
Redwood Materials, Inc., Series D (Acquired 6/17/22, Cost $50,373) (a) (b) (c) (d)   1,241    73,554 
         1,398,535 
           
TOTAL PREFERRED STOCK
(Cost $13,104,837)		        6,808,018 
           
TOTAL EQUITIES
(Cost $1,907,012,240)		        2,332,717,159 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,907,012,240)		        2,332,717,159 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
SHORT-TERM INVESTMENTS — 0.8%          
Mutual Fund — 0.8%          
T. Rowe Price Government Reserve Investment Fund, 2.481% (f)   18,100,813   $18,100,813 
           
   Principal
Amount		    
Repurchase Agreement — 0.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (g)  $1,000,305   1,000,305 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,101,118)		        19,101,118 
           
TOTAL INVESTMENTS — 100.4%
(Cost $1,926,113,358) (h)		        2,351,818,277 
           
Other Assets/(Liabilities) — (0.4)%        (9,607,355) 
           
NET ASSETS — 100.0%       $2,342,210,922 

 

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) Restricted security. Certain securities are restricted to resale. At December 31, 2024, these securities amounted to a value of $8,558,912 or 0.37% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $8,558,912 or 0.37% of net assets.
(d) Investment is valued using significant unobservable inputs.
(e) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2024, was $124,625 or 0.01% of net assets. The Fund received $127,343 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) Rate disclosed is the 7-day net yield as of December 31, 2024.
(g) Maturity value of $1,000,458. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $1,020,351.
(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               
S&P 500 E Mini Index  3/21/25   3   $920,579  $(30,216) 

 

 

 

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

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.6%          
           
COMMON STOCK — 96.7%          
Australia — 8.1%          
BHP Group Ltd.   345,967   $8,443,480 
Capricorn Metals Ltd. (a)   253,981    991,870 
Champion Iron Ltd. (CIA AU) (b)   103,307    367,778 
Champion Iron Ltd. (CIA CN) (b)   126,408    455,524 
De Grey Mining Ltd. (a)   167,089    183,311 
Emerald Resources NL (a)   285,641    577,549 
Fortescue Ltd.   29,833    334,705 
Glencore PLC   839,661    3,691,883 
Goodman Group   81,550    1,799,754 
Northern Star Resources Ltd.   152,353    1,461,972 
Ora Banda Mining Ltd. (a)   186,941    75,475 
Predictive Discovery Ltd. (a) (b)   1,785,299    254,799 
Rio Tinto Ltd. (b)   9,563    695,505 
Rio Tinto PLC   34,420    2,026,084 
Scentre Group   513,688    1,092,207 
         22,451,896 
Bahrain — 0.1%          
Aluminium Bahrain BSC   110,684    381,230 
Belgium — 0.4%          
Shurgard Self Storage Ltd.   18,587    690,389 
Warehouses De Pauw CVA   27,566    542,676 
         1,233,065 
Bosnia and Herzegovina — 0.5%          
Adriatic Metals PLC (a)   130,323    313,568 
ERO Copper Corp. (a) (b)   78,226    1,054,659 
         1,368,227 
Brazil — 1.9%          
Vale SA Sponsored ADR   269,301    2,388,700 
Wheaton Precious Metals Corp.   52,060    2,930,310 
         5,319,010 
Canada — 10.5%          
Agnico Eagle Mines Ltd. (AEM CN)   33,888    2,651,254 
Agnico Eagle Mines Ltd. (AEM US)   6,422    502,265 
Alamos Gold, Inc. Class A (AGI CN)   80,064    1,477,128 
Alamos Gold, Inc. Class A (AGI US)   34,787    641,472 
Artemis Gold, Inc. (a)   48,060    459,720 
Aya Gold & Silver, Inc. (a)   11,266    84,175 
Barrick Gold Corp.   72,280    1,120,340 
Boardwalk Real Estate Investment Trust   9,406    420,422 

 

 

 

 

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

 

   Number of
Shares		   Value 
Cameco Corp.   28,187   $1,448,530 
Canadian Apartment Properties REIT   12,076    358,134 
Canadian National Railway Co.   2,517    255,596 
Canadian Natural Resources Ltd.   56,232    1,736,113 
Canadian Pacific Kansas City Ltd.   3,546    256,624 
Capstone Copper Corp. (a) (b)   30,798    190,472 
Colliers International Group, Inc.   5,056    687,464 
Enbridge, Inc.   42,622    1,808,452 
Foran Mining Corp. (a)   123,926    338,815 
Franco-Nevada Corp.   28,603    3,361,243 
G Mining Ventures Corp. (a)   117,780    884,917 
Hudbay Minerals, Inc.   24,837    201,180 
Ivanhoe Mines Ltd. Class A (a) (b)   84,371    1,001,335 
Kinross Gold Corp.   53,557    496,473 
Lundin Gold, Inc.   29,126    621,241 
New Gold, Inc. (a)   74,093    185,046 
NGEx Minerals Ltd. (a) (b)   54,224    505,857 
Osisko Gold Royalties Ltd. (OR CN) (b)   62,250    1,127,251 
Skeena Resources Ltd. (a)   82,160    714,460 
Snowline Gold Corp. (a)   79,301    281,908 
South Bow Corp. (SOBO CN) (b)   21,809    514,634 
Suncor Energy, Inc. (SU CN)   39,078    1,394,895 
Teck Resources Ltd. Class B   52,824    2,140,957 
Wesdome Gold Mines Ltd. (a)   52,697    473,281 
West Fraser Timber Co. Ltd. (WFG (CN)   9,628    834,232 
         29,175,886 
Chile — 0.2%          
Antofagasta PLC   25,348    501,685 
China — 0.5%          
CMOC Group Ltd. Class H   522,000    352,887 
Zijin Mining Group Co. Ltd. Class H   558,000    1,021,233 
         1,374,120 
Finland — 0.1%          
Kojamo OYJ (a)   32,645    317,486 
France — 1.4%          
Air Liquide SA   7,185    1,161,618 
Gecina SA   5,839    547,228 
TotalEnergies SE   38,130    2,118,842 
         3,827,688 
Germany — 0.5%          
BASF SE   11,520    506,573 
LEG Immobilien SE   10,669    903,975 
         1,410,548 
Hong Kong — 0.5%          
Kerry Properties Ltd.   168,000    336,898 
Sun Hung Kai Properties Ltd.   77,500    744,929 
Swire Properties Ltd.   183,000    373,215 
         1,455,042 

 

 

 

 

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

 

   Number of
Shares		   Value 
India — 0.3%          
Hindalco Industries Ltd.   44,927   $315,979 
Nexus Select Trust   232,553    374,281 
         690,260 
Japan — 2.3%          
ARE Holdings, Inc.   2,000    21,606 
Invincible Investment Corp.   1,339    560,777 
Japan Metropolitan Fund Invest   404    231,391 
Mitsubishi Estate Co. Ltd.   72,100    994,471 
Mitsubishi Logistics Corp.   47,900    349,948 
Mitsui Fudosan Co. Ltd.   178,100    1,416,299 
Nippon Steel Corp. (b)   55,800    1,120,502 
Nomura Real Estate Holdings, Inc.   14,000    343,931 
Open House Group Co. Ltd.   10,800    363,501 
Shin-Etsu Chemical Co. Ltd.   31,100    1,028,472 
         6,430,898 
Kazakhstan — 0.3%          
NAC Kazatomprom JSC GDR (c)   19,902    751,304 
Luxembourg — 0.2%          
ArcelorMittal SA   20,795    481,485 
Mexico — 0.8%          
Grupo Mexico SAB de CV Series B   201,707    960,408 
Industrias Penoles SAB de CV (a) (b)   27,811    353,990 
Southern Copper Corp.   10,474    954,496 
         2,268,894 
Portugal — 0.3%          
Galp Energia SGPS SA   56,287    933,125 
Russia — 0.0%          
Alrosa PJSC (a) (d) (e)   688,100    — 
Polyus PJSC (a) (d) (e)   2,282    — 
         — 
Saudi Arabia — 0.3%          
Saudi Arabian Mining Co. (a)   58,851    787,733 
Singapore — 0.6%          
CapitaLand Integrated Commercial Trust   449,306    634,530 
Digital Core REIT Management Pte. Ltd.   414,300    240,691 
Keppel DC REIT   235,600    376,076 
Mapletree Industrial Trust   261,600    423,164 
         1,674,461 
South Africa — 2.4%          
Anglo American Platinum Ltd. (b)   11,728    351,775 
Anglo American PLC   107,332    3,179,988 
Gold Fields Ltd.   73,114    962,986 
Harmony Gold Mining Co. Ltd.   46,046    376,403 
Impala Platinum Holdings Ltd. (a)   209,091    973,404 
Northam Platinum Holdings Ltd.   110,004    568,425 

 

 

 

 

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

 

   Number of
Shares		   Value 
Sibanye Stillwater Ltd. (a)   317,673   $257,247 
         6,670,228 
Spain — 0.1%          
Cellnex Telecom SA (c)   8,263    260,480 
Thailand — 0.1%          
WHA Corp. PCL   2,081,700    335,437 
United Kingdom — 1.9%          
AngloGold Ashanti PLC (a) (d) (e)   16,105    371,703 
Anglogold Ashanti PLC (ANG SJ)   26,850    601,374 
Anglogold Ashanti PLC (AU US)   13,706    316,335 
Big Yellow Group PLC   17,087    205,307 
Derwent London PLC   20,460    501,650 
Persimmon PLC   18,038    269,667 
Segro PLC   131,673    1,155,531 
TechnipFMC PLC   43,162    1,249,108 
UNITE Group PLC   42,322    426,613 
Yellow Cake PLC (a) (c)   33,592    209,180 
         5,306,468 
United States — 61.5%          
Acadia Realty Trust   90,117    2,177,227 
AGCO Corp.   3,032    283,431 
Agree Realty Corp.   4,358    307,021 
Alcoa Corp.   3,304    124,825 
Alexandria Real Estate Equities, Inc.   3,988    389,029 
Ameren Corp.   3,163    281,950 
American Homes 4 Rent Class A   78,039    2,920,219 
American Tower Corp.   21,536    3,949,918 
Apple Hospitality REIT, Inc.   80,782    1,240,004 
Atlas Energy Solutions, Inc. (b)   24,611    545,872 
AvalonBay Communities, Inc.   17,478    3,844,636 
Baker Hughes Co.   31,335    1,285,362 
Broadstone Net Lease, Inc.   7,179    113,859 
Camden Property Trust   8,599    997,828 
CBRE Group, Inc. Class A (a)   3,175    416,846 
CF Industries Holdings, Inc.   6,875    586,575 
Chevron Corp.   18,769    2,718,502 
Cleveland-Cliffs, Inc. (a)   46,075    433,105 
Commercial Metals Co.   6,981    346,258 
ConocoPhillips   35,174    3,488,206 
Constellation Energy Corp.   1,865    417,219 
Corteva, Inc.   7,739    440,813 
Crown Castle, Inc.   8,065    731,979 
CSX Corp.   8,035    259,289 
CubeSmart   51,038    2,186,978 
Diamondback Energy, Inc.   9,058    1,483,972 
Digital Realty Trust, Inc.   3,442    610,370 
Douglas Emmett, Inc.   39,183    727,236 
EastGroup Properties, Inc.   9,008    1,445,694 
Entegris, Inc.   4,547    450,426 
EOG Resources, Inc.   17,138    2,100,776 
EPR Properties   2,767    122,523 
EQT Corp.   32,708    1,508,166 
Equinix, Inc.   10,303    9,714,596 

 

 

 

 

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

 

   Number of
Shares		   Value 
Equity LifeStyle Properties, Inc.   35,107   $2,338,126 
Equity Residential   45,345    3,253,957 
Essential Properties Realty Trust, Inc.   8,444    264,128 
Essex Property Trust, Inc.   13,038    3,721,567 
Expand Energy Corp. (b)   15,656    1,558,555 
Expro Group Holdings NV (a)   24,071    300,165 
Extra Space Storage, Inc.   1,695    253,572 
Exxon Mobil Corp.   43,200    4,647,024 
Federal Realty Investment Trust   2,066    231,289 
Freeport-McMoRan, Inc.   117,692    4,481,711 
Gaming & Leisure Properties, Inc.   47,169    2,271,659 
GE Vernova, Inc.   2,488    818,378 
Halliburton Co.   18,809    511,417 
HB Fuller Co.   5,325    359,331 
Hess Corp.   3,559    473,383 
Hilton Worldwide Holdings, Inc.   4,474    1,105,794 
Host Hotels & Resorts, Inc.   34,356    601,917 
Hubbell, Inc.   536    224,525 
Huntsman Corp.   15,752    284,009 
International Flavors & Fragrances, Inc.   7,355    621,865 
International Paper Co.   12,200    656,604 
Ivanhoe Electric, Inc. (a) (b)   31,944    241,177 
Kilroy Realty Corp.   32,210    1,302,895 
Kimco Realty Corp.   31,566    739,591 
Kinder Morgan, Inc.   19,900    545,260 
Kodiak Gas Services, Inc.   12,588    513,968 
Linde PLC (LIN US)   5,427    2,272,122 
Lineage, Inc.   2,903    170,029 
Louisiana-Pacific Corp.   7,988    827,157 
Marathon Petroleum Corp.   12,553    1,751,144 
Marriott International, Inc. Class A   2,302    642,120 
Mosaic Co.   15,717    386,324 
MP Materials Corp. (a) (b)   37,815    589,914 
Newmont Corp. (NEM AU)   11,970    443,377 
Newmont Corp. (NEM US)   47,817    1,779,749 
NextEra Energy, Inc.   12,512    896,985 
NNN REIT, Inc.   9,302    379,987 
Noble Corp. PLC   13,577    426,318 
Norfolk Southern Corp.   1,052    246,904 
NRG Energy, Inc.   2,982    269,036 
Nucor Corp.   18,197    2,123,772 
ONEOK, Inc.   15,342    1,540,337 
Ovintiv, Inc.   17,378    703,809 
Packaging Corp. of America   4,288    965,357 
Pebblebrook Hotel Trust   22,517    305,105 
Permian Resources Corp.   47,735    686,429 
PG&E Corp.   22,501    454,070 
Phillips 66   11,184    1,274,193 
Prologis, Inc.   55,866    5,905,036 
Public Storage   17,683    5,294,998 
Quanta Services, Inc.   1,938    612,505 
Range Resources Corp.   28,926    1,040,757 
Rayonier, Inc.   24,142    630,106 
Realty Income Corp.   34,204    1,826,836 
Regency Centers Corp.   59,714    4,414,656 
Reliance, Inc.   7,644    2,058,223 
Rexford Industrial Realty, Inc.   69,735    2,695,955 
Royal Gold, Inc.   4,070    536,630 

 

 

 

 

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

 

   Number of
Shares		   Value 
RPM International, Inc.   5,077   $624,776 
SBA Communications Corp.   7,109    1,448,814 
Schlumberger NV   41,962    1,608,823 
Schneider Electric SE   2,087    515,900 
Shell PLC   103,330    3,207,709 
Sherwin-Williams Co.   3,939    1,338,984 
Simon Property Group, Inc.   28,343    4,880,948 
Southern Co.   7,136    587,436 
Stanley Black & Decker, Inc.   5,433    436,216 
Steel Dynamics, Inc.   28,668    3,270,159 
Sun Communities, Inc.   21,359    2,626,516 
Targa Resources Corp.   9,813    1,751,620 
Tenaris SA ADR   14,622    552,565 
Terreno Realty Corp.   36,440    2,155,063 
Texas Pacific Land Corp.   458    506,530 
Union Pacific Corp.   1,275    290,751 
Uranium Energy Corp. (a)   65,929    441,065 
US Steel Corp.   7,413    251,968 
Valero Energy Corp.   11,962    1,466,422 
Ventas, Inc.   57,299    3,374,338 
VICI Properties, Inc.   45,976    1,342,959 
Viper Energy, Inc.   13,020    638,891 
Vornado Realty Trust   28,062    1,179,726 
Vulcan Materials Co.   3,201    823,393 
Warrior Met Coal, Inc.   9,688    525,477 
Weatherford International PLC   6,977    499,763 
Welltower, Inc.   42,737    5,386,144 
Weyerhaeuser Co.   35,409    996,763 
Williams Cos., Inc.   44,381    2,401,900 
WP Carey, Inc.   10,787    587,676 
         170,841,812 
Vietnam — 0.7%          
Hoa Phat Group JSC (a)   1,741,730    1,819,272 
Zambia — 0.2%          
First Quantum Minerals Ltd. (a)   45,606    587,902 
           
TOTAL COMMON STOCK
(Cost $265,483,395)		        268,655,642 
           
PREFERRED STOCK — 0.9%          
United States — 0.9%          
Jetti Holdings, Inc., Series C, (Acquired 5/24/21-6/30/21, Cost $130,426)          
(a) (d) (e) (f)   2,253    239,516 
KoBold Metals, Inc., Series B-1, (Acquired 1/10/22, Cost $670,800)          
(a) (d) (e) (f)   24,472    2,078,962 
Lilac Solutions, Inc., Series B, (Acquired 9/08/21, Cost $329,342)          
(a) (d) (e) (f)   25,087    233,058 
         2,551,536 
           
TOTAL PREFERRED STOCK
(Cost $1,130,568)		        2,551,536 
           
TOTAL EQUITIES
(Cost $266,613,963)		        271,207,178 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
EXCHANGE-TRADED FUNDS — 0.6%          
United States — 0.6%          
Global X Copper Miners ETF          
   40,377   $1,541,594 
           
TOTAL EXCHANGE-TRADED FUNDS
(Cost $1,730,718)		        1,541,594 
           
TOTAL PURCHASED OPTIONS(#) — 0.1%
(Cost $183,220)		        371,936 
           
MUTUAL FUNDS — 0.1%          
Canada — 0.1%          
Sprott Physical Uranium Trust (a)   12,900    223,099 
           
TOTAL MUTUAL FUNDS
(Cost $295,756)		        223,099 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $268,823,657)		        273,343,807 
           
SHORT-TERM INVESTMENTS — 2.5%          
Investment of Cash Collateral from Securities Loaned — 0.6%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (g)   1,701,637    1,701,637 
Mutual Fund — 0.9%          
T. Rowe Price Government Reserve Investment Fund, 2.481% (k)   2,597,754    2,597,754 
           
   Principal
Amount		    
Repurchase Agreement — 0.5%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (h)  $1,284,439   1,284,439 
U.S. Treasury Bills — 0.5%          
U.S. Treasury Bills          
4.254% 3/20/25 (i)   280,000    277,488 
4.287% 3/20/25 (i)   70,000    69,372 
4.535% 2/20/25 (i) (j)   1,000,000    994,324 
         1,341,184 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,924,530)		        6,925,014 
           
TOTAL INVESTMENTS — 100.9%
(Cost $275,748,187) (l)		        280,268,821 
           
Other Assets/(Liabilities) — (0.9)%        (2,457,780) 
           
NET ASSETS — 100.0%       $277,811,041 

 

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, 2024, was $6,445,191 or 2.32% of net assets. The Fund received $5,076,006 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, 2024, the aggregate market value of these securities amounted to $1,220,964 or 0.44% of net assets.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $2,923,239 or 1.05% of net assets.
(e) Investment is valued using significant unobservable inputs.
(f) Restricted security. Certain securities are restricted to resale. At December 31, 2024, these securities amounted to a value of $2,551,536 or 0.92% 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 and 7-day effective yield as of December 31, 2024. (Note 2).
(h) Maturity value of $1,284,635. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $1,310,330.
(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) Rate disclosed is the 7-day net yield as of December 31, 2024.
(l) 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 JPY Put  Barclays Bank PLC   1/22/25    159.00    7,084,000   USD   7,084,000   $32,388   $28,690   $3,698
USD Call JPY Put  Citibank N.A.   1/22/25    159.00    5,944,000   USD   5,944,000    27,176    22,528    4,648
USD Call JPY Put  Citibank N.A.   1/22/25    159.00    2,972,000   USD   2,972,000    13,588    11,368    2,220
USD Call AUD Put  Goldman Sachs International   1/22/25    0.62    5,944,000   USD   5,944,000    71,066    17,832    53,234
USD Call AUD Put  Goldman Sachs International   1/22/25    0.62    5,301,000   USD   5,301,000    63,379    20,223    43,156
USD Call AUD Put  HSBC Bank USA   1/22/25    0.62    4,755,000   USD   4,755,000    56,851    15,929    40,922 
                             $264,448   $116,570   $147,878
Put       
S&P 500 Index  UBS AG   1/17/25    5,795.00    31   USD   17,964,500   $107,488   $66,650   $40,838 
                             $371,936   $183,220   $188,716

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  1/15/25  NOK  43,431,000   USD  3,928,630   $(113,438) 
Bank of America N.A.  1/15/25  CAD  1,612,000   USD  1,139,899    (17,945) 
Bank of America N.A.  1/15/25  USD  3,430,126   CNH  24,903,400    36,161 
Bank of America N.A.  1/15/25  USD  3,893,476   SEK  42,449,400    54,314 
Barclays Bank PLC  1/15/25  USD  2,087,664   INR  177,498,000    17,123 
Barclays Bank PLC  1/15/25  TRY  141,510,611   USD  3,911,013    43,225 
Barclays Bank PLC  1/15/25  INR  330,562,921   USD  3,893,923    (37,856) 
BNP Paribas SA  1/15/25  GBP  1,516,062   USD  1,934,125    (36,365) 
Goldman Sachs International  1/15/25  MXN  37,627,300   USD  1,857,686    (57,017) 
Goldman Sachs International  2/04/25  BRL  25,930,326   USD  4,412,321    (239,997) 
HSBC Bank USA  1/15/25  AUD  2,757,585   USD  1,770,809    (63,978) 
State Street Bank and Trust  1/06/25  USD  37,190   JPY  5,868,208    (106) 
State Street Bank and Trust  1/07/25  USD  5,333   JPY  841,464    (15) 
UBS AG  1/15/25  EUR  1,786,500   USD  1,884,406    (32,972)
                    $(448,866)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/Net Unrealized
Appreciation
(Depreciation)		 
Long               
Topix Index  3/13/25   20   $3,498,683  $43,215 
E-Mini S&P MidCap 400  3/21/25   2    667,730   (38,390) 
Xak Technology  3/21/25   8    1,962,159   (69,679) 
Xav Health Care  3/21/25   9    1,285,304    (24,674) 
                $(89,528) 
Short               
S&P TSX 60 Index  3/20/25   14   $(2,963,302)  $70,485 
U.S. Treasury Long Bond  3/20/25   28    (3,303,303)   115,678 
E-Mini S&P Real Estate Index  3/21/25   21    (1,102,812)   46,249 
MSCI EAFE Index  3/21/25   10    (1,168,944)   35,194 
MSCI Emerging Market Index  3/21/25   5    (277,651)   9,201 
MSCI World Index  3/21/25   14    (1,719,275)    56,355 
                $333,162 

 

 

 

 

OTC Total Return Swaps
Paid by the Fund  Received by the Fund   
Rate/
Reference		  No. of Contracts/
Notional		   Frequency  Rate/ Reference  No. of Contracts/
Notional		  Frequency  Counterparty  Termination Date   Value   Upfront Premium Paid/ (Received)   Unrealized
Appreciation
(Depreciation)		 
1 Day-SOFR+30BP  USD92,582  Monthly  VanEck Vietnam ETF+30BP  7,826  Monthly  Bank of America N.A.  1/16/26   $(2,739)  $—   $(2,739)
1 Day-SOFR+30BP  USD344,799  Monthly  iShares Semiconductor ETF+30BP  1,516  Monthly  Bank of America N.A.  1/16/26    (18,116)   —    (18,116)
1 Day-SOFR  USD917,866  Monthly  Dow Jones U.S. Select Home Construction Index  34  Monthly  Goldman Sachs International  1/16/26    (68,258)   —    (68,258)
1 Day-SOFR  USD588,025  Monthly  S&P Homebuilders Select Industry Index  40  Monthly  Goldman Sachs International  1/16/26    (44,620)   —    (44,620)
1 Day-SOFR  USD184,924  Monthly  ICE Semiconductor Gross Total Return Index  129  Monthly  Goldman Sachs International  1/20/26    (9,474)   —    (9,474)
DKK-CIBOR-DKNA13+35BP  DKK4,202,202  Monthly  OMX Copenhagen 25 NI Index+35BP  4,169  Monthly  Morgan Stanley & Co. LLC  1/16/26    (20,050)   —    (20,050)
iShares MSCI ACWI ex US ETF+20BP  40,709  Monthly  1 Day-SOFR-20BP  USD 2,214,570  Monthly  Morgan Stanley & Co. LLC  1/16/26    91,188   —    91,188
1 Day-SOFR+40BP  USD2,207,001  Monthly  Vanguard FTSE All-World Small Cap Index+40BP  18,481  Monthly  Morgan Stanley & Co. LLC  1/16/26    (91,296)   —    (91,296)
FTSE EPRA/Nareit Developed Index  222  Monthly  1 Day-SOFR  USD 1,329,841  Monthly  Morgan Stanley & Co. LLC  1/16/26    37,658   —    37,658
DKK-CIBOR-DKNA13+35BP  DKK4,202,202  Monthly  OMX Copenhagen 25 NI Index+35BP  4,169  Monthly  Morgan Stanley & Co. LLC  1/16/26    (20,050)   —    (20,050)
1 Day-SOFR+42BP  USD93,856  Monthly  Xtrackers FTSE Vietnam UCITS ETF+42BP  3,709  Monthly  Morgan Stanley & Co. LLC  1/16/26    (2,606)   —    (2,606)
FTSE Nareit All Equity REITs Index  53  Monthly  1 Day-SOFR  USD 1,379,566  Monthly  Morgan Stanley & Co. LLC  1/16/26    49,204   —    49,204
FTSE Nareit All Equity REITs Index  52  Monthly  1 Day-SOFR  USD 1,353,537  Monthly  Morgan Stanley & Co. LLC  1/16/26    48,275   —    48,275
FTSE EPRA/Nareit Developed Index  226  Monthly  1 Day-SOFR  USD 1,353,802  Monthly  Morgan Stanley & Co. LLC  1/16/26    38,337   —    38,337
1 Day-SOFR  USD2,778,419  Monthly  S&P Homebuilders Select Industry Index  189  Monthly  Morgan Stanley & Co. LLC  1/16/26    (211,899)   —    (211,899)
1 Day-SOFR  USD2,763,718  Monthly  S&P Homebuilders Select Industry Index  188  Monthly  Morgan Stanley & Co. LLC  1/16/26    (210,778)   —    (210,778)
                           $    (435,224)   $—   $(435,224) 

  

Currency Legend

AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CNH Offshore Chinese Yuan
DKK Danish Krone
EUR Euro
GBP British Pound
INR Indian Rupee
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
SEK Swedish Krona
TRY New Turkish Lira
USD U.S. Dollar

 

 

 

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

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.8%          
           
COMMON STOCK — 96.5%          
Communication Services — 3.2%          
Advantage Solutions, Inc. (a)   53,503   $156,229 
AST SpaceMobile, Inc. (a) (b)   14,843    313,187 
Atlanta Braves Holdings, Inc. Class C (a)   7,696    294,449 
ESC GCI Liberty, Inc. (a) (c) (d)   29,586    — 
Liberty Media Corp-Liberty Formula One Class C (a)   22,258    2,062,426 
Liberty Media Corp-Liberty Live Class C (a)   30,400    2,069,024 
Madison Square Garden Sports Corp. (a)   2,439    550,434 
Match Group, Inc. (a)   24,355    796,652 
New York Times Co. Class A   32,282    1,680,276 
News Corp. Class A   41,872    1,153,153 
News Corp. Class B   12,732    387,435 
Pinterest, Inc. Class A (a)   30,430    882,470 
Reddit, Inc. Class A (a)   11,396    1,862,562 
Roku, Inc. (a)   5,800    431,172 
Spotify Technology SA (a)   3,130    1,400,299 
Trade Desk, Inc. Class A (a)   37,800    4,442,634 
Vimeo, Inc. (a)   27,317    174,829 
         18,657,231 
Consumer Discretionary — 9.2%          
Abercrombie & Fitch Co. Class A (a)   1,280    191,322 
Advance Auto Parts, Inc.   40,157    1,899,025 
Aramark   21,617    806,530 
Asbury Automotive Group, Inc. (a)   1,417    344,374 
Bath & Body Works, Inc.   67,582    2,620,154 
Birkenstock Holding PLC (a)   11,665    660,939 
Boot Barn Holdings, Inc. (a)   991    150,454 
Bright Horizons Family Solutions, Inc. (a)   16,013    1,775,041 
Brinker International, Inc. (a)   2,199    290,906 
Burlington Stores, Inc. (a)   11,251    3,207,210 
Caesars Entertainment, Inc. (a)   7,365    246,138 
Carvana Co. (a)   3,790    770,734 
Cava Group, Inc. (a)   2,855    322,044 
Champion Homes, Inc. (a)   7,090    624,629 
Chewy, Inc., Class A (a)   3,357    112,426 
Compass Group PLC   34,809    1,157,091 
Domino's Pizza, Inc.   6,932    2,909,776 
Dorman Products, Inc. (a)   3,429    444,227 
DraftKings, Inc. Class A (a)   51,100    1,900,920 
Duolingo, Inc. (a)   1,543    500,287 
Dutch Bros, Inc. Class A (a)   12,591    659,517 
Etsy, Inc. (a)   10    529 
Figs, Inc. Class A (a)   61,902    383,173 
Five Below, Inc. (a)   12,892    1,353,144 

 

 

 

 

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

 

   Number of
Shares		   Value 
Floor & Decor Holdings, Inc. Class A (a)   8,961   $893,412 
Framebridge Expense Fund Payment (Acquired 5/19/20, Cost $108) (a) (c) (d) (e)   108    103 
Global-e Online Ltd. (a)   2,500    136,325 
Grand Canyon Education, Inc. (a)   1,251    204,914 
Group 1 Automotive, Inc.   1,167    491,867 
Hilton Worldwide Holdings, Inc.   10,400    2,570,464 
Installed Building Products, Inc.   1,517    265,854 
International Game Technology PLC   5,000    88,300 
Kontoor Brands, Inc.   1,384    118,207 
LCI Industries   1,654    171,007 
Lululemon Athletica, Inc. (a)   730    279,159 
Marriott Vacations Worldwide Corp.   4,318    387,756 
Meritage Home Corp.   3,000    461,460 
Modine Manufacturing Co. (a)   5,257    609,444 
Moncler SpA   4,208    223,505 
Monro, Inc.   15,356    380,829 
Norwegian Cruise Line Holdings Ltd. (a)   15,694    403,807 
Ollie's Bargain Outlet Holdings, Inc. (a)   1,656    181,713 
On Holding AG, Class A (a)   12,925    707,902 
Papa John's International, Inc.   14,753    605,906 
Pax Labs, Inc., Class A (Acquired 4/18/19, Cost $218,578) (a) (c) (d) (e)   58,048    23,800 
Peloton Interactive, Inc. Class A (a)   91,304    794,345 
Planet Fitness, Inc. Class A (a)   24,314    2,403,925 
Pool Corp.   382    130,239 
PulteGroup, Inc.   6,133    667,884 
Puma SE   33,752    1,543,966 
Rad Power Bikes, Inc., Class A (Acquired 1/22/21, Cost $69,082) (a) (c) (d) (e)   39,882    7,976 
Ralph Lauren Corp.   5,012    1,157,672 
Red Rock Resorts, Inc. Class A   5,751    265,926 
RH (a)   1,114    438,459 
Ross Stores, Inc.   15,700    2,374,939 
Savers Value Village, Inc. (a) (b)   29,599    303,390 
Shake Shack, Inc. Class A (a)   3,310    429,638 
Skechers USA, Inc. Class A (a)   3,902    262,370 
Steven Madden Ltd.   7,575    322,089 
Strategic Education, Inc.   11,805    1,102,823 
Taylor Morrison Home Corp. (a)   2,169    132,764 
Texas Roadhouse, Inc.   990    178,626 
TopBuild Corp. (a)   1,390    432,763 
Tractor Supply Co.   7,320    388,399 
Ulta Beauty, Inc. (a)   3,337    1,451,361 
Under Armour, Inc. Class A (a)   19,124    158,347 
United Parks & Resorts, Inc. (a)   863    48,492 
Urban Outfitters, Inc. (a)   5,008    274,839 
VF Corp.   72,556    1,557,052 
Victoria's Secret & Co. (a)   8,875    367,602 
Viking Holdings Ltd. (a)   23,698    1,044,134 
Visteon Corp. (a)   2,216    196,604 
Watches of Switzerland Group PLC (a) (f)   16,558    115,219 
Wingstop, Inc.   1,669    474,330 
Wyndham Hotels & Resorts, Inc.   5,694    573,898 
Yum! Brands, Inc.   16,476    2,210,420 
         54,346,815 
Consumer Staples — 3.3%          
BellRing Brands, Inc. (a)   12,690    956,065 

 

 

 

 

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

 

   Number of
Shares		   Value 
Boston Beer Co., Inc. Class A (a)   1,843   $552,863 
Casey's General Stores, Inc.   4,400    1,743,412 
Celsius Holdings, Inc. (a)   1,600    42,144 
Coca-Cola Consolidated, Inc.   6    7,560 
Constellation Brands, Inc. Class A   7,134    1,576,614 
Dollar General Corp.   4,137    313,667 
Dollar Tree, Inc. (a)   26,967    2,020,907 
Farmer's Business Network, Inc. (Acquired 7/31/20, Cost $48,230) (a) (c) (d) (e)   1,459    5,107 
Flowers Foods, Inc.   45,605    942,199 
Grocery Outlet Holding Corp. (a)   1,176    18,357 
Interparfums, Inc.   2,744    360,864 
Kenvue, Inc.   146,095    3,119,128 
Lamb Weston Holdings, Inc.   15,528    1,037,736 
Maplebear, Inc. (a)   13,200    546,744 
McCormick & Co., Inc.   9,000    686,160 
Nomad Foods Ltd.   21,861    366,828 
Olaplex Holdings, Inc. (a)   121,436    210,084 
Post Holdings, Inc. (a)   6,919    791,949 
Primo Brands Corp.   5,781    177,881 
Reynolds Consumer Products, Inc.   22,500    607,275 
Simply Good Foods Co. (a)   14,762    575,423 
TreeHouse Foods, Inc. (a)   18,589    653,032 
Tyson Foods, Inc. Class A   30,110    1,729,518 
Utz Brands, Inc.   25,566    400,364 
         19,441,881 
Energy — 5.8%          
Advantage Energy Ltd. (a) (b)   26,731    183,358 
Antero Resources Corp. (a)   8,320    291,616 
Baker Hughes Co.   35,812    1,469,008 
Cactus, Inc. Class A   14,161    826,436 
ChampionX Corp.   7,305    198,623 
Cheniere Energy, Inc.   13,180    2,831,987 
DT Midstream, Inc. (a)   3,626    360,533 
Enerflex Ltd.   60,067    597,975 
EQT Corp.   41,700    1,922,787 
Expand Energy Corp. (b)   47,447    4,723,349 
Expro Group Holdings NV (a)   47,667    594,407 
Gulfport Energy Corp. (a)   1,650    303,930 
Kimbell Royalty Partners LP   9,859    160,012 
Kinder Morgan, Inc.   48,551    1,330,297 
Liberty Energy, Inc.   11,673    232,176 
Magnolia Oil & Gas Corp. Class A   36,594    855,568 
Matador Resources Co.   20,893    1,175,440 
PBF Energy, Inc. Class A   7,194    191,001 
Permian Resources Corp.   103,864    1,493,564 
Range Resources Corp.   61,723    2,220,793 
Solaris Oilfield Infrastructure, Inc.   12,333    354,944 
South Bow Corp. (SOBO CN) (b)   22,150    522,681 
Suncor Energy, Inc. (SU US)   29,592    1,055,843 
TechnipFMC PLC   225,679    6,531,150 
Tidewater, Inc. (a)   13,586    743,290 
Viper Energy, Inc.   30,817    1,512,190 
Weatherford International PLC   24,349    1,744,119 
         34,427,077 

 

 

 

 

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

 

   Number of
Shares		   Value 
Financials — 15.5%          
Allstate Corp.   6,534   $1,259,690 
Annaly Capital Management, Inc.   59,959    1,097,250 
Apollo Global Management, Inc.   5,446    899,461 
Assurant, Inc.   18,577    3,960,988 
Axis Capital Holdings Ltd.   8,500    753,270 
Baldwin Insurance Group, Inc. (a)   9,830    381,011 
Banc of California, Inc.   55,898    864,183 
BankUnited, Inc.   12,919    493,118 
Blue Foundry Bancorp (a)   15,598    153,016 
Bowhead Specialty Holdings, Inc. (a)   2,607    92,601 
Cadence Bank   21,407    737,471 
Capitol Federal Financial, Inc.   29,440    173,990 
Cathay General Bancorp   6,676    317,844 
Cboe Global Markets, Inc.   13,253    2,589,636 
Coastal Financial Corp. (a)   7,344    623,579 
Columbia Banking System, Inc.   65,701    1,774,584 
Columbia Financial, Inc. (a) (b)   7,257    114,733 
Corebridge Financial, Inc.   43,987    1,316,531 
Corpay, Inc. (a)   17,668    5,979,205 
CRB Group, Inc. (Acquired 4/14/22, Cost $73,283) (a) (c) (d) (e)   697    44,099 
CrossFirst Bankshares, Inc. (a)   14,314    216,857 
DigitalBridge Group, Inc.   22,876    258,041 
Dime Community Bancshares, Inc.   8,839    271,667 
East West Bancorp, Inc.   18,247    1,747,333 
Eastern Bankshares, Inc.   48,344    833,934 
Edenred SE   26,380    861,772 
Encore Capital Group, Inc. (a)   6,417    306,540 
Equity Bancshares, Inc. Class A   6,462    274,118 
FB Financial Corp.   22,939    1,181,588 
Fifth Third Bancorp   46,967    1,985,765 
First American Financial Corp.   2,892    180,576 
First Bancshares, Inc.   8,001    280,035 
Five Star Bancorp   8,883    267,289 
Flagstar Financial, Inc. (b)   16,687    155,690 
Flywire Corp. (a)   5,406    111,472 
FS Bancorp, Inc.   6,124    251,451 
Global Payments, Inc.   14,432    1,617,250 
Goosehead Insurance, Inc. Class A (a)   6,301    675,593 
Grasshopper Bancorp, Inc. (Acquired 5/02/19, Cost $83,390) (a) (c) (d) (e)   8,339    37,526 
HA Sustainable Infrastructure Capital, Inc. (b)   26,300    705,629 
Hamilton Lane, Inc. Class A   6,928    1,025,690 
Hanover Insurance Group, Inc.   10,988    1,699,404 
HarborOne Bancorp, Inc.   28,977    342,798 
Helix Acquisition Corp. II (a)   3,237    33,989 
Home BancShares, Inc.   36,609    1,036,035 
Horace Mann Educators Corp.   12,655    496,456 
Houlihan Lokey, Inc.   6,307    1,095,274 
Intercontinental Exchange, Inc.   10,100    1,505,001 
James River Group Holdings Ltd.   24,303    118,356 
John Marshall Bancorp, Inc.   11,910    239,153 
Kearny Financial Corp.   12,626    89,392 
KeyCorp.   54,257    929,965 
KKR & Co., Inc.   1,200    177,492 
Live Oak Bancshares, Inc.   33,059    1,307,483 
Markel Group, Inc. (a)   430    742,279 
MarketAxess Holdings, Inc.   5,955    1,346,068 
Marqeta, Inc. Class A (a)   202,627    767,956 

 

 

 

 

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

 

   Number of
Shares		   Value 
Morningstar, Inc.   3,771   $1,269,922 
National Bank Holdings Corp. Class A   12,645    544,494 
OneMain Holdings, Inc.   16,997    886,054 
Open Lending Corp. (a)   75,053    448,066 
Origin Bancorp, Inc.   13,166    438,296 
Oscar Health, Inc. Class A (a)   57,282    769,870 
OTC Markets Group, Inc. Class A   3,853    197,322 
Pacific Premier Bancorp, Inc.   26,404    657,988 
PennyMac Financial Services, Inc.   21,989    2,245,956 
PennyMac Mortgage Investment Trust   31,960    402,376 
Pinnacle Financial Partners, Inc.   19,929    2,279,678 
Ponce Financial Group, Inc. (a)   15,954    207,402 
Popular, Inc.   28,834    2,712,126 
PRA Group, Inc. (a)   10,388    217,005 
Preferred Bank   6,252    540,048 
Primerica, Inc.   902    244,821 
ProAssurance Corp. (a)   23,672    376,622 
Prosperity Bancshares, Inc.   12,996    979,249 
Raymond James Financial, Inc.   11,250    1,747,462 
RenaissanceRe Holdings Ltd.   6,705    1,668,271 
RLI Corp.   2,881    474,875 
Root, Inc. Class A (a)   2,330    169,135 
Ryan Specialty Holdings, Inc.   9,800    628,768 
Selective Insurance Group, Inc.   4,380    409,618 
SLM Corp.   12,859    354,651 
Southern First Bancshares, Inc. (a)   4,578    181,976 
SouthState Corp.   17,789    1,769,650 
Sprott, Inc.   1,013    42,718 
Stash Financial, Inc. (Acquired 1/06/21-1/26/21, Cost $15,690) (a) (c) (d) (e)   487    2,333 
StepStone Group, Inc. Class A   29,412    1,702,367 
Stifel Financial Corp.   2,670    283,234 
StoneX Group, Inc. (a)   1,966    192,609 
Synovus Financial Corp.   4,809    246,365 
Texas Capital Bancshares, Inc. (a)   16,971    1,327,132 
TMX Group Ltd.   32,582    1,003,674 
Toast, Inc., Class A (a)   91,235    3,325,516 
Towne Bank   24,502    834,538 
TPG, Inc.   4,460    280,266 
Tradeweb Markets, Inc. Class A   7,400    968,808 
TWFG, Inc. (a)   7,749    238,669 
Voya Financial, Inc.   16,400    1,128,812 
Walker & Dunlop, Inc.   6,663    647,710 
Webster Financial Corp.   38,064    2,101,894 
Western Alliance Bancorp   34,278    2,863,584 
Western Union Co.   165,672    1,756,123 
White Mountains Insurance Group Ltd.   286    556,287 
WSFS Financial Corp.   12,635    671,298 
         91,794,815 
Health Care — 15.2%          
Acadia Healthcare Co., Inc. (a)   17,280    685,152 
ACELYRIN, Inc. (a)   64,019    201,020 
Agilent Technologies, Inc.   22,500    3,022,650 
Agios Pharmaceuticals, Inc. (a)   1,703    55,961 
Akero Therapeutics, Inc. (a)   9,047    251,687 
Alcon AG   17,500    1,485,575 
Align Technology, Inc. (a)   5,300    1,105,103 
Alignment Healthcare, Inc. (a)   42,088    473,490 

 

 

 

 

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

 

   Number of
Shares		   Value 
Alkermes PLC (a)   51,860   $1,491,494 
Alnylam Pharmaceuticals, Inc. (a)   13,110    3,084,914 
AnaptysBio, Inc. (a)   2,490    32,968 
Applied Therapeutics, Inc. (a)   32,830    28,109 
Arcellx, Inc. (a)   4,543    348,403 
Argenx SE ADR (a)   4,149    2,551,635 
Arrowhead Pharmaceuticals, Inc. (a)   12,148    228,382 
Arvinas, Inc. (a)   16,644    319,065 
Ascendis Pharma AS ADR (a)   10,413    1,433,558 
Autolus Therapeutics PLC ADR (a)   9,351    21,975 
Avanos Medical, Inc. (a)   16,865    268,491 
Avantor, Inc. (a)   113,460    2,390,602 
Avidity Biosciences, Inc. (a)   16,612    483,077 
Baxter International, Inc.   58,741    1,712,888 
BeiGene Ltd. ADR (a)   506    93,463 
Bicara Therapeutics, Inc. (a)   2,112    36,791 
Bio-Techne Corp.   24,147    1,739,308 
Biogen, Inc. (a)   7,280    1,113,258 
Black Diamond Therapeutics, Inc. (a) (b)   49,141    105,162 
Blueprint Medicines Corp. (a)   10,698    933,080 
BrightSpring Health Services, Inc. (a) (b)   7,262    123,672 
Bruker Corp.   32,782    1,921,681 
Cabaletta Bio, Inc. (a) (b)   18,364    41,686 
Capsule, Corp. (Acquired 4/07/21, Cost $72,342) (a) (c) (d) (e)   4,992    6,440 
Cargo Therapeutics, Inc. (a)   2,279    32,863 
Celldex Therapeutics, Inc. (a)   13,276    335,484 
Centessa Pharmaceuticals PLC ADR (a)   17,068    285,889 
CG oncology, Inc. (a)   852    24,435 
Concentra Group Holdings Parent, Inc.   141,843    2,805,654 
Cooper Cos., Inc. (a)   28,997    2,665,694 
Crinetics Pharmaceuticals, Inc. (a)   11,913    609,112 
CRISPR Therapeutics AG (a) (b)   11,838    465,944 
Cytokinetics, Inc. (a)   41,624    1,957,993 
Day One Biopharmaceuticals, Inc. (a)   4,990    63,223 
DENTSPLY SIRONA, Inc.   79,585    1,510,523 
Disc Medicine, Inc. (a)   1,796    113,866 
Doximity, Inc. Class A (a)   11,758    627,760 
Dyne Therapeutics, Inc. (a)   3,479    81,965 
Elanco Animal Health, Inc. (a)   57,503    696,361 
Encompass Health Corp.   4,941    456,301 
Enovis Corp. (a)   16,213    711,426 
Ensign Group, Inc.   3,917    520,413 
Entrada Therapeutics, Inc. (a)   7,135    123,364 
Erasca, Inc. (a)   74,944    188,109 
Exact Sciences Corp. (a)   29,545    1,660,134 
EyePoint Pharmaceuticals, Inc. (a)   3,851    28,690 
Generation Bio Co. (a)   16,354    17,335 
Geron Corp. (a)   7,484    26,493 
Ginkgo Bioworks, Inc., Earnout Shares 600 (Acquired 9/17/21, Cost $0) (a) (c) (d) (e)   21    — 
Ginkgo Bioworks, Inc., Earnout Shares 700 (Acquired 9/17/21, Cost $0) (a) (c) (d) (e)   21    — 
Ginkgo Bioworks, Inc., Earnout Shares 800 (Acquired 9/17/21, Cost $0) (a) (c) (d) (e)   21    — 
Gyroscope Therapeutics, Milestone Payment 1 (Acquired 2/18/22, Cost $31,900) (a) (c) (d) (e)   31,900    — 
Gyroscope Therapeutics, Milestone Payment 2 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (e)   21,260    — 

 

 

 

 

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

 

   Number of
Shares		   Value 
Gyroscope Therapeutics, Milestone Payment 3 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (e)   21,260   $— 
Haemonetics Corp. (a)   7,316    571,233 
HealthEquity, Inc. (a)   3,815    366,049 
Hologic, Inc. (a)   48,360    3,486,272 
Humana, Inc.   3,722    944,309 
Ideaya Biosciences, Inc. (a)   7,274    186,942 
IGM Biosciences, Inc. (a) (b)   6,292    38,444 
Immatics NV (a)   55,250    392,827 
Immunocore Holdings PLC ADR (a) (b)   29,382    866,769 
Immunome, Inc. (a)   26,522    281,664 
Immunovant, Inc. (a)   25,688    636,292 
Innovage Holding Corp. (a)   31,952    125,571 
Insmed, Inc. (a)   24,689    1,704,529 
Ionis Pharmaceuticals, Inc. (a)   47,846    1,672,696 
Iovance Biotherapeutics, Inc. (a)   27,752    205,365 
Janux Therapeutics, Inc. (a)   943    50,488 
Jasper Therapeutics, Inc. (a)   499    10,669 
Keros Therapeutics, Inc. (a)   698    11,049 
Kymera Therapeutics, Inc. (a)   11,313    455,122 
Lantheus Holdings, Inc. (a)   7,586    678,644 
Legend Biotech Corp. ADR (a)   1,401    45,589 
Madrigal Pharmaceuticals, Inc. (a) (b)   648    199,953 
Masimo Corp. (a)   7,680    1,269,504 
Merus NV (a)   4,632    194,776 
Mettler-Toledo International, Inc. (a)   1,010    1,235,917 
Mirum Pharmaceuticals, Inc. (a)   2,714    112,224 
Molina Healthcare, Inc. (a)   3,608    1,050,108 
Monte Rosa Therapeutics, Inc. (a) (b)   12,441    86,341 
MoonLake Immunotherapeutics (a)   2,408    130,393 
Natera, Inc. (a)   2,450    387,835 
Neogen Corp. (a)   33,410    405,597 
NeoGenomics, Inc. (a)   29,415    484,759 
Neumora Therapeutics, Inc. (a) (b)   22,089    234,143 
Neurocrine Biosciences, Inc. (a)   816    111,384 
Novocure Ltd. (a)   7,629    227,344 
Nurix Therapeutics, Inc. (a)   14,588    274,838 
Nuvalent, Inc., Class A (a)   1,651    129,240 
Pacific Biosciences of California, Inc. (a) (b)   30,073    55,034 
Pennant Group, Inc. (a)   4,370    115,892 
Penumbra, Inc. (a)   3,064    727,639 
Perrigo Co. PLC   46,195    1,187,673 
Phreesia, Inc. (a)   5,092    128,115 
Pliant Therapeutics, Inc. (a)   8,903    117,252 
Praxis Precision Medicines, Inc. (a)   1,549    119,211 
Prime Medicine, Inc. (a) (b)   25,145    73,423 
Privia Health Group, Inc. (a)   16,947    331,314 
PROCEPT BioRobotics Corp. (a)   3,467    279,163 
Progyny, Inc. (a)   14,541    250,832 
Prothena Corp. PLC (a)   6,683    92,560 
Quidelortho Corp. (a)   41,500    1,848,825 
RadNet, Inc. (a)   4,155    290,185 
Rapport Therapeutics, Inc. (a)   6,642    117,829 
Relay Therapeutics, Inc. (a)   3,313    13,650 
Repligen Corp. (a)   5,712    822,185 
Replimune Group, Inc. (a)   16,727    202,564 
REVOLUTION Medicines, Inc. (a)   6,842    299,269 
Rocket Pharmaceuticals, Inc. (a)   3,563    44,787 

 

 

 

 

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

 

   Number of
Shares		   Value 
Sarepta Therapeutics, Inc. (a)   5,186   $630,566 
Sartorius Stedim Biotech   799    155,818 
Scholar Rock Holding Corp. (a)   14,945    645,923 
Select Medical Holdings Corp.   118,643    2,236,421 
Soleno Therapeutics, Inc. (a)   1,245    55,963 
Sotera Health Co. (a)   37,000    506,160 
SpringWorks Therapeutics, Inc. (a)   5,212    188,310 
Stevanato Group SpA (b)   15,238    332,036 
Structure Therapeutics, Inc. ADR (a) (b)   1,388    37,643 
Tango Therapeutics, Inc. (a)   16,343    50,500 
Teleflex, Inc.   16,970    3,020,321 
Terns Pharmaceuticals, Inc. (a)   3,868    21,429 
Third Harmonic Bio, Inc. (a)   14,561    149,833 
Ultragenyx Pharmaceutical, Inc. (a)   2,742    115,356 
Vaxcyte, Inc. (a)   14,110    1,155,045 
Veeva Systems, Inc. Class A (a)   21,921    4,608,890 
Vera Therapeutics, Inc. (a)   11,779    498,134 
Verve Therapeutics, Inc. (a)   11,168    62,987 
Viatris, Inc.   80,628    1,003,819 
Viridian Therapeutics, Inc. (a)   2,087    40,008 
WaVe Life Sciences Ltd. (a)   6,103    75,494 
West Pharmaceutical Services, Inc.   2,611    855,259 
Xencor, Inc. (a)   5,720    131,446 
Xenon Pharmaceuticals, Inc. (a)   6,067    237,826 
Zenas Biopharma, Inc. (a)   1,296    10,614 
Zimmer Biomet Holdings, Inc.   27,876    2,944,542 
         89,952,395 
Industrials — 17.2%          
AAON, Inc.   2,451    288,434 
AGCO Corp.   15,865    1,483,060 
Air Lease Corp.   4,232    204,025 
Alamo Group, Inc.   520    96,673 
Allegiant Travel Co. (b)   5,038    474,177 
API Group Corp. (a)   75,681    2,722,246 
Arcosa, Inc.   8,439    816,389 
Atkore, Inc.   1,200    100,140 
Atmus Filtration Technologies, Inc.   12,771    500,368 
AZZ, Inc.   10,434    854,753 
Beacon Roofing Supply, Inc. (a)   9,062    920,518 
Bombas LLC (Acquired 2/12/21, Cost $183,470) (a) (c) (d) (e)   41,514    125,372 
Booz Allen Hamilton Holding Corp.   6,787    873,487 
Brady Corp. Class A   5,572    411,492 
BrightView Holdings, Inc. (a)   30,690    490,733 
Broadridge Financial Solutions, Inc.   6,810    1,539,673 
BWX Technologies, Inc.   11,215    1,249,239 
Casella Waste Systems, Inc. Class A (a)   6,130    648,615 
Clarivate PLC (a) (b)   167,791    852,378 
Conduent, Inc. (a)   25,651    103,630 
Covenant Logistics Group, Inc.   985    53,692 
Crane Co.   4,828    732,649 
CSW Industrials, Inc.   499    176,047 
Curtiss-Wright Corp.   189    67,070 
Custom Truck One Source, Inc. (a)   38,198    183,732 
Dayforce, Inc. (a) (b)   33,074    2,402,495 
Diploma PLC   2,542    135,204 
Douglas Dynamics, Inc.   5,587    132,021 
Enerpac Tool Group Corp.   6,784    278,755 

 

 

 

 

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

 

   Number of
Shares		   Value 
Enpro, Inc.   4,701   $810,688 
Equifax, Inc.   7,000    1,783,950 
Esab Corp.   52,396    6,284,376 
ESCO Technologies, Inc.   3,873    515,922 
Federal Signal Corp.   5,298    489,482 
Ferguson Enterprises, Inc.   5,680    985,878 
First Advantage Corp. (a)   5,482    102,678 
Fortive Corp.   46,837    3,512,775 
FTAI Aviation Ltd.   3,417    492,185 
FTI Consulting, Inc. (a)   3,838    733,557 
GMS, Inc. (a)   4,231    358,916 
Graco, Inc.   4,658    392,623 
Helios Technologies, Inc.   3,403    151,910 
Herc Holdings, Inc.   2,417    457,611 
Hexcel Corp.   13,643    855,416 
Hillman Solutions Corp. (a)   9,949    96,903 
Howmet Aerospace, Inc.   3,400    371,858 
Hubbell, Inc.   2,453    1,027,537 
IDEX Corp.   12,421    2,599,591 
Ingersoll Rand, Inc.   39,925    3,611,616 
ITT, Inc.   2,550    364,344 
JB Hunt Transport Services, Inc.   9,440    1,611,030 
John Bean Technologies Corp.   2,796    355,372 
L3Harris Technologies, Inc.   9,368    1,969,903 
Landstar System, Inc.   3,619    621,961 
Leidos Holdings, Inc.   1,021    147,085 
Leonardo DRS, Inc. (a)   22,816    737,185 
Loar Holdings, Inc. (a)   3,988    294,753 
Matson, Inc.   2,053    276,827 
McGrath RentCorp   3,509    392,376 
MDA Space Ltd. (a)   2,927    60,130 
Middleby Corp. (a)   7,442    1,008,019 
Moog, Inc. Class A   2,628    517,296 
MSA Safety, Inc.   5,461    905,270 
MYR Group, Inc. (a)   1,917    285,192 
Norfolk Southern Corp.   8,309    1,950,122 
Old Dominion Freight Line, Inc.   10,407    1,835,795 
Parsons Corp. (a)   7,567    698,056 
Paycor HCM, Inc. (a)   38,266    710,600 
Paylocity Holding Corp. (a)   20,298    4,048,842 
Quanta Services, Inc.   2,300    726,915 
RBC Bearings, Inc. (a)   10,390    3,108,065 
Rentokil Initial PLC   1,945    9,662 
Robert Half, Inc.   143    10,076 
Rush Enterprises, Inc. Class A   11,322    620,332 
Saia, Inc. (a)   8,990    4,097,013 
Sensata Technologies Holding PLC   45,603    1,249,522 
Shyft Group, Inc.   17,911    210,275 
Simpson Manufacturing Co., Inc.   885    146,760 
SiteOne Landscape Supply, Inc. (a)   20,233    2,666,102 
Southwest Airlines Co.   64,720    2,175,886 
Spirax Group PLC   221    18,858 
SPX Technologies, Inc. (a)   5,542    806,472 
SS&C Technologies Holdings, Inc.   19,248    1,458,614 
Standardaero, Inc. (a)   38,676    957,618 
Stanley Black & Decker, Inc.   23,362    1,875,735 
Sun Country Airlines Holdings, Inc. (a)   11,114    162,042 
Tetra Tech, Inc.   7,493    298,521 

 

 

 

 

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

 

   Number of
Shares		   Value 
Textron, Inc.   44,266   $3,385,906 
Thermon Group Holdings, Inc. (a)   17,740    510,380 
Toro Co.   31,068    2,488,547 
Transcat, Inc. (a)   2,387    252,401 
TransUnion   9,014    835,688 
Trex Co., Inc. (a)   6,772    467,471 
UFP Industries, Inc.   7,030    791,930 
UL Solutions, Inc. Class A   14,655    730,991 
UniFirst Corp.   228    39,009 
United Rentals, Inc.   1,250    880,550 
Upwork, Inc. (a)   16,432    268,663 
Valmont Industries, Inc.   802    245,949 
Veralto Corp.   8,800    896,280 
Verisk Analytics, Inc.   4,000    1,101,720 
Verra Mobility Corp. (a)   37,096    896,981 
VSE Corp. (b)   9,967    947,862 
Waste Connections, Inc.   4,000    686,320 
Weir Group PLC   325    8,849 
WillScot Holdings Corp. (a)   37,709    1,261,366 
XPO, Inc. (a)   4,900    642,635 
Zurn Elkay Water Solutions Corp.   9,928    370,314 
         101,650,977 
Information Technology — 14.9%          
Alarm.com Holdings, Inc. (a)   2,506    152,365 
Allegro MicroSystems, Inc. (a)   11,456    250,428 
Amphenol Corp. Class A   15,100    1,048,695 
Amplitude, Inc. Class A (a)   40,506    427,338 
Apiture, Inc. (Acquired 7/01/20-6/30/22, Cost $97,636) (a) (c) (d) (e)   6,130    133,511 
Appfolio, Inc. Class A (a)   47    11,596 
ASGN, Inc. (a)   1,124    93,674 
Astera Labs, Inc. (a)   245    32,450 
Atlassian Corp. Class A (a)   5,100    1,241,238 
Aurora Innovation, Inc. (a)   91,827    578,510 
Bill Holdings, Inc. (a)   23,091    1,956,039 
Braze, Inc. Class A (a)   10,476    438,735 
CCC Intelligent Solutions Holdings, Inc. (a)   196,505    2,305,004 
Checkr, Inc. (Acquired 6/29/18-12/02/19, Cost $116,452) (a) (c) (d) (e)   15,444    94,826 
Coalition, Inc. (Acquired 9/13/21, Cost $4,230) (a) (c) (d) (e)   256    2,253 
Cognex Corp.   13,101    469,802 
Corning, Inc.   100,949    4,797,096 
CTS Corp.   5,867    309,367 
Databricks, Inc. (Acquired 7/24/20-8/28/20, Cost $24,732) (a) (c) (d) (e)   1,545    142,913 
Datadog, Inc. Class A (a)   6,270    895,920 
Descartes Systems Group, Inc. (a)   14,690    1,668,784 
DocuSign, Inc. (a)   19,502    1,754,010 
Endava PLC Sponsored ADR (a)   14,138    436,864 
Enfusion, Inc. Class A (a)   6,735    69,370 
Entegris, Inc.   9,775    968,311 
Fabrinet (a)   40    8,795 
Fair Isaac Corp. (a)   870    1,732,109 
FARO Technologies, Inc. (a)   2,586    65,581 
Fortinet, Inc. (a)   41,315    3,903,441 
Gartner, Inc. (a)   370    179,254 
Globant SA (a)   8,600    1,844,012 
GoDaddy, Inc. Class A (a)   10,989    2,168,899 
Grid Dynamics Holdings, Inc. (a)   4,207    93,564 
Gusto, Inc. (Acquired 8/18/20-11/09/20, Cost $204,799) (a) (c) (d) (e)   15,332    285,022 

 

 

 

 

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

 

   Number of
Shares		   Value 
HubSpot, Inc. (a)   2,675   $1,863,860 
Insight Enterprises, Inc. (a)   2,949    448,543 
Intapp, Inc. (a)   14,698    941,995 
JFrog Ltd. (a)   7,175    211,017 
Keysight Technologies, Inc. (a)   22,078    3,546,389 
Lattice Semiconductor Corp. (a)   78,670    4,456,655 
Littelfuse, Inc.   3,087    727,452 
MACOM Technology Solutions Holdings, Inc. (a)   15,060    1,956,445 
Marvell Technology, Inc.   49,355    5,451,260 
Microchip Technology, Inc.   45,510    2,609,998 
Mirion Technologies, Inc. (a)   100,817    1,759,257 
MKS Instruments, Inc.   16,968    1,771,290 
Monday.com Ltd. (a)   5,444    1,281,735 
MongoDB, Inc. (a)   2,006    467,017 
Monolithic Power Systems, Inc.   1,938    1,146,715 
nCino, Inc. (a)   13,889    466,393 
Novanta, Inc. (a)   7,021    1,072,598 
NXP Semiconductors NV   3,840    798,144 
Onestream, Inc. (a)   15,412    439,550 
Onto Innovation, Inc. (a)   696    116,002 
PAR Technology Corp. (a)   18,312    1,330,733 
Power Integrations, Inc.   4,528    279,378 
Procore Technologies, Inc. (a)   8,420    630,911 
PTC, Inc. (a)   16,398    3,015,100 
Pure Storage, Inc. Class A (a)   18,100    1,111,883 
QXO, Inc. (b)   48,958    778,432 
Rambus, Inc. (a)   16,919    894,338 
Roper Technologies, Inc.   3,208    1,667,679 
Samsara, Inc. Class A (a)   26,463    1,156,168 
ServiceTitan, Inc. Class A (a)   2,470    254,089 
ServiceTitan, Inc., Lockup Shares (Acquired 5/04/21, Cost $186,853) (a) (c) (e)   5,843    601,069 
SimilarWeb Ltd. (a)   4,083    57,856 
Socure, Inc. (Acquired 12/22/21, Cost $62,185) (a) (c) (d) (e)   3,870    16,099 
Tanium, Inc., Class B (Acquired 9/24/20, Cost $30,277) (a) (c) (d) (e)   2,657    13,976 
TE Connectivity PLC   11,211    1,602,837 
Teledyne Technologies, Inc. (a)   5,182    2,405,122 
Themis Solutions, Inc. (Acquired 4/14/21, Cost $108,219) (a) (c) (d) (e)   4,820    167,749 
TTM Technologies, Inc. (a)   3,500    86,625 
Tyler Technologies, Inc. (a)   4,160    2,398,822 
Varonis Systems, Inc. (a)   3,547    157,593 
Vertex, Inc. Class A (a)   5,357    285,796 
Viavi Solutions, Inc. (a)   59,263    598,556 
Vontier Corp.   3,262    118,965 
Western Digital Corp. (a)   30,968    1,846,622 
Wolfspeed, Inc. (a) (b)   75,157    500,546 
Workiva, Inc. (a)   10,431    1,142,194 
Zebra Technologies Corp. Class A (a)   3,921    1,514,369 
Zoom Communications, Inc. (a)   17,500    1,428,175 
         88,153,773 
Materials — 4.3%          
Avery Dennison Corp.   11,600    2,170,708 
Ball Corp.   40,748    2,246,437 
Cabot Corp.   1,471    134,317 
Capstone Copper Corp. (a) (b)   63,048    389,924 
Carpenter Technology Corp.   346    58,720 
Celanese Corp.   8,160    564,754 

 

 

 

 

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

 

   Number of
Shares		   Value 
Constellium SE (a)   102,536   $1,053,045 
DS Smith PLC   263,867    1,790,247 
DuPont de Nemours, Inc.   16,509    1,258,811 
Eagle Materials, Inc.   174    42,936 
Element Solutions, Inc.   39,081    993,830 
FMC Corp.   25,801    1,254,187 
Franco-Nevada Corp.   10,756    1,263,977 
Freeport-McMoRan, Inc.   15,465    588,907 
HB Fuller Co.   8,587    579,451 
Hudbay Minerals, Inc.   12,417    100,578 
International Paper Co.   23,228    1,250,131 
Knife River Corp. (a)   2,392    243,123 
Louisiana-Pacific Corp.   2,987    309,304 
Martin Marietta Materials, Inc.   3,241    1,673,977 
Orion SA   7,203    113,735 
Osisko Gold Royalties Ltd. (OR CN) (b)   9,150    165,692 
Osisko Gold Royalties Ltd. (OR US)   10,474    189,579 
PureCycle Technologies, Inc. (a)   8,186    83,907 
Quaker Chemical Corp.   2,101    295,737 
Reliance, Inc.   6,158    1,658,103 
Royal Gold, Inc.   2,126    280,313 
RPM International, Inc.   5,400    664,524 
Sealed Air Corp.   28,590    967,200 
Summit Materials, Inc. Class A (a)   31,215    1,579,479 
US Steel Corp.   21,608    734,456 
Warrior Met Coal, Inc.   10,193    552,868 
West Fraser Timber Co. Ltd. (WFG (CN) (b)   4,225    366,081 
West Fraser Timber Co. Ltd. (WFG US)   602    52,103 
         25,671,141 
Real Estate — 4.9%          
American Assets Trust, Inc.   10,960    287,810 
Apartment Investment & Management Co. Class A (a)   119,794    1,088,927 
Apple Hospitality REIT, Inc.   32,880    504,708 
Colliers International Group, Inc.   3,112    423,139 
CoStar Group, Inc. (a)   17,553    1,256,619 
CubeSmart   28,311    1,213,126 
Curbline Properties Corp.   26,185    608,016 
EastGroup Properties, Inc.   7,189    1,153,763 
Empire State Realty Trust, Inc. Class A   10,205    105,316 
Equity Residential   23,156    1,661,674 
Essential Properties Realty Trust, Inc.   27,828    870,460 
FirstService Corp.   6,842    1,238,539 
Flagship Communities REIT   10,646    158,732 
Highwoods Properties, Inc.   17,544    536,495 
Howard Hughes Holdings, Inc. (a)   3,825    294,219 
Independence Realty Trust, Inc.   72,428    1,436,971 
Kilroy Realty Corp.   16,528    668,558 
Landbridge Co. LLC Class A (b)   5,328    344,189 
Lineage, Inc.   11,685    684,390 
Macerich Co.   24,036    478,797 
NETSTREIT Corp. (b)   37,573    531,658 
Opendoor Technologies, Inc. (a) (b)   99,056    158,490 
Pebblebrook Hotel Trust   40,613    550,306 
Rayonier, Inc.   44,157    1,152,498 
Regency Centers Corp.   22,706    1,678,655 
Rexford Industrial Realty, Inc.   39,146    1,513,384 
Ryman Hospitality Properties, Inc.   2,785    290,587 

 

 

 

 

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

 

   Number of
Shares		   Value 
Safehold, Inc.   23,526   $434,760 
Saul Centers, Inc.   6,942    269,350 
St. Joe Co.   3,247    145,888 
Sun Communities, Inc.   15,549    1,912,060 
Terreno Realty Corp.   24,324    1,438,521 
UMH Properties, Inc.   28,907    545,764 
UNITE Group PLC   14,849    149,680 
Vornado Realty Trust   31,445    1,321,948 
Weyerhaeuser Co.   58,498    1,646,719 
         28,754,716 
Utilities — 3.0%          
Ameren Corp.   22,931    2,044,069 
Artesian Resources Corp. Class A   5,201    164,456 
California Water Service Group   14,776    669,796 
CenterPoint Energy, Inc.   24,949    791,632 
Chesapeake Utilities Corp.   11,901    1,444,186 
Constellation Energy Corp.   3,639    814,081 
Dominion Energy, Inc.   24,248    1,305,997 
FirstEnergy Corp.   52,705    2,096,605 
Hawaiian Electric Industries, Inc. (a)   59,980    583,605 
IDACORP, Inc.   9,931    1,085,260 
MGE Energy, Inc.   5,132    482,203 
Middlesex Water Co.   7,742    407,461 
OGE Energy Corp.   24,056    992,310 
ONE Gas, Inc.   11,774    815,350 
PG&E Corp.   112,073    2,261,633 
Talen Energy Corp. (a)   102    20,550 
TXNM Energy, Inc.   31,381    1,543,004 
         17,522,198 
           
TOTAL COMMON STOCK
(Cost $491,468,548)		        570,373,019 
           
PREFERRED STOCK — 1.3%          
Consumer Discretionary — 0.0%          
1661, Inc., Series F (Acquired 5/28/21, Cost $288,836) (a) (c) (d) (e)   49,629    44,170 
Nuro, Inc., Series C (Acquired 10/30/20-3/02/21, Cost $282,254) (a) (c) (d) (e)   21,621    154,374 
Nuro, Inc., Series D (Acquired 10/29/21, Cost $252,025) (a) (c) (d) (e)   12,090    86,323 
OfferUp, Inc., Series F (Acquired 7/01/20, Cost $9,217) (a) (c) (d) (e)   4,025    2,415 
         287,282 
Consumer Staples — 0.0%          
Epirus, Inc., Series C-2 (Acquired 1/28/21, Cost $324,592) (a) (c) (d) (e)   58,131    160,482 
Farmer's Business Network, Inc., Series E (Acquired 2/11/19, Cost $191,081) (a) (c) (d) (e)   8,198    28,693 
Farmer's Business Network, Inc., Series F (Acquired 7/31/20, Cost $124,028) (a) (c) (d) (e)   3,752    13,132 
         202,307 
Financials — 0.0%          
CRB Group, Inc., Series D (Acquired 1/28/22, Cost $255,280) (a) (c) (d) (e)   2,428    153,620 
Stash Financial, Inc., Series F (Acquired 4/24/20, Cost $126,801) (a) (c) (d) (e)   5,060    24,237 

 

 

 

 

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

 

   Number of
Shares		   Value 
Stash Financial, Inc., Series G (Acquired 1/26/21, Cost $174,908) (a) (c) (d) (e)   4,667   $22,355 
         200,212 
Health Care — 0.5%          
Capsule, Corp., Series 1 D (Acquired 4/07/21, Cost $72,328) (a) (c) (d) (e)   4,991    6,438 
Caris Life Sciences, Inc., Series C (Acquired 8/14/20, Cost $125,312) (a) (c) (d) (e)   45,403    223,383 
Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $378,132) (a) (c) (d) (e)   46,683    229,680 
CelLink, Inc., Series D (Acquired 1/20/22, Cost $223,836) (a) (c) (d) (e)   10,749    21,283 
Cleerly, Inc., Series C (Acquired 7/08/22, Cost $200,211) (a) (c) (d) (e)   16,995    200,201 
Color Health, Inc., Series D (Acquired 12/17/20, Cost $43,490) (a) (c) (d) (e)   1,155    20,444 
Color Health, Inc., Series D-1 (Acquired 1/13/20, Cost $56,632) (a) (c) (d) (e)   2,655    31,833 
Color Health, Inc., Series E (Acquired 10/26/21, Cost $15,095) (a) (c) (d) (e)   151    5,966 
DTX Company, Series A-1 (Acquired 2/04/22, Cost $31,212) (a) (c) (d) (e)   17,154    15,309 
Eikon Therapeutics, Inc., Series B (Acquired 12/03/21, Cost $89,186) (a) (c) (d) (e)   5,042    26,823 
Genesis Therapeutics, Inc., Series A (Acquired 11/24/20, Cost $25,262) (a) (c) (d) (e)   4,946    25,262 
Honor Technology, Inc., Series D (Acquired 10/16/20, Cost $225,290) (a) (c) (d) (e)   93,556    159,981 
Honor Technology, Inc., Series E (Acquired 9/29/21, Cost $116,646) (a) (c) (d) (e)   36,897    63,094 
Inscripta, Inc., Series E (Acquired 3/30/21, Cost $148,812) (a) (c) (d) (e)   16,853    31,515 
Insitro, Inc., Series B (Acquired 5/21/20, Cost $34,456) (a) (c) (d) (e)   5,530    101,150 
Insitro, Inc., Series C (Acquired 4/07/21, Cost $62,208) (a) (c) (d) (e)   3,401    62,208 
Kardium, Inc., Series D-5 (Acquired 11/29/18, Cost $29,906) (a) (c) (d) (e)   30,866    26,236 
Kardium, Inc., Series D-6 (Acquired 1/08/21, Cost $145,349) (a) (c) (d) (e)   143,083    121,621 
National Resilience, Inc., Series B (Acquired 10/23/20, Cost $263,720) (a) (c) (d) (e)   19,306    897,150 
National Resilience, Inc., Series C (Acquired 6/09/21, Cost $315,045) (a) (c) (d) (e)   7,094    329,658 
Ring Therapeutics, Inc., Series B (Acquired 4/12/21, Cost $50,885) (a) (c) (d) (e)   5,531    25,443 
Sail Biomedicines, Inc., Series B (Acquired 7/28/21, Cost $109,340) (a) (c) (d) (e)   3,905    8,591 
Sartorius AG 0.346%   2,083    464,288 
Tessera Therapeutics, Inc., Series C (Acquired 2/25/22, Cost $34,499) (a) (c) (d) (e)   1,687    34,499 
Treeline Biosciences, Inc., Series A (Acquired 4/09/21, Cost $40,640) (a) (c) (d) (e)   5,192    44,705 
         3,176,761 
Industrials — 0.1%          
ABL Space Systems, Series A-8 (Acquired 3/24/21, Cost $328,985) (a) (c) (d) (e)   8,288    5,792 
Haul Hub, Inc., Series B (Acquired 2/14/20-3/03/21, Cost $108,854) (a) (c) (d) (e)   7,466    33,373 
Haul Hub, Inc., Series C (Acquired 4/14/22, Cost $43,061) (a) (c) (d) (e)   2,282    10,201 
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $505,509) (a) (c) (d) (e)   12,248    239,495 
         288,861 
Information Technology — 0.5%          
Checkr, Inc., Series C (Acquired 4/10/18, Cost $106,628) (a) (c) (d) (e)   23,433    143,879 
Checkr, Inc., Series D (Acquired 9/06/19, Cost $308,786) (a) (c) (d) (e)   30,627    188,050 

 

 

 

 

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

 

   Number of
Shares		   Value 
Coalition, Inc., Series E (Acquired 9/07/21, Cost $253,711) (a) (c) (d) (e)   15,355   $135,124 
Databricks, Inc., Series F (Acquired 10/22/19, Cost $104,923) (a) (c) (d) (e)   7,329    677,933 
Databricks, Inc., Series G (Acquired 2/01/21, Cost $50,195) (a) (c) (d) (e)   849    78,533 
Databricks, Inc., Series H (Acquired 8/31/21, Cost $114,856) (a) (c) (d) (e)   1,563    144,578 
Flexe, Inc., Series C (Acquired 11/18/20, Cost $134,849) (a) (c) (d) (e)   11,083    84,785 
Flexe, Inc., Series D (Acquired 4/07/22, Cost $73,849) (a) (c) (d) (e)   3,621    27,701 
Gusto, Inc., Series B (Acquired 8/18/20, Cost $49,238) (a) (c) (d) (e)   3,644    67,742 
Gusto, Inc., Series B-2 (Acquired 8/18/20, Cost $91,936) (a) (c) (d) (e)   6,804    126,486 
Gusto, Inc., Series C (Acquired 7/16/18, Cost $84,209) (a) (c) (d) (e)   11,076    205,903 
Gusto, Inc., Series D (Acquired 7/16/19, Cost $187,638) (a) (c) (d) (e)   14,095    262,026 
SecurityScorecard, Inc., Series E (Acquired 3/05/21, Cost $262,495) (a) (c) (d) (e)   51,969    273,877 
Socure, Inc., Series A (Acquired 12/22/21, Cost $75,555) (a) (c) (d) (e)   4,702    19,560 
Socure, Inc., Series A-1 (Acquired 12/22/21, Cost $62,025) (a) (c) (d) (e)   3,860    16,058 
Socure, Inc., Series B (Acquired 12/22/21, Cost $1,109) (a) (c) (d) (e)   69    287 
Socure, Inc., Series E (Acquired 10/27/21, Cost $143,750) (a) (c) (d) (e)   8,946    37,215 
Themis Solutions, Inc., Series AA (Acquired 4/14/21, Cost $24,473) (a) (c) (d) (e)   1,090    37,935 
Themis Solutions, Inc., Series AB (Acquired 4/14/21, Cost $2,694) (a) (c) (d) (e)   120    4,176 
Themis Solutions, Inc., Series B (Acquired 4/14/21, Cost $2,694) (a) (c) (d) (e)   120    4,176 
Themis Solutions, Inc., Series E (Acquired 4/14/21, Cost $87,002) (a) (c) (d) (e)   3,875    134,860 
         2,670,884 
Materials — 0.2%          
KoBold Metals, Inc., Series B-1 (Acquired 1/10/22, Cost $244,807) (a) (c) (d) (e)   8,931    758,713 
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $214,074) (a) (c) (d) (e)   4,516    267,663 
         1,026,376 
Real Estate — 0.0%          
Evolve Vacation Rental Network, Inc., Series 8 (Acquired 3/29/18-6/15/18, Cost $44,816) (a) (c) (d) (e)   5,266    51,765 
Evolve Vacation Rental Network, Inc., Series 9 (Acquired 5/29/20, Cost $20,111) (a) (c) (d) (e)   3,470    34,110 
         85,875 
           
TOTAL PREFERRED STOCK
(Cost $9,295,311)		        7,938,558 
           
TOTAL EQUITIES
(Cost $500,763,859)		        578,311,577 
           
           
   Principal
Amount		    
BONDS & NOTES — 0.1%          
CORPORATE DEBT — 0.1%          
Semiconductors — 0.1%          
Wolfspeed, Inc.          
Convertible, 0.250% 2/15/28  $191,000    87,955 

 

 

 

 

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

 

   Principal
Amount		   Value 
1.875% 12/01/29  $980,000   $406,113 
         494,068 
           
TOTAL CORPORATE DEBT
(Cost $644,844)		        494,068 
           
TOTAL BONDS & NOTES
(Cost $644,844)		        494,068 
           
           
   Number of
Shares		    
RIGHTS — 0.0%          
Health Care — 0.0%          
AstraZeneca PLC, CVR (a) (c) (d)   16,791    — 
           
TOTAL RIGHTS
(Cost $5,205)		        — 
           
           
WARRANTS — 0.0%          
Communication Services — 0.0%          
Advantage Solutions, Inc., Expires 10/28/25, Strike 11.5 (a)   3,668    42 
Financials — 0.0%          
Grasshopper Bancorp, Inc. (Acquired 10/15/18, Cost $0) (a) (c) (d) (e)   1,432    974 
Health Care — 0.0%          
REVOLUTION Medicines, Inc., Expires 12/17/26 (a)   1,166    188 
           
TOTAL WARRANTS
(Cost $6,869)		        1,204 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $501,420,777)		        578,806,849 
           
SHORT-TERM INVESTMENTS — 2.9%          
Investment of Cash Collateral from Securities Loaned — 0.4%          
State Street Navigator Securities Lending Government Money Market Portfolio, 4.482% (g)   2,100,262    2,100,262 
Mutual Fund — 2.3%          
T. Rowe Price Government Reserve Investment Fund, 2.481% (h)   13,792,430    13,792,430 
           
   Principal
Amount		    
Repurchase Agreement — 0.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/24, 2.750%, due 1/02/25 (i)  $1,004,199   1,004,199 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,896,891)		        16,896,891 
           
TOTAL INVESTMENTS — 100.8%
(Cost $518,317,668) (j)		        595,703,740 
           
Other Assets/(Liabilities) — (0.8)%        (4,494,389) 
           
NET ASSETS — 100.0%       $591,209,351 

 

Abbreviation Legend

ADR American Depositary Receipt
CVR Contingent Value Rights
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, 2024, was $9,060,562 or 1.53% of net assets. The Fund received $7,191,040 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) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2024, these securities amounted to a value of $9,185,418 or 1.55% of net assets.
(d) Investment is valued using significant unobservable inputs.
(e) Restricted security. Certain securities are restricted to resale. At December 31, 2024, these securities amounted to a value of $9,185,418 or 1.55% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(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, 2024, the aggregate market value of these securities amounted to $115,219 or 0.02% of net assets.
(g) Represents investment of security lending cash collateral and 7-day effective yield as of December 31, 2024. (Note 2).
(h) Rate disclosed is the 7-day net yield as of December 31, 2024.
(i) Maturity value of $1,004,353. Collateralized by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 10/15/26, and an aggregate market value, including accrued interest, of $1,024,302.
(j) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

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

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 40.7%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   2,109,206   $21,661,541 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   3,108,647    41,935,652 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   511,982    5,539,644 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   982,017    11,086,975 
T. Rowe Price Hedged Equity Fund, Class I   751,045    9,312,964 
         89,536,776 
Fixed Income Funds — 59.3%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   5,500,542    46,424,578 
T. Rowe Price Dynamic Credit Fund, Class I   344,606    3,049,764 
T. Rowe Price Dynamic Global Bond Fund, Class I   1,006,879    7,843,588 
T. Rowe Price Emerging Markets Bond Fund, Class I   874,988    7,997,386 
T. Rowe Price Institutional Floating Rate Fund, Institutional Shares   261,986    2,486,246 
T. Rowe Price Institutional High Yield Fund, Institutional Shares   963,590    7,544,914 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   9,546,320    44,103,998 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   911,912    6,474,572 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   4,576,934    4,576,934 
         130,501,980 
           
TOTAL MUTUAL FUNDS
(Cost $228,057,568)		        220,038,756 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $228,057,568)		        220,038,756 
           
TOTAL INVESTMENTS — 100.0%
(Cost $228,057,568) (b)		        220,038,756 
           
Other Assets/(Liabilities) — (0.0)%        (22,051) 
           
NET ASSETS — 100.0%       $220,016,705 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 99.8%          
           
Equity Funds — 42.0%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   132,041   $1,356,064 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   193,982    2,616,822 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   31,859    344,716 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   61,778    697,470 
T. Rowe Price Hedged Equity Fund, Class I   46,788    580,175 
         5,595,247 
Fixed Income Funds — 57.8%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   335,956    2,835,472 
T. Rowe Price Dynamic Credit Fund, Class I   19,349    171,238 
T. Rowe Price Dynamic Global Bond Fund, Class I   62,512    486,969 
T. Rowe Price Emerging Markets Bond Fund, Class I   53,145    485,747 
T. Rowe Price Institutional Floating Rate Fund, Institutional Shares   16,139    153,163 
T. Rowe Price Institutional High Yield Fund, Institutional Shares   59,866    468,748 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   508,278    2,348,245 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   56,437    400,704 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   352,573    352,573 
         7,702,859 
           
TOTAL MUTUAL FUNDS
(Cost $13,386,854)		        13,298,106 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $13,386,854)		        13,298,106 
           
TOTAL INVESTMENTS — 99.8%
(Cost $13,386,854) (b)		        13,298,106 
           
Other Assets/(Liabilities) — 0.2%        23,819 
           
NET ASSETS — 100.0%       $13,321,925 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 45.9%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   924,339   $9,492,959 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   1,360,135    18,348,214 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   223,384    2,417,012 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   430,965    4,865,600 
T. Rowe Price Hedged Equity Fund, Class I   327,114    4,056,218 
         39,180,003 
Fixed Income Funds — 54.1%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   2,048,642    17,290,536 
T. Rowe Price Dynamic Credit Fund, Class I   126,442    1,119,010 
T. Rowe Price Dynamic Global Bond Fund, Class I   381,900    2,975,002 
T. Rowe Price Emerging Markets Bond Fund, Class I   321,045    2,934,353 
T. Rowe Price Institutional Floating Rate Fund, Institutional Shares   96,311    913,995 
T. Rowe Price Institutional High Yield Fund, Institutional Shares   357,361    2,798,137 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   2,897,918    13,388,380 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   367,391    2,608,475 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   2,069,816    2,069,816 
         46,097,704 
           
TOTAL MUTUAL FUNDS
(Cost $88,195,437)		        85,277,707 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $88,195,437)		        85,277,707 
           
TOTAL INVESTMENTS — 100.0%
(Cost $88,195,437) (b)		        85,277,707 
           
Other Assets/(Liabilities) — 0.0%        2,363 
           
NET ASSETS — 100.0%       $85,280,070 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 49.0%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   1,056,782   $10,853,153 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   1,548,892    20,894,555 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   253,211    2,739,743 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   479,995    5,419,138 
T. Rowe Price Hedged Equity Fund, Class I   370,592    4,595,336 
         44,501,925 
Fixed Income Funds — 51.0%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   2,148,604    18,134,220 
T. Rowe Price Dynamic Credit Fund, Class I   128,910    1,140,850 
T. Rowe Price Dynamic Global Bond Fund, Class I   396,038    3,085,136 
T. Rowe Price Emerging Markets Bond Fund, Class I   324,558    2,966,461 
T. Rowe Price Institutional Floating Rate Fund, Institutional Shares   98,755    937,181 
T. Rowe Price Institutional High Yield Fund, Institutional Shares   367,112    2,874,487 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   2,692,996    12,441,642 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   390,005    2,769,035 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   1,973,096    1,973,096 
         46,322,108 
           
TOTAL MUTUAL FUNDS
(Cost $93,322,391)		        90,824,033 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $93,322,391)		        90,824,033 
           
TOTAL INVESTMENTS — 100.0%
(Cost $93,322,391) (b)		        90,824,033 
           
Other Assets/(Liabilities) — 0.0%        2,572 
           
NET ASSETS — 100.0%       $90,826,605 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 52.1%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   4,045,029   $41,542,444 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   5,948,137    80,240,373 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   985,256    10,660,473 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   1,848,903    20,874,119 
T. Rowe Price Hedged Equity Fund, Class I   1,422,619    17,640,481 
         170,957,890 
Fixed Income Funds — 47.9%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   7,495,486    63,261,903 
T. Rowe Price Dynamic Credit Fund, Class I   447,353    3,959,075 
T. Rowe Price Dynamic Global Bond Fund, Class I   1,394,846    10,865,850 
T. Rowe Price Emerging Markets Bond Fund, Class I   1,108,330    10,130,140 
T. Rowe Price Institutional Floating Rate Fund, Institutional Shares   338,759    3,214,823 
T. Rowe Price Institutional High Yield Fund, Institutional Shares   1,269,587    9,940,864 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   8,301,376    38,352,359 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   1,394,798    9,903,064 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   7,368,797    7,368,797 
         156,996,875 
           
TOTAL MUTUAL FUNDS
(Cost $334,736,070)		        327,954,765 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $334,736,070)		        327,954,765 
           
TOTAL INVESTMENTS — 100.0%
(Cost $334,736,070) (b)		        327,954,765 
           
Other Assets/(Liabilities) — (0.0)%        (112,349) 
           
NET ASSETS — 100.0%       $327,842,416 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 56.7%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   4,947,832   $50,814,231 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   7,379,963    99,555,703 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   1,208,609    13,077,148 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   2,246,710    25,365,359 
T. Rowe Price Hedged Equity Fund, Class I   1,583,092    19,630,340 
         208,442,781 
Fixed Income Funds — 43.3%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   7,862,673    66,360,956 
T. Rowe Price Dynamic Credit Fund, Class I   401,666    3,554,741 
T. Rowe Price Dynamic Global Bond Fund, Class I   1,448,005    11,279,960 
T. Rowe Price Emerging Markets Bond Fund, Class I   1,093,609    9,995,587 
T. Rowe Price Institutional Floating Rate Fund, Institutional Shares   344,473    3,269,050 
T. Rowe Price Institutional High Yield Fund, Institutional Shares   1,193,304    9,343,569 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   7,544,668    34,856,367 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   1,589,908    11,288,344 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   9,004,493    9,004,493 
         158,953,067 
           
TOTAL MUTUAL FUNDS
(Cost $374,099,346)		        367,395,848 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $374,099,346)		        367,395,848 
           
TOTAL INVESTMENTS — 100.0%
(Cost $374,099,346) (b)		        367,395,848 
           
Other Assets/(Liabilities) — (0.0)%        (126,283) 
           
NET ASSETS — 100.0%       $367,269,565 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 67.0%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   16,984,061   $174,426,305 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   24,967,185    336,807,331 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   3,863,290    41,800,796 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   7,609,172    85,907,555 
T. Rowe Price Hedged Equity Fund, Class I   2,362,206    29,291,353 
         668,233,340 
Fixed Income Funds — 33.1%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   18,086,527    152,650,290 
T. Rowe Price Dynamic Credit Fund, Class I   349,429    3,092,449 
T. Rowe Price Dynamic Global Bond Fund, Class I   3,163,988    24,647,466 
T. Rowe Price Emerging Markets Bond Fund, Class I   2,323,376    21,235,655 
T. Rowe Price Institutional Floating Rate Fund, Institutional Shares   729,409    6,922,092 
T. Rowe Price Institutional High Yield Fund, Institutional Shares   2,556,798    20,019,727 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   9,322,594    43,070,385 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   4,685,654    33,268,142 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   25,326,184    25,326,184 
         330,232,390 
           
TOTAL MUTUAL FUNDS
(Cost $1,026,174,379)		        998,465,730 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,026,174,379)		        998,465,730 
           
TOTAL INVESTMENTS — 100.1%
(Cost $1,026,174,379) (b)		        998,465,730 
           
Other Assets/(Liabilities) — (0.1)%        (501,143) 
           
NET ASSETS — 100.0%       $997,964,587 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 78.8%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   12,988,872   $133,395,714 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   19,376,764    261,392,541 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   2,833,194    30,655,160 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   5,849,182    66,037,270 
         491,480,685 
Fixed Income Funds — 21.2%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   8,252,004    69,646,912 
T. Rowe Price Dynamic Global Bond Fund, Class I   1,401,988    10,921,485 
T. Rowe Price Emerging Markets Bond Fund, Class I   902,098    8,245,179 
T. Rowe Price Institutional Floating Rate Fund, Institutional Shares   285,384    2,708,290 
T. Rowe Price Institutional High Yield Fund, Institutional Shares   1,013,404    7,934,954 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   13,094    60,495 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   2,666,092    18,929,256 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   14,082,978    14,082,978 
         132,529,549 
           
TOTAL MUTUAL FUNDS
(Cost $647,737,372)		        624,010,234 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $647,737,372)		        624,010,234 
           
TOTAL INVESTMENTS — 100.0%
(Cost $647,737,372) (b)		        624,010,234 
           
Other Assets/(Liabilities) — (0.0)%        (302,891) 
           
NET ASSETS — 100.0%       $623,707,343 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 88.7%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   22,720,043   $233,334,843 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   33,990,258    458,528,587 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   4,913,766    53,166,943 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   10,229,671    115,492,983 
         860,523,356 
Fixed Income Funds — 11.4%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   6,505,269    54,904,470 
T. Rowe Price Dynamic Global Bond Fund, Class I   1,080,339    8,415,841 
T. Rowe Price Emerging Markets Bond Fund, Class I   553,767    5,061,433 
T. Rowe Price Institutional Floating Rate Fund, Institutional Shares   170,815    1,621,033 
T. Rowe Price Institutional High Yield Fund, Institutional Shares   610,394    4,779,384 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   21,226    98,063 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   2,473,246    17,560,045 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   17,736,434    17,736,434 
         110,176,703 
           
TOTAL MUTUAL FUNDS
(Cost $1,011,282,482)		        970,700,059 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,011,282,482)		        970,700,059 
           
TOTAL INVESTMENTS — 100.1%
(Cost $1,011,282,482) (b)		        970,700,059 
           
Other Assets/(Liabilities) — (0.1)%        (544,344) 
           
NET ASSETS — 100.0%       $970,155,715 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 96.2%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   13,526,437   $138,916,510 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   20,309,491    273,975,032 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   2,913,806    31,527,379 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   6,040,422    68,196,364 
         512,615,285 
Fixed Income Funds — 3.9%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   1,044,877    8,818,760 
T. Rowe Price Dynamic Global Bond Fund, Class I   139,481    1,086,555 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   11,388    52,611 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   609,846    4,329,905 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   6,301,315    6,301,315 
         20,589,146 
           
TOTAL MUTUAL FUNDS
(Cost $554,408,992)		        533,204,431 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $554,408,992)		        533,204,431 
           
TOTAL INVESTMENTS — 100.1%
(Cost $554,408,992) (b)		        533,204,431 
           
Other Assets/(Liabilities) — (0.1)%        (274,451) 
           
NET ASSETS — 100.0%       $532,929,980 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 98.2%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   20,368,155   $209,180,948 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   30,650,105    413,469,913 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   4,373,453    47,320,763 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   9,131,836    103,098,431 
         773,070,055 
Fixed Income Funds — 1.9%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   550,699    4,647,901 
T. Rowe Price Dynamic Global Bond Fund, Class I   89,036    693,590 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   17,442    80,583 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   313,203    2,223,743 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   7,309,081    7,309,081 
         14,954,898 
           
TOTAL MUTUAL FUNDS
(Cost $820,777,263)		        788,024,953 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $820,777,263)		        788,024,953 
           
TOTAL INVESTMENTS — 100.1%
(Cost $820,777,263) (b)		        788,024,953 
           
Other Assets/(Liabilities) — (0.1)%        (458,646) 
           
NET ASSETS — 100.0%       $787,566,307 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 99.0%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   9,059,315   $93,039,162 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   13,519,353    182,376,074 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   1,937,283    20,961,398 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   4,054,693    45,777,479 
         342,154,113 
Fixed Income Funds — 1.1%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   233,048    1,966,927 
T. Rowe Price Dynamic Global Bond Fund, Class I   35,715    278,218 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   8,113    37,481 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   140,236    995,678 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   327,554    327,554 
         3,605,858 
           
TOTAL MUTUAL FUNDS
(Cost $353,501,665)		        345,759,971 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $353,501,665)		        345,759,971 
           
TOTAL INVESTMENTS — 100.1%
(Cost $353,501,665) (b)		        345,759,971 
           
Other Assets/(Liabilities) — (0.1)%        (176,309) 
           
NET ASSETS — 100.0%       $345,583,662 

 

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, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 99.0%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   7,415,010   $76,152,153 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   11,060,241    149,202,657 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   1,586,727    17,168,390 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   3,315,738    37,434,682 
         279,957,882 
Fixed Income Funds — 1.0%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   189,005    1,595,199 
T. Rowe Price Dynamic Global Bond Fund, Class I   31,667    246,684 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   6,736    31,121 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   116,085    824,203 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   181,121    181,121 
         2,878,328 
           
TOTAL MUTUAL FUNDS
(Cost $287,953,273)		        282,836,210 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $287,953,273)		        282,836,210 
           
TOTAL INVESTMENTS — 100.0%
(Cost $287,953,273) (b)		        282,836,210 
           
Other Assets/(Liabilities) — (0.0)%        (134,310) 
           
NET ASSETS — 100.0%       $282,701,900 

 

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 2065 Fund —  Portfolio of Investments

 

December 31, 2024 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 99.0%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   141,634   $1,454,584 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   211,190    2,848,952 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   30,304    327,889 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   63,314    714,819 
         5,346,244 
Fixed Income Funds — 1.0%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   3,567    30,108 
T. Rowe Price Dynamic Global Bond Fund, Class I   656    5,107 
T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I   264    1,220 
T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I   2,168    15,395 
T. Rowe Price U.S. Treasury Money Fund, Inc., Class I   2,807    2,807 
         54,637 
           
TOTAL MUTUAL FUNDS
(Cost $5,908,612)		        5,400,881 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $5,908,612)		        5,400,881 
           
TOTAL INVESTMENTS — 100.0%
(Cost $5,908,612) (b)		        5,400,881 
           
Other Assets/(Liabilities) — 0.0%        646 
           
NET ASSETS — 100.0%       $5,401,527 

 

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. 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 Diversified Value Fund ("Diversified Value Fund")

MM S&P 500® Index Fund ("S&P 500 Index Fund")

MassMutual Equity Opportunities Fund ("Equity Opportunities Fund")

MassMutual Blue Chip Growth Fund ("Blue Chip Growth 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")

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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")

MassMutual RetireSMARTSM by JPMorgan 2065 Fund ("MM RetireSMART by JPMorgan 2065 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 Large Cap Blend Fund ("MM Select T. Rowe Price Large Cap Blend Fund")

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

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 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")

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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")

MassMutual Select T. Rowe Price Retirement 2065 Fund ("MM Select T. Rowe Price Retirement 2065 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, MM RetireSMART by JPMorgan 2060 Fund, and MM RetireSMART by JPMorgan 2065 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").

 

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, MM Select T. Rowe Price Retirement 2060 Fund, and MM Select T. Rowe Price Retirement 2065 Fund (the "MM Select T. Rowe Price Retirement Funds") invest their investable assets 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").

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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 ("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 alternate valuation approaches including, but not limited to, the following:

 

Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.

 

Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.

 

Cost approach: considers factors including the value of the security's underlying assets and liabilities.

 

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 fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

 

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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, 2024. The Diversified Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2024. 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, 2024, for the remaining Funds' investments:

 

Total Return Bond Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans  $—   $8,741,342   $—   $8,741,342 
Corporate Debt   —    94,625,572    —    94,625,572 
Municipal Obligations   —    4,006,708    —    4,006,708 
Non-U.S. Government Agency Obligations   —    117,064,873    —    117,064,873 
Sovereign Debt Obligations   —    3,065,615    —    3,065,615 
U.S. Government Agency Obligations and Instrumentalities   —    243,001,544    —    243,001,544 
U.S. Treasury Obligations   —    211,350,384    —    211,350,384 
Common Stock   498,827    —    —    498,827 
Short-Term Investments   1,594,598    30,790,423    —    32,385,021 
Total Investments  $2,093,425   $712,646,461   $—   $714,739,886 
                     
Asset Derivatives                    
Forward Contracts  $—   $832,500   $—   $832,500 
Futures Contracts   422,223    —    —    422,223 
Swap Agreements   —    354,658    —    354,658 
Total  $422,223   $1,187,158   $—   $1,609,381 
                     
Liability Derivatives                    
Forward Contracts  $—   $(44,468)  $—   $(44,468)
Futures Contracts   (424,200)   —    —    (424,200)
Total  $(424,200)  $(44,468)  $—   $(468,668)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

S&P 500 Index Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $2,293,642,225   $—   $—   $2,293,642,225 
Short-Term Investments   —    9,545,847    —    9,545,847 
Total Investments  $2,293,642,225   $9,545,847   $—   $2,303,188,072 
                     
Liability Derivatives                    
Futures Contracts  $(315,383)  $—   $      —   $(315,383)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Opportunities Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $567,708,514   $7,194,549*  $—   $574,903,063 
Preferred Stock   —    1,097,906*   —    1,097,906 
Short-Term Investments   175    6,242,321    —    6,242,496 
Total Investments  $567,708,689   $14,534,776   $     —   $582,243,465 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Blue Chip Growth Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $2,764,600,681   $2,672,753   $2,282,614   $2,769,556,048 
Preferred Stock   —    —    4,856,806    4,856,806 
Corporate Debt   —    4,086,037    —    4,086,037 
Exchange-Traded Funds   32,579,959    —    —    32,579,959 
Short-Term Investments   15,113    7,672,766    —    7,687,879 
Total Investments  $2,797,195,753   $14,431,556   $7,139,420   $2,818,766,729 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Mid Cap Value Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $48,508,944   $1,333,929*  $—   $49,842,873 
Preferred Stock   —    125,437*   —    125,437 
Short-Term Investments   394    1,427,917    —    1,428,311 
Total Investments  $48,509,338   $2,887,283   $—   $51,396,621 
                     
Asset Derivatives                    
Forward Contracts  $—   $16,134   $—   $16,134 
                     
Liability Derivatives                    
Forward Contracts  $—   $(124)  $      —   $(124)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Small Cap Value Equity Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $37,286,003   $—   $—   $37,286,003 
Short-Term Investments   29,484    437,606    —    467,090 
Total Investments  $37,315,487   $437,606   $      —   $37,753,093 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Small Company Value Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $122,603,265   $231,772*  $—   $122,835,037 
Short-Term Investments   868,305    419,863    —    1,288,168 
Total Investments  $123,471,570   $651,635   $—   $124,123,205 
                     
Asset Derivatives                    
Forward Contracts  $—   $2,618   $—   $2,618 
                     
Liability Derivatives                    
Forward Contracts  $—   $(66)  $      —   $(66)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Mid Cap Growth Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $4,764,150,593   $—   $—   $4,764,150,593 
Preferred Stock   —    —    16,546,049    16,546,049 
Short-Term Investments   6,527,608    63,301,606    —    69,829,214 
Total Investments  $4,770,678,201   $63,301,606   $16,546,049   $4,850,525,856 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Small Cap Growth Equity Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $761,968,970   $—   $—   $761,968,970 
Exchange-Traded Funds   3,832,268    —    —    3,832,268 
Short-Term Investments   3,140,152    2,642,095    —    5,782,247 
Total Investments  $768,941,390   $2,642,095   $—   $771,583,485 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Overseas Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                
Australia  $—   $5,057,675   $—   $5,057,675 
Belgium   631,288    2,907,283    —    3,538,571 
Canada   12,076,798    —    —    12,076,798 
China   —    10,202,419    —    10,202,419 
Denmark   —    10,653,138    —    10,653,138 
France   —    70,351,555    —    70,351,555 
Germany   —    62,135,164    —    62,135,164 
Hong Kong   —    8,290,395    —    8,290,395 
India   —    5,624,613    —    5,624,613 
Indonesia   —    1,016,908    —    1,016,908 
Ireland   —    2,818,134    —    2,818,134 
Israel   3,168,672    —    —    3,168,672 
Italy   6,227,049    9,765,816    —    15,992,865 
Japan   —    54,458,939    —    54,458,939 
Luxembourg   —    2,315,869    —    2,315,869 
Netherlands   —    10,029,834    —    10,029,834 
Portugal   —    2,031,349    —    2,031,349 
Republic of Korea   —    3,549,311    —    3,549,311 
Singapore   —    4,124,613    —    4,124,613 
Spain   —    4,845,026    —    4,845,026 
Sweden   —    4,907,230    —    4,907,230 
Switzerland   346,105    33,854,907    —    34,201,012 
Taiwan   6,421,190    —    —    6,421,190 
United Kingdom   —    45,280,712    —    45,280,712 
United States   7,791,864    31,584,926    —    39,376,790 
Preferred Stock*                    
Republic of Korea   —    1,887,790    —    1,887,790 
Short-Term Investments   —    6,850,465    —    6,850,465 
Total Investments  $36,662,966   $394,544,071   $—   $431,207,037 

 
 

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*                
Argentina  $655,108   $—   $—   $655,108 
Australia   —    16,967,825    —    16,967,825 
Austria   —    9,093,219    —    9,093,219 
Belgium   —    455,582    —    455,582 
Brazil   8,116,256    14,333,266    —    22,449,522 
Canada   51,951,841    —    —    51,951,841 
Chile   —    4,182,799    —    4,182,799 
China   29,827,672    70,666,021    —    100,493,693 
Denmark   4,921,634    7,001,740    —    11,923,374 
Finland   —    6,484,631    —    6,484,631 
France   —    80,543,879    —    80,543,879 
Germany   4,183,741    71,892,297    —    76,076,038 
Guatemala   —    1,532,739    —    1,532,739 
Hong Kong   1,182,492    15,014,939    —    16,197,431 
Hungary   —    5,406,491    —    5,406,491 
India   1,549,346    54,332,918    —    55,882,264 
Indonesia   —    11,875,332    —    11,875,332 
Ireland   1,915,148    —    —    1,915,148 
Italy   —    25,307,591    —    25,307,591 
Japan   —    170,188,143    —    170,188,143 
Luxembourg   —    5,454,164    —    5,454,164 
Macau   —    1,373,486    —    1,373,486 
Malaysia   —    3,582,490    —    3,582,490 
Mexico   9,149,575    —    —    9,149,575 
Netherlands   4,461,825    49,979,436    —    54,441,261 
Norway   —    9,789,832    —    9,789,832 
Peru   508,163    —    —    508,163 
Philippines   —    4,679,972    —    4,679,972 
Poland   —    1,401,313    —    1,401,313 
Portugal   —    12,407,356    —    12,407,356 
Republic of Korea   3,062,847    28,989,320    —    32,052,167 
Russia   —    —    —+   — 
Saudi Arabia   —    12,117,951    —    12,117,951 
Singapore   1,965,609    9,767,892    —    11,733,501 
South Africa   —    3,514,525    —    3,514,525 
Spain   —    5,900,079    —    5,900,079 
Sweden   —    19,426,559    —    19,426,559 
Switzerland   —    32,951,549    —    32,951,549 
Taiwan   —    65,734,816    —    65,734,816 
Thailand   2,446,379    4,021,518    —    6,467,897 
United Arab Emirates   —    1,529,062    —    1,529,062 
United Kingdom   17,095,020    101,669,980    —    118,765,000 
United States   26,231,039    49,952,004    506,889    76,689,932 
Preferred Stock*                    
Brazil   —    1,629,087    —    1,629,087 
Germany   —    3,540,578    —    3,540,578 
United States   —    —    30,440    30,440 
Warrants   —    —    —+   — 
Short-Term Investments   29,547,880    1,407,200    —    30,955,080 
Total Investments  $198,771,575   $996,099,581   $537,329   $1,195,408,485 
                     
Asset Derivatives                    
Forward Contracts  $—   $658   $—   $658 
                     
Liability Derivatives                    
Forward Contracts  $—   $(236,243)  $—   $(236,243)
Written Options   —    (245)   —    (245)
Total  $—   $(236,488)  $—   $(236,488)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Asset Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $288,630,120   $1,956*  $—   $288,632,076 
Rights   —    —    —+   — 
Short-Term Investments   —    3,589,624    —    3,589,624 
Total Investments  $288,630,120   $3,591,580   $—   $292,221,700 
                     
Liability Derivatives                    
Futures Contracts  $(102,678)  $—   $—   $(102,678)

 

 

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  $—   $7,979,856   $—   $7,979,856 
Corporate Debt   —    131,047,412    100,004    131,147,416 
Municipal Obligations   —    565,142    —    565,142 
Non-U.S. Government Agency Obligations   —    44,044,557    —    44,044,557 
Sovereign Debt Obligations   —    85,100,720    —    85,100,720 
U.S. Government Agency Obligations and Instrumentalities   —    94,073,182    —    94,073,182 
U.S. Treasury Obligations   —    122,263,686    —    122,263,686 
Purchased Options   —    1,080,873    —    1,080,873 
Short-Term Investments   7,429,948    17,770,788    —    25,200,736 
Total Investments  $7,429,948   $503,926,216   $100,004   $511,456,168 
                     
Asset Derivatives                    
Forward Contracts  $—   $4,416,249   $—   $4,416,249 
Futures Contracts   415,452    —    —    415,452 
Swap Agreements   —    1,002,692    —    1,002,692 
Total  $415,452   $5,418,941   $—   $5,834,393 
                     
Liability Derivatives                    
Forward Contracts  $—   $(989,335)  $—   $(989,335)
Futures Contracts   (639,280)   —    —    (639,280)
Swap Agreements   —    (786,704)   —    (786,704)
Written Options   —    (4,258)   —    (4,258)
Total  $(639,280)  $(1,780,297)  $—   $(2,419,577)

 

 

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  $2,317,412,371   $4,841,472*  $3,655,298   $2,325,909,141 
Preferred Stock   —    1,904,404*   4,903,614    6,808,018 
Short-Term Investments   18,100,813    1,000,305    —    19,101,118 
Total Investments  $2,335,513,184   $7,746,181   $8,558,912   $2,351,818,277 
                     
Liability Derivatives                    
Futures Contracts  $(30,216)  $—   $—   $(30,216)

 

 

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  $455,524   $21,996,372   $—   $22,451,896 
Bahrain   —    381,230    —    381,230 
Belgium   —    1,233,065    —    1,233,065 
Bosnia and Herzegovina   1,054,659    313,568    —    1,368,227 
Brazil   5,319,010    —    —    5,319,010 
Canada   29,175,886    —    —    29,175,886 
Chile   —    501,685    —    501,685 
China   —    1,374,120    —    1,374,120 
Finland   —    317,486    —    317,486 
France   —    3,827,688    —    3,827,688 
Germany   —    1,410,548    —    1,410,548 
Hong Kong   —    1,455,042    —    1,455,042 
India   —    690,260    —    690,260 
Japan   —    6,430,898    —    6,430,898 
Kazakhstan   —    751,304    —    751,304 
Luxembourg   —    481,485    —    481,485 
Mexico   2,268,894    —    —    2,268,894 
Portugal   —    933,125    —    933,125 
Russia   —    —    —+   — 
Saudi Arabia   —    787,733    —    787,733 
Singapore   —    1,674,461    —    1,674,461 
South Africa   —    6,670,228    —    6,670,228 
Spain   —    260,480    —    260,480 
Thailand   —    335,437    —    335,437 
United Kingdom   1,565,443    3,369,322    371,703    5,306,468 
United States   166,674,826    4,166,986    —    170,841,812 
Vietnam   —    1,819,272    —    1,819,272 
Zambia   587,902    —    —    587,902 
Preferred Stock                    
United States   —    —    2,551,536    2,551,536 
Exchange-Traded Funds   1,541,594    —    —    1,541,594 
Purchased Options   —    371,936    —    371,936 
Mutual Funds   223,099    —    —    223,099 
Short-Term Investments   4,299,391    2,625,623    —    6,925,014 
Total Investments  $213,166,228   $64,179,354   $2,923,239   $280,268,821 
                     
Asset Derivatives                    
Forward Contracts  $—   $150,823   $—   $150,823 
Futures Contracts   376,377    —    —    376,377 
Swap Agreements   —    264,662    —    264,662 
Total  $376,377   $415,485   $—   $791,862 
                     
Liability Derivatives                    
Forward Contracts  $—   $(599,689)  $—   $(599,689)
Futures Contracts   (132,743)   —    —    (132,743)
Swap Agreements   —    (699,886)   —    (699,886)
Total  $(132,743)  $(1,299,575)  $—   $(1,432,318)

 

 

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  $562,295,652   $6,968,262*  $1,109,105   $570,373,019 
Preferred Stock   —    464,288*   7,474,270    7,938,558 
Corporate Debt   —    494,068    —    494,068 
Rights   —    —    —+   — 
Warrants   230    —    974    1,204 
Short-Term Investments   15,892,692    1,004,199    —    16,896,891 
Total Investments  $578,188,574   $8,930,817   $8,584,349   $595,703,740 

 

*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.
+Represents a security at $0 value as of December 31, 2024.

 

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 SAI(s) 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").

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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, 2024, 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.

 

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.

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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 and MM Select T. Rowe Price International Equity 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.

 

Market Risk

The value of a Fund's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

 

Federal Income Tax

It is each Fund's intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.

 

Dividends and Distributions to Shareholders

Dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

 

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

3. Federal Income Tax Information

At December 31, 2024, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

 

  

Federal Income

Tax Cost

  

Tax Basis

Unrealized

Appreciation

  

Tax Basis

Unrealized

(Depreciation)

  

Net Unrealized

Appreciation

(Depreciation)

 
Total Return Bond Fund  $740,389,095   $3,720,178   $(29,369,387)  $(25,649,209)
Diversified Value Fund   540,609,946    79,096,607    (12,455,643)   66,640,964 
S&P 500 Index Fund   1,071,759,172    1,279,511,633    (48,082,733)   1,231,428,900 
Equity Opportunities Fund   477,853,137    111,647,426    (7,257,098)   104,390,328 
Blue Chip Growth Fund   1,469,209,003    1,391,424,756    (41,867,030)   1,349,557,726 
Mid Cap Value Fund   48,562,831    5,617,942    (2,784,152)   2,833,790 
Small Cap Value Equity Fund   33,499,476    6,747,704    (2,494,087)   4,253,617 
Small Company Value Fund   115,743,736    16,562,834    (8,183,365)   8,379,469 
Mid Cap Growth Fund   3,831,837,600    1,237,863,554    (219,175,298)   1,018,688,256 
Small Cap Growth Equity Fund   628,319,114    178,098,257    (34,833,886)   143,264,371 
Overseas Fund   382,078,239    86,041,706    (36,912,908)   49,128,798 
MM Select T. Rowe Price International Equity Fund   1,064,287,430    210,349,988    (79,228,933)   131,121,055 
20/80 Allocation Fund   193,747,487    1,733,838    (14,089,559)   (12,355,721)
40/60 Allocation Fund   182,094,957    3,163,706    (12,799,337)   (9,635,631)
60/40 Allocation Fund   158,392,091    5,046,388    (7,971,162)   (2,924,774)
80/20 Allocation Fund   122,958,364    5,236,182    (4,856,237)   379,945 
MM RetireSMART by JPMorgan In Retirement Fund   63,610,445    1,277,978    (1,494,933)   (216,955)
MM RetireSMART by JPMorgan 2020 Fund   96,722,756    1,934,801    (2,114,739)   (179,938)
MM RetireSMART by JPMorgan 2025 Fund   105,574,888    2,844,244    (2,705,949)   138,295 
MM RetireSMART by JPMorgan 2030 Fund   236,550,373    7,267,579    (5,742,379)   1,525,200 
MM RetireSMART by JPMorgan 2035 Fund   138,102,012    4,783,592    (3,219,676)   1,563,916 
MM RetireSMART by JPMorgan 2040 Fund   183,448,237    8,525,839    (3,798,546)   4,727,293 
MM RetireSMART by JPMorgan 2045 Fund   110,895,503    4,766,896    (2,108,633)   2,658,263 
MM RetireSMART by JPMorgan 2050 Fund   138,809,386    6,783,549    (2,360,581)   4,422,968 
MM RetireSMART by JPMorgan 2055 Fund   63,472,276    2,789,122    (1,097,983)   1,691,139 
MM RetireSMART by JPMorgan 2060 Fund   25,147,830    1,084,820    (437,308)   647,512 
MM RetireSMART by JPMorgan 2065 Fund   1,284,065    24,782    (30,019)   (5,237)
Equity Asset Fund   204,385,862    92,949,870    (5,114,032)   87,835,838 
MM Select T. Rowe Price Bond Asset Fund   535,093,734    2,941,685    (26,579,251)   (23,637,566)
MM Select T. Rowe Price Large Cap Blend Fund   1,926,113,358    480,565,569    (54,860,650)   425,704,919 
MM Select T. Rowe Price Real Assets Fund   275,748,187    24,678,511    (20,157,877)   4,520,634 
MM Select T. Rowe Price Small and Mid Cap Blend Fund   518,317,668    108,674,810    (31,288,738)   77,386,072 
MM Select T. Rowe Price Retirement Balanced Fund   228,057,568    1,654,487    (9,673,299)   (8,018,812)
MM Select T. Rowe Price Retirement 2005 Fund   13,386,854    98,998    (187,746)   (88,748)
MM Select T. Rowe Price Retirement 2010 Fund   88,195,437    1,167,762    (4,085,492)   (2,917,730)
MM Select T. Rowe Price Retirement 2015 Fund   93,322,391    1,441,231    (3,939,589)   (2,498,358)
MM Select T. Rowe Price Retirement 2020 Fund   334,736,070    6,013,200    (12,794,505)   (6,781,305)
MM Select T. Rowe Price Retirement 2025 Fund   374,099,346    6,450,836    (13,154,334)   (6,703,498)
MM Select T. Rowe Price Retirement 2030 Fund   1,026,174,379    7,610,713    (35,319,362)   (27,708,649)
MM Select T. Rowe Price Retirement 2035 Fund   647,737,372    238,412    (23,965,550)   (23,727,138)
MM Select T. Rowe Price Retirement 2040 Fund   1,011,282,482    92,366    (40,674,789)   (40,582,423)
MM Select T. Rowe Price Retirement 2045 Fund   554,408,992    –    (21,204,561)   (21,204,561)
MM Select T. Rowe Price Retirement 2050 Fund   820,777,263    –    (32,752,310)   (32,752,310)
MM Select T. Rowe Price Retirement 2055 Fund   353,501,665    738,751    (8,480,445)   (7,741,694)
MM Select T. Rowe Price Retirement 2060 Fund   287,953,273    –    (5,117,063)   (5,117,063)
MM Select T. Rowe Price Retirement 2065 Fund   5,908,612    22    (507,753)   (507,731)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

4. New Accounting Pronouncements

In December 2022, FASB issued Accounting Standards Update 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" ("ASU 2022-06"). ASU 2022-06 is an update of ASU 2020-04, which responded to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2022-06 defers the sunset date provision included in Topic 848. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management has evaluated ASU 2022-06 and there is no material impact on the financial statements.

 

5. Subsequent Events

Management has evaluated the events and transactions subsequent to December 31, 2024, through the date when the Portfolios of Investments were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds' Portfolios of Investments other than those disclosed below.

 

Effective January 24, 2025 (the "Termination Date"), the Mid Cap Value Fund, Small Cap Value Equity Fund, Equity Asset Fund, 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, MM RetireSMART by JPMorgan 2060 Fund, and MM RetireSMART by JPMorgan 2065 Fund (collectively the "Liquidated Funds") were dissolved pursuant to Plans of Liquidation, approved by the Trustees. Shareholders of the various classes of shares of the Liquidated Funds received proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.